Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-12508 | |
Entity Registrant Name | S&T BANCORP INC. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 25-1434426 | |
Entity Address, Address Line One | 800 Philadelphia Street | |
Entity Address, City or Town | Indiana | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15701 | |
City Area Code | 800 | |
Local Phone Number | 325-2265 | |
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | STBA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,310,734 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000719220 | |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks, including interest-bearing deposits of $235,953 and $124,491 at September 30, 2020 and December 31, 2019 | $ 308,489 | $ 197,823 |
Securities, at fair value | 718,169 | 784,283 |
Loans held for sale | 16,724 | 5,256 |
Portfolio loans, net of unearned income | 7,394,868 | 7,137,152 |
Allowance for credit losses on loans | (120,998) | (62,224) |
Portfolio loans, net | 7,273,870 | 7,074,928 |
Bank owned life insurance | 81,873 | 80,473 |
Premises and equipment, net | 56,254 | 56,940 |
Federal Home Loan Bank and other restricted stock, at cost | 15,777 | 22,977 |
Goodwill | 373,417 | 371,621 |
Other intangible assets, net | 9,265 | 10,919 |
Other assets | 336,734 | 159,429 |
Total Assets | 9,190,572 | 8,764,649 |
Deposits: | ||
Noninterest-bearing demand | 2,232,706 | 1,698,082 |
Interest-bearing demand | 982,956 | 962,331 |
Money market | 2,033,585 | 1,949,811 |
Savings | 938,475 | 830,919 |
Certificates of deposit | 1,446,096 | 1,595,433 |
Total Deposits | 7,633,818 | 7,036,576 |
Securities sold under repurchase agreements | 19,888 | |
Short-term borrowings | 281,319 | |
Long-term borrowings | 50,868 | |
Junior subordinated debt securities | 64,277 | |
Other liabilities | 175,789 | 119,723 |
Total Liabilities | 8,048,457 | 7,572,651 |
SHAREHOLDERS’ EQUITY | ||
Common stock ($2.50 par value) Authorized—50,000,000 shares Issued—41,449,444 shares at September 30, 2020 and December 31, 2019 Outstanding— 39,251,638 shares at September 30, 2020 and 39,560,304 shares at December 31, 2019 | 103,623 | 103,623 |
Additional paid-in capital | 400,789 | 399,944 |
Retained earnings | 698,351 | 761,083 |
Accumulated other comprehensive income (loss) | 9,453 | (11,670) |
Treasury stock (2,197,806 shares at September 30, 2020 and 1,889,140 shares at December 31, 2019, at cost) | (70,101) | (60,982) |
Total Shareholders’ Equity | 1,142,115 | 1,191,998 |
Total Liabilities and Shareholders’ Equity | $ 9,190,572 | $ 8,764,649 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks, interest-bearing amounts | $ 235,953 | $ 124,491 |
SHAREHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 41,449,444 | 41,449,444 |
Common stock, shares outstanding (in shares) | 39,251,638 | 39,560,304 |
Treasury stock, shares (in shares) | 2,197,806 | 1,889,140 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) 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 | $ 72,263 | $ 75,080 | $ 229,812 | $ 223,200 |
Investment Securities: | ||||
Taxable | 3,473 | 3,552 | 11,547 | 10,989 |
Tax-exempt | 885 | 787 | 2,646 | 2,466 |
Dividends | 227 | 394 | 911 | 1,373 |
Total Interest and Dividend Income | 76,848 | 79,813 | 244,916 | 238,028 |
INTEREST EXPENSE | ||||
Deposits | 6,626 | 16,207 | 31,191 | 47,243 |
Borrowings and junior subordinated debt securities | 946 | 2,410 | 4,265 | 8,406 |
Total Interest Expense | 7,572 | 18,617 | 35,456 | 55,649 |
NET INTEREST INCOME | 69,276 | 61,196 | 209,460 | 182,379 |
Provision for credit losses | 17,485 | 4,913 | 124,294 | 12,767 |
Net Interest Income After Provision for Credit Losses | 51,791 | 56,283 | 85,166 | 169,612 |
NONINTEREST INCOME | ||||
Net gain on sale of securities | 0 | 0 | 142 | 0 |
Mortgage banking | 3,964 | 594 | 7,823 | 1,726 |
Commercial loan swap income | 499 | 1,464 | 3,928 | 3,147 |
Other | 2,507 | 2,017 | 4,762 | 6,515 |
Total Noninterest Income | 16,483 | 13,063 | 44,110 | 37,326 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 24,571 | 19,936 | 67,326 | 61,135 |
Data processing and information technology | 4,218 | 3,681 | 11,671 | 10,327 |
Net occupancy | 3,441 | 2,898 | 10,643 | 8,883 |
Furniture, equipment and software | 2,440 | 2,090 | 7,965 | 6,621 |
Professional services and legal | 1,911 | 1,054 | 4,890 | 3,382 |
FDIC insurance | 1,900 | (675) | 3,718 | 536 |
Marketing | 1,793 | 1,062 | 3,883 | 3,514 |
Other taxes | 1,612 | 1,540 | 4,816 | 4,182 |
Merger related expenses | 0 | 552 | 2,342 | 1,171 |
Other | 6,360 | 5,529 | 20,861 | 17,187 |
Total Noninterest Expense | 48,246 | 37,667 | 138,115 | 116,938 |
Income (Loss) Before Taxes | 20,028 | 31,679 | (8,839) | 90,000 |
Income tax expense (benefit) | 3,323 | 4,743 | (5,703) | 14,035 |
Net Income (Loss) | $ 16,705 | $ 26,936 | $ (3,136) | $ 75,965 |
Earnings (loss) per share—basic (in dollars per share) | $ 0.43 | $ 0.79 | $ (0.08) | $ 2.22 |
Earnings (loss) per share—diluted (in dollars per share) | 0.43 | 0.79 | (0.08) | 2.21 |
Dividends declared per share (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.84 | $ 0.81 |
Comprehensive Income | $ 16,926 | $ 29,142 | $ 17,967 | $ 91,759 |
Debit and credit card | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | 4,171 | 3,475 | 11,264 | 9,951 |
Service charges on deposit accounts | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | 2,820 | 3,412 | 8,720 | 9,777 |
Wealth management | ||||
NONINTEREST INCOME | ||||
Revenues from contract with customers | $ 2,522 | $ 2,101 | $ 7,471 | $ 6,210 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Impact of new accounting standard | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsImpact of new accounting standard | Accumulated Other Comprehensive (Loss)/Income | Treasury Stock |
Beginning Balance at Dec. 31, 2018 | $ 935,761 | $ 167 | $ 90,326 | $ 210,345 | $ 701,819 | $ 167 | $ (23,107) | $ (43,622) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 75,965 | 75,965 | ||||||
Other comprehensive income, net of tax | 15,794 | 15,794 | ||||||
Cash dividends declared | (27,798) | (27,798) | ||||||
Treasury stock issued for restricted stock awards | (915) | (1,873) | 958 | |||||
Common stock issuance cost | (125) | (125) | ||||||
Repurchase of common stock | (18,222) | (18,222) | ||||||
Recognition of restricted stock compensation expense | 1,820 | 1,820 | ||||||
Ending Balance at Sep. 30, 2019 | 982,447 | 90,326 | 212,040 | 748,280 | (7,313) | (60,886) | ||
Beginning Balance at Dec. 31, 2018 | 935,761 | 167 | 90,326 | 210,345 | 701,819 | 167 | (23,107) | (43,622) |
Ending Balance at Dec. 31, 2019 | $ 1,191,998 | (22,590) | 103,623 | 399,944 | 761,083 | (22,590) | (11,670) | (60,982) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Beginning Balance at Jun. 30, 2019 | $ 964,953 | 90,326 | 211,325 | 730,577 | (9,519) | (57,756) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 26,936 | 26,936 | ||||||
Other comprehensive income, net of tax | 2,206 | 2,206 | ||||||
Cash dividends declared | (9,239) | (9,239) | ||||||
Treasury stock issued for restricted stock awards | (24) | 6 | (30) | |||||
Common stock issuance cost | (125) | (125) | ||||||
Repurchase of common stock | (3,100) | (3,100) | ||||||
Recognition of restricted stock compensation expense | 840 | 840 | ||||||
Ending Balance at Sep. 30, 2019 | 982,447 | 90,326 | 212,040 | 748,280 | (7,313) | (60,886) | ||
Beginning Balance at Dec. 31, 2019 | 1,191,998 | $ (22,590) | 103,623 | 399,944 | 761,083 | $ (22,590) | (11,670) | (60,982) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (3,136) | (3,136) | ||||||
Other comprehensive income, net of tax | 21,123 | 21,123 | ||||||
Cash dividends declared | (32,972) | (32,972) | ||||||
Treasury stock issued for restricted stock awards | (594) | (4,034) | 3,440 | |||||
Repurchase of common stock | (12,559) | (12,559) | ||||||
Recognition of restricted stock compensation expense | 845 | 845 | ||||||
Ending Balance at Sep. 30, 2020 | $ 1,142,115 | 103,623 | 400,789 | 698,351 | 9,453 | (70,101) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||
Beginning Balance at Jun. 30, 2020 | $ 1,135,777 | 103,623 | 400,417 | 692,240 | 9,232 | (69,735) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 16,705 | 16,705 | ||||||
Other comprehensive income, net of tax | 221 | 221 | ||||||
Cash dividends declared | (10,960) | (10,960) | ||||||
Forfeitures of restricted stock awards | 0 | 366 | (366) | |||||
Repurchase of common stock | 0 | |||||||
Recognition of restricted stock compensation expense | 372 | 372 | ||||||
Ending Balance at Sep. 30, 2020 | $ 1,142,115 | $ 103,623 | $ 400,789 | $ 698,351 | $ 9,453 | $ (70,101) |
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] | ||||
Dividends declared per share (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.84 | $ 0.81 |
Treasury stock issued for restricted awards, net of forfeitures (in shares) | 954 | 147,034 | 84,010 | |
Forfeitures of restricted stock (in shares) | 11,822 | 1,705 | 44,270 | 52,457 |
Repurchase of common stock (in shares) | 0 | 84,868 | 411,430 | 470,708 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING ACTIVITIES | ||
Net (loss) income | $ (3,136) | $ 75,965 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 124,294 | 12,767 |
Provision for unfunded loan commitments | 0 | 303 |
Net depreciation, amortization and accretion | 3,469 | 4,413 |
Net amortization of discounts and premiums on securities | 3,199 | 2,470 |
Stock-based compensation expense | 845 | 1,820 |
Gain on sale of securities | (142) | 0 |
Gain on the sale of mortgage loans, net | (5,919) | (1,300) |
Mortgage loans originated for sale | (278,741) | (72,054) |
Proceeds from the sale of mortgage loans | 272,735 | 67,354 |
Net change in: | ||
Interest receivable | (5,432) | (712) |
Interest payable | (1,882) | (1,399) |
Other assets | (170,288) | (31,570) |
Other liabilities | 57,996 | 34,737 |
Net Cash (Used in) Provided by Operating Activities | (3,002) | 92,794 |
INVESTING ACTIVITIES | ||
Purchases of securities | (90,348) | (37,123) |
Proceeds from maturities, prepayments and calls of securities | 176,103 | 68,906 |
Proceeds from sales of securities | 1,349 | 0 |
Net proceeds from sales of Federal Home Loan Bank stock | 7,200 | 4,038 |
Net increase in loans | (350,884) | (263,169) |
Proceeds from sale of loans not originated for resale | 0 | 520 |
Purchases of premises and equipment | (4,356) | (4,054) |
Proceeds from the sale of premises and equipment | 15 | 44 |
Net Cash Used in Investing Activities | (260,921) | (230,838) |
FINANCING ACTIVITIES | ||
Net increase in core deposits | 746,580 | 394,439 |
Net decrease in certificates of deposit | (148,573) | (85,606) |
Net increase (decrease) in securities sold under repurchase agreements | 22,818 | (4,458) |
Net decrease in short-term borrowings | (198,319) | (100,000) |
Repayments on long-term borrowings | (1,792) | (1,151) |
Treasury shares issued-net | (594) | (915) |
Common stock issuance costs | 0 | (125) |
Cash dividends paid to common shareholders | (32,972) | (27,798) |
Repurchase of common stock | (12,559) | (18,222) |
Net Cash Provided by Financing Activities | 374,589 | 156,164 |
Net increase in cash and cash equivalents | 110,666 | 18,120 |
Cash and cash equivalents at beginning of period | 197,823 | 155,489 |
Cash and Cash Equivalents at End of Period | 308,489 | 173,609 |
Supplemental Disclosures | ||
Loans transferred to held for sale | 0 | 520 |
Leased right-of-use operating assets and lease liabilities | 91 | 38,919 |
Interest paid | 37,437 | 57,047 |
Income taxes paid, net of refunds | 6,210 | 11,178 |
Transfers of loans to other real estate owned | $ 631 | $ 492 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with 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 the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission, or SEC, on March 2, 2020. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. On June 5, 2019 we entered into an agreement to acquire DNB Financial Corporation, or DNB, and the transaction was completed on November 30, 2019. Refer to Note 2, Business Combinations for further details on the merger. Reclassification A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Recently Adopted Accounting Standards Updates, or ASU or Update 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 In August 2018, the Financial Accounting Standards Board, or FASB, issued ASU No. 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. The amendments in this ASU apply to an entity that is a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs (e.g., implementation, setup and other upfront costs). These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which costs to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify disclosures and/or require additional disclosures. The amendments in this Update required us to change our Fair Value disclosures beginning with the disclosures included in Form 10-Q for the period ended March 31, 2020. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Refer to Note 4, Fair Value Measurements. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. We adopted the amendments of this ASU on January 1, 2020. The amendments in this ASU did not have any impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology for determining our provision for credit losses, and allowance for credit losses, or ACL, with an expected loss methodology that is referred to as the Current Expected Credit Loss, or CECL, model. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including our loans and off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities. Credit losses related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. We made the accounting policy election to not measure an ACL for accrued interest receivables for loans and securities. Accrued interest deemed uncollectible will be written off through interest income. The majority of our available-for-sale debt securities are government agency-backed securities for which the risk of loss is minimal, and accordingly the ACL is immaterial. In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Refer to Note 7, Allowance for Credit Losses for further discussion of these portfolio segments. Our new segmentation breaks out business banking loans from our other loan segments: Commercial Real Estate, or CRE, Commercial and Industrial, or C&I, Commercial Construction, Consumer Real Estate and Other Consumer. Business banking loans are commercial loans made to small businesses that are standard, non-complex products and evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards. The following table details the impact of ASU 2016-13 and the reclassification of loans for the identification of new portfolio loan segments under CECL: January 1, 2020 (dollars in thousands) As Reported Under ASU 2016-13 Pre-ASU 2016-13 Impact of ASU 2016-13 Adoption Assets: Loans held for investment (outstanding balance) Commercial real estate $ 2,946,319 $ 3,416,518 $ (470,199) Commercial and industrial 1,458,541 1,720,833 (262,292) Commercial construction 345,263 375,445 (30,182) Business banking 1,092,908 — 1,092,908 Consumer real estate 1,235,352 1,545,323 (309,971) Other consumer 58,769 79,033 (20,264) Allowance for credit losses on loans (89,577) (62,224) (27,353) Total loans held for investment, net $ 7,047,575 $ 7,074,928 $ (27,353) Net deferred tax asset $ 19,317 $ 13,206 $ 6,111 Liabilities: Allowance for credit losses on unfunded loan commitments $ 4,462 $ 3,113 $ 1,349 Equity: Retained earnings $ 738,493 $ 761,083 $ (22,590) The adoption of ASU 2016-13 Allowance for Credit Losses Policy The ACL is a valuation reserve established and maintained by charges against operating income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans. The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ACL model is comprised of six distinct portfolio segments: 1) Construction, 2) CRE, 3) C&I, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further evaluate the ACL at a disaggregated level which includes type of collateral, loan participations, non-owner occupied and our internal risk rating system for the commercial segments and type of collateral, lien position, and FICO score, for the consumer segments. Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on the unemployment forecast and management judgment. For periods beyond our two year reasonable and supportable forecast, we revert to the historical loss rate. We revert to historical loss rates utilizing a straight-line method over a one year reversion period. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the bank’s loan review system, value of underlying collateral for collateral dependent loans, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. A similar process is employed to calculate a reserve assigned to off-balance sheet commitments, specifically unfunded loan commitments and letters of credit, and any needed reserve is recorded in other liabilities. The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial loans greater than $0.5 million that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) any commercial troubled debt restructuring, or TDR, or any loan reasonably expected to become a TDR whether on accrual or nonaccrual status and 4) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance. Although we believe our process for determining the ACL appropriately considers all the factors that would likely result in credit losses, the process includes subjective elements and may be susceptible to significant change. To the extent actual losses are higher than management estimates, additional provision for credit losses could be required and could adversely affect our earnings or financial position in future periods. Accounting Standards Issued But Not Yet Adopted Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our consolidated financial statements. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. The amendments in this ASU will be effective on January 1, 2021 and are not expected to have any impact on our consolidated financial statements. Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in US GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. We are evaluating the impact of this ASU and we expect LIBOR transition to impact our business operations, but we have not yet determined the impact to our consolidated financial statements. Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs. The amendments in this ASU affect the guidance in ASU No. 2017-08, relating to Premium Amortization on Purchased Callable Debt Securities and clarify the Board's intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within scope of paragraph 310-20-35-33 for each reporting period. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess shall be amortized to the next call date. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. The amendments in this ASU will be effective on January 1, 2021 and are not expected to materially impact our consolidated financial statements. SEC Release No. 2020-118 - Amendments to Improve Financial Disclosures about Acquisitions and Dispositions of Businesses In May 2020, the Securities and Exchange Commission adopted amendments to the financial disclosure requirements in Regulation S-X for acquisitions and dispositions of businesses, including real estate operations, in Rules 3-05, 3-14, 8-04, 8-05, 8-06, and Article 11, as well as in other related rules and forms. In conjunction with these changes, the Commission also amended the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the Commission adopted new requirements regarding fund acquisitions specific to registered investment companies and business development companies. The amendments in this final rule are effective beginning January 1, 2021. We are evaluating the impact of this final rule and we expect these amendments to impact disclosures in our consolidated financial statements relating to any future acquisitions and disposition of businesses. SEC Release No. 2020-205 - Modernizes Disclosures for Bank Registrants In September 2020, the Securities and Exchange Commission adopted rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors. The rules eliminate certain disclosure items that are duplicative of other Commission rules and requirements of U.S. GAAP or the International Financial Reporting Standards. The rules replace industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure requirements in new subpart 1400 of Regulation S-K. These rules are effective November 16, 2020 with a compliance date of December 31, 2021. We are evaluating the impact of this final rule and we expect these rules to impact disclosures in the Management's Discussion and Analysis section of our Annual Report on Form 10-K for the year ended December 31, 2021. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS On November 30, 2019, we completed our acquisition of DNB Financial Corporation, or DNB, and DNB First National Association, its wholly-owned bank subsidiary, located in Downingtown, Pennsylvania. The acquisition of DNB expanded our Eastern Pennsylvania market by adding 14 banking locations, in an all-stock transaction structured as a merger of DNB with and into S&T, with S&T being the surviving entity. The related systems conversion of DNB into S&T Bank occurred on February 7, 2020. DNB shareholders received, without interest, 1.22 shares of S&T common stock for each share of DNB common stock. The total purchase price was approximately $201.0 million, which included $0.4 million of cash and 5,318,964 S&T common shares at a fair value of $37.72 per share. The fair value of $37.72 per share of S&T common stock was based on the November 30, 2019 closing price. The Merger was accounted for under the acquisition method of accounting and our Consolidated Financial Statements include all DNB Bank transactions beginning on December 1, 2019. Goodwill of $86.0 million at September 30, 2020 was calculated as the excess of the consideration exchanged over the fair value of the identifiable net assets acquired. All of the goodwill was assigned to our Community Banking segment. The goodwill recognized is not deductible for tax purposes. Measurement period adjustments were $1.8 million during the nine months ended September 30, 2020 which reflect facts and circumstances in existence as of the closing date of the acquisition. These measurement period adjustments primarily related to a $2.4 million reduction in the fair value of loans, a $0.3 million reduction in the fair value of borrowings, a $0.1 million reduction of other liabilities, a $0.1 million reduction in other assets and a $0.3 million increase in deferred income tax assets. The following table presents the fair value adjustments and the measurement period adjustments as of the dates presented: November 30, 2019 September 30, 2020 As Recorded by DNB Fair Value Adjustments As Recorded by S&T Measurement Period Adjustments As Recorded by S&T Fair Value of Assets Acquired Cash and cash equivalents $ 64,119 $ — $ 64,119 $ — $ 64,119 Securities and other investments 108,715 183 108,898 — 108,898 Loans 917,127 (8,143) 908,984 (2,377) 906,607 Allowance for credit losses (6,487) 6,487 — — — Goodwill 15,525 (15,525) — — — Premises and equipment 6,782 8,090 14,872 — 14,872 Accrued interest receivable 4,138 — 4,138 — 4,138 Deferred income taxes 2,017 (3,298) (1,281) 311 (970) Core deposits and other intangible assets 269 (269) — — — Other assets 24,883 (4,278) 20,605 (108) 20,497 Total Assets Acquired 1,137,088 (16,753) 1,120,335 (2,174) 1,118,161 Fair Value of Liabilities Assumed Deposits 966,263 1,002 967,265 — 967,265 Borrowings 37,617 (276) 37,341 (257) 37,084 Accrued interest payable and other liabilities 11,157 (3,184) 7,973 (122) 7,851 Total Liabilities Assumed 1,015,037 (2,458) 1,012,579 (379) 1,012,200 Total Net Assets Acquired $ 122,051 $ (14,295) $ 107,756 $ (1,795) $ 105,961 Core Deposit Intangible Asset $ 7,288 $ — $ 7,288 Wealth Management Intangible Asset 1,772 — 1,772 Total Fair Value of Net Assets Acquired and Identified $ 116,816 $ (1,795) $ 115,021 Consideration Paid Cash $ 360 $ — $ 360 Common stock 200,631 — 200,631 Fair Value of Total Consideration $ 200,991 $ — $ 200,991 Goodwill $ 84,175 $ 1,795 $ 85,970 Loans acquired in the Merger were recorded at fair value with no carryover of the related ACL from DNB. Determining the fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. The fair value of the loans acquired was estimated at $909.0 million, net of a $10.5 million discount. The discount is accreted to interest income over the remaining contractual life of the loans. During the nine month period ended September 30, 2020, the fair value of acquired loans was reduced by $2.4 million as we finalized our evaluation of the loan portfolio to reflect facts and circumstances in existence as of the acquisition date. As of September 30, 2020, direct costs related to the DNB merger of $13.7 million were recognized and expensed as incurred. During the nine months ended September 30, 2020, we recognized $2.3 million of merger related expenses including $0.2 million in legal and professional fees, $1.4 million in severance payments and stay-bonuses, $0.4 million for data processing and $0.3 million in other expenses. As of December 31, 2019, we recognized $11.4 million of merger related expenses, including $4.7 million for data processing contract termination and system conversion costs, $2.8 million in legal and professional expenses, $3.4 million in severance payments and $0.5 million in other expenses. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Diluted earnings (loss) per share is calculated using both the two-class and the treasury stock methods with the more dilutive method used to determine diluted earnings per share. The following table reconciles the numerators and denominators of basic and diluted earnings (loss) per share calculations for the periods presented. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2020 2019 2020 2019 Numerator for Earnings (Loss) per Share—Basic: Net income (loss) $ 16,705 $ 26,936 $ (3,136) $ 75,965 Less: Income allocated to participating shares 52 72 — 204 Net Income (Loss) Allocated to Shareholders $ 16,653 $ 26,864 $ (3,136) $ 75,761 Numerator for Earnings (Loss) per Share—Diluted: Net income (loss) $ 16,705 $ 26,936 $ (3,136) $ 75,965 Net Income (Loss) Available to Shareholders $ 16,705 $ 26,936 $ (3,136) $ 75,965 Denominators for Earnings (Loss) per Share: Weighted Average Shares Outstanding—Basic 39,020,811 34,090,779 39,101,309 34,221,479 Add: Potentially dilutive shares 20,656 79,502 — 105,746 Denominator for Treasury Stock Method—Diluted 39,041,467 34,170,281 39,101,309 34,327,225 Weighted Average Shares Outstanding—Basic 39,020,811 34,090,779 39,101,309 34,221,479 Add: Average participating shares outstanding — 186,491 — 186,253 Denominator for Two-Class Method—Diluted 39,020,811 34,277,270 39,101,309 34,407,732 Earnings (Loss) per share—basic $ 0.43 $ 0.79 $ (0.08) $ 2.22 Earnings (Loss) per share—diluted $ 0.43 $ 0.79 $ (0.08) $ 2.21 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 19,449 254 1,137 360 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, loans held for investment, OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. Recurring Basis Available-for-Sale Debt Securities We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing services which provide us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our debt securities. The market valuation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models, vast descriptive terms and conditions databases and extensive quality control programs. Equity Securities Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3. Deferred Compensation Plan Assets We use quoted market prices to determine the fair value of our equity security assets. These securities are reported at fair value with the gains and losses included in noninterest income in our Consolidated Statements of Comprehensive Income. These assets are held in a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Deferred compensation plan assets are reported in other assets in the Consolidated Balance Sheets. Derivative Financial Instruments We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparties’ nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans are transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. Loans Held for Investment Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at fair value. Fair value is determined using the following methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraisals may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Loans carried at fair value are classified as Level 3. OREO and Other Repossessed Assets OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3. Mortgage Servicing Rights The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. Since the valuation model includes significant unobservable inputs as listed above, MSRs are classified as Level 3. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into mortgage banking income in the Consolidated Statements of Comprehensive Income. Other Assets We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. Financial Instruments In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value. Loans The fair value of variable rate loans that may reprice frequently at short-term market rates is based on carrying values adjusted for liquidity and credit risk. The fair value of variable rate loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for liquidity and credit risk. The fair value of fixed rate loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk. Bank Owned Life Insurance Fair value approximates net cash surrender value of bank owned life insurance, or BOLI. Federal Home Loan Bank, or FHLB, and Other Restricted Stock It is not practical to determine the fair value of our FHLB and other restricted stock due to the restrictions placed on the transferability of these stocks; it is presented at carrying value. Collateral Receivable The carrying amount included in Other Assets on our Consolidated Balance Sheets approximates fair value. Deposits The fair values disclosed for deposits without defined maturities ( e.g. , noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. Short-Term Borrowings The carrying amounts of securities sold under repurchase agreements, or REPOs, and other short-term borrowings approximate their fair values. Long-Term Borrowings The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. Junior Subordinated Debt Securities The interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at September 30, 2020 and December 31, 2019. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. September 30, 2020 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ — $ 10,323 $ — $ 10,323 Obligations of U.S. government corporations and agencies — 93,351 — 93,351 Collateralized mortgage obligations of U.S. government corporations and agencies — 183,032 — 183,032 Residential mortgage-backed securities of U.S. government corporations and agencies — 17,352 — 17,352 Commercial mortgage-backed securities of U.S. government corporations and agencies — 280,224 — 280,224 Corporate obligations — 4,027 — 4,027 Obligations of states and political subdivisions — 126,611 — 126,611 Total Available-for-sale Debt Securities — 714,920 — 714,920 Marketable equity securities 3,185 64 — 3,249 Total Securities 3,185 714,984 — 718,169 Securities held in a deferred compensation plan 5,990 — — 5,990 Derivative financial assets: Interest rate swaps — 90,163 — 90,163 Interest rate lock commitments — 3,198 — 3,198 Total Assets $ 9,175 $ 808,345 $ — $ 817,520 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 90,616 $ — $ 90,616 Forward sale contracts — 450 — 450 Total Liabilities $ — $ 91,066 $ — $ 91,066 December 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ — $ 10,040 $ — $ 10,040 Obligations of U.S. government corporations and agencies — 157,697 — 157,697 Collateralized mortgage obligations of U.S. government corporations and agencies — 189,348 — 189,348 Residential mortgage-backed securities of U.S. government corporations and agencies — 22,418 — 22,418 Commercial mortgage-backed securities of U.S. government corporations and agencies — 275,870 — 275,870 Corporate Bonds — 7,627 — 7,627 Obligations of states and political subdivisions — 116,133 — 116,133 Total Available-for-Sale Debt Securities — 779,133 — 779,133 Marketable equity securities 5,078 72 — 5,150 Total Securities 5,078 779,205 — 784,283 Securities held in a deferred compensation plan 5,987 — — 5,987 Derivative financial assets: Interest rate swaps — 25,647 — 25,647 Interest rate lock commitments — 321 — 321 Forward sale contracts — 1 — 1 Total Assets $ 11,065 $ 805,174 $ — $ 816,239 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 25,615 $ — $ 25,615 Total Liabilities $ — $ 25,615 $— $ 25,615 Assets Recorded at Fair Value on a Nonrecurring Basis We may be required to measure certain assets and liabilities at fair value on a nonrecurring basis. Nonrecurring assets are recorded at the lower of cost or fair value in our financial statements. There were no liabilities measured at fair value on a nonrecurring basis at either September 30, 2020 or December 31, 2019. For Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2020 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (3) (dollars in thousands) Loans held for investment $ 46,857 Collateral method Costs to sell 0% - 22% 7.47% Discounted cash flow method Discount rate 3.25% 3.25% Other real estate owned 2,098 Collateral method Costs to sell 0% - 7.00% 4.67% Mortgage servicing rights $ 4,665 Discounted cash flow method Discount rate 9.33% - 12.55% 9.43% Constant prepayment rates 7.39% - 13.54% 13.33% Total Assets $ 53,620 December 31, 2019 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (3) (dollars in thousands) Loans held for investment $ 38,697 Collateral method Costs to sell 0 % - 20 % 8.55% Discounted cash flow method Discount rate 4.75 % - 5.50 % 5.28% Other real estate owned 3,231 Collateral method Costs to sell 7.00% 7.00% Mortgage servicing rights $ 1,134 Discounted cash flow method Discount rate 9.39 % - 12.54 % 9.49% Constant prepayment rates 7.46 % - 12.74 % 9.73% Total Assets $ 43,062 (1) Weighted averages for loans held for investment were weighted by loan amounts. (2 ) Weighted averages for other real estate owned were weighted by OREO balances. (3) Weighted averages for mortgage services rights discount rate and prepayment rates are based on note rate tranches and voluntary constant prepayment rates. The carrying values and fair values of our financial instruments at September 30, 2020 and December 31, 2019 are presented in the following tables: Carrying Value (1) Fair Value Measurements at September 30, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 308,489 $ 308,489 $ 308,489 $ — $ — Securities 718,169 718,169 3,185 714,984 — Loans held for sale 16,724 16,724 — — 16,724 Portfolio loans, net 7,273,870 7,196,845 — — 7,196,845 Bank owned life insurance 81,873 81,873 — 81,873 — FHLB and other restricted stock 15,777 15,777 — — 15,777 Collateral receivable 90,827 90,827 90,827 — — Securities held in a deferred compensation plan 5,990 5,990 5,990 — — Mortgage servicing rights 4,717 4,718 — — 4,718 Interest rate swaps 90,163 90,163 — 90,163 — Interest rate lock commitments 3,198 3,198 — 3,198 — LIABILITIES Deposits $ 7,633,818 $ 7,638,132 $ 6,187,722 $ 1,450,410 $ — Securities sold under repurchase agreements 42,706 42,706 42,706 — — Short-term borrowings 83,000 83,000 83,000 — — Long-term borrowings 49,076 50,155 4,540 45,615 — Junior subordinated debt securities 64,068 64,068 64,068 — — Interest rate swaps 90,616 90,616 — 90,616 — Forward sales contracts 450 450 — 450 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 197,823 $ 197,823 $ 197,823 $ — $ — Securities 784,283 784,283 5,078 779,205 — Loans held for sale 5,256 5,256 — — 5,256 Portfolio loans, net 7,074,928 6,940,875 — — 6,940,875 Bank owned life insurance 80,473 80,473 — 80,473 — FHLB and other restricted stock 22,977 22,977 — — 22,977 Securities held in a Deferred Compensation Plan 5,987 5,987 5,987 — — Mortgage servicing rights 4,662 4,650 — — 4,650 Interest rate swaps 25,647 25,647 — 25,647 — Interest rate lock commitments 321 321 — 321 — Forward sale contracts 1 1 — 1 — LIABILITIES Deposits $ 7,036,576 $ 7,034,595 $ 5,441,143 $ 1,593,452 $ — Securities sold under repurchase agreements 19,888 19,888 19,888 — — Short-term borrowings 281,319 281,319 281,319 — — Long-term borrowings 50,868 51,339 4,678 46,661 — Junior subordinated debt securities 64,277 64,277 64,277 — — Interest rate swaps 25,615 25,615 — 25,615 — (1) As reported in the Consolidated Balance Sheets |
Securities
Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) September 30, 2020 December 31, 2019 Available-for-sale debt securities $ 714,920 $ 779,133 Marketable equity securities 3,249 5,150 Total Securities $ 718,169 $ 784,283 Available-for-Sale Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: September 30, 2020 December 31, 2019 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair U.S. Treasury securities $ 9,977 $ 346 $ — $ 10,323 $ 9,969 $ 71 $ — $ 10,040 Obligations of U.S. government corporations and agencies 88,809 4,542 — 93,351 155,969 1,773 (45) 157,697 Collateralized mortgage obligations of U.S. government corporations and agencies 175,516 7,516 — 183,032 186,879 2,773 (304) 189,348 Residential mortgage-backed securities of U.S. government corporations and agencies 16,578 774 — 17,352 22,120 321 (23) 22,418 Commercial mortgage-backed securities of U.S. government corporations and agencies 265,202 15,022 — 280,224 273,771 2,680 (581) 275,870 Corporate obligations 4,023 5 (1) 4,027 7,603 24 — 7,627 Obligations of states and political subdivisions 119,368 7,243 — 126,611 112,116 4,017 — 116,133 Total Available-for-Sale Debt Securities (1) $ 679,473 $ 35,448 $ (1) $ 714,920 $ 768,427 $ 11,659 $ (953) $ 779,133 (1) Excludes interest receivable of $3.0 million at September 30, 2020 and $3.4 million at December 31, 2019. Interest receivable is included in other assets in the consolidated balance sheets. The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented: September 30, 2020 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities — $ — $ — — $ — $ — — $ — $ — Obligations of U.S. government corporations and agencies — — — — — — — — — Collateralized mortgage obligations of U.S. government corporations and agencies — — — — — — — — — Residential mortgage-backed securities of U.S. government corporations and agencies — — — — — — — — — Commercial mortgage-backed securities of U.S. government corporations and agencies — — — — — — — — — Corporate bonds 1 499 (1) — — — 1 499 (1) Obligations of states and political subdivisions — — — — — — — — — Total 1 $ 499 $ (1) — $ — $ — 1 $ 499 $ (1) December 31, 2019 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities — $ — $ — — $ — $ — — $ — $ — Obligations of U.S. government corporations and agencies 3 22,638 (45) — — — 3 22,638 (45) Collateralized mortgage obligations of U.S. government corporations and agencies 6 23,393 (73) 6 25,254 (231) 12 48,647 (304) Residential mortgage-backed securities of U.S. government corporations and agencies 1 982 (2) 1 2,534 (21) 2 3,516 (23) Commercial mortgage-backed securities of U.S. government corporations and agencies 9 90,005 (581) — — — 9 90,005 (581) Corporate bonds 1 79 — — — — 1 79 — Obligations of states and political subdivisions — — — — — — — — — Total Temporarily Impaired Debt Securities 20 $ 137,097 $ (701) 7 $ 27,788 $ (252) 27 $ 164,885 $ (953) We evaluate securities with unrealized losses quarterly to determine if the decline in fair value has resulted from credit losses or other factors. There was one debt security in an unrealized loss position at September 30, 2020 and 27 debt securities in an unrealized loss position at December 31, 2019. We do not intend to sell and it is more likely than not that we will not be required to sell the security in an unrealized loss position before recovery of its amortized cost. The unrealized loss on the debt security was attributable to changes in interest rates and not related to the credit quality of the issuer. All debt securities were determined to be investment grade and paying principal and interest according to the contractual terms of the security. We concluded that the allowance for credit losses for debt securities was immaterial at September 30, 2020. Prior to the adoption of ASU 2016-13 there was no other than temporary impairment, or OTTI, recorded during the nine months ended September 30, 2019. The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income/(loss), for the periods presented: September 30, 2020 December 31, 2019 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Total unrealized gains/(losses) on available-for-sale debt securities $ 35,448 $ (1) $ 35,447 $ 11,659 $ (953) $ 10,706 Income tax (expense) benefit (7,548) — (7,548) (2,486) 203 (2,283) Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) $ 27,900 $ (1) $ 27,899 $ 9,173 $ (750) $ 8,423 The amortized cost and fair value of available-for-sale debt securities at September 30, 2020 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2020 (dollars in thousands) Amortized Fair Value Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions Due in one year or less $ 41,497 $ 42,069 Due after one year through five years 111,446 117,923 Due after five years through ten years 38,856 41,458 Due after ten years 26,355 28,835 Available-for-Sale Debt Securities With Maturities 218,154 230,285 Collateralized mortgage obligations of U.S. government corporations and agencies 175,516 183,032 Residential mortgage-backed securities of U.S. government corporations and agencies 16,578 17,352 Commercial mortgage-backed securities of U.S. government corporations and agencies 265,202 280,224 Corporate Securities 4,023 4,027 Total Available-for-Sale Debt Securities $ 679,473 $ 714,920 Debt securities with carrying values of $297.4 million at September 30, 2020 and $286.0 million at December 31, 2019 were pledged for various regulatory and legal requirements. Marketable Equity Securities The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2020 2019 2020 2019 Marketable Equity Securities Net gains and losses recognized during the period on equity securities $ 585 $ 156 $ (552) $ (110) Less: Net gains and losses recognized during the period on equity securities sold during the period — — 142 — Unrealized Losses/Gains Recognized During the Reporting Period on Equity Securities Still Held at the Reporting Date $ 585 $ 156 $ (694) $ (110) Total unrealized gains and losses on marketable equity securities recognized during the current period are included in other noninterest income on the Consolidated Statements of Comprehensive Income. |
Loans and Loans Held for Sale
Loans and Loans Held for Sale | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
LOANS AND LOANS HELD FOR SALE | LOANS AND LOANS HELD FOR SALE Loans are presented net of unearned income of $18.6 million at September 30, 2020 and $4.6 million at December 31, 2019 and net of a discount related to purchase accounting fair value adjustments of $9.3 million at September 30, 2020 and $12.3 million at December 31, 2019. The following table presents loans as of the dates presented: (dollars in thousands) September 30, 2020 December 31, 2019 Commercial Commercial real estate $ 3,290,138 $ 3,416,518 Commercial and industrial 2,042,467 1,720,833 Commercial construction 477,429 375,445 Total Commercial Loans 5,810,034 5,512,796 Consumer Residential mortgage 950,887 998,585 Home Equity 537,869 538,348 Installment and other consumer 80,735 79,033 Consumer construction 15,343 8,390 Total Consumer Loans 1,584,834 1,624,356 Total Portfolio Loans 7,394,868 7,137,152 Loans held for sale 16,724 5,256 Total Loans (1) $ 7,411,592 $ 7,142,408 (1) Excludes interest receivable of $28.0 million at September 30, 2020 and $22.1 million at December 31, 2019. Interest receivable is included in other assets in the consolidated balance sheets. Commercial and industrial loans, or C&I, included $550.1 million of loans originated under the Paycheck Protection Program, or PPP, at September 30, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security, or CARES Act was signed into law. The CARES Act included the PPP, a program designed to aid small and medium sized businesses through federally guaranteed loans distributed through banks. PPP loans are forgivable, in whole or in part, if the proceeds are used for payroll and other permitted expenses in accordance with the requirements of the PPP. The loans are 100 percent guaranteed by the Small Business Administration, or SBA. These loans carry a fixed rate of 1.00 percent and a term of two years, or five years for loans approved by the SBA, on or after June 5, 2020. Payments are deferred for at least six months of the loan. The SBA pays us a processing fee ranging from 1 percent to 5 percent based on the size of the loan. Interest is accrued as earned and loan origination fees and direct costs are deferred and accreted or amortized into interest income over the life of the loan using the level yield method. When a PPP loan is paid off or forgiven by the SBA, the remaining unaccreted or unamortized net origination fees or costs will be immediately recognized into income. We attempt to limit our exposure to credit risk by diversifying our loan portfolio by segment, geography, collateral and industry and actively managing concentrations. When concentrations exist in certain segments, we mitigate this risk by reviewing the relevant economic indicators and internal risk rating trends and through stress testing of the loans in these segments. Total commercial loans represented 78.6 percent of total portfolio loans at September 30, 2020 and 77.2 percent at December 31, 2019. Within our commercial portfolio, the CRE and Commercial Construction portfolios combined comprised $3.8 billion, or 64.8 percent, of total commercial loans at September 30, 2020 and $3.8 billion, or 68.8 percent, of total commercial loans at December 31, 2019 and 50.9 percent of total portfolio loans at September 30, 2020 and 53.1 percent at December 31, 2019. Further segmentation of the CRE and commercial construction portfolios by collateral type reveals no concentration in excess of 15 percent of both total CRE and commercial construction loans at September 30, 2020 and 11 percent at December 31, 2019. We lend primarily in Pennsylvania and the contiguous states of Ohio, New York, West Virginia and Maryland. The majority of our commercial and consumer loans are made to businesses and individuals in this geography, resulting in a concentration. We believe our knowledge and familiarity with customers and conditions locally outweighs this geographic concentration risk. The conditions of the local and regional economies are monitored closely through publicly available data and information supplied by our customers. We also use subscription services for additional geographic and industry specific information. Our CRE and commercial construction portfolios have exposure outside of this geography of 6.0 percent of the combined portfolios and 3.1 percent of total portfolio loans at September 30, 2020. This compares to 5.4 percent of the combined portfolios and 2.9 percent of total portfolio loans at December 31, 2019. We individually evaluate all substandard and nonaccrual commercial loans that have experienced a forbearance or change in terms agreement, and all substandard consumer and residential mortgage loans that entered into an agreement to modify their existing loan, to determine if they should be designated as troubled debt restructurings, or TDRs. All TDRs will be reported as such for the remaining life of the loan, unless the restructuring agreement specifies an interest rate equal to or greater than the rate that would be accepted at the time of the restructuring for a new loan with comparable risk and it is fully expected that the remaining principal and interest will be collected according to the restructured agreement. TDRs can be returned to accruing status if the ultimate collectability of all contractual amounts due, according to the restructured agreement, is not in doubt and there is a period of a minimum of six months of satisfactory payment performance by the borrower either immediately before or after the restructuring. The following tables summarize restructured loans as of the dates presented: September 30, 2020 (dollars in thousands) Performing Nonperforming Total Commercial real estate $ 19 $ 14,504 $ 14,523 Commercial and industrial 7,322 1,549 8,871 Commercial construction 3,986 — 3,986 Business banking 1,539 441 1,980 Consumer real estate 5,606 2,154 7,760 Other consumer 6 — 6 Total (1) $ 18,478 $ 18,648 $ 37,126 (1) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. December 31, 2019 (dollars in thousands) Performing Nonperforming Total Commercial real estate $ 22,233 $ 6,713 $ 28,946 Commercial and industrial 6,909 695 7,604 Commercial construction 1,425 — 1,425 Residential mortgage 2,013 822 2,835 Home equity 4,371 678 5,049 Installment and other consumer 9 4 13 Total $ 36,960 $ 8,912 $ 45,872 The significant increase in nonperforming TDRs at September 30, 2020 compared to December 31, 2019 was primarily related to a $21.3 million CRE relationship, which was placed on nonaccrual in the first quarter of 2020 and charged down by $10.0 million in the third quarter of 2020, leaving a remaining outstanding balance of $11.3 million. The relationship experienced continued deterioration as a result of the COVID-19 pandemic. There were two TDRs totaling $0.1 million that returned to accruing status during the three months ended September 30, 2020 and three TDRs totaling $22.7 million that returned to accruing status during the nine months ended September 30, 2020. There were three TDRs totaling $0.2 million that returned to accruing status during the three months ended September 30, 2019 and five TDRs totaling $0.2 million that returned to accruing status during the nine months ended September 30, 2019. The following tables present the restructured loans by portfolio segment and by type of concession for the three and nine months ended September 30, 2020: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (dollars in thousands) Number of Pre-Modification Outstanding Recorded Investment (1) Post-Modification (1) Total Difference Number of Pre-Modification (1) Post-Modification (1) Total Difference Totals by Loan Segment Commercial Real Estate Principal deferral and maturity date extension — — — — 1 2,210 2,210 — Maturity date extension and payment delay 1 333 171 (162) 1 333 171 (162) Total Commercial Real Estate 1 333 171 (162) 2 2,543 2,381 (162) Commercial and Industrial Principal deferral and maturity date extension — — — — 1 2,467 1,263 (1,205) Maturity date extension and interest rate reduction 1 3,735 3,735 — 1 3,735 3,735 — Below market interest rate and payment delay 1 287 287 — 2 362 361 (1) Payment deferral resulting in payment delay — — — — 1 93 23 (70) Total Commercial and Industrial 2 4,022 4,022 — 5 6,657 5,381 (1,276) Commercial Construction Maturity date extension — — — — 3 2,593 2,561 (32) Total Commercial Construction — — — — 3 2,593 2,561 (32) Residential Mortgage Consumer bankruptcy (2) 2 98 96 (2) 5 575 567 (8) Maturity date extension and payment reduction — — — — 3 176 176 — Total Residential Mortgage 2 98 96 (2) 8 751 743 (8) Home Equity Consumer bankruptcy (2) 7 206 239 33 14 456 485 29 Maturity date extension and payment delay 1 30 30 — 1 30 30 — Total Home Equity 8 8 236 269 33 15 486 515 29 Installment and Other Consumer Consumer bankruptcy (2) 1 4 4 — 1 4 4 — Total Installment and Other Consumer $ 1 $ 4 $ 4 $ — $ 1 $ 4 $ 4 $ — Totals by Concession Type Principal deferral and maturity date extension — — — — 2 4,677 3,473 (1,204) Maturity date extension and interest rate reduction 1 3,735 3,735 — 1 3,735 3,735 — Payment deferral resulting in payment delay — — — — 1 93 23 (70) Maturity date extension — — — — 3 2,593 2,561 (32) Consumer bankruptcy (2) 10 308 339 31 20 1,035 1,056 21 Maturity date extension and payment delay 2 363 201 (162) 2 363 201 (162) Below market interest rate and payment delay 1 287 287 — 2 362 361 (1) Maturity date extension and payment reduction — — — — 3 176 176 — Total (3) 14 $ 4,693 $ 4,562 $ (131) 34 $ 13,034 $ 11,586 $ (1,448) (1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (3) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The following tables present the restructured loans by portfolio segment and by type of concession for the three and nine months ended September 30, 2019: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (dollars in thousands) Number of Pre-Modification (1) Post-Modification (1) Total Difference Number of Pre-Modification (1) Post-Modification (1) Total Difference Totals by Loan Segment Commercial Real Estate Maturity date extension — — — — 1 1,322 1,298 (24) Maturity date extension and interest rate reduction — — — — 1 151 147 (4) Principal deferral 3 23,517 23,236 (281) 3 23,517 23,236 (281) Principal forgiveness — — — — 1 4,690 4,518 (172) Below market interest rate 2 569 548 (21) 2 569 548 (21) Total Commercial Real Estate 5 24,086 23,784 (302) 8 30,249 29,747 (502) Commercial and Industrial Maturity date extension and interest rate reduction — — — — 1 4,751 4,333 (418) Principal deferral 1 1,250 1,250 — 1 1,250 1,250 — Principal deferral and maturity date extension 1 292 277 (15) 1 292 277 (15) Total Commercial and Industrial 2 1,542 1,527 (15) 3 6,293 5,860 (433) Residential Mortgage Consumer bankruptcy (2) — — — — 3 165 160 (5) Total Residential Mortgage — — — — 3 165 160 (5) Home Equity Consumer bankruptcy (2) 14 504 485 (19) 27 801 746 (55) Interest rate reduction — — — — 2 190 189 (1) Total Home Equity 14 504 485 (19) 29 991 935 (56) Installment and Other Consumer Consumer bankruptcy (2) 1 4 4 — 3 13 10 (3) Total Installment and Other Consumer $ 1 $ 4 $ 4 $ — $ 3 $ 13 $ 10 $ (3) Totals by Concession Type Maturity date extension — — — — 1 1,322 1,298 (24) Maturity date extension and interest rate reduction — — — — 2 4,902 4,480 (422) Principal forgiveness — — — — 1 4,690 4,518 (172) Consumer bankruptcy (2) 15 508 489 (19) 33 979 916 (63) Interest rate reduction — — — — 2 190 189 (1) Principal deferral 4 24,767 24,486 (281) 4 24,767 24,486 (281) Principal deferral and maturity date extension 1 292 277 (15) 1 292 277 (15) Below market interest rate 2 569 548 (21) 2 569 548 (21) Total (3) 22 $ 26,136 $ 25,800 $ (336) 46 $ 37,711 $ 36,712 $ (999) (1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (3) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In response to the coronavirus, or COVID-19, pandemic and its economic impact on our customers, we implemented a short-term modification program that complies with the CARES Act to provide temporary payment relief to those borrowers directly impacted by COVID-19 who were not more than 30 days past due as of December 31, 2019. This program allows for a deferral of payments for 90 days and up to a maximum of 180 days for our commercial customers. The customer remains responsible for deferred payments along with any additional interest accrued during the deferral period. For our consumer customers, interest does not accrue during the deferral period and the maturity date is extended by the length of the deferral period. Under the applicable guidance, none of these loans were considered restructured as of September 30, 2020. We had 144 loans that were modified totaling $350.0 million at September 30, 2020 compared to 2,360 loans that were modified totaling $1.4 billion at June 30, 2020. As of September 30, 2020, we had 21 commitments to lend an additional $1.7 million on TDRs. Defaulted TDRs are defined as loans having a payment default of 90 days or more after the restructuring takes place. There were no TDRs that defaulted during the three months ended September 30, 2020 and six TDRs totaling $18.1 million that defaulted during the nine months ended September 30, 2020 that were restructured within the last 12 months prior to defaulting. Included in the $18.1 million of defaulted TDRs for the nine months ended September 30, 2020 was the $11.3 million CRE relationship discussed above. There were no TDRs that defaulted during the three and nine months ended September 30, 2019 that were restructured within the last 12 months prior to defaulting. The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) September 30, 2020 December 31, 2019 Nonperforming Assets Nonaccrual loans $ 65,424 $ 45,145 Nonaccrual TDRs 18,648 8,912 Total Nonaccrual Loans 84,072 54,057 OREO 2,317 3,525 Total Nonperforming Assets $ 86,389 $ 57,582 The significant increases in nonperforming loans at September 30, 2020 compared to December 31, 2019 was primarily related to the above mentioned $21.3 million CRE relationship, the $10.9 million lending relationship related to the customer fraud and a $4.9 million CRE relationship. The $21.3 million CRE relationship was placed on nonaccrual in the first quarter of 2020 and charged down by $10.0 million in the third quarter of 2020, leaving a remaining outstanding balance of $11.3 million. The relationship experienced continued deterioration as a result of the COVID-19 pandemic. The $10.9 million lending relationship relating to the customer fraud was moved to nonperforming in the second quarter of 2020 and the $4.9 million CRE relationship moved to nonperforming in the third quarter of 2020. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. The following are key risks within each portfolio segment: CRE —Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily, and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I —Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction —Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Business Banking —Commercial loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business. Consumer Real Estate —Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credit cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass —The loan is currently performing and is of high quality. Special Mention —A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Substandard —A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful —Loans classified doubtful 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. The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of September 30, 2020: Risk Rating (dollars in thousands) 2020 2019 2018 2017 2016 2015 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 277,760 $ 406,883 $ 446,299 $ 289,243 $ 326,634 $ 644,888 $ 47,764 — $ 2,439,471 Special Mention — 37,197 186 21,850 43,805 64,855 850 — 168,743 Substandard — 18,489 8,066 15,039 54,975 105,474 1,500 — 203,543 Doubtful — — — — 341 6,129 — — 6,470 Total Commercial Real Estate 277,760 462,569 454,551 326,132 425,755 821,346 50,114 — 2,818,227 Commercial and Industrial Pass 682,632 209,253 149,912 76,118 38,877 199,772 347,762 — 1,704,326 Special Mention 3,829 20,396 3,613 968 8,563 6,998 30,552 — 74,919 Substandard — 4,861 2,519 14,704 71 11,789 2,317 — 36,261 Doubtful — 238 173 2,537 195 — — — 3,143 Total Commercial and Industrial 686,461 234,748 156,217 94,327 47,706 218,559 380,631 — 1,818,649 Commercial Construction Pass 102,950 223,433 79,733 15,844 9,854 9,915 11,127 — 452,856 Special Mention — — 3,823 — — 5,033 91 — 8,947 Substandard — 3,567 — 1,752 — 3,738 — — 9,057 Doubtful — — — — — — — — — Total Commercial Construction 102,950 227,000 83,556 17,596 9,854 18,686 11,218 — 470,860 Business Banking Pass 97,367 163,334 133,688 93,886 81,481 289,927 104,721 336 964,740 Special Mention — 59 1,049 1,719 1,093 7,055 691 123 11,789 Substandard 104 646 3,204 3,755 3,759 26,517 754 683 39,422 Doubtful — — — — — — — — — Total Business Banking 97,471 164,039 137,941 99,360 86,333 323,499 106,166 1,142 1,015,951 Consumer Real Estate Pass 95,412 136,136 74,500 70,027 79,784 263,696 436,392 22,546 1,178,493 Special Mention — — — — 798 153 — — 951 Substandard — 187 555 880 1,036 7,193 212 973 11,036 Doubtful — — — — — — — — — Total Consumer Real Estate 95,412 136,323 75,055 70,907 81,618 271,042 436,604 23,519 1,190,480 Other consumer Pass 8,703 15,078 7,953 4,270 3,039 854 33,216 641 73,754 Special Mention — — — — — — — — — Substandard — 481 129 115 611 3,868 396 1,347 6,947 Doubtful — — — — — — — — — Total Other Consumer 8,703 15,559 8,082 4,385 3,650 4,722 33,612 1,988 80,701 Total Loan Balance $ 1,268,757 $ 1,240,238 $ 915,402 $ 612,707 $ 654,916 $ 1,657,854 $ 1,018,345 $ 26,649 $ 7,394,868 We monitor the delinquent status of the commercial and consumer portfolios on a monthly basis. Loans are considered nonperforming when interest and principal are 90 days or more past due or management has determined that a material deterioration in the borrower’s financial condition exists. The risk of loss is generally highest for nonperforming loans. The following table presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of September 30, 2020: (dollars in thousands) 2020 2019 2018 2017 2016 2015 and Prior Revolving Revolving-Term Total Commercial Real Estate Performing $ 277,760 $ 462,569 $ 454,551 $ 326,132 $ 411,947 $ 788,059 $ 50,114 $ — $ 2,771,132 Nonperforming — — — — 13,808 33,287 — — 47,095 Total Commercial Real Estate 277,760 462,569 454,551 326,132 425,755 821,346 50,114 — 2,818,227 Commercial and Industrial Performing 683,514 234,748 155,958 94,327 47,706 217,628 379,082 — 1,812,963 Nonperforming 2,947 — 259 — — 931 1,549 — 5,686 Total Commercial and Industrial 686,461 234,748 156,217 94,327 47,706 218,559 380,631 — 1,818,649 Commercial Construction Performing 102,950 227,000 83,556 16,555 9,854 18,223 11,218 — 469,356 Nonperforming — — — 1,041 — 463 — — 1,504 Total Commercial Construction 102,950 227,000 83,556 17,596 9,854 18,686 11,218 — 470,860 Business Banking Performing 97,471 163,734 136,249 98,042 84,263 311,076 105,951 1,084 997,870 Nonperforming — 305 1,692 1,318 2,070 12,423 215 58 18,081 Total Business Banking 97,471 164,039 137,941 99,360 86,333 323,499 106,166 1,142 1,015,951 Consumer Real Estate Performing 94,828 136,323 74,440 69,663 80,532 265,917 436,328 22,639 1,180,670 Nonperforming 584 — 615 1,244 1,086 5,125 276 880 9,810 Total Consumer Real Estate 95,412 136,323 75,055 70,907 81,618 271,042 436,604 23,519 1,190,480 Other Consumer Performing 8,567 15,157 8,082 4,299 3,379 4,043 33,425 1,853 78,805 Nonperforming 136 402 — 86 271 679 187 135 1,896 Total Other Consumer 8,703 15,559 8,082 4,385 3,650 4,722 33,612 1,988 80,701 Performing 1,265,090 1,239,531 912,836 609,018 637,681 1,604,946 1,016,118 25,576 7,310,796 Nonperforming 3,667 707 2,566 3,689 17,235 52,908 2,227 1,073 84,072 Total Loan Balance $ 1,268,757 $ 1,240,238 $ 915,402 $ 612,707 $ 654,916 $ 1,657,854 $ 1,018,345 $ 26,649 $ 7,394,868 The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: September 30, 2020 (2) (dollars in thousands) Current 30-59 Days 60-89 Days 90 Days Past Due (1) Non - performing Total Past Total Loans Commercial real estate $ 2,771,132 $ — $ — $ — $ 47,095 $ 47,095 $ 2,818,227 Commercial and industrial 1,811,342 1,235 — 386 5,686 7,307 1,818,649 Commercial construction 469,356 — — — 1,504 1,504 470,860 Business banking 994,389 2,733 748 — 18,081 21,562 1,015,951 Consumer real estate 1,177,782 1,723 1,031 134 9,810 12,698 1,190,480 Other consumer 78,310 349 146 — 1,896 2,391 80,701 Total $ 7,302,311 $ 6,040 $ 1,925 $ 520 $ 84,072 $ 92,556 $ 7,394,868 (1) Represents acquired loans that were recorded at fair value at the acquisition date and remain performing at September 30, 2020. (2) We had 144 loans that were modified totaling $350.0 million under the CARES Act at September 30, 2020. These customers were not considered past due as a result of 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. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. December 31, 2019 (dollars in thousands) Current 30-59 Days 60-89 Days 90 Days Past Due (1) Non - performing Total Past Total Loans Commercial real estate $ 3,025,505 $ 7,749 $ 71 $ 911 $ 25,356 $ 34,087 $ 3,059,592 Commercial and industrial 1,466,460 126 1,589 1,443 10,911 14,069 1,480,529 Commercial construction 367,204 956 1,163 — 737 2,856 370,060 Business banking 830,735 5,093 1,099 — 9,863 16,055 846,790 Consumer real estate 1,283,591 2,620 1,758 1,175 6,063 11,616 1,295,207 Other consumer 81,866 1,448 305 228 1,127 3,108 84,974 Total $ 7,055,361 $ 17,992 $ 5,985 $ 3,757 $ 54,057 $ 81,791 $ 7,137,152 (1) Represents acquired loans that were recorded at fair value at the acquisition date and remained performing at December 31, 2019. The following table presents loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan: September 30, 2020 September 30, 2020 For the three months ended For the nine months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 25,356 $ 47,095 $26,996 $ — $8 $19 Commercial and industrial 10,911 5,686 967 386 31 52 Commercial construction 737 1,504 1,218 — — — Business banking 9,863 18,081 5,197 — 59 163 Consumer real estate 6,063 9,810 398 134 90 262 Other consumer 1,127 1,896 — — 1 4 Total $ 54,057 $ 84,072 $34,776 $ 520 $189 $500 (1) Represents only cash payments received and applied to interest on nonaccrual loans. The following table presents collateral-dependent loans by class of loan: September 30, 2020 Type of Collateral (dollars in thousands) Real Estate Blanket Lien Investment/Cash Other Commercial real estate $46,965 $40 $— $— Commercial and industrial 6,065 20,548 — — Commercial construction 5,203 — — — Business banking 4,427 1,621 — 689 Consumer real estate 398 — — — Total $63,058 $22,209 $— $689 The following table presents activity in the ACL for the three and nine months ended September 30, 2020: Three Months Ended September 30, 2020 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 57,730 $ 19,164 $ 8,874 $ 14,404 $ 11,585 $ 2,852 $ 114,609 Provision for credit losses on loans 23,839 (4,155) (1,617) 2,072 (797) (40) 19,302 Charge-offs (10,187) (1,196) — (1,748) (252) (284) (13,667) Recoveries 172 398 1 64 41 78 754 Net (Charge-offs)/Recoveries (10,015) (798) 1 (1,684) (211) (206) (12,913) Balance at End of Period $ 71,554 $ 14,211 $ 7,258 $ 14,792 $ 10,577 $ 2,606 $ 120,998 Nine Months Ended September 30, 2020 (dollars in thousands) Commercial Commercial and Industrial (2) Commercial Business Banking (1) Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 30,577 $ 15,681 $ 7,900 $ — $ 6,337 $ 1,729 $ 62,224 Impact of CECL adoption 4,810 7,853 (3,376) 12,898 4,525 642 27,352 Provision for credit losses on loans 52,185 62,949 2,712 4,197 32 1,489 123,564 Charge-offs (16,229) (72,692) — (2,469) (470) (1,556) (93,416) Recoveries 211 420 22 166 153 302 1,274 Net (Charge-offs)/Recoveries (16,018) (72,272) 22 (2,303) (317) (1,254) (92,142) Balance at End of Period $ 71,554 $ 14,211 $ 7,258 $ 14,792 $ 10,577 $ 2,606 $ 120,998 (1) In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Our new segmentation breaks out business banking loans from our other loan segments: CRE, C&I, commercial construction, consumer real estate and other consumer. The business banking allowance balance at the beginning of period is included in the other segments and reclassified to business banking through the impact of CECL adoption line. (2) During the three months ended June 30, 2020, we experienced a pre-tax loss of $58.7 million related to a customer fraud resulting from a check kiting scheme. The adoption of ASU 2016-13 During the three months ended June 30, 2020, we had a charge-off of $58.7 million related to a previously disclosed customer fraud resulting from a check kiting scheme. The fraud was perpetrated by a single business customer and the customer has plead guilty in an ongoing criminal investigation. The check kiting scheme resulted in a deposit account overdraft, which became a loan to us that was charged off through the ACL. The customer also had a lending relationship that was originally $15.1 million, including a $14.3 million CRE loan and a $0.8 million line of credit. We recognized a $4.2 million charge-off related to this lending relationship during the three months ended June 30, 2020 and the remaining outstanding balance of $10.9 million is a nonperforming loan at September 30, 2020. A specific reserve of $3.4 million was recognized in the three months ended September 30, 2020 based upon new liens identified against the collateral. Our qualitative reserve changed ($13.5) million and $15.8 million for the three and nine months ended September 30, 2020. Included in these amounts were ($13.3) million for the three months ended and $12.7 million for the nine months ended for the economic forecast and an allocation for our hotel portfolio and business banking portfolios due to the COVID-19 pandemic. Our forecast covers a period of two years and is driven in part by national unemployment data. The reduction in qualitative reserve for the three months ended September 30, 2020 was due to a meaningful improvement in expected unemployment levels of the forecast period. We added $2.0 million of ACL to the business banking portfolio during the three months ended September 30, 2020 due to the COVID-19 pandemic. Changes in our current conditions qualitative factors resulted in a decrease of $0.2 million and an increase of $3.1 million to the ACL for the three and nine months ended September 30, 2020. Offsetting the decrease in qualitative ACL for the three months ended September 30, 2020 was the impact of the hotel portfolio downgrades on the quantitative model. Our total hotel portfolio was $243.0 million with 95 percent of this portfolio on deferral at September 30, 2020. During the three months ended September 30, 2020, we did an extensive review of the hotel portfolio and as a result downgraded a significant amount of loans within this portfolio. As of September 30, 2020, $92.9 million of hotel loans were risk rated special mention and $126.6 million were substandard. The ACL at September 30, 2020 reflects our estimate of potential loss for the hotel loans. Our estimate will be updated in the fourth quarter when we obtain appraisals on the substandard hotel portfolio. The C&I portfolio included $550.1 million of loans originated under the PPP at September 30, 2020. The loans are 100 percent guaranteed by the SBA, therefore, we have not assigned any ACL to these loans at September 30, 2020. Prior to the adoption of ASU 326 on January 1, 2020, we calculated our allowance for loan losses using an incurred loan loss methodology. The following tables are disclosures related to the allowance for loan losses in prior periods. The following table presents the recorded investment in commercial loan classes by internally assigned risk ratings as of December 31, 2019: December 31, 2019 (dollars in thousands) Commercial % of Commercial % of Commercial % of Total % of Pass $ 3,270,438 95.7 % $ 1,636,314 95.1 % $ 347,304 92.5 % $ 5,254,056 95.3 % Special mention 57,285 1.7 % 36,484 2.1 % 10,109 2.7 % 103,878 1.9 % Substandard 86,772 2.5 % 47,980 2.8 % 17,899 4.8 % 152,651 2.8 % Doubtful 2,023 0.1 % 55 — % 133 — % 2,211 — % Total $ 3,416,518 100.0 % $ 1,720,833 100.0 % $ 375,445 100.0 % $ 5,512,796 100.0 % The following table presents the recorded investment in consumer loan classes by performing and nonperforming status as of December 31, 2019: December 31, 2019 (dollars in thousands) Residential % of Home % of Installment % of Consumer % of Total % of Performing $ 991,066 99.2 % $ 535,709 99.5 % $ 78,993 99.9 % $ 8,390 100.0 % $ 1,614,158 99.4 % Nonperforming 7,519 0.8 % 2,639 0.5 % 40 0.1 % — — % 10,198 0.6 % Total $ 998,585 100.0 % $ 538,348 100.0 % $ 79,033 100.0 % $ 8,390 100.0 % $ 1,624,356 100.0 % The following table presents investments in loans considered to be impaired and related information on those impaired loans as of December 31, 2019: December 31, 2019 (dollars in thousands) Recorded Unpaid Related With a related allowance recorded: Commercial real estate $ 13,011 $ 14,322 $ 2,023 Commercial and industrial 10,001 10,001 55 Commercial construction 489 489 113 Consumer real estate — — — Other consumer 9 9 9 Total with a Related Allowance Recorded 23,510 24,821 2,200 Without a related allowance recorded: Commercial real estate 34,909 40,201 — Commercial and industrial 7,605 10,358 — Commercial construction 1,425 2,935 — Consumer real estate 7,884 8,445 — Other consumer 4 11 — Total without a Related Allowance Recorded 51,827 61,950 — Total: Commercial real estate 47,920 54,523 2,023 Commercial and industrial 17,606 20,359 55 Commercial construction 1,914 3,424 113 Consumer real estate 7,884 8,445 — Other consumer 13 20 9 Total $ 75,337 $ 86,771 $ 2,200 The following table presents average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2019: Three months ended Nine months ended September 30, 2019 September 30, 2019 (dollars in thousands) Average Interest Average Interest With a related allowance recorded: Commercial real estate $ 14,255 $ — $ 14,348 $ — Commercial and industrial — — — — Commercial construction 490 — 490 — Consumer real estate — — — — Other consumer 11 — 13 1 Total with a Related Allowance Recorded 14,756 — 14,851 1 Without a related allowance recorded: Commercial real estate 39,179 231 39,788 712 Commercial and industrial 8,008 116 6,644 308 Commercial construction 2,318 34 2,318 117 Consumer real estate 8,830 97 8,993 297 Other consumer 3 — 4 — Total without a Related Allowance Recorded 58,338 478 57,747 1,434 Total: Commercial real estate 53,434 231 54,136 712 Commercial and industrial 8,008 116 6,644 308 Commercial construction 2,808 34 2,808 117 Consumer real estate 8,830 97 8,993 297 Other consumer 14 — 17 1 Total $ 73,094 $ 478 $ 72,598 $ 1,435 The following table details activity in the allowance for loan losses for the three and nine months ended September 30, 2019: Three Months Ended September 30, 2019 (dollars in thousands) Commercial Commercial and Commercial Consumer Other Total Balance at beginning of period $ 32,836 $ 13,227 $ 7,254 $ 6,571 $ 1,591 $ 61,479 Charge-offs (2,304) (1,467) — (404) (525) (4,700) Recoveries 6 210 1 102 104 423 Net (Charge-offs)/Recoveries (2,298) (1,257) 1 (302) (421) (4,277) Provision for credit losses 1,292 2,397 620 65 539 4,913 Balance at End of Period $ 31,830 $ 14,367 $ 7,875 $ 6,334 $ 1,709 $ 62,115 Nine Months Ended September 30, 2019 (dollars in thousands) Commercial Commercial and Commercial Consumer Other Total Balance at beginning of period $ 33,707 $ 11,596 $ 7,983 $ 6,187 $ 1,523 $ 60,996 Charge-offs (2,833) (8,379) — (815) (1,364) (13,391) Recoveries 134 718 4 595 292 1,743 Net (Charge-offs)/Recoveries (2,699) (7,661) 4 (220) (1,072) (11,648) Provision for credit losses 822 10,432 (112) 367 1,258 12,767 Balance at End of Period $ 31,830 $ 14,367 $ 7,875 $ 6,334 $ 1,709 $ 62,115 The following tables present the allowance for loan losses and recorded investments in loans by category as of December 31, 2019: December 31, 2019 Allowance for Loan Losses Portfolio Loans (dollars in thousands) Individually Collectively Total Individually Collectively Total Commercial real estate $ 2,023 $ 28,554 $ 30,577 $ 47,920 $ 3,368,598 $ 3,416,518 Commercial and industrial 55 15,626 15,681 17,606 1,703,227 1,720,833 Commercial construction 113 7,787 7,900 1,914 373,531 375,445 Consumer real estate — 6,337 6,337 7,884 1,537,439 1,545,323 Other consumer 9 1,720 1,729 13 79,020 79,033 Total $ 2,200 $ 60,024 $ 62,224 $ 75,337 $ 7,061,815 $ 7,137,152 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Interest Rate Swaps In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Pursuant to our agreements with various financial institutions, we may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon our current positions and related future collateral requirements relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Comprehensive Income. Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Consolidated Statements of Comprehensive Income. The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented: Derivatives Derivatives (dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Derivatives not Designated as Hedging Instruments: Interest Rate Swap Contracts - Commercial Loans Fair value $ 90,163 $ 25,647 $ 90,616 $ 25,615 Notional amount 943,369 740,762 943,369 740,762 Collateral posted — — 90,820 26,127 Interest Rate Lock Commitments - Mortgage Loans Fair value 3,198 321 — — Notional amount 51,985 9,829 — — Forward Sale Contracts - Mortgage Loans Fair value — 1 450 — Notional amount $ — $ 12,750 $ 51,871 $ — Presenting offsetting derivatives that are subject to legally enforceable netting arrangements with the same party is permitted. For example, we may have a derivative asset and a derivative liability with the same counterparty to a swap transaction and we are permitted to offset the asset position and the liability position resulting in a net presentation. The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented: Derivatives Derivatives (dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 94,821 $ 26,146 $ 94,779 $ 26,114 Gross amounts offset (4,658) (499) (4,163) (499) Net Amounts Presented in the Consolidated Balance Sheets 90,163 25,647 90,616 25,615 Gross amounts not offset (1) — — (90,820) (26,127) Net Amount $ 90,163 $ 25,647 $ (204) $ (512) (1) Amounts represent collateral posted for the periods presented. The following table indicates the gain or loss recognized in income on derivatives for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2020 2019 2020 2019 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ (537) $ (16) $ (485) $ (112) Interest rate lock commitments—mortgage loans 86 (194) 2,877 204 Forward sale contracts—mortgage loans 144 169 (451) 9 Total Derivatives (Loss)/Gain $ (307) $ (41) $ 1,941 $ 101 |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS Short-term borrowings are for terms under or equal to one year and are comprised of securities sold under repurchase agreements, or REPOs and FHLB advances. All REPOs are overnight short-term investments and are not insured by the Federal Deposit Insurance Corporation, or FDIC. Securities pledged as collateral under these REPO financing arrangements cannot be sold or repledged by the secured party and, therefore, the REPOs are accounted for as secured borrowings. Mortgage-backed securities with amortized cost of $42.0 million and carrying value of $44.0 million at September 30, 2020 and amortized cost of $22.7 million and carrying value of $23.0 million at December 31, 2019, were pledged as collateral for these secured transactions. The pledged securities are held in safekeeping at the Federal Reserve. Due to the overnight short-term nature of REPOs, potential risk due to a decline in the value of the pledged collateral is low. Collateral pledging requirements with REPOs are monitored daily. FHLB advances are for various terms and are secured by a blanket lien on residential mortgages and other real estate secured loans. Long-term borrowings are for original terms greater than one year and are comprised of FHLB advances, finance leases and junior subordinated debt securities. Long-term FHLB advances are secured by the same loans as short-term FHLB advances. We had total long-term borrowings outstanding of $2.5 million at a fixed and $45.1 million at a variable rate at September 30, 2020, excluding our finance leases. Information pertaining to borrowings is summarized in the table below as of the dates presented: September 30, 2020 December 31, 2019 (dollars in thousands) Balance Weighted Balance Weighted Short-term Borrowings Securities sold under repurchase agreements $ 42,706 0.25 % $ 19,888 0.74 % Short-term borrowings 83,000 0.36 % 281,319 1.84 % Total Short-term Borrowings 125,706 0.32 % 301,207 1.76 % Long-term Borrowings Long-term borrowings 49,076 2.47 % 50,868 2.60 % Junior subordinated debt securities 64,068 3.03 % 64,277 3.59 % Total Long-term Borrowings 113,144 2.79 % 115,145 3.15 % Total Borrowings $ 238,850 1.49 % $ 416,352 2.14 % We had total borrowings at the FHLB of Pittsburgh of $130.6 million at September 30, 2020 and $532.9 million at December 31, 2019. The $130.6 million at September 30, 2020 consisted of $83.0 million in short-term borrowings and $47.6 million in long-term borrowings. Our maximum borrowing capacity with the FHLB of Pittsburgh was $3.0 billion at September 30, 2020. We utilized $523.3 million of our borrowing capacity at September 30, 2020 consisting of $130.6 million for borrowings and $392.7 million for letters of credit to collateralize public funds. Our remaining borrowing availability at September 30, 2020 is $2.5 billion. We have completed three private placements of trust preferred securities to financial institutions. As a result, we own 100 percent of the common equity of STBA Capital Trust I, DNB Capital Trust I and DNB Capital Trust II, collectively the Trusts. The Trusts were formed to issue mandatorily redeemable capital securities to third-party investors. The proceeds from the sale of the securities and the issuance of the common equity by the Trusts were invested in junior subordinated debt securities issued by us. The Trusts are variable interest entities, and the third-party investors are the primary beneficiaries; therefore, the trusts are not consolidated into our financial statements. The Trusts pay dividends on the securities at the same rate as the interest paid by us on the junior subordinated debt held by the Trusts. DNB Capital Trust I and DNB Capital Trust II were acquired with the DNB merger. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments In the normal course of business, we offer off-balance sheet credit arrangements to enable our customers to meet their financing objectives. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. Our exposure to credit loss, in the event the customer does not satisfy the terms of the agreement, equals the contractual amount of the obligation less the value of any collateral. We apply the same credit policies in making commitments and standby letters of credit that are used for the underwriting of loans to customers. Commitments generally have fixed expiration dates, annual renewals or other termination clauses and may require payment of a fee. Because many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Estimates of the fair value of these off-balance sheet items were not made because of the short-term nature of these arrangements and the credit standing of the counterparties. The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) September 30, 2020 December 31, 2019 Commitments to extend credit $ 2,251,106 $ 1,910,805 Standby letters of credit 88,529 80,040 Total $ 2,339,635 $ 1,990,845 Allowance for Credit Losses on Unfunded Loan Commitments We maintain an allowance for credit losses on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a draw-down on the commitment. The provision for credit losses on unfunded loan commitments is included in the provision for credit losses on our Consolidated Statements of Comprehensive Income. The allowance for unfunded commitments is included in other liabilities in the Consolidated Balance Sheets. The activity in the allowance for credit losses on unfunded loan commitments is summarized as of the dates presented: (dollars in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Balance at beginning of period $ 7,004 $ 2,346 Provision for credit losses (1,816) 95 Total $ 5,188 $ 2,441 (dollars in thousands) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Balance at beginning of period $ 3,112 $ 2,139 Impact of adopting ASU 2016-13 at January 1, 2020 1,349 — Balance after adoption of ASU 2016-13 4,461 2,139 Provision for credit losses 727 302 Total $ 5,188 $ 2,441 The decrease in allowance for credit losses on unfunded loan commitments for the three months ended September 30, 2020 was due to a decrease in the loss rates for the construction portfolio. The increase for the nine months ended September 30, 2020 was primarily related to higher expected credit losses due to the COVID-19 pandemic. Litigation In the normal course of business, we are subject to various legal and administrative proceedings and claims. While any type of litigation contains a level of uncertainty, we believe that the outcome of such proceedings or claims pending will not have a material adverse effect on our consolidated financial position or results of operations. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | REVENUE FROM CONTRACTS WITH CUSTOMERS We earn revenue from contracts with our customers when we have completed our performance obligations and recognize that revenue when services are provided to our customers. Our contracts with customers are primarily in the form of account agreements. Generally, our services are transferred at a point in time in response to transactions initiated and controlled by our customers under service agreements with an expected duration of one year or less. Our customers have the right to terminate their service agreements at any time. We do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less. These costs are primarily salaries and employee benefits recognized as expense in the period incurred. Service charges on deposit accounts - We recognize monthly service charges for both commercial and personal banking customers based on account fee schedules. Our performance obligation is generally satisfied and the related revenue recognized at a point in time or over time when the services are provided. Other fees 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. Debit and credit card services - Interchange fees are earned whenever debit and credit cards are processed through third-party card payment networks. ATM fees are based on transactions by our customers' and other customers' use of our ATMs or other ATMs. Debit and credit card revenue is recognized at a point in time when the transaction is settled. Our performance obligation to our customers is generally satisfied and the related revenue is recognized at a point in time when the service is provided. Third-party service contracts include annual volume and marketing incentives which are recognized over a period of twelve months when we meet thresholds as stated in the service contract. Wealth management services - Wealth management services are primarily comprised of fees earned from the management and administration of trusts, assets under administration and other financial advisory services. Generally, wealth management fees are earned over a period of time between monthly and annually, per the related fee schedules. Our performance obligations with our customers are generally satisfied when we provide the services as stated in the customers' agreements. The fees are based on a fixed amount or a scale based on the level of services provided or amount of assets under management. Other fee revenue - Other fee revenue includes a variety of other traditional banking services such as, electronic banking fees, letters of credit origination fees, wire transfer fees, money orders, treasury checks, checksale fees and transfer fees. Our performance obligations are generally satisfied at a point in time, while fee revenue is recognized when the services are provided or the transaction is settled. The information presented in the following table presents the point of revenue recognition for revenue from contracts with customers. Other revenue streams such as: interest income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other generally accepted accounting principles are excluded. (dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Streams Point of Revenue Recognition 2020 2019 2020 2019 Service charges on deposit accounts Over a period of time $ 423 $ 473 $ 1,347 $ 1,381 At a point in time 2,397 2,939 7,373 8,396 $ 2,820 $ 3,412 $ 8,720 $ 9,777 Debit and credit card Over a period of time $ 178 $ 180 $ 556 $ 542 At a point in time 3,993 3,295 10,708 9,409 $ 4,171 $ 3,475 $ 11,264 $ 9,951 Wealth management Over a period of time $ 1,992 $ 1,703 $ 5,944 $ 4,991 At a point in time 530 398 1,527 1,219 $ 2,522 $ 2,101 $ 7,471 $ 6,210 Other fee revenue At a point in time $ 978 $ 864 $ 2,771 $ 2,928 |
Other Comprehensive Income_(Los
Other Comprehensive Income/(Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME/(LOSS) | OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (dollars in thousands) Pre-Tax Tax Net of Tax Pre-Tax Tax Benefit (Expense) Net of Tax Change in net unrealized gains/(losses) on debt securities available-for-sale $ (882) $ 188 $ (694) $ 2,350 $ (501) $ 1,849 Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income (1) — — — — — — Adjustment to funded status of employee benefit plans (2) 1,163 (248) 915 454 (97) 357 Other Comprehensive Income (Loss) $ 281 $ (60) $ 221 $ 2,804 $ (598) $ 2,206 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (dollars in thousands) Pre-Tax Tax Net of Tax Pre-Tax Tax Net of Tax Change in net unrealized gains/(losses) on available-for-sale debt securities $ 24,883 $ (5,294) $ 19,589 $ 18,716 $ (3,991) $ 14,725 Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income (1) (142) 30 (112) — — — Adjustment to funded status of employee benefit plans (2) 2,092 (446) 1,646 1,359 (290) 1,069 Other Comprehensive Income/(Loss) $ 26,833 $ (5,710) $ 21,123 $ 20,075 $ (4,281) $ 15,794 (1) Reclassification adjustments are comprised of realized security gains or losses. The realized gains or losses have been reclassified out of accumulated other comprehensive income/(loss) and have affected certain lines in the Consolidated Statements of Comprehensive Income as follows: the pre-tax amount is included in net gain on sale of securities, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFITS | EMPLOYEE BENEFITS Our qualified and nonqualified defined benefit plans were amended to freeze benefit accruals for all persons entitled to benefits under the plans in 2016. We will continue recording pension expense related to these plans, primarily representing interest costs on the accumulated benefit obligation and amortization of actuarial losses accumulated in the plans, as well as income from expected investment returns on pension assets. Since the plans have been frozen, no service costs are included in net periodic pension expense. The defined benefit plan of DNB was merged into S&T's defined benefit plan at November 30, 2019 and the components of net periodic pension cost at September 30, 2020 include the impact of the addition of the DNB defined benefit plan. The investment policy for S&T's defined benefit plan is 90 percent fixed income and 10 percent equity and cash. The expected long-term rate of return on plan assets is 3.45 percent compared to 4.80 percent in prior periods. We contributed $0.1 million to our pension plan during the three and nine months ended September 30, 2020. We remeasured our pension obligation and recognized a pension settlement charge of $0.7 million for the three and nine months ended September 30, 2020. A settlement charge is incurred when the aggregate amount of lump-sum distributions during the year is greater than the sum of the interest cost component of the annual net periodic pension cost. The following table summarizes the components of net periodic pension cost for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2020 2019 2020 2019 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 905 $ 989 $ 2,686 $ 2,967 Expected return on plan assets (970) (1,181) (2,913) (3,541) Net amortization 411 395 1,180 1,184 Settlement Charge 671 — 671 — Net Periodic Pension Expense $ 1,017 $ 203 $ 1,624 $ 610 The components of net periodic pension expense are included in salaries and employee benefits on the Consolidated Statements of Comprehensive Income. |
Qualified Affordable Housing
Qualified Affordable Housing | 9 Months Ended |
Sep. 30, 2020 | |
Investments in Affordable Housing Projects [Abstract] | |
QUALIFIED AFFORDABLE HOUSING | QUALIFIED AFFORDABLE HOUSING As part of our responsibilities under the Community Reinvestment Act and due to their favorable federal income tax benefits, we invest in Low Income Housing partnerships, or LIHPs. As a limited partner in these operating partnerships, we receive tax credits and tax deductions for losses incurred by the underlying properties. We use the cost method to account for these partnerships. These investments are recorded in other assets on our balance sheet. Our maximum exposure to loss associated with these investments consists of the investments' fair value plus any unfunded commitments as well as the denial of the tax credits if the project is deemed non-compliant. We do not have any loss reserves recorded related to these investments because we believe the likelihood of any loss to be remote. Our investments in LIHPs represent unconsolidated variable interest entities, or VIEs, and the assets and liabilities of the partnerships are not recorded on our balance sheet. We have determined that we are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact their economic performance. Our total investment in qualified affordable housing projects was $8.9 million at September 30, 2020 and $4.8 million at December 31, 2019. Amortization expense, included in other noninterest expense in the Consolidated Statements of Comprehensive Income, was $0.5 million and $2.8 million for the three and nine months ended September 30, 2020 and $0.7 million and $2.0 million for the three and nine months ended September 30, 2019. The amortization expense was offset by tax credits of $0.6 million and $1.7 million for the three and nine months ended September 30, 2020 and $0.7 million and $2.2 million for the three and nine months ended September 30, 2019 as a reduction to our federal tax provision. On September 11, 2019, we entered into a new qualified affordable housing project and committed to an investment of $10.2 million. As of September 30, 2020, we have invested $7.1 million in this new project. No amortization expense or tax credits will be recognized for this new project until complete, which we expect to be in the first quarter of 2021. |
Share Repurchase Plan
Share Repurchase Plan | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
SHARE REPURCHASE PLAN | SHARE REPURCHASE PLANOn September 16, 2019, our Board of Directors authorized a $50 million share repurchase plan. This repurchase authorization, which is effective through March 31, 2021, permits S&T to repurchase from time to time up to $50 million in aggregate value of shares of S&T's common stock through a combination of open market and privately negotiated repurchases. The specific timing, price and quantity of repurchases will be at the discretion of S&T and will depend on a variety of factors, including general market conditions, the trading price of common stock, legal and contractual requirements, applicable securities laws and S&T's financial performance. The repurchase plan does not obligate us to repurchase any particular number of shares. We expect to fund any repurchases from cash on hand and internally generated funds. During the three months ended September 30, 2020, we had no repurchases. During the nine months ended September 30, 2020, we repurchased 411,430 common shares at a total cost of $12.6 million, or an average of $30.52 per share. Repurchase activity was suspended in March of 2020 due to the impact of the COVID-19 pandemic. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The interim Consolidated Financial Statements include the accounts of S&T Bancorp, Inc., or S&T, and its wholly owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. Investments of 20 percent to 50 percent of the outstanding common stock of investees are accounted for using the equity method of accounting. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim Consolidated Financial Statements of S&T have been prepared in accordance with generally accepted accounting principles, or GAAP, in the United States for interim financial information and with 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 the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission, or SEC, on March 2, 2020. In the opinion of management, the accompanying interim financial information reflects all adjustments, consisting of normal recurring adjustments, necessary to present fairly our financial position and the results of operations for each of the interim periods presented. Results of operations for interim periods are not necessarily indicative of the results of operations that may be expected for a full year or any future period. |
Reclassification | Reclassification A mounts in prior period financial statements and footnotes are reclassified whenever necessary to conform to the current period presentation. Reclassifications had no effect on our results of operations or financial condition. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Recently Adopted Accounting Standards Updates, or ASU or Update | Recently Adopted Accounting Standards Updates, or ASU or Update 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 In August 2018, the Financial Accounting Standards Board, or FASB, issued ASU No. 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. The amendments in this ASU apply to an entity that is a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs (e.g., implementation, setup and other upfront costs). These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which costs to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify disclosures and/or require additional disclosures. The amendments in this Update required us to change our Fair Value disclosures beginning with the disclosures included in Form 10-Q for the period ended March 31, 2020. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Refer to Note 4, Fair Value Measurements. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. We adopted the amendments of this ASU on January 1, 2020. The amendments in this ASU did not have any impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology for determining our provision for credit losses, and allowance for credit losses, or ACL, with an expected loss methodology that is referred to as the Current Expected Credit Loss, or CECL, model. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including our loans and off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities. Credit losses related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. We made the accounting policy election to not measure an ACL for accrued interest receivables for loans and securities. Accrued interest deemed uncollectible will be written off through interest income. The majority of our available-for-sale debt securities are government agency-backed securities for which the risk of loss is minimal, and accordingly the ACL is immaterial. In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Refer to Note 7, Allowance for Credit Losses for further discussion of these portfolio segments. Our new segmentation breaks out business banking loans from our other loan segments: Commercial Real Estate, or CRE, Commercial and Industrial, or C&I, Commercial Construction, Consumer Real Estate and Other Consumer. Business banking loans are commercial loans made to small businesses that are standard, non-complex products and evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards. ASU 2016-13 Accounting Standards Issued But Not Yet Adopted Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our consolidated financial statements. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. The amendments in this ASU will be effective on January 1, 2021 and are not expected to have any impact on our consolidated financial statements. Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in US GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. We are evaluating the impact of this ASU and we expect LIBOR transition to impact our business operations, but we have not yet determined the impact to our consolidated financial statements. Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs. The amendments in this ASU affect the guidance in ASU No. 2017-08, relating to Premium Amortization on Purchased Callable Debt Securities and clarify the Board's intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within scope of paragraph 310-20-35-33 for each reporting period. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess shall be amortized to the next call date. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. The amendments in this ASU will be effective on January 1, 2021 and are not expected to materially impact our consolidated financial statements. SEC Release No. 2020-118 - Amendments to Improve Financial Disclosures about Acquisitions and Dispositions of Businesses In May 2020, the Securities and Exchange Commission adopted amendments to the financial disclosure requirements in Regulation S-X for acquisitions and dispositions of businesses, including real estate operations, in Rules 3-05, 3-14, 8-04, 8-05, 8-06, and Article 11, as well as in other related rules and forms. In conjunction with these changes, the Commission also amended the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the Commission adopted new requirements regarding fund acquisitions specific to registered investment companies and business development companies. The amendments in this final rule are effective beginning January 1, 2021. We are evaluating the impact of this final rule and we expect these amendments to impact disclosures in our consolidated financial statements relating to any future acquisitions and disposition of businesses. SEC Release No. 2020-205 - Modernizes Disclosures for Bank Registrants In September 2020, the Securities and Exchange Commission adopted rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors. The rules eliminate certain disclosure items that are duplicative of other Commission rules and requirements of U.S. GAAP or the International Financial Reporting Standards. The rules replace industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure requirements in new subpart 1400 of Regulation S-K. These rules are effective November 16, 2020 with a compliance date of December 31, 2021. We are evaluating the impact of this final rule and we expect these rules to impact disclosures in the Management's Discussion and Analysis section of our Annual Report on Form 10-K for the year ended December 31, 2021. |
Allowance for Credit Losses Policy | Allowance for Credit Losses Policy The ACL is a valuation reserve established and maintained by charges against operating income and is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged off against the ACL when they are deemed uncollectible. The ACL is an estimate of expected credit losses, measured over the contractual life of a loan, that considers our historical loss experience, current conditions and forecasts of future economic conditions. Determination of an appropriate ACL is inherently subjective and may have significant changes from period to period. The methodology for determining the ACL has two main components: evaluation of expected credit losses for certain groups of homogeneous loans that share similar risk characteristics and evaluation of loans that do not share risk characteristics with other loans. The ACL for homogeneous loans is calculated using a life-time loss rate methodology with both a quantitative and a qualitative analysis that is applied on a quarterly basis. The ACL model is comprised of six distinct portfolio segments: 1) Construction, 2) CRE, 3) C&I, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. Each segment has a distinct set of risk characteristics monitored by management. We further evaluate the ACL at a disaggregated level which includes type of collateral, loan participations, non-owner occupied and our internal risk rating system for the commercial segments and type of collateral, lien position, and FICO score, for the consumer segments. Historical credit loss experience is the basis for the estimation of expected credit losses. We apply historical loss rates to pools of loans with similar risk characteristics. After consideration of the historic loss calculation, management applies qualitative adjustments to reflect the current conditions and reasonable and supportable forecasts not already reflected in the historical loss information at the balance sheet date. Our reasonable and supportable forecast adjustment is based on the unemployment forecast and management judgment. For periods beyond our two year reasonable and supportable forecast, we revert to the historical loss rate. We revert to historical loss rates utilizing a straight-line method over a one year reversion period. The qualitative adjustments for current conditions are based upon changes in lending policies and practices, experience and ability of lending staff, quality of the bank’s loan review system, value of underlying collateral for collateral dependent loans, the existence of and changes in concentrations and other external factors. These modified historical loss rates are multiplied by the outstanding principal balance of each loan to calculate a required reserve. A similar process is employed to calculate a reserve assigned to off-balance sheet commitments, specifically unfunded loan commitments and letters of credit, and any needed reserve is recorded in other liabilities. The ACL for individual loans begins with the use of normal credit review procedures to identify whether a loan no longer shares similar risk characteristics with other pooled loans and therefore, should be individually assessed. We evaluate all commercial loans greater than $0.5 million that meet the following criteria: 1) when it is determined that foreclosure is probable, 2) substandard, doubtful and nonperforming loans when repayment is expected to be provided substantially through the operation or sale of the collateral, 3) any commercial troubled debt restructuring, or TDR, or any loan reasonably expected to become a TDR whether on accrual or nonaccrual status and 4) when it is determined by management that a loan does not share similar risk characteristics with other loans. Specific reserves are established based on the following three acceptable methods for measuring the ACL: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral when the loan is collateral dependent. Our individual loan evaluations consist primarily of the fair value of collateral method because most of our loans are collateral dependent. Collateral values are discounted to consider disposition costs when appropriate. A specific reserve is established or a charge-off is taken if the fair value of the loan is less than the loan balance. Although we believe our process for determining the ACL appropriately considers all the factors that would likely result in credit losses, the process includes subjective elements and may be susceptible to significant change. To the extent actual losses are higher than management estimates, additional provision for credit losses could be required and could adversely affect our earnings or financial position in future periods. We maintain an ACL at a level determined to be adequate to absorb estimated expected credit losses within the loan portfolio over the contractual life of an instrument that considers our historical loss experience, current conditions and forecasts of future economic conditions as of the balance sheet date. We develop and document a systematic ACL methodology based on the following portfolio segments: 1) Commercial Real Estate, or CRE, 2) Commercial and Industrial, or C&I, 3) Commercial Construction, 4) Business Banking, 5) Consumer Real Estate and 6) Other Consumer. The following are key risks within each portfolio segment: CRE —Loans secured by commercial purpose real estate, including both owner-occupied properties and investment properties for various purposes such as hotels, retail, multifamily, and health care. Operations of the individual projects and global cash flows of the debtors are the primary sources of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and the business prospects of the lessee, if the project is not owner-occupied. C&I —Loans made to operating companies or manufacturers for the purpose of production, operating capacity, accounts receivable, inventory or equipment financing. Cash flow from the operations of the company is the primary source of repayment for these loans. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the industry of the company. Collateral for these types of loans often does not have sufficient value in a distressed or liquidation scenario to satisfy the outstanding debt. Commercial Construction —Loans made to finance construction of buildings or other structures, as well as to finance the acquisition and development of raw land for various purposes. While the risk of these loans is generally confined to the construction period, if there are problems, the project may not be completed, and as such, may not provide sufficient cash flow on its own to service the debt or have sufficient value in a liquidation to cover the outstanding principal. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the type of project and the experience and resources of the developer. Business Banking —Commercial loans made to small businesses that are standard, non-complex products evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards that meet small business market customers’ needs. The business banking portfolio is monitored by utilizing a standard and closely managed process focusing on behavioral and performance criteria. The condition of the local economy is an important indicator of risk, but there are also more specific risks depending on the collateral type and business. Consumer Real Estate —Loans secured by first and second liens such as home equity loans, home equity lines of credit and 1-4 family residential mortgages, including purchase money mortgages. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The state of the local housing market can also have a significant impact on this segment because low demand and/or declining home values can limit the ability of borrowers to sell a property and satisfy the debt. Other Consumer —Loans made to individuals that may be secured by assets other than 1-4 family residences, as well as unsecured loans. This segment includes auto loans, unsecured loans and lines and credit cards. The primary source of repayment for these loans is the income and assets of the borrower. The condition of the local economy, in particular the unemployment rate, is an important indicator of risk for this segment. The value of the collateral, if there is any, is less likely to be a source of repayment due to less certain collateral values. Management monitors various credit quality indicators for the commercial, business banking and consumer loan portfolios, including changes in risk ratings, nonperforming status and delinquency on a monthly basis. We monitor the commercial loan portfolio through an internal risk rating system. Loan risk ratings are assigned based upon the creditworthiness of the borrower and are reviewed on an ongoing basis according to our internal policies. Loans within the pass rating generally have a lower risk of loss than loans risk rated as special mention or substandard. Our risk ratings are consistent with regulatory guidance and are as follows: Pass —The loan is currently performing and is of high quality. Special Mention —A special mention loan has potential weaknesses that warrant management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects or in the strength of our credit position at some future date. Substandard —A substandard loan is not adequately protected by the net worth and/or paying capacity of the borrower or by the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful —Loans classified doubtful 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. |
Accounting Standards Issued But Not Yet Adopted | Recently Adopted Accounting Standards Updates, or ASU or Update 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 In August 2018, the Financial Accounting Standards Board, or FASB, issued ASU No. 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. The amendments in this ASU apply to an entity that is a customer in a hosting arrangement that is a service contract. These amendments relate to accounting for implementation costs (e.g., implementation, setup and other upfront costs). These amendments require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which costs to capitalize and which costs to expense. These amendments require the entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. This ASU is effective for annual and interim periods beginning after December 15, 2019. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement - Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU remove certain disclosures from Topic 820, modify disclosures and/or require additional disclosures. The amendments in this Update required us to change our Fair Value disclosures beginning with the disclosures included in Form 10-Q for the period ended March 31, 2020. We adopted this ASU on January 1, 2020. The amendments in this ASU did not materially impact our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Refer to Note 4, Fair Value Measurements. Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other - Simplifying the Test for Goodwill Impairment (Topic 350). The main objective of this ASU is to simplify the current requirements for testing goodwill for impairment by eliminating step two from the goodwill impairment test. The amendments are expected to reduce the complexity and costs associated with performing the goodwill impairment test, which could result in recording impairment charges sooner. This Update is effective for any interim and annual impairment tests in reporting periods in fiscal years beginning after December 15, 2019. We adopted the amendments of this ASU on January 1, 2020. The amendments in this ASU did not have any impact on our Consolidated Balance Sheets or Consolidated Statements of Comprehensive Income. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology for determining our provision for credit losses, and allowance for credit losses, or ACL, with an expected loss methodology that is referred to as the Current Expected Credit Loss, or CECL, model. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including our loans and off-balance sheet credit exposures. In addition, ASU 2016-13 made changes to the accounting for available-for-sale debt securities. Credit losses related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reductions in the amortized cost of the related securities. We adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASU 2016-13 while prior period amounts continue to be reported in accordance with previously applicable GAAP. We made the accounting policy election to not measure an ACL for accrued interest receivables for loans and securities. Accrued interest deemed uncollectible will be written off through interest income. The majority of our available-for-sale debt securities are government agency-backed securities for which the risk of loss is minimal, and accordingly the ACL is immaterial. In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Refer to Note 7, Allowance for Credit Losses for further discussion of these portfolio segments. Our new segmentation breaks out business banking loans from our other loan segments: Commercial Real Estate, or CRE, Commercial and Industrial, or C&I, Commercial Construction, Consumer Real Estate and Other Consumer. Business banking loans are commercial loans made to small businesses that are standard, non-complex products and evaluated through a streamlined credit approval process that has been designed to maximize efficiency while maintaining high credit quality standards. ASU 2016-13 Accounting Standards Issued But Not Yet Adopted Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans In August 2018, the FASB issued ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this ASU apply to all employers that sponsor defined benefit pension or other postretirement plans. These amendments remove certain disclosures from Topic 715-20 and require additional disclosures. The amendments in this ASU will require S&T to update our employee benefits disclosures beginning with our Form 10-Q for the period ended March 31, 2021. The amendments in this ASU will have no impact on our consolidated financial statements. Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. The amendments in this ASU will be effective on January 1, 2021 and are not expected to have any impact on our consolidated financial statements. Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide optional guidance for a limited period of time to ease the potential burden in accounting for or recognizing the effects of reference rate reform on financial reporting. The amendments provide optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Modified contracts that meet certain scope guidance are eligible for relief from the modification accounting requirements in US GAAP. The optional guidance generally allows for the modified contract to be accounted for as a continuation of the existing contract and does not require contract remeasurement at the modification date or reassessment of a previous accounting determination. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. We are evaluating the impact of this ASU and we expect LIBOR transition to impact our business operations, but we have not yet determined the impact to our consolidated financial statements. Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables--Nonrefundable Fees and Other Costs. The amendments in this ASU affect the guidance in ASU No. 2017-08, relating to Premium Amortization on Purchased Callable Debt Securities and clarify the Board's intent that an entity should reevaluate whether a callable debt security that has multiple call dates is within scope of paragraph 310-20-35-33 for each reporting period. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the excess shall be amortized to the next call date. If there is no remaining premium or if there are no further call dates, the entity shall reset the effective yield using the payment terms of the debt security. The amendments in this ASU will be effective on January 1, 2021 and are not expected to materially impact our consolidated financial statements. SEC Release No. 2020-118 - Amendments to Improve Financial Disclosures about Acquisitions and Dispositions of Businesses In May 2020, the Securities and Exchange Commission adopted amendments to the financial disclosure requirements in Regulation S-X for acquisitions and dispositions of businesses, including real estate operations, in Rules 3-05, 3-14, 8-04, 8-05, 8-06, and Article 11, as well as in other related rules and forms. In conjunction with these changes, the Commission also amended the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the Commission adopted new requirements regarding fund acquisitions specific to registered investment companies and business development companies. The amendments in this final rule are effective beginning January 1, 2021. We are evaluating the impact of this final rule and we expect these amendments to impact disclosures in our consolidated financial statements relating to any future acquisitions and disposition of businesses. SEC Release No. 2020-205 - Modernizes Disclosures for Bank Registrants In September 2020, the Securities and Exchange Commission adopted rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors. The rules eliminate certain disclosure items that are duplicative of other Commission rules and requirements of U.S. GAAP or the International Financial Reporting Standards. The rules replace industry Guide 3, Statistical Disclosure by Bank Holding Companies, with updated disclosure requirements in new subpart 1400 of Regulation S-K. These rules are effective November 16, 2020 with a compliance date of December 31, 2021. We are evaluating the impact of this final rule and we expect these rules to impact disclosures in the Management's Discussion and Analysis section of our Annual Report on Form 10-K for the year ended December 31, 2021. |
Fair Value Measurements | We use fair value measurements when recording and disclosing certain financial assets and liabilities. Debt securities, equity securities and derivative financial instruments are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record other assets at fair value on a nonrecurring basis, such as loans held for sale, loans held for investment, OREO, and other repossessed assets, mortgage servicing rights, or MSRs, and certain other assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants at the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities; it is not a forced transaction. In determining fair value, we use various valuation approaches, including market, income and cost approaches. The fair value standard establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing an asset or liability, which are developed based on market data that we have obtained from independent sources. Unobservable inputs reflect our estimates of assumptions that market participants would use in pricing an asset or liability, which are developed based on the best information available in the circumstances. The fair value hierarchy gives the highest priority to unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1: valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets. Level 2: valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data. Level 3: valuation is derived from other valuation methodologies, including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our policy is to recognize transfers between any of the fair value hierarchy levels at the end of the reporting period in which the transfer occurred. The following are descriptions of the valuation methodologies that we use for financial instruments recorded at fair value on either a recurring or nonrecurring basis. Recurring Basis Available-for-Sale Debt Securities We obtain fair values for debt securities from a third-party pricing service which utilizes several sources for valuing fixed-income securities. We validate prices received from our pricing service through comparison to a secondary pricing service and broker quotes. We review the methodologies of the pricing services which provide us with a sufficient understanding of the valuation models, assumptions, inputs and pricing to reasonably measure the fair value of our debt securities. The market valuation sources for debt securities include observable inputs rather than significant unobservable inputs and are classified as Level 2. The service provider utilizes pricing models that vary by asset class and include available trade, bid and other market information. Generally, the methodologies include broker quotes, proprietary models, vast descriptive terms and conditions databases and extensive quality control programs. Equity Securities Marketable equity securities that have an active, quotable market are classified as Level 1. Marketable equity securities that are quotable, but are thinly traded or inactive, are classified as Level 2. Marketable equity securities that are not readily traded and do not have a quotable market are classified as Level 3. Deferred Compensation Plan Assets We use quoted market prices to determine the fair value of our equity security assets. These securities are reported at fair value with the gains and losses included in noninterest income in our Consolidated Statements of Comprehensive Income. These assets are held in a deferred compensation plan and are invested in readily quoted mutual funds. Accordingly, these assets are classified as Level 1. Deferred compensation plan assets are reported in other assets in the Consolidated Balance Sheets. Derivative Financial Instruments We use derivative instruments, including interest rate swaps for commercial loans with our customers, interest rate lock commitments and the sale of mortgage loans in the secondary market. We calculate the fair value for derivatives using accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. Each valuation considers the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, such as interest rate curves and implied volatilities. Accordingly, derivatives are classified as Level 2. We incorporate credit valuation adjustments into the valuation models to appropriately reflect both our own nonperformance risk and the respective counterparties’ nonperformance risk in calculating fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements and collateral postings. Nonrecurring Basis Loans Held for Sale Loans held for sale consist of 1-4 family residential loans originated for sale in the secondary market and, from time to time, certain loans are transferred from the loan portfolio to loans held for sale, all of which are carried at the lower of cost or fair value. The fair value of 1-4 family residential loans is based on the principal or most advantageous market currently offered for similar loans using observable market data. The fair value of the loans transferred from the loan portfolio is based on the amounts offered for these loans in currently pending sales transactions. Loans held for sale carried at fair value are classified as Level 3. Loans Held for Investment Loans that are individually evaluated to determine whether a specific allocation of ACL is needed are reported at fair value. Fair value is determined using the following methods: 1) the present value of expected future cash flows discounted at the loan’s original effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral less estimated selling costs when the loan is collateral dependent and we expect to liquidate the collateral. However, if repayment is expected to come from the operation of the collateral, rather than liquidation, then we do not consider estimated selling costs in determining the fair value of the collateral. Collateral values are generally based upon appraisals by approved, independent state certified appraisers. Appraisals may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or our knowledge of the borrower and the borrower’s business. Loans carried at fair value are classified as Level 3. OREO and Other Repossessed Assets OREO and other repossessed assets obtained in partial or total satisfaction of a loan are recorded at the lower of recorded investment in the loan or fair value less cost to sell. Subsequent to foreclosure, these assets are carried at the lower of the amount recorded at acquisition date or fair value less cost to sell. Accordingly, it may be necessary to record nonrecurring fair value adjustments. Fair value, when recorded, is generally based upon appraisals by approved, independent state certified appraisers. Appraisals on OREO may be discounted based on our historical knowledge, changes in market conditions from the time of appraisal or other information available to us. OREO and other repossessed assets carried at fair value are classified as Level 3. Mortgage Servicing Rights The fair value of MSRs is determined by calculating the present value of estimated future net servicing cash flows, considering expected mortgage loan prepayment rates, discount rates, servicing costs and other economic factors, which are determined based on current market conditions. The expected rate of mortgage loan prepayments is the most significant factor driving the value of MSRs. MSRs are considered impaired if the carrying value exceeds fair value. Since the valuation model includes significant unobservable inputs as listed above, MSRs are classified as Level 3. MSRs are reported in other assets in the Consolidated Balance Sheets and are amortized into mortgage banking income in the Consolidated Statements of Comprehensive Income. Other Assets We measure certain other assets at fair value on a nonrecurring basis. Fair value is based on the application of lower of cost or fair value accounting, or write-downs of individual assets. Valuation methodologies used to measure fair value are consistent with overall principles of fair value accounting and consistent with those described above. Financial Instruments In addition to financial instruments recorded at fair value in our financial statements, fair value accounting guidance requires disclosure of the fair value of all of an entity’s assets and liabilities that are considered financial instruments. The majority of our assets and liabilities are considered financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a willing seller engaged in an exchange transaction. Also, it is our general practice and intent to hold our financial instruments to maturity and to not engage in trading or sales activities with respect to such financial instruments. For fair value disclosure purposes, we substantially utilize the fair value measurement criteria as required and explained above. In cases where quoted fair values are not available, we use present value methods to determine the fair value of our financial instruments. Cash and Cash Equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks, including interest-bearing deposits, approximate fair value. Loans The fair value of variable rate loans that may reprice frequently at short-term market rates is based on carrying values adjusted for liquidity and credit risk. The fair value of variable rate loans that reprice at intervals of one year or longer, such as adjustable rate mortgage products, is estimated using discounted cash flow analyses that utilize interest rates currently being offered for similar loans and adjusted for liquidity and credit risk. The fair value of fixed rate loans is estimated using a discounted cash flow analysis that utilizes interest rates currently being offered for similar loans adjusted for liquidity and credit risk. Bank Owned Life Insurance Fair value approximates net cash surrender value of bank owned life insurance, or BOLI. Federal Home Loan Bank, or FHLB, and Other Restricted Stock It is not practical to determine the fair value of our FHLB and other restricted stock due to the restrictions placed on the transferability of these stocks; it is presented at carrying value. Collateral Receivable The carrying amount included in Other Assets on our Consolidated Balance Sheets approximates fair value. Deposits The fair values disclosed for deposits without defined maturities ( e.g. , noninterest and interest-bearing demand, money market and savings accounts) are by definition equal to the amounts payable on demand. The carrying amounts for variable rate, fixed-term time deposits approximate their fair values. Estimated fair values for fixed rate and other time deposits are based on discounted cash flow analysis using interest rates currently offered for time deposits with similar terms. The carrying amount of accrued interest approximates fair value. Short-Term Borrowings The carrying amounts of securities sold under repurchase agreements, or REPOs, and other short-term borrowings approximate their fair values. Long-Term Borrowings The fair values disclosed for fixed rate long-term borrowings are determined by discounting their contractual cash flows using current interest rates for long-term borrowings of similar remaining maturities. The carrying amounts of variable rate long-term borrowings approximate their fair values. Junior Subordinated Debt Securities The interest rate on the variable rate junior subordinated debt securities is reset quarterly; therefore, the carrying values approximate their fair values. Loan Commitments and Standby Letters of Credit Off-balance sheet financial instruments consist of commitments to extend credit and letters of credit. Except for interest rate lock commitments, estimates of the fair value of these off-balance sheet items are not made because of the short-term nature of these arrangements and the credit standing of the counterparties. Other Estimates of fair value are not made for items that are not defined as financial instruments, including such items as our core deposit intangibles and the value of our trust operations. |
Derivative Financial Instruments | Interest Rate Swaps In accordance with applicable accounting guidance for derivatives and hedging, all derivatives are recognized as either assets or liabilities on the balance sheet at fair value. Interest rate swaps are contracts in which a series of interest rate flows (fixed and variable) are exchanged over a prescribed period. The notional amounts on which the interest payments are based are not exchanged. These derivative positions relate to transactions in which we enter into an interest rate swap with a commercial customer while at the same time entering into an offsetting interest rate swap with another financial institution. In connection with each transaction, we agree to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on the same notional amount at a fixed rate. At the same time, we agree to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The transaction allows our customer to effectively convert a variable rate loan to a fixed rate loan with us receiving a variable rate. These agreements could have floors or caps on the contracted interest rates. Pursuant to our agreements with various financial institutions, we may receive collateral or may be required to post collateral based upon mark-to-market positions. Beyond unsecured threshold levels, collateral in the form of cash or securities may be made available to counterparties of interest rate swap transactions. Based upon our current positions and related future collateral requirements relating to them, we believe any effect on our cash flow or liquidity position to be immaterial. Derivatives contain an element of credit risk, the possibility that we will incur a loss because a counterparty, which may be a financial institution or a customer, fails to meet its contractual obligations. All derivative contracts with financial institutions may be executed only with counterparties approved by our Asset and Liability Committee, or ALCO, and derivatives with customers may only be executed with customers within credit exposure limits approved by our Senior Loan Committee. Interest rate swaps are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives are recorded in current earnings and included in other noninterest income in the Consolidated Statements of Comprehensive Income. Interest Rate Lock Commitments and Forward Sale Contracts In the normal course of business, we sell originated mortgage loans into the secondary mortgage loan market. We also offer interest rate lock commitments to potential borrowers. The commitments are generally for a period of 60 days and guarantee a specified interest rate for a loan if underwriting standards are met, but the commitment does not obligate the potential borrower to close on the loan. Accordingly, some commitments expire prior to becoming loans. We may encounter pricing risks if interest rates increase significantly before the loan can be closed and sold. We may utilize forward sale contracts in order to mitigate this pricing risk. Whenever a customer desires these products, a mortgage originator quotes a secondary market rate guaranteed for that day by the investor. The rate lock is executed between the mortgagee and us and in turn a forward sale contract may be executed between us and the investor. Both the rate lock commitment and the corresponding forward sale contract for each customer are considered derivatives but are not accounted for using hedge accounting. As such, changes in the estimated fair value of the derivatives during the commitment period are recorded in current earnings and included in mortgage banking in the Consolidated Statements of Comprehensive Income. |
Revenue From Contracts with Customer | We earn revenue from contracts with our customers when we have completed our performance obligations and recognize that revenue when services are provided to our customers. Our contracts with customers are primarily in the form of account agreements. Generally, our services are transferred at a point in time in response to transactions initiated and controlled by our customers under service agreements with an expected duration of one year or less. Our customers have the right to terminate their service agreements at any time. We do not defer incremental direct costs to obtain contracts with customers that would be amortized in one year or less. These costs are primarily salaries and employee benefits recognized as expense in the period incurred. Service charges on deposit accounts - We recognize monthly service charges for both commercial and personal banking customers based on account fee schedules. Our performance obligation is generally satisfied and the related revenue recognized at a point in time or over time when the services are provided. Other fees 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. Debit and credit card services - Interchange fees are earned whenever debit and credit cards are processed through third-party card payment networks. ATM fees are based on transactions by our customers' and other customers' use of our ATMs or other ATMs. Debit and credit card revenue is recognized at a point in time when the transaction is settled. Our performance obligation to our customers is generally satisfied and the related revenue is recognized at a point in time when the service is provided. Third-party service contracts include annual volume and marketing incentives which are recognized over a period of twelve months when we meet thresholds as stated in the service contract. Wealth management services - Wealth management services are primarily comprised of fees earned from the management and administration of trusts, assets under administration and other financial advisory services. Generally, wealth management fees are earned over a period of time between monthly and annually, per the related fee schedules. Our performance obligations with our customers are generally satisfied when we provide the services as stated in the customers' agreements. The fees are based on a fixed amount or a scale based on the level of services provided or amount of assets under management. Other fee revenue - Other fee revenue includes a variety of other traditional banking services such as, electronic banking fees, letters of credit origination fees, wire transfer fees, money orders, treasury checks, checksale fees and transfer fees. Our performance obligations are generally satisfied at a point in time, while fee revenue is recognized when the services are provided or the transaction is settled. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Impact of ASU 2016-13 | The following table details the impact of ASU 2016-13 and the reclassification of loans for the identification of new portfolio loan segments under CECL: January 1, 2020 (dollars in thousands) As Reported Under ASU 2016-13 Pre-ASU 2016-13 Impact of ASU 2016-13 Adoption Assets: Loans held for investment (outstanding balance) Commercial real estate $ 2,946,319 $ 3,416,518 $ (470,199) Commercial and industrial 1,458,541 1,720,833 (262,292) Commercial construction 345,263 375,445 (30,182) Business banking 1,092,908 — 1,092,908 Consumer real estate 1,235,352 1,545,323 (309,971) Other consumer 58,769 79,033 (20,264) Allowance for credit losses on loans (89,577) (62,224) (27,353) Total loans held for investment, net $ 7,047,575 $ 7,074,928 $ (27,353) Net deferred tax asset $ 19,317 $ 13,206 $ 6,111 Liabilities: Allowance for credit losses on unfunded loan commitments $ 4,462 $ 3,113 $ 1,349 Equity: Retained earnings $ 738,493 $ 761,083 $ (22,590) |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Summary of Consideration, Assets Acquired and Liabilities Assumed | The following table presents the fair value adjustments and the measurement period adjustments as of the dates presented: November 30, 2019 September 30, 2020 As Recorded by DNB Fair Value Adjustments As Recorded by S&T Measurement Period Adjustments As Recorded by S&T Fair Value of Assets Acquired Cash and cash equivalents $ 64,119 $ — $ 64,119 $ — $ 64,119 Securities and other investments 108,715 183 108,898 — 108,898 Loans 917,127 (8,143) 908,984 (2,377) 906,607 Allowance for credit losses (6,487) 6,487 — — — Goodwill 15,525 (15,525) — — — Premises and equipment 6,782 8,090 14,872 — 14,872 Accrued interest receivable 4,138 — 4,138 — 4,138 Deferred income taxes 2,017 (3,298) (1,281) 311 (970) Core deposits and other intangible assets 269 (269) — — — Other assets 24,883 (4,278) 20,605 (108) 20,497 Total Assets Acquired 1,137,088 (16,753) 1,120,335 (2,174) 1,118,161 Fair Value of Liabilities Assumed Deposits 966,263 1,002 967,265 — 967,265 Borrowings 37,617 (276) 37,341 (257) 37,084 Accrued interest payable and other liabilities 11,157 (3,184) 7,973 (122) 7,851 Total Liabilities Assumed 1,015,037 (2,458) 1,012,579 (379) 1,012,200 Total Net Assets Acquired $ 122,051 $ (14,295) $ 107,756 $ (1,795) $ 105,961 Core Deposit Intangible Asset $ 7,288 $ — $ 7,288 Wealth Management Intangible Asset 1,772 — 1,772 Total Fair Value of Net Assets Acquired and Identified $ 116,816 $ (1,795) $ 115,021 Consideration Paid Cash $ 360 $ — $ 360 Common stock 200,631 — 200,631 Fair Value of Total Consideration $ 200,991 $ — $ 200,991 Goodwill $ 84,175 $ 1,795 $ 85,970 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Numerators and Denominators of Basic Earnings (Loss) Per Share with Diluted Earnings Per Share | The following table reconciles the numerators and denominators of basic and diluted earnings (loss) per share calculations for the periods presented. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2020 2019 2020 2019 Numerator for Earnings (Loss) per Share—Basic: Net income (loss) $ 16,705 $ 26,936 $ (3,136) $ 75,965 Less: Income allocated to participating shares 52 72 — 204 Net Income (Loss) Allocated to Shareholders $ 16,653 $ 26,864 $ (3,136) $ 75,761 Numerator for Earnings (Loss) per Share—Diluted: Net income (loss) $ 16,705 $ 26,936 $ (3,136) $ 75,965 Net Income (Loss) Available to Shareholders $ 16,705 $ 26,936 $ (3,136) $ 75,965 Denominators for Earnings (Loss) per Share: Weighted Average Shares Outstanding—Basic 39,020,811 34,090,779 39,101,309 34,221,479 Add: Potentially dilutive shares 20,656 79,502 — 105,746 Denominator for Treasury Stock Method—Diluted 39,041,467 34,170,281 39,101,309 34,327,225 Weighted Average Shares Outstanding—Basic 39,020,811 34,090,779 39,101,309 34,221,479 Add: Average participating shares outstanding — 186,491 — 186,253 Denominator for Two-Class Method—Diluted 39,020,811 34,277,270 39,101,309 34,407,732 Earnings (Loss) per share—basic $ 0.43 $ 0.79 $ (0.08) $ 2.22 Earnings (Loss) per share—diluted $ 0.43 $ 0.79 $ (0.08) $ 2.21 Restricted stock considered anti-dilutive excluded from potentially dilutive shares 19,449 254 1,137 360 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present our assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy level at September 30, 2020 and December 31, 2019. There were no transfers between Level 1 and Level 2 for items measured at fair value on a recurring basis during the periods presented. September 30, 2020 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ — $ 10,323 $ — $ 10,323 Obligations of U.S. government corporations and agencies — 93,351 — 93,351 Collateralized mortgage obligations of U.S. government corporations and agencies — 183,032 — 183,032 Residential mortgage-backed securities of U.S. government corporations and agencies — 17,352 — 17,352 Commercial mortgage-backed securities of U.S. government corporations and agencies — 280,224 — 280,224 Corporate obligations — 4,027 — 4,027 Obligations of states and political subdivisions — 126,611 — 126,611 Total Available-for-sale Debt Securities — 714,920 — 714,920 Marketable equity securities 3,185 64 — 3,249 Total Securities 3,185 714,984 — 718,169 Securities held in a deferred compensation plan 5,990 — — 5,990 Derivative financial assets: Interest rate swaps — 90,163 — 90,163 Interest rate lock commitments — 3,198 — 3,198 Total Assets $ 9,175 $ 808,345 $ — $ 817,520 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 90,616 $ — $ 90,616 Forward sale contracts — 450 — 450 Total Liabilities $ — $ 91,066 $ — $ 91,066 December 31, 2019 (dollars in thousands) Level 1 Level 2 Level 3 Total ASSETS Available-for-sale debt securities: U.S. Treasury securities $ — $ 10,040 $ — $ 10,040 Obligations of U.S. government corporations and agencies — 157,697 — 157,697 Collateralized mortgage obligations of U.S. government corporations and agencies — 189,348 — 189,348 Residential mortgage-backed securities of U.S. government corporations and agencies — 22,418 — 22,418 Commercial mortgage-backed securities of U.S. government corporations and agencies — 275,870 — 275,870 Corporate Bonds — 7,627 — 7,627 Obligations of states and political subdivisions — 116,133 — 116,133 Total Available-for-Sale Debt Securities — 779,133 — 779,133 Marketable equity securities 5,078 72 — 5,150 Total Securities 5,078 779,205 — 784,283 Securities held in a deferred compensation plan 5,987 — — 5,987 Derivative financial assets: Interest rate swaps — 25,647 — 25,647 Interest rate lock commitments — 321 — 321 Forward sale contracts — 1 — 1 Total Assets $ 11,065 $ 805,174 $ — $ 816,239 LIABILITIES Derivative financial liabilities: Interest rate swaps $ — $ 25,615 $ — $ 25,615 Total Liabilities $ — $ 25,615 $— $ 25,615 |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs | For Level 3 assets measured at fair value on a nonrecurring basis as of September 30, 2020 and December 31, 2019, the significant unobservable inputs used in the fair value measurements were as follows: September 30, 2020 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (3) (dollars in thousands) Loans held for investment $ 46,857 Collateral method Costs to sell 0% - 22% 7.47% Discounted cash flow method Discount rate 3.25% 3.25% Other real estate owned 2,098 Collateral method Costs to sell 0% - 7.00% 4.67% Mortgage servicing rights $ 4,665 Discounted cash flow method Discount rate 9.33% - 12.55% 9.43% Constant prepayment rates 7.39% - 13.54% 13.33% Total Assets $ 53,620 December 31, 2019 Valuation Technique Significant Unobservable Inputs Range Weighted Average (1) (2) (3) (dollars in thousands) Loans held for investment $ 38,697 Collateral method Costs to sell 0 % - 20 % 8.55% Discounted cash flow method Discount rate 4.75 % - 5.50 % 5.28% Other real estate owned 3,231 Collateral method Costs to sell 7.00% 7.00% Mortgage servicing rights $ 1,134 Discounted cash flow method Discount rate 9.39 % - 12.54 % 9.49% Constant prepayment rates 7.46 % - 12.74 % 9.73% Total Assets $ 43,062 (1) Weighted averages for loans held for investment were weighted by loan amounts. (2 ) Weighted averages for other real estate owned were weighted by OREO balances. (3) Weighted averages for mortgage services rights discount rate and prepayment rates are based on note rate tranches and voluntary constant prepayment rates. |
Schedule of Carrying Values and Fair Values of Financial Instruments | The carrying values and fair values of our financial instruments at September 30, 2020 and December 31, 2019 are presented in the following tables: Carrying Value (1) Fair Value Measurements at September 30, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 308,489 $ 308,489 $ 308,489 $ — $ — Securities 718,169 718,169 3,185 714,984 — Loans held for sale 16,724 16,724 — — 16,724 Portfolio loans, net 7,273,870 7,196,845 — — 7,196,845 Bank owned life insurance 81,873 81,873 — 81,873 — FHLB and other restricted stock 15,777 15,777 — — 15,777 Collateral receivable 90,827 90,827 90,827 — — Securities held in a deferred compensation plan 5,990 5,990 5,990 — — Mortgage servicing rights 4,717 4,718 — — 4,718 Interest rate swaps 90,163 90,163 — 90,163 — Interest rate lock commitments 3,198 3,198 — 3,198 — LIABILITIES Deposits $ 7,633,818 $ 7,638,132 $ 6,187,722 $ 1,450,410 $ — Securities sold under repurchase agreements 42,706 42,706 42,706 — — Short-term borrowings 83,000 83,000 83,000 — — Long-term borrowings 49,076 50,155 4,540 45,615 — Junior subordinated debt securities 64,068 64,068 64,068 — — Interest rate swaps 90,616 90,616 — 90,616 — Forward sales contracts 450 450 — 450 — (1) As reported in the Consolidated Balance Sheets Carrying Value (1) Fair Value Measurements at December 31, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 ASSETS Cash and due from banks, including interest-bearing deposits $ 197,823 $ 197,823 $ 197,823 $ — $ — Securities 784,283 784,283 5,078 779,205 — Loans held for sale 5,256 5,256 — — 5,256 Portfolio loans, net 7,074,928 6,940,875 — — 6,940,875 Bank owned life insurance 80,473 80,473 — 80,473 — FHLB and other restricted stock 22,977 22,977 — — 22,977 Securities held in a Deferred Compensation Plan 5,987 5,987 5,987 — — Mortgage servicing rights 4,662 4,650 — — 4,650 Interest rate swaps 25,647 25,647 — 25,647 — Interest rate lock commitments 321 321 — 321 — Forward sale contracts 1 1 — 1 — LIABILITIES Deposits $ 7,036,576 $ 7,034,595 $ 5,441,143 $ 1,593,452 $ — Securities sold under repurchase agreements 19,888 19,888 19,888 — — Short-term borrowings 281,319 281,319 281,319 — — Long-term borrowings 50,868 51,339 4,678 46,661 — Junior subordinated debt securities 64,277 64,277 64,277 — — Interest rate swaps 25,615 25,615 — 25,615 — (1) As reported in the Consolidated Balance Sheets |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table presents the fair values of our securities portfolio at the dates presented: (dollars in thousands) September 30, 2020 December 31, 2019 Available-for-sale debt securities $ 714,920 $ 779,133 Marketable equity securities 3,249 5,150 Total Securities $ 718,169 $ 784,283 |
Schedule of Debt Securities, Available-for-Sale | The following tables present the amortized cost and fair value of available-for-sale debt securities as of the dates presented: September 30, 2020 December 31, 2019 (dollars in thousands) Amortized Gross Gross Fair Amortized Gross Gross Fair U.S. Treasury securities $ 9,977 $ 346 $ — $ 10,323 $ 9,969 $ 71 $ — $ 10,040 Obligations of U.S. government corporations and agencies 88,809 4,542 — 93,351 155,969 1,773 (45) 157,697 Collateralized mortgage obligations of U.S. government corporations and agencies 175,516 7,516 — 183,032 186,879 2,773 (304) 189,348 Residential mortgage-backed securities of U.S. government corporations and agencies 16,578 774 — 17,352 22,120 321 (23) 22,418 Commercial mortgage-backed securities of U.S. government corporations and agencies 265,202 15,022 — 280,224 273,771 2,680 (581) 275,870 Corporate obligations 4,023 5 (1) 4,027 7,603 24 — 7,627 Obligations of states and political subdivisions 119,368 7,243 — 126,611 112,116 4,017 — 116,133 Total Available-for-Sale Debt Securities (1) $ 679,473 $ 35,448 $ (1) $ 714,920 $ 768,427 $ 11,659 $ (953) $ 779,133 |
Schedule of Temporally Impaired Debt Securities | The following tables present the fair value and the age of gross unrealized losses on available-for-sale debt securities by investment category as of the dates presented: September 30, 2020 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities — $ — $ — — $ — $ — — $ — $ — Obligations of U.S. government corporations and agencies — — — — — — — — — Collateralized mortgage obligations of U.S. government corporations and agencies — — — — — — — — — Residential mortgage-backed securities of U.S. government corporations and agencies — — — — — — — — — Commercial mortgage-backed securities of U.S. government corporations and agencies — — — — — — — — — Corporate bonds 1 499 (1) — — — 1 499 (1) Obligations of states and political subdivisions — — — — — — — — — Total 1 $ 499 $ (1) — $ — $ — 1 $ 499 $ (1) December 31, 2019 Less Than 12 Months 12 Months or More Total (dollars in thousands) Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized Number of Securities Fair Value Unrealized U.S. Treasury securities — $ — $ — — $ — $ — — $ — $ — Obligations of U.S. government corporations and agencies 3 22,638 (45) — — — 3 22,638 (45) Collateralized mortgage obligations of U.S. government corporations and agencies 6 23,393 (73) 6 25,254 (231) 12 48,647 (304) Residential mortgage-backed securities of U.S. government corporations and agencies 1 982 (2) 1 2,534 (21) 2 3,516 (23) Commercial mortgage-backed securities of U.S. government corporations and agencies 9 90,005 (581) — — — 9 90,005 (581) Corporate bonds 1 79 — — — — 1 79 — Obligations of states and political subdivisions — — — — — — — — — Total Temporarily Impaired Debt Securities 20 $ 137,097 $ (701) 7 $ 27,788 $ (252) 27 $ 164,885 $ (953) |
Schedule of Unrealized Gains and Losses, Net of Tax, of Debt Securities Available-for-Sale | The following table presents net unrealized gains and losses, net of tax, on available-for-sale debt securities included in accumulated other comprehensive income/(loss), for the periods presented: September 30, 2020 December 31, 2019 (dollars in thousands) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Gross Unrealized Gains Gross Unrealized Losses Net Unrealized Gains/(Losses) Total unrealized gains/(losses) on available-for-sale debt securities $ 35,448 $ (1) $ 35,447 $ 11,659 $ (953) $ 10,706 Income tax (expense) benefit (7,548) — (7,548) (2,486) 203 (2,283) Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss) $ 27,900 $ (1) $ 27,899 $ 9,173 $ (750) $ 8,423 |
Schedule of Contractual Maturity of Debt Securities Available-for-Sale Securities | The amortized cost and fair value of available-for-sale debt securities at September 30, 2020 by contractual maturity are included in the table below. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, 2020 (dollars in thousands) Amortized Fair Value Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions Due in one year or less $ 41,497 $ 42,069 Due after one year through five years 111,446 117,923 Due after five years through ten years 38,856 41,458 Due after ten years 26,355 28,835 Available-for-Sale Debt Securities With Maturities 218,154 230,285 Collateralized mortgage obligations of U.S. government corporations and agencies 175,516 183,032 Residential mortgage-backed securities of U.S. government corporations and agencies 16,578 17,352 Commercial mortgage-backed securities of U.S. government corporations and agencies 265,202 280,224 Corporate Securities 4,023 4,027 Total Available-for-Sale Debt Securities $ 679,473 $ 714,920 |
Schedule of Unrealized Gains and Losses on Marketable Equity Securities | The following table presents realized and unrealized net gains and losses for our marketable equity securities for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2020 2019 2020 2019 Marketable Equity Securities Net gains and losses recognized during the period on equity securities $ 585 $ 156 $ (552) $ (110) Less: Net gains and losses recognized during the period on equity securities sold during the period — — 142 — Unrealized Losses/Gains Recognized During the Reporting Period on Equity Securities Still Held at the Reporting Date $ 585 $ 156 $ (694) $ (110) |
Loans and Loans Held for Sale (
Loans and Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Composition of Loans | The following table presents loans as of the dates presented: (dollars in thousands) September 30, 2020 December 31, 2019 Commercial Commercial real estate $ 3,290,138 $ 3,416,518 Commercial and industrial 2,042,467 1,720,833 Commercial construction 477,429 375,445 Total Commercial Loans 5,810,034 5,512,796 Consumer Residential mortgage 950,887 998,585 Home Equity 537,869 538,348 Installment and other consumer 80,735 79,033 Consumer construction 15,343 8,390 Total Consumer Loans 1,584,834 1,624,356 Total Portfolio Loans 7,394,868 7,137,152 Loans held for sale 16,724 5,256 Total Loans (1) $ 7,411,592 $ 7,142,408 |
Schedule of Restructured Loans for Periods Presented | The following tables summarize restructured loans as of the dates presented: September 30, 2020 (dollars in thousands) Performing Nonperforming Total Commercial real estate $ 19 $ 14,504 $ 14,523 Commercial and industrial 7,322 1,549 8,871 Commercial construction 3,986 — 3,986 Business banking 1,539 441 1,980 Consumer real estate 5,606 2,154 7,760 Other consumer 6 — 6 Total (1) $ 18,478 $ 18,648 $ 37,126 (1) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. December 31, 2019 (dollars in thousands) Performing Nonperforming Total Commercial real estate $ 22,233 $ 6,713 $ 28,946 Commercial and industrial 6,909 695 7,604 Commercial construction 1,425 — 1,425 Residential mortgage 2,013 822 2,835 Home equity 4,371 678 5,049 Installment and other consumer 9 4 13 Total $ 36,960 $ 8,912 $ 45,872 The following tables present the restructured loans by portfolio segment and by type of concession for the three and nine months ended September 30, 2020: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 (dollars in thousands) Number of Pre-Modification Outstanding Recorded Investment (1) Post-Modification (1) Total Difference Number of Pre-Modification (1) Post-Modification (1) Total Difference Totals by Loan Segment Commercial Real Estate Principal deferral and maturity date extension — — — — 1 2,210 2,210 — Maturity date extension and payment delay 1 333 171 (162) 1 333 171 (162) Total Commercial Real Estate 1 333 171 (162) 2 2,543 2,381 (162) Commercial and Industrial Principal deferral and maturity date extension — — — — 1 2,467 1,263 (1,205) Maturity date extension and interest rate reduction 1 3,735 3,735 — 1 3,735 3,735 — Below market interest rate and payment delay 1 287 287 — 2 362 361 (1) Payment deferral resulting in payment delay — — — — 1 93 23 (70) Total Commercial and Industrial 2 4,022 4,022 — 5 6,657 5,381 (1,276) Commercial Construction Maturity date extension — — — — 3 2,593 2,561 (32) Total Commercial Construction — — — — 3 2,593 2,561 (32) Residential Mortgage Consumer bankruptcy (2) 2 98 96 (2) 5 575 567 (8) Maturity date extension and payment reduction — — — — 3 176 176 — Total Residential Mortgage 2 98 96 (2) 8 751 743 (8) Home Equity Consumer bankruptcy (2) 7 206 239 33 14 456 485 29 Maturity date extension and payment delay 1 30 30 — 1 30 30 — Total Home Equity 8 8 236 269 33 15 486 515 29 Installment and Other Consumer Consumer bankruptcy (2) 1 4 4 — 1 4 4 — Total Installment and Other Consumer $ 1 $ 4 $ 4 $ — $ 1 $ 4 $ 4 $ — Totals by Concession Type Principal deferral and maturity date extension — — — — 2 4,677 3,473 (1,204) Maturity date extension and interest rate reduction 1 3,735 3,735 — 1 3,735 3,735 — Payment deferral resulting in payment delay — — — — 1 93 23 (70) Maturity date extension — — — — 3 2,593 2,561 (32) Consumer bankruptcy (2) 10 308 339 31 20 1,035 1,056 21 Maturity date extension and payment delay 2 363 201 (162) 2 363 201 (162) Below market interest rate and payment delay 1 287 287 — 2 362 361 (1) Maturity date extension and payment reduction — — — — 3 176 176 — Total (3) 14 $ 4,693 $ 4,562 $ (131) 34 $ 13,034 $ 11,586 $ (1,448) (1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (3) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The following tables present the restructured loans by portfolio segment and by type of concession for the three and nine months ended September 30, 2019: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 (dollars in thousands) Number of Pre-Modification (1) Post-Modification (1) Total Difference Number of Pre-Modification (1) Post-Modification (1) Total Difference Totals by Loan Segment Commercial Real Estate Maturity date extension — — — — 1 1,322 1,298 (24) Maturity date extension and interest rate reduction — — — — 1 151 147 (4) Principal deferral 3 23,517 23,236 (281) 3 23,517 23,236 (281) Principal forgiveness — — — — 1 4,690 4,518 (172) Below market interest rate 2 569 548 (21) 2 569 548 (21) Total Commercial Real Estate 5 24,086 23,784 (302) 8 30,249 29,747 (502) Commercial and Industrial Maturity date extension and interest rate reduction — — — — 1 4,751 4,333 (418) Principal deferral 1 1,250 1,250 — 1 1,250 1,250 — Principal deferral and maturity date extension 1 292 277 (15) 1 292 277 (15) Total Commercial and Industrial 2 1,542 1,527 (15) 3 6,293 5,860 (433) Residential Mortgage Consumer bankruptcy (2) — — — — 3 165 160 (5) Total Residential Mortgage — — — — 3 165 160 (5) Home Equity Consumer bankruptcy (2) 14 504 485 (19) 27 801 746 (55) Interest rate reduction — — — — 2 190 189 (1) Total Home Equity 14 504 485 (19) 29 991 935 (56) Installment and Other Consumer Consumer bankruptcy (2) 1 4 4 — 3 13 10 (3) Total Installment and Other Consumer $ 1 $ 4 $ 4 $ — $ 3 $ 13 $ 10 $ (3) Totals by Concession Type Maturity date extension — — — — 1 1,322 1,298 (24) Maturity date extension and interest rate reduction — — — — 2 4,902 4,480 (422) Principal forgiveness — — — — 1 4,690 4,518 (172) Consumer bankruptcy (2) 15 508 489 (19) 33 979 916 (63) Interest rate reduction — — — — 2 190 189 (1) Principal deferral 4 24,767 24,486 (281) 4 24,767 24,486 (281) Principal deferral and maturity date extension 1 292 277 (15) 1 292 277 (15) Below market interest rate 2 569 548 (21) 2 569 548 (21) Total (3) 22 $ 26,136 $ 25,800 $ (336) 46 $ 37,711 $ 36,712 $ (999) (1) Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end. (2) Consumer bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed. (3) Refer to Note 1, Basis of Presentation for details of reclassification of our portfolio segments related to the adoption of ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. |
Schedule of Summary of Nonperforming Assets | The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) September 30, 2020 December 31, 2019 Nonperforming Assets Nonaccrual loans $ 65,424 $ 45,145 Nonaccrual TDRs 18,648 8,912 Total Nonaccrual Loans 84,072 54,057 OREO 2,317 3,525 Total Nonperforming Assets $ 86,389 $ 57,582 The following table presents loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan: September 30, 2020 September 30, 2020 For the three months ended For the nine months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 25,356 $ 47,095 $26,996 $ — $8 $19 Commercial and industrial 10,911 5,686 967 386 31 52 Commercial construction 737 1,504 1,218 — — — Business banking 9,863 18,081 5,197 — 59 163 Consumer real estate 6,063 9,810 398 134 90 262 Other consumer 1,127 1,896 — — 1 4 Total $ 54,057 $ 84,072 $34,776 $ 520 $189 $500 (1) Represents only cash payments received and applied to interest on nonaccrual loans. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule of Loans Credit Quality Indicators | The following table presents loan balances by year of origination and internally assigned risk rating for our portfolio segments as of September 30, 2020: Risk Rating (dollars in thousands) 2020 2019 2018 2017 2016 2015 and Prior Revolving Revolving-Term Total Commercial Real Estate Pass $ 277,760 $ 406,883 $ 446,299 $ 289,243 $ 326,634 $ 644,888 $ 47,764 — $ 2,439,471 Special Mention — 37,197 186 21,850 43,805 64,855 850 — 168,743 Substandard — 18,489 8,066 15,039 54,975 105,474 1,500 — 203,543 Doubtful — — — — 341 6,129 — — 6,470 Total Commercial Real Estate 277,760 462,569 454,551 326,132 425,755 821,346 50,114 — 2,818,227 Commercial and Industrial Pass 682,632 209,253 149,912 76,118 38,877 199,772 347,762 — 1,704,326 Special Mention 3,829 20,396 3,613 968 8,563 6,998 30,552 — 74,919 Substandard — 4,861 2,519 14,704 71 11,789 2,317 — 36,261 Doubtful — 238 173 2,537 195 — — — 3,143 Total Commercial and Industrial 686,461 234,748 156,217 94,327 47,706 218,559 380,631 — 1,818,649 Commercial Construction Pass 102,950 223,433 79,733 15,844 9,854 9,915 11,127 — 452,856 Special Mention — — 3,823 — — 5,033 91 — 8,947 Substandard — 3,567 — 1,752 — 3,738 — — 9,057 Doubtful — — — — — — — — — Total Commercial Construction 102,950 227,000 83,556 17,596 9,854 18,686 11,218 — 470,860 Business Banking Pass 97,367 163,334 133,688 93,886 81,481 289,927 104,721 336 964,740 Special Mention — 59 1,049 1,719 1,093 7,055 691 123 11,789 Substandard 104 646 3,204 3,755 3,759 26,517 754 683 39,422 Doubtful — — — — — — — — — Total Business Banking 97,471 164,039 137,941 99,360 86,333 323,499 106,166 1,142 1,015,951 Consumer Real Estate Pass 95,412 136,136 74,500 70,027 79,784 263,696 436,392 22,546 1,178,493 Special Mention — — — — 798 153 — — 951 Substandard — 187 555 880 1,036 7,193 212 973 11,036 Doubtful — — — — — — — — — Total Consumer Real Estate 95,412 136,323 75,055 70,907 81,618 271,042 436,604 23,519 1,190,480 Other consumer Pass 8,703 15,078 7,953 4,270 3,039 854 33,216 641 73,754 Special Mention — — — — — — — — — Substandard — 481 129 115 611 3,868 396 1,347 6,947 Doubtful — — — — — — — — — Total Other Consumer 8,703 15,559 8,082 4,385 3,650 4,722 33,612 1,988 80,701 Total Loan Balance $ 1,268,757 $ 1,240,238 $ 915,402 $ 612,707 $ 654,916 $ 1,657,854 $ 1,018,345 $ 26,649 $ 7,394,868 The following table presents loan balances by year of origination and performing and nonperforming status for our portfolio segments as of September 30, 2020: (dollars in thousands) 2020 2019 2018 2017 2016 2015 and Prior Revolving Revolving-Term Total Commercial Real Estate Performing $ 277,760 $ 462,569 $ 454,551 $ 326,132 $ 411,947 $ 788,059 $ 50,114 $ — $ 2,771,132 Nonperforming — — — — 13,808 33,287 — — 47,095 Total Commercial Real Estate 277,760 462,569 454,551 326,132 425,755 821,346 50,114 — 2,818,227 Commercial and Industrial Performing 683,514 234,748 155,958 94,327 47,706 217,628 379,082 — 1,812,963 Nonperforming 2,947 — 259 — — 931 1,549 — 5,686 Total Commercial and Industrial 686,461 234,748 156,217 94,327 47,706 218,559 380,631 — 1,818,649 Commercial Construction Performing 102,950 227,000 83,556 16,555 9,854 18,223 11,218 — 469,356 Nonperforming — — — 1,041 — 463 — — 1,504 Total Commercial Construction 102,950 227,000 83,556 17,596 9,854 18,686 11,218 — 470,860 Business Banking Performing 97,471 163,734 136,249 98,042 84,263 311,076 105,951 1,084 997,870 Nonperforming — 305 1,692 1,318 2,070 12,423 215 58 18,081 Total Business Banking 97,471 164,039 137,941 99,360 86,333 323,499 106,166 1,142 1,015,951 Consumer Real Estate Performing 94,828 136,323 74,440 69,663 80,532 265,917 436,328 22,639 1,180,670 Nonperforming 584 — 615 1,244 1,086 5,125 276 880 9,810 Total Consumer Real Estate 95,412 136,323 75,055 70,907 81,618 271,042 436,604 23,519 1,190,480 Other Consumer Performing 8,567 15,157 8,082 4,299 3,379 4,043 33,425 1,853 78,805 Nonperforming 136 402 — 86 271 679 187 135 1,896 Total Other Consumer 8,703 15,559 8,082 4,385 3,650 4,722 33,612 1,988 80,701 Performing 1,265,090 1,239,531 912,836 609,018 637,681 1,604,946 1,016,118 25,576 7,310,796 Nonperforming 3,667 707 2,566 3,689 17,235 52,908 2,227 1,073 84,072 Total Loan Balance $ 1,268,757 $ 1,240,238 $ 915,402 $ 612,707 $ 654,916 $ 1,657,854 $ 1,018,345 $ 26,649 $ 7,394,868 The following table presents collateral-dependent loans by class of loan: September 30, 2020 Type of Collateral (dollars in thousands) Real Estate Blanket Lien Investment/Cash Other Commercial real estate $46,965 $40 $— $— Commercial and industrial 6,065 20,548 — — Commercial construction 5,203 — — — Business banking 4,427 1,621 — 689 Consumer real estate 398 — — — Total $63,058 $22,209 $— $689 The following table presents the recorded investment in commercial loan classes by internally assigned risk ratings as of December 31, 2019: December 31, 2019 (dollars in thousands) Commercial % of Commercial % of Commercial % of Total % of Pass $ 3,270,438 95.7 % $ 1,636,314 95.1 % $ 347,304 92.5 % $ 5,254,056 95.3 % Special mention 57,285 1.7 % 36,484 2.1 % 10,109 2.7 % 103,878 1.9 % Substandard 86,772 2.5 % 47,980 2.8 % 17,899 4.8 % 152,651 2.8 % Doubtful 2,023 0.1 % 55 — % 133 — % 2,211 — % Total $ 3,416,518 100.0 % $ 1,720,833 100.0 % $ 375,445 100.0 % $ 5,512,796 100.0 % |
Schedule of Age Analysis of Past Due Loans Segregated by Class of Loans | The following tables present the age analysis of past due loans segregated by class of loans as of the dates presented: September 30, 2020 (2) (dollars in thousands) Current 30-59 Days 60-89 Days 90 Days Past Due (1) Non - performing Total Past Total Loans Commercial real estate $ 2,771,132 $ — $ — $ — $ 47,095 $ 47,095 $ 2,818,227 Commercial and industrial 1,811,342 1,235 — 386 5,686 7,307 1,818,649 Commercial construction 469,356 — — — 1,504 1,504 470,860 Business banking 994,389 2,733 748 — 18,081 21,562 1,015,951 Consumer real estate 1,177,782 1,723 1,031 134 9,810 12,698 1,190,480 Other consumer 78,310 349 146 — 1,896 2,391 80,701 Total $ 7,302,311 $ 6,040 $ 1,925 $ 520 $ 84,072 $ 92,556 $ 7,394,868 (1) Represents acquired loans that were recorded at fair value at the acquisition date and remain performing at September 30, 2020. (2) We had 144 loans that were modified totaling $350.0 million under the CARES Act at September 30, 2020. These customers were not considered past due as a result of 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. Due to the modification program, this delinquency table may not accurately reflect the credit risk associated with these loans. December 31, 2019 (dollars in thousands) Current 30-59 Days 60-89 Days 90 Days Past Due (1) Non - performing Total Past Total Loans Commercial real estate $ 3,025,505 $ 7,749 $ 71 $ 911 $ 25,356 $ 34,087 $ 3,059,592 Commercial and industrial 1,466,460 126 1,589 1,443 10,911 14,069 1,480,529 Commercial construction 367,204 956 1,163 — 737 2,856 370,060 Business banking 830,735 5,093 1,099 — 9,863 16,055 846,790 Consumer real estate 1,283,591 2,620 1,758 1,175 6,063 11,616 1,295,207 Other consumer 81,866 1,448 305 228 1,127 3,108 84,974 Total $ 7,055,361 $ 17,992 $ 5,985 $ 3,757 $ 54,057 $ 81,791 $ 7,137,152 (1) Represents acquired loans that were recorded at fair value at the acquisition date and remained performing at December 31, 2019. |
Schedule of Loans on Nonaccrual Status and Loans Past Due 90 days Or More | The following table is a summary of nonperforming assets as of the dates presented: Nonperforming Assets (dollars in thousands) September 30, 2020 December 31, 2019 Nonperforming Assets Nonaccrual loans $ 65,424 $ 45,145 Nonaccrual TDRs 18,648 8,912 Total Nonaccrual Loans 84,072 54,057 OREO 2,317 3,525 Total Nonperforming Assets $ 86,389 $ 57,582 The following table presents loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan: September 30, 2020 September 30, 2020 For the three months ended For the nine months ended (dollars in thousands) Beginning of Period Nonaccrual End of Period Nonaccrual Nonaccrual With No Related Allowance Past Due 90+ Days Still Accruing Interest Income Recognized on Nonaccrual (1) Interest Income Recognized on Nonaccrual (1) Commercial real estate $ 25,356 $ 47,095 $26,996 $ — $8 $19 Commercial and industrial 10,911 5,686 967 386 31 52 Commercial construction 737 1,504 1,218 — — — Business banking 9,863 18,081 5,197 — 59 163 Consumer real estate 6,063 9,810 398 134 90 262 Other consumer 1,127 1,896 — — 1 4 Total $ 54,057 $ 84,072 $34,776 $ 520 $189 $500 (1) Represents only cash payments received and applied to interest on nonaccrual loans. |
Schedule of Allowance for Credit Loss | The following table presents activity in the ACL for the three and nine months ended September 30, 2020: Three Months Ended September 30, 2020 (dollars in thousands) Commercial Commercial and Commercial Business Banking Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 57,730 $ 19,164 $ 8,874 $ 14,404 $ 11,585 $ 2,852 $ 114,609 Provision for credit losses on loans 23,839 (4,155) (1,617) 2,072 (797) (40) 19,302 Charge-offs (10,187) (1,196) — (1,748) (252) (284) (13,667) Recoveries 172 398 1 64 41 78 754 Net (Charge-offs)/Recoveries (10,015) (798) 1 (1,684) (211) (206) (12,913) Balance at End of Period $ 71,554 $ 14,211 $ 7,258 $ 14,792 $ 10,577 $ 2,606 $ 120,998 Nine Months Ended September 30, 2020 (dollars in thousands) Commercial Commercial and Industrial (2) Commercial Business Banking (1) Consumer Other Total Allowance for credit losses on loans: Balance at beginning of period $ 30,577 $ 15,681 $ 7,900 $ — $ 6,337 $ 1,729 $ 62,224 Impact of CECL adoption 4,810 7,853 (3,376) 12,898 4,525 642 27,352 Provision for credit losses on loans 52,185 62,949 2,712 4,197 32 1,489 123,564 Charge-offs (16,229) (72,692) — (2,469) (470) (1,556) (93,416) Recoveries 211 420 22 166 153 302 1,274 Net (Charge-offs)/Recoveries (16,018) (72,272) 22 (2,303) (317) (1,254) (92,142) Balance at End of Period $ 71,554 $ 14,211 $ 7,258 $ 14,792 $ 10,577 $ 2,606 $ 120,998 (1) In connection with our adoption of ASU 2016-13, we made changes to our loan portfolio segments to align with the methodology applied in determining the allowance under CECL. Our new segmentation breaks out business banking loans from our other loan segments: CRE, C&I, commercial construction, consumer real estate and other consumer. The business banking allowance balance at the beginning of period is included in the other segments and reclassified to business banking through the impact of CECL adoption line. (2) During the three months ended June 30, 2020, we experienced a pre-tax loss of $58.7 million related to a customer fraud resulting from a check kiting scheme. |
Schedule of Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status | The following table presents the recorded investment in consumer loan classes by performing and nonperforming status as of December 31, 2019: December 31, 2019 (dollars in thousands) Residential % of Home % of Installment % of Consumer % of Total % of Performing $ 991,066 99.2 % $ 535,709 99.5 % $ 78,993 99.9 % $ 8,390 100.0 % $ 1,614,158 99.4 % Nonperforming 7,519 0.8 % 2,639 0.5 % 40 0.1 % — — % 10,198 0.6 % Total $ 998,585 100.0 % $ 538,348 100.0 % $ 79,033 100.0 % $ 8,390 100.0 % $ 1,624,356 100.0 % |
Schedule of Investments in Loans Considered to be Impaired and Related Information on Impaired Loans | The following table presents investments in loans considered to be impaired and related information on those impaired loans as of December 31, 2019: December 31, 2019 (dollars in thousands) Recorded Unpaid Related With a related allowance recorded: Commercial real estate $ 13,011 $ 14,322 $ 2,023 Commercial and industrial 10,001 10,001 55 Commercial construction 489 489 113 Consumer real estate — — — Other consumer 9 9 9 Total with a Related Allowance Recorded 23,510 24,821 2,200 Without a related allowance recorded: Commercial real estate 34,909 40,201 — Commercial and industrial 7,605 10,358 — Commercial construction 1,425 2,935 — Consumer real estate 7,884 8,445 — Other consumer 4 11 — Total without a Related Allowance Recorded 51,827 61,950 — Total: Commercial real estate 47,920 54,523 2,023 Commercial and industrial 17,606 20,359 55 Commercial construction 1,914 3,424 113 Consumer real estate 7,884 8,445 — Other consumer 13 20 9 Total $ 75,337 $ 86,771 $ 2,200 The following table presents average recorded investment and interest income recognized on impaired loans for the three and nine months ended September 30, 2019: Three months ended Nine months ended September 30, 2019 September 30, 2019 (dollars in thousands) Average Interest Average Interest With a related allowance recorded: Commercial real estate $ 14,255 $ — $ 14,348 $ — Commercial and industrial — — — — Commercial construction 490 — 490 — Consumer real estate — — — — Other consumer 11 — 13 1 Total with a Related Allowance Recorded 14,756 — 14,851 1 Without a related allowance recorded: Commercial real estate 39,179 231 39,788 712 Commercial and industrial 8,008 116 6,644 308 Commercial construction 2,318 34 2,318 117 Consumer real estate 8,830 97 8,993 297 Other consumer 3 — 4 — Total without a Related Allowance Recorded 58,338 478 57,747 1,434 Total: Commercial real estate 53,434 231 54,136 712 Commercial and industrial 8,008 116 6,644 308 Commercial construction 2,808 34 2,808 117 Consumer real estate 8,830 97 8,993 297 Other consumer 14 — 17 1 Total $ 73,094 $ 478 $ 72,598 $ 1,435 |
Schedule of Summary of Allowance for Loan Losses | The following table details activity in the allowance for loan losses for the three and nine months ended September 30, 2019: Three Months Ended September 30, 2019 (dollars in thousands) Commercial Commercial and Commercial Consumer Other Total Balance at beginning of period $ 32,836 $ 13,227 $ 7,254 $ 6,571 $ 1,591 $ 61,479 Charge-offs (2,304) (1,467) — (404) (525) (4,700) Recoveries 6 210 1 102 104 423 Net (Charge-offs)/Recoveries (2,298) (1,257) 1 (302) (421) (4,277) Provision for credit losses 1,292 2,397 620 65 539 4,913 Balance at End of Period $ 31,830 $ 14,367 $ 7,875 $ 6,334 $ 1,709 $ 62,115 Nine Months Ended September 30, 2019 (dollars in thousands) Commercial Commercial and Commercial Consumer Other Total Balance at beginning of period $ 33,707 $ 11,596 $ 7,983 $ 6,187 $ 1,523 $ 60,996 Charge-offs (2,833) (8,379) — (815) (1,364) (13,391) Recoveries 134 718 4 595 292 1,743 Net (Charge-offs)/Recoveries (2,699) (7,661) 4 (220) (1,072) (11,648) Provision for credit losses 822 10,432 (112) 367 1,258 12,767 Balance at End of Period $ 31,830 $ 14,367 $ 7,875 $ 6,334 $ 1,709 $ 62,115 |
Schedule of Summary of Allowance for Loan Losses and Recorded Investments | The following tables present the allowance for loan losses and recorded investments in loans by category as of December 31, 2019: December 31, 2019 Allowance for Loan Losses Portfolio Loans (dollars in thousands) Individually Collectively Total Individually Collectively Total Commercial real estate $ 2,023 $ 28,554 $ 30,577 $ 47,920 $ 3,368,598 $ 3,416,518 Commercial and industrial 55 15,626 15,681 17,606 1,703,227 1,720,833 Commercial construction 113 7,787 7,900 1,914 373,531 375,445 Consumer real estate — 6,337 6,337 7,884 1,537,439 1,545,323 Other consumer 9 1,720 1,729 13 79,020 79,033 Total $ 2,200 $ 60,024 $ 62,224 $ 75,337 $ 7,061,815 $ 7,137,152 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Value of Derivative Assets and Derivative Liabilities | The following table indicates the amounts representing the value of derivative assets and derivative liabilities as of the dates presented: Derivatives Derivatives (dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Derivatives not Designated as Hedging Instruments: Interest Rate Swap Contracts - Commercial Loans Fair value $ 90,163 $ 25,647 $ 90,616 $ 25,615 Notional amount 943,369 740,762 943,369 740,762 Collateral posted — — 90,820 26,127 Interest Rate Lock Commitments - Mortgage Loans Fair value 3,198 321 — — Notional amount 51,985 9,829 — — Forward Sale Contracts - Mortgage Loans Fair value — 1 450 — Notional amount $ — $ 12,750 $ 51,871 $ — |
Schedule of Offsetting Derivative Assets | The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented: Derivatives Derivatives (dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 94,821 $ 26,146 $ 94,779 $ 26,114 Gross amounts offset (4,658) (499) (4,163) (499) Net Amounts Presented in the Consolidated Balance Sheets 90,163 25,647 90,616 25,615 Gross amounts not offset (1) — — (90,820) (26,127) Net Amount $ 90,163 $ 25,647 $ (204) $ (512) (1) Amounts represent collateral posted for the periods presented. |
Schedule of Offsetting Derivative Liabilities | The following table indicates the gross amounts of commercial loan swap derivative assets and derivative liabilities, the amounts offset and the carrying values in the Consolidated Balance Sheets as of the dates presented: Derivatives Derivatives (dollars in thousands) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Derivatives not Designated as Hedging Instruments: Gross amounts recognized $ 94,821 $ 26,146 $ 94,779 $ 26,114 Gross amounts offset (4,658) (499) (4,163) (499) Net Amounts Presented in the Consolidated Balance Sheets 90,163 25,647 90,616 25,615 Gross amounts not offset (1) — — (90,820) (26,127) Net Amount $ 90,163 $ 25,647 $ (204) $ (512) (1) Amounts represent collateral posted for the periods presented. |
Schedule of Amount of Gain or Loss Recognized in Income on Derivatives | The following table indicates the gain or loss recognized in income on derivatives for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2020 2019 2020 2019 Derivatives not Designated as Hedging Instruments Interest rate swap contracts—commercial loans $ (537) $ (16) $ (485) $ (112) Interest rate lock commitments—mortgage loans 86 (194) 2,877 204 Forward sale contracts—mortgage loans 144 169 (451) 9 Total Derivatives (Loss)/Gain $ (307) $ (41) $ 1,941 $ 101 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Information Pertaining to Borrowings | Information pertaining to borrowings is summarized in the table below as of the dates presented: September 30, 2020 December 31, 2019 (dollars in thousands) Balance Weighted Balance Weighted Short-term Borrowings Securities sold under repurchase agreements $ 42,706 0.25 % $ 19,888 0.74 % Short-term borrowings 83,000 0.36 % 281,319 1.84 % Total Short-term Borrowings 125,706 0.32 % 301,207 1.76 % Long-term Borrowings Long-term borrowings 49,076 2.47 % 50,868 2.60 % Junior subordinated debt securities 64,068 3.03 % 64,277 3.59 % Total Long-term Borrowings 113,144 2.79 % 115,145 3.15 % Total Borrowings $ 238,850 1.49 % $ 416,352 2.14 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Letters of Credit | The following table sets forth our commitments and letters of credit as of the dates presented: (dollars in thousands) September 30, 2020 December 31, 2019 Commitments to extend credit $ 2,251,106 $ 1,910,805 Standby letters of credit 88,529 80,040 Total $ 2,339,635 $ 1,990,845 |
Unfunded Loan Commitments, Allowance For Credit Loss | The activity in the allowance for credit losses on unfunded loan commitments is summarized as of the dates presented: (dollars in thousands) Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Balance at beginning of period $ 7,004 $ 2,346 Provision for credit losses (1,816) 95 Total $ 5,188 $ 2,441 (dollars in thousands) Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Balance at beginning of period $ 3,112 $ 2,139 Impact of adopting ASU 2016-13 at January 1, 2020 1,349 — Balance after adoption of ASU 2016-13 4,461 2,139 Provision for credit losses 727 302 Total $ 5,188 $ 2,441 |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The information presented in the following table presents the point of revenue recognition for revenue from contracts with customers. Other revenue streams such as: interest income, net securities gains and losses, insurance, mortgage banking and other revenues that are accounted for under other generally accepted accounting principles are excluded. (dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Streams Point of Revenue Recognition 2020 2019 2020 2019 Service charges on deposit accounts Over a period of time $ 423 $ 473 $ 1,347 $ 1,381 At a point in time 2,397 2,939 7,373 8,396 $ 2,820 $ 3,412 $ 8,720 $ 9,777 Debit and credit card Over a period of time $ 178 $ 180 $ 556 $ 542 At a point in time 3,993 3,295 10,708 9,409 $ 4,171 $ 3,475 $ 11,264 $ 9,951 Wealth management Over a period of time $ 1,992 $ 1,703 $ 5,944 $ 4,991 At a point in time 530 398 1,527 1,219 $ 2,522 $ 2,101 $ 7,471 $ 6,210 Other fee revenue At a point in time $ 978 $ 864 $ 2,771 $ 2,928 |
Other Comprehensive Income_(L_2
Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of Tax Effects of Components of Other Comprehensive Loss | The following table presents the change in components of other comprehensive income (loss) for the periods presented, net of tax effects. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 (dollars in thousands) Pre-Tax Tax Net of Tax Pre-Tax Tax Benefit (Expense) Net of Tax Change in net unrealized gains/(losses) on debt securities available-for-sale $ (882) $ 188 $ (694) $ 2,350 $ (501) $ 1,849 Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income (1) — — — — — — Adjustment to funded status of employee benefit plans (2) 1,163 (248) 915 454 (97) 357 Other Comprehensive Income (Loss) $ 281 $ (60) $ 221 $ 2,804 $ (598) $ 2,206 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 (dollars in thousands) Pre-Tax Tax Net of Tax Pre-Tax Tax Net of Tax Change in net unrealized gains/(losses) on available-for-sale debt securities $ 24,883 $ (5,294) $ 19,589 $ 18,716 $ (3,991) $ 14,725 Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income (1) (142) 30 (112) — — — Adjustment to funded status of employee benefit plans (2) 2,092 (446) 1,646 1,359 (290) 1,069 Other Comprehensive Income/(Loss) $ 26,833 $ (5,710) $ 21,123 $ 20,075 $ (4,281) $ 15,794 (1) Reclassification adjustments are comprised of realized security gains or losses. The realized gains or losses have been reclassified out of accumulated other comprehensive income/(loss) and have affected certain lines in the Consolidated Statements of Comprehensive Income as follows: the pre-tax amount is included in net gain on sale of securities, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income. (2) Pension settlement accounting was triggered during the three and nine months ended September 30, 2020 resulting in a charge of $0.7 million immediately recognizing a portion of unrecognized actuarial loss and a remeasurement of our pension obligation. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit | The following table summarizes the components of net periodic pension cost for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2020 2019 2020 2019 Components of Net Periodic Pension Cost Interest cost on projected benefit obligation $ 905 $ 989 $ 2,686 $ 2,967 Expected return on plan assets (970) (1,181) (2,913) (3,541) Net amortization 411 395 1,180 1,184 Settlement Charge 671 — 671 — Net Periodic Pension Expense $ 1,017 $ 203 $ 1,624 $ 610 |
Basis of Presentation - Schedul
Basis of Presentation - Schedule of Impact of ASU 2016-13 (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | Jan. 01, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | $ 7,394,868 | $ 7,137,152 | |||||
Allowance for credit losses on loans | (120,998) | (62,224) | $ (60,996) | $ (114,609) | $ (62,224) | $ (62,115) | $ (61,479) |
Total loans | 7,273,870 | 7,074,928 | 7,074,928 | ||||
Net deferred tax asset | 13,206 | ||||||
Allowance for credit losses on unfunded loan commitments | 5,188 | 3,112 | $ 2,139 | 7,004 | 3,113 | 2,441 | 2,346 |
Retained earnings | $ 698,351 | $ 761,083 | 761,083 | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||||
As Reported Under ASU 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | (89,577) | ||||||
Total loans | 7,047,575 | ||||||
Net deferred tax asset | 19,317 | ||||||
Allowance for credit losses on unfunded loan commitments | $ 4,461 | $ 2,139 | 4,462 | ||||
Retained earnings | 738,493 | ||||||
Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans | (27,352) | (27,353) | |||||
Total loans | (27,353) | ||||||
Net deferred tax asset | 6,111 | ||||||
Allowance for credit losses on unfunded loan commitments | 1,349 | 0 | 1,349 | ||||
Retained earnings | (22,590) | ||||||
Commercial | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | $ 5,810,034 | 5,512,796 | |||||
Commercial | Commercial real estate | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 2,818,227 | 3,059,592 | 3,416,518 | ||||
Allowance for credit losses on loans | (71,554) | (30,577) | (33,707) | (57,730) | (31,830) | (32,836) | |
Commercial | Commercial real estate | As Reported Under ASU 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 2,946,319 | ||||||
Commercial | Commercial real estate | Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | (470,199) | ||||||
Allowance for credit losses on loans | (4,810) | ||||||
Commercial | Commercial and industrial | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 1,818,649 | 1,480,529 | 1,720,833 | ||||
Allowance for credit losses on loans | (14,211) | (15,681) | (11,596) | (19,164) | (14,367) | (13,227) | |
Commercial | Commercial and industrial | As Reported Under ASU 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 1,458,541 | ||||||
Commercial | Commercial and industrial | Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | (262,292) | ||||||
Allowance for credit losses on loans | (7,853) | (9,900) | |||||
Commercial | Commercial construction | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 470,860 | 370,060 | 375,445 | ||||
Allowance for credit losses on loans | (7,258) | (7,900) | (7,983) | (8,874) | (7,875) | (7,254) | |
Commercial | Commercial construction | As Reported Under ASU 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 345,263 | ||||||
Commercial | Commercial construction | Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | (30,182) | ||||||
Allowance for credit losses on loans | 3,376 | ||||||
Commercial | Business banking | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 1,015,951 | 846,790 | 0 | ||||
Allowance for credit losses on loans | (14,792) | 0 | (14,404) | ||||
Commercial | Business banking | As Reported Under ASU 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 1,092,908 | ||||||
Commercial | Business banking | Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 1,092,908 | ||||||
Allowance for credit losses on loans | (12,898) | ||||||
Consumer | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 1,584,834 | 1,624,356 | |||||
Consumer | Commercial construction | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 15,343 | 8,390 | |||||
Consumer | Consumer real estate | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 1,190,480 | 1,295,207 | 1,545,323 | ||||
Allowance for credit losses on loans | (10,577) | (6,337) | (6,187) | (11,585) | (6,334) | (6,571) | |
Consumer | Consumer real estate | As Reported Under ASU 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 1,235,352 | ||||||
Consumer | Consumer real estate | Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | (309,971) | ||||||
Allowance for credit losses on loans | (4,525) | ||||||
Consumer | Other consumer | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 80,701 | 84,974 | 79,033 | ||||
Allowance for credit losses on loans | $ (2,606) | (1,729) | $ (1,523) | $ (2,852) | $ (1,709) | $ (1,591) | |
Consumer | Other consumer | As Reported Under ASU 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | 58,769 | ||||||
Consumer | Other consumer | Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Loans held for investment, outstanding balance | $ (20,264) | ||||||
Allowance for credit losses on loans | $ (642) |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2020 | Jan. 01, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||||
Adjustment to allowance for credit loss | $ 120,998 | $ 62,224 | $ 60,996 | $ 114,609 | $ 62,224 | $ 62,115 | $ 61,479 |
Retained earnings | (1,142,115) | (1,191,998) | (935,761) | (1,135,777) | (982,447) | (964,953) | |
Threshold for evaluation for expected credit loss of commercial loans | 500 | ||||||
Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Adjustment to allowance for credit loss | 27,352 | 27,353 | |||||
Retained earnings | 22,590 | (167) | |||||
Impact of ASU 2016-13 Adoption | DNB | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Adjustment to allowance for credit loss | 9,300 | ||||||
Impact of ASU 2016-13 Adoption | S&T Legacy Loans | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Adjustment to allowance for credit loss | 8,200 | ||||||
Retained Earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Retained earnings | $ (698,351) | (761,083) | (701,819) | $ (692,240) | $ (748,280) | $ (730,577) | |
Retained Earnings | Impact of ASU 2016-13 Adoption | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Retained earnings | $ 22,590 | $ (167) | $ 22,600 |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($)banking_location$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 373,417,000 | $ 371,621,000 | $ 373,417,000 | $ 373,417,000 | $ 371,621,000 | |||
Adjustments, Loans | 9,300,000 | $ 12,300,000 | ||||||
Merger related expenses | 0 | $ 552,000 | 2,342,000 | $ 1,171,000 | ||||
Professional services and legal | 1,911,000 | $ 1,054,000 | 4,890,000 | $ 3,382,000 | ||||
DNB | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of banking locations | banking_location | 14 | |||||||
Shares of S&T offered for each share of DNB (shares) | shares | 1.22 | |||||||
Fair value of total consideration | 200,991,000 | $ 200,991,000 | ||||||
Cash | 360,000 | $ 360,000 | ||||||
S&T common shares issued (shares) | shares | 5,318,964 | |||||||
S&T common shares issued, fair value (in dollars per share) | $ / shares | $ 37.72 | |||||||
Goodwill | 85,970,000 | $ 84,175,000 | 85,970,000 | 85,970,000 | ||||
Preliminary estimates adjustments | 1,795,000 | |||||||
Adjustments, Loans | 8,143,000 | 2,377,000 | ||||||
Adjustments, Borrowings | 276,000 | 257,000 | ||||||
Adjustment, Other liabilities | 3,184,000 | 122,000 | ||||||
Adjustments, Other assets | 4,278,000 | 108,000 | ||||||
Adjustments, Deferred income taxes | (3,298,000) | 311,000 | ||||||
Carryover of allowance for credit losses | 0 | 0 | 0 | 0 | ||||
Fair value of loans acquired | 906,607,000 | 908,984,000 | 906,607,000 | 906,607,000 | ||||
Discount on loans acquired | $ 10,500,000 | |||||||
Direct costs related to merger | $ 13,700,000 | $ 13,700,000 | 13,700,000 | |||||
Merger related expenses | 2,300,000 | 11,400,000 | ||||||
Professional services and legal | 200,000 | 2,800,000 | ||||||
Severance payments | 1,400,000 | 3,400,000 | ||||||
Data processing, contract termination, and conversion cost expenses | 400,000 | 4,700,000 | ||||||
Other expenses | $ 300,000 | $ 500,000 |
Business Combinations - Conside
Business Combinations - Consideration, Assets Acquired and Liabilities Assumed (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Sep. 30, 2020 |
Fair Value of Assets Acquired | ||||
Adjustments, Loans | $ (9,300,000) | $ (12,300,000) | ||
Goodwill | 373,417,000 | 371,621,000 | $ 373,417,000 | |
Fair Value of Liabilities Assumed | ||||
Goodwill | 373,417,000 | $ 371,621,000 | 373,417,000 | |
As Recorded by DNB | ||||
Fair Value of Assets Acquired | ||||
Cash and cash equivalents | $ 64,119,000 | |||
Securities and other investments | 108,715,000 | |||
Loans | 917,127,000 | |||
Allowance for credit losses | (6,487,000) | |||
Goodwill | 15,525,000 | |||
Premises and equipment | 6,782,000 | |||
Accrued interest receivable | 4,138,000 | |||
Deferred income taxes | 2,017,000 | |||
Core deposits and other intangible assets | 269,000 | |||
Other assets | 24,883,000 | |||
Total Assets Acquired | 1,137,088,000 | |||
Fair Value of Liabilities Assumed | ||||
Deposits | 966,263,000 | |||
Borrowings | 37,617,000 | |||
Accrued interest payable and other liabilities | 11,157,000 | |||
Total Liabilities Assumed | 1,015,037,000 | |||
Total Net Assets Acquired | 122,051,000 | |||
Identifiable Intangible Assets | 269,000 | |||
Goodwill | 15,525,000 | |||
DNB | ||||
Fair Value of Assets Acquired | ||||
Cash and cash equivalents | 64,119,000 | 64,119,000 | 64,119,000 | |
Adjustments, Cash and cash equivalents | 0 | 0 | ||
Securities and other investments | 108,898,000 | 108,898,000 | 108,898,000 | |
Adjustments, Securities and other investments | 183,000 | 0 | ||
Loans | 906,607,000 | 908,984,000 | 906,607,000 | |
Adjustments, Loans | (8,143,000) | (2,377,000) | ||
Allowance for credit losses | 0 | 0 | 0 | |
Adjustments, Allowance for credit losses | 6,487,000 | 0 | ||
Goodwill | 85,970,000 | 84,175,000 | 85,970,000 | |
Adjustments, Goodwill | (15,525,000) | 1,795,000 | ||
Premises and equipment | 14,872,000 | 14,872,000 | 14,872,000 | |
Adjustments, Premises and equipment | 8,090,000 | 0 | ||
Accrued interest receivable | 4,138,000 | 4,138,000 | 4,138,000 | |
Adjustments, Accrued interest receivable | 0 | 0 | ||
Deferred income taxes | (970,000) | (1,281,000) | (970,000) | |
Adjustments, Deferred income taxes | (3,298,000) | 311,000 | ||
Adjustments, Core deposits and other intangible assets | (269,000) | |||
Other assets | 20,497,000 | 20,605,000 | 20,497,000 | |
Adjustments, Other assets | (4,278,000) | (108,000) | ||
Total Assets Acquired | 1,118,161,000 | 1,120,335,000 | 1,118,161,000 | |
Adjustments, Total Assets Acquired | (16,753,000) | (2,174,000) | ||
Fair Value of Liabilities Assumed | ||||
Deposits | 967,265,000 | 967,265,000 | 967,265,000 | |
Adjustments, Deposits | 1,002,000 | 0 | ||
Borrowings | 37,084,000 | 37,341,000 | 37,084,000 | |
Adjustments, Borrowings | (276,000) | (257,000) | ||
Accrued interest payable and other liabilities | 7,851,000 | 7,973,000 | 7,851,000 | |
Adjustments, Accrued interest payable and other liabilities | (3,184,000) | (122,000) | ||
Total Liabilities Assumed | 1,012,200,000 | 1,012,579,000 | 1,012,200,000 | |
Adjustments, Total Liabilities Assumed | (2,458,000) | (379,000) | ||
Total Net Assets Acquired | 105,961,000 | 107,756,000 | 105,961,000 | |
Adjustments, Total Net Assets Acquired | (14,295,000) | (1,795,000) | ||
Total Fair Value of Net Assets Acquired and Identified | 115,021,000 | 116,816,000 | 115,021,000 | |
Adjustments, Total Fair Value of Net Assets Acquired and Identified | (1,795,000) | |||
Cash | 360,000 | 360,000 | ||
Common stock | 200,631,000 | |||
Fair Value of Total Consideration | 200,991,000 | 200,991,000 | ||
Goodwill | 85,970,000 | 84,175,000 | 85,970,000 | |
Core deposits | DNB | ||||
Fair Value of Assets Acquired | ||||
Core deposits and other intangible assets | 7,288,000 | 7,288,000 | 7,288,000 | |
Adjustments, Core deposits and other intangible assets | 0 | |||
Fair Value of Liabilities Assumed | ||||
Identifiable Intangible Assets | 7,288,000 | 7,288,000 | 7,288,000 | |
Wealth management | DNB | ||||
Fair Value of Assets Acquired | ||||
Core deposits and other intangible assets | 1,772,000 | 1,772,000 | 1,772,000 | |
Adjustments, Core deposits and other intangible assets | 0 | |||
Fair Value of Liabilities Assumed | ||||
Identifiable Intangible Assets | $ 1,772,000 | $ 1,772,000 | $ 1,772,000 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - 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 Earnings (Loss) per Share Basic and Diluted: | ||||
Net income (loss) | $ 16,705 | $ 26,936 | $ (3,136) | $ 75,965 |
Less: Income allocated to participating shares | 52 | 72 | 0 | 204 |
Net Income (Loss) Allocated to Shareholders | 16,653 | 26,864 | (3,136) | 75,761 |
Net Income (Loss) Available to Shareholders | $ 16,705 | $ 26,936 | $ (3,136) | $ 75,965 |
Denominators for Earnings (Loss) per Share: | ||||
Weighted average shares outstanding—basic (in shares) | 39,020,811 | 34,090,779 | 39,101,309 | 34,221,479 |
Add: Potentially dilutive shares (in shares) | 20,656 | 79,502 | 0 | 105,746 |
Denominator for Treasury Stock Method—Diluted (in shares) | 39,041,467 | 34,170,281 | 39,101,309 | 34,327,225 |
Add: Average participating shares outstanding (in shares) | 0 | 186,491 | 0 | 186,253 |
Denominator for Two-Class Method—Diluted (in shares) | 39,020,811 | 34,277,270 | 39,101,309 | 34,407,732 |
Earnings (loss) per share—basic (in dollars per share) | $ 0.43 | $ 0.79 | $ (0.08) | $ 2.22 |
Earnings (loss) per share—diluted (in dollars per share) | $ 0.43 | $ 0.79 | $ (0.08) | $ 2.21 |
Restricted Stock | ||||
Denominators for Earnings (Loss) per Share: | ||||
Anti-dilutive excluded from potentially dilutive shares (in shares) | 19,449 | 254 | 1,137 | 360 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers between Level 1 to Level 2 | $ 0 | $ 0 |
ASSETS | ||
Debt securities available-for-sale | 714,920,000 | 779,133,000 |
Marketable equity securities | 3,249,000 | 5,150,000 |
U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 10,323,000 | 10,040,000 |
Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 93,351,000 | 157,697,000 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 183,032,000 | 189,348,000 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 17,352,000 | 22,418,000 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 280,224,000 | 275,870,000 |
Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 126,611,000 | 116,133,000 |
Fair Value Measurements, Recurring | ||
ASSETS | ||
Debt securities available-for-sale | 714,920,000 | 779,133,000 |
Marketable equity securities | 3,249,000 | 5,150,000 |
Total securities | 718,169,000 | 784,283,000 |
Securities held in a deferred compensation plan | 5,990,000 | 5,987,000 |
Total Assets | 817,520,000 | 816,239,000 |
LIABILITIES | ||
Total Liabilities | 91,066,000 | 25,615,000 |
Fair Value Measurements, Recurring | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 10,323,000 | 10,040,000 |
Fair Value Measurements, Recurring | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 93,351,000 | 157,697,000 |
Fair Value Measurements, Recurring | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 183,032,000 | 189,348,000 |
Fair Value Measurements, Recurring | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 17,352,000 | 22,418,000 |
Fair Value Measurements, Recurring | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 280,224,000 | 275,870,000 |
Fair Value Measurements, Recurring | Corporate obligations | ||
ASSETS | ||
Debt securities available-for-sale | 4,027,000 | 7,627,000 |
Fair Value Measurements, Recurring | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 126,611,000 | 116,133,000 |
Fair Value Measurements, Recurring | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 90,163,000 | 25,647,000 |
LIABILITIES | ||
Derivative financial liabilities | 90,616,000 | 25,615,000 |
Fair Value Measurements, Recurring | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 3,198,000 | 321,000 |
Fair Value Measurements, Recurring | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 1,000 | |
LIABILITIES | ||
Derivative financial liabilities | 450,000 | |
Fair Value Measurements, Recurring | Level 1 | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Marketable equity securities | 3,185,000 | 5,078,000 |
Total securities | 3,185,000 | 5,078,000 |
Securities held in a deferred compensation plan | 5,990,000 | 5,987,000 |
Total Assets | 9,175,000 | 11,065,000 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Corporate obligations | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 1 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 0 | |
LIABILITIES | ||
Derivative financial liabilities | 0 | |
Fair Value Measurements, Recurring | Level 2 | ||
ASSETS | ||
Debt securities available-for-sale | 714,920,000 | 779,133,000 |
Marketable equity securities | 64,000 | 72,000 |
Total securities | 714,984,000 | 779,205,000 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 808,345,000 | 805,174,000 |
LIABILITIES | ||
Total Liabilities | 91,066,000 | 25,615,000 |
Fair Value Measurements, Recurring | Level 2 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 10,323,000 | 10,040,000 |
Fair Value Measurements, Recurring | Level 2 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 93,351,000 | 157,697,000 |
Fair Value Measurements, Recurring | Level 2 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 183,032,000 | 189,348,000 |
Fair Value Measurements, Recurring | Level 2 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 17,352,000 | 22,418,000 |
Fair Value Measurements, Recurring | Level 2 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 280,224,000 | 275,870,000 |
Fair Value Measurements, Recurring | Level 2 | Corporate obligations | ||
ASSETS | ||
Debt securities available-for-sale | 4,027,000 | 7,627,000 |
Fair Value Measurements, Recurring | Level 2 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 126,611,000 | 116,133,000 |
Fair Value Measurements, Recurring | Level 2 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 90,163,000 | 25,647,000 |
LIABILITIES | ||
Derivative financial liabilities | 90,616,000 | 25,615,000 |
Fair Value Measurements, Recurring | Level 2 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 3,198,000 | 321,000 |
Fair Value Measurements, Recurring | Level 2 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | 1,000 | |
LIABILITIES | ||
Derivative financial liabilities | 450,000 | |
Fair Value Measurements, Recurring | Level 3 | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Marketable equity securities | 0 | 0 |
Total securities | 0 | 0 |
Securities held in a deferred compensation plan | 0 | 0 |
Total Assets | 0 | 0 |
LIABILITIES | ||
Total Liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | U.S. Treasury securities | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Collateralized mortgage obligations of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Residential mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Corporate obligations | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Obligations of states and political subdivisions | ||
ASSETS | ||
Debt securities available-for-sale | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate swaps | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
LIABILITIES | ||
Derivative financial liabilities | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Interest rate lock commitments | ||
ASSETS | ||
Derivative financial assets | 0 | 0 |
Fair Value Measurements, Recurring | Level 3 | Forward sale contracts | ||
ASSETS | ||
Derivative financial assets | $ 0 | |
LIABILITIES | ||
Derivative financial liabilities | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis by Significant Unobservable Inputs (Details) - Fair Value, Measurements, Nonrecurring | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on a nonrecurring basis | $ 0 | $ 0 |
Level 3 | ||
ASSETS | ||
Total Assets | 53,620,000 | 43,062,000 |
Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment | 46,857,000 | 38,697,000 |
Other real estate owned | 2,098,000 | 3,231,000 |
Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights | $ 4,665,000 | $ 1,134,000 |
Costs to sell | Collateral method | Level 3 | ||
ASSETS | ||
Other real estate owned, measurement input | 0.0700 | |
Discount rate | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.0325 | |
Minimum | Costs to sell | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0 | 0 |
Other real estate owned, measurement input | 0 | |
Minimum | Discount rate | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.0475 | |
Mortgage servicing rights, measurement input | 0.0933 | 0.0939 |
Minimum | Constant prepayment rates | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.0739 | 0.0746 |
Maximum | Costs to sell | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.22 | 0.20 |
Other real estate owned, measurement input | 0.0700 | |
Maximum | Discount rate | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.0550 | |
Mortgage servicing rights, measurement input | 0.1255 | 0.1254 |
Maximum | Constant prepayment rates | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.1354 | 0.1274 |
Weighted Average | Costs to sell | Collateral method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.0747 | 0.0855 |
Other real estate owned, measurement input | 0.0467 | 0.0700 |
Weighted Average | Discount rate | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Loans held for investment, measurement input | 0.0325 | 0.0528 |
Mortgage servicing rights, measurement input | 0.0943 | 0.0949 |
Weighted Average | Constant prepayment rates | Discounted cash flow method | Level 3 | ||
ASSETS | ||
Mortgage servicing rights, measurement input | 0.1333 | 0.0973 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
ASSETS | |||
Securities, at fair value | $ 718,169 | $ 784,283 | |
Portfolio loans, net | 7,273,870 | $ 7,074,928 | 7,074,928 |
FHLB and other restricted stock | 15,777 | 22,977 | |
LIABILITIES | |||
Junior subordinated debt securities | 64,277 | ||
Carrying Value | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 308,489 | 197,823 | |
Securities, at fair value | 718,169 | 784,283 | |
Loans held for sale | 16,724 | 5,256 | |
Portfolio loans, net | 7,273,870 | 7,074,928 | |
Bank owned life insurance | 81,873 | 80,473 | |
FHLB and other restricted stock | 15,777 | 22,977 | |
Collateral receivable | 90,827 | ||
Securities held in a deferred compensation plan | 5,990 | 5,987 | |
Mortgage servicing rights | 4,717 | 4,662 | |
LIABILITIES | |||
Deposits | 7,633,818 | 7,036,576 | |
Securities sold under repurchase agreements | 42,706 | 19,888 | |
Short-term borrowings | 83,000 | 281,319 | |
Long-term borrowings | 49,076 | 50,868 | |
Junior subordinated debt securities | 64,068 | 64,277 | |
Carrying Value | Interest rate swaps | |||
ASSETS | |||
Derivative financial assets | 90,163 | 25,647 | |
LIABILITIES | |||
Derivative financial liabilities | 90,616 | 25,615 | |
Carrying Value | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 3,198 | 321 | |
Carrying Value | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | 1 | ||
LIABILITIES | |||
Derivative financial liabilities | 450 | ||
Fair Value Measurements | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 308,489 | 197,823 | |
Securities, at fair value | 718,169 | 784,283 | |
Loans held for sale | 16,724 | 5,256 | |
Portfolio loans, net | 7,196,845 | 6,940,875 | |
Bank owned life insurance | 81,873 | 80,473 | |
FHLB and other restricted stock | 15,777 | 22,977 | |
Collateral receivable | 90,827 | ||
Securities held in a deferred compensation plan | 5,990 | 5,987 | |
Mortgage servicing rights | 4,718 | 4,650 | |
LIABILITIES | |||
Deposits | 7,638,132 | 7,034,595 | |
Securities sold under repurchase agreements | 42,706 | 19,888 | |
Short-term borrowings | 83,000 | 281,319 | |
Long-term borrowings | 50,155 | 51,339 | |
Junior subordinated debt securities | 64,068 | 64,277 | |
Fair Value Measurements | Interest rate swaps | |||
ASSETS | |||
Derivative financial assets | 90,163 | 25,647 | |
LIABILITIES | |||
Derivative financial liabilities | 90,616 | 25,615 | |
Fair Value Measurements | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 3,198 | 321 | |
Fair Value Measurements | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | 1 | ||
LIABILITIES | |||
Derivative financial liabilities | 450 | ||
Fair Value Measurements | Level 1 | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 308,489 | 197,823 | |
Securities, at fair value | 3,185 | 5,078 | |
Loans held for sale | 0 | 0 | |
Portfolio loans, net | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
FHLB and other restricted stock | 0 | 0 | |
Collateral receivable | 90,827 | ||
Securities held in a deferred compensation plan | 5,990 | 5,987 | |
Mortgage servicing rights | 0 | 0 | |
LIABILITIES | |||
Deposits | 6,187,722 | 5,441,143 | |
Securities sold under repurchase agreements | 42,706 | 19,888 | |
Short-term borrowings | 83,000 | 281,319 | |
Long-term borrowings | 4,540 | 4,678 | |
Junior subordinated debt securities | 64,068 | 64,277 | |
Fair Value Measurements | Level 1 | Interest rate swaps | |||
ASSETS | |||
Derivative financial assets | 0 | 0 | |
LIABILITIES | |||
Derivative financial liabilities | 0 | 0 | |
Fair Value Measurements | Level 1 | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 0 | 0 | |
Fair Value Measurements | Level 1 | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | 0 | ||
LIABILITIES | |||
Derivative financial liabilities | 0 | ||
Fair Value Measurements | Level 2 | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 0 | 0 | |
Securities, at fair value | 714,984 | 779,205 | |
Loans held for sale | 0 | 0 | |
Portfolio loans, net | 0 | 0 | |
Bank owned life insurance | 81,873 | 80,473 | |
FHLB and other restricted stock | 0 | 0 | |
Collateral receivable | 0 | ||
Securities held in a deferred compensation plan | 0 | 0 | |
Mortgage servicing rights | 0 | 0 | |
LIABILITIES | |||
Deposits | 1,450,410 | 1,593,452 | |
Securities sold under repurchase agreements | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 45,615 | 46,661 | |
Junior subordinated debt securities | 0 | 0 | |
Fair Value Measurements | Level 2 | Interest rate swaps | |||
ASSETS | |||
Derivative financial assets | 90,163 | 25,647 | |
LIABILITIES | |||
Derivative financial liabilities | 90,616 | 25,615 | |
Fair Value Measurements | Level 2 | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 3,198 | 321 | |
Fair Value Measurements | Level 2 | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | 1 | ||
LIABILITIES | |||
Derivative financial liabilities | 450 | ||
Fair Value Measurements | Level 3 | |||
ASSETS | |||
Cash and due from banks, including interest-bearing deposits | 0 | 0 | |
Securities, at fair value | 0 | 0 | |
Loans held for sale | 16,724 | 5,256 | |
Portfolio loans, net | 7,196,845 | 6,940,875 | |
Bank owned life insurance | 0 | 0 | |
FHLB and other restricted stock | 15,777 | 22,977 | |
Collateral receivable | 0 | ||
Securities held in a deferred compensation plan | 0 | 0 | |
Mortgage servicing rights | 4,718 | 4,650 | |
LIABILITIES | |||
Deposits | 0 | 0 | |
Securities sold under repurchase agreements | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Junior subordinated debt securities | 0 | 0 | |
Fair Value Measurements | Level 3 | Interest rate swaps | |||
ASSETS | |||
Derivative financial assets | 0 | 0 | |
LIABILITIES | |||
Derivative financial liabilities | 0 | 0 | |
Fair Value Measurements | Level 3 | Interest rate lock commitments | |||
ASSETS | |||
Derivative financial assets | 0 | 0 | |
Fair Value Measurements | Level 3 | Forward sale contracts | |||
ASSETS | |||
Derivative financial assets | $ 0 | ||
LIABILITIES | |||
Derivative financial liabilities | $ 0 |
Securities - Fair Values and Am
Securities - Fair Values and Amortized Costs Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 679,473 | $ 768,427 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 35,448 | 11,659 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (1) | (953) |
Debt Securities, Available-for-Sale, Fair Value | 714,920 | 779,133 |
Marketable equity securities | 3,249 | 5,150 |
Total Securities | 718,169 | 784,283 |
Interest receivable | 3,000 | 3,400 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 9,977 | 9,969 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 346 | 71 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | |
Debt Securities, Available-for-Sale, Fair Value | 10,323 | 10,040 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 88,809 | 155,969 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 4,542 | 1,773 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | (45) |
Debt Securities, Available-for-Sale, Fair Value | 93,351 | 157,697 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 175,516 | 186,879 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 7,516 | 2,773 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | (304) |
Debt Securities, Available-for-Sale, Fair Value | 183,032 | 189,348 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 16,578 | 22,120 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 774 | 321 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | (23) |
Debt Securities, Available-for-Sale, Fair Value | 17,352 | 22,418 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 265,202 | 273,771 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 15,022 | 2,680 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | (581) |
Debt Securities, Available-for-Sale, Fair Value | 280,224 | 275,870 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 4,023 | 7,603 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 5 | 24 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | (1) | 0 |
Debt Securities, Available-for-Sale, Fair Value | 4,027 | 7,627 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 119,368 | 112,116 |
Debt Securities, Available-for-Sale, Gross Unrealized Gains | 7,243 | 4,017 |
Debt Securities, Available-for-Sale, Gross Unrealized Losses | 0 | 0 |
Debt Securities, Available-for-Sale, Fair Value | $ 126,611 | $ 116,133 |
Securities - Fair Value and Age
Securities - Fair Value and Age of Gross Unrealized Losses of Debt Securities (Details) $ in Thousands | Sep. 30, 2020USD ($)security | Dec. 31, 2019USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 1 | 20 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 499 | $ 137,097 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (1) | $ (701) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 7 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 27,788 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (252) |
Temporarily Impaired Debt Securities, Number of Securities | security | 1 | 27 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 499 | $ 164,885 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1) | $ (953) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ 0 |
Obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 3 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 22,638 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (45) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 3 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 22,638 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (45) |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 6 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 23,393 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (73) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 6 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 25,254 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (231) |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 12 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 48,647 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (304) |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 1 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 982 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (2) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 1 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 2,534 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ (21) |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 2 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 3,516 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (23) |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 9 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 90,005 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ (581) |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 9 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 90,005 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (581) |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 1 | 1 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 499 | $ 79 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ (1) | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Number of Securities | security | 1 | 1 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 499 | $ 79 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1) | $ 0 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Temporarily Impaired Debt Securities, Less Than 12 Months, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Less Than 12 Months, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Number of Securities | security | 0 | 0 |
Temporarily Impaired Debt Securities, Fair Value, Total | $ 0 | $ 0 |
Temporarily Impaired Debt Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ 0 |
Securities - Additional Informa
Securities - Additional Information (Details) | 9 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)security | Dec. 31, 2019USD ($)security | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of debt securities in unrealized loss position | security | 1 | 27 | |
OTTI | $ 0 | ||
Securities pledged for regulatory and legal requirements | $ 297,400,000 | $ 286,000,000 |
Securities - Unrealized Gains (
Securities - Unrealized Gains (Losses) of Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Gains | $ 35,448 | $ 11,659 |
Total unrealized gains/(losses) on debt securities available-for-sale, Gross Unrealized Losses | (1) | (953) |
Total unrealized gains/(losses) on debt securities available-for-sale, Net Unrealized Gains/(Losses) | 35,447 | 10,706 |
Income tax (expense) benefit, Gross Unrealized Gains | (7,548) | (2,486) |
Income tax (expense) benefit, Gross Unrealized Losses | 0 | 203 |
Income tax (expense) benefit, Net Unrealized Gains/(Losses) | (7,548) | (2,283) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Loss, Gross Unrealized Gains | 27,900 | 9,173 |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Loss, Gross Unrealized Losses | (1) | (750) |
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Loss, Net Unrealized Gains/(Losses) | $ 27,899 | $ 8,423 |
Securities - Contractual Maturi
Securities - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due in one year or less | $ 41,497 | |
Due after one year through five years | 111,446 | |
Due after five years through ten years | 38,856 | |
Due after ten years | 26,355 | |
Debt Securities Available-for-sale, Maturity, Amortized Cost | 218,154 | |
Debt Securities, Available-for-Sale, Amortized Cost | 679,473 | $ 768,427 |
Fair Value | ||
Due in one year or less | 42,069 | |
Due after one year through five years | 117,923 | |
Due after five years through ten years | 41,458 | |
Due after ten years | 28,835 | |
Debt Securities Available-for-sale, Maturity, Fair Value | 230,285 | |
Debt Securities, Available-for-Sale, Fair Value | 714,920 | 779,133 |
Collateralized mortgage obligations of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Maturities | 175,516 | |
Debt Securities, Available-for-Sale, Amortized Cost | 175,516 | 186,879 |
Fair Value | ||
Available-for-Sale Debt Securities With Maturities | 183,032 | |
Debt Securities, Available-for-Sale, Fair Value | 183,032 | 189,348 |
Residential mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Maturities | 16,578 | |
Debt Securities, Available-for-Sale, Amortized Cost | 16,578 | 22,120 |
Fair Value | ||
Available-for-Sale Debt Securities With Maturities | 17,352 | |
Debt Securities, Available-for-Sale, Fair Value | 17,352 | 22,418 |
Commercial mortgage-backed securities of U.S. government corporations and agencies | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Maturities | 265,202 | |
Debt Securities, Available-for-Sale, Amortized Cost | 265,202 | 273,771 |
Fair Value | ||
Available-for-Sale Debt Securities With Maturities | 280,224 | |
Debt Securities, Available-for-Sale, Fair Value | 280,224 | $ 275,870 |
Corporate Securities | ||
Amortized Cost | ||
Available-for-Sale Debt Securities With Maturities | 4,023 | |
Fair Value | ||
Available-for-Sale Debt Securities With Maturities | $ 4,027 |
Securities - Unrealized Gains_2
Securities - Unrealized Gains (Losses) on Marketable Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net gains and losses recognized during the period on equity securities | $ 585 | $ 156 | $ (552) | $ (110) |
Less: Net gains and losses recognized during the period on equity securities sold during the period | 0 | 0 | 142 | 0 |
Unrealized Losses/Gains Recognized During the Reporting Period on Equity Securities Still Held at the Reporting Date | $ 585 | $ 156 | $ (694) | $ (110) |
Loans and Loans Held for Sale -
Loans and Loans Held for Sale - Additional Information (Details) $ in Thousands | Sep. 30, 2020USD ($)loan | Dec. 31, 2019USD ($) | Sep. 30, 2020USD ($)loan | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($)loan | Jun. 30, 2020USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Dec. 31, 2019USD ($) | Jan. 01, 2020USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Unearned income | $ 18,600 | $ 4,600 | $ 18,600 | $ 18,600 | $ 4,600 | ||||||
Purchase accounting fair value adjustments | 9,300 | 12,300 | |||||||||
Total loans | 7,273,870 | 7,074,928 | 7,273,870 | 7,273,870 | 7,074,928 | $ 7,074,928 | |||||
Loans held for investment, outstanding balance | $ 7,394,868 | $ 7,137,152 | 7,394,868 | $ 7,394,868 | $ 7,137,152 | ||||||
Threshold period of satisfactory performance for troubled debt restructuring to be restored to accruing status | 6 months | ||||||||||
Restructured loans | $ 4,562 | $ 25,800 | $ 11,586 | $ 36,712 | |||||||
Number of troubled debt restructuring loans returned to accruing status | loan | 2 | 3 | 3 | 5 | |||||||
Amount of trouble debt restructuring loans returned to accruing status | $ 100 | $ 200 | $ 22,700 | $ 200 | |||||||
Number of commitments to lend additional funds on TDRs | loan | 21 | 21 | 21 | ||||||||
Commitments to lend additional funds on TDRs | $ 1,700 | $ 1,700 | $ 1,700 | ||||||||
Minimum period of loan payment defaults following restructure for TDRs to be in default | 90 days | ||||||||||
Number of defaulted TDRs that were restructured within the last twelve months prior to defaulting | loan | 0 | 0 | 6 | 0 | |||||||
Amount of defaulted TDRs that were restructured within the last twelve months prior to defaulting | $ 18,100 | ||||||||||
CARES Act, Paycheck Protection Program Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Number of modified loans | loan | 2,360 | 144 | |||||||||
Modified loans | $ 1,400,000 | $ 350,000 | |||||||||
Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Percentage of commercial loans in total portfolio loans | 78.60% | 77.20% | 78.60% | 78.60% | 77.20% | ||||||
Loans held for investment, outstanding balance | $ 5,810,034 | $ 5,512,796 | $ 5,810,034 | $ 5,810,034 | $ 5,512,796 | ||||||
Commercial real estate | Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans held for investment, outstanding balance | 2,818,227 | 3,059,592 | 2,818,227 | 2,818,227 | 3,059,592 | 3,416,518 | |||||
Restructured loans | 171 | $ 23,784 | 2,381 | $ 29,747 | |||||||
Commercial and industrial | Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans held for investment, outstanding balance | 1,818,649 | 1,480,529 | 1,818,649 | 1,818,649 | 1,480,529 | $ 1,720,833 | |||||
Restructured loans | 4,022 | $ 1,527 | 5,381 | $ 5,860 | |||||||
CRE and commercial construction | Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans held for investment, outstanding balance | $ 3,800,000 | $ 3,800,000 | $ 3,800,000 | $ 3,800,000 | $ 3,800,000 | ||||||
Combined percentage of commercial real estate and commercial construction in total commercial loans | 64.80% | 68.80% | 64.80% | 64.80% | 68.80% | ||||||
Combined percentage of commercial real estate and commercial construction in total portfolio loans | 50.90% | 53.10% | 50.90% | 50.90% | 53.10% | ||||||
Concentration risk percentage of commercial real estate and commercial construction | 0.00% | 0.00% | |||||||||
Maximum concentration of commercial real estate and commercial construction portfolio in loans (in excess of) | 15.00% | 11.00% | 15.00% | 15.00% | 11.00% | ||||||
Out of market exposure of combined portfolio (percent) | 6.00% | 5.40% | 6.00% | 6.00% | 5.40% | ||||||
Percentage of total loans out-of-state excluding contiguous states | 3.10% | 2.90% | 3.10% | 3.10% | 2.90% | ||||||
CARES Act, Paycheck Protection Program Loans | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans | $ 550,100 | $ 550,100 | $ 550,100 | ||||||||
Restructured loans | 350,000 | ||||||||||
CARES Act, Paycheck Protection Program Loans | Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Total loans | 550,100 | 550,100 | 550,100 | ||||||||
Nonperforming TDRs | Customer fraud | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Restructured loans | $ 10,900 | 10,900 | |||||||||
Nonperforming TDRs | Commercial real estate | Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Restructured loans | $ 21,300 | 21,300 | |||||||||
Amount charged down | 10,000 | ||||||||||
Outstanding balance after charge down | $ 11,300 | 11,300 | 11,300 | ||||||||
Nonperforming TDRs | Commercial and industrial | Commercial | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Restructured loans | $ 4,900 | $ 4,900 |
Loans and Loans Held for Sale_2
Loans and Loans Held for Sale - Composition of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Composition of the loans | |||
Portfolio loans, net of unearned income | $ 7,394,868 | $ 7,137,152 | |
Loans held for sale | 16,724 | 5,256 | |
Total Loans | 7,411,592 | 7,142,408 | |
Interest receivable | 28,000 | 22,100 | |
Commercial | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 5,810,034 | 5,512,796 | |
Commercial | Commercial real estate | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 3,290,138 | 3,416,518 | |
Commercial | Commercial and industrial | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 2,042,467 | 1,720,833 | |
Commercial | Commercial construction | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 477,429 | 375,445 | |
Commercial | Consumer construction | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 470,860 | $ 375,445 | 370,060 |
Consumer | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 1,584,834 | 1,624,356 | |
Consumer | Residential Mortgage | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 950,887 | 998,585 | |
Consumer | Home equity | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 537,869 | 538,348 | |
Consumer | Installment and other consumer | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | 80,735 | 79,033 | |
Consumer | Consumer construction | |||
Composition of the loans | |||
Portfolio loans, net of unearned income | $ 15,343 | $ 8,390 |
Loans and Loans Held for Sale_3
Loans and Loans Held for Sale - Summary of Restructured Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | $ 4,562 | $ 25,800 | $ 11,586 | $ 36,712 | |
Commercial real estate | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 171 | 23,784 | 2,381 | 29,747 | |
Commercial and industrial | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 4,022 | 1,527 | 5,381 | 5,860 | |
Commercial construction | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 0 | 2,561 | |||
Residential Mortgage | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 96 | 0 | 743 | 160 | |
Home equity | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 269 | 485 | 515 | 935 | |
Installment and other consumer | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | $ 4 | $ 4 | 4 | $ 10 | |
Performing TDRs | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 18,478 | $ 36,960 | |||
Performing TDRs | Commercial real estate | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 19 | 22,233 | |||
Performing TDRs | Commercial and industrial | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 7,322 | 6,909 | |||
Performing TDRs | Commercial construction | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 3,986 | 1,425 | |||
Performing TDRs | Business banking | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 1,539 | ||||
Performing TDRs | Consumer real estate | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 5,606 | ||||
Performing TDRs | Residential Mortgage | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 2,013 | ||||
Performing TDRs | Home equity | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 4,371 | ||||
Performing TDRs | Other consumer | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 6 | ||||
Performing TDRs | Installment and other consumer | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 9 | ||||
Nonperforming TDRs | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 18,648 | 8,912 | |||
Nonperforming TDRs | Commercial real estate | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 14,504 | 6,713 | |||
Nonperforming TDRs | Commercial and industrial | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 1,549 | 695 | |||
Nonperforming TDRs | Commercial construction | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 0 | 0 | |||
Nonperforming TDRs | Business banking | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 441 | ||||
Nonperforming TDRs | Consumer real estate | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 2,154 | ||||
Nonperforming TDRs | Residential Mortgage | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 822 | ||||
Nonperforming TDRs | Home equity | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 678 | ||||
Nonperforming TDRs | Other consumer | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 0 | ||||
Nonperforming TDRs | Installment and other consumer | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 4 | ||||
Total TDRs | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 37,126 | 45,872 | |||
Total TDRs | Commercial real estate | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 14,523 | 28,946 | |||
Total TDRs | Commercial and industrial | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 8,871 | 7,604 | |||
Total TDRs | Commercial construction | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 3,986 | 1,425 | |||
Total TDRs | Business banking | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 1,980 | ||||
Total TDRs | Consumer real estate | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 7,760 | ||||
Total TDRs | Residential Mortgage | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 2,835 | ||||
Total TDRs | Home equity | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | 5,049 | ||||
Total TDRs | Other consumer | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | $ 6 | ||||
Total TDRs | Installment and other consumer | Consumer | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Restructured loans | $ 13 |
Loans and Loans Held for Sale_4
Loans and Loans Held for Sale - Restructured Loans By Segment and Type of Concession (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 14 | 22 | 34 | 46 |
Pre-Modification Outstanding Recorded Investment | $ 4,693,000 | $ 26,136,000 | $ 13,034,000 | $ 37,711,000 |
Post-Modification Outstanding Recorded Investment | 4,562,000 | 25,800,000 | 11,586,000 | 36,712,000 |
Total Difference in Recorded Investment | $ (131,000) | $ (336,000) | $ (1,448,000) | $ (999,000) |
Principal deferral and maturity date extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 292,000 | $ 4,677,000 | $ 292,000 |
Post-Modification Outstanding Recorded Investment | 0 | 277,000 | 3,473,000 | 277,000 |
Total Difference in Recorded Investment | $ 0 | $ (15,000) | $ (1,204,000) | $ (15,000) |
Maturity date extension and payment delay | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 363,000 | $ 363,000 | ||
Post-Modification Outstanding Recorded Investment | 201,000 | 201,000 | ||
Total Difference in Recorded Investment | $ (162,000) | $ (162,000) | ||
Maturity date extension and interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 0 | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 3,735,000 | $ 0 | $ 3,735,000 | $ 4,902,000 |
Post-Modification Outstanding Recorded Investment | 3,735,000 | 0 | 3,735,000 | 4,480,000 |
Total Difference in Recorded Investment | $ 0 | $ 0 | $ 0 | $ (422,000) |
Below market interest rate and payment delay | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 287,000 | $ 362,000 | ||
Post-Modification Outstanding Recorded Investment | 287,000 | 361,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (1,000) | ||
Principal deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 4 | 4 | ||
Pre-Modification Outstanding Recorded Investment | $ 24,767,000 | $ 24,767,000 | ||
Post-Modification Outstanding Recorded Investment | 24,486,000 | 24,486,000 | ||
Total Difference in Recorded Investment | $ (281,000) | $ (281,000) | ||
Payment deferral resulting in payment delay | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 93,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 23,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (70,000) | ||
Maturity date extension | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 0 | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 2,593,000 | $ 1,322,000 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 2,561,000 | 1,298,000 |
Total Difference in Recorded Investment | $ 0 | $ 0 | $ (32,000) | $ (24,000) |
Consumer bankruptcy | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 10 | 15 | 20 | 33 |
Pre-Modification Outstanding Recorded Investment | $ 308,000 | $ 508,000 | $ 1,035,000 | $ 979,000 |
Post-Modification Outstanding Recorded Investment | 339,000 | 489,000 | 1,056,000 | 916,000 |
Total Difference in Recorded Investment | $ 31,000 | $ (19,000) | $ 21,000 | $ (63,000) |
Maturity date extension and payment reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 176,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 176,000 | ||
Total Difference in Recorded Investment | $ 0 | $ 0 | ||
Interest rate reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 190,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 189,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (1,000) | ||
Principal forgiveness | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 4,690,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 4,518,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (172,000) | ||
Below market interest rate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 569,000 | $ 569,000 | ||
Post-Modification Outstanding Recorded Investment | 548,000 | 548,000 | ||
Total Difference in Recorded Investment | $ (21,000) | $ (21,000) | ||
Commercial real estate | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 5 | 2 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 333,000 | $ 24,086,000 | $ 2,543,000 | $ 30,249,000 |
Post-Modification Outstanding Recorded Investment | 171,000 | 23,784,000 | 2,381,000 | 29,747,000 |
Total Difference in Recorded Investment | $ (162,000) | $ (302,000) | $ (162,000) | $ (502,000) |
Commercial real estate | Principal deferral and maturity date extension | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 2,210,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 2,210,000 | ||
Total Difference in Recorded Investment | $ 0 | $ 0 | ||
Commercial real estate | Maturity date extension and payment delay | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 333,000 | $ 333,000 | ||
Post-Modification Outstanding Recorded Investment | 171,000 | 171,000 | ||
Total Difference in Recorded Investment | $ (162,000) | $ (162,000) | ||
Commercial real estate | Maturity date extension and interest rate reduction | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 151,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 147,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (4,000) | ||
Commercial real estate | Principal deferral | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 3 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 23,517,000 | $ 23,517,000 | ||
Post-Modification Outstanding Recorded Investment | 23,236,000 | 23,236,000 | ||
Total Difference in Recorded Investment | $ (281,000) | $ (281,000) | ||
Commercial real estate | Maturity date extension | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,322,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 1,298,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (24,000) | ||
Commercial real estate | Principal forgiveness | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 4,690,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 4,518,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (172,000) | ||
Commercial real estate | Below market interest rate | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 569,000 | $ 569,000 | ||
Post-Modification Outstanding Recorded Investment | 548,000 | 548,000 | ||
Total Difference in Recorded Investment | $ (21,000) | $ (21,000) | ||
Commercial and industrial | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 2 | 5 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 4,022,000 | $ 1,542,000 | $ 6,657,000 | $ 6,293,000 |
Post-Modification Outstanding Recorded Investment | 4,022,000 | 1,527,000 | 5,381,000 | 5,860,000 |
Total Difference in Recorded Investment | $ 0 | $ (15,000) | $ (1,276,000) | $ (433,000) |
Commercial and industrial | Principal deferral and maturity date extension | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | 0 | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 292,000 | $ 2,467,000 | $ 292,000 |
Post-Modification Outstanding Recorded Investment | 0 | 277,000 | 1,263,000 | 277,000 |
Total Difference in Recorded Investment | $ 0 | $ (15,000) | $ (1,205,000) | $ (15,000) |
Commercial and industrial | Maturity date extension and interest rate reduction | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 0 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 3,735,000 | $ 0 | $ 3,735,000 | $ 4,751,000 |
Post-Modification Outstanding Recorded Investment | 3,735,000 | 0 | 3,735,000 | 4,333,000 |
Total Difference in Recorded Investment | $ 0 | $ 0 | $ 0 | $ (418,000) |
Commercial and industrial | Below market interest rate and payment delay | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | 1 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 287,000 | $ 362,000 | ||
Post-Modification Outstanding Recorded Investment | 287,000 | 361,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (1,000) | ||
Commercial and industrial | Principal deferral | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 1,250,000 | $ 1,250,000 | ||
Post-Modification Outstanding Recorded Investment | 1,250,000 | 1,250,000 | ||
Total Difference in Recorded Investment | $ 0 | $ 0 | ||
Commercial and industrial | Payment deferral resulting in payment delay | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 93,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 23,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (70,000) | ||
Commercial construction | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 2,593,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 2,561,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (32,000) | ||
Commercial construction | Maturity date extension | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 2,593,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 2,561,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (32,000) | ||
Residential Mortgage | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 0 | 8 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 98,000 | $ 0 | $ 751,000 | $ 165,000 |
Post-Modification Outstanding Recorded Investment | 96,000 | 0 | 743,000 | 160,000 |
Total Difference in Recorded Investment | $ (2,000) | $ 0 | $ (8,000) | $ (5,000) |
Residential Mortgage | Consumer bankruptcy | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 0 | 5 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 98,000 | $ 0 | $ 575,000 | $ 165,000 |
Post-Modification Outstanding Recorded Investment | 96,000 | 0 | 567,000 | 160,000 |
Total Difference in Recorded Investment | $ (2,000) | $ 0 | $ (8,000) | $ (5,000) |
Residential Mortgage | Maturity date extension and payment reduction | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 176,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 176,000 | ||
Total Difference in Recorded Investment | $ 0 | $ 0 | ||
Home equity | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 8 | 14 | 15 | 29 |
Pre-Modification Outstanding Recorded Investment | $ 236,000 | $ 504,000 | $ 486,000 | $ 991,000 |
Post-Modification Outstanding Recorded Investment | 269,000 | 485,000 | 515,000 | 935,000 |
Total Difference in Recorded Investment | $ 33,000 | $ (19,000) | $ 29,000 | $ (56,000) |
Home equity | Maturity date extension and payment delay | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 30,000 | $ 30,000 | ||
Post-Modification Outstanding Recorded Investment | 30,000 | 30,000 | ||
Total Difference in Recorded Investment | $ 0 | $ 0 | ||
Home equity | Consumer bankruptcy | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 7 | 14 | 14 | 27 |
Pre-Modification Outstanding Recorded Investment | $ 206,000 | $ 504,000 | $ 456,000 | $ 801,000 |
Post-Modification Outstanding Recorded Investment | 239,000 | 485,000 | 485,000 | 746,000 |
Total Difference in Recorded Investment | $ 33,000 | $ (19,000) | $ 29,000 | $ (55,000) |
Home equity | Interest rate reduction | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 190,000 | ||
Post-Modification Outstanding Recorded Investment | 0 | 189,000 | ||
Total Difference in Recorded Investment | $ 0 | $ (1,000) | ||
Installment and other consumer | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 1 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 4,000 | $ 4,000 | $ 4,000 | $ 13,000 |
Post-Modification Outstanding Recorded Investment | 4,000 | 4,000 | 4,000 | 10,000 |
Total Difference in Recorded Investment | $ 0 | $ 0 | $ 0 | $ (3,000) |
Installment and other consumer | Consumer bankruptcy | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 1 | 1 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 4,000 | $ 4,000 | $ 4,000 | $ 13,000 |
Post-Modification Outstanding Recorded Investment | 4,000 | 4,000 | 4,000 | 10,000 |
Total Difference in Recorded Investment | $ 0 | $ 0 | $ 0 | $ (3,000) |
Loans and Loans Held for Sale_5
Loans and Loans Held for Sale - Nonperforming Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Nonperforming Assets | ||
Nonaccrual loans | $ 65,424 | $ 45,145 |
Nonaccrual TDRs | 18,648 | 8,912 |
Total Nonaccrual Loans | 84,072 | 54,057 |
OREO | 2,317 | 3,525 |
Total Nonperforming Assets | $ 86,389 | $ 57,582 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loan Balances by Year of Origination and Internally Assigned Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | $ 1,268,757 | ||
2019 | 1,240,238 | ||
2018 | 915,402 | ||
2017 | 612,707 | ||
2016 | 654,916 | ||
2015 and Prior | 1,657,854 | ||
Revolving | 1,018,345 | ||
Revolving-Term | 26,649 | ||
Total | 7,394,868 | $ 7,137,152 | |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 5,810,034 | 5,512,796 | |
Commercial | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 277,760 | ||
2019 | 462,569 | ||
2018 | 454,551 | ||
2017 | 326,132 | ||
2016 | 425,755 | ||
2015 and Prior | 821,346 | ||
Revolving | 50,114 | ||
Revolving-Term | 0 | ||
Total | 2,818,227 | $ 3,416,518 | 3,059,592 |
Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 686,461 | ||
2019 | 234,748 | ||
2018 | 156,217 | ||
2017 | 94,327 | ||
2016 | 47,706 | ||
2015 and Prior | 218,559 | ||
Revolving | 380,631 | ||
Revolving-Term | 0 | ||
Total | 1,818,649 | 1,720,833 | 1,480,529 |
Commercial | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 102,950 | ||
2019 | 227,000 | ||
2018 | 83,556 | ||
2017 | 17,596 | ||
2016 | 9,854 | ||
2015 and Prior | 18,686 | ||
Revolving | 11,218 | ||
Revolving-Term | 0 | ||
Total | 470,860 | 375,445 | 370,060 |
Commercial | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 97,471 | ||
2019 | 164,039 | ||
2018 | 137,941 | ||
2017 | 99,360 | ||
2016 | 86,333 | ||
2015 and Prior | 323,499 | ||
Revolving | 106,166 | ||
Revolving-Term | 1,142 | ||
Total | 1,015,951 | 0 | 846,790 |
Commercial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 5,254,056 | ||
Commercial | Pass | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 277,760 | ||
2019 | 406,883 | ||
2018 | 446,299 | ||
2017 | 289,243 | ||
2016 | 326,634 | ||
2015 and Prior | 644,888 | ||
Revolving | 47,764 | ||
Revolving-Term | 0 | ||
Total | 2,439,471 | ||
Commercial | Pass | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 682,632 | ||
2019 | 209,253 | ||
2018 | 149,912 | ||
2017 | 76,118 | ||
2016 | 38,877 | ||
2015 and Prior | 199,772 | ||
Revolving | 347,762 | ||
Revolving-Term | 0 | ||
Total | 1,704,326 | ||
Commercial | Pass | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 102,950 | ||
2019 | 223,433 | ||
2018 | 79,733 | ||
2017 | 15,844 | ||
2016 | 9,854 | ||
2015 and Prior | 9,915 | ||
Revolving | 11,127 | ||
Revolving-Term | 0 | ||
Total | 452,856 | ||
Commercial | Pass | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 97,367 | ||
2019 | 163,334 | ||
2018 | 133,688 | ||
2017 | 93,886 | ||
2016 | 81,481 | ||
2015 and Prior | 289,927 | ||
Revolving | 104,721 | ||
Revolving-Term | 336 | ||
Total | 964,740 | ||
Commercial | Special mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 103,878 | ||
Commercial | Special mention | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 37,197 | ||
2018 | 186 | ||
2017 | 21,850 | ||
2016 | 43,805 | ||
2015 and Prior | 64,855 | ||
Revolving | 850 | ||
Revolving-Term | 0 | ||
Total | 168,743 | ||
Commercial | Special mention | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 3,829 | ||
2019 | 20,396 | ||
2018 | 3,613 | ||
2017 | 968 | ||
2016 | 8,563 | ||
2015 and Prior | 6,998 | ||
Revolving | 30,552 | ||
Revolving-Term | 0 | ||
Total | 74,919 | ||
Commercial | Special mention | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 3,823 | ||
2017 | 0 | ||
2016 | 0 | ||
2015 and Prior | 5,033 | ||
Revolving | 91 | ||
Revolving-Term | 0 | ||
Total | 8,947 | ||
Commercial | Special mention | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 59 | ||
2018 | 1,049 | ||
2017 | 1,719 | ||
2016 | 1,093 | ||
2015 and Prior | 7,055 | ||
Revolving | 691 | ||
Revolving-Term | 123 | ||
Total | 11,789 | ||
Commercial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 152,651 | ||
Commercial | Substandard | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 18,489 | ||
2018 | 8,066 | ||
2017 | 15,039 | ||
2016 | 54,975 | ||
2015 and Prior | 105,474 | ||
Revolving | 1,500 | ||
Revolving-Term | 0 | ||
Total | 203,543 | ||
Commercial | Substandard | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 4,861 | ||
2018 | 2,519 | ||
2017 | 14,704 | ||
2016 | 71 | ||
2015 and Prior | 11,789 | ||
Revolving | 2,317 | ||
Revolving-Term | 0 | ||
Total | 36,261 | ||
Commercial | Substandard | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 3,567 | ||
2018 | 0 | ||
2017 | 1,752 | ||
2016 | 0 | ||
2015 and Prior | 3,738 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 9,057 | ||
Commercial | Substandard | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 104 | ||
2019 | 646 | ||
2018 | 3,204 | ||
2017 | 3,755 | ||
2016 | 3,759 | ||
2015 and Prior | 26,517 | ||
Revolving | 754 | ||
Revolving-Term | 683 | ||
Total | 39,422 | ||
Commercial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 2,211 | ||
Commercial | Doubtful | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 341 | ||
2015 and Prior | 6,129 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 6,470 | ||
Commercial | Doubtful | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 238 | ||
2018 | 173 | ||
2017 | 2,537 | ||
2016 | 195 | ||
2015 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 3,143 | ||
Commercial | Doubtful | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
2015 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 0 | ||
Commercial | Doubtful | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
2015 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 0 | ||
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,584,834 | 1,624,356 | |
Consumer | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 15,343 | 8,390 | |
Consumer | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 95,412 | ||
2019 | 136,323 | ||
2018 | 75,055 | ||
2017 | 70,907 | ||
2016 | 81,618 | ||
2015 and Prior | 271,042 | ||
Revolving | 436,604 | ||
Revolving-Term | 23,519 | ||
Total | 1,190,480 | 1,545,323 | 1,295,207 |
Consumer | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 8,703 | ||
2019 | 15,559 | ||
2018 | 8,082 | ||
2017 | 4,385 | ||
2016 | 3,650 | ||
2015 and Prior | 4,722 | ||
Revolving | 33,612 | ||
Revolving-Term | 1,988 | ||
Total | 80,701 | $ 79,033 | $ 84,974 |
Consumer | Pass | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 95,412 | ||
2019 | 136,136 | ||
2018 | 74,500 | ||
2017 | 70,027 | ||
2016 | 79,784 | ||
2015 and Prior | 263,696 | ||
Revolving | 436,392 | ||
Revolving-Term | 22,546 | ||
Total | 1,178,493 | ||
Consumer | Pass | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 8,703 | ||
2019 | 15,078 | ||
2018 | 7,953 | ||
2017 | 4,270 | ||
2016 | 3,039 | ||
2015 and Prior | 854 | ||
Revolving | 33,216 | ||
Revolving-Term | 641 | ||
Total | 73,754 | ||
Consumer | Special mention | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 798 | ||
2015 and Prior | 153 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 951 | ||
Consumer | Special mention | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
2015 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 0 | ||
Consumer | Substandard | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 187 | ||
2018 | 555 | ||
2017 | 880 | ||
2016 | 1,036 | ||
2015 and Prior | 7,193 | ||
Revolving | 212 | ||
Revolving-Term | 973 | ||
Total | 11,036 | ||
Consumer | Substandard | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 481 | ||
2018 | 129 | ||
2017 | 115 | ||
2016 | 611 | ||
2015 and Prior | 3,868 | ||
Revolving | 396 | ||
Revolving-Term | 1,347 | ||
Total | 6,947 | ||
Consumer | Doubtful | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
2015 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 0 | ||
Consumer | Doubtful | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
2015 and Prior | 0 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | $ 0 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Loan Balances by Year of Origination and Performing and Nonperforming Status (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | $ 1,268,757 | ||
2019 | 1,240,238 | ||
2018 | 915,402 | ||
2017 | 612,707 | ||
2016 | 654,916 | ||
2015 and Prior | 1,657,854 | ||
Revolving | 1,018,345 | ||
Revolving-Term | 26,649 | ||
Total | 7,394,868 | $ 7,137,152 | |
Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 1,265,090 | ||
2019 | 1,239,531 | ||
2018 | 912,836 | ||
2017 | 609,018 | ||
2016 | 637,681 | ||
2015 and Prior | 1,604,946 | ||
Revolving | 1,016,118 | ||
Revolving-Term | 25,576 | ||
Total | 7,310,796 | ||
Nonperforming | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 3,667 | ||
2019 | 707 | ||
2018 | 2,566 | ||
2017 | 3,689 | ||
2016 | 17,235 | ||
2015 and Prior | 52,908 | ||
Revolving | 2,227 | ||
Revolving-Term | 1,073 | ||
Total | 84,072 | ||
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 5,810,034 | 5,512,796 | |
Commercial | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 277,760 | ||
2019 | 462,569 | ||
2018 | 454,551 | ||
2017 | 326,132 | ||
2016 | 425,755 | ||
2015 and Prior | 821,346 | ||
Revolving | 50,114 | ||
Revolving-Term | 0 | ||
Total | 2,818,227 | $ 3,416,518 | 3,059,592 |
Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 686,461 | ||
2019 | 234,748 | ||
2018 | 156,217 | ||
2017 | 94,327 | ||
2016 | 47,706 | ||
2015 and Prior | 218,559 | ||
Revolving | 380,631 | ||
Revolving-Term | 0 | ||
Total | 1,818,649 | 1,720,833 | 1,480,529 |
Commercial | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 102,950 | ||
2019 | 227,000 | ||
2018 | 83,556 | ||
2017 | 17,596 | ||
2016 | 9,854 | ||
2015 and Prior | 18,686 | ||
Revolving | 11,218 | ||
Revolving-Term | 0 | ||
Total | 470,860 | 375,445 | 370,060 |
Commercial | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 97,471 | ||
2019 | 164,039 | ||
2018 | 137,941 | ||
2017 | 99,360 | ||
2016 | 86,333 | ||
2015 and Prior | 323,499 | ||
Revolving | 106,166 | ||
Revolving-Term | 1,142 | ||
Total | 1,015,951 | 0 | 846,790 |
Commercial | Performing | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 277,760 | ||
2019 | 462,569 | ||
2018 | 454,551 | ||
2017 | 326,132 | ||
2016 | 411,947 | ||
2015 and Prior | 788,059 | ||
Revolving | 50,114 | ||
Revolving-Term | 0 | ||
Total | 2,771,132 | ||
Commercial | Performing | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 683,514 | ||
2019 | 234,748 | ||
2018 | 155,958 | ||
2017 | 94,327 | ||
2016 | 47,706 | ||
2015 and Prior | 217,628 | ||
Revolving | 379,082 | ||
Revolving-Term | 0 | ||
Total | 1,812,963 | ||
Commercial | Performing | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 102,950 | ||
2019 | 227,000 | ||
2018 | 83,556 | ||
2017 | 16,555 | ||
2016 | 9,854 | ||
2015 and Prior | 18,223 | ||
Revolving | 11,218 | ||
Revolving-Term | 0 | ||
Total | 469,356 | ||
Commercial | Performing | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 97,471 | ||
2019 | 163,734 | ||
2018 | 136,249 | ||
2017 | 98,042 | ||
2016 | 84,263 | ||
2015 and Prior | 311,076 | ||
Revolving | 105,951 | ||
Revolving-Term | 1,084 | ||
Total | 997,870 | ||
Commercial | Nonperforming | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 13,808 | ||
2015 and Prior | 33,287 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 47,095 | ||
Commercial | Nonperforming | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 2,947 | ||
2019 | 0 | ||
2018 | 259 | ||
2017 | 0 | ||
2016 | 0 | ||
2015 and Prior | 931 | ||
Revolving | 1,549 | ||
Revolving-Term | 0 | ||
Total | 5,686 | ||
Commercial | Nonperforming | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 1,041 | ||
2016 | 0 | ||
2015 and Prior | 463 | ||
Revolving | 0 | ||
Revolving-Term | 0 | ||
Total | 1,504 | ||
Commercial | Nonperforming | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 305 | ||
2018 | 1,692 | ||
2017 | 1,318 | ||
2016 | 2,070 | ||
2015 and Prior | 12,423 | ||
Revolving | 215 | ||
Revolving-Term | 58 | ||
Total | 18,081 | ||
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,584,834 | 1,624,356 | |
Consumer | Consumer construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 15,343 | 8,390 | |
Consumer | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 95,412 | ||
2019 | 136,323 | ||
2018 | 75,055 | ||
2017 | 70,907 | ||
2016 | 81,618 | ||
2015 and Prior | 271,042 | ||
Revolving | 436,604 | ||
Revolving-Term | 23,519 | ||
Total | 1,190,480 | 1,545,323 | 1,295,207 |
Consumer | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 8,703 | ||
2019 | 15,559 | ||
2018 | 8,082 | ||
2017 | 4,385 | ||
2016 | 3,650 | ||
2015 and Prior | 4,722 | ||
Revolving | 33,612 | ||
Revolving-Term | 1,988 | ||
Total | 80,701 | $ 79,033 | $ 84,974 |
Consumer | Performing | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 94,828 | ||
2019 | 136,323 | ||
2018 | 74,440 | ||
2017 | 69,663 | ||
2016 | 80,532 | ||
2015 and Prior | 265,917 | ||
Revolving | 436,328 | ||
Revolving-Term | 22,639 | ||
Total | 1,180,670 | ||
Consumer | Performing | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 8,567 | ||
2019 | 15,157 | ||
2018 | 8,082 | ||
2017 | 4,299 | ||
2016 | 3,379 | ||
2015 and Prior | 4,043 | ||
Revolving | 33,425 | ||
Revolving-Term | 1,853 | ||
Total | 78,805 | ||
Consumer | Nonperforming | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 584 | ||
2019 | 0 | ||
2018 | 615 | ||
2017 | 1,244 | ||
2016 | 1,086 | ||
2015 and Prior | 5,125 | ||
Revolving | 276 | ||
Revolving-Term | 880 | ||
Total | 9,810 | ||
Consumer | Nonperforming | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 136 | ||
2019 | 402 | ||
2018 | 0 | ||
2017 | 86 | ||
2016 | 271 | ||
2015 and Prior | 679 | ||
Revolving | 187 | ||
Revolving-Term | 135 | ||
Total | $ 1,896 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Past Due [Line Items] | ||||||
Current | $ 7,302,311 | $ 7,302,311 | $ 7,055,361 | |||
Past due | 92,556 | 92,556 | 81,791 | |||
Non - performing | 84,072 | 84,072 | 54,057 | |||
Total | $ 7,394,868 | $ 7,394,868 | 7,137,152 | |||
Number of loans | loan | 14 | 22 | 34 | 46 | ||
Restructured loans | $ 4,562 | $ 25,800 | $ 11,586 | $ 36,712 | ||
CARES Act, Paycheck Protection Program Loans | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Restructured loans | 350,000 | |||||
30 to 59 Days Past Due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 6,040 | 6,040 | 17,992 | |||
60 to 89 Days Past Due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 1,925 | 1,925 | 5,985 | |||
90 Days Past Due | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 520 | 520 | 3,757 | |||
Commercial | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total | 5,810,034 | 5,810,034 | 5,512,796 | |||
Commercial | Commercial real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Current | 2,771,132 | 2,771,132 | 3,025,505 | |||
Past due | 47,095 | 47,095 | 34,087 | |||
Non - performing | 47,095 | 47,095 | 25,356 | |||
Total | $ 2,818,227 | $ 2,818,227 | $ 3,416,518 | 3,059,592 | ||
Number of loans | loan | 1 | 5 | 2 | 8 | ||
Restructured loans | $ 171 | $ 23,784 | $ 2,381 | $ 29,747 | ||
Commercial | Commercial and industrial | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Current | 1,811,342 | 1,811,342 | 1,466,460 | |||
Past due | 7,307 | 7,307 | 14,069 | |||
Non - performing | 5,686 | 5,686 | 10,911 | |||
Total | $ 1,818,649 | $ 1,818,649 | 1,720,833 | 1,480,529 | ||
Number of loans | loan | 2 | 2 | 5 | 3 | ||
Restructured loans | $ 4,022 | $ 1,527 | $ 5,381 | $ 5,860 | ||
Commercial | Commercial construction | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Current | 469,356 | 469,356 | 367,204 | |||
Past due | 1,504 | 1,504 | 2,856 | |||
Non - performing | 1,504 | 1,504 | 737 | |||
Total | $ 470,860 | $ 470,860 | 375,445 | 370,060 | ||
Number of loans | loan | 0 | 3 | ||||
Restructured loans | $ 0 | $ 2,561 | ||||
Commercial | Business banking | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Current | 994,389 | 994,389 | 830,735 | |||
Past due | 21,562 | 21,562 | 16,055 | |||
Non - performing | 18,081 | 18,081 | 9,863 | |||
Total | 1,015,951 | 1,015,951 | 0 | 846,790 | ||
Commercial | 30 to 59 Days Past Due | Commercial real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 0 | 0 | 7,749 | |||
Commercial | 30 to 59 Days Past Due | Commercial and industrial | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 1,235 | 1,235 | 126 | |||
Commercial | 30 to 59 Days Past Due | Commercial construction | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 0 | 0 | 956 | |||
Commercial | 30 to 59 Days Past Due | Business banking | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 2,733 | 2,733 | 5,093 | |||
Commercial | 60 to 89 Days Past Due | Commercial real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 0 | 0 | 71 | |||
Commercial | 60 to 89 Days Past Due | Commercial and industrial | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 0 | 0 | 1,589 | |||
Commercial | 60 to 89 Days Past Due | Commercial construction | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 0 | 0 | 1,163 | |||
Commercial | 60 to 89 Days Past Due | Business banking | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 748 | 748 | 1,099 | |||
Commercial | 90 Days Past Due | Commercial real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 0 | 0 | 911 | |||
Commercial | 90 Days Past Due | Commercial and industrial | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 386 | 386 | 1,443 | |||
Commercial | 90 Days Past Due | Commercial construction | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 0 | |||||
Commercial | 90 Days Past Due | Business banking | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 0 | 0 | 0 | |||
Consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total | 1,584,834 | 1,584,834 | 1,624,356 | |||
Consumer | Commercial construction | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Total | 15,343 | 15,343 | 8,390 | |||
Consumer | Consumer real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Current | 1,177,782 | 1,177,782 | 1,283,591 | |||
Past due | 12,698 | 12,698 | 11,616 | |||
Non - performing | 9,810 | 9,810 | 6,063 | |||
Total | 1,190,480 | 1,190,480 | 1,545,323 | 1,295,207 | ||
Consumer | Other consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Current | 78,310 | 78,310 | 81,866 | |||
Past due | 2,391 | 2,391 | 3,108 | |||
Non - performing | 1,896 | 1,896 | 1,127 | |||
Total | 80,701 | 80,701 | $ 79,033 | 84,974 | ||
Consumer | 30 to 59 Days Past Due | Consumer real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 1,723 | 1,723 | 2,620 | |||
Consumer | 30 to 59 Days Past Due | Other consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 349 | 349 | 1,448 | |||
Consumer | 60 to 89 Days Past Due | Consumer real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 1,031 | 1,031 | 1,758 | |||
Consumer | 60 to 89 Days Past Due | Other consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 146 | 146 | 305 | |||
Consumer | 90 Days Past Due | Consumer real estate | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | 134 | 134 | 1,175 | |||
Consumer | 90 Days Past Due | Other consumer | ||||||
Financing Receivable, Past Due [Line Items] | ||||||
Past due | $ 0 | $ 0 | $ 228 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Loans on Nonaccrual Status and Loans Past Due 90 Days or More and Still Accruing (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | $ 54,057 | |
End of Period Nonaccrual | $ 84,072 | 84,072 |
Nonaccrual With No Related Allowance | 34,776 | 34,776 |
Past Due 90+ Days Still Accruing | 520 | 520 |
Interest income recognized on nonaccrual | 189 | 500 |
Commercial | Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 25,356 | |
End of Period Nonaccrual | 47,095 | 47,095 |
Nonaccrual With No Related Allowance | 26,996 | 26,996 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Interest income recognized on nonaccrual | 8 | 19 |
Commercial | Commercial and industrial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 10,911 | |
End of Period Nonaccrual | 5,686 | 5,686 |
Nonaccrual With No Related Allowance | 967 | 967 |
Past Due 90+ Days Still Accruing | 386 | 386 |
Interest income recognized on nonaccrual | 31 | 52 |
Commercial | Commercial construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 737 | |
End of Period Nonaccrual | 1,504 | 1,504 |
Nonaccrual With No Related Allowance | 1,218 | 1,218 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Interest income recognized on nonaccrual | 0 | 0 |
Commercial | Business banking | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 9,863 | |
End of Period Nonaccrual | 18,081 | 18,081 |
Nonaccrual With No Related Allowance | 5,197 | 5,197 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Interest income recognized on nonaccrual | 59 | 163 |
Consumer | Consumer real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 6,063 | |
End of Period Nonaccrual | 9,810 | 9,810 |
Nonaccrual With No Related Allowance | 398 | 398 |
Past Due 90+ Days Still Accruing | 134 | 134 |
Interest income recognized on nonaccrual | 90 | 262 |
Consumer | Other consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Beginning of Period Nonaccrual | 1,127 | |
End of Period Nonaccrual | 1,896 | 1,896 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90+ Days Still Accruing | 0 | 0 |
Interest income recognized on nonaccrual | $ 1 | $ 4 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Collateral Dependent Loans by Class of Loan (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | $ 7,394,868 | $ 7,137,152 | |
Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 63,058 | ||
Blanket Lien | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 22,209 | ||
Investment/Cash | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 689 | ||
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 5,810,034 | 5,512,796 | |
Commercial | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 2,818,227 | $ 3,416,518 | 3,059,592 |
Commercial | Commercial real estate | Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 46,965 | ||
Commercial | Commercial real estate | Blanket Lien | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 40 | ||
Commercial | Commercial real estate | Investment/Cash | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Commercial | Commercial real estate | Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Commercial | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 1,818,649 | 1,720,833 | 1,480,529 |
Commercial | Commercial and industrial | Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 6,065 | ||
Commercial | Commercial and industrial | Blanket Lien | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 20,548 | ||
Commercial | Commercial and industrial | Investment/Cash | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Commercial | Commercial and industrial | Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Commercial | Commercial construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 470,860 | 375,445 | 370,060 |
Commercial | Commercial construction | Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 5,203 | ||
Commercial | Commercial construction | Blanket Lien | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Commercial | Commercial construction | Investment/Cash | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Commercial | Commercial construction | Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Commercial | Business banking | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 1,015,951 | 0 | 846,790 |
Commercial | Business banking | Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 4,427 | ||
Commercial | Business banking | Blanket Lien | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 1,621 | ||
Commercial | Business banking | Investment/Cash | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Commercial | Business banking | Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 689 | ||
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 1,584,834 | 1,624,356 | |
Consumer | Commercial construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 15,343 | 8,390 | |
Consumer | Consumer real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 1,190,480 | $ 1,545,323 | $ 1,295,207 |
Consumer | Consumer real estate | Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 398 | ||
Consumer | Consumer real estate | Blanket Lien | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Consumer | Consumer real estate | Investment/Cash | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | 0 | ||
Consumer | Consumer real estate | Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans held for investment, outstanding balance | $ 0 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | $ 114,609 | $ 61,479 | $ 62,224 | $ 60,996 | $ 60,996 | ||
Provision for credit losses on loans | 19,302 | 4,913 | 123,564 | 12,767 | |||
Charge-offs | (13,667) | (4,700) | (93,416) | (13,391) | |||
Recoveries | 754 | 423 | 1,274 | 1,743 | |||
Net (Charge-offs)/Recoveries | (12,913) | (4,277) | (92,142) | (11,648) | |||
Balance at End of Period | 120,998 | $ 114,609 | 62,115 | $ 120,998 | 62,115 | $ 62,224 | $ 60,996 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||||
Customer fraud, check kiting | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Charge-offs | (58,700) | ||||||
Commercial | Commercial real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 57,730 | 32,836 | $ 30,577 | 33,707 | $ 33,707 | ||
Provision for credit losses on loans | 23,839 | 1,292 | 52,185 | 822 | |||
Charge-offs | (10,187) | (2,304) | (16,229) | (2,833) | |||
Recoveries | 172 | 6 | 211 | 134 | |||
Net (Charge-offs)/Recoveries | (10,015) | (2,298) | (16,018) | (2,699) | |||
Balance at End of Period | 71,554 | 57,730 | 31,830 | 71,554 | 31,830 | 30,577 | $ 33,707 |
Commercial | Commercial and industrial | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 19,164 | 13,227 | 15,681 | 11,596 | 11,596 | ||
Provision for credit losses on loans | (4,155) | 2,397 | 62,949 | 10,432 | |||
Charge-offs | (1,196) | (1,467) | (72,692) | (8,379) | |||
Recoveries | 398 | 210 | 420 | 718 | |||
Net (Charge-offs)/Recoveries | (798) | (1,257) | (72,272) | (7,661) | |||
Balance at End of Period | 14,211 | 19,164 | 14,367 | 14,211 | 14,367 | 15,681 | 11,596 |
Commercial | Commercial construction | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 8,874 | 7,254 | 7,900 | 7,983 | 7,983 | ||
Provision for credit losses on loans | (1,617) | 620 | 2,712 | (112) | |||
Charge-offs | 0 | 0 | 0 | 0 | |||
Recoveries | 1 | 1 | 22 | 4 | |||
Net (Charge-offs)/Recoveries | 1 | 1 | 22 | 4 | |||
Balance at End of Period | 7,258 | 8,874 | 7,875 | 7,258 | 7,875 | 7,900 | 7,983 |
Commercial | Business banking | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 14,404 | 0 | |||||
Provision for credit losses on loans | 2,072 | 4,197 | |||||
Charge-offs | (1,748) | (2,469) | |||||
Recoveries | 64 | 166 | |||||
Net (Charge-offs)/Recoveries | (1,684) | (2,303) | |||||
Balance at End of Period | 14,792 | 14,404 | 14,792 | 0 | |||
Consumer | Consumer real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 11,585 | 6,571 | 6,337 | 6,187 | 6,187 | ||
Provision for credit losses on loans | (797) | 65 | 32 | 367 | |||
Charge-offs | (252) | (404) | (470) | (815) | |||
Recoveries | 41 | 102 | 153 | 595 | |||
Net (Charge-offs)/Recoveries | (211) | (302) | (317) | (220) | |||
Balance at End of Period | 10,577 | 11,585 | 6,334 | 10,577 | 6,334 | 6,337 | 6,187 |
Consumer | Other consumer | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 2,852 | 1,591 | 1,729 | 1,523 | 1,523 | ||
Provision for credit losses on loans | (40) | 539 | 1,489 | 1,258 | |||
Charge-offs | (284) | (525) | (1,556) | (1,364) | |||
Recoveries | 78 | 104 | 302 | 292 | |||
Net (Charge-offs)/Recoveries | (206) | (421) | (1,254) | (1,072) | |||
Balance at End of Period | $ 2,606 | $ 2,852 | $ 1,709 | 2,606 | $ 1,709 | 1,729 | $ 1,523 |
Impact of ASU 2016-13 Adoption | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 27,352 | ||||||
Balance at End of Period | 27,352 | ||||||
Impact of ASU 2016-13 Adoption | Commercial | Commercial real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 4,810 | ||||||
Balance at End of Period | 4,810 | ||||||
Impact of ASU 2016-13 Adoption | Commercial | Commercial and industrial | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 7,853 | ||||||
Balance at End of Period | 7,853 | ||||||
Impact of ASU 2016-13 Adoption | Commercial | Commercial construction | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | (3,376) | ||||||
Balance at End of Period | (3,376) | ||||||
Impact of ASU 2016-13 Adoption | Commercial | Business banking | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 12,898 | ||||||
Balance at End of Period | 12,898 | ||||||
Impact of ASU 2016-13 Adoption | Consumer | Consumer real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | 4,525 | ||||||
Balance at End of Period | 4,525 | ||||||
Impact of ASU 2016-13 Adoption | Consumer | Other consumer | |||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||
Balance at beginning of period | $ 642 | ||||||
Balance at End of Period | $ 642 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||||||
Adjustment to allowance for credit loss | $ 120,998 | $ 114,609 | $ 62,115 | $ 120,998 | $ 62,115 | $ 62,224 | $ 60,996 | $ 62,224 | $ 61,479 |
Charge-offs | 13,667 | 4,700 | 93,416 | 13,391 | |||||
Total loans | 7,273,870 | 7,273,870 | 7,074,928 | 7,074,928 | |||||
Restructured loans | 4,562 | 25,800 | 11,586 | 36,712 | |||||
Reserve | 19,302 | 4,913 | 123,564 | 12,767 | |||||
Increase (decrease) change in qualitative reserve | (13,500) | $ 15,800 | |||||||
Forecast period | 2 years | ||||||||
Portfolio loans, net of unearned income | 7,394,868 | $ 7,394,868 | 7,137,152 | ||||||
Senior Lien | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Reserve | 3,400 | ||||||||
Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 5,810,034 | 5,810,034 | 5,512,796 | ||||||
Commercial | Special mention | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 103,878 | ||||||||
Commercial | Substandard | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 152,651 | ||||||||
Nonperforming | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Restructured loans | 18,648 | 8,912 | |||||||
Portfolio loans, net of unearned income | 84,072 | 84,072 | |||||||
Impact of ASU 2016-13 Adoption | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | 27,352 | 27,353 | |||||||
Total loans | (27,353) | ||||||||
S&T Legacy Loans | Impact of ASU 2016-13 Adoption | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | 8,200 | ||||||||
Commercial and industrial | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | 14,211 | 19,164 | 14,367 | 14,211 | 14,367 | 15,681 | 11,596 | 13,227 | |
Charge-offs | 1,196 | 1,467 | 72,692 | 8,379 | |||||
Restructured loans | 4,022 | 1,527 | 5,381 | 5,860 | |||||
Reserve | (4,155) | 2,397 | 62,949 | 10,432 | |||||
Portfolio loans, net of unearned income | 1,818,649 | 1,818,649 | 1,480,529 | 1,720,833 | |||||
Commercial and industrial | Commercial | Special mention | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 74,919 | 74,919 | |||||||
Commercial and industrial | Commercial | Substandard | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 36,261 | 36,261 | |||||||
Commercial and industrial | Nonperforming | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Restructured loans | 1,549 | 695 | |||||||
Portfolio loans, net of unearned income | 5,686 | 5,686 | |||||||
Commercial and industrial | Impact of ASU 2016-13 Adoption | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | 7,853 | 9,900 | |||||||
Portfolio loans, net of unearned income | (262,292) | ||||||||
Customer fraud, check kiting | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Charge-offs | 58,700 | ||||||||
Customer fraud | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Charge-offs | 4,200 | ||||||||
Total loans | 15,100 | ||||||||
Customer fraud | Nonperforming | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Restructured loans | 10,900 | ||||||||
CARES Act, Paycheck Protection Program Loans | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Total loans | 550,100 | 550,100 | |||||||
Restructured loans | 350,000 | ||||||||
ACL provision, COVID-19 assessment, revised forecast | (13,300) | 12,700 | |||||||
Increase (decrease) in ACL provision, COVID-19 assessment, changes in current conditions | (200) | 3,100 | |||||||
CARES Act, Paycheck Protection Program Loans | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Total loans | 550,100 | 550,100 | |||||||
Customer fraud, commercial real estate | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Total loans | 14,300 | ||||||||
Customer fraud, line of credit | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Total loans | 800 | ||||||||
Business banking | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | 14,792 | 14,404 | 14,792 | 0 | |||||
Charge-offs | 1,748 | 2,469 | |||||||
Reserve | 2,072 | 4,197 | |||||||
ACL provision, COVID-19 assessment | 2,000 | ||||||||
Portfolio loans, net of unearned income | 1,015,951 | 1,015,951 | 846,790 | 0 | |||||
Business banking | Commercial | Special mention | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 11,789 | 11,789 | |||||||
Business banking | Commercial | Substandard | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 39,422 | 39,422 | |||||||
Business banking | Nonperforming | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Restructured loans | 441 | ||||||||
Portfolio loans, net of unearned income | 18,081 | 18,081 | |||||||
Business banking | Impact of ASU 2016-13 Adoption | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | 12,898 | ||||||||
Portfolio loans, net of unearned income | 1,092,908 | ||||||||
Commercial real estate | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | 71,554 | $ 57,730 | 31,830 | 71,554 | 31,830 | 30,577 | $ 33,707 | $ 32,836 | |
Charge-offs | 10,187 | 2,304 | 16,229 | 2,833 | |||||
Restructured loans | 171 | 23,784 | 2,381 | 29,747 | |||||
Reserve | 23,839 | $ 1,292 | 52,185 | $ 822 | |||||
Portfolio loans, net of unearned income | 2,818,227 | 2,818,227 | 3,059,592 | 3,416,518 | |||||
Commercial real estate | Commercial | Hotel | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | $ 243,000 | $ 243,000 | |||||||
Amount deferred (as a percent) | 95.00% | 95.00% | |||||||
Commercial real estate | Commercial | Special mention | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | $ 168,743 | $ 168,743 | |||||||
Commercial real estate | Commercial | Special mention | Hotel | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 92,900 | 92,900 | |||||||
Commercial real estate | Commercial | Substandard | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 203,543 | 203,543 | |||||||
Commercial real estate | Commercial | Substandard | Hotel | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Portfolio loans, net of unearned income | 126,600 | 126,600 | |||||||
Commercial real estate | Nonperforming | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Restructured loans | 14,504 | 6,713 | |||||||
Portfolio loans, net of unearned income | $ 47,095 | $ 47,095 | |||||||
Commercial real estate | Impact of ASU 2016-13 Adoption | Commercial | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | $ 4,810 | ||||||||
Portfolio loans, net of unearned income | (470,199) | ||||||||
DNB | Impact of ASU 2016-13 Adoption | |||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||||
Adjustment to allowance for credit loss | $ 9,300 |
Allowance for Credit Losses - R
Allowance for Credit Losses - Recorded Investment in Commercial Loan Classes by Internally Assigned Risk Ratings (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 7,394,868 | $ 7,137,152 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 5,810,034 | $ 5,512,796 |
Total percentage of recorded investment in commercial loan | 100.00% | |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 5,254,056 | |
Total percentage of recorded investment in commercial loan | 95.30% | |
Commercial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 103,878 | |
Total percentage of recorded investment in commercial loan | 1.90% | |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 152,651 | |
Total percentage of recorded investment in commercial loan | 2.80% | |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 2,211 | |
Total percentage of recorded investment in commercial loan | 0.00% | |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 3,290,138 | $ 3,416,518 |
Total percentage of recorded investment in commercial loan | 100.00% | |
Commercial | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 3,270,438 | |
Total percentage of recorded investment in commercial loan | 95.70% | |
Commercial | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 57,285 | |
Total percentage of recorded investment in commercial loan | 1.70% | |
Commercial | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 86,772 | |
Total percentage of recorded investment in commercial loan | 2.50% | |
Commercial | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 2,023 | |
Total percentage of recorded investment in commercial loan | 0.10% | |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 2,042,467 | $ 1,720,833 |
Total percentage of recorded investment in commercial loan | 100.00% | |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 1,636,314 | |
Total percentage of recorded investment in commercial loan | 95.10% | |
Commercial | Commercial and industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 36,484 | |
Total percentage of recorded investment in commercial loan | 2.10% | |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 47,980 | |
Total percentage of recorded investment in commercial loan | 2.80% | |
Commercial | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 55 | |
Total percentage of recorded investment in commercial loan | 0.00% | |
Commercial | Commercial construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 477,429 | $ 375,445 |
Total percentage of recorded investment in commercial loan | 100.00% | |
Commercial | Commercial construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 347,304 | |
Total percentage of recorded investment in commercial loan | 92.50% | |
Commercial | Commercial construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 10,109 | |
Total percentage of recorded investment in commercial loan | 2.70% | |
Commercial | Commercial construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 17,899 | |
Total percentage of recorded investment in commercial loan | 4.80% | |
Commercial | Commercial construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 133 | |
Total percentage of recorded investment in commercial loan | 0.00% |
Allowance for Credit Losses -_6
Allowance for Credit Losses - Recorded Investment in Consumer Loan Classes by Performing and Nonperforming Status (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 7,394,868 | $ 7,137,152 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 1,584,834 | $ 1,624,356 |
Percentage of Total | 100.00% | |
Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 1,614,158 | |
Percentage of Total | 99.40% | |
Consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 10,198 | |
Percentage of Total | 0.60% | |
Consumer | Residential Mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 950,887 | $ 998,585 |
Percentage of Total | 100.00% | |
Consumer | Residential Mortgage | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 991,066 | |
Percentage of Total | 99.20% | |
Consumer | Residential Mortgage | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 7,519 | |
Percentage of Total | 0.80% | |
Consumer | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 537,869 | $ 538,348 |
Percentage of Total | 100.00% | |
Consumer | Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 535,709 | |
Percentage of Total | 99.50% | |
Consumer | Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 2,639 | |
Percentage of Total | 0.50% | |
Consumer | Installment and other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | 80,735 | $ 79,033 |
Percentage of Total | 100.00% | |
Consumer | Installment and other consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 78,993 | |
Percentage of Total | 99.90% | |
Consumer | Installment and other consumer | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 40 | |
Percentage of Total | 0.10% | |
Consumer | Consumer construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 15,343 | $ 8,390 |
Percentage of Total | 100.00% | |
Consumer | Consumer construction | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 8,390 | |
Percentage of Total | 100.00% | |
Consumer | Consumer construction | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held for investment, outstanding balance | $ 0 | |
Percentage of Total | 0.00% |
Allowance for Credit Losses - I
Allowance for Credit Losses - Investments in Loans Considered to be Impaired and Related Information on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | $ 23,510 | ||
With a related allowance recorded, Unpaid Principal Balance | 24,821 | ||
Impaired financing receivable, Related Allowance | 2,200 | ||
Without a related allowance recorded, Recorded Investment | 51,827 | ||
Without a related allowance, Unpaid Principal Balance | 61,950 | ||
Impaired Financing Receivable, Recorded Investment, Total | 75,337 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 86,771 | ||
With a related allowance recorded, Average Recorded Investment | $ 14,756 | $ 14,851 | |
With a related allowance recorded, Interest Income Recognized | 0 | 1 | |
Without a related allowance recorded, Average Recorded Investment | 58,338 | 57,747 | |
Without a related allowance recorded, Interest Income Recognized | 478 | 1,434 | |
Impaired financing receivable, Average Recorded Investment, Total | 73,094 | 72,598 | |
Impaired financing Receivable, Interest Income Recognized, Total | 478 | 1,435 | |
Commercial real estate | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 13,011 | ||
With a related allowance recorded, Unpaid Principal Balance | 14,322 | ||
Impaired financing receivable, Related Allowance | 2,023 | ||
Without a related allowance recorded, Recorded Investment | 34,909 | ||
Without a related allowance, Unpaid Principal Balance | 40,201 | ||
Impaired Financing Receivable, Recorded Investment, Total | 47,920 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 54,523 | ||
With a related allowance recorded, Average Recorded Investment | 14,255 | 14,348 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 39,179 | 39,788 | |
Without a related allowance recorded, Interest Income Recognized | 231 | 712 | |
Impaired financing receivable, Average Recorded Investment, Total | 53,434 | 54,136 | |
Impaired financing Receivable, Interest Income Recognized, Total | 231 | 712 | |
Commercial and industrial | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 10,001 | ||
With a related allowance recorded, Unpaid Principal Balance | 10,001 | ||
Impaired financing receivable, Related Allowance | 55 | ||
Without a related allowance recorded, Recorded Investment | 7,605 | ||
Without a related allowance, Unpaid Principal Balance | 10,358 | ||
Impaired Financing Receivable, Recorded Investment, Total | 17,606 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 20,359 | ||
With a related allowance recorded, Average Recorded Investment | 0 | 0 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 8,008 | 6,644 | |
Without a related allowance recorded, Interest Income Recognized | 116 | 308 | |
Impaired financing receivable, Average Recorded Investment, Total | 8,008 | 6,644 | |
Impaired financing Receivable, Interest Income Recognized, Total | 116 | 308 | |
Commercial construction | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 489 | ||
With a related allowance recorded, Unpaid Principal Balance | 489 | ||
Impaired financing receivable, Related Allowance | 113 | ||
Without a related allowance recorded, Recorded Investment | 1,425 | ||
Without a related allowance, Unpaid Principal Balance | 2,935 | ||
Impaired Financing Receivable, Recorded Investment, Total | 1,914 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 3,424 | ||
With a related allowance recorded, Average Recorded Investment | 490 | 490 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 2,318 | 2,318 | |
Without a related allowance recorded, Interest Income Recognized | 34 | 117 | |
Impaired financing receivable, Average Recorded Investment, Total | 2,808 | 2,808 | |
Impaired financing Receivable, Interest Income Recognized, Total | 34 | 117 | |
Consumer real estate | Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 0 | ||
With a related allowance recorded, Unpaid Principal Balance | 0 | ||
Impaired financing receivable, Related Allowance | 0 | ||
Without a related allowance recorded, Recorded Investment | 7,884 | ||
Without a related allowance, Unpaid Principal Balance | 8,445 | ||
Impaired Financing Receivable, Recorded Investment, Total | 7,884 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | 8,445 | ||
With a related allowance recorded, Average Recorded Investment | 0 | 0 | |
With a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Without a related allowance recorded, Average Recorded Investment | 8,830 | 8,993 | |
Without a related allowance recorded, Interest Income Recognized | 97 | 297 | |
Impaired financing receivable, Average Recorded Investment, Total | 8,830 | 8,993 | |
Impaired financing Receivable, Interest Income Recognized, Total | 97 | 297 | |
Other consumer | Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
With a related allowance recorded, Recorded Investment | 9 | ||
With a related allowance recorded, Unpaid Principal Balance | 9 | ||
Impaired financing receivable, Related Allowance | 9 | ||
Without a related allowance recorded, Recorded Investment | 4 | ||
Without a related allowance, Unpaid Principal Balance | 11 | ||
Impaired Financing Receivable, Recorded Investment, Total | 13 | ||
Impaired Financing Receivable, Total Unpaid Principal Balance, Total | $ 20 | ||
With a related allowance recorded, Average Recorded Investment | 11 | 13 | |
With a related allowance recorded, Interest Income Recognized | 0 | 1 | |
Without a related allowance recorded, Average Recorded Investment | 3 | 4 | |
Without a related allowance recorded, Interest Income Recognized | 0 | 0 | |
Impaired financing receivable, Average Recorded Investment, Total | 14 | 17 | |
Impaired financing Receivable, Interest Income Recognized, Total | $ 0 | $ 1 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 114,609 | $ 61,479 | $ 62,224 | $ 60,996 |
Charge-offs | (13,667) | (4,700) | (93,416) | (13,391) |
Recoveries | 754 | 423 | 1,274 | 1,743 |
Net (Charge-offs)/Recoveries | (12,913) | (4,277) | (92,142) | (11,648) |
Provision for credit losses on loans | 19,302 | 4,913 | 123,564 | 12,767 |
Balance at End of Period | 120,998 | 62,115 | 120,998 | 62,115 |
Commercial real estate | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 57,730 | 32,836 | 30,577 | 33,707 |
Charge-offs | (10,187) | (2,304) | (16,229) | (2,833) |
Recoveries | 172 | 6 | 211 | 134 |
Net (Charge-offs)/Recoveries | (10,015) | (2,298) | (16,018) | (2,699) |
Provision for credit losses on loans | 23,839 | 1,292 | 52,185 | 822 |
Balance at End of Period | 71,554 | 31,830 | 71,554 | 31,830 |
Commercial and industrial | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 19,164 | 13,227 | 15,681 | 11,596 |
Charge-offs | (1,196) | (1,467) | (72,692) | (8,379) |
Recoveries | 398 | 210 | 420 | 718 |
Net (Charge-offs)/Recoveries | (798) | (1,257) | (72,272) | (7,661) |
Provision for credit losses on loans | (4,155) | 2,397 | 62,949 | 10,432 |
Balance at End of Period | 14,211 | 14,367 | 14,211 | 14,367 |
Commercial construction | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 8,874 | 7,254 | 7,900 | 7,983 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 1 | 1 | 22 | 4 |
Net (Charge-offs)/Recoveries | 1 | 1 | 22 | 4 |
Provision for credit losses on loans | (1,617) | 620 | 2,712 | (112) |
Balance at End of Period | 7,258 | 7,875 | 7,258 | 7,875 |
Consumer real estate | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 11,585 | 6,571 | 6,337 | 6,187 |
Charge-offs | (252) | (404) | (470) | (815) |
Recoveries | 41 | 102 | 153 | 595 |
Net (Charge-offs)/Recoveries | (211) | (302) | (317) | (220) |
Provision for credit losses on loans | (797) | 65 | 32 | 367 |
Balance at End of Period | 10,577 | 6,334 | 10,577 | 6,334 |
Other consumer | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 2,852 | 1,591 | 1,729 | 1,523 |
Charge-offs | (284) | (525) | (1,556) | (1,364) |
Recoveries | 78 | 104 | 302 | 292 |
Net (Charge-offs)/Recoveries | (206) | (421) | (1,254) | (1,072) |
Provision for credit losses on loans | (40) | 539 | 1,489 | 1,258 |
Balance at End of Period | $ 2,606 | $ 1,709 | $ 2,606 | $ 1,709 |
Allowance for Credit Losses -_7
Allowance for Credit Losses - Summary of Allowance for Credit Losses and Recorded Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | $ 2,200 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 60,024 | ||||||
Total | $ 120,998 | $ 114,609 | $ 62,224 | 62,224 | $ 62,115 | $ 61,479 | $ 60,996 |
Portfolio Loans, Individually Evaluated for Impairment | 75,337 | ||||||
Portfolio Loans, Collectively Evaluated for Impairment | 7,061,815 | ||||||
Total | 7,394,868 | 7,137,152 | |||||
Commercial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Total | 5,810,034 | 5,512,796 | |||||
Consumer | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Total | 1,584,834 | 1,624,356 | |||||
Commercial real estate | Commercial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 2,023 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 28,554 | ||||||
Total | 30,577 | ||||||
Portfolio Loans, Individually Evaluated for Impairment | 47,920 | ||||||
Portfolio Loans, Collectively Evaluated for Impairment | 3,368,598 | ||||||
Total | 3,290,138 | 3,416,518 | |||||
Commercial and industrial | Commercial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 55 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 15,626 | ||||||
Total | 15,681 | ||||||
Portfolio Loans, Individually Evaluated for Impairment | 17,606 | ||||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,703,227 | ||||||
Total | 2,042,467 | 1,720,833 | |||||
Commercial construction | Commercial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 113 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7,787 | ||||||
Total | 7,900 | ||||||
Portfolio Loans, Individually Evaluated for Impairment | 1,914 | ||||||
Portfolio Loans, Collectively Evaluated for Impairment | 373,531 | ||||||
Total | $ 477,429 | 375,445 | |||||
Consumer real estate | Consumer | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,337 | ||||||
Total | 6,337 | ||||||
Portfolio Loans, Individually Evaluated for Impairment | 7,884 | ||||||
Portfolio Loans, Collectively Evaluated for Impairment | 1,537,439 | ||||||
Total | 1,545,323 | ||||||
Other consumer | Consumer | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Allowance for Loan Losses, Individually Evaluated for Impairment | 9 | ||||||
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,720 | ||||||
Total | 1,729 | ||||||
Portfolio Loans, Individually Evaluated for Impairment | 13 | ||||||
Portfolio Loans, Collectively Evaluated for Impairment | 79,020 | ||||||
Total | $ 79,033 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Period for commitments (in days) | 60 days |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Value of Derivative Assets and Derivative Liabilities (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value | $ 90,163 | $ 25,647 |
Other Assets | Interest rate swap contracts—commercial loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value | 90,163 | 25,647 |
Notional amount | 943,369 | 740,762 |
Collateral posted | 0 | 0 |
Other Assets | Interest rate lock commitments—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value | 3,198 | 321 |
Notional amount | 51,985 | 9,829 |
Other Assets | Forward sale contracts—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value | 0 | 1 |
Notional amount | 0 | 12,750 |
Other Liabilities | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value | 90,616 | 25,615 |
Other Liabilities | Interest rate swap contracts—commercial loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value | 90,616 | 25,615 |
Notional amount | 943,369 | 740,762 |
Collateral posted | 90,820 | 26,127 |
Other Liabilities | Interest rate lock commitments—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value | 0 | 0 |
Notional amount | 0 | 0 |
Other Liabilities | Forward sale contracts—mortgage loans | ||
Derivatives not Designated as Hedging Instruments | ||
Fair value | 450 | 0 |
Notional amount | $ 51,871 | $ 0 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Gross Amounts of Derivative Assets and Derivative Liabilities (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets | ||
Derivatives (included in Other Assets) | ||
Gross amounts recognized | $ 94,821 | $ 26,146 |
Gross amounts offset | (4,658) | (499) |
Net Amounts Presented in the Consolidated Balance Sheets | 90,163 | 25,647 |
Gross amounts not offset | 0 | 0 |
Net Amount | 90,163 | 25,647 |
Other Liabilities | ||
Derivatives (included in Other Liabilities) | ||
Gross amounts recognized | 94,779 | 26,114 |
Gross amounts offset | (4,163) | (499) |
Net Amounts Presented in the Consolidated Balance Sheets | 90,616 | 25,615 |
Gross amounts not offset | (90,820) | (26,127) |
Net Amount | $ (204) | $ (512) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Amount of Gain or Loss Recognized in Income on Derivatives (Details) - Not Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives (Loss)/Gain | $ (307) | $ (41) | $ 1,941 | $ 101 |
Interest rate swap contracts—commercial loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives (Loss)/Gain | (537) | (16) | (485) | (112) |
Interest rate lock commitments—mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives (Loss)/Gain | 86 | (194) | 2,877 | 204 |
Forward sale contracts—mortgage loans | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Derivatives (Loss)/Gain | $ 144 | $ 169 | $ (451) | $ 9 |
Borrowings - Additional Informa
Borrowings - Additional Information (Details) | Sep. 30, 2020USD ($)numberOfPrivatePlacements | Dec. 31, 2019USD ($) |
Long Term And Short Term Debt [Line Items] | ||
Total long-term debt outstanding at a fixed rate | $ 2,500,000 | |
Total long-term debt outstanding at a variable rate | $ 45,100,000 | |
Number of completed private placements of trust preferred securities | numberOfPrivatePlacements | 3 | |
Percentage of equity owned | 100.00% | |
Federal Home Loan Bank Advance | ||
Long Term And Short Term Debt [Line Items] | ||
Total borrowings | $ 130,600,000 | $ 532,900,000 |
Short-term borrowings | 83,000,000 | |
Long-term borrowings | 47,600,000 | |
Maximum borrowing capacity | 3,000,000,000 | |
Borrowing capacity utilized | 523,300,000 | |
Letter of credit to collateralize public funds | 392,700,000 | |
Remaining borrowing capacity | 2,500,000,000 | |
Mortgage Backed Securities | ||
Long Term And Short Term Debt [Line Items] | ||
Amortized cost of securities pledged as collateral | 42,000,000 | 22,700,000 |
Carrying value of securities pledged as collateral | $ 44,000,000 | $ 23,000,000 |
Borrowings - Summary of Informa
Borrowings - Summary of Information Pertaining to Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 125,706 | $ 301,207 |
Long-term borrowings, Balance | 113,144 | 115,145 |
Total Borrowings, Balance | $ 238,850 | $ 416,352 |
Short-term borrowings, Weighted Average Rate | 0.32% | 1.76% |
Long-term borrowings, Weighted Average Rate | 2.79% | 3.15% |
Total Borrowings, Weighted Average Rate | 1.49% | 2.14% |
Securities sold under repurchase agreements | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 42,706 | $ 19,888 |
Short-term borrowings, Weighted Average Rate | 0.25% | 0.74% |
Short-term borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Short-term borrowings, Balance | $ 83,000 | $ 281,319 |
Short-term borrowings, Weighted Average Rate | 0.36% | 1.84% |
Long-term borrowings | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings, Balance | $ 49,076 | $ 50,868 |
Long-term borrowings, Weighted Average Rate | 2.47% | 2.60% |
Junior subordinated debt securities | ||
Long Term And Short Term Debt [Line Items] | ||
Long-term borrowings, Balance | $ 64,068 | $ 64,277 |
Long-term borrowings, Weighted Average Rate | 3.03% | 3.59% |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Letters of Credit (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 2,339,635 | $ 1,990,845 |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | 2,251,106 | 1,910,805 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and letters of credit | $ 88,529 | $ 80,040 |
Commitments and Contingencies_2
Commitments and Contingencies - Allowance for Credit Losses for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||||||
Balance at beginning of period | $ 7,004 | $ 2,346 | $ 3,112 | $ 2,139 | $ 2,139 | ||
Impact of adopting ASU 2016-13 at January 1, 2020 | 5,188 | 2,441 | 5,188 | 2,139 | 2,139 | $ 2,139 | $ 3,113 |
Provision for credit losses | (1,816) | 95 | 727 | 302 | |||
Balance at end of period | $ 5,188 | $ 2,441 | $ 5,188 | 2,441 | $ 3,112 | $ 2,139 | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201602Member | ||||
Impact of ASU 2016-13 Adoption | |||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||||||
Balance at beginning of period | $ 1,349 | 0 | $ 0 | ||||
Impact of adopting ASU 2016-13 at January 1, 2020 | 1,349 | 0 | 0 | $ 0 | 1,349 | ||
Balance at end of period | 1,349 | 0 | |||||
Adjusted Balance | |||||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||||||
Balance at beginning of period | 4,461 | 2,139 | 2,139 | ||||
Impact of adopting ASU 2016-13 at January 1, 2020 | $ 4,461 | $ 2,139 | 2,139 | 2,139 | $ 4,462 | ||
Balance at end of period | $ 4,461 | $ 2,139 |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | $ 2,820 | $ 3,412 | $ 8,720 | $ 9,777 |
Service charges on deposit accounts | Over a period of time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 423 | 473 | 1,347 | 1,381 |
Service charges on deposit accounts | At a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 2,397 | 2,939 | 7,373 | 8,396 |
Debit and credit card | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 4,171 | 3,475 | 11,264 | 9,951 |
Debit and credit card | Over a period of time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 178 | 180 | 556 | 542 |
Debit and credit card | At a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 3,993 | 3,295 | 10,708 | 9,409 |
Wealth management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 2,522 | 2,101 | 7,471 | 6,210 |
Wealth management | Over a period of time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 1,992 | 1,703 | 5,944 | 4,991 |
Wealth management | At a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | 530 | 398 | 1,527 | 1,219 |
Other fee revenue | At a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contract with customers | $ 978 | $ 864 | $ 2,771 | $ 2,928 |
Other Comprehensive Income_(L_3
Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pre-Tax Amount | ||||
Other Comprehensive Income/(Loss), Pre-Tax Amount | $ 281 | $ 2,804 | $ 26,833 | $ 20,075 |
Tax (Expense) Benefit | ||||
Other Comprehensive Income/(Loss), Tax (Expense) Benefit | (60) | (598) | (5,710) | (4,281) |
Net of Tax Amount | ||||
Other Comprehensive Income/(Loss), Net of Tax Amount | 221 | 2,206 | 21,123 | 15,794 |
Pension settlement charge | 700 | 700 | ||
Accumulated Net Investment Gain (Loss) Attributable to Parent | ||||
Pre-Tax Amount | ||||
Change in net unrealized gains/(losses) on debt securities available-for-sale | (882) | 2,350 | 24,883 | 18,716 |
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 | (142) | 0 |
Tax (Expense) Benefit | ||||
Change in net unrealized gains/(losses) on debt securities available-for-sale | 188 | (501) | (5,294) | (3,991) |
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 | 30 | 0 |
Net of Tax Amount | ||||
Change in net unrealized gains/(losses) on debt securities available-for-sale | (694) | 1,849 | 19,589 | 14,725 |
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income | 0 | 0 | (112) | 0 |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||||
Pre-Tax Amount | ||||
Other Comprehensive Income/(Loss), Pre-Tax Amount | 1,163 | 454 | 2,092 | 1,359 |
Tax (Expense) Benefit | ||||
Other Comprehensive Income/(Loss), Tax (Expense) Benefit | (248) | (97) | (446) | (290) |
Net of Tax Amount | ||||
Other Comprehensive Income/(Loss), Net of Tax Amount | $ 915 | $ 357 | $ 1,646 | $ 1,069 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Service costs included in net periodic pension expense | $ 0 | ||||
Expected long-term rate of return on plan assets | 3.45% | 4.80% | |||
Contribution by employer | $ 100,000 | $ 100,000 | |||
Settlement Charge | $ 671,000 | $ 0 | $ 671,000 | $ 0 | |
Fixed Income Funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation (as a percentage) | 90.00% | 90.00% | |||
Equity Securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation (as a percentage) | 10.00% | 10.00% |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Components of Net Periodic Pension Cost | ||||
Interest cost on projected benefit obligation | $ 905 | $ 989 | $ 2,686 | $ 2,967 |
Expected return on plan assets | (970) | (1,181) | (2,913) | (3,541) |
Net amortization | 411 | 395 | 1,180 | 1,184 |
Settlement Charge | 671 | 0 | 671 | 0 |
Net Periodic Pension Expense | $ 1,017 | $ 203 | $ 1,624 | $ 610 |
Qualified Affordable Housing (D
Qualified Affordable Housing (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Sep. 11, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in qualified affordable housing projects | $ 8,900,000 | $ 8,900,000 | $ 4,800,000 | ||||
Tax credits to offset amortization expense of investments in affordable housing projects | 600,000 | $ 700,000 | 1,700,000 | $ 2,200,000 | |||
New Qualified Affordable Housing Project | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Investment in qualified affordable housing projects | 7,100,000 | 7,100,000 | |||||
New qualified affordable housing project commitment | $ 10,200,000 | ||||||
Forecast | New Qualified Affordable Housing Project | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Amortization expense of investments in qualified affordable housing projects | $ 0 | ||||||
Tax credits to offset amortization expense of investments in affordable housing projects | $ 0 | ||||||
Noninterest Expense | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Amortization expense of investments in qualified affordable housing projects | $ 500,000 | $ 700,000 | $ 2,800,000 | $ 2,000,000 |
Share Repurchase Plan (Details)
Share Repurchase Plan (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 16, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchased common shares (in shares) | 0 | 84,868 | 411,430 | 470,708 | |
Cost to repurchase common shares | $ 0 | $ 3,100,000 | $ 12,559,000 | $ 18,222,000 | |
September 16, 2019 Plan | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | ||||
Repurchased common shares (in shares) | 0 | 411,430 | |||
Cost to repurchase common shares | $ 12,600,000 | ||||
Cost to repurchase common shares (in dollars per share) | $ 30.52 |