Document and Entity Information
Document and Entity Information Document - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 04, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-11733 | |
Entity Registrant Name | CITY HOLDING COMPANY | |
Entity Incorporation, State or Country Code | WV | |
Entity Tax Identification Number | 55-0619957 | |
Entity Address, Address Line One | 25 Gatewater Road, | |
Entity Address, City or Town | Charleston, | |
Entity Address, State or Province | WV | |
Entity Address, Postal Zip Code | 25313 | |
City Area Code | 304 | |
Local Phone Number | 769-1100 | |
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 | 16,030,180 | |
Entity Central Index Key | 0000726854 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $2.50 par value | |
Trading Symbol | CHCO | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets [Abstract] | ||
Cash and due from banks | $ 87,658 | $ 88,658 |
Interest-bearing deposits in depository institutions | 285,596 | 51,486 |
Cash and Cash Equivalents | 373,254 | 140,144 |
Investment securities available for sale, at fair value | 1,055,185 | 810,106 |
Investment securities, held-to-maturity, at amortized cost | 0 | 49,036 |
Securities held-to-maturity, Estimated Fair Value | 0 | 50,598 |
Other securities | 26,144 | 28,490 |
Total Investment Securities | 1,081,329 | 887,632 |
Gross loans | 3,665,596 | 3,616,099 |
Allowance for credit losses | (25,199) | (11,589) |
Net Loans | 3,640,397 | 3,604,510 |
Bank owned life insurance | 116,746 | 115,261 |
Premises and equipment, net | 77,991 | 76,965 |
Accrued interest receivable | 14,200 | 11,569 |
Net deferred tax asset | 0 | 6,669 |
Goodwill and other intangible assets, net | 119,417 | 120,241 |
Other assets | 105,438 | 55,765 |
Total Assets | 5,528,772 | 5,018,756 |
Deposits: | ||
Noninterest-bearing | 1,079,469 | 805,087 |
Interest-bearing: | ||
Demand deposits | 921,761 | 896,465 |
Savings deposits | 1,067,254 | 1,009,771 |
Time deposits | 1,342,631 | 1,364,571 |
Total Deposits | 4,411,115 | 4,075,894 |
Securities sold under agreements to repurchase | 282,676 | 211,255 |
Long-term debt | 0 | 4,056 |
Net deferred tax liability | 2,598 | 0 |
Other liabilities | 138,633 | 69,568 |
Total Liabilities | $ 4,835,022 | $ 4,360,773 |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
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) | 19,047,548 | 19,047,548 |
Common stock, treasury shares (in shares) | 2,970,815 | 2,744,109 |
Preferred Stock | $ 0 | $ 0 |
Common Stock | 47,619 | 47,619 |
Capital surplus | 169,881 | 170,309 |
Retained earnings | 565,804 | 539,253 |
Cost of common stock in treasury | (120,583) | (105,038) |
Accumulated other comprehensive income: | ||
Unrealized gain on securities available-for-sale | 37,299 | 12,110 |
Underfunded pension liability | (6,270) | (6,270) |
Total Accumulated Other Comprehensive Income | 31,029 | 5,840 |
Total Shareholders’ Equity | 693,750 | 657,983 |
Total Liabilities and Shareholders’ Equity | $ 5,528,772 | $ 5,018,756 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest Income | ||||
Interest and fees on loans | $ 37,718 | $ 43,174 | $ 79,053 | $ 85,453 |
Interest and dividends on investment securities: | ||||
Taxable | 5,718 | 5,732 | 11,589 | 11,421 |
Tax-exempt | 821 | 755 | 1,528 | 1,534 |
Interest on deposits in depository institutions | 55 | 577 | 360 | 763 |
Total Interest Income | 44,312 | 50,238 | 92,530 | 99,171 |
Interest Expense | ||||
Interest on deposits | 5,963 | 8,417 | 13,201 | 16,184 |
Interest on short-term borrowings | 279 | 863 | 743 | 1,915 |
Interest on long-term debt | 0 | 47 | 100 | 95 |
Total Interest Expense | 6,242 | 9,327 | 14,044 | 18,194 |
Net Interest Income | 38,070 | 40,911 | 78,486 | 80,977 |
Provision for (recovery of) credit losses | 1,250 | (600) | 9,222 | (1,449) |
Net Interest Income After Provision for (Recovery of) Credit Losses | 36,820 | 41,511 | 69,264 | 82,426 |
Non-Interest Income | ||||
(Losses) gains on sale of investment securities, net | (6) | 21 | 56 | 109 |
Unrealized gains (losses) recognized on equity securities still held | 242 | 113 | (2,159) | 188 |
Bank owned life insurance | 848 | 1,132 | 2,523 | 2,148 |
Sale of VISA shares | 0 | 0 | 17,837 | 0 |
Other income | 783 | 1,560 | 2,318 | 2,374 |
Total Non-Interest Income | 14,631 | 17,825 | 47,975 | 33,750 |
Non-Interest Expense | ||||
Salaries and employee benefits | 14,873 | 15,767 | 30,724 | 31,010 |
Occupancy related expense | 2,402 | 2,598 | 4,890 | 5,330 |
Equipment and software related expense | 2,504 | 2,223 | 4,933 | 4,414 |
FDIC insurance expense | 167 | 347 | 167 | 638 |
Advertising | 933 | 920 | 1,776 | 1,789 |
Bankcard expenses | 1,498 | 1,534 | 2,933 | 2,716 |
Postage, delivery, and statement mailings | 592 | 545 | 1,208 | 1,169 |
Office supplies | 353 | 399 | 747 | 785 |
Legal and professional fees | 589 | 605 | 1,190 | 1,126 |
Telecommunications | 531 | 597 | 1,042 | 1,323 |
Repossessed asset losses, net of expenses | 76 | 253 | 274 | 469 |
Merger related costs | 0 | 547 | 0 | 797 |
Other expenses | 3,950 | 4,437 | 8,052 | 8,617 |
Total Non-Interest Expense | 28,468 | 30,772 | 57,936 | 60,183 |
Income Before Income Taxes | 22,983 | 28,564 | 59,303 | 55,993 |
Income tax expense | 4,732 | 5,813 | 12,054 | 11,623 |
Net Income Available to Common Shareholders | $ 18,251 | $ 22,751 | $ 47,249 | $ 44,370 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Average common shares outstanding, basic (in shares) | 16,081 | 16,368 | 16,123 | 16,390 |
Effect of dilutive securities (in shares) | 16 | 18 | 19 | 18 |
Average common shares outstanding, diluted (in shares) | 16,097 | 16,386 | 16,142 | 16,408 |
Earnings Per Share [Abstract] | ||||
Basic earnings per common share (in dollars per share) | $ 1.12 | $ 1.38 | $ 2.90 | $ 2.68 |
Diluted earnings per common share (in dollars per share) | $ 1.12 | $ 1.38 | $ 2.90 | $ 2.68 |
Service charges | ||||
Non-Interest Income | ||||
Revenue from contract with customer | $ 4,945 | $ 7,778 | $ 12,667 | $ 15,099 |
Bankcard revenue | ||||
Non-Interest Income | ||||
Revenue from contract with customer | 5,888 | 5,522 | 11,003 | 10,491 |
Trust and investment management fee income | ||||
Non-Interest Income | ||||
Revenue from contract with customer | $ 1,931 | $ 1,699 | $ 3,730 | $ 3,341 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income available to common shareholders | $ 18,251 | $ 22,751 | $ 47,249 | $ 44,370 |
Unrealized gains on available-for-sale securities arising during the period | 4,652 | 14,309 | 31,365 | 25,671 |
Reclassification adjustment for gains | 6 | (21) | (56) | (109) |
Reclassification of unrealized gains on held-to-maturity securities to available-for-sale | 0 | 0 | 1,562 | 0 |
Other comprehensive income before income taxes | 4,658 | 14,288 | 32,871 | 25,562 |
-1089000 | (1,089) | (3,349) | (7,682) | (5,992) |
Other comprehensive income, net of tax | 3,569 | 10,939 | 25,189 | 19,570 |
Comprehensive Income, Net of Tax | $ 21,820 | $ 33,690 | $ 72,438 | $ 63,940 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Total |
Beginning Balance at Dec. 31, 2018 | $ 600,764 | $ 47,619 | $ 169,555 | $ 485,967 | $ (87,895) | $ (14,482) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income available to common shareholders | 44,370 | 44,370 | ||||
Other comprehensive income, net of tax | 19,570 | 19,570 | ||||
Cash dividends declared | (17,426) | (17,426) | ||||
Stock-based compensation expense | 1,374 | 1,374 | ||||
Restricted awards granted | 0 | (1,557) | 1,557 | |||
Exercise of stock options | 365 | 2 | 363 | |||
Purchase of treasury shares | (12,109) | (12,109) | ||||
Ending balance at Jun. 30, 2019 | $ 636,908 | 47,619 | 169,374 | 512,911 | (98,084) | 5,088 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared (in dollars per share) | $ 1.06 | |||||
Exercise of stock options (in shares) | 8,140 | |||||
Purchase of treasury shares (in shares) | 161,950 | |||||
Beginning Balance at Mar. 31, 2019 | $ 619,241 | 47,619 | 170,215 | 498,847 | (91,589) | (5,851) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income available to common shareholders | 22,751 | 22,751 | ||||
Other comprehensive income, net of tax | 10,939 | 10,939 | ||||
Cash dividends declared | (8,687) | (8,687) | ||||
Stock-based compensation expense | 571 | 571 | ||||
Restricted awards granted | 0 | (1,333) | 1,333 | |||
Exercise of stock options | 113 | (79) | 192 | |||
Purchase of treasury shares | (8,020) | (8,020) | ||||
Ending balance at Jun. 30, 2019 | $ 636,908 | 47,619 | 169,374 | 512,911 | (98,084) | 5,088 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared (in dollars per share) | $ 0.53 | |||||
Exercise of stock options (in shares) | 2,502 | |||||
Purchase of treasury shares (in shares) | 107,210 | |||||
Beginning Balance at Dec. 31, 2019 | $ 657,983 | 47,619 | 170,309 | 539,253 | (105,038) | 5,840 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Impact of adopting CECL | (2,335) | (2,335) | ||||
Net income available to common shareholders | 47,249 | 47,249 | ||||
Other comprehensive income, net of tax | 25,189 | 25,189 | ||||
Cash dividends declared | (18,363) | (18,363) | ||||
Stock-based compensation expense | 1,702 | 1,702 | ||||
Restricted awards granted | 0 | (2,033) | 2,033 | |||
Exercise of stock options | 189 | (97) | 286 | |||
Purchase of treasury shares | (17,864) | (17,864) | ||||
Ending balance at Jun. 30, 2020 | $ 693,750 | 47,619 | 169,881 | 565,804 | (120,583) | 31,029 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared (in dollars per share) | $ 1.14 | |||||
Exercise of stock options (in shares) | 4,166 | |||||
Purchase of treasury shares (in shares) | 261,137 | |||||
Beginning Balance at Mar. 31, 2020 | $ 685,228 | 47,619 | 170,096 | 556,718 | (116,665) | 27,460 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income available to common shareholders | 18,251 | 18,251 | ||||
Other comprehensive income, net of tax | 3,569 | 3,569 | ||||
Cash dividends declared | (9,165) | (9,165) | ||||
Stock-based compensation expense | 693 | 693 | ||||
Restricted awards granted | 0 | (879) | 879 | |||
Exercise of stock options | 67 | (29) | 96 | |||
Purchase of treasury shares | (4,893) | (4,893) | ||||
Ending balance at Jun. 30, 2020 | $ 693,750 | $ 47,619 | $ 169,881 | $ 565,804 | $ (120,583) | $ 31,029 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cash dividends declared (in dollars per share) | $ 0.57 | |||||
Exercise of stock options (in shares) | 1,516 | |||||
Purchase of treasury shares (in shares) | 79,238 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating Activities | ||
Net income available to common shareholders | $ 47,249 | $ 44,370 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Accretion) and amortization, net | 873 | 557 |
Provision for (recovery of) credit losses | 9,222 | (1,449) |
Depreciation of premises and equipment | 2,772 | 2,467 |
Deferred income tax expense | 2,323 | 2,134 |
Net periodic employee benefit cost | 362 | 386 |
Unrealized and realized investment securities losses (gains), net | 2,103 | (297) |
Stock-compensation expense | 1,702 | 1,374 |
Excess tax benefit from stock-compensation expense | (137) | (433) |
Increase in value of bank-owned life insurance | (2,523) | (2,148) |
Loans originated for sale | (9,372) | (9,915) |
Proceeds from the sale of loans originated for sale | 9,854 | 10,584 |
Gain on sale of loans | (177) | (284) |
Payments for Other Operating Activities | (450) | 0 |
Change in accrued interest receivable | (2,631) | (295) |
Change in other assets | (9,515) | (1,231) |
Change in other liabilities | 16,334 | 2,600 |
Net Cash Provided by Operating Activities | 67,989 | 48,420 |
Investing Activities | ||
Net (increase) decrease in loans | (46,146) | 68,403 |
Purchases | (232,478) | (113,412) |
Proceeds from sales | 28,548 | 31,597 |
Proceeds from maturities and calls | 51,246 | 31,982 |
Securities Held-to-maturity: Proceeds from maturities and calls | 0 | 7,427 |
Other investments: Purchases | (2,132) | (9,365) |
Other investments: Proceeds from sales | 2,282 | 11,857 |
Purchases of premises and equipment | (3,798) | (3,017) |
Proceeds from bank-owned life insurance policies | 1,513 | 2,211 |
Sale of Virginia Beach branch, net | 0 | (24,661) |
Other investing activities | (142) | (3,414) |
Net Cash Used in Investing Activities | (201,107) | (392) |
Financing Activities | ||
Net increase in non-interest-bearing deposits | 274,382 | 19,696 |
Net increase in interest-bearing deposits | 61,150 | 62,574 |
Net increase (decrease) in short-term borrowings | 71,421 | (54,878) |
Repayment of long-term debt | 4,124 | 0 |
Purchases of treasury stock | (17,864) | (12,109) |
Proceeds from exercise of stock options | 189 | 365 |
Dividends paid | (18,492) | (17,510) |
Other financing activities | (434) | (438) |
Net Cash Provided by (Used in) Financing Activities | 366,228 | (2,300) |
Increase in Cash and Cash Equivalents | 233,110 | 45,728 |
Cash and cash equivalents at beginning of period | 140,144 | 122,991 |
Cash and Cash Equivalents at End of Period | 373,254 | 168,719 |
Supplemental Cash Flow Information [Abstract] | ||
Cash paid for interest | 14,878 | 18,333 |
Cash paid for income taxes | $ 2,400 | $ 7,025 |
Background and Basis of Present
Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Background and Basis of Presentation | Background and Basis of Presentation City Holding Company ("City Holding"), a West Virginia corporation headquartered in Charleston, West Virginia, is a registered financial holding company under the Bank Holding Company Act and conducts its principal activities through its wholly-owned subsidiary, City National Bank of West Virginia ("City National"). City National is a retail and consumer-oriented community bank with 94 banking offices in West Virginia (58), Kentucky (19), Virginia (13) and southeastern Ohio (4). City National provides credit, deposit, and trust and investment management services to its customers in a broad geographical area that includes many rural and small community markets in addition to larger cities including Charleston (WV), Huntington (WV), Martinsburg (WV), Ashland (KY), Lexington (KY), Winchester (VA) and Staunton (VA). In addition to its branch network, City National's delivery channels include automated-teller-machines ("ATMs"), interactive-teller machines ("ITMs"), mobile banking, debit cards, interactive voice response systems, and Internet technology. The Company’s business activities are currently limited to one reportable business segment, which is community banking. On January 30, 2019, the Company announced that City National had signed a definitive agreement to sell its Virginia Beach, Virginia branch. The terms of the agreement provided for the acquirer to assume the majority of deposits and to acquire the equipment and other select assets associated with the branch, while City National retained the loans. The transaction closed during the second quarter of 2019. As a result of this transaction, the Company recognized a gain of $0.7 million and outstanding deposit balances decreased by $25.7 million. The accompanying consolidated financial statements, which are unaudited, include all of the accounts of City Holding and its wholly-owned subsidiaries (collectively, the "Company"). All material intercompany transactions have been eliminated. The consolidated financial statements include all adjustments that, in the opinion of management, are necessary for a fair presentation of the results of operations and financial condition for each of the periods presented. Such adjustments are of a normal recurring nature. The results of operations for the six months ended June 30, 2020 are not necessarily indicative of the results of operations that can be expected for the year ending December 31, 2020. The Company’s accounting and reporting policies conform with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Such policies require management to make estimates and develop assumptions that affect the amounts reported in the consolidated financial statements and related footnotes. Actual results could differ from management’s estimates. The consolidated balance sheet as of December 31, 2019 has been derived from audited financial statements included in the Company’s 2019 Annual Report to Shareholders. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been omitted. These financial statements should be read in conjunction with the financial statements and notes thereto included in the 2019 Annual Report of the Company. Certain amounts in the financial statements have been reclassified. Such reclassifications had no impact on shareholders’ equity or net income for any period. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted: CECL In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This standard replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments in this update require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The new current expected credit losses model ("CECL") will apply to the allowance for credit losses, available-for-sale and held-to-maturity debt securities, purchased financial assets with credit deterioration and certain off-balance sheet credit exposures. In November 2018, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses." This amendment clarifies the scope of the guidance in ASU No. 2016-13. In December 2018, the federal bank regulators issued a final rule that would provide an optional three-year phase-in period for the day-one regulatory capital effects of the adoption of ASU No. 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as amended, on January 1, 2020. In April 2020, federal bank regulators issued an interim final rule which provided banking organizations that implement CECL before the end of 2020 the option to delay for two more years an estimate of CECL's effect on regulatory capital, followed by the three-year transition period as previously issued. Management has elected to utilize the five-year interim final rule. The Company adopted 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet ("OBS") credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company adopted 2016-13 using the prospective transition approach for financial assets purchased with credit deterioration ("PCD") that were previously classified as purchased-credit impaired ("PCI") and accounted for under ASC 310-30. In accordance with the standard, management did not reassess whether the PCI assets met the criteria of PCD assets as of the date of adoption. On January 1, 2020, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $2.7 million of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income over the remaining life of the asset. The following table illustrates the impact of ASC 326 (in thousands): As Reported Under Pre-ASC 326 Impact of ASC 326 ASC 326 Adoption Adoption Gross Loans $ 3,618,825 $ 3,616,099 $ 2,726 Allowance for Credit Losses (17,349) (11,589) (5,760) Deferred Tax Assets, net 7,380 6,669 711 Shareholders' Equity 655,648 657,983 (2,335) As a result of the adoption of ASU 2016-13, the Company revised some of its existing accounting policies as noted below: Allowance for Credit Losses - Available-for-Sale Securities : For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Purchased Credit Deteriorated ("PCD") Loans : The Company has purchased loans during its acquisitions, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and the allowance for credit losses becomes the initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is accreted or amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense. Allowance for Credit Losses - Loans : The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Portfolio Segment Measurement Method Commercial and industrial Migration Commercial real estate: 1-4 family Migration Hotels Migration Multi-family Migration Non Residential Non-Owner Occupied Migration Non Residential Owner Occupied Migration Residential real estate Vintage Home equity Vintage Consumer Vintage Migration is an analysis that tracks a closed pool of loans for a configurable period of time and calculates a loss ratio on only those loans in the pool at the start date based on outstanding balance. Vintage is a predictive loss model that includes a reasonable approximation of probable and estimable future losses by tracking each loan's net losses over the life of the loan as compared to its original balance. For demand deposit overdrafts, the allowance for credit losses is measured using the historical loss rate. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable, the expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled-debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Troubled Debt Restructurings ("TDRs") : A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The allowance for credit loss on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit loss is determined by discounting the expected future cash flows at the original interest rate of the loan. Others In January 2017, the FASB issued ASU No. 2017-04, "Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This amendment simplifies the measurement of goodwill by eliminating Step 2 from the goodwill impairment test. This ASU became effective for the Company on January 1, 2020. The adoption of ASU No. 2017-04 did not have a material impact on the Company's financial statements. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities." This amendment expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This ASU became effective for the Company on January 1, 2019. The adoption of this ASU did not have a material impact on the Company's financial statements. In April 2019, the FASB issued ASU No. 2019-04, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments." T his amendment clarifies the guidance in ASU No. 2017-12. This amendment became effective for the Company on January 1, 2020. Effective January 1, 2020, the Company reclassified its held-to-maturity securities as available-for-sale utilizing the transition guidance under ASU 2019-04, and the unrealized gains/losses on these investments will be recorded through Other Comprehensive Income. In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement." This amendment removes, modifies, and clarifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. This ASU became effective for the Company on January 1, 2020. The adoption of ASU No. 2018-13 did not have a material impact on the Company's financial statements. In August 2018, the 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 update align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU became effective for the Company on January 1, 2020. The adoption of ASU No. 2018-15 did not have a material impact on the Company's financial statements. In October 2018, the FASB issued ASU No. 2018-16, "Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes." This amendment permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Federal Funds Effective Rate, and the SIFMA Municipal Swap Rate. This ASU became effective for the Company on January 1, 2019 with anticipation the LIBOR index will be phased out by the end of 2021. 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." This amendment provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform and is effective as of March 12, 2020 through December 31, 2022. The Company is in the process of reviewing all of its contracts that will be impacted by changing from LIBOR to SOFR. In October 2018, the FASB issued ASU No. 2018-17, " Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities." This amendment simplifies the analysis of fees paid to decision makers or service providers in determining variable interest entities. This ASU became effective for the Company on January 1, 2020. The adoption of ASU No. 2018-17 did not have a material impact on the Company's financial statements. Pending Adoption: In August 2018, the FASB issued ASU No. 2018-14, "Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans." This amendment removes, modifies, and clarifies certain disclosure requirements for defined benefit plans and other post-employment benefit plans. This ASU will become effective for the Company on January 1, 2021. The adoption of ASU No. 2018-14 is not expected to have a material impact on the Company's financial statements. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments in this update simpl ify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. This ASU will become effective for the Company on January 1, 2021. The adoption of ASU No. 2019-12 is not expected to have a material impact on the Company's financial statements. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Investments | Investments The aggregate carrying and approximate fair market values of investment securities follow (in thousands). Fair values are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices of comparable financial instruments. June 30, 2020 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. Treasuries and U.S. government agencies $ — $ — $ — $ — $ 500 $ 2 $ — $ 502 Obligations of states and political subdivisions 211,439 7,383 595 218,227 112,393 4,800 6 117,187 Mortgage-backed securities: U.S. government agencies 746,148 40,638 279 786,507 631,637 12,292 1,825 642,104 Private label 10,477 876 4 11,349 10,896 589 — 11,485 Trust preferred securities 4,551 — 1,071 3,480 4,781 27 347 4,461 Corporate securities 31,568 1,857 44 33,381 31,669 500 43 32,126 Total Debt Securities 1,004,183 50,754 1,993 1,052,944 791,876 18,210 2,221 807,865 Certificates of deposit held for investment 2,241 — — 2,241 2,241 — — 2,241 Total Securities Available-for-Sale $ 1,006,424 $ 50,754 $ 1,993 $ 1,055,185 $ 794,117 $ 18,210 $ 2,221 $ 810,106 Securities held-to-maturity: Mortgage-backed securities: U.S. government agencies $ — $ — $ — $ — $ 49,036 $ 1,562 $ — $ 50,598 Total Securities Held-to-Maturity $ — $ — $ — $ — $ 49,036 $ 1,562 $ — $ 50,598 Effective January 1, 2020, the Company reclassified its held-to-maturity securities as available-for-sale utilizing the transition guidance under ASU 2019-04, and the unrealized gains/losses on these investments will be recorded through Other Comprehensive Income. The Company's other investment securities include marketable and non-marketable equity securities. At June 30, 2020 and December 31, 2019, the Company held $10.5 million and $12.6 million, respectively, in marketable equity securities. Marketable equity securities mainly consist of investments made by the Company in equity positions of various community banks. Included within this portfolio are ownership positions in the following community bank holding companies: First National Corporation (FXNC) (4%) and Eagle Financial Services, Inc. (EFSI) (1.5%). Changes in the fair value of the marketable equity securities are recorded in "unrealized gains (losses) recognized on equity securities still held" in the consolidated statements of income. The Co mpany's non-marketable securities consist of securities with limited marketability, such as stock in the Federal Reserve Bank ("FRB") or the Federal Home Loan Bank ("FHLB"). At June 30, 2020 and December 31, 2019, the Company held $15.7 million and $15.9 million, respectively, in non-marketable equity securities. These securities are carried at cost due to the restrictions placed on their transferability. The Company's mortgage-backed U.S. government agency securities consist of both residential and commercial securities, all of which are guaranteed by Fannie Mae ("FNMA"), Freddie Mac ("FHLMC"), or Ginnie Mae ("GNMA"). At June 30, 2020 and December 31, 2019 there were no securities of any non-governmental issuer whose aggregate carrying value or estimated fair value exceeded 10% of shareholders' equity. Certain investment securities owned by the Company were in an unrealized loss position (i.e., amortized cost basis exceeded the estimated fair value of the securities) as of June 30, 2020 and December 31, 2019. The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): June 30, 2020 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 35,005 $ 595 $ — $ — $ 35,005 $ 595 Mortgage-backed securities: U.S. Government agencies 83,810 279 38 — 83,848 279 Private Label 275 4 — — 275 4 Trust preferred securities — — 3,480 1,071 3,480 1,071 Corporate securities 445 44 — — 445 44 Total available-for-sale $ 119,535 $ 922 $ 3,518 $ 1,071 $ 123,053 $ 1,993 December 31, 2019 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 230 $ — $ 1,439 $ 6 $ 1,669 $ 6 Mortgage-backed securities: U.S. Government agencies 123,289 1,247 34,746 578 158,035 1,825 Trust preferred securities 4,200 347 — — 4,200 347 Corporate securities 11,248 43 — — 11,248 43 Total available-for-sale $ 138,967 $ 1,637 $ 36,185 $ 584 $ 175,152 $ 2,221 There were no held-to-maturity securities in an unrealized loss position as of December 31, 2019. The Company incurred no credit-related investment impairment losses in either the six months ended June 30, 2020 or June 30, 2019. Declines in the fair value of available-for-sale securities below their cost that are deemed to be other-than-temporary would be reflected in earnings as realized losses. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost; (ii) the financial condition, capital strength, and near-term (within 12 months) prospects of the issuer, including any specific events which may influence the operations of the issuer, such as changes in technology that may impair the earnings potential of the investment or the discontinuance of a segment of the business that may affect the future earnings potential; (iii) the historical volatility in the market value of the investment and/or the liquidity or illiquidity of the investment; (iv) adverse conditions specifically related to the security, an industry, or a geographic area; and (v) the intent to sell the investment security and if it’s more likely than not that the Company will not have to sell the security before recovery of its cost basis. As of June 30, 2020, management does not intend to sell any impaired security and it is not more than likely that it will be required to sell any impaired security before the recovery of its amortized cost basis. The unrealized losses on debt securities are primarily the result of interest rate changes, credit spread fluctuations on agency-issued mortgage-related securities, general financial market uncertainty and unprecedented market volatility. These conditions should not prohibit the Company from receiving its contractual principal and interest payments on its debt securities. The fair value is expected to recover as the securities a pproach their maturity date or repricing date. As of June 30, 2020, management believes the unrealized losses detailed in the table above are temporary and therefore no allowance for credit losses has been recognized on the Company’s securities. The amortized cost and estimated fair value of debt securities at June 30, 2020, by contractual maturity, are shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity. Amortized Cost Estimated Fair Value Available-for-Sale Debt Securities Due in one year or less $ 2,050 $ 2,062 Due after one year through five years 15,327 15,900 Due after five years through ten years 294,981 312,351 Due after ten years 691,825 722,631 Total $ 1,004,183 $ 1,052,944 Gross gains and gross losses recognized by the Company from investment security transactions are summarized in the table below (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Gross realized gains on securities sold $ — $ 21 $ 133 $ 110 Gross realized losses on securities sold (6) — (77) (1) Net investment security (losses) gains $ (6) $ 21 $ 56 $ 109 Gross unrealized gains recognized on equity securities still held $ 242 $ 113 $ 36 $ 241 Gross unrealized losses recognized on equity securities still held — — (2,195) (53) Net unrealized gains (losses) recognized on equity securities still held $ 242 $ 113 $ (2,159) $ 188 During January 2020, the Company sold the entirety of its Visa Inc. Class B common shares (86,605) in a cash transaction which resulted in a pre-tax gain of $17.8 million. The carrying value of the Visa Class B shares on the Company's balance sheet was $0, as the Company had no historical cost basis in the shares. The carrying value of securities pledged to secure public deposits and for other purposes as required or permitted by law approximated $581 million and $519 million at June 30, 2020 and December 31, 2019, respectively. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Loans | Loans The following summarizes the Company’s major classifications for loans (in thousands): June 30, 2020 December 31, 2019 Commercial and industrial 369,122 308,015 1-4 Family 123,814 N/R Hotels 295,179 N/R Multi-family 204,580 N/R Non Residential Non-Owner Occupied 628,628 N/R Non Residential Owner Occupied 215,472 N/R Commercial real estate 1,467,673 1,459,737 Residential real estate 1,631,151 1,640,396 Home equity 142,672 148,928 Consumer 52,278 54,263 DDA overdrafts 2,700 4,760 Gross loans 3,665,596 3,616,099 Allowance for credit losses (25,199) (11,589) Net loans $ 3,640,397 $ 3,604,510 Construction loans included in: Residential real estate $ 28,252 $ 29,033 Commercial real estate 42,092 64,049 N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company’s commercial and residential real estate construction loans are primarily secured by real estate within the Company’s principal markets. These loans were originated under the Company’s loan policies, which are focused on the risk characteristics of the loan portfolio, including construction loans. In the judgment of the Company's management, adequate consideration has been given to these loans in establishing the Company's allowance for credit losses. The Company originated loans to its customers under the Paycheck Protection Program (“PPP”) administered by the Small Business Administration (“SBA”) under the provisions of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"). Loans covered by the PPP may be eligible for loan forgiveness. The remaining loan balances, if any, after the loan forgiveness are fully guaranteed by the SBA. As of June 30, 2020, the Company has funded approximately $90 million of SBA-approved PPP loans to over 1,500 customers. Under the terms of the program, the SBA will pay the lender a processing fee tiered by the size of the loan (5% for loans less than $350,000; 3% for loans greater than $350,000 but less than $2.0 million; and 1% for loans greater than $2.0 million). The Company expects to recognize approximately $3.0 million in PPP loan related processing fees, net of associated expenses, over the term of these loans. |
Allowance For Credit Losses
Allowance For Credit Losses | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Allowance For Credit Losses | Allowance For Credit Losses The following table summarizes the activity in the allowance for credit losses, by portfolio loan classification, for the six months ended June 30, 2020 and 2019 (in thousands). The allocation of a portion of the allowance in one portfolio segment does not preclude its availability to absorb losses in other portfolio segments. Commercial and Commercial Residential DDA Industrial Real Estate Real Estate Home Equity Consumer Overdrafts Total Six months ended June 30, 2020 Beginning balance $ 2,059 $ 2,606 $ 3,448 $ 1,187 $ 975 $ 1,314 $ 11,589 Impact of adopting CECL 1,715 3,254 2,139 (598) (810) 60 5,760 Charge-offs (77) (422) (859) (206) (91) (1,162) (2,817) Recoveries 14 331 103 56 141 800 1,445 Provision for credit losses 2,555 4,321 2,492 208 (95) (259) 9,222 Ending balance $ 6,266 $ 10,090 $ 7,323 $ 647 $ 120 $ 753 $ 25,199 Six months ended June 30, 2019 Beginning balance $ 4,060 $ 4,495 $ 4,116 $ 1,268 $ 319 $ 1,708 $ 15,966 Charge-offs (51) (178) (631) (117) (296) (1,213) (2,486) Recoveries 140 607 125 — 143 749 1,764 (Recovery of) Provision (1,353) (1,455) 349 60 343 607 (1,449) Ending balance $ 2,796 $ 3,469 $ 3,959 $ 1,211 $ 509 $ 1,851 $ 13,795 Three months ended June 30, 2020 Beginning balance $ 5,855 $ 9,389 $ 6,958 $ 702 $ 233 $ 1,256 24,393 Charge-offs — (39) (376) (161) (36) (459) (1,071) Recoveries 5 128 8 9 128 349 627 (Recovery of) provision 406 612 733 97 (205) (393) 1,250 Ending balance $ 6,266 $ 10,090 $ 7,323 $ 647 $ 120 $ 753 $ 25,199 Three months ended June 30, 2019 Beginning balance $ 2,970 $ 4,640 $ 3,820 $ 1,248 $ 468 $ 1,500 $ 14,646 Charge-offs (51) (133) (303) (71) (111) (588) (1,257) Recoveries 5 575 50 — 46 330 1,006 (Recovery of) provision (128) (1,613) 392 34 106 609 (600) Ending balance $ 2,796 $ 3,469 $ 3,959 $ 1,211 $ 509 $ 1,851 $ 13,795 Management systematically monitors the loan portfolio and the appropriateness of the allowance for credit losses on a quarterly basis to provide for expected losses inherent in the portfolio. Management assesses the risk in each loan type based on historica l trends, the general economic environment of its local markets, individual loan performance and other relevant factors. The provision for credit losses recorded during the six months ended June 30, 2020 largely reflects the expected economic impact from the COVID-19 pandemic. The Company's estimate of future economic conditions utilized in its provision estimate is primarily dependent on expected unemployment ranges over a two-year period. Beyond two years, a straight line reversion to historical average loss rates is applied over the life of the loan pool in the migration methodology. The vintage methodology applies future average loss rates based on net losses in historical periods where the unemployment rate was within the forecasted range. As a result of COVID-19, expected unemployment ranges have significantly increased and resulted in an increase in the Company's provision for credit losses. Individual credits in excess of $1 million are selected at least annually for detailed loan reviews, which are utilized by management to assess the risk in the portfolio and the appropriateness of the allowance. Due to the nature of commercial lending, evaluation of the appropriateness of the allowance as it relates to these types of loan types is often based more upon specific credit reviews, with consideration given to the potential impairment of certain credits and historical loss rates, adjusted for economic conditions and other inherent risk factors. Non-Performing Loans Interest income on loans is accrued and credited to operations based upon the principal amount outstanding, using methods that generally result in level rates of return. Loan origination fees, and certain direct costs, are deferred and amortized as an adjustment to the yield over the term of the loan. The accrual of interest generally is discontinued when a loan becomes 90 days past due as to principal or interest for all loan types. However, any loan may be placed on non-accrual status if the Company receives information that indicates a borrower is unable to meet the contractual terms of its respective loan agreement. Other indicators considered for placing a loan on non-accrual status include the borrower’s involvement in bankruptcies, foreclosures, repossessions, litigation and any other situation resulting in doubt as to whether full collection of contractual principal and interest is attainable. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for credit losses. Management may elect to continue the accrual of interest when the net realizable value of collateral exceeds the principal balance and related accrued interest, and the loan is in the process of collection. Generally for all loan classes, interest income during the period the loan is non-performing is recorded on a cash basis after recovery of principal is reasonably assured. Cash payments received on nonperforming loans are typically applied directly against the outstanding principal balance until the loan is fully repaid. Generally, loans are restored to accrual status when the obligation is brought current, the borrower has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of June 30, 2020 (in thousands): Non-accrual With No Non-accrual With Loans Past Due Allowance for Allowance for Over 90 Days Credit Losses Credit Losses Still Accruing Commercial & Industrial $ 207 $ 880 $ — 1-4 Family — 2,212 — Hotels — 2,748 — Multi-family — — — Non Residential Non-Owner Occupied — 346 3 Non Residential Owner Occupied 2,521 888 — Commercial Real Estate 2,521 6,194 3 Residential Real Estate 232 3,245 4 Home Equity — 265 61 Consumer — — — Total $ 2,960 $ 10,584 $ 68 The following table presents the Company's loans on non-accrual status and loans past due over 90 days still accruing as of December 31, 2019 (in thousands): Loans Past Due Over 90 Days Non-accrual Still Accruing Commercial and industrial $ 1,182 $ 184 Commercial real estate 6,384 — Residential real estate 3,393 83 Home equity 531 — Consumer — — Total $ 11,490 $ 267 The Company recognized less than $0.1 million of interest income on nonaccrual loans during each of the three months ended June 30, 2020 and 2019 and less than $0.1 million and $0.2 million for the six months ended June 30, 2020 and 2019, respectively. The following table presents the amortized cost basis of collateral-dependent loans as of June 30, 2020 (in thousands). Changes in the fair value of the collateral for collateral-dependent loans are reported as credit loss expense or a reversal of credit loss expense in the period of change. Secured by Real Estate Equipment Commercial and industrial $ 207 $ — 1-4 Family — — Hotels 2,634 — Multi-family — — Non Residential Non-Owner Occupied — — Non Residential Owner Occupied 2,520 — Commercial real estate 5,154 — Total $ 5,361 $ — The following table presents the Company’s impaired loans, by class (in thousands) as of December 31, 2019. The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off. There were no impaired residential, home equity, or consumer loans. December 31, 2019 Unpaid Recorded Principal Related Investment Balance Allowance With no related allowance recorded: Commercial and industrial $ 501 $ 501 $ — Commercial real estate 3,546 3,572 — Total $ 4,047 $ 4,073 $ — With an allowance recorded: Commercial and industrial $ — $ — $ — Commercial real estate 2,644 2,644 87 Total $ 2,644 $ 2,644 $ 87 The following table presents information related to the average recorded investment and interest income recognized on the Company’s impaired loans, by class (in thousands), for the three and six months ended June 30, 2019: Three months ended June 30, 2019 Six months ended June 30, 2019 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Commercial and industrial $ 589 — $ 603 $ — Commercial real estate 3,614 2 5,067 38 Total $ 4,203 $ 2 $ 5,670 $ 38 With an allowance recorded: Commercial and industrial $ — $ — $ — $ — Commercial real estate 5,667 76 4,326 106 Total $ 5,667 $ 76 $ 4,326 $ 106 The Company would have recognized less than $0.1 million of interest income during each of the three months ended June 30, 2020 and 2019 and less than $0.1 million during each of the six months ended June 30, 2020 and 2019 if such loans had been current in accordance with their original terms. Generally, all loan types are considered past due when the contractual terms of a loan are not met and the borrower is 30 days or more past due on a payment. Furthermore, residential and home equity loans are generally subject to charge-off when the loan becomes 120 days past due, depending on the estimated fair value of the collateral less cost to dispose, versus the outstanding loan balance. Commercial loans are generally charged off when the loan becomes 120 days past due. Open-end consumer loans are generally charged off when the loan becomes 180 days days past due. The following table presents the aging of the amortized cost basis in past-due loans as of June 30, 2020 by class of loan (in thousands): 30-59 60-89 90+ Total Current Total Past Due Past Due Past Due Past Due Loans Loans Commercial and industrial $ 130 $ 30 $ — $ 160 $ 368,962 $ 369,122 1-4 Family 753 — — 753 123,061 123,814 Hotels — — — — 295,179 295,179 Multi-family — — — — 204,580 204,580 Non Residential Non-Owner Occupied — — 3 3 628,625 628,628 Non Residential Owner Occupied 161 — — 161 215,311 215,472 Commercial real estate 914 — 3 917 1,466,756 1,467,673 Residential real estate 3,923 1,334 4 5,261 1,625,890 1,631,151 Home Equity 223 108 61 392 142,280 142,672 Consumer 67 — — 67 52,211 52,278 Overdrafts 272 1 — 273 2,427 2,700 Total $ 5,529 $ 1,473 $ 68 $ 7,070 $ 3,658,526 $ 3,665,596 The following presents an aging analysis of the Company's past-due loans, by class, as of December 31, 2019 (in thousands): 30-59 60-89 90+ Total Current Total Past Due Past Due Past Due Past Due Loans Loans Commercial and industrial $ 243 $ 31 $ 184 $ 458 $ 307,557 $ 308,015 Commercial real estate 1,514 66 — 1,580 1,458,157 1,459,737 Residential real estate 5,758 1,643 83 7,484 1,632,912 1,640,396 Home equity 840 116 — 956 147,972 148,928 Consumer 156 32 — 188 54,075 54,263 Overdrafts 644 86 — 730 4,030 4,760 Total $ 9,155 $ 1,974 $ 267 $ 11,396 $ 3,604,703 $ 3,616,099 Troubled Debt Restructurings ("TDRs") The Company’s policy on loan modifications typically does not allow for modifications that would be considered a concession from the Company. However, when there is a modification, the Company evaluates each modification to determine if the modification constitutes a troubled debt restructuring (“TDR”) in accordance with ASU 2011-02, whereby a modification of a loan would be considered a TDR when both of the following conditions are met: (1) a borrower is experiencing financial difficulty and (2) the modification constitutes a concession. These modifications range from partial deferrals (interest only) to full deferrals (principal and interest). When determining whether the borrower is experiencing financial difficulties, the Company reviews whether the debtor is currently in payment default on any of its debt or whether it is probable that the debtor would be in payment default in the fores eeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal and interest) in accordance with the contractual terms for the foreseeable future, without a modification. Regulatory guidance requires loans to be accounted for as collateral-dependent loans when borrowers have filed Chapter 7 bankruptcy, the debt has been discharged by the bankruptcy court and the borrower has not reaffirmed the debt. The filing of bankruptcy is deemed to be evidence that the borrower is in financial difficulty and the discharge of the debt by the bankruptcy court is deemed to be a concession granted to the borrower. The following tables set forth the Company’s TDRs (in thousands). Substantially all of the Company's TDRs are accruing interest. June 30, 2020 December 31, 2019 Commercial and industrial $ — $ — 1-4 Family 126 N/R Hotels 2,634 N/R Multi-family 1,921 N/R Non Residential Non-Owner Occupied — N/R Non Residential Owner Occupied 234 N/R Commercial real estate 4,915 4,973 Residential real estate 20,631 21,029 Home equity 2,138 3,628 Consumer 185 — Total $ 27,869 $ 29,630 N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP . The Company has allocate d $1.6 million and $0.8 million of the allowance for credit losses for these loans as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020, the Company has not committed to lend any additional amounts in relation to these loans. The following table presents loans by class, modified as TDRs, that occurred during the six months ended June 30, 2020 and 2019, respectively (dollars in thousands): June 30, 2020 June 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Commercial and industrial — $ — $ — — $ — $ — 1-4 Family — — — N/R N/R N/R Hotels — — — N/R N/R N/R Multi-family — — — N/R N/R N/R Non Owner Non-Owner Occupied — — — N/R N/R N/R Non Owner Owner Occupied — — — N/R N/R N/R Commercial real estate — — — — — — Residential real estate 24 1,720 1,716 27 2,066 2,066 Home equity 2 70 70 7 194 194 Consumer — — — — — — Total 26 $ 1,790 $ 1,786 34 $ 2,260 $ 2,260 N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP . The TDRs above increased the allowance for credit losses by less than $0.1 million in each of the six months ended of June 30, 2020 and 2019 and resulted in charge-offs of less than $0.1 million during those same time periods. The Company had one TDR that subsequently defaulted in 2019. The loan balance was approximately $3.0 million and the subsequent default resulted in a charge-off of $0.7 million and the remaining balance was transferred to OREO during 2019. The Company has had no TDRs that subsequently defaulted in 2020. COVID-19 Pandemic In March of 2020, in response to the COVID-19 pandemic, reg ulatory guidance was issued that clarified the accounting for loan modifications. Modifications of loan terms do not automatically result in a TDR. Short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extension of repayment terms, or other dela ys that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time the modification program was implemented. However, these deferrals do not absolve the company from performing its normal risk rating and therefore a loan could be current and have a less than satisfactory risk rating. Through June 30, 2020, the Company has granted deferrals of approximately $125 million for mortgage borrowers and $430 million for commercial borrowers. As of June 30, 2020, $3.6 million of the mortgage deferrals were previously and currently considered TDRs due to Chapter 7 bankruptcies. Credit Quality Indicators All commercial loans within the portfolio are subject to internal risk rating. All non-commercial loans are evaluated based on payment history. The Company’s internal risk ratings for commercial loans are: Exceptional, Good, Acceptable, Pass/Watch, Special Mention, Substandard and Doubtful. Each internal risk rating is defined in the loan policy using the following criteria: balance sheet yields; ratios and leverage; cash flow spread and coverage; prior history; capability of management; market position/industry; potential impact of changing economic, legal, regulatory or environmental conditions; purpose; structure; collateral support; and guarantor support. Risk grades are generally assigned by the primary lending officer and are periodically evaluated by the Company’s internal loan review process. Based on an individual loan’s risk grade, estimated loss percentages are applied to the outstanding balance of the loan to determine the amount of probable loss. The Company categorizes loans into risk categories based on relevant information regarding the customer’s debt service ability, capacity and overall collateral position, along with other economic trends and historical payment performance. The risk rating for each credit is updated when the Company receives current financial information, the loan is reviewed by the Company’s internal loan review and credit administration departments, or the loan becomes delinquent or impaired. The risk grades are updated a minimum of annually for loans rated Exceptional, Good, Acceptable, or Pass/Watch. Loans rated Special Mention, Substandard or Doubtful are reviewed at least quarterly. The Company uses the following definitions for its risk ratings: Risk Rating Description Pass ratings: (a) Exceptional Loans classified as exceptional are secured with liquid collateral conforming to the internal loan policy. Loans rated within this category pose minimal risk of loss to the bank. (b) Good Loans classified as good have similar characteristics that include a strong balance sheet, satisfactory debt service coverage ratios, strong management and/or guarantors, and little exposure to economic cycles. Loans in this category generally have a low chance of loss to the bank. (c) Acceptable Loans classified as acceptable have acceptable liquidity levels, adequate debt service coverage ratios, experienced management, and have average exposure to economic cycles. Loans within this category generally have a low risk of loss to the bank. (d) Pass/Watch Loans classified as pass/watch have erratic levels of leverage and/or liquidity, cash flow is volatile and the borrower is subject to moderate economic risk. A borrower in this category poses a low to moderate risk of loss to the bank. Special Mention Loans classified as special mention have a potential weakness(es) that deserves management’s close attention. The potential weakness could result in deterioration of the loan repayment or the bank’s credit position at some future date. A loan rated in this category poses a moderate loss risk to the bank. Substandard Loans classified as substandard reflect a customer with a well defined weakness that jeopardizes the liquidation of the debt. Loans in this category have the possibility that the bank will sustain some loss if the deficiencies are not corrected and the bank’s collateral value is weakened by the financial deterioration of the borrower. Doubtful Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristics that make collection of the full contract amount highly improbable. Loans rated in this category are most likely to cause the bank to have a loss due to a collateral shortfall or a negative capital position. Based on the most recent analysis performed, the risk category of loans by class of loans at June 30, 2020 is as follows (in thousands): Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total Commercial and industrial Pass $ 74,977 $ 74,675 $ 63,750 $ 38,259 $ 10,177 $ 11,707 $ 62,386 $ 335,931 Special mention 85 46 18 61 — 441 211 862 Substandard 64 830 1,196 816 8,729 2,195 18,499 32,329 Total $ 75,126 $ 75,551 $ 64,964 $ 39,136 $ 18,906 $ 14,343 $ 81,096 $ 369,122 Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total Commercial real estate - Total Pass $ 172,741 $ 343,898 $ 200,306 $ 165,468 $ 164,439 $ 346,209 $ 27,105 $ 1,420,166 Special mention — 5,156 1,222 691 359 6,211 — 13,639 Substandard 220 1,655 4,596 3,927 9,919 13,144 407 33,868 Total $ 172,961 $ 350,709 $ 206,124 $ 170,086 $ 174,717 $ 365,564 $ 27,512 $ 1,467,673 Commercial real estate - 1-4 Family Pass $ 19,584 $ 21,409 $ 10,445 $ 8,686 $ 6,918 $ 37,060 $ 9,734 $ 113,836 Special mention — — — 26 334 3,053 — 3,413 Substandard — 229 — 952 109 5,268 7 6,565 Total $ 19,584 $ 21,638 $ 10,445 $ 9,664 $ 7,361 $ 45,381 $ 9,741 $ 123,814 Commercial real estate - Hotels Pass $ 14,655 $ 110,833 $ 35,038 $ 49,483 $ 21,518 $ 56,378 $ — $ 287,905 Substandard — — — — 4,526 2,748 — 7,274 Total $ 14,655 $ 110,833 $ 35,038 $ 49,483 $ 26,044 $ 59,126 $ — $ 295,179 Commercial real estate - Multi-family Pass $ 57,954 $ 57,159 $ 2,836 $ 22,528 $ 32,957 $ 27,812 $ 770 $ 202,016 Special mention — 1,921 561 — — — — 2,482 Substandard — — — — — 82 — 82 Total $ 57,954 $ 59,080 $ 3,397 $ 22,528 $ 32,957 $ 27,894 $ 770 $ 204,580 Commercial real estate - Non Residential Non-Owner Occupied Pass $ 69,473 $ 120,792 $ 121,420 $ 57,873 $ 81,033 $ 160,184 $ 11,318 $ 622,093 Special mention — 316 602 574 — 595 — 2,087 Substandard 58 98 1,181 78 1,446 1,347 240 4,448 Total $ 69,531 $ 121,206 $ 123,203 $ 58,525 $ 82,479 $ 162,126 $ 11,558 $ 628,628 Commercial real estate - Non Residential Owner Occupied Pass $ 11,076 $ 33,705 $ 30,567 $ 26,899 $ 22,012 $ 64,777 $ 5,279 $ 194,315 Special mention — 2,919 58 91 24 2,563 — 5,655 Substandard 162 1,329 3,415 2,896 3,839 3,700 161 15,502 Total $ 11,238 $ 37,953 $ 34,040 $ 29,886 $ 25,875 $ 71,040 $ 5,440 $ 215,472 Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total Residential real estate Performing $ 197,377 $ 281,064 $ 223,330 $ 165,437 $ 129,448 $ 507,921 $ 123,143 $ 1,627,720 Non-performing — 668 — 124 212 2,374 53 3,431 Total $ 197,377 $ 281,732 $ 223,330 $ 165,561 $ 129,660 $ 510,295 $ 123,196 $ 1,631,151 Home equity Performing $ 5,054 $ 7,570 $ 7,121 $ 2,733 $ 2,121 $ 12,861 $ 105,047 $ 142,507 Non-performing — — — — — — 165 165 Total $ 5,054 $ 7,570 $ 7,121 $ 2,733 $ 2,121 $ 12,861 $ 105,212 $ 142,672 Consumer Performing $ 9,689 $ 18,922 $ 12,199 $ 4,492 $ 2,485 $ 2,284 $ 2,207 $ 52,278 Non-performing — — — — — — — — Total $ 9,689 $ 18,922 $ 12,199 $ 4,492 $ 2,485 $ 2,284 $ 2,207 $ 52,278 The following table presents the Company’s commercial loans by credit quality indicators, by portfolio loan classification (in thousands): Commercial and Industrial Commercial Real Estate Total December 31, 2019 Pass $ 276,847 $ 1,408,644 $ 1,685,491 Special mention 2,472 13,838 16,310 Substandard 28,696 37,255 65,951 Total $ 308,015 $ 1,459,737 $ 1,767,752 The following table presents the Company's non-commercial loans by payment performance, by portfolio loan classification (in thousands): Performing Non-Performing Total December 31, 2019 Residential real estate $ 1,636,920 $ 3,476 $ 1,640,396 Home equity 148,397 531 148,928 Consumer 54,263 — 54,263 Total $ 1,839,580 $ 4,007 $ 1,843,587 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative InstrumentsAs of June 30, 2020 and December 31, 2019, the Company primarily utilizes non-hedging derivative financial instruments with commercial banking customers to facilitate their interest rate management strategies. For these instruments, the Company acts as an intermediary for its customers and has offsetting contracts with financial institution counterparties. Changes in the fair value of these underlying derivative contracts generally offset each other and do not significantly impact the Company's results of operations. The following table summarizes the notional and fair value of these derivative instruments (in thousands): June 30, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Non-hedging interest rate derivatives: Customer counterparties: Loan interest rate swap - assets $ 620,392 $ 65,882 $ 377,534 $ 16,094 Loan interest rate swap - liabilities 2,041 279 189,803 3,214 Non-hedging interest rate derivatives: Financial institution counterparties: Loan interest rate swap - assets 2,041 279 189,803 3,214 Loan interest rate swap - liabilities 625,038 66,100 382,566 16,133 The following table summarizes the change in fair value of these derivative instruments (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Change in Fair Value Non-Hedging Interest Rate Derivatives: Other income - derivative assets $ 3,807 $ 5,128 $ 41,718 $ 2,249 Other income - derivative liabilities (3,807) (5,128) (41,718) (2,249) Other expense - derivative liabilities 10 97 183 154 Certain financial instruments, including derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company's derivative transactions with financial institution counterparties are generally executed under International Swaps and Derivative Association ("ISDA") master agreements which include "right of setoff" provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset financial instruments for financial reporting purposes. Pursuant to the Company's agreements with certain of its derivative financial institution counterparties, the Company may receive collateral or post collateral, which may be in the form of cash or securities, based upon mark-to-mark positions.The Company has posted collateral with a market value of $68.5 million as of June 30, 2020. Loans associated with a customer counterparty loan interest rate swap agreement may be subject to a make whole penalty upon termination of the agreement. The dollar amount of the make whole penalty varies based on the remaining term of the agreement and market rates at that time. The make whole penalty is secured by equity in the specific collateral securing the loan. The Company estimates the make whole penalty when determining if there is sufficient collateral to pay off both the potential make whole penalty and the outstanding loan balance at the origination of the loan. In the event of a customer default, the make whole penalty is capitalized into the existing loan balance; however, no guarantees can be made that the collateral will be sufficient to cover both the make whole provision and the outstanding loan balance at the time of foreclosure. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Stock Options A summary of the Company’s stock option activity and related information is presented below: Six months ended June 30, 2020 2019 Options Weighted-Average Exercise Price Options Weighted-Average Exercise Price Outstanding at January 1 46,251 $ 52.74 57,972 $ 51.15 Exercised (4,166) 45.44 (8,140) 44.85 Outstanding at June 30 42,085 $ 53.47 49,832 $ 52.18 Exerciseable at June 30 22,214 $ 50.22 11,644 $ 44.62 Information regarding stock option exercises and stock-based compensation expense associated with stock options is provided in the following table (in thousands): Six months ended June 30, 2020 2019 Proceeds from stock option exercises $ 189 $ 365 Intrinsic value of stock options exercised 77 263 Stock-based compensation expense associated with stock options $ 34 $ 64 At period-end: June 30, 2020 Unrecognized stock-based compensation expense associated with stock options $ 50 Weighted average period (in years) in which the above amount is expected to be recognized 1.2 Shares issued in connection with stock option exercises are issued from available treasury shares. If no treasury shares are available, new shares would be issued from available authorized shares. During the six months ended June 30, 2020 and 2019, all shares issued in connection with stock option exercises were issued from available treasury stock. For the stock options that have performance-based criteria, management has evaluated those criteria and has determined that, as of June 30, 2020, the criteria were probable of being met. Restricted Shares, Restricted Stock Units, Performance Share Units The Company records compensation expense with respect to restricted shares, restricted stock units and performance share units in an amount equal to the fair value of the common stock covered by each award on the date of grant. These awards become fully vested after various periods of continued employment from the respective dates of grant. The Company is entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Compensation is being charged to expense over the respective vesting periods. Restricted shares are forfeited if the awardee officer or employee terminates his employment with the Company prior to the lapsing of restrictions. The Company records forfeitures of restricted stock as treasury share repurchases and any compensation cost previously recognized is reversed in the period of forfeiture. Recipients of restricted shares do not pay any cash consideration to the Company for the shares, and, except for restricted stock units and performance share units, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. For restricted shares that have performance-based criteria, management has evaluated those criteria and has determined that, as of June 30, 2020, the criteria were probable of being met. A summary of the Company’s restricted shares activity and related information is presented below: Six months ended June 30, 2020 2019 Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Outstanding at January 1 148,083 $ 62.62 152,692 $ 51.85 Granted 37,103 67.40 31,006 79.86 Vested (26,450) 49.58 (41,657) 39.79 Outstanding at June 30 158,736 $ 65.91 142,041 $ 61.50 Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands): Three months ended June 30, 2020 Six months ended June 30, 2020 2019 2020 2019 Stock-based compensation expense associated with restricted shares $ 681 $ 501 $ 1,310 $ 935 At period-end: June 30, 2020 Unrecognized stock-based compensation expense associated with restricted shares $ 6,208 Weighted average period (in years) in which the above amount is expected to be recognized 3.2 Shares issued in conjunction with restricted stock awards are issued from available treasury shares. If no treasury shares are available, new shares would be issued from available authorized shares. During the six months ended June 30, 2020 and 2019, all shares issued in connection with restricted stock awards were issued from available treasury stock. Benefit Plans The Company provides retirement benefits to its employees through the City Holding Company 401(k) Plan and Trust (the “401(k) Plan”), which is intended to be compliant with Employee Retirement Income Security Act (ERISA) section 404(c). The Company also maintains a frozen defined benefit pension plan (the “Defined Benefit Plan”), which was inherited from the Company's acquisition of the plan sponsor (Horizon Bancorp, Inc.). The following table presents the components of the Company's net periodic benefit cost, which is included in the line item "other expenses" in the consolidated statements of income, (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Components of net periodic cost: Interest cost $ 112 $ 174 $ 224 $ 348 Expected return on plan assets (203) (266) (406) (531) Net amortization and deferral 272 285 544 569 Net Periodic Pension Cost $ 181 $ 193 $ 362 $ 386 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies COVID-19 The COVID-19 pandemic is creating extensive disruptions to the global economy and to the lives of individuals throughout the world. Governments, businesses, and the public are taking unprecedented actions to contain the spread of COVID-19 and to mitigate its effects, including quarantines, travel bans, shelter-in-place orders, closures of businesses and schools, fiscal stimulus, and legislation designed to deliver monetary aid and other relief. While the scope, duration, and full effects of COVID-19 are rapidly evolving and not fully known, the pandemic and related efforts to contain it have disrupted global economic activity, adversely affected the functioning of financial markets, impacted interest rates, increased economic and market uncertainty, and disrupted trade and supply chains. If these effects continue for a prolonged period or result in sustained economic stress or recession, the effects could have a material adverse impact on the Company in a number of ways related to credit, collateral, customer demand, funding, operations, interest rate risk, human capital and self-insurance, as well as financial statement related risk associated with critical accounting estimates such as the allowance for credit losses or valuation impairments on the Company's goodwill, intangible assets and deferred taxes. Credit Related Financial Instruments The Company is a party to certain financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The Company has entered into agreements with certain customers to extend credit or provide a conditional commitment to provide payment on drafts presented in accordance with the terms of the underlying credit documents. The Company also provides overdraft protection to certain demand deposit customers that represent an unfunded commitment. Overdraft protection commitments, which are included with other commitments below, are uncollateralized and are paid at the Company’s discretion. Conditional commitments generally include standby and commercial letters of credit. Standby letters of credit represent an obligation of the Company to a designated third party contingent upon the failure of a customer of the Company to perform under the terms of the underlying contract between the customer and the third party. Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, drafts will be drawn when the underlying transaction is consummated, as intended, between the customer and a third party. The funded portion of these financial instruments is reflected in the Company’s balance sheet, while the unfunded portion of these commitments is not reflected in the balance sheet. The table below presents a summary of the contractual obligations of the Company resulting from significant commitments (in thousands): June 30, 2020 December 31, 2019 Commitments to extend credit: Home equity lines $ 219,045 $ 214,715 Commercial real estate 51,646 56,941 Other commitments 247,219 213,904 Standby letters of credit 5,026 6,748 Commercial letters of credit 1,045 1,249 Loan commitments and standby and commercial letters of credit have credit risks essentially the same as those involved in extending loans to customers and are subject to the Company’s standard credit policies. Collateral is obtained based on management’s credit assessment of the customer. Management does not anticipate any material losses as a result of these commitments. Litigation In addition, the Company is engaged in various legal actions that it deems to be in the ordinary course of business. As these legal actions are resolved, the Company could realize positive and/or negative impact to its financial performance in the period in which these legal actions are ultimately resolved. There can be no assurance that current legal actions will have an immaterial impact on financial results, either positive or negative, or that no material legal actions may be presented in the future. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Income The activity in accumulated other comprehensive income is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined federal and state income tax rate approximating 23%. Three months ended June 30, Six months ended June 30, Defined Defined Benefit Securities Benefit Securities Pension Available- Pension Available- Plan -for-Sale Total Plan -for-Sale Total 2020 Beginning Balance $ (6,270) $ 33,730 $ 27,460 $ (6,270) $ 12,110 $ 5,840 Other comprehensive income before reclassifications — 3,565 3,565 — 24,036 24,036 Amounts reclassified from other comprehensive income — 4 4 — (44) (44) Reclassification of unrealized gains on held-to-maturity — — — — 1,197 1,197 — 3,569 3,569 — 25,189 25,189 Ending Balance $ (6,270) $ 37,299 $ 31,029 $ (6,270) $ 37,299 $ 31,029 2019 Beginning Balance $ (5,871) $ 20 $ (5,851) $ (5,871) $ (8,611) $ (14,482) Other comprehensive income before reclassifications — 10,956 10,956 — 19,654 19,654 Amounts reclassified from other comprehensive income — (17) (17) — (84) (84) — 10,939 10,939 — 19,570 19,570 Ending Balance $ (5,871) $ 10,959 $ 5,088 $ (5,871) $ 10,959 $ 5,088 Amounts reclassified from Other Comprehensive Income Three months ended Six months ended Affected line item June 30, June 30, in the Consolidated Statements 2020 2019 2020 2019 of Income Securities available-for-sale: Net securities (losses) gains reclassified into earnings $ (6) $ 21 $ 56 $ 109 (Losses) gains on sale of investment securities, net Related income tax expense (income) 2 (4) (12) (25) Income tax expense (income) Net effect on accumulated other comprehensive income $ (4) $ 17 $ 44 $ 84 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Net income available to common shareholders $ 18,251 $ 22,751 $ 47,249 $ 44,370 Less: earnings allocated to participating securities (180) (197) (463) (382) Net earnings allocated to common shareholders $ 18,071 $ 22,554 $ 46,786 $ 43,988 Distributed earnings allocated to common stock $ 9,073 $ 8,615 $ 18,147 $ 17,231 Undistributed earnings allocated to common stock 8,998 13,939 28,639 26,757 Net earnings allocated to common shareholders $ 18,071 $ 22,554 $ 46,786 $ 43,988 Average shares outstanding 16,081 16,368 16,123 16,390 Effect of dilutive securities: Employee stock awards 16 18 19 18 Shares for diluted earnings per share 16,097 16,386 16,142 16,408 Basic earnings per share $ 1.12 $ 1.38 $ 2.90 $ 2.68 Diluted earnings per share $ 1.12 $ 1.38 $ 2.90 $ 2.68 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC Topic 820 establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Company has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company bases fair value of assets and liabilities on quoted market prices, prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. If such information is not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty creditworthiness, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amount presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Financial Assets and Liabilities The Company used the following methods and significant assumptions to estimate fair value for financial assets and liabilities measured on a recurring basis. Securities Available for Sale . Securities available for sale are reported at fair value utilizing Level 1, Level 2, and Level 3 inputs. The fair value of securities available for sale is determined by utilizing a market approach by obtaining quoted prices on nationally recognized securities exchanges (other than forced or distressed transactions) that occur in sufficient volume or matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities. If such measurements are unavailable, the security is classified as Level 3. Significant judgment is required to make this determination. The Company utilizes a third party pricing service provider to value its Level 1 and Level 2 investment securities. Annually, the Company obtains an independent auditor’s report from its third party pricing service provider regarding its controls over investment securities. On a quarterly basis, the Company reprices its debt securities with a third party that is independent of the primary pricing service provider to verify the reasonableness of the fair values. Derivatives . Derivatives are reported at fair value utilizing Level 2 inputs. The Company utilizes a market approach by obtaining dealer quotations to value its customer interest rate swaps. The Company’s derivatives are included within "other assets" and "other liabilities" in the accompanying consolidated balance sheets. Derivative assets are typically secured through securities with financial counterparties or cross collateralization with a borrowing customer. Derivative liabilities are typically secured through the Company pledging securities to financial counterparties or, in the case of a borrowing customer, by the right of setoff. The Company considers factors such as the likelihood of default by itself and its counterparties, right of setoff, and remaining maturities in determining the appropriate fair value adjustments. All derivative counterparties approved by the Company's Asset and Liability Committee ("ALCO") are regularly reviewed, and appropriate business action is taken to adjust the exposure to certain counterparties, if necessary. Counterparty exposure is evaluated by netting positions that are subject to master netting agreements, as well as considering the amount of marketable collateral securing the position. This approach used to estimate impacted exposures to counterparties is also used by the Company to estimate its own credit risk in derivative liability positions. To date, no material losses have been incurred due to a counterparty's inability to pay any undercollateralized position. There was no significant change in the value of derivative assets and liabilities attributed to credit risk that would have resulted in a derivative credit risk valuation adjustment at June 30, 2020. The Company may be required, from time to time, to measure certain financial assets and financial liabilities at fair value on a nonrecurring basis. Financial assets measured at fair value on a nonrecurring basis include impaired loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 3 inputs based on observable market data for both real estate collateral and non-real estate collateral. The following table presents assets and liabilities measured at fair value (in thousands): Total Level 1 Level 2 Level 3 Total Gains (Losses) June 30, 2020 Recurring fair value measurements Financial Assets Obligations of states and political subdivisions $ 218,227 $ — $ 218,227 $ — Mortgage-backed securities: U.S. Government agencies 786,507 — 786,507 — Private label 11,349 — 5,987 5,362 Trust preferred securities 3,480 — 3,480 — Corporate securities 33,381 — 29,331 4,050 Marketable equity securities 10,474 5,960 4,514 — Certificates of deposit held for investment 2,241 — 2,241 — Derivative assets 66,161 — 66,161 — Financial Liabilities Derivative liabilities 66,526 — 66,526 — Nonrecurring fair value measurements Financial Assets Loans individually evaluated $ 6,447 $ — $ — $ 6,447 $ (1,150) Non-Financial Assets Other real estate owned 3,997 — — 3,997 (267) December 31, 2019 Recurring fair value measurements Financial Assets U.S. Government agencies $ 502 $ — $ 502 $ — Obligations of states and political subdivisions 117,187 — 117,187 — Mortgage-backed securities: U.S. Government agencies 642,104 — 642,104 — Private label 11,485 — 5,841 5,644 Trust preferred securities 4,461 — 4,461 — Corporate securities 32,126 — 28,064 4,062 Marketable equity securities 12,634 7,787 4,847 — Certificates of deposit held for investment 2,241 — 2,241 — Derivative assets 19,310 — 19,310 — Financial Liabilities Derivative liabilities 19,380 — 19,380 — Nonrecurring fair value measurements Financial Assets Impaired loans $ 8,925 $ — $ — $ 8,925 $ (87) Non-Financial Assets Other real estate owned 4,670 — — 4,670 (470) Other assets 100 — — 100 (297) The Company's financial assets and liabilities measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3) include impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for credit losses based upon the fair value of the underlying collateral (in thousands). The fair value of impaired loans is estimated using one of several methods, including collateral value, liquidation value and discounted cash flows. The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent impaired loans primarily relate to discounts applied to the customers’ reported amount of collateral. The amount of collateral discount depends upon the marketability of the underlying collateral. During the six months ended June 30, 2020 and 2019, collateral discounts ranged from 20% to 30%. During the six months ended June 30, 2020 and 2019, the Company had no Level 2 financial assets and liabilities that were measured on a nonrecurring basis. Non-Financial Assets and Liabilities The Company has no non-financial assets or liabilities measured at fair value on a recurring basis. Certain non-financial assets measured at fair value on a non-recurring basis include other real estate owned (“OREO”), which is measured at the lower of cost or fair value, and goodwill and other intangible assets, which are measured at fair value for impairment assessments. Fair Value of Financial Instruments ASC Topic 825 “Financial Instruments,” as amended, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including discount rates and estimate of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. ASC Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The following table represents the estimates of fair value of financial instruments (in thousands). This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Carrying Amount Fair Value Level 1 Level 2 Level 3 June 30, 2020 Assets: Cash and cash equivalents $ 373,254 $ 373,254 $ 373,254 $ — $ — Securities available-for-sale 1,055,185 1,055,185 — 1,045,773 9,412 Marketable equity securities 10,474 10,474 5,960 4,514 — Net loans 3,640,397 3,634,170 — — 3,634,170 Accrued interest receivable 14,200 14,200 14,200 — — Derivative assets 66,161 66,161 — 66,161 — Liabilities: Deposits 4,411,115 4,444,930 3,068,484 1,376,446 — Short-term debt 282,676 267,186 — 267,186 — Accrued interest payable 2,257 2,257 2,257 — — Derivative liabilities 66,526 66,526 — 66,526 — December 31, 2019 Assets: Cash and cash equivalents $ 140,144 $ 140,144 $ 140,144 $ — $ — Securities available-for-sale 810,106 810,106 — 800,400 9,706 Securities held-to-maturity 49,036 50,598 — 50,598 — Marketable equity securities 12,634 12,634 7,787 4,847 — Net loans 3,604,510 3,574,435 — — 3,574,435 Accrued interest receivable 11,569 11,569 11,569 — — Derivative assets 19,310 19,310 — 19,310 — Liabilities: Deposits 4,075,894 4,094,493 2,711,323 1,383,170 — Short-term debt 211,255 211,255 — 211,255 — Long-term debt 4,056 4,124 — 4,124 — Accrued interest payable 2,849 2,849 2,849 — — Derivative liabilities 19,380 19,380 — 19,380 — |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Allowance for Credit Losses - Available-for-Sale Securities | Allowance for Credit Losses - Available-for-Sale Securities : For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For available-for-sale debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. |
Purchased Credit Deteriorated ("PCD") Loans | Purchased Credit Deteriorated ("PCD") Loans : The Company has purchased loans during its acquisitions, some of which have experienced more than insignificant credit deterioration since origination. PCD loans are recorded at the amount paid. An allowance for credit losses is determined using the same methodology as other loans held for investment. The initial allowance for credit losses determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and the allowance for credit losses becomes the initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is accreted or amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision expense. |
Allowance for Credit Losses - Loans | Allowance for Credit Losses - Loans : The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics, such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Portfolio Segment Measurement Method Commercial and industrial Migration Commercial real estate: 1-4 family Migration Hotels Migration Multi-family Migration Non Residential Non-Owner Occupied Migration Non Residential Owner Occupied Migration Residential real estate Vintage Home equity Vintage Consumer Vintage Migration is an analysis that tracks a closed pool of loans for a configurable period of time and calculates a loss ratio on only those loans in the pool at the start date based on outstanding balance. Vintage is a predictive loss model that includes a reasonable approximation of probable and estimable future losses by tracking each loan's net losses over the life of the loan as compared to its original balance. For demand deposit overdrafts, the allowance for credit losses is measured using the historical loss rate. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not included in the collective evaluation. When management determines that foreclosure is probable, the expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Expected credit losses are estimated over the contractual term of the loan, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled-debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. |
Troubled Debt Restructuring | Troubled Debt Restructurings ("TDRs") : A loan for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, is considered to be a TDR. The allowance for credit loss on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit loss is determined by discounting the expected future cash flows at the original interest rate of the loan. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle | The following table illustrates the impact of ASC 326 (in thousands): As Reported Under Pre-ASC 326 Impact of ASC 326 ASC 326 Adoption Adoption Gross Loans $ 3,618,825 $ 3,616,099 $ 2,726 Allowance for Credit Losses (17,349) (11,589) (5,760) Deferred Tax Assets, net 7,380 6,669 711 Shareholders' Equity 655,648 657,983 (2,335) |
Portfolio Segments that Measure Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses, by portfolio loan classification, for the six months ended June 30, 2020 and 2019 (in thousands). The allocation of a portion of the allowance in one portfolio segment does not preclude its availability to absorb losses in other portfolio segments. Commercial and Commercial Residential DDA Industrial Real Estate Real Estate Home Equity Consumer Overdrafts Total Six months ended June 30, 2020 Beginning balance $ 2,059 $ 2,606 $ 3,448 $ 1,187 $ 975 $ 1,314 $ 11,589 Impact of adopting CECL 1,715 3,254 2,139 (598) (810) 60 5,760 Charge-offs (77) (422) (859) (206) (91) (1,162) (2,817) Recoveries 14 331 103 56 141 800 1,445 Provision for credit losses 2,555 4,321 2,492 208 (95) (259) 9,222 Ending balance $ 6,266 $ 10,090 $ 7,323 $ 647 $ 120 $ 753 $ 25,199 Six months ended June 30, 2019 Beginning balance $ 4,060 $ 4,495 $ 4,116 $ 1,268 $ 319 $ 1,708 $ 15,966 Charge-offs (51) (178) (631) (117) (296) (1,213) (2,486) Recoveries 140 607 125 — 143 749 1,764 (Recovery of) Provision (1,353) (1,455) 349 60 343 607 (1,449) Ending balance $ 2,796 $ 3,469 $ 3,959 $ 1,211 $ 509 $ 1,851 $ 13,795 Three months ended June 30, 2020 Beginning balance $ 5,855 $ 9,389 $ 6,958 $ 702 $ 233 $ 1,256 24,393 Charge-offs — (39) (376) (161) (36) (459) (1,071) Recoveries 5 128 8 9 128 349 627 (Recovery of) provision 406 612 733 97 (205) (393) 1,250 Ending balance $ 6,266 $ 10,090 $ 7,323 $ 647 $ 120 $ 753 $ 25,199 Three months ended June 30, 2019 Beginning balance $ 2,970 $ 4,640 $ 3,820 $ 1,248 $ 468 $ 1,500 $ 14,646 Charge-offs (51) (133) (303) (71) (111) (588) (1,257) Recoveries 5 575 50 — 46 330 1,006 (Recovery of) provision (128) (1,613) 392 34 106 609 (600) Ending balance $ 2,796 $ 3,469 $ 3,959 $ 1,211 $ 509 $ 1,851 $ 13,795 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities | June 30, 2020 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities available-for-sale: U.S. Treasuries and U.S. government agencies $ — $ — $ — $ — $ 500 $ 2 $ — $ 502 Obligations of states and political subdivisions 211,439 7,383 595 218,227 112,393 4,800 6 117,187 Mortgage-backed securities: U.S. government agencies 746,148 40,638 279 786,507 631,637 12,292 1,825 642,104 Private label 10,477 876 4 11,349 10,896 589 — 11,485 Trust preferred securities 4,551 — 1,071 3,480 4,781 27 347 4,461 Corporate securities 31,568 1,857 44 33,381 31,669 500 43 32,126 Total Debt Securities 1,004,183 50,754 1,993 1,052,944 791,876 18,210 2,221 807,865 Certificates of deposit held for investment 2,241 — — 2,241 2,241 — — 2,241 Total Securities Available-for-Sale $ 1,006,424 $ 50,754 $ 1,993 $ 1,055,185 $ 794,117 $ 18,210 $ 2,221 $ 810,106 |
Aggregate Carrying And Approximate Market Values Of Held-To-Maturity Securities | Securities held-to-maturity: Mortgage-backed securities: U.S. government agencies $ — $ — $ — $ — $ 49,036 $ 1,562 $ — $ 50,598 Total Securities Held-to-Maturity $ — $ — $ — $ — $ 49,036 $ 1,562 $ — $ 50,598 |
Gross Unrealized Losses And Fair Value Of Investments | The following table shows the gross unrealized losses and fair value of the Company’s investments aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands): June 30, 2020 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 35,005 $ 595 $ — $ — $ 35,005 $ 595 Mortgage-backed securities: U.S. Government agencies 83,810 279 38 — 83,848 279 Private Label 275 4 — — 275 4 Trust preferred securities — — 3,480 1,071 3,480 1,071 Corporate securities 445 44 — — 445 44 Total available-for-sale $ 119,535 $ 922 $ 3,518 $ 1,071 $ 123,053 $ 1,993 December 31, 2019 Less Than Twelve Months Twelve Months or Greater Total Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Estimated Fair Value Unrealized Loss Securities available-for-sale: Obligations of states and political subdivisions $ 230 $ — $ 1,439 $ 6 $ 1,669 $ 6 Mortgage-backed securities: U.S. Government agencies 123,289 1,247 34,746 578 158,035 1,825 Trust preferred securities 4,200 347 — — 4,200 347 Corporate securities 11,248 43 — — 11,248 43 Total available-for-sale $ 138,967 $ 1,637 $ 36,185 $ 584 $ 175,152 $ 2,221 |
Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity | The amortized cost and estimated fair value of debt securities at June 30, 2020, by contractual maturity, are shown in the following table (in thousands). Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. Mortgage-backed securities have been allocated to their respective maturity groupings based on their contractual maturity. Amortized Cost Estimated Fair Value Available-for-Sale Debt Securities Due in one year or less $ 2,050 $ 2,062 Due after one year through five years 15,327 15,900 Due after five years through ten years 294,981 312,351 Due after ten years 691,825 722,631 Total $ 1,004,183 $ 1,052,944 |
Gross Gains And Losses Realized | Gross gains and gross losses recognized by the Company from investment security transactions are summarized in the table below (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Gross realized gains on securities sold $ — $ 21 $ 133 $ 110 Gross realized losses on securities sold (6) — (77) (1) Net investment security (losses) gains $ (6) $ 21 $ 56 $ 109 Gross unrealized gains recognized on equity securities still held $ 242 $ 113 $ 36 $ 241 Gross unrealized losses recognized on equity securities still held — — (2,195) (53) Net unrealized gains (losses) recognized on equity securities still held $ 242 $ 113 $ (2,159) $ 188 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Summary Of Major Classifications For Loans | The following summarizes the Company’s major classifications for loans (in thousands): June 30, 2020 December 31, 2019 Commercial and industrial 369,122 308,015 1-4 Family 123,814 N/R Hotels 295,179 N/R Multi-family 204,580 N/R Non Residential Non-Owner Occupied 628,628 N/R Non Residential Owner Occupied 215,472 N/R Commercial real estate 1,467,673 1,459,737 Residential real estate 1,631,151 1,640,396 Home equity 142,672 148,928 Consumer 52,278 54,263 DDA overdrafts 2,700 4,760 Gross loans 3,665,596 3,616,099 Allowance for credit losses (25,199) (11,589) Net loans $ 3,640,397 $ 3,604,510 Construction loans included in: Residential real estate $ 28,252 $ 29,033 Commercial real estate 42,092 64,049 N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Financing Receivable, Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses, by portfolio loan classification, for the six months ended June 30, 2020 and 2019 (in thousands). The allocation of a portion of the allowance in one portfolio segment does not preclude its availability to absorb losses in other portfolio segments. Commercial and Commercial Residential DDA Industrial Real Estate Real Estate Home Equity Consumer Overdrafts Total Six months ended June 30, 2020 Beginning balance $ 2,059 $ 2,606 $ 3,448 $ 1,187 $ 975 $ 1,314 $ 11,589 Impact of adopting CECL 1,715 3,254 2,139 (598) (810) 60 5,760 Charge-offs (77) (422) (859) (206) (91) (1,162) (2,817) Recoveries 14 331 103 56 141 800 1,445 Provision for credit losses 2,555 4,321 2,492 208 (95) (259) 9,222 Ending balance $ 6,266 $ 10,090 $ 7,323 $ 647 $ 120 $ 753 $ 25,199 Six months ended June 30, 2019 Beginning balance $ 4,060 $ 4,495 $ 4,116 $ 1,268 $ 319 $ 1,708 $ 15,966 Charge-offs (51) (178) (631) (117) (296) (1,213) (2,486) Recoveries 140 607 125 — 143 749 1,764 (Recovery of) Provision (1,353) (1,455) 349 60 343 607 (1,449) Ending balance $ 2,796 $ 3,469 $ 3,959 $ 1,211 $ 509 $ 1,851 $ 13,795 Three months ended June 30, 2020 Beginning balance $ 5,855 $ 9,389 $ 6,958 $ 702 $ 233 $ 1,256 24,393 Charge-offs — (39) (376) (161) (36) (459) (1,071) Recoveries 5 128 8 9 128 349 627 (Recovery of) provision 406 612 733 97 (205) (393) 1,250 Ending balance $ 6,266 $ 10,090 $ 7,323 $ 647 $ 120 $ 753 $ 25,199 Three months ended June 30, 2019 Beginning balance $ 2,970 $ 4,640 $ 3,820 $ 1,248 $ 468 $ 1,500 $ 14,646 Charge-offs (51) (133) (303) (71) (111) (588) (1,257) Recoveries 5 575 50 — 46 330 1,006 (Recovery of) provision (128) (1,613) 392 34 106 609 (600) Ending balance $ 2,796 $ 3,469 $ 3,959 $ 1,211 $ 509 $ 1,851 $ 13,795 |
Financing Receivable, Nonaccrual | The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of June 30, 2020 (in thousands): Non-accrual With No Non-accrual With Loans Past Due Allowance for Allowance for Over 90 Days Credit Losses Credit Losses Still Accruing Commercial & Industrial $ 207 $ 880 $ — 1-4 Family — 2,212 — Hotels — 2,748 — Multi-family — — — Non Residential Non-Owner Occupied — 346 3 Non Residential Owner Occupied 2,521 888 — Commercial Real Estate 2,521 6,194 3 Residential Real Estate 232 3,245 4 Home Equity — 265 61 Consumer — — — Total $ 2,960 $ 10,584 $ 68 The following table presents the Company's loans on non-accrual status and loans past due over 90 days still accruing as of December 31, 2019 (in thousands): Loans Past Due Over 90 Days Non-accrual Still Accruing Commercial and industrial $ 1,182 $ 184 Commercial real estate 6,384 — Residential real estate 3,393 83 Home equity 531 — Consumer — — Total $ 11,490 $ 267 |
Impaired Financing Receivables | The following table presents the amortized cost basis of collateral-dependent loans as of June 30, 2020 (in thousands). Changes in the fair value of the collateral for collateral-dependent loans are reported as credit loss expense or a reversal of credit loss expense in the period of change. Secured by Real Estate Equipment Commercial and industrial $ 207 $ — 1-4 Family — — Hotels 2,634 — Multi-family — — Non Residential Non-Owner Occupied — — Non Residential Owner Occupied 2,520 — Commercial real estate 5,154 — Total $ 5,361 $ — The following table presents the Company’s impaired loans, by class (in thousands) as of December 31, 2019. The difference between the unpaid principal balance and the recorded investment generally reflects amounts that have been previously charged-off. There were no impaired residential, home equity, or consumer loans. December 31, 2019 Unpaid Recorded Principal Related Investment Balance Allowance With no related allowance recorded: Commercial and industrial $ 501 $ 501 $ — Commercial real estate 3,546 3,572 — Total $ 4,047 $ 4,073 $ — With an allowance recorded: Commercial and industrial $ — $ — $ — Commercial real estate 2,644 2,644 87 Total $ 2,644 $ 2,644 $ 87 The following table presents information related to the average recorded investment and interest income recognized on the Company’s impaired loans, by class (in thousands), for the three and six months ended June 30, 2019: Three months ended June 30, 2019 Six months ended June 30, 2019 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Commercial and industrial $ 589 — $ 603 $ — Commercial real estate 3,614 2 5,067 38 Total $ 4,203 $ 2 $ 5,670 $ 38 With an allowance recorded: Commercial and industrial $ — $ — $ — $ — Commercial real estate 5,667 76 4,326 106 Total $ 5,667 $ 76 $ 4,326 $ 106 |
Financing Receivable, Past Due | The following table presents the aging of the amortized cost basis in past-due loans as of June 30, 2020 by class of loan (in thousands): 30-59 60-89 90+ Total Current Total Past Due Past Due Past Due Past Due Loans Loans Commercial and industrial $ 130 $ 30 $ — $ 160 $ 368,962 $ 369,122 1-4 Family 753 — — 753 123,061 123,814 Hotels — — — — 295,179 295,179 Multi-family — — — — 204,580 204,580 Non Residential Non-Owner Occupied — — 3 3 628,625 628,628 Non Residential Owner Occupied 161 — — 161 215,311 215,472 Commercial real estate 914 — 3 917 1,466,756 1,467,673 Residential real estate 3,923 1,334 4 5,261 1,625,890 1,631,151 Home Equity 223 108 61 392 142,280 142,672 Consumer 67 — — 67 52,211 52,278 Overdrafts 272 1 — 273 2,427 2,700 Total $ 5,529 $ 1,473 $ 68 $ 7,070 $ 3,658,526 $ 3,665,596 The following presents an aging analysis of the Company's past-due loans, by class, as of December 31, 2019 (in thousands): 30-59 60-89 90+ Total Current Total Past Due Past Due Past Due Past Due Loans Loans Commercial and industrial $ 243 $ 31 $ 184 $ 458 $ 307,557 $ 308,015 Commercial real estate 1,514 66 — 1,580 1,458,157 1,459,737 Residential real estate 5,758 1,643 83 7,484 1,632,912 1,640,396 Home equity 840 116 — 956 147,972 148,928 Consumer 156 32 — 188 54,075 54,263 Overdrafts 644 86 — 730 4,030 4,760 Total $ 9,155 $ 1,974 $ 267 $ 11,396 $ 3,604,703 $ 3,616,099 |
Financing Receivable, Troubled Debt Restructuring | The following tables set forth the Company’s TDRs (in thousands). Substantially all of the Company's TDRs are accruing interest. June 30, 2020 December 31, 2019 Commercial and industrial $ — $ — 1-4 Family 126 N/R Hotels 2,634 N/R Multi-family 1,921 N/R Non Residential Non-Owner Occupied — N/R Non Residential Owner Occupied 234 N/R Commercial real estate 4,915 4,973 Residential real estate 20,631 21,029 Home equity 2,138 3,628 Consumer 185 — Total $ 27,869 $ 29,630 N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP . The following table presents loans by class, modified as TDRs, that occurred during the six months ended June 30, 2020 and 2019, respectively (dollars in thousands): June 30, 2020 June 30, 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Contracts Investment Investment Contracts Investment Investment Commercial and industrial — $ — $ — — $ — $ — 1-4 Family — — — N/R N/R N/R Hotels — — — N/R N/R N/R Multi-family — — — N/R N/R N/R Non Owner Non-Owner Occupied — — — N/R N/R N/R Non Owner Owner Occupied — — — N/R N/R N/R Commercial real estate — — — — — — Residential real estate 24 1,720 1,716 27 2,066 2,066 Home equity 2 70 70 7 194 194 Consumer — — — — — — Total 26 $ 1,790 $ 1,786 34 $ 2,260 $ 2,260 N/R = Not reported. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP . |
Financing Receivable, Credit Quality Indicators | Based on the most recent analysis performed, the risk category of loans by class of loans at June 30, 2020 is as follows (in thousands): Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total Commercial and industrial Pass $ 74,977 $ 74,675 $ 63,750 $ 38,259 $ 10,177 $ 11,707 $ 62,386 $ 335,931 Special mention 85 46 18 61 — 441 211 862 Substandard 64 830 1,196 816 8,729 2,195 18,499 32,329 Total $ 75,126 $ 75,551 $ 64,964 $ 39,136 $ 18,906 $ 14,343 $ 81,096 $ 369,122 Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total Commercial real estate - Total Pass $ 172,741 $ 343,898 $ 200,306 $ 165,468 $ 164,439 $ 346,209 $ 27,105 $ 1,420,166 Special mention — 5,156 1,222 691 359 6,211 — 13,639 Substandard 220 1,655 4,596 3,927 9,919 13,144 407 33,868 Total $ 172,961 $ 350,709 $ 206,124 $ 170,086 $ 174,717 $ 365,564 $ 27,512 $ 1,467,673 Commercial real estate - 1-4 Family Pass $ 19,584 $ 21,409 $ 10,445 $ 8,686 $ 6,918 $ 37,060 $ 9,734 $ 113,836 Special mention — — — 26 334 3,053 — 3,413 Substandard — 229 — 952 109 5,268 7 6,565 Total $ 19,584 $ 21,638 $ 10,445 $ 9,664 $ 7,361 $ 45,381 $ 9,741 $ 123,814 Commercial real estate - Hotels Pass $ 14,655 $ 110,833 $ 35,038 $ 49,483 $ 21,518 $ 56,378 $ — $ 287,905 Substandard — — — — 4,526 2,748 — 7,274 Total $ 14,655 $ 110,833 $ 35,038 $ 49,483 $ 26,044 $ 59,126 $ — $ 295,179 Commercial real estate - Multi-family Pass $ 57,954 $ 57,159 $ 2,836 $ 22,528 $ 32,957 $ 27,812 $ 770 $ 202,016 Special mention — 1,921 561 — — — — 2,482 Substandard — — — — — 82 — 82 Total $ 57,954 $ 59,080 $ 3,397 $ 22,528 $ 32,957 $ 27,894 $ 770 $ 204,580 Commercial real estate - Non Residential Non-Owner Occupied Pass $ 69,473 $ 120,792 $ 121,420 $ 57,873 $ 81,033 $ 160,184 $ 11,318 $ 622,093 Special mention — 316 602 574 — 595 — 2,087 Substandard 58 98 1,181 78 1,446 1,347 240 4,448 Total $ 69,531 $ 121,206 $ 123,203 $ 58,525 $ 82,479 $ 162,126 $ 11,558 $ 628,628 Commercial real estate - Non Residential Owner Occupied Pass $ 11,076 $ 33,705 $ 30,567 $ 26,899 $ 22,012 $ 64,777 $ 5,279 $ 194,315 Special mention — 2,919 58 91 24 2,563 — 5,655 Substandard 162 1,329 3,415 2,896 3,839 3,700 161 15,502 Total $ 11,238 $ 37,953 $ 34,040 $ 29,886 $ 25,875 $ 71,040 $ 5,440 $ 215,472 Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Total Residential real estate Performing $ 197,377 $ 281,064 $ 223,330 $ 165,437 $ 129,448 $ 507,921 $ 123,143 $ 1,627,720 Non-performing — 668 — 124 212 2,374 53 3,431 Total $ 197,377 $ 281,732 $ 223,330 $ 165,561 $ 129,660 $ 510,295 $ 123,196 $ 1,631,151 Home equity Performing $ 5,054 $ 7,570 $ 7,121 $ 2,733 $ 2,121 $ 12,861 $ 105,047 $ 142,507 Non-performing — — — — — — 165 165 Total $ 5,054 $ 7,570 $ 7,121 $ 2,733 $ 2,121 $ 12,861 $ 105,212 $ 142,672 Consumer Performing $ 9,689 $ 18,922 $ 12,199 $ 4,492 $ 2,485 $ 2,284 $ 2,207 $ 52,278 Non-performing — — — — — — — — Total $ 9,689 $ 18,922 $ 12,199 $ 4,492 $ 2,485 $ 2,284 $ 2,207 $ 52,278 The following table presents the Company’s commercial loans by credit quality indicators, by portfolio loan classification (in thousands): Commercial and Industrial Commercial Real Estate Total December 31, 2019 Pass $ 276,847 $ 1,408,644 $ 1,685,491 Special mention 2,472 13,838 16,310 Substandard 28,696 37,255 65,951 Total $ 308,015 $ 1,459,737 $ 1,767,752 The following table presents the Company's non-commercial loans by payment performance, by portfolio loan classification (in thousands): Performing Non-Performing Total December 31, 2019 Residential real estate $ 1,636,920 $ 3,476 $ 1,640,396 Home equity 148,397 531 148,928 Consumer 54,263 — 54,263 Total $ 1,839,580 $ 4,007 $ 1,843,587 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Of Derivative Instruments | The following table summarizes the notional and fair value of these derivative instruments (in thousands): June 30, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Non-hedging interest rate derivatives: Customer counterparties: Loan interest rate swap - assets $ 620,392 $ 65,882 $ 377,534 $ 16,094 Loan interest rate swap - liabilities 2,041 279 189,803 3,214 Non-hedging interest rate derivatives: Financial institution counterparties: Loan interest rate swap - assets 2,041 279 189,803 3,214 Loan interest rate swap - liabilities 625,038 66,100 382,566 16,133 |
Change In Fair Value Of Derivative Instruments | The following table summarizes the change in fair value of these derivative instruments (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Change in Fair Value Non-Hedging Interest Rate Derivatives: Other income - derivative assets $ 3,807 $ 5,128 $ 41,718 $ 2,249 Other income - derivative liabilities (3,807) (5,128) (41,718) (2,249) Other expense - derivative liabilities 10 97 183 154 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Summary Of Stock Option Activity | A summary of the Company’s stock option activity and related information is presented below: Six months ended June 30, 2020 2019 Options Weighted-Average Exercise Price Options Weighted-Average Exercise Price Outstanding at January 1 46,251 $ 52.74 57,972 $ 51.15 Exercised (4,166) 45.44 (8,140) 44.85 Outstanding at June 30 42,085 $ 53.47 49,832 $ 52.18 Exerciseable at June 30 22,214 $ 50.22 11,644 $ 44.62 Information regarding stock option exercises and stock-based compensation expense associated with stock options is provided in the following table (in thousands): Six months ended June 30, 2020 2019 Proceeds from stock option exercises $ 189 $ 365 Intrinsic value of stock options exercised 77 263 Stock-based compensation expense associated with stock options $ 34 $ 64 At period-end: June 30, 2020 Unrecognized stock-based compensation expense associated with stock options $ 50 Weighted average period (in years) in which the above amount is expected to be recognized 1.2 |
Restricted Shares Activity And Related Information | A summary of the Company’s restricted shares activity and related information is presented below: Six months ended June 30, 2020 2019 Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Outstanding at January 1 148,083 $ 62.62 152,692 $ 51.85 Granted 37,103 67.40 31,006 79.86 Vested (26,450) 49.58 (41,657) 39.79 Outstanding at June 30 158,736 $ 65.91 142,041 $ 61.50 Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands): Three months ended June 30, 2020 Six months ended June 30, 2020 2019 2020 2019 Stock-based compensation expense associated with restricted shares $ 681 $ 501 $ 1,310 $ 935 At period-end: June 30, 2020 Unrecognized stock-based compensation expense associated with restricted shares $ 6,208 Weighted average period (in years) in which the above amount is expected to be recognized 3.2 |
Pension and Other Postretirement Benefits | The following table presents the components of the Company's net periodic benefit cost, which is included in the line item "other expenses" in the consolidated statements of income, (in thousands): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Components of net periodic cost: Interest cost $ 112 $ 174 $ 224 $ 348 Expected return on plan assets (203) (266) (406) (531) Net amortization and deferral 272 285 544 569 Net Periodic Pension Cost $ 181 $ 193 $ 362 $ 386 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule Of Contractual Obligations From Significant Commitments | The table below presents a summary of the contractual obligations of the Company resulting from significant commitments (in thousands): June 30, 2020 December 31, 2019 Commitments to extend credit: Home equity lines $ 219,045 $ 214,715 Commercial real estate 51,646 56,941 Other commitments 247,219 213,904 Standby letters of credit 5,026 6,748 Commercial letters of credit 1,045 1,249 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Changes In Each Component of Accumulated Other Comprehensive Income | The activity in accumulated other comprehensive income is presented in the tables below (in thousands). All amounts are shown net of tax, which is calculated using a combined federal and state income tax rate approximating 23%. Three months ended June 30, Six months ended June 30, Defined Defined Benefit Securities Benefit Securities Pension Available- Pension Available- Plan -for-Sale Total Plan -for-Sale Total 2020 Beginning Balance $ (6,270) $ 33,730 $ 27,460 $ (6,270) $ 12,110 $ 5,840 Other comprehensive income before reclassifications — 3,565 3,565 — 24,036 24,036 Amounts reclassified from other comprehensive income — 4 4 — (44) (44) Reclassification of unrealized gains on held-to-maturity — — — — 1,197 1,197 — 3,569 3,569 — 25,189 25,189 Ending Balance $ (6,270) $ 37,299 $ 31,029 $ (6,270) $ 37,299 $ 31,029 2019 Beginning Balance $ (5,871) $ 20 $ (5,851) $ (5,871) $ (8,611) $ (14,482) Other comprehensive income before reclassifications — 10,956 10,956 — 19,654 19,654 Amounts reclassified from other comprehensive income — (17) (17) — (84) (84) — 10,939 10,939 — 19,570 19,570 Ending Balance $ (5,871) $ 10,959 $ 5,088 $ (5,871) $ 10,959 $ 5,088 |
Schedule of Amounts Reclassified Out Of Accumulated Other Comprehensive Income | Amounts reclassified from Other Comprehensive Income Three months ended Six months ended Affected line item June 30, June 30, in the Consolidated Statements 2020 2019 2020 2019 of Income Securities available-for-sale: Net securities (losses) gains reclassified into earnings $ (6) $ 21 $ 56 $ 109 (Losses) gains on sale of investment securities, net Related income tax expense (income) 2 (4) (12) (25) Income tax expense (income) Net effect on accumulated other comprehensive income $ (4) $ 17 $ 44 $ 84 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule Of Computation Of Basic And Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data): Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Net income available to common shareholders $ 18,251 $ 22,751 $ 47,249 $ 44,370 Less: earnings allocated to participating securities (180) (197) (463) (382) Net earnings allocated to common shareholders $ 18,071 $ 22,554 $ 46,786 $ 43,988 Distributed earnings allocated to common stock $ 9,073 $ 8,615 $ 18,147 $ 17,231 Undistributed earnings allocated to common stock 8,998 13,939 28,639 26,757 Net earnings allocated to common shareholders $ 18,071 $ 22,554 $ 46,786 $ 43,988 Average shares outstanding 16,081 16,368 16,123 16,390 Effect of dilutive securities: Employee stock awards 16 18 19 18 Shares for diluted earnings per share 16,097 16,386 16,142 16,408 Basic earnings per share $ 1.12 $ 1.38 $ 2.90 $ 2.68 Diluted earnings per share $ 1.12 $ 1.38 $ 2.90 $ 2.68 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis | The following table presents assets and liabilities measured at fair value (in thousands): Total Level 1 Level 2 Level 3 Total Gains (Losses) June 30, 2020 Recurring fair value measurements Financial Assets Obligations of states and political subdivisions $ 218,227 $ — $ 218,227 $ — Mortgage-backed securities: U.S. Government agencies 786,507 — 786,507 — Private label 11,349 — 5,987 5,362 Trust preferred securities 3,480 — 3,480 — Corporate securities 33,381 — 29,331 4,050 Marketable equity securities 10,474 5,960 4,514 — Certificates of deposit held for investment 2,241 — 2,241 — Derivative assets 66,161 — 66,161 — Financial Liabilities Derivative liabilities 66,526 — 66,526 — Nonrecurring fair value measurements Financial Assets Loans individually evaluated $ 6,447 $ — $ — $ 6,447 $ (1,150) Non-Financial Assets Other real estate owned 3,997 — — 3,997 (267) December 31, 2019 Recurring fair value measurements Financial Assets U.S. Government agencies $ 502 $ — $ 502 $ — Obligations of states and political subdivisions 117,187 — 117,187 — Mortgage-backed securities: U.S. Government agencies 642,104 — 642,104 — Private label 11,485 — 5,841 5,644 Trust preferred securities 4,461 — 4,461 — Corporate securities 32,126 — 28,064 4,062 Marketable equity securities 12,634 7,787 4,847 — Certificates of deposit held for investment 2,241 — 2,241 — Derivative assets 19,310 — 19,310 — Financial Liabilities Derivative liabilities 19,380 — 19,380 — Nonrecurring fair value measurements Financial Assets Impaired loans $ 8,925 $ — $ — $ 8,925 $ (87) Non-Financial Assets Other real estate owned 4,670 — — 4,670 (470) Other assets 100 — — 100 (297) |
Schedule Of Estimates Of Fair Value Of Financial Instruments | The following table represents the estimates of fair value of financial instruments (in thousands). This table excludes financial instruments for which the carrying amount approximates fair value. For short-term financial assets such as cash and cash equivalents, the carrying amount is a reasonable estimate of fair value due to the relatively short time between the origination of the instrument and its expected realization. For financial liabilities such as noninterest-bearing demand, interest-bearing demand and savings deposits, the carrying amount is a reasonable estimate of fair value due to these products having no stated maturity. Carrying Amount Fair Value Level 1 Level 2 Level 3 June 30, 2020 Assets: Cash and cash equivalents $ 373,254 $ 373,254 $ 373,254 $ — $ — Securities available-for-sale 1,055,185 1,055,185 — 1,045,773 9,412 Marketable equity securities 10,474 10,474 5,960 4,514 — Net loans 3,640,397 3,634,170 — — 3,634,170 Accrued interest receivable 14,200 14,200 14,200 — — Derivative assets 66,161 66,161 — 66,161 — Liabilities: Deposits 4,411,115 4,444,930 3,068,484 1,376,446 — Short-term debt 282,676 267,186 — 267,186 — Accrued interest payable 2,257 2,257 2,257 — — Derivative liabilities 66,526 66,526 — 66,526 — December 31, 2019 Assets: Cash and cash equivalents $ 140,144 $ 140,144 $ 140,144 $ — $ — Securities available-for-sale 810,106 810,106 — 800,400 9,706 Securities held-to-maturity 49,036 50,598 — 50,598 — Marketable equity securities 12,634 12,634 7,787 4,847 — Net loans 3,604,510 3,574,435 — — 3,574,435 Accrued interest receivable 11,569 11,569 11,569 — — Derivative assets 19,310 19,310 — 19,310 — Liabilities: Deposits 4,075,894 4,094,493 2,711,323 1,383,170 — Short-term debt 211,255 211,255 — 211,255 — Long-term debt 4,056 4,124 — 4,124 — Accrued interest payable 2,849 2,849 2,849 — — Derivative liabilities 19,380 19,380 — 19,380 — |
Background and Basis of Prese_2
Background and Basis of Presentation (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($)segmentstore | |
Entity Location [Line Items] | |
Number of Reportable Segments | segment | 1 |
Gain (Loss) on Disposition of Business | $ | $ 0.7 |
Deposits Sold | $ | $ 25.7 |
City National | |
Entity Location [Line Items] | |
Number of Stores | 94 |
WEST VIRGINIA | City National | |
Entity Location [Line Items] | |
Number of Stores | 58 |
KENTUCKY | City National | |
Entity Location [Line Items] | |
Number of Stores | 19 |
VIRGINIA | City National | |
Entity Location [Line Items] | |
Number of Stores | 13 |
OHIO | City National | |
Entity Location [Line Items] | |
Number of Stores | 4 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Impact of ASC 326 Adoption | $ (2,335,000) | ||
Non-governmental issues exceeding 10% shareholders equity threshold | 0 | $ 0 | |
Credit-related investment impairment losses | 0 | $ 0 | |
Receivables Acquired with Deteriorated Credit Quality [Domain] | |||
Impact of ASC 326 Adoption | $ 2,700,000 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements (Accounting Standards Update and Change in Accounting Principle) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||||
Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Gross loans | $ 3,665,596 | $ 3,618,825 | $ 3,616,099 | ||||
Allowance for credit losses | (25,199) | $ (24,393) | (17,349) | (11,589) | $ (13,795) | $ (14,646) | $ (15,966) |
Deferred Tax Assets, net | 7,380 | 6,669 | |||||
Shareholders' Equity | 693,750 | $ 685,228 | $ 655,648 | $ 657,983 | $ 636,908 | $ 619,241 | $ 600,764 |
Impact of adopting CECL | (2,335) | ||||||
Gross Loans | |||||||
Impact of adopting CECL | 2,726 | ||||||
Allowance for Credit Losses | |||||||
Impact of adopting CECL | (5,760) | ||||||
Deferred Tax Assets, net | |||||||
Impact of adopting CECL | 711 | ||||||
Shareholders' Equity | |||||||
Impact of adopting CECL | $ (2,335) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 15,700,000 | $ 15,700,000 | $ 15,900,000 | ||
Non-governmental issues exceeding 10% shareholders equity threshold | 0 | 0 | 0 | ||
Held-to-maturity securities in an unrealized loss position | 0 | ||||
Credit-related investment impairment losses | 0 | $ 0 | |||
Sale of VISA shares | 0 | $ 0 | 17,837,000 | $ 0 | |
Asset Pledged as Collateral | |||||
Schedule of Investments [Line Items] | |||||
Carrying value of securities pledged | 581,000,000 | 581,000,000 | 519,000,000 | ||
Marketable equity securities | |||||
Schedule of Investments [Line Items] | |||||
Investment securities | $ 10,500,000 | 10,500,000 | $ 12,600,000 | ||
VISA, Inc. (VISA) | |||||
Schedule of Investments [Line Items] | |||||
Sale of VISA shares | $ 17,800,000 | ||||
VISA, Inc. (VISA) | Common Class B | |||||
Schedule of Investments [Line Items] | |||||
Shares of Visa Inc. Class B common shares sold (in shares) | 86,605 | 86,605 | |||
VISA, Inc. (VISA) | Marketable equity securities | |||||
Schedule of Investments [Line Items] | |||||
Investment securities | $ 0 | $ 0 | |||
Maximum | First National Corporation (FXNC) | |||||
Schedule of Investments [Line Items] | |||||
Equity ownership positions in the community bank holding companies (percent) | 4.00% | 4.00% | 4.00% | ||
Maximum | Eagle Financial Services, Inc. (EFSI) | |||||
Schedule of Investments [Line Items] | |||||
Equity ownership positions in the community bank holding companies (percent) | 1.50% | 1.50% | 1.50% |
Investments (Aggregate Carrying
Investments (Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,006,424 | $ 794,117 |
Gross Unrealized Gains | 50,754 | 18,210 |
Gross Unrealized Losses | 1,993 | 2,221 |
Estimated Fair Value | 1,055,185 | 810,106 |
U.S Treasuries and U.S. Government Agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | 500 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 502 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 211,439 | 112,393 |
Gross Unrealized Gains | 7,383 | 4,800 |
Gross Unrealized Losses | 595 | 6 |
Estimated Fair Value | 218,227 | 117,187 |
Mortgage-backed securities: U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 746,148 | 631,637 |
Gross Unrealized Gains | 40,638 | 12,292 |
Gross Unrealized Losses | 279 | 1,825 |
Estimated Fair Value | 786,507 | 642,104 |
Mortgage-backed securities: Private label | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,477 | 10,896 |
Gross Unrealized Gains | 876 | 589 |
Gross Unrealized Losses | 4 | 0 |
Estimated Fair Value | 11,349 | 11,485 |
Trust preferred securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,551 | 4,781 |
Gross Unrealized Gains | 0 | 27 |
Gross Unrealized Losses | 1,071 | 347 |
Estimated Fair Value | 3,480 | 4,461 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,568 | 31,669 |
Gross Unrealized Gains | 1,857 | 500 |
Gross Unrealized Losses | 44 | 43 |
Estimated Fair Value | 33,381 | 32,126 |
Total Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,004,183 | 791,876 |
Gross Unrealized Gains | 50,754 | 18,210 |
Gross Unrealized Losses | 1,993 | 2,221 |
Estimated Fair Value | 1,052,944 | 807,865 |
Certificates of deposit held for investment | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,241 | 2,241 |
Estimated Fair Value | $ 2,241 | $ 2,241 |
Investments (Aggregate Carryi_2
Investments (Aggregate Carrying And Approximate Market Values Of Held-To-Maturity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held-to-Maturity, Amortized Cost | $ 0 | $ 49,036 |
Securities held-to-maturity, Accumulated Unrecognized Holding Gain | 0 | 1,562 |
Securities held-to-maturity, Accumulated Unrecognized Holding Loss | 0 | 0 |
Securities held-to-maturity, Estimated Fair Value | 0 | 50,598 |
Mortgage-backed securities: U.S. government agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held-to-Maturity, Amortized Cost | 0 | 49,036 |
Securities held-to-maturity, Accumulated Unrecognized Holding Gain | 0 | 1,562 |
Securities held-to-maturity, Accumulated Unrecognized Holding Loss | 0 | 0 |
Securities held-to-maturity, Estimated Fair Value | $ 0 | $ 50,598 |
Investments (Gross Unrealized L
Investments (Gross Unrealized Losses And Fair Value Of Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | $ 119,535 | $ 138,967 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 922 | 1,637 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 3,518 | 36,185 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 1,071 | 584 |
Securities available-for-sale, Total, Estimated Fair Value | 123,053 | 175,152 |
Securities available-for-sale, Total, Unrealized Loss | 1,993 | 2,221 |
Obligations of states and political subdivisions | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 35,005 | 230 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 595 | 0 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 0 | 1,439 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 0 | 6 |
Securities available-for-sale, Total, Estimated Fair Value | 35,005 | 1,669 |
Securities available-for-sale, Total, Unrealized Loss | 595 | 6 |
U.S. Government Agencies Mortgage-backed Securities | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 83,810 | 123,289 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 279 | 1,247 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 38 | 34,746 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 0 | 578 |
Securities available-for-sale, Total, Estimated Fair Value | 83,848 | 158,035 |
Securities available-for-sale, Total, Unrealized Loss | 279 | 1,825 |
Mortgage-backed securities: Private label | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 275 | |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 4 | |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 0 | |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 0 | |
Securities available-for-sale, Total, Estimated Fair Value | 275 | |
Securities available-for-sale, Total, Unrealized Loss | 4 | |
Trust preferred securities | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 0 | 4,200 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 0 | 347 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 3,480 | 0 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 1,071 | 0 |
Securities available-for-sale, Total, Estimated Fair Value | 3,480 | 4,200 |
Securities available-for-sale, Total, Unrealized Loss | 1,071 | 347 |
Corporate securities | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 445 | 11,248 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 44 | 43 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 0 | 0 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 0 | 0 |
Securities available-for-sale, Total, Estimated Fair Value | 445 | 11,248 |
Securities available-for-sale, Total, Unrealized Loss | $ 44 | $ 43 |
Investments (Amortized Cost And
Investments (Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Securities Available-for-Sale, Amortized Cost | |
Securities Available-for-Sale, Due in one year or less, Amortized Cost | $ 2,050 |
Securities Available-for-Sale, Due after one year through five years, Amortized Cost | 15,327 |
Securities Available-for-Sale, Due after five years through ten years, Amortized Cost | 294,981 |
Securities Available-for-Sale, Due after ten years, Amortized Cost | 691,825 |
Securities Available-for-Sale, Amortized Cost, Total | 1,004,183 |
Securities Available-for-Sale, Estimated Fair Value | |
Securities Available-for-Sale, Due in one year or less, Estimated Fair Value | 2,062 |
Securities Available-for-Sale, Due after one year through five years, Estimated Fair Value | 15,900 |
Securities Available-for-Sale, Due after five years through ten years, Estimated Fair Value | 312,351 |
Securities Available-for-Sale, Due after ten years, Estimated Fair Value | 722,631 |
Securities Available-for-Sale, Estimated Fair Value, Total | $ 1,052,944 |
Investments (Gross Gains And Lo
Investments (Gross Gains And Losses Realized) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Investments [Abstract] | ||||
Gross realized gains on securities sold | $ 0 | $ 21 | $ 133 | $ 110 |
Gross realized losses on securities sold | (6) | 0 | (77) | (1) |
Net investment security (losses) gains | (6) | 21 | 56 | 109 |
Gross unrealized gains recognized on equity securities still held | 242 | 113 | 36 | 241 |
Gross unrealized losses recognized on equity securities still held | 0 | 0 | (2,195) | (53) |
Net unrealized gains (losses) recognized on equity securities still held | $ 242 | $ 113 | $ (2,159) | $ 188 |
Loans (Details)
Loans (Details) $ in Thousands | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2020USD ($)contract | Mar. 31, 2021USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans | $ 3,665,596 | $ 3,618,825 | $ 3,616,099 | |
Commercial and industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans | 369,122 | $ 308,015 | ||
Small Business Administration Paycheck Protection Program | Commercial and industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Gross loans | $ 90,000 | |||
Financing Receivable, Number of Contracts | contract | 1,500 | |||
Small Business Administration Paycheck Protection Program | Commercial and industrial | Forecast [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Interest and Fee Income, Other Loans | $ 3,000 |
Loans (Summary Of Major Classif
Loans (Summary Of Major Classifications For Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | $ 3,665,596 | $ 3,618,825 | $ 3,616,099 | ||||
Allowance for credit losses | (25,199) | $ (24,393) | $ (17,349) | (11,589) | $ (13,795) | $ (14,646) | $ (15,966) |
Net loans | 3,640,397 | 3,604,510 | |||||
Commercial and industrial | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 369,122 | 308,015 | |||||
Allowance for credit losses | (6,266) | (5,855) | (2,059) | (2,796) | (2,970) | (4,060) | |
Commercial real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 1,467,673 | 1,459,737 | |||||
Allowance for credit losses | (10,090) | (9,389) | (2,606) | (3,469) | (4,640) | (4,495) | |
Construction Loan | 42,092 | 64,049 | |||||
1-4 Family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 123,814 | ||||||
Hotels | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 295,179 | ||||||
Multi-family | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 204,580 | ||||||
Non Residential Non-Owner Occupied | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 628,628 | ||||||
Non Residential Owner Occupied | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 215,472 | ||||||
Residential real estate | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 1,631,151 | 1,640,396 | |||||
Allowance for credit losses | (7,323) | (6,958) | (3,448) | (3,959) | (3,820) | (4,116) | |
Construction Loan | 28,252 | 29,033 | |||||
Home equity | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 142,672 | 148,928 | |||||
Allowance for credit losses | (647) | (702) | (1,187) | (1,211) | (1,248) | (1,268) | |
Consumer | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 52,278 | 54,263 | |||||
Allowance for credit losses | (120) | (233) | (975) | (509) | (468) | (319) | |
DDA overdrafts | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Gross loans | 2,700 | 4,760 | |||||
Allowance for credit losses | $ (753) | $ (1,256) | $ (1,314) | $ (1,851) | $ (1,500) | $ (1,708) |
Allowance For Credit Losses (Na
Allowance For Credit Losses (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($)contract | |
Financing Receivable, Impaired [Line Items] | |||||
Threshold Period for Discontinuance of Interest Accrual | 90 days | 90 days | |||
Financing Receivable, Nonaccrual, Interest Income | $ 100 | $ 100 | $ 100 | $ 200 | |
Interest income | $ 100 | $ 100 | $ 100 | 100 | |
Financing Receivable, Threshold Period Past Due | 30 days | 30 days | 30 days | ||
Increase in provision for credit losses for TDRs | $ 100 | 100 | |||
Charge-offs related to TDRs | $ 100 | $ 100 | $ 700 | ||
Number of TDRs that defaulted | contract | 0 | 1 | |||
Financing Receivable, Troubled Debt Restructuring | $ 27,869 | $ 27,869 | $ 29,630 | ||
Allowance for credit losses allocated to troubled debt | 1,600 | 1,600 | 800 | ||
Commitment to lend to troubled debt | 0 | 0 | |||
TDRs, subsequent default | $ 3,000 | ||||
Payment Deferral [Member] | COVID-19 [Member] | Consumer Borrower [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loan Restructuring, Trial Modifications, Amount | 125,000 | ||||
Financing Receivable, Troubled Debt Restructuring | $ 3,600 | 3,600 | |||
Payment Deferral [Member] | COVID-19 [Member] | Commercial Borrower [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Loan Restructuring, Trial Modifications, Amount | $ 430,000 | ||||
Residential real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Threshold period past due for write-off of financing receivable | 120 days | 120 days | 120 days | ||
Commercial Industrial Loans And Commercial Real Estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Threshold period past due for write-off of financing receivable | 120 days | 120 days | 120 days | ||
Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Threshold period past due for write-off of financing receivable | 180 days | 180 days | 180 days |
Allowance For Credit Losses (Fi
Allowance For Credit Losses (Financing Receivable, Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan loss, Beginning balance | $ 24,393 | $ 14,646 | $ 11,589 | $ 15,966 |
Impact of adopting CECL | (2,335) | |||
Allowance for loan loss, Charge-offs | (1,071) | (1,257) | (2,817) | (2,486) |
Allowance for loan loss, Recoveries | 627 | 1,006 | 1,445 | 1,764 |
Allowance for loan loss, Provision | 1,250 | (600) | 9,222 | (1,449) |
Allowance for loan loss, Ending balance | 25,199 | 13,795 | 25,199 | 13,795 |
Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting CECL | 5,760 | |||
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan loss, Beginning balance | 5,855 | 2,970 | 2,059 | 4,060 |
Allowance for loan loss, Charge-offs | 0 | (51) | (77) | (51) |
Allowance for loan loss, Recoveries | 5 | 5 | 14 | 140 |
Allowance for loan loss, Provision | 406 | (128) | 2,555 | (1,353) |
Allowance for loan loss, Ending balance | 6,266 | 2,796 | 6,266 | 2,796 |
Commercial and industrial | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting CECL | 1,715 | |||
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan loss, Beginning balance | 9,389 | 4,640 | 2,606 | 4,495 |
Allowance for loan loss, Charge-offs | (39) | (133) | (422) | (178) |
Allowance for loan loss, Recoveries | 128 | 575 | 331 | 607 |
Allowance for loan loss, Provision | 612 | (1,613) | 4,321 | (1,455) |
Allowance for loan loss, Ending balance | 10,090 | 3,469 | 10,090 | 3,469 |
Commercial real estate | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting CECL | 3,254 | |||
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan loss, Beginning balance | 6,958 | 3,820 | 3,448 | 4,116 |
Allowance for loan loss, Charge-offs | (376) | (303) | (859) | (631) |
Allowance for loan loss, Recoveries | 8 | 50 | 103 | 125 |
Allowance for loan loss, Provision | 733 | 392 | 2,492 | 349 |
Allowance for loan loss, Ending balance | 7,323 | 3,959 | 7,323 | 3,959 |
Residential real estate | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting CECL | 2,139 | |||
Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan loss, Beginning balance | 702 | 1,248 | 1,187 | 1,268 |
Allowance for loan loss, Charge-offs | (161) | (71) | (206) | (117) |
Allowance for loan loss, Recoveries | 9 | 0 | 56 | 0 |
Allowance for loan loss, Provision | 97 | 34 | 208 | 60 |
Allowance for loan loss, Ending balance | 647 | 1,211 | 647 | 1,211 |
Home equity | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting CECL | (598) | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan loss, Beginning balance | 233 | 468 | 975 | 319 |
Allowance for loan loss, Charge-offs | (36) | (111) | (91) | (296) |
Allowance for loan loss, Recoveries | 128 | 46 | 141 | 143 |
Allowance for loan loss, Provision | (205) | 106 | (95) | 343 |
Allowance for loan loss, Ending balance | 120 | 509 | 120 | 509 |
Consumer | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting CECL | (810) | |||
DDA overdrafts | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Allowance for loan loss, Beginning balance | 1,256 | 1,500 | 1,314 | 1,708 |
Allowance for loan loss, Charge-offs | (459) | (588) | (1,162) | (1,213) |
Allowance for loan loss, Recoveries | 349 | 330 | 800 | 749 |
Allowance for loan loss, Provision | (393) | 609 | (259) | 607 |
Allowance for loan loss, Ending balance | $ 753 | $ 1,851 | 753 | $ 1,851 |
DDA overdrafts | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Impact of adopting CECL | $ 60 |
Allowance for Credit Losses (_2
Allowance for Credit Losses (Financing Receivable, Nonaccrual) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 2,960 | |
Financing Receivable, Nonaccrual | 10,584 | $ 11,490 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 68 | 267 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 207 | |
Financing Receivable, Nonaccrual | 880 | 1,182 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 184 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 2,521 | |
Financing Receivable, Nonaccrual | 6,194 | 6,384 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 3 | 0 |
1-4 Family | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 2,212 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | |
Hotels | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 2,748 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | |
Non Residential Non-Owner Occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 346 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 3 | |
Non Residential Owner Occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 2,521 | |
Financing Receivable, Nonaccrual | 888 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 232 | |
Financing Receivable, Nonaccrual | 3,245 | 3,393 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 4 | 83 |
Home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 265 | 531 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 61 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | |
Financing Receivable, Nonaccrual | 0 | 0 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 |
Allowance For Credit Losses (Sc
Allowance For Credit Losses (Schedule Of Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||||
With no related allowance recorded, Recorded investment | $ 4,047 | |||
With no related allowance recorded, Unpaid principal balance | 4,073 | |||
With an allowance recorded, Recorded investment | 2,644 | |||
With an allowance recorded, Unpaid principal balance | 2,644 | |||
With an allowance recorded, Related allowance | 87 | |||
With no related allowance recorded, Average recorded investment | $ 4,203 | $ 5,670 | ||
With no related allowance recorded, Interest income recognized | 2 | 38 | ||
With an allowance recorded, Average recorded investment | 5,667 | 4,326 | ||
With an allowance recorded, Interest income recognized | 76 | 106 | ||
Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Collateral Dependent | $ 5,361 | |||
Commercial and industrial | ||||
Financing Receivable, Impaired [Line Items] | ||||
With no related allowance recorded, Recorded investment | 501 | |||
With no related allowance recorded, Unpaid principal balance | 501 | |||
With an allowance recorded, Recorded investment | 0 | |||
With an allowance recorded, Unpaid principal balance | 0 | |||
With an allowance recorded, Related allowance | 0 | |||
With no related allowance recorded, Average recorded investment | 589 | 603 | ||
With no related allowance recorded, Interest income recognized | 0 | 0 | ||
With an allowance recorded, Average recorded investment | 0 | 0 | ||
With an allowance recorded, Interest income recognized | 0 | 0 | ||
Commercial and industrial | Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Collateral Dependent | 207 | |||
Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
With no related allowance recorded, Recorded investment | 3,546 | |||
With no related allowance recorded, Unpaid principal balance | 3,572 | |||
With an allowance recorded, Recorded investment | 2,644 | |||
With an allowance recorded, Unpaid principal balance | 2,644 | |||
With an allowance recorded, Related allowance | $ 87 | |||
With no related allowance recorded, Average recorded investment | 3,614 | 5,067 | ||
With no related allowance recorded, Interest income recognized | 2 | 38 | ||
With an allowance recorded, Average recorded investment | 5,667 | 4,326 | ||
With an allowance recorded, Interest income recognized | $ 76 | $ 106 | ||
Commercial real estate | Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Collateral Dependent | 5,154 | |||
1-4 Family | Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Collateral Dependent | 0 | |||
1-4 Family | Equipment | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Collateral Dependent | 0 | |||
Hotels | Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Collateral Dependent | 2,634 | |||
Non Residential Owner Occupied | Real Estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Collateral Dependent | $ 2,520 |
Allowance For Credit Losses (_3
Allowance For Credit Losses (Financing Receivable, Past Due) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | $ 7,070 | $ 11,396 | |
Current Loans | 3,658,526 | 3,604,703 | |
Gross loans | 3,665,596 | $ 3,618,825 | 3,616,099 |
Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 160 | 458 | |
Current Loans | 368,962 | 307,557 | |
Gross loans | 369,122 | 308,015 | |
Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 917 | 1,580 | |
Current Loans | 1,466,756 | 1,458,157 | |
Gross loans | 1,467,673 | 1,459,737 | |
1-4 Family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 753 | ||
Current Loans | 123,061 | ||
Gross loans | 123,814 | ||
Hotels | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Current Loans | 295,179 | ||
Gross loans | 295,179 | ||
Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Current Loans | 204,580 | ||
Gross loans | 204,580 | ||
Non Residential Non-Owner Occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 3 | ||
Current Loans | 628,625 | ||
Gross loans | 628,628 | ||
Non Residential Owner Occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 161 | ||
Current Loans | 215,311 | ||
Gross loans | 215,472 | ||
Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 5,261 | 7,484 | |
Current Loans | 1,625,890 | 1,632,912 | |
Gross loans | 1,631,151 | 1,640,396 | |
Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 392 | 956 | |
Current Loans | 142,280 | 147,972 | |
Gross loans | 142,672 | 148,928 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 67 | 188 | |
Current Loans | 52,211 | 54,075 | |
Gross loans | 52,278 | 54,263 | |
DDA overdrafts | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 273 | 730 | |
Current Loans | 2,427 | 4,030 | |
Gross loans | 2,700 | 4,760 | |
Financial Asset, 30 to 59 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 5,529 | 9,155 | |
Financial Asset, 30 to 59 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 130 | 243 | |
Financial Asset, 30 to 59 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 914 | 1,514 | |
Financial Asset, 30 to 59 Days Past Due | 1-4 Family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 753 | ||
Financial Asset, 30 to 59 Days Past Due | Hotels | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, 30 to 59 Days Past Due | Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, 30 to 59 Days Past Due | Non Residential Non-Owner Occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, 30 to 59 Days Past Due | Non Residential Owner Occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 161 | ||
Financial Asset, 30 to 59 Days Past Due | Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 3,923 | 5,758 | |
Financial Asset, 30 to 59 Days Past Due | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 223 | 840 | |
Financial Asset, 30 to 59 Days Past Due | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 67 | 156 | |
Financial Asset, 30 to 59 Days Past Due | DDA overdrafts | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 272 | 644 | |
Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 1,473 | 1,974 | |
Financial Asset, 60 to 89 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 30 | 31 | |
Financial Asset, 60 to 89 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 66 | |
Financial Asset, 60 to 89 Days Past Due | 1-4 Family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, 60 to 89 Days Past Due | Hotels | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, 60 to 89 Days Past Due | Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, 60 to 89 Days Past Due | Non Residential Non-Owner Occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, 60 to 89 Days Past Due | Non Residential Owner Occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, 60 to 89 Days Past Due | Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 1,334 | 1,643 | |
Financial Asset, 60 to 89 Days Past Due | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 108 | 116 | |
Financial Asset, 60 to 89 Days Past Due | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 32 | |
Financial Asset, 60 to 89 Days Past Due | DDA overdrafts | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 1 | 86 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 68 | 267 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial and industrial | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 184 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 3 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | 1-4 Family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due | Hotels | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due | Multi-family | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due | Non Residential Non-Owner Occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 3 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due | Non Residential Owner Occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due | Residential real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 4 | 83 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Home equity | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 61 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | 0 | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | DDA overdrafts | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, recorded investment, past due | $ 0 | $ 0 |
Allowance For Credit Losses (_4
Allowance For Credit Losses (Financing Receivable, Troubled Debt Restructurings) (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | Dec. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 26 | 34 | |
Pre-Modification Outstanding Recorded Investment | $ 1,790 | $ 2,260 | |
Post Modification Outstanding Recorded Investment | 1,786 | $ 2,260 | |
Financing Receivable, Troubled Debt Restructuring | $ 27,869 | $ 29,630 | |
Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring | $ 0 | 0 | |
Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring | $ 4,915 | 4,973 | |
1-4 Family | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Post Modification Outstanding Recorded Investment | 0 | ||
Financing Receivable, Troubled Debt Restructuring | $ 126 | ||
Hotels | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Post Modification Outstanding Recorded Investment | 0 | ||
Financing Receivable, Troubled Debt Restructuring | $ 2,634 | ||
Multi-family | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Post Modification Outstanding Recorded Investment | 0 | ||
Financing Receivable, Troubled Debt Restructuring | $ 1,921 | ||
Non Residential Non-Owner Occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Post Modification Outstanding Recorded Investment | 0 | ||
Financing Receivable, Troubled Debt Restructuring | $ 0 | ||
Non Residential Owner Occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Post Modification Outstanding Recorded Investment | 0 | ||
Financing Receivable, Troubled Debt Restructuring | $ 234 | ||
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 24 | 27 | |
Pre-Modification Outstanding Recorded Investment | $ 1,720 | $ 2,066 | |
Post Modification Outstanding Recorded Investment | 1,716 | $ 2,066 | |
Financing Receivable, Troubled Debt Restructuring | $ 20,631 | 21,029 | |
Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 2 | 7 | |
Pre-Modification Outstanding Recorded Investment | $ 70 | $ 194 | |
Post Modification Outstanding Recorded Investment | 70 | $ 194 | |
Financing Receivable, Troubled Debt Restructuring | $ 2,138 | 3,628 | |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring | $ 185 | $ 0 |
Allowance For Credit Losses (_5
Allowance For Credit Losses (Financing Receivable, Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 3,665,596 | $ 3,618,825 | $ 3,616,099 |
Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 75,126 | ||
2019 | 75,551 | ||
2018 | 64,964 | ||
2017 | 39,136 | ||
2016 | 18,906 | ||
Prior | 14,343 | ||
Revolving Loans, Amortized Cost Basis | 81,096 | ||
Total | 369,122 | 308,015 | |
Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 172,961 | ||
2019 | 350,709 | ||
2018 | 206,124 | ||
2017 | 170,086 | ||
2016 | 174,717 | ||
Prior | 365,564 | ||
Revolving Loans, Amortized Cost Basis | 27,512 | ||
Total | 1,467,673 | 1,459,737 | |
1-4 Family | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 19,584 | ||
2019 | 21,638 | ||
2018 | 10,445 | ||
2017 | 9,664 | ||
2016 | 7,361 | ||
Prior | 45,381 | ||
Revolving Loans, Amortized Cost Basis | 9,741 | ||
Total | 123,814 | ||
Hotels | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 14,655 | ||
2019 | 110,833 | ||
2018 | 35,038 | ||
2017 | 49,483 | ||
2016 | 26,044 | ||
Prior | 59,126 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 295,179 | ||
Multi-family | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 57,954 | ||
2019 | 59,080 | ||
2018 | 3,397 | ||
2017 | 22,528 | ||
2016 | 32,957 | ||
Prior | 27,894 | ||
Revolving Loans, Amortized Cost Basis | 770 | ||
Total | 204,580 | ||
Non Residential Non-Owner Occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 69,531 | ||
2019 | 121,206 | ||
2018 | 123,203 | ||
2017 | 58,525 | ||
2016 | 82,479 | ||
Prior | 162,126 | ||
Revolving Loans, Amortized Cost Basis | 11,558 | ||
Total | 628,628 | ||
Non Residential Owner Occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 11,238 | ||
2019 | 37,953 | ||
2018 | 34,040 | ||
2017 | 29,886 | ||
2016 | 25,875 | ||
Prior | 71,040 | ||
Revolving Loans, Amortized Cost Basis | 5,440 | ||
Total | 215,472 | ||
Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 197,377 | ||
2019 | 281,732 | ||
2018 | 223,330 | ||
2017 | 165,561 | ||
2016 | 129,660 | ||
Prior | 510,295 | ||
Revolving Loans, Amortized Cost Basis | 123,196 | ||
Total | 1,631,151 | 1,640,396 | |
Residential real estate | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 197,377 | ||
2019 | 281,064 | ||
2018 | 223,330 | ||
2017 | 165,437 | ||
2016 | 129,448 | ||
Prior | 507,921 | ||
Revolving Loans, Amortized Cost Basis | 123,143 | ||
Total | 1,627,720 | ||
Residential real estate | Non-performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 668 | ||
2018 | 0 | ||
2017 | 124 | ||
2016 | 212 | ||
Prior | 2,374 | ||
Revolving Loans, Amortized Cost Basis | 53 | ||
Total | 3,431 | ||
Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 5,054 | ||
2019 | 7,570 | ||
2018 | 7,121 | ||
2017 | 2,733 | ||
2016 | 2,121 | ||
Prior | 12,861 | ||
Revolving Loans, Amortized Cost Basis | 105,212 | ||
Total | 142,672 | 148,928 | |
Home equity | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 5,054 | ||
2019 | 7,570 | ||
2018 | 7,121 | ||
2017 | 2,733 | ||
2016 | 2,121 | ||
Prior | 12,861 | ||
Revolving Loans, Amortized Cost Basis | 105,047 | ||
Total | 142,507 | ||
Home equity | Non-performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans, Amortized Cost Basis | 165 | ||
Total | 165 | ||
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 9,689 | ||
2019 | 18,922 | ||
2018 | 12,199 | ||
2017 | 4,492 | ||
2016 | 2,485 | ||
Prior | 2,284 | ||
Revolving Loans, Amortized Cost Basis | 2,207 | ||
Total | 52,278 | 54,263 | |
Consumer | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 9,689 | ||
2019 | 18,922 | ||
2018 | 12,199 | ||
2017 | 4,492 | ||
2016 | 2,485 | ||
Prior | 2,284 | ||
Revolving Loans, Amortized Cost Basis | 2,207 | ||
Total | 52,278 | ||
Consumer | Non-performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 0 | ||
Noncommercial Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,843,587 | ||
Commercial Industrial Loans And Commercial Real Estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,767,752 | ||
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,685,491 | ||
Pass | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 74,977 | ||
2019 | 74,675 | ||
2018 | 63,750 | ||
2017 | 38,259 | ||
2016 | 10,177 | ||
Prior | 11,707 | ||
Revolving Loans, Amortized Cost Basis | 62,386 | ||
Total | 335,931 | 276,847 | |
Pass | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 172,741 | ||
2019 | 343,898 | ||
2018 | 200,306 | ||
2017 | 165,468 | ||
2016 | 164,439 | ||
Prior | 346,209 | ||
Revolving Loans, Amortized Cost Basis | 27,105 | ||
Total | 1,420,166 | 1,408,644 | |
Pass | 1-4 Family | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 19,584 | ||
2019 | 21,409 | ||
2018 | 10,445 | ||
2017 | 8,686 | ||
2016 | 6,918 | ||
Prior | 37,060 | ||
Revolving Loans, Amortized Cost Basis | 9,734 | ||
Total | 113,836 | ||
Pass | Hotels | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 14,655 | ||
2019 | 110,833 | ||
2018 | 35,038 | ||
2017 | 49,483 | ||
2016 | 21,518 | ||
Prior | 56,378 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 287,905 | ||
Pass | Multi-family | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 57,954 | ||
2019 | 57,159 | ||
2018 | 2,836 | ||
2017 | 22,528 | ||
2016 | 32,957 | ||
Prior | 27,812 | ||
Revolving Loans, Amortized Cost Basis | 770 | ||
Total | 202,016 | ||
Pass | Non Residential Non-Owner Occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 69,473 | ||
2019 | 120,792 | ||
2018 | 121,420 | ||
2017 | 57,873 | ||
2016 | 81,033 | ||
Prior | 160,184 | ||
Revolving Loans, Amortized Cost Basis | 11,318 | ||
Total | 622,093 | ||
Pass | Non Residential Owner Occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 11,076 | ||
2019 | 33,705 | ||
2018 | 30,567 | ||
2017 | 26,899 | ||
2016 | 22,012 | ||
Prior | 64,777 | ||
Revolving Loans, Amortized Cost Basis | 5,279 | ||
Total | 194,315 | ||
Special mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 16,310 | ||
Special mention | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 85 | ||
2019 | 46 | ||
2018 | 18 | ||
2017 | 61 | ||
2016 | 0 | ||
Prior | 441 | ||
Revolving Loans, Amortized Cost Basis | 211 | ||
Total | 862 | 2,472 | |
Special mention | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 5,156 | ||
2018 | 1,222 | ||
2017 | 691 | ||
2016 | 359 | ||
Prior | 6,211 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 13,639 | 13,838 | |
Special mention | 1-4 Family | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 26 | ||
2016 | 334 | ||
Prior | 3,053 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 3,413 | ||
Special mention | Multi-family | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 1,921 | ||
2018 | 561 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 0 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 2,482 | ||
Special mention | Non Residential Non-Owner Occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 316 | ||
2018 | 602 | ||
2017 | 574 | ||
2016 | 0 | ||
Prior | 595 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 2,087 | ||
Special mention | Non Residential Owner Occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 2,919 | ||
2018 | 58 | ||
2017 | 91 | ||
2016 | 24 | ||
Prior | 2,563 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 5,655 | ||
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 65,951 | ||
Substandard | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 64 | ||
2019 | 830 | ||
2018 | 1,196 | ||
2017 | 816 | ||
2016 | 8,729 | ||
Prior | 2,195 | ||
Revolving Loans, Amortized Cost Basis | 18,499 | ||
Total | 32,329 | 28,696 | |
Substandard | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 220 | ||
2019 | 1,655 | ||
2018 | 4,596 | ||
2017 | 3,927 | ||
2016 | 9,919 | ||
Prior | 13,144 | ||
Revolving Loans, Amortized Cost Basis | 407 | ||
Total | 33,868 | 37,255 | |
Substandard | 1-4 Family | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 229 | ||
2018 | 0 | ||
2017 | 952 | ||
2016 | 109 | ||
Prior | 5,268 | ||
Revolving Loans, Amortized Cost Basis | 7 | ||
Total | 6,565 | ||
Substandard | Hotels | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 4,526 | ||
Prior | 2,748 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 7,274 | ||
Substandard | Multi-family | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 0 | ||
2019 | 0 | ||
2018 | 0 | ||
2017 | 0 | ||
2016 | 0 | ||
Prior | 82 | ||
Revolving Loans, Amortized Cost Basis | 0 | ||
Total | 82 | ||
Substandard | Non Residential Non-Owner Occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 58 | ||
2019 | 98 | ||
2018 | 1,181 | ||
2017 | 78 | ||
2016 | 1,446 | ||
Prior | 1,347 | ||
Revolving Loans, Amortized Cost Basis | 240 | ||
Total | 4,448 | ||
Substandard | Non Residential Owner Occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2020 | 162 | ||
2019 | 1,329 | ||
2018 | 3,415 | ||
2017 | 2,896 | ||
2016 | 3,839 | ||
Prior | 3,700 | ||
Revolving Loans, Amortized Cost Basis | 161 | ||
Total | $ 15,502 | ||
Non-performing | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 3,476 | ||
Non-performing | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 531 | ||
Non-performing | Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 0 | ||
Non-performing | Noncommercial Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 4,007 | ||
Performing | Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 1,636,920 | ||
Performing | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 148,397 | ||
Performing | Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 54,263 | ||
Performing | Noncommercial Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | $ 1,839,580 |
Derivative Instruments Derivati
Derivative Instruments Derivative Instruments (Narrative) (Details) $ in Millions | Jun. 30, 2020USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Collateral already posted, aggregate fair value | $ 68.5 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Value Of Derivative Instruments) (Details) - Non-hedging interest rate derivatives: - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Customer Counterparties Loan Interest Rate Swap Assets | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 620,392 | $ 377,534 |
Derivative, Fair Value | 65,882 | 16,094 |
Customer Counterparties Loan Interest Rate Swap Liabilities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,041 | 189,803 |
Derivative, Fair Value | 279 | 3,214 |
Financial Institution Counterparties Loan Interest Rate Swap Asset | Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,041 | 189,803 |
Derivative, Fair Value | 279 | 3,214 |
Financial Institution Counterparties Loan Interest Rate Swap Liabilities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 625,038 | 382,566 |
Derivative, Fair Value | $ 66,100 | $ 16,133 |
Derivative Instruments (Change
Derivative Instruments (Change In Fair Value Of Derivative Instruments) (Details) - Non-hedging interest rate derivatives: - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other assets | Other Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | $ 3,807 | $ 5,128 | $ 41,718 | $ 2,249 |
Other Liabilities | Other Income | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | (3,807) | (5,128) | (41,718) | (2,249) |
Other Liabilities | Other Expense | ||||
Derivatives, Fair Value [Line Items] | ||||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | $ 10 | $ 97 | $ 183 | $ 154 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options, Exercised (in shares) | (1,516) | (2,502) | (4,166) | (8,140) |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Proceeds from stock option exercises | $ 189 | $ 365 | ||
Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options Outstanding, beginning balance (in shares) | 46,251 | 57,972 | ||
Options, Exercised (in shares) | (4,166) | (8,140) | ||
Options Outstanding, ending balance (in shares) | 42,085 | 49,832 | 42,085 | 49,832 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Weighted-Average Exercise Price, Outstanding, beginning balance (in dollars per share) | $ 52.74 | $ 51.15 | ||
Weighted-Average Exercise Price, Exercised (in dollars per share) | 45.44 | 44.85 | ||
Weighted-Average Exercise Price, Outstanding, ending balance (in dollars per share) | $ 53.47 | $ 52.18 | $ 53.47 | $ 52.18 |
Exercisable (shares) | 22,214 | 11,644 | 22,214 | 11,644 |
Exercisable, Weighted average exercise price (US$ per share) | $ 50.22 | $ 44.62 | $ 50.22 | $ 44.62 |
Proceeds from stock option exercises | $ 189 | $ 365 | ||
Intrinsic value of stock options exercised | 77 | 263 | ||
Stock-based compensation expense associated with stock options | 34 | $ 64 | ||
Unrecognized stock-based compensation expense associated with stock options | $ 50 | $ 50 | ||
Weighted average period (in years) in which the above amount is expected to be recognized | 1 year 2 months 12 days |
Employee Benefit Plans (Restric
Employee Benefit Plans (Restricted Shares Activity And Related Information) (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Restricted Awards, Number of Awards [Roll Forward] | ||||
Beginning Balance (in shares) | 148,083 | 152,692 | ||
Granted (in shares) | 37,103 | 31,006 | ||
Vested (in shares) | (26,450) | (41,657) | ||
Ending Balance (in shares) | 158,736 | 142,041 | 158,736 | 142,041 |
Restricted Awards, Number of Awards, Weighted Average Exercise Price [Roll Forward] | ||||
Outstanding at period start (in dollars per share) | $ 62.62 | $ 51.85 | ||
Granted (in dollars per share) | 67.40 | 79.86 | ||
Vested (in dollars per share) | 49.58 | 39.79 | ||
Outstanding at period end (in dollars per share) | $ 65.91 | $ 61.50 | $ 65.91 | $ 61.50 |
Stock-based compensation expense associated with restricted shares | $ 681 | $ 501 | $ 1,310 | $ 935 |
Unrecognized stock-based compensation expense associated with restricted shares | $ 6,208 | $ 6,208 | ||
Weighted average period (in years) in which the above amount is expected to be recognized | 3 years 2 months 12 days |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension and Other Postretirement Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Components of net periodic cost: | ||||
Interest cost | $ 112 | $ 174 | $ 224 | $ 348 |
Expected return on plan assets | (203) | (266) | (406) | (531) |
Net amortization and deferral | 272 | 285 | 544 | 569 |
Net Periodic Pension Cost | $ 181 | $ 193 | $ 362 | $ 386 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments to extend credit: | Home equity | ||
Other Commitments [Line Items] | ||
Contractual obligations | $ 219,045 | $ 214,715 |
Commitments to extend credit: | Commercial real estate | ||
Other Commitments [Line Items] | ||
Contractual obligations | 51,646 | 56,941 |
Commitments to extend credit: | Other commitments | ||
Other Commitments [Line Items] | ||
Contractual obligations | 247,219 | 213,904 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Contractual obligations | 5,026 | 6,748 |
Commercial letters of credit | ||
Other Commitments [Line Items] | ||
Contractual obligations | $ 1,045 | $ 1,249 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Combined Federal and State income tax rate (percent) | 23.00% | 23.00% | 23.00% | 23.00% |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of Changes In Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Six months ended June 30, | ||||
Beginning Balance | $ 685,228 | $ 619,241 | $ 657,983 | $ 600,764 |
Other comprehensive income | 3,569 | 10,939 | 25,189 | 19,570 |
Ending balance | 693,750 | 636,908 | 693,750 | 636,908 |
Defined Benefit Pension Plans | ||||
Six months ended June 30, | ||||
Beginning Balance | (6,270) | (5,871) | (6,270) | (5,871) |
Ending balance | (6,270) | (5,871) | (6,270) | (5,871) |
Securities available-for-sale: | ||||
Six months ended June 30, | ||||
Beginning Balance | 33,730 | 20 | 12,110 | (8,611) |
Other comprehensive income before reclassifications | 3,565 | 10,956 | 24,036 | 19,654 |
Amounts reclassified from other comprehensive income | 4 | (17) | (44) | (84) |
Reclassification of unrealized gains on held-to-maturity securities to available-for-sale | 1,197 | |||
Other comprehensive income | 3,569 | 10,939 | 25,189 | 19,570 |
Ending balance | 37,299 | 10,959 | 37,299 | 10,959 |
Total | ||||
Six months ended June 30, | ||||
Beginning Balance | 27,460 | (5,851) | 5,840 | (14,482) |
Other comprehensive income before reclassifications | 3,565 | 10,956 | 24,036 | 19,654 |
Amounts reclassified from other comprehensive income | 4 | (17) | (44) | (84) |
Reclassification of unrealized gains on held-to-maturity securities to available-for-sale | 1,197 | |||
Other comprehensive income | 3,569 | 10,939 | 25,189 | 19,570 |
Ending balance | $ 31,029 | $ 5,088 | $ 31,029 | $ 5,088 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Schedule Of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities (losses) gains reclassified into earnings | $ (2,103) | $ 297 | ||
Related income tax expense (income) | $ (4,732) | $ (5,813) | (12,054) | (11,623) |
Net income available to common shareholders | 18,251 | 22,751 | 47,249 | 44,370 |
Securities available-for-sale: | Amounts reclassified from Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net securities (losses) gains reclassified into earnings | (6) | 21 | 56 | 109 |
Related income tax expense (income) | 2 | (4) | (12) | (25) |
Net income available to common shareholders | $ (4) | $ 17 | $ 44 | $ 84 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income available to common shareholders | $ 18,251 | $ 22,751 | $ 47,249 | $ 44,370 |
Less: earnings allocated to participating securities | (180) | (197) | (463) | (382) |
Net earnings allocated to common shareholders | 18,071 | 22,554 | 46,786 | 43,988 |
Distributed earnings allocated to common stock | 9,073 | 8,615 | 18,147 | 17,231 |
Undistributed earnings allocated to common stock | $ 8,998 | $ 13,939 | $ 28,639 | $ 26,757 |
Average shares outstanding (in shares) | 16,081 | 16,368 | 16,123 | 16,390 |
Effect of dilutive securities: | ||||
Employee stock awards (in shares) | 16 | 18 | 19 | 18 |
Average common shares outstanding, diluted (in shares) | 16,097 | 16,386 | 16,142 | 16,408 |
Basic earnings per common share (in dollars per share) | $ 1.12 | $ 1.38 | $ 2.90 | $ 2.68 |
Diluted earnings per share (in dollars per share) | $ 1.12 | $ 1.38 | $ 2.90 | $ 2.68 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Material losses related to counterparty's inability to pay undercollateralized position | $ 0 | |||
Significant change in the value of derivative assets and liabilities attributed to credit risk | 0 | $ 0 | $ 0 | |
Derivative credit risk valuation adjustment, derivative liabilities | $ 0 | $ 0 | $ 0 | |
Minimum | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateral discount | 20.00% | 20.00% | 20.00% | |
Maximum | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Collateral discount | 30.00% | 30.00% | 30.00% |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Loans individually evaluated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Provision For Loan Losses on Impaired Loans During Period | $ (1,150) | $ (87) |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Write-downs included in other non-interest expense | (267) | (470) |
Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Write-downs included in other non-interest expense | (297) | |
Recurring fair value measurements | U.S. Government agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 502 | |
Recurring fair value measurements | U.S. Government agencies | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Recurring fair value measurements | U.S. Government agencies | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 502 | |
Recurring fair value measurements | U.S. Government agencies | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Recurring fair value measurements | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 218,227 | 117,187 |
Recurring fair value measurements | Obligations of states and political subdivisions | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Obligations of states and political subdivisions | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 218,227 | 117,187 |
Recurring fair value measurements | Obligations of states and political subdivisions | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | U.S. Government Agencies Mortgage-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 786,507 | 642,104 |
Recurring fair value measurements | U.S. Government Agencies Mortgage-backed Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | U.S. Government Agencies Mortgage-backed Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 786,507 | 642,104 |
Recurring fair value measurements | U.S. Government Agencies Mortgage-backed Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Mortgage-backed securities: Private label | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 11,349 | 11,485 |
Recurring fair value measurements | Mortgage-backed securities: Private label | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Mortgage-backed securities: Private label | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 5,987 | 5,841 |
Recurring fair value measurements | Mortgage-backed securities: Private label | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 5,362 | 5,644 |
Recurring fair value measurements | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,480 | 4,461 |
Recurring fair value measurements | Trust preferred securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Trust preferred securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,480 | 4,461 |
Recurring fair value measurements | Trust preferred securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Corporate securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 33,381 | 32,126 |
Recurring fair value measurements | Corporate securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Corporate securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 29,331 | 28,064 |
Recurring fair value measurements | Corporate securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,050 | 4,062 |
Recurring fair value measurements | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 10,474 | 12,634 |
Recurring fair value measurements | Marketable equity securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 5,960 | 7,787 |
Recurring fair value measurements | Marketable equity securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,514 | 4,847 |
Recurring fair value measurements | Marketable equity securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Certificates of deposit held for investment | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 2,241 | 2,241 |
Recurring fair value measurements | Certificates of deposit held for investment | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Certificates of deposit held for investment | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 2,241 | 2,241 |
Recurring fair value measurements | Certificates of deposit held for investment | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Derivative assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 66,161 | 19,310 |
Recurring fair value measurements | Derivative assets | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Derivative assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 66,161 | 19,310 |
Recurring fair value measurements | Derivative assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Recurring fair value measurements | Derivative liabilities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 66,526 | 19,380 |
Recurring fair value measurements | Derivative liabilities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Recurring fair value measurements | Derivative liabilities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 66,526 | 19,380 |
Recurring fair value measurements | Derivative liabilities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, fair value | 0 | 0 |
Nonrecurring fair value measurements | Loans individually evaluated | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 6,447 | 8,925 |
Nonrecurring fair value measurements | Loans individually evaluated | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Nonrecurring fair value measurements | Loans individually evaluated | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Nonrecurring fair value measurements | Loans individually evaluated | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 6,447 | 8,925 |
Nonrecurring fair value measurements | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 3,997 | 4,670 |
Nonrecurring fair value measurements | Other real estate owned | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Nonrecurring fair value measurements | Other real estate owned | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | 0 |
Nonrecurring fair value measurements | Other real estate owned | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 3,997 | 4,670 |
Nonrecurring fair value measurements | Other assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 100 | |
Nonrecurring fair value measurements | Other assets | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Nonrecurring fair value measurements | Other assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 0 | |
Nonrecurring fair value measurements | Other assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | $ 100 |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule Of Estimates Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Securities available-for-sale | $ 1,055,185 | $ 810,106 |
Securities held-to-maturity | 0 | 49,036 |
Other securities | 26,144 | 28,490 |
Net loans | 3,640,397 | 3,604,510 |
Accrued interest receivable | 14,200 | 11,569 |
Liabilities: | ||
Liabilities: | 4,411,115 | 4,075,894 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 373,254 | 140,144 |
Securities available-for-sale | 1,055,185 | 810,106 |
Securities held-to-maturity | 49,036 | |
Other securities | 10,474 | 12,634 |
Net loans | 3,640,397 | 3,604,510 |
Accrued interest receivable | 14,200 | 11,569 |
Derivative assets | 66,161 | 19,310 |
Liabilities: | ||
Liabilities: | 4,411,115 | 4,075,894 |
Short-term debt | 282,676 | 211,255 |
Long-term debt | 4,056 | |
Accrued interest payable | 2,257 | 2,849 |
Derivative liabilities | 66,526 | 19,380 |
Fair Value | ||
Assets: | ||
Cash and cash equivalents | 373,254 | 140,144 |
Securities available-for-sale | 1,055,185 | 810,106 |
Securities held-to-maturity | 50,598 | |
Other securities | 10,474 | 12,634 |
Net loans | 3,634,170 | 3,574,435 |
Accrued interest receivable | 14,200 | 11,569 |
Derivative assets | 66,161 | 19,310 |
Liabilities: | ||
Liabilities: | 4,444,930 | 4,094,493 |
Short-term debt | 267,186 | 211,255 |
Long-term debt | 4,124 | |
Accrued interest payable | 2,257 | 2,849 |
Derivative liabilities | 66,526 | 19,380 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 373,254 | 140,144 |
Securities available-for-sale | 0 | 0 |
Securities held-to-maturity | 0 | |
Other securities | 5,960 | 7,787 |
Net loans | 0 | 0 |
Accrued interest receivable | 14,200 | 11,569 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Liabilities: | 3,068,484 | 2,711,323 |
Short-term debt | 0 | 0 |
Long-term debt | 0 | |
Accrued interest payable | 2,257 | 2,849 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 1,045,773 | 800,400 |
Securities held-to-maturity | 50,598 | |
Other securities | 4,514 | 4,847 |
Net loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 66,161 | 19,310 |
Liabilities: | ||
Liabilities: | 1,376,446 | 1,383,170 |
Short-term debt | 267,186 | 211,255 |
Long-term debt | 4,124 | |
Accrued interest payable | 0 | 0 |
Derivative liabilities | 66,526 | 19,380 |
Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 9,412 | 9,706 |
Securities held-to-maturity | 0 | |
Other securities | 0 | 0 |
Net loans | 3,634,170 | 3,574,435 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Liabilities: | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term debt | 0 | |
Accrued interest payable | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |