Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2021 | May 05, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | 15,681,947 | |
Entity Central Index Key | 0000726854 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 97,709 | $ 77,412 |
Interest-bearing deposits in depository institutions | 659,090 | 451,247 |
Cash and Cash Equivalents | 756,799 | 528,659 |
Investment securities available for sale, at fair value | 1,185,245 | 1,178,789 |
Other securities | 27,182 | 27,372 |
Total Investment Securities | 1,212,427 | 1,206,161 |
Gross loans | 3,546,723 | 3,622,119 |
Allowance for credit losses | (24,076) | (24,549) |
Net Loans | 3,522,647 | 3,597,570 |
Bank owned life insurance | 118,976 | 118,243 |
Premises and equipment, net | 76,529 | 76,925 |
Accrued interest receivable | 16,231 | 15,793 |
Net deferred tax asset | 1,395 | 0 |
Goodwill and other intangible assets, net | 118,224 | 118,592 |
Other assets | 71,142 | 96,697 |
Total Assets | 5,894,370 | 5,758,640 |
Deposits: | ||
Noninterest-bearing | 1,244,175 | 1,176,990 |
Interest-bearing: | ||
Demand deposits | 1,077,749 | 1,027,201 |
Savings deposits | 1,265,038 | 1,188,003 |
Time deposits | 1,209,873 | 1,260,022 |
Total Deposits | 4,796,835 | 4,652,216 |
Securities sold under agreements to repurchase | 316,003 | 295,956 |
Net deferred tax liability | 0 | 3,202 |
Other liabilities | 89,847 | 106,160 |
Total Liabilities | 5,202,685 | 5,057,534 |
Commitments and contingencies - see Note H | ||
Shareholders’ Equity | ||
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued | 0 | 0 |
Common stock, par value $2.50 per share: 50,000,000 shares authorized; 19,047,548 shares issued at March 31, 2021 and December 31, 2020, less 3,323,801 and 3,280,040 shares in treasury, respectively | 47,619 | 47,619 |
Capital surplus | 170,526 | 171,304 |
Retained earnings | 600,396 | 589,988 |
Cost of common stock in treasury | (142,484) | (139,038) |
Accumulated other comprehensive income: | ||
Unrealized gain on securities available-for-sale | 21,289 | 36,894 |
Underfunded pension liability | (5,661) | (5,661) |
Total Accumulated Other Comprehensive Income | 15,628 | 31,233 |
Total Shareholders’ Equity | 691,685 | 701,106 |
Total Liabilities and Shareholders’ Equity | $ 5,894,370 | $ 5,758,640 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 3,323,801 | 3,280,040 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest Income | ||
Interest and fees on loans | $ 34,324 | $ 41,335 |
Interest and dividends on investment securities: | ||
Taxable | 5,242 | 5,871 |
Tax-exempt | 1,253 | 707 |
Interest on deposits in depository institutions | 118 | 304 |
Total Interest Income | 40,937 | 48,217 |
Interest Expense | ||
Interest on deposits | 3,280 | 7,238 |
Interest on short-term borrowings | 117 | 464 |
Interest on long-term debt | 0 | 100 |
Total Interest Expense | 3,397 | 7,802 |
Net Interest Income | 37,540 | 40,415 |
(Recovery of) provision for credit losses | (440) | 7,972 |
Net Interest Income After (Recovery of) Provision for Credit Losses | 37,980 | 32,443 |
Non-Interest Income | ||
Gains on sale of investment securities, net | 283 | 63 |
Unrealized losses recognized on equity securities still held | (51) | (2,402) |
Bank owned life insurance | 1,460 | 1,676 |
Sale of VISA shares | 0 | 17,837 |
Other income | 811 | 1,536 |
Total Non-Interest Income | 16,630 | 33,347 |
Non-Interest Expense | ||
Salaries and employee benefits | 15,671 | 15,851 |
Occupancy related expense | 2,622 | 2,488 |
Equipment and software related expense | 2,544 | 2,429 |
FDIC insurance expense | 405 | 0 |
Advertising | 881 | 843 |
Bankcard expenses | 1,584 | 1,435 |
Postage, delivery, and statement mailings | 592 | 616 |
Office supplies | 392 | 394 |
Legal and professional fees | 675 | 601 |
Telecommunications | 690 | 511 |
Repossessed asset losses, net of expenses | 79 | 198 |
Other expenses | 3,674 | 4,102 |
Total Non-Interest Expense | 29,809 | 29,468 |
Income Before Income Taxes | 24,801 | 36,322 |
Income tax expense | 4,987 | 7,322 |
Net Income Available to Common Shareholders | $ 19,814 | $ 29,000 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Average common shares outstanding, basic (in shares) | 15,656 | 16,080 |
Effect of dilutive securities (in shares) | 31 | 21 |
Average common shares outstanding, diluted (in shares) | 15,687 | 16,101 |
Earnings Per Share [Abstract] | ||
Basic earnings per common share (in dollars per share) | $ 1.25 | $ 1.79 |
Diluted earnings per common share (in dollars per share) | $ 1.25 | $ 1.78 |
Service charges | ||
Non-Interest Income | ||
Revenue from contract with customer | $ 5,881 | $ 7,723 |
Bankcard revenue | ||
Non-Interest Income | ||
Revenue from contract with customer | 6,213 | 5,115 |
Trust and investment management fee income | ||
Non-Interest Income | ||
Revenue from contract with customer | $ 2,033 | $ 1,799 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income available to common shareholders | $ 19,814 | $ 29,000 |
Unrealized (losses) gains on available-for-sale securities arising during the period | (20,240) | 26,714 |
Reclassification adjustment for gains | (283) | (63) |
Reclassification of unrealized gains on held-to-maturity securities to available-for-sale | 0 | 1,562 |
Other comprehensive (loss) income before income taxes | (20,523) | 28,213 |
Tax effect | 4,918 | (6,593) |
Other comprehensive (loss) income, net of tax | (15,605) | 21,620 |
Comprehensive Income, Net of Tax | $ 4,209 | $ 50,620 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Capital Surplus | Capital SurplusCumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance |
Beginning Balance at Dec. 31, 2019 | $ 657,983 | $ (2,335) | $ 655,648 | $ 47,619 | $ 47,619 | $ 170,309 | $ 170,309 | $ 539,253 | $ (2,335) | $ 536,918 | $ (105,038) | $ (105,038) | $ 5,840 | $ 5,840 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 29,000 | 29,000 | ||||||||||||
Other comprehensive income (loss) | 21,620 | 21,620 | ||||||||||||
Cash dividends declared | (9,200) | (9,200) | ||||||||||||
Stock-based compensation expense | 1,009 | 1,009 | ||||||||||||
Restricted awards granted | 0 | (1,154) | 1,154 | |||||||||||
Exercise of stock options | 122 | (68) | 190 | |||||||||||
Purchase of treasury shares | (12,971) | (12,971) | ||||||||||||
Ending balance at Mar. 31, 2020 | 685,228 | 47,619 | 170,096 | 556,718 | (116,665) | 27,460 | ||||||||
Beginning Balance at Dec. 31, 2020 | 701,106 | 47,619 | 171,304 | 589,988 | (139,038) | 31,233 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 19,814 | 19,814 | ||||||||||||
Other comprehensive income (loss) | (15,605) | (15,605) | ||||||||||||
Cash dividends declared | (9,406) | (9,406) | ||||||||||||
Stock-based compensation expense | 1,153 | 1,153 | ||||||||||||
Restricted awards granted | 0 | (464) | 464 | |||||||||||
Exercise of stock options | 385 | (1,467) | 1,852 | |||||||||||
Purchase of treasury shares | (5,762) | (5,762) | ||||||||||||
Ending balance at Mar. 31, 2021 | $ 691,685 | $ 47,619 | $ 170,526 | $ 600,396 | $ (142,484) | $ 15,628 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net income | $ 19,814 | $ 29,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization and (accretion), net | 1,990 | (422) |
(Recovery of) provision for credit losses | (440) | 7,972 |
Depreciation of premises and equipment | 1,440 | 1,325 |
Deferred income tax expense (benefit) | 427 | (824) |
Net periodic employee benefit cost | 158 | 181 |
Pension contributions | (1,000) | 0 |
Unrealized and realized investment securities (gains) losses, net | (232) | 2,339 |
Gain from the sale of VISA shares | 0 | (17,837) |
Stock-compensation expense | 1,153 | 1,009 |
Excess tax benefit from stock-compensation expense | (56) | (121) |
Increase in value of bank-owned life insurance | (1,460) | (1,676) |
Loans originated for sale | (4,682) | (2,327) |
Proceeds from the sale of loans originated for sale | 4,733 | 2,229 |
Gain on sale of loans | (51) | (77) |
Change in accrued interest receivable | (438) | (1,001) |
Change in other assets | 1,318 | (5,580) |
Change in other liabilities | (3,273) | 8,937 |
Net Cash Provided by Operating Activities | 19,401 | 23,127 |
Investing Activities | ||
Net decrease in loans | 75,822 | 6,442 |
Purchases | (66,424) | (94,151) |
Proceeds from sales | 0 | 26,090 |
Proceeds from maturities and calls | 49,368 | 20,644 |
Other investments: Purchases | (24) | (1,357) |
Other investments: Proceeds from sales | 452 | 624 |
Proceeds from the sale of VISA shares | 0 | 17,837 |
Purchases of premises and equipment | (1,048) | (3,329) |
Proceeds from the disposals of premises and equipment | 0 | 119 |
Proceeds from the disposition of assets held-for-sale | 0 | 440 |
Proceeds from bank-owned life insurance policies | 1,723 | 1,412 |
Payments for low income housing tax credits | (1,218) | (346) |
Net Cash Provided by (Used in) Investing Activities | 58,651 | (25,575) |
Financing Activities | ||
Net increase in non-interest-bearing deposits | 67,185 | 52,414 |
Net increase (decrease) in interest-bearing deposits | 77,482 | (76,100) |
Net increase in short-term borrowings | 20,047 | 22,892 |
Repayment of long-term debt | 0 | (4,124) |
Purchases of treasury stock | (5,762) | (12,971) |
Proceeds from exercise of stock options | 385 | 122 |
Dividends paid | (9,249) | (9,293) |
Net Cash Provided by (Used in) Financing Activities | 150,088 | (27,060) |
Increase (Decrease) in Cash and Cash Equivalents | 228,140 | (29,508) |
Cash and cash equivalents at beginning of period | 528,659 | 140,144 |
Cash and Cash Equivalents at End of Period | 756,799 | 110,636 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 3,863 | 8,118 |
Cash paid for income taxes | $ 0 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in dollars per share) | $ 0.58 | $ 0.57 |
Exercise of stock options (in shares) | 8,769 | 2,650 |
Purchase of treasury shares (in shares) | 75,110 | 181,899 |
Background and Basis of Present
Background and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
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. 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 three months ended March 31, 2021 are not necessarily indicative of the results of operations that can be expected for the year ending December 31, 2021. The Company’s accounting and reporting policies conform with generally accepted accounting principles for interim financial information, with the instructions to Form 10-Q and Article 10 of Regulation S-X, and with Industry Guide 3, Statistical Disclosure by Bank Holding Companies . 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, 2020 has been derived from audited financial statements included in the Company’s 2020 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 2020 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 | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted: 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. Management has reviewed the loan portfolio and taken the appropriate steps to prepare for the change from LIBOR to SOFR. 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 became effective for the Company on January 1, 2021. The adoption of ASU No. 2019-12 did not have a material impact on the Company's financial statements. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investments | Investments The aggregate carrying and approximate fair 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. March 31, 2021 December 31, 2020 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: Obligations of states and political subdivisions 273,855 7,082 1,184 279,753 266,483 11,467 139 277,811 Mortgage-backed securities: U.S. government agencies 834,608 24,328 3,382 855,554 815,682 34,807 105 850,384 Private label 9,691 705 — 10,396 9,976 916 — 10,892 Trust preferred securities 4,560 — 285 4,275 4,557 — 457 4,100 Corporate securities 32,421 857 3 33,275 31,465 2,146 1 33,610 Total Debt Securities 1,155,135 32,972 4,854 1,183,253 1,128,163 49,336 702 1,176,797 Certificates of deposit held for investment 1,992 — — 1,992 1,992 — — 1,992 Total Securities Available-for-Sale $ 1,157,127 $ 32,972 $ 4,854 $ 1,185,245 $ 1,130,155 $ 49,336 $ 702 $ 1,178,789 The Company's other investment securities include marketable and non-marketable equity securities. At both March 31, 2021 and December 31, 2020, the Company held $11.8 million 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) (3.7%) and Eagle Financial Services, Inc. (EFSI) (1.5%). Changes in the fair value of the marketable equity securities are recorded in "unrealized 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 March 31, 2021 and December 31, 2020, the Company held $15.4 million and $15.5 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 March 31, 2021 and December 31, 2020 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 March 31, 2021 and December 31, 2020. 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): March 31, 2021 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 $ 97,157 $ 1,086 $ 2,386 $ 98 $ 99,543 $ 1,184 Mortgage-backed securities: U.S. Government agencies 225,763 3,366 13,290 16 239,053 3,382 Trust preferred securities — — 4,275 285 4,275 285 Corporate securities 998 2 488 1 1,486 3 Total available-for-sale $ 323,918 $ 4,454 $ 20,439 $ 400 $ 344,357 $ 4,854 December 31, 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 $ 10,578 $ 139 $ — $ — $ 10,578 $ 139 Mortgage-backed securities: U.S. Government agencies 62,412 105 35 — 62,447 105 Trust preferred securities — — 4,100 457 4,100 457 Corporate securities 488 1 — — 488 1 Total available-for-sale $ 73,478 $ 245 $ 4,135 $ 457 $ 77,613 $ 702 The Company incurred no credit-related investment impairment losses in either the three months ended March 31, 2021 or March 31, 2020. As of March 31, 2021, 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 March 31, 2021, 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. Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss will be recognized in net income in the period the other-than-temporary impairment is identified, while any noncredit loss will be recognized in other comprehensive income. During the three months ended March 31, 2021 and 2020, the Company had no credit-related net investment impairment losses. The amortized cost and estimated fair value of debt securities at March 31, 2021, by contractual maturity, is 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 $ 16,063 $ 4,470 Due after one year through five years 33,304 34,628 Due after five years through ten years 292,485 303,519 Due after ten years 813,283 840,636 Total $ 1,155,135 $ 1,183,253 Gross gains and gross losses recognized by the Company from investment security transactions are summarized in the table below (in thousands): Three months ended March 31, 2021 2020 Gross realized gains on securities sold $ 283 $ 134 Gross realized losses on securities sold — (71) Net investment security gains $ 283 $ 63 Gross unrealized gains recognized on equity securities still held $ — $ 24 Gross unrealized losses recognized on equity securities still held (51) (2,426) Net unrealized losses recognized on equity securities still held $ (51) $ (2,402) 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 $641 million and $644 million at March 31, 2021 and December 31, 2020, respectively. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Loans | Loans The following table summarizes the Company’s major classifications for loans (in thousands): March 31, 2021 December 31, 2020 Commercial and industrial 371,195 372,989 1-4 Family 108,131 109,812 Hotels 293,176 294,464 Multi-family 212,561 215,671 Non Residential Non-Owner Occupied 649,683 641,351 Non Residential Owner Occupied 199,130 213,484 Commercial real estate 1,462,681 1,474,782 Residential real estate 1,532,907 1,587,694 Home equity 130,009 136,469 Consumer 47,224 47,688 DDA overdrafts 2,707 2,497 Gross loans 3,546,723 3,622,119 Allowance for credit losses (24,076) (24,549) Net loans $ 3,522,647 $ 3,597,570 Construction loans included in: Commercial real estate $ 39,101 $ 40,449 Residential real estate 22,129 27,078 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. Paycheck Protection Program 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. Through March 31, 2021, the Company has funded approximately $128 million of SBA-approved PPP loans to over 2,800 customers. The Company started submitting forgiveness applications on behalf of its customers during the fourth quarter of 2020 and as of March 31, 2021, has received forgiveness proceeds of approximately $65 million. |
Allowance For Credit Losses
Allowance For Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Allowance For Credit Losses | The following table summarizes the activity in the allowance for credit losses, by portfolio loan classification, for the three months ended March 31, 2021 and 2020 (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 Three months ended March 31, 2021 Beginning balance $ 3,644 $ 10,997 $ 8,093 $ 630 $ 163 $ 1,022 $ 24,549 Charge-offs (34) (1) (93) (64) (147) (453) (792) Recoveries 46 164 74 23 39 413 759 (Recovery of) provision for credit losses (131) (293) (14) 19 96 (117) (440) Ending balance $ 3,525 $ 10,867 $ 8,060 $ 608 $ 151 $ 865 $ 24,076 Three months ended March 31, 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) (383) (483) (45) (55) (703) (1,746) Recoveries 9 203 95 47 13 451 818 Provision for credit losses 2,149 3,709 1,759 111 110 134 7,972 Ending balance $ 5,855 $ 9,389 $ 6,958 $ 702 $ 233 $ 1,256 $ 24,393 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 three months ended March 31, 2021 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 significantly increased during the quarter ended March 31, 2020 and resulted in an increase in the Company's provision for credit losses. During the quarter ended March 31, 2021 no significant unemployment factor adjustments were necessary, resulting in minimal impact to 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. 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. Non-Performing Loans The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of March 31, 2021 (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 $ 172 $ 1,028 $ 295 1-4 Family — 1,996 — Hotels — 2,748 — Multi-family — — — Non Residential Non-Owner Occupied — 749 — Non Residential Owner Occupied 1,922 377 — Commercial Real Estate 1,922 5,870 — Residential Real Estate 1 3,003 — Home Equity — 88 — Consumer — — — Total $ 2,095 $ 9,989 $ 295 The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of December 31, 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 $ 172 $ 596 $ — 1-4 Family — 2,056 — Hotels — 2,951 — Multi-family — — — Non Residential Non-Owner Occupied — 508 — Non Residential Owner Occupied 2,297 589 — Commercial Real Estate 2,297 6,104 — Residential Real Estate 21 2,947 — Home Equity — 95 — Consumer — — — Total $ 2,490 $ 9,742 $ — The Company recognized less than $0.1 million of interest income on nonaccrual loans during each of the three months ended March 31, 2021 and 2020. The following table presents the amortized cost basis of individually evaluated impaired collateral-dependent loans as of March 31, 2021 and December 31, 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. March 31, 2021 December 31, 2020 Secured by Secured by Real Estate Equipment Real Estate Equipment Commercial and industrial $ 172 $ — $ 173 $ — 1-4 Family — — — — Hotels 2,863 — 2,837 — Multi-family — — — — Non Residential Non-Owner Occupied — — — — Non Residential Owner Occupied 1,922 — 2,296 — Commercial real estate 4,785 — 5,133 — Total $ 4,957 $ — $ 5,306 $ — The Company would have recognized less than $0.1 million of interest income during each of the three months ended March 31, 2021 and 2020 if such loans had been current in accordance with their original terms. There were no significant commitments to provide additional funds on non-accrual or impaired loans at March 31, 2021. 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 past due. The following tables present the aging of the amortized cost basis in past-due loans as of March 31, 2021 and December 31, 2020 by class of loan (in thousands): March 31, 2021 30-59 60-89 90+ Total Current Non- Total Past Due Past Due Past Due Past Due Loans accrual Loans Commercial and industrial $ 1,063 $ — $ 295 $ 1,358 $ 368,637 $ 1,200 $ 371,195 1-4 Family — 42 — 42 106,093 1,996 108,131 Hotels — — — — 290,428 2,748 293,176 Multi-family — — — — 212,561 — 212,561 Non Residential Non-Owner Occupied 219 18 — 237 648,697 749 649,683 Non Residential Owner Occupied 229 — — 229 196,602 2,299 199,130 Commercial real estate 448 60 — 508 1,454,381 7,792 1,462,681 Residential real estate 3,547 511 — 4,058 1,525,845 3,004 1,532,907 Home Equity 390 93 — 483 129,438 88 130,009 Consumer 10 — — 10 47,214 — 47,224 Overdrafts 210 2 — 212 2,495 — 2,707 Total $ 5,668 $ 666 $ 295 $ 6,629 $ 3,528,010 $ 12,084 $ 3,546,723 December 31, 2020 30-59 60-89 90+ Total Current Non- Total Past Due Past Due Past Due Past Due Loans accrual Loans Commercial and industrial $ 1,213 $ 27 $ — $ 1,240 $ 370,981 $ 768 $ 372,989 1-4 Family 484 — — 484 107,272 2,056 109,812 Hotels — — — — 291,513 2,951 294,464 Multi-family — — — — 215,671 — 215,671 Non Residential Non-Owner Occupied 119 — — 119 640,724 508 641,351 Non Residential Owner Occupied 23 — — 23 210,575 2,886 213,484 Commercial real estate 626 — — 626 1,465,755 8,401 1,474,782 Residential real estate 5,177 816 — 5,993 1,578,733 2,968 1,587,694 Home Equity 575 — — 575 135,799 95 136,469 Consumer 63 50 — 113 47,575 — 47,688 Overdrafts 334 7 — 341 2,156 — 2,497 Total $ 7,988 $ 900 $ — $ 8,888 $ 3,600,999 $ 12,232 $ 3,622,119 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 foreseeable future without the modification. Other indicators of financial difficulty include whether the debtor has declared or is in the process of declaring bankruptcy, the debtor’s ability to continue as a going concern, or the debtor’s projected cash flow to service its debt (including principal and interest) in accordance with the contractual terms for the foreseeable future, without a modification. The following table sets forth the Company’s TDRs (in thousands). Substantially all of the Company's TDRs are accruing interest. March 31, 2021 December 31, 2020 Commercial and industrial $ — $ — 1-4 Family 119 121 Hotels 2,634 2,634 Multi-family 1,862 1,883 Non Residential Non-Owner Occupied — — Non Residential Owner Occupied — — Commercial real estate 4,615 4,638 Residential real estate 18,572 19,226 Home equity 1,956 2,001 Consumer 211 277 Total $ 25,354 $ 26,142 The Company has allocated $1.6 million of the allowance for credit losses for these loans as of both March 31, 2021 and December 31, 2020. As of March 31, 2021, 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 three months ended March 31, 2021 and 2020, respectively (dollars in thousands): March 31, 2021 March 31, 2020 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 — — — — — — Hotels — — — — — — Multi-family — — — — — — Non Owner Non-Owner Occupied — — — — — — Non Owner Owner Occupied — — — — — — Commercial real estate — — — — — — Residential real estate 3 154 154 9 807 805 Home equity — — — 2 70 70 Consumer — — — — — — Total 3 $ 154 $ 154 11 $ 877 $ 875 The TDRs above increased the allowance for credit losses by less than $0.1 million in each of the three months ended of March 31, 2021 and 2020 and resulted in charge-offs of less than $0.2 million durin g those same time periods. The Company has had no significant TDRs that subsequently defaulted in 2020 or 2021. Most TDRs above are reported due to filing Chapter 7 banktruptcy. Regulatory guidance requires that loans 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 debt by the bankruptcy court is deemed to be a concession granted to the borrower. COVID-19 Pandemic In March of 2020, in response to the COVID-19 pandemic, regulatory 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 considered TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extension of repayment terms, or other delays that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time of modification. In addition, modifications or deferrals pursuant to the CARES Act do not represent TDRs. 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 March 31, 2021, the Company granted deferrals of approximately $145 million to its mortgage customers. These deferral arrangements ranged from 30 days to 90 days. As of March 31, 2021, approximately $3 million of these loans were still deferring, while approximately $142 million have resumed making their normal loan payment. As of March 31, 2021, approximately $4 million of these deferrals were previously and currently considered TDRs due to Chapter 7 bankruptcies. Through March 31, 2021, the Company granted deferrals of approximately $480 million to its commercial customers. These deferral arrangements ranged from one month to six months. As of March 31, 2021, approximately $115 million of these loans were still deferring (including $105 million for hotel and lodging related loans), while approximately $365 million have resumed making their normal loan payment. 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 expected 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 March 31, 2021 is as follows (in thousands): Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Total Commercial and industrial Pass $ 44,976 $ 95,266 $ 49,806 $ 56,963 $ 28,617 $ 21,944 $ 64,848 $ 362,420 Special mention — 528 22 9 46 — 174 779 Substandard 188 862 1,447 981 618 1,976 1,924 7,996 Total $ 45,164 $ 96,656 $ 51,275 $ 57,953 $ 29,281 $ 23,920 $ 66,946 $ 371,195 Commercial real estate - Total Pass $ 30,034 $ 308,186 $ 283,738 $ 175,371 $ 140,245 $ 405,945 $ 24,986 $ 1,368,505 Special mention 62 725 10,091 1,131 118 3,469 — 15,596 Substandard 803 1,186 21,422 1,827 13,560 39,231 551 78,580 Total $ 30,899 $ 310,097 $ 315,251 $ 178,329 $ 153,923 $ 448,645 $ 25,537 $ 1,462,681 Commercial real estate - 1-4 Family Pass $ 4,258 $ 19,691 $ 16,058 $ 7,388 $ 6,978 $ 36,788 $ 10,094 $ 101,255 Special mention 62 190 — — — 613 — 865 Substandard — 119 332 — 752 4,808 — 6,011 Total $ 4,320 $ 20,000 $ 16,390 $ 7,388 $ 7,730 $ 42,209 $ 10,094 $ 108,131 Commercial real estate - Hotels Pass $ 1,978 $ 21,400 $ 89,927 $ 26,301 $ 42,317 $ 65,113 $ — $ 247,036 Special mention — 114 5,170 — — — — 5,284 Substandard 34 343 15,413 — 6,760 18,077 229 40,856 Total $ 2,012 $ 21,857 $ 110,510 $ 26,301 $ 49,077 $ 83,190 $ 229 $ 293,176 Commercial real estate - Multi-family Pass $ 1,901 $ 80,624 $ 56,025 $ 2,620 $ 20,549 $ 46,797 $ 1,565 $ 210,081 Special mention — — 1,862 546 — — — 2,408 Substandard — — — — — 72 — 72 Total $ 1,901 $ 80,624 $ 57,887 $ 3,166 $ 20,549 $ 46,869 $ 1,565 $ 212,561 Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Total Commercial real estate - Non Residential Non-Owner Occupied Pass $ 16,067 $ 156,653 $ 96,180 $ 113,987 $ 50,396 $ 199,823 $ 8,480 $ 641,586 Special mention — 191 194 535 31 145 — 1,096 Substandard 769 568 1,384 1,143 34 2,943 160 7,001 Total $ 16,836 $ 157,412 $ 97,758 $ 115,665 $ 50,461 $ 202,911 $ 8,640 $ 649,683 Commercial real estate - Non Residential Owner Occupied Pass $ 5,830 $ 29,818 $ 25,548 $ 25,075 $ 20,005 $ 57,424 $ 4,847 $ 168,547 Special mention — 230 2,865 50 87 2,711 — 5,943 Substandard — 156 4,293 684 6,014 13,331 162 24,640 Total $ 5,830 $ 30,204 $ 32,706 $ 25,809 $ 26,106 $ 73,466 $ 5,009 $ 199,130 Residential real estate Performing $ 60,244 $ 397,522 $ 206,429 $ 156,546 $ 120,857 $ 477,462 $ 110,843 $ 1,529,903 Non-performing — — — — 258 1,098 1,648 3,004 Total $ 60,244 $ 397,522 $ 206,429 $ 156,546 $ 121,115 $ 478,560 $ 112,491 $ 1,532,907 Home equity Performing $ 1,376 $ 8,633 $ 5,736 $ 4,654 $ 1,858 $ 11,714 $ 95,950 $ 129,921 Non-performing — — — — — — 88 88 Total $ 1,376 $ 8,633 $ 5,736 $ 4,654 $ 1,858 $ 11,714 $ 96,038 $ 130,009 Consumer Performing $ 4,356 $ 14,613 $ 13,213 $ 8,016 $ 2,663 $ 2,668 $ 1,695 $ 47,224 Non-performing — — — — — — — — Total $ 4,356 $ 14,613 $ 13,213 $ 8,016 $ 2,663 $ 2,668 $ 1,695 $ 47,224 Based on the most recent analysis performed, the risk category of loans by class of loans at December 31, 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 $ 123,920 $ 51,972 $ 59,152 $ 30,440 $ 16,673 $ 6,942 $ 75,018 $ 364,117 Special mention 72 27 13 47 — 433 508 1,100 Substandard 783 1,553 918 589 268 1,733 1,928 7,772 Total $ 124,775 $ 53,552 $ 60,083 $ 31,076 $ 16,941 $ 9,108 $ 77,454 $ 372,989 Commercial real estate - Total Pass $ 312,363 $ 296,876 $ 179,038 $ 142,678 $ 147,772 $ 280,107 $ 25,560 $ 1,384,394 Special mention 442 5,288 1,196 127 159 3,370 — 10,582 Substandard 1,159 22,224 1,855 13,734 9,574 30,938 322 79,806 Total $ 313,964 $ 324,388 $ 182,089 $ 156,539 $ 157,505 $ 314,415 $ 25,882 $ 1,474,782 Commercial real estate - 1-4 Family Pass $ 19,970 $ 17,540 $ 8,217 $ 7,444 $ 6,158 $ 33,075 $ 10,274 $ 102,678 Special mention 192 — — — 159 753 — 1,104 Substandard 119 343 — 863 102 4,603 — 6,030 Total $ 20,281 $ 17,883 $ 8,217 $ 8,307 $ 6,419 $ 38,431 $ 10,274 $ 109,812 Commercial real estate - Hotels Pass $ 23,886 $ 95,269 $ 26,206 $ 42,593 $ 21,490 $ 43,686 $ — $ 253,130 Substandard 343 15,412 — 6,750 4,465 14,364 — 41,334 Total $ 24,229 $ 110,681 $ 26,206 $ 49,343 $ 25,955 $ 58,050 $ — $ 294,464 Commercial real estate - Multi-family Pass $ 81,127 $ 56,371 $ 2,688 $ 20,730 $ 23,873 $ 27,009 $ 1,363 $ 213,161 Special mention — 1,883 551 — — — — 2,434 Substandard — — — — — 76 — 76 Total $ 81,127 $ 58,254 $ 3,239 $ 20,730 $ 23,873 $ 27,085 $ 1,363 $ 215,671 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 - Non Residential Non-Owner Occupied Pass $ 155,937 $ 101,011 $ 115,524 $ 51,329 $ 76,219 $ 125,349 $ 8,825 $ 634,194 Special mention 16 504 592 37 — 147 — 1,296 Substandard 580 1,385 1,159 52 1,187 1,338 160 5,861 Total $ 156,533 $ 102,900 $ 117,275 $ 51,418 $ 77,406 $ 126,834 $ 8,985 $ 641,351 Commercial real estate - Non Residential Owner Occupied Pass $ 31,443 $ 26,685 $ 26,403 $ 20,582 $ 20,032 $ 50,988 $ 5,098 $ 181,231 Special mention 234 2,901 53 90 — 2,470 — 5,748 Substandard 117 5,084 696 6,069 3,820 10,557 162 26,505 Total $ 31,794 $ 34,670 $ 27,152 $ 26,741 $ 23,852 $ 64,015 $ 5,260 $ 213,484 Residential real estate Performing $ 407,135 $ 233,709 $ 176,523 $ 134,425 $ 102,828 $ 416,473 $ 113,633 $ 1,584,726 Non-performing — — — 164 41 1,184 1,579 2,968 Total $ 407,135 $ 233,709 $ 176,523 $ 134,589 $ 102,869 $ 417,657 $ 115,212 $ 1,587,694 Home equity Performing $ 9,038 $ 6,241 $ 5,375 $ 2,126 $ 1,309 $ 11,573 $ 100,712 $ 136,374 Non-performing — — — — — — 95 95 Total $ 9,038 $ 6,241 $ 5,375 $ 2,126 $ 1,309 $ 11,573 $ 100,807 $ 136,469 Consumer Performing $ 15,342 $ 14,977 $ 9,229 $ 3,154 $ 1,688 $ 1,422 $ 1,876 $ 47,688 Non-performing — — — — — — — — Total $ 15,342 $ 14,977 $ 9,229 $ 3,154 $ 1,688 $ 1,422 $ 1,876 $ 47,688 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments As of March 31, 2021 and December 31, 2020, 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): March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Non-hedging interest rate derivatives: Customer counterparties: Loan interest rate swap - assets $ 519,841 $ 23,299 $ 647,613 $ 52,364 Loan interest rate swap - liabilities 167,663 6,250 37,721 562 Non-hedging interest rate derivatives: Financial institution counterparties: Loan interest rate swap - assets 177,540 6,677 37,721 562 Loan interest rate swap - liabilities 523,894 23,433 661,866 52,607 The following table summarizes the change in fair value of these derivative instruments (in thousands): Three months ended March 31, 2021 2020 Change in Fair Value Non-Hedging Interest Rate Derivatives: Other (expense) income - derivative assets $ (22,994) $ 37,911 Other expense (income) - derivative liabilities 22,994 (37,911) Other expense - derivative liabilities 385 172 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 value of $28.1 million as of March 31, 2021. 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 | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans 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 and performance share units that have performance-based criteria, management has evaluated those criteria and has determined that, as of March 31, 2021, the criteria were probable of being met. A summary of the Company’s restricted shares activity and related information is presented below: Three months ended March 31, 2021 2020 Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Outstanding at January 1 158,554 $ 67.40 148,083 $ 62.62 Granted 20,536 70.66 23,028 70.36 Forfeited — 71.43 — — Vested (36,685) 66.32 (24,910) 50.42 Outstanding at March 31 142,405 $ 67.88 146,201 $ 65.91 Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands): Three months ended March 31, 2021 2020 Stock-based compensation expense associated with restricted shares $ 783 $ 629 At period-end: March 31, 2021 Unrecognized stock-based compensation expense associated with restricted shares $ 5,310 Weighted average period (in years) in which the above amount is expected to be recognized 2.9 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 three months ended March 31, 2021 and 2020, 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 March 31, 2021 2020 Components of net periodic cost: Interest cost $ 83 $ 112 Expected return on plan assets (205) (203) Net amortization and deferral 280 272 Net Periodic Pension Cost $ 158 $ 181 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, 2021 December 31, 2020 Commitments to extend credit: Home equity lines $ 218,959 $ 215,619 Commercial real estate 58,080 65,828 Other commitments 242,843 245,647 Standby letters of credit 7,769 6,460 Commercial letters of credit 458 610 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 Income | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 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 24%. Three months ended March 31, Defined Benefit Securities Pension Available- Plan -for-Sale Total 2021 Beginning Balance $ (5,661) $ 36,894 $ 31,233 Other comprehensive loss before reclassifications — (15,390) (15,390) Amounts reclassified from other comprehensive income — (215) (215) — (15,605) (15,605) Ending Balance $ (5,661) $ 21,289 $ 15,628 2020 Beginning Balance $ (6,270) $ 12,110 $ 5,840 Other comprehensive income before reclassifications — 20,471 20,471 Amounts reclassified from other comprehensive income — (48) (48) Reclassification of unrealized gains on held-to-maturity securities to available-for-sale 1,197 1,197 — 21,620 21,620 Ending Balance $ (6,270) $ 33,730 $ 27,460 Amounts reclassified from Other Comprehensive Income Three months ended Affected line item March 31, in the Consolidated Statements 2021 2020 of Income Securities available-for-sale: Net securities gains reclassified into earnings $ 283 $ 63 Gains on sale of investment securities, net Related income tax expense (68) (15) Income tax expense Net effect on accumulated other comprehensive income $ 215 $ 48 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 2020 Net income available to common shareholders $ 19,814 $ 29,000 Less: earnings allocated to participating securities (179) (263) Net earnings allocated to common shareholders $ 19,635 $ 28,737 Distributed earnings allocated to common stock $ 9,037 $ 9,117 Undistributed earnings allocated to common stock 10,598 19,620 Net earnings allocated to common shareholders $ 19,635 $ 28,737 Average shares outstanding 15,656 16,080 Effect of dilutive securities: Employee stock awards 31 21 Shares for diluted earnings per share 15,687 16,101 Basic earnings per share $ 1.25 $ 1.79 Diluted earnings per share $ 1.25 $ 1.78 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021. 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) March 31, 2021 Recurring fair value measurements Financial Assets Obligations of states and political subdivisions $ 279,753 $ — $ 279,753 $ — Mortgage-backed securities: U.S. Government agencies 855,554 — 855,554 — Private label 10,396 — 5,786 4,610 Trust preferred securities 4,275 — 4,275 — Corporate securities 33,275 — 29,271 4,004 Marketable equity securities 11,757 6,726 5,031 — Certificates of deposit held for investment 1,992 — 1,992 — Derivative assets 33,446 — 33,446 — Financial Liabilities Derivative liabilities 29,773 — 29,773 — Nonrecurring fair value measurements Financial Assets Loans individually evaluated $ 7,475 $ — $ — $ 7,475 $ 56 Non-Financial Assets Other real estate owned 1,625 — — 1,625 (1) December 31, 2020 Recurring fair value measurements Financial Assets Obligations of states and political subdivisions $ 277,811 $ — $ 277,811 $ — Mortgage-backed securities: U.S. Government agencies 850,384 — 850,384 — Private label 10,892 — 6,061 4,831 Trust preferred securities 4,100 — 4,100 — Corporate securities 33,610 — 29,606 4,004 Marketable equity securities 11,839 6,800 5,039 — Certificates of deposit held for investment 1,992 — 1,992 — Derivative assets 53,166 — 53,166 — Financial Liabilities Derivative liabilities 53,288 — 53,288 — Nonrecurring fair value measurements Financial Assets Impaired loans $ 7,634 $ — $ — $ 7,634 $ (1,118) Non-Financial Assets Other real estate owned 1,650 — — 1,650 (292) 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 three months ended March 31, 2021 and 2020, collateral discounts ranged from 15% to 30%. During the three months ended March 31, 2021 and 2020, 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). 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 March 31, 2021 Assets: Cash and cash equivalents $ 756,799 $ 756,799 $ 756,799 $ — $ — Securities available-for-sale 1,185,245 1,185,245 — 1,176,631 8,614 Marketable equity securities 11,757 11,757 6,726 5,031 — Net loans 3,522,647 3,473,330 — — 3,473,330 Accrued interest receivable 16,231 16,231 16,231 — — Derivative assets 33,446 33,446 — 33,446 — Liabilities: Deposits 4,796,835 4,805,356 3,586,962 1,218,394 — Short-term debt 316,003 316,003 — 316,003 — Accrued interest payable 1,169 1,169 1,169 — — Derivative liabilities 29,773 29,773 — 29,773 — December 31, 2020 Assets: Cash and cash equivalents $ 528,659 $ 528,659 $ 528,659 $ — $ — Securities available-for-sale 1,178,789 1,178,789 — 1,169,954 8,835 Marketable equity securities 11,839 11,839 6,800 5,039 — Net loans 3,597,570 3,578,013 — — 3,578,013 Accrued interest receivable 15,793 15,793 15,793 — — Derivative assets 53,166 53,166 — 53,166 — Liabilities: Deposits 4,652,216 4,665,905 3,392,194 1,273,711 — Short-term debt 295,956 295,956 — 295,956 — Accrued interest payable 1,586 1,586 1,586 — — Derivative liabilities 53,288 53,288 — 53,288 — |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities | March 31, 2021 December 31, 2020 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: Obligations of states and political subdivisions 273,855 7,082 1,184 279,753 266,483 11,467 139 277,811 Mortgage-backed securities: U.S. government agencies 834,608 24,328 3,382 855,554 815,682 34,807 105 850,384 Private label 9,691 705 — 10,396 9,976 916 — 10,892 Trust preferred securities 4,560 — 285 4,275 4,557 — 457 4,100 Corporate securities 32,421 857 3 33,275 31,465 2,146 1 33,610 Total Debt Securities 1,155,135 32,972 4,854 1,183,253 1,128,163 49,336 702 1,176,797 Certificates of deposit held for investment 1,992 — — 1,992 1,992 — — 1,992 Total Securities Available-for-Sale $ 1,157,127 $ 32,972 $ 4,854 $ 1,185,245 $ 1,130,155 $ 49,336 $ 702 $ 1,178,789 |
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): March 31, 2021 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 $ 97,157 $ 1,086 $ 2,386 $ 98 $ 99,543 $ 1,184 Mortgage-backed securities: U.S. Government agencies 225,763 3,366 13,290 16 239,053 3,382 Trust preferred securities — — 4,275 285 4,275 285 Corporate securities 998 2 488 1 1,486 3 Total available-for-sale $ 323,918 $ 4,454 $ 20,439 $ 400 $ 344,357 $ 4,854 December 31, 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 $ 10,578 $ 139 $ — $ — $ 10,578 $ 139 Mortgage-backed securities: U.S. Government agencies 62,412 105 35 — 62,447 105 Trust preferred securities — — 4,100 457 4,100 457 Corporate securities 488 1 — — 488 1 Total available-for-sale $ 73,478 $ 245 $ 4,135 $ 457 $ 77,613 $ 702 |
Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity | The amortized cost and estimated fair value of debt securities at March 31, 2021, by contractual maturity, is 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 $ 16,063 $ 4,470 Due after one year through five years 33,304 34,628 Due after five years through ten years 292,485 303,519 Due after ten years 813,283 840,636 Total $ 1,155,135 $ 1,183,253 |
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 March 31, 2021 2020 Gross realized gains on securities sold $ 283 $ 134 Gross realized losses on securities sold — (71) Net investment security gains $ 283 $ 63 Gross unrealized gains recognized on equity securities still held $ — $ 24 Gross unrealized losses recognized on equity securities still held (51) (2,426) Net unrealized losses recognized on equity securities still held $ (51) $ (2,402) |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Loans and Leases Receivable, Net Amount [Abstract] | |
Summary of Major Classifications for Loans | The following table summarizes the Company’s major classifications for loans (in thousands): March 31, 2021 December 31, 2020 Commercial and industrial 371,195 372,989 1-4 Family 108,131 109,812 Hotels 293,176 294,464 Multi-family 212,561 215,671 Non Residential Non-Owner Occupied 649,683 641,351 Non Residential Owner Occupied 199,130 213,484 Commercial real estate 1,462,681 1,474,782 Residential real estate 1,532,907 1,587,694 Home equity 130,009 136,469 Consumer 47,224 47,688 DDA overdrafts 2,707 2,497 Gross loans 3,546,723 3,622,119 Allowance for credit losses (24,076) (24,549) Net loans $ 3,522,647 $ 3,597,570 Construction loans included in: Commercial real estate $ 39,101 $ 40,449 Residential real estate 22,129 27,078 |
Allowance For Credit Losses (Ta
Allowance For Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 three months ended March 31, 2021 and 2020 (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 Three months ended March 31, 2021 Beginning balance $ 3,644 $ 10,997 $ 8,093 $ 630 $ 163 $ 1,022 $ 24,549 Charge-offs (34) (1) (93) (64) (147) (453) (792) Recoveries 46 164 74 23 39 413 759 (Recovery of) provision for credit losses (131) (293) (14) 19 96 (117) (440) Ending balance $ 3,525 $ 10,867 $ 8,060 $ 608 $ 151 $ 865 $ 24,076 Three months ended March 31, 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) (383) (483) (45) (55) (703) (1,746) Recoveries 9 203 95 47 13 451 818 Provision for credit losses 2,149 3,709 1,759 111 110 134 7,972 Ending balance $ 5,855 $ 9,389 $ 6,958 $ 702 $ 233 $ 1,256 $ 24,393 |
Financing Receivable, Nonaccrual | The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of March 31, 2021 (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 $ 172 $ 1,028 $ 295 1-4 Family — 1,996 — Hotels — 2,748 — Multi-family — — — Non Residential Non-Owner Occupied — 749 — Non Residential Owner Occupied 1,922 377 — Commercial Real Estate 1,922 5,870 — Residential Real Estate 1 3,003 — Home Equity — 88 — Consumer — — — Total $ 2,095 $ 9,989 $ 295 The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 90 days still accruing as of December 31, 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 $ 172 $ 596 $ — 1-4 Family — 2,056 — Hotels — 2,951 — Multi-family — — — Non Residential Non-Owner Occupied — 508 — Non Residential Owner Occupied 2,297 589 — Commercial Real Estate 2,297 6,104 — Residential Real Estate 21 2,947 — Home Equity — 95 — Consumer — — — Total $ 2,490 $ 9,742 $ — |
Impaired Financing Receivables | The following table presents the amortized cost basis of individually evaluated impaired collateral-dependent loans as of March 31, 2021 and December 31, 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. March 31, 2021 December 31, 2020 Secured by Secured by Real Estate Equipment Real Estate Equipment Commercial and industrial $ 172 $ — $ 173 $ — 1-4 Family — — — — Hotels 2,863 — 2,837 — Multi-family — — — — Non Residential Non-Owner Occupied — — — — Non Residential Owner Occupied 1,922 — 2,296 — Commercial real estate 4,785 — 5,133 — Total $ 4,957 $ — $ 5,306 $ — |
Financing Receivable, Past Due | The following tables present the aging of the amortized cost basis in past-due loans as of March 31, 2021 and December 31, 2020 by class of loan (in thousands): March 31, 2021 30-59 60-89 90+ Total Current Non- Total Past Due Past Due Past Due Past Due Loans accrual Loans Commercial and industrial $ 1,063 $ — $ 295 $ 1,358 $ 368,637 $ 1,200 $ 371,195 1-4 Family — 42 — 42 106,093 1,996 108,131 Hotels — — — — 290,428 2,748 293,176 Multi-family — — — — 212,561 — 212,561 Non Residential Non-Owner Occupied 219 18 — 237 648,697 749 649,683 Non Residential Owner Occupied 229 — — 229 196,602 2,299 199,130 Commercial real estate 448 60 — 508 1,454,381 7,792 1,462,681 Residential real estate 3,547 511 — 4,058 1,525,845 3,004 1,532,907 Home Equity 390 93 — 483 129,438 88 130,009 Consumer 10 — — 10 47,214 — 47,224 Overdrafts 210 2 — 212 2,495 — 2,707 Total $ 5,668 $ 666 $ 295 $ 6,629 $ 3,528,010 $ 12,084 $ 3,546,723 December 31, 2020 30-59 60-89 90+ Total Current Non- Total Past Due Past Due Past Due Past Due Loans accrual Loans Commercial and industrial $ 1,213 $ 27 $ — $ 1,240 $ 370,981 $ 768 $ 372,989 1-4 Family 484 — — 484 107,272 2,056 109,812 Hotels — — — — 291,513 2,951 294,464 Multi-family — — — — 215,671 — 215,671 Non Residential Non-Owner Occupied 119 — — 119 640,724 508 641,351 Non Residential Owner Occupied 23 — — 23 210,575 2,886 213,484 Commercial real estate 626 — — 626 1,465,755 8,401 1,474,782 Residential real estate 5,177 816 — 5,993 1,578,733 2,968 1,587,694 Home Equity 575 — — 575 135,799 95 136,469 Consumer 63 50 — 113 47,575 — 47,688 Overdrafts 334 7 — 341 2,156 — 2,497 Total $ 7,988 $ 900 $ — $ 8,888 $ 3,600,999 $ 12,232 $ 3,622,119 |
Financing Receivable, Troubled Debt Restructuring | The following table sets forth the Company’s TDRs (in thousands). Substantially all of the Company's TDRs are accruing interest. March 31, 2021 December 31, 2020 Commercial and industrial $ — $ — 1-4 Family 119 121 Hotels 2,634 2,634 Multi-family 1,862 1,883 Non Residential Non-Owner Occupied — — Non Residential Owner Occupied — — Commercial real estate 4,615 4,638 Residential real estate 18,572 19,226 Home equity 1,956 2,001 Consumer 211 277 Total $ 25,354 $ 26,142 The following table presents loans by class, modified as TDRs, that occurred during the three months ended March 31, 2021 and 2020, respectively (dollars in thousands): March 31, 2021 March 31, 2020 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 — — — — — — Hotels — — — — — — Multi-family — — — — — — Non Owner Non-Owner Occupied — — — — — — Non Owner Owner Occupied — — — — — — Commercial real estate — — — — — — Residential real estate 3 154 154 9 807 805 Home equity — — — 2 70 70 Consumer — — — — — — Total 3 $ 154 $ 154 11 $ 877 $ 875 |
Financing Receivable, Credit Quality Indicators | Based on the most recent analysis performed, the risk category of loans by class of loans at March 31, 2021 is as follows (in thousands): Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Total Commercial and industrial Pass $ 44,976 $ 95,266 $ 49,806 $ 56,963 $ 28,617 $ 21,944 $ 64,848 $ 362,420 Special mention — 528 22 9 46 — 174 779 Substandard 188 862 1,447 981 618 1,976 1,924 7,996 Total $ 45,164 $ 96,656 $ 51,275 $ 57,953 $ 29,281 $ 23,920 $ 66,946 $ 371,195 Commercial real estate - Total Pass $ 30,034 $ 308,186 $ 283,738 $ 175,371 $ 140,245 $ 405,945 $ 24,986 $ 1,368,505 Special mention 62 725 10,091 1,131 118 3,469 — 15,596 Substandard 803 1,186 21,422 1,827 13,560 39,231 551 78,580 Total $ 30,899 $ 310,097 $ 315,251 $ 178,329 $ 153,923 $ 448,645 $ 25,537 $ 1,462,681 Commercial real estate - 1-4 Family Pass $ 4,258 $ 19,691 $ 16,058 $ 7,388 $ 6,978 $ 36,788 $ 10,094 $ 101,255 Special mention 62 190 — — — 613 — 865 Substandard — 119 332 — 752 4,808 — 6,011 Total $ 4,320 $ 20,000 $ 16,390 $ 7,388 $ 7,730 $ 42,209 $ 10,094 $ 108,131 Commercial real estate - Hotels Pass $ 1,978 $ 21,400 $ 89,927 $ 26,301 $ 42,317 $ 65,113 $ — $ 247,036 Special mention — 114 5,170 — — — — 5,284 Substandard 34 343 15,413 — 6,760 18,077 229 40,856 Total $ 2,012 $ 21,857 $ 110,510 $ 26,301 $ 49,077 $ 83,190 $ 229 $ 293,176 Commercial real estate - Multi-family Pass $ 1,901 $ 80,624 $ 56,025 $ 2,620 $ 20,549 $ 46,797 $ 1,565 $ 210,081 Special mention — — 1,862 546 — — — 2,408 Substandard — — — — — 72 — 72 Total $ 1,901 $ 80,624 $ 57,887 $ 3,166 $ 20,549 $ 46,869 $ 1,565 $ 212,561 Revolving Term Loans Loans Amortized Cost Basis by Origination Year and Risk Level Amortized 2021 2020 2019 2018 2017 Prior Cost Basis Total Commercial real estate - Non Residential Non-Owner Occupied Pass $ 16,067 $ 156,653 $ 96,180 $ 113,987 $ 50,396 $ 199,823 $ 8,480 $ 641,586 Special mention — 191 194 535 31 145 — 1,096 Substandard 769 568 1,384 1,143 34 2,943 160 7,001 Total $ 16,836 $ 157,412 $ 97,758 $ 115,665 $ 50,461 $ 202,911 $ 8,640 $ 649,683 Commercial real estate - Non Residential Owner Occupied Pass $ 5,830 $ 29,818 $ 25,548 $ 25,075 $ 20,005 $ 57,424 $ 4,847 $ 168,547 Special mention — 230 2,865 50 87 2,711 — 5,943 Substandard — 156 4,293 684 6,014 13,331 162 24,640 Total $ 5,830 $ 30,204 $ 32,706 $ 25,809 $ 26,106 $ 73,466 $ 5,009 $ 199,130 Residential real estate Performing $ 60,244 $ 397,522 $ 206,429 $ 156,546 $ 120,857 $ 477,462 $ 110,843 $ 1,529,903 Non-performing — — — — 258 1,098 1,648 3,004 Total $ 60,244 $ 397,522 $ 206,429 $ 156,546 $ 121,115 $ 478,560 $ 112,491 $ 1,532,907 Home equity Performing $ 1,376 $ 8,633 $ 5,736 $ 4,654 $ 1,858 $ 11,714 $ 95,950 $ 129,921 Non-performing — — — — — — 88 88 Total $ 1,376 $ 8,633 $ 5,736 $ 4,654 $ 1,858 $ 11,714 $ 96,038 $ 130,009 Consumer Performing $ 4,356 $ 14,613 $ 13,213 $ 8,016 $ 2,663 $ 2,668 $ 1,695 $ 47,224 Non-performing — — — — — — — — Total $ 4,356 $ 14,613 $ 13,213 $ 8,016 $ 2,663 $ 2,668 $ 1,695 $ 47,224 Based on the most recent analysis performed, the risk category of loans by class of loans at December 31, 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 $ 123,920 $ 51,972 $ 59,152 $ 30,440 $ 16,673 $ 6,942 $ 75,018 $ 364,117 Special mention 72 27 13 47 — 433 508 1,100 Substandard 783 1,553 918 589 268 1,733 1,928 7,772 Total $ 124,775 $ 53,552 $ 60,083 $ 31,076 $ 16,941 $ 9,108 $ 77,454 $ 372,989 Commercial real estate - Total Pass $ 312,363 $ 296,876 $ 179,038 $ 142,678 $ 147,772 $ 280,107 $ 25,560 $ 1,384,394 Special mention 442 5,288 1,196 127 159 3,370 — 10,582 Substandard 1,159 22,224 1,855 13,734 9,574 30,938 322 79,806 Total $ 313,964 $ 324,388 $ 182,089 $ 156,539 $ 157,505 $ 314,415 $ 25,882 $ 1,474,782 Commercial real estate - 1-4 Family Pass $ 19,970 $ 17,540 $ 8,217 $ 7,444 $ 6,158 $ 33,075 $ 10,274 $ 102,678 Special mention 192 — — — 159 753 — 1,104 Substandard 119 343 — 863 102 4,603 — 6,030 Total $ 20,281 $ 17,883 $ 8,217 $ 8,307 $ 6,419 $ 38,431 $ 10,274 $ 109,812 Commercial real estate - Hotels Pass $ 23,886 $ 95,269 $ 26,206 $ 42,593 $ 21,490 $ 43,686 $ — $ 253,130 Substandard 343 15,412 — 6,750 4,465 14,364 — 41,334 Total $ 24,229 $ 110,681 $ 26,206 $ 49,343 $ 25,955 $ 58,050 $ — $ 294,464 Commercial real estate - Multi-family Pass $ 81,127 $ 56,371 $ 2,688 $ 20,730 $ 23,873 $ 27,009 $ 1,363 $ 213,161 Special mention — 1,883 551 — — — — 2,434 Substandard — — — — — 76 — 76 Total $ 81,127 $ 58,254 $ 3,239 $ 20,730 $ 23,873 $ 27,085 $ 1,363 $ 215,671 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 - Non Residential Non-Owner Occupied Pass $ 155,937 $ 101,011 $ 115,524 $ 51,329 $ 76,219 $ 125,349 $ 8,825 $ 634,194 Special mention 16 504 592 37 — 147 — 1,296 Substandard 580 1,385 1,159 52 1,187 1,338 160 5,861 Total $ 156,533 $ 102,900 $ 117,275 $ 51,418 $ 77,406 $ 126,834 $ 8,985 $ 641,351 Commercial real estate - Non Residential Owner Occupied Pass $ 31,443 $ 26,685 $ 26,403 $ 20,582 $ 20,032 $ 50,988 $ 5,098 $ 181,231 Special mention 234 2,901 53 90 — 2,470 — 5,748 Substandard 117 5,084 696 6,069 3,820 10,557 162 26,505 Total $ 31,794 $ 34,670 $ 27,152 $ 26,741 $ 23,852 $ 64,015 $ 5,260 $ 213,484 Residential real estate Performing $ 407,135 $ 233,709 $ 176,523 $ 134,425 $ 102,828 $ 416,473 $ 113,633 $ 1,584,726 Non-performing — — — 164 41 1,184 1,579 2,968 Total $ 407,135 $ 233,709 $ 176,523 $ 134,589 $ 102,869 $ 417,657 $ 115,212 $ 1,587,694 Home equity Performing $ 9,038 $ 6,241 $ 5,375 $ 2,126 $ 1,309 $ 11,573 $ 100,712 $ 136,374 Non-performing — — — — — — 95 95 Total $ 9,038 $ 6,241 $ 5,375 $ 2,126 $ 1,309 $ 11,573 $ 100,807 $ 136,469 Consumer Performing $ 15,342 $ 14,977 $ 9,229 $ 3,154 $ 1,688 $ 1,422 $ 1,876 $ 47,688 Non-performing — — — — — — — — Total $ 15,342 $ 14,977 $ 9,229 $ 3,154 $ 1,688 $ 1,422 $ 1,876 $ 47,688 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Non-hedging interest rate derivatives: Customer counterparties: Loan interest rate swap - assets $ 519,841 $ 23,299 $ 647,613 $ 52,364 Loan interest rate swap - liabilities 167,663 6,250 37,721 562 Non-hedging interest rate derivatives: Financial institution counterparties: Loan interest rate swap - assets 177,540 6,677 37,721 562 Loan interest rate swap - liabilities 523,894 23,433 661,866 52,607 |
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 March 31, 2021 2020 Change in Fair Value Non-Hedging Interest Rate Derivatives: Other (expense) income - derivative assets $ (22,994) $ 37,911 Other expense (income) - derivative liabilities 22,994 (37,911) Other expense - derivative liabilities 385 172 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Restricted Shares Activity And Related Information | A summary of the Company’s restricted shares activity and related information is presented below: Three months ended March 31, 2021 2020 Restricted Awards Average Market Price at Grant Restricted Awards Average Market Price at Grant Outstanding at January 1 158,554 $ 67.40 148,083 $ 62.62 Granted 20,536 70.66 23,028 70.36 Forfeited — 71.43 — — Vested (36,685) 66.32 (24,910) 50.42 Outstanding at March 31 142,405 $ 67.88 146,201 $ 65.91 Information regarding stock-based compensation associated with restricted shares is provided in the following table (in thousands): Three months ended March 31, 2021 2020 Stock-based compensation expense associated with restricted shares $ 783 $ 629 At period-end: March 31, 2021 Unrecognized stock-based compensation expense associated with restricted shares $ 5,310 Weighted average period (in years) in which the above amount is expected to be recognized 2.9 |
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 March 31, 2021 2020 Components of net periodic cost: Interest cost $ 83 $ 112 Expected return on plan assets (205) (203) Net amortization and deferral 280 272 Net Periodic Pension Cost $ 158 $ 181 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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): March 31, 2021 December 31, 2020 Commitments to extend credit: Home equity lines $ 218,959 $ 215,619 Commercial real estate 58,080 65,828 Other commitments 242,843 245,647 Standby letters of credit 7,769 6,460 Commercial letters of credit 458 610 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 24%. Three months ended March 31, Defined Benefit Securities Pension Available- Plan -for-Sale Total 2021 Beginning Balance $ (5,661) $ 36,894 $ 31,233 Other comprehensive loss before reclassifications — (15,390) (15,390) Amounts reclassified from other comprehensive income — (215) (215) — (15,605) (15,605) Ending Balance $ (5,661) $ 21,289 $ 15,628 2020 Beginning Balance $ (6,270) $ 12,110 $ 5,840 Other comprehensive income before reclassifications — 20,471 20,471 Amounts reclassified from other comprehensive income — (48) (48) Reclassification of unrealized gains on held-to-maturity securities to available-for-sale 1,197 1,197 — 21,620 21,620 Ending Balance $ (6,270) $ 33,730 $ 27,460 |
Schedule of Amounts Reclassified Out Of Accumulated Other Comprehensive Income | Amounts reclassified from Other Comprehensive Income Three months ended Affected line item March 31, in the Consolidated Statements 2021 2020 of Income Securities available-for-sale: Net securities gains reclassified into earnings $ 283 $ 63 Gains on sale of investment securities, net Related income tax expense (68) (15) Income tax expense Net effect on accumulated other comprehensive income $ 215 $ 48 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 March 31, 2021 2020 Net income available to common shareholders $ 19,814 $ 29,000 Less: earnings allocated to participating securities (179) (263) Net earnings allocated to common shareholders $ 19,635 $ 28,737 Distributed earnings allocated to common stock $ 9,037 $ 9,117 Undistributed earnings allocated to common stock 10,598 19,620 Net earnings allocated to common shareholders $ 19,635 $ 28,737 Average shares outstanding 15,656 16,080 Effect of dilutive securities: Employee stock awards 31 21 Shares for diluted earnings per share 15,687 16,101 Basic earnings per share $ 1.25 $ 1.79 Diluted earnings per share $ 1.25 $ 1.78 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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) March 31, 2021 Recurring fair value measurements Financial Assets Obligations of states and political subdivisions $ 279,753 $ — $ 279,753 $ — Mortgage-backed securities: U.S. Government agencies 855,554 — 855,554 — Private label 10,396 — 5,786 4,610 Trust preferred securities 4,275 — 4,275 — Corporate securities 33,275 — 29,271 4,004 Marketable equity securities 11,757 6,726 5,031 — Certificates of deposit held for investment 1,992 — 1,992 — Derivative assets 33,446 — 33,446 — Financial Liabilities Derivative liabilities 29,773 — 29,773 — Nonrecurring fair value measurements Financial Assets Loans individually evaluated $ 7,475 $ — $ — $ 7,475 $ 56 Non-Financial Assets Other real estate owned 1,625 — — 1,625 (1) December 31, 2020 Recurring fair value measurements Financial Assets Obligations of states and political subdivisions $ 277,811 $ — $ 277,811 $ — Mortgage-backed securities: U.S. Government agencies 850,384 — 850,384 — Private label 10,892 — 6,061 4,831 Trust preferred securities 4,100 — 4,100 — Corporate securities 33,610 — 29,606 4,004 Marketable equity securities 11,839 6,800 5,039 — Certificates of deposit held for investment 1,992 — 1,992 — Derivative assets 53,166 — 53,166 — Financial Liabilities Derivative liabilities 53,288 — 53,288 — Nonrecurring fair value measurements Financial Assets Impaired loans $ 7,634 $ — $ — $ 7,634 $ (1,118) Non-Financial Assets Other real estate owned 1,650 — — 1,650 (292) |
Schedule Of Estimates Of Fair Value Of Financial Instruments | The following table represents the estimates of fair value of financial instruments (in thousands). 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 March 31, 2021 Assets: Cash and cash equivalents $ 756,799 $ 756,799 $ 756,799 $ — $ — Securities available-for-sale 1,185,245 1,185,245 — 1,176,631 8,614 Marketable equity securities 11,757 11,757 6,726 5,031 — Net loans 3,522,647 3,473,330 — — 3,473,330 Accrued interest receivable 16,231 16,231 16,231 — — Derivative assets 33,446 33,446 — 33,446 — Liabilities: Deposits 4,796,835 4,805,356 3,586,962 1,218,394 — Short-term debt 316,003 316,003 — 316,003 — Accrued interest payable 1,169 1,169 1,169 — — Derivative liabilities 29,773 29,773 — 29,773 — December 31, 2020 Assets: Cash and cash equivalents $ 528,659 $ 528,659 $ 528,659 $ — $ — Securities available-for-sale 1,178,789 1,178,789 — 1,169,954 8,835 Marketable equity securities 11,839 11,839 6,800 5,039 — Net loans 3,597,570 3,578,013 — — 3,578,013 Accrued interest receivable 15,793 15,793 15,793 — — Derivative assets 53,166 53,166 — 53,166 — Liabilities: Deposits 4,652,216 4,665,905 3,392,194 1,273,711 — Short-term debt 295,956 295,956 — 295,956 — Accrued interest payable 1,586 1,586 1,586 — — Derivative liabilities 53,288 53,288 — 53,288 — |
Background and Basis of Prese_2
Background and Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2021storesegment | |
Entity Location [Line Items] | |
Number of reportable segments | segment | 1 |
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 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Schedule of Investments [Line Items] | ||||
Federal Home Loan Bank Stock and Federal Reserve Bank Stock | $ 15,400,000 | $ 15,500,000 | ||
Non-governmental issues exceeding 10% shareholders equity threshold | 0 | 0 | ||
Credit-related investment impairment losses | 0 | $ 0 | ||
Sale of VISA shares | 0 | $ 17,837,000 | ||
Asset Pledged as Collateral | ||||
Schedule of Investments [Line Items] | ||||
Carrying value of securities pledged | 641,000,000 | 644,000,000 | ||
Marketable equity securities | ||||
Schedule of Investments [Line Items] | ||||
Investment securities | $ 11,800,000 | $ 11,800,000 | ||
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 | |||
VISA, Inc. (VISA) | Marketable equity securities | ||||
Schedule of Investments [Line Items] | ||||
Investment securities | $ 0 | |||
Maximum | First National Corporation (FXNC) | ||||
Schedule of Investments [Line Items] | ||||
Equity ownership positions in the community bank holding companies (percent) | 3.70% | |||
Maximum | Eagle Financial Services, Inc. (EFSI) | ||||
Schedule of Investments [Line Items] | ||||
Equity ownership positions in the community bank holding companies (percent) | 1.50% |
Investments (Aggregate Carrying
Investments (Aggregate Carrying And Approximate Market Values Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,157,127 | $ 1,130,155 |
Gross Unrealized Gains | 32,972 | 49,336 |
Gross Unrealized Losses | 4,854 | 702 |
Estimated Fair Value | 1,185,245 | 1,178,789 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 273,855 | 266,483 |
Gross Unrealized Gains | 7,082 | 11,467 |
Gross Unrealized Losses | 1,184 | 139 |
Estimated Fair Value | 279,753 | 277,811 |
Mortgage-backed securities: U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 834,608 | 815,682 |
Gross Unrealized Gains | 24,328 | 34,807 |
Gross Unrealized Losses | 3,382 | 105 |
Estimated Fair Value | 855,554 | 850,384 |
Mortgage-backed securities: Private label | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 9,691 | 9,976 |
Gross Unrealized Gains | 705 | 916 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 10,396 | 10,892 |
Trust preferred securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,560 | 4,557 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 285 | 457 |
Estimated Fair Value | 4,275 | 4,100 |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,421 | 31,465 |
Gross Unrealized Gains | 857 | 2,146 |
Gross Unrealized Losses | 3 | 1 |
Estimated Fair Value | 33,275 | 33,610 |
Total Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,155,135 | 1,128,163 |
Gross Unrealized Gains | 32,972 | 49,336 |
Gross Unrealized Losses | 4,854 | 702 |
Estimated Fair Value | 1,183,253 | 1,176,797 |
Certificates of deposit held for investment | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,992 | 1,992 |
Estimated Fair Value | $ 1,992 | $ 1,992 |
Investments (Gross Unrealized L
Investments (Gross Unrealized Losses And Fair Value Of Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | $ 323,918 | $ 73,478 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 4,454 | 245 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 20,439 | 4,135 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 400 | 457 |
Securities available-for-sale, Total, Estimated Fair Value | 344,357 | 77,613 |
Securities available-for-sale, Total, Unrealized Loss | 4,854 | 702 |
Obligations of states and political subdivisions | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 97,157 | 10,578 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 1,086 | 139 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 2,386 | 0 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 98 | 0 |
Securities available-for-sale, Total, Estimated Fair Value | 99,543 | 10,578 |
Securities available-for-sale, Total, Unrealized Loss | 1,184 | 139 |
U.S. Government Agencies Mortgage-backed Securities | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 225,763 | 62,412 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 3,366 | 105 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 13,290 | 35 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 16 | 0 |
Securities available-for-sale, Total, Estimated Fair Value | 239,053 | 62,447 |
Securities available-for-sale, Total, Unrealized Loss | 3,382 | 105 |
Trust preferred securities | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 0 | 0 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 0 | 0 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 4,275 | 4,100 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 285 | 457 |
Securities available-for-sale, Total, Estimated Fair Value | 4,275 | 4,100 |
Securities available-for-sale, Total, Unrealized Loss | 285 | 457 |
Corporate securities | ||
Schedule of Investments [Line Items] | ||
Securities available-for-sale, Less Than Twelve Months, Estimated Fair Value | 998 | 488 |
Securities available-for-sale, Less Than Twelve Months, Unrealized Loss | 2 | 1 |
Securities available-for-sale, Twelve Months or Greater, Estimated Fair Value | 488 | 0 |
Securities available-for-sale, Twelve Months or Greater, Unrealized Loss | 1 | 0 |
Securities available-for-sale, Total, Estimated Fair Value | 1,486 | 488 |
Securities available-for-sale, Total, Unrealized Loss | $ 3 | $ 1 |
Investments (Amortized Cost And
Investments (Amortized Cost And Estimated Fair Value Of Debt Securities By Contractual Maturity) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Securities Available-for-Sale, Amortized Cost | |
Due in one year or less | $ 16,063 |
Due after one year through five years | 33,304 |
Due after five years through ten years | 292,485 |
Due after ten years | 813,283 |
Total | 1,155,135 |
Securities Available-for-Sale, Estimated Fair Value | |
Due in one year or less | 4,470 |
Due after one year through five years | 34,628 |
Due after five years through ten years | 303,519 |
Due after ten years | 840,636 |
Total | $ 1,183,253 |
Investments (Gross Gains And Lo
Investments (Gross Gains And Losses Realized) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments [Abstract] | ||
Gross realized gains on securities sold | $ 283 | $ 134 |
Gross realized losses on securities sold | 0 | (71) |
Net investment security gains | 283 | 63 |
Gross unrealized gains recognized on equity securities still held | 0 | 24 |
Gross unrealized losses recognized on equity securities still held | (51) | (2,426) |
Net unrealized losses recognized on equity securities still held | $ (51) | $ (2,402) |
Loans (Narrative) (Details)
Loans (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)contract | Dec. 31, 2020USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 3,546,723 | $ 3,622,119 |
Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | 371,195 | $ 372,989 |
Small Business Administration Paycheck Protection Program | Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross loans | $ 128,000 | |
Financing receivable, number of contracts | contract | 2,800 | |
Small business administration paycheck protection program forgiveness proceeds | $ 65,000 |
Loans (Summary Of Major Classif
Loans (Summary Of Major Classifications For Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | $ 3,546,723 | $ 3,622,119 | ||
Allowance for credit losses | (24,076) | (24,549) | $ (24,393) | $ (11,589) |
Net loans | 3,522,647 | 3,597,570 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 371,195 | 372,989 | ||
Allowance for credit losses | (3,525) | (3,644) | (5,855) | (2,059) |
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,462,681 | 1,474,782 | ||
Allowance for credit losses | (10,867) | (10,997) | (9,389) | (2,606) |
Construction loan | 39,101 | 40,449 | ||
1-4 Family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 108,131 | 109,812 | ||
Hotels | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 293,176 | 294,464 | ||
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 212,561 | 215,671 | ||
Non Residential Non-Owner Occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 649,683 | 641,351 | ||
Non Residential Owner Occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 199,130 | 213,484 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 1,532,907 | 1,587,694 | ||
Allowance for credit losses | (8,060) | (8,093) | (6,958) | (3,448) |
Construction loan | 22,129 | 27,078 | ||
Home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 130,009 | 136,469 | ||
Allowance for credit losses | (608) | (630) | (702) | (1,187) |
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 47,224 | 47,688 | ||
Allowance for credit losses | (151) | (163) | (233) | (975) |
DDA overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans | 2,707 | 2,497 | ||
Allowance for credit losses | $ (865) | $ (1,022) | $ (1,256) | $ (1,314) |
Allowance For Credit Losses (Na
Allowance For Credit Losses (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)contract | Mar. 31, 2020USD ($)contract | Dec. 31, 2020USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Threshold Period for Discontinuance of Interest Accrual | 90 days | ||
Financing Receivable, Nonaccrual, Interest Income | $ 100,000 | $ 100,000 | |
Impaired Financing Receivable, Interest Income, Interest Forgone | $ 100,000 | 100,000 | |
Financing Receivable, Threshold Period Past Due | 30 days | ||
Allowance for credit losses allocated to troubled debt | $ 1,600,000 | $ 1,600,000 | |
Commitment to lend to troubled debt | 0 | ||
Increase in provision for credit losses for TDRs | 100,000 | 100,000 | |
Charge-offs related to TDRs | $ 200,000 | $ 200,000 | |
Number of TDRs that defaulted | contract | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring | $ 25,354,000 | $ 26,142,000 | |
Payment Deferral | COVID-19 | Consumer Borrower | |||
Financing Receivable, Impaired [Line Items] | |||
Loan Restructuring, Trial Modifications, Amount | 145,000,000 | ||
Loan Restructuring, Trial Modifications, Period End Amount | 3,000,000 | ||
Loan Restructuring, Trial Modifications, Resumed Payment, Amount | 142,000,000 | ||
Financing Receivable, Troubled Debt Restructuring | 4,000,000 | ||
Payment Deferral | COVID-19 | Commercial Borrower | |||
Financing Receivable, Impaired [Line Items] | |||
Loan Restructuring, Trial Modifications, Amount | 480,000,000 | ||
Loan Restructuring, Trial Modifications, Period End Amount | 115,000,000 | ||
Loan Restructuring, Trial Modifications, Resumed Payment, Amount | 365,000,000 | ||
Payment Deferral | COVID-19 | Hotels | |||
Financing Receivable, Impaired [Line Items] | |||
Loan Restructuring, Trial Modifications, Period End Amount | $ 105,000,000 | ||
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Threshold period past due for write-off of financing receivable | 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 | ||
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Threshold period past due for write-off of financing receivable | 180 days |
Allowance For Credit Losses (Fi
Allowance For Credit Losses (Financing Receivable, Allowance for Credit Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | $ 24,549 | $ 11,589 |
Allowance for loan loss, Charge-offs | (792) | (1,746) |
Allowance for loan loss, Recoveries | 759 | 818 |
Allowance for loan loss, Provision | (440) | 7,972 |
Allowance for loan loss, Ending balance | 24,076 | 24,393 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 5,760 | |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 3,644 | 2,059 |
Allowance for loan loss, Charge-offs | (34) | (77) |
Allowance for loan loss, Recoveries | 46 | 9 |
Allowance for loan loss, Provision | (131) | 2,149 |
Allowance for loan loss, Ending balance | 3,525 | 5,855 |
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 1,715 | |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 10,997 | 2,606 |
Allowance for loan loss, Charge-offs | (1) | (383) |
Allowance for loan loss, Recoveries | 164 | 203 |
Allowance for loan loss, Provision | (293) | 3,709 |
Allowance for loan loss, Ending balance | 10,867 | 9,389 |
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 3,254 | |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 8,093 | 3,448 |
Allowance for loan loss, Charge-offs | (93) | (483) |
Allowance for loan loss, Recoveries | 74 | 95 |
Allowance for loan loss, Provision | (14) | 1,759 |
Allowance for loan loss, Ending balance | 8,060 | 6,958 |
Residential real estate | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 2,139 | |
Home equity | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 630 | 1,187 |
Allowance for loan loss, Charge-offs | (64) | (45) |
Allowance for loan loss, Recoveries | 23 | 47 |
Allowance for loan loss, Provision | 19 | 111 |
Allowance for loan loss, Ending balance | 608 | 702 |
Home equity | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | (598) | |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 163 | 975 |
Allowance for loan loss, Charge-offs | (147) | (55) |
Allowance for loan loss, Recoveries | 39 | 13 |
Allowance for loan loss, Provision | 96 | 110 |
Allowance for loan loss, Ending balance | 151 | 233 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | (810) | |
DDA overdrafts | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | 1,022 | 1,314 |
Allowance for loan loss, Charge-offs | (453) | (703) |
Allowance for loan loss, Recoveries | 413 | 451 |
Allowance for loan loss, Provision | (117) | 134 |
Allowance for loan loss, Ending balance | $ 865 | 1,256 |
DDA overdrafts | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for loan loss, Beginning balance | $ 60 |
Allowance for Credit Losses (_2
Allowance for Credit Losses (Financing Receivable, Nonaccrual) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | $ 2,095 | $ 2,490 |
Financing Receivable, Nonaccrual | 9,989 | 9,742 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 295 | 0 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 172 | 172 |
Financing Receivable, Nonaccrual | 1,028 | 596 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 295 | 0 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,922 | 2,297 |
Financing Receivable, Nonaccrual | 5,870 | 6,104 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
1-4 Family | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 1,996 | 2,056 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Hotels | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 2,748 | 2,951 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 0 | 0 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Non Residential Non-Owner Occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 749 | 508 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Non Residential Owner Occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1,922 | 2,297 |
Financing Receivable, Nonaccrual | 377 | 589 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 1 | 21 |
Financing Receivable, Nonaccrual | 3,003 | 2,947 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 |
Financing Receivable, Nonaccrual | 88 | 95 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 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 | Mar. 31, 2021 | Dec. 31, 2020 |
Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | $ 4,957 | $ 5,306 |
Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
Commercial and industrial | Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 172 | 173 |
Commercial and industrial | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
Commercial real estate | Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 4,785 | 5,133 |
Commercial real estate | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
1-4 Family | Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
1-4 Family | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
Hotels | Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 2,863 | 2,837 |
Hotels | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
Multi-family | Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
Multi-family | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
Non Residential Non-Owner Occupied | Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
Non Residential Non-Owner Occupied | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 0 | 0 |
Non Residential Owner Occupied | Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | 1,922 | 2,296 |
Non Residential Owner Occupied | Equipment | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Collateral Dependent | $ 0 | $ 0 |
Allowance For Credit Losses (_3
Allowance For Credit Losses (Financing Receivable, Past Due) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | $ 6,629 | $ 8,888 |
Current Loans | 3,528,010 | 3,600,999 |
Financing Receivable, Nonaccrual | 12,084 | 12,232 |
Gross loans | 3,546,723 | 3,622,119 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,358 | 1,240 |
Current Loans | 368,637 | 370,981 |
Financing Receivable, Nonaccrual | 1,200 | 768 |
Gross loans | 371,195 | 372,989 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 508 | 626 |
Current Loans | 1,454,381 | 1,465,755 |
Financing Receivable, Nonaccrual | 7,792 | 8,401 |
Gross loans | 1,462,681 | 1,474,782 |
1-4 Family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 42 | 484 |
Current Loans | 106,093 | 107,272 |
Financing Receivable, Nonaccrual | 1,996 | 2,056 |
Gross loans | 108,131 | 109,812 |
Hotels | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Current Loans | 290,428 | 291,513 |
Financing Receivable, Nonaccrual | 2,748 | 2,951 |
Gross loans | 293,176 | 294,464 |
Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Current Loans | 212,561 | 215,671 |
Financing Receivable, Nonaccrual | 0 | 0 |
Gross loans | 212,561 | 215,671 |
Non Residential Non-Owner Occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 237 | 119 |
Current Loans | 648,697 | 640,724 |
Financing Receivable, Nonaccrual | 749 | 508 |
Gross loans | 649,683 | 641,351 |
Non Residential Owner Occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 229 | 23 |
Current Loans | 196,602 | 210,575 |
Financing Receivable, Nonaccrual | 2,299 | 2,886 |
Gross loans | 199,130 | 213,484 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 4,058 | 5,993 |
Current Loans | 1,525,845 | 1,578,733 |
Financing Receivable, Nonaccrual | 3,004 | 2,968 |
Gross loans | 1,532,907 | 1,587,694 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 483 | 575 |
Current Loans | 129,438 | 135,799 |
Financing Receivable, Nonaccrual | 88 | 95 |
Gross loans | 130,009 | 136,469 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 10 | 113 |
Current Loans | 47,214 | 47,575 |
Financing Receivable, Nonaccrual | 0 | 0 |
Gross loans | 47,224 | 47,688 |
DDA overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 212 | 341 |
Current Loans | 2,495 | 2,156 |
Financing Receivable, Nonaccrual | 0 | 0 |
Gross loans | 2,707 | 2,497 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 5,668 | 7,988 |
Financial Asset, 30 to 59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 1,063 | 1,213 |
Financial Asset, 30 to 59 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 448 | 626 |
Financial Asset, 30 to 59 Days Past Due | 1-4 Family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 484 |
Financial Asset, 30 to 59 Days Past Due | Hotels | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 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 | 219 | 119 |
Financial Asset, 30 to 59 Days Past Due | Non Residential Owner Occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 229 | 23 |
Financial Asset, 30 to 59 Days Past Due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 3,547 | 5,177 |
Financial Asset, 30 to 59 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 390 | 575 |
Financial Asset, 30 to 59 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 10 | 63 |
Financial Asset, 30 to 59 Days Past Due | DDA overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 210 | 334 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 666 | 900 |
Financial Asset, 60 to 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 27 |
Financial Asset, 60 to 89 Days Past Due | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 60 | 0 |
Financial Asset, 60 to 89 Days Past Due | 1-4 Family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 42 | 0 |
Financial Asset, 60 to 89 Days Past Due | Hotels | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 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 | 18 | 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 | 0 |
Financial Asset, 60 to 89 Days Past Due | Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 511 | 816 |
Financial Asset, 60 to 89 Days Past Due | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 93 | 0 |
Financial Asset, 60 to 89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 0 | 50 |
Financial Asset, 60 to 89 Days Past Due | DDA overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 2 | 7 |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing receivable, recorded investment, past due | 295 | 0 |
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 | 295 | 0 |
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 | 0 | 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 | 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 | 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 | 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 | 0 | 0 |
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 | 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 | 0 | 0 |
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 | 0 | 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 | 3 Months Ended | ||
Mar. 31, 2021USD ($)contract | Mar. 31, 2020USD ($)contract | Dec. 31, 2020USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 25,354 | $ 26,142 | |
Number of Contracts | contract | 3 | 11 | |
Pre-Modification Outstanding Recorded Investment | $ 154 | $ 877 | |
Post Modification Outstanding Recorded Investment | 154 | $ 875 | |
Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 0 | 0 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 4,615 | 4,638 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
1-4 Family | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 119 | 121 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Hotels | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 2,634 | 2,634 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Multi-family | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 1,862 | 1,883 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Non Residential Non-Owner Occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 0 | 0 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Non Residential Owner Occupied | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 0 | 0 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | 0 | $ 0 | |
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 18,572 | 19,226 | |
Number of Contracts | contract | 3 | 9 | |
Pre-Modification Outstanding Recorded Investment | $ 154 | $ 807 | |
Post Modification Outstanding Recorded Investment | 154 | $ 805 | |
Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 1,956 | 2,001 | |
Number of Contracts | contract | 0 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 70 | |
Post Modification Outstanding Recorded Investment | 0 | $ 70 | |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 211 | $ 277 | |
Number of Contracts | contract | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Allowance For Credit Losses (_5
Allowance For Credit Losses (Financing Receivable, Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Gross loans | $ 3,546,723 | $ 3,622,119 |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 45,164 | 124,775 |
Year Two | 96,656 | 53,552 |
Year Three | 51,275 | 60,083 |
Year Four | 57,953 | 31,076 |
Year Five | 29,281 | 16,941 |
Prior | 23,920 | 9,108 |
Revolving Loans, Amortized Cost Basis | 66,946 | 77,454 |
Gross loans | 371,195 | 372,989 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 30,899 | 313,964 |
Year Two | 310,097 | 324,388 |
Year Three | 315,251 | 182,089 |
Year Four | 178,329 | 156,539 |
Year Five | 153,923 | 157,505 |
Prior | 448,645 | 314,415 |
Revolving Loans, Amortized Cost Basis | 25,537 | 25,882 |
Gross loans | 1,462,681 | 1,474,782 |
1-4 Family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 4,320 | 20,281 |
Year Two | 20,000 | 17,883 |
Year Three | 16,390 | 8,217 |
Year Four | 7,388 | 8,307 |
Year Five | 7,730 | 6,419 |
Prior | 42,209 | 38,431 |
Revolving Loans, Amortized Cost Basis | 10,094 | 10,274 |
Gross loans | 108,131 | 109,812 |
Hotels | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 2,012 | 24,229 |
Year Two | 21,857 | 110,681 |
Year Three | 110,510 | 26,206 |
Year Four | 26,301 | 49,343 |
Year Five | 49,077 | 25,955 |
Prior | 83,190 | 58,050 |
Revolving Loans, Amortized Cost Basis | 229 | 0 |
Gross loans | 293,176 | 294,464 |
Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,901 | 81,127 |
Year Two | 80,624 | 58,254 |
Year Three | 57,887 | 3,239 |
Year Four | 3,166 | 20,730 |
Year Five | 20,549 | 23,873 |
Prior | 46,869 | 27,085 |
Revolving Loans, Amortized Cost Basis | 1,565 | 1,363 |
Gross loans | 212,561 | 215,671 |
Non Residential Non-Owner Occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 16,836 | 156,533 |
Year Two | 157,412 | 102,900 |
Year Three | 97,758 | 117,275 |
Year Four | 115,665 | 51,418 |
Year Five | 50,461 | 77,406 |
Prior | 202,911 | 126,834 |
Revolving Loans, Amortized Cost Basis | 8,640 | 8,985 |
Gross loans | 649,683 | 641,351 |
Non Residential Owner Occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 5,830 | 31,794 |
Year Two | 30,204 | 34,670 |
Year Three | 32,706 | 27,152 |
Year Four | 25,809 | 26,741 |
Year Five | 26,106 | 23,852 |
Prior | 73,466 | 64,015 |
Revolving Loans, Amortized Cost Basis | 5,009 | 5,260 |
Gross loans | 199,130 | 213,484 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 60,244 | 407,135 |
Year Two | 397,522 | 233,709 |
Year Three | 206,429 | 176,523 |
Year Four | 156,546 | 134,589 |
Year Five | 121,115 | 102,869 |
Prior | 478,560 | 417,657 |
Revolving Loans, Amortized Cost Basis | 112,491 | 115,212 |
Gross loans | 1,532,907 | 1,587,694 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,376 | 9,038 |
Year Two | 8,633 | 6,241 |
Year Three | 5,736 | 5,375 |
Year Four | 4,654 | 2,126 |
Year Five | 1,858 | 1,309 |
Prior | 11,714 | 11,573 |
Revolving Loans, Amortized Cost Basis | 96,038 | 100,807 |
Gross loans | 130,009 | 136,469 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 4,356 | 15,342 |
Year Two | 14,613 | 14,977 |
Year Three | 13,213 | 9,229 |
Year Four | 8,016 | 3,154 |
Year Five | 2,663 | 1,688 |
Prior | 2,668 | 1,422 |
Revolving Loans, Amortized Cost Basis | 1,695 | 1,876 |
Gross loans | 47,224 | 47,688 |
Performing | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 60,244 | 407,135 |
Year Two | 397,522 | 233,709 |
Year Three | 206,429 | 176,523 |
Year Four | 156,546 | 134,425 |
Year Five | 120,857 | 102,828 |
Prior | 477,462 | 416,473 |
Revolving Loans, Amortized Cost Basis | 110,843 | 113,633 |
Gross loans | 1,529,903 | 1,584,726 |
Performing | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,376 | 9,038 |
Year Two | 8,633 | 6,241 |
Year Three | 5,736 | 5,375 |
Year Four | 4,654 | 2,126 |
Year Five | 1,858 | 1,309 |
Prior | 11,714 | 11,573 |
Revolving Loans, Amortized Cost Basis | 95,950 | 100,712 |
Gross loans | 129,921 | 136,374 |
Performing | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 4,356 | 15,342 |
Year Two | 14,613 | 14,977 |
Year Three | 13,213 | 9,229 |
Year Four | 8,016 | 3,154 |
Year Five | 2,663 | 1,688 |
Prior | 2,668 | 1,422 |
Revolving Loans, Amortized Cost Basis | 1,695 | 1,876 |
Gross loans | 47,224 | 47,688 |
Non-performing | Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 164 |
Year Five | 258 | 41 |
Prior | 1,098 | 1,184 |
Revolving Loans, Amortized Cost Basis | 1,648 | 1,579 |
Gross loans | 3,004 | 2,968 |
Non-performing | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans, Amortized Cost Basis | 88 | 95 |
Gross loans | 88 | 95 |
Non-performing | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 0 | 0 |
Pass | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 44,976 | 123,920 |
Year Two | 95,266 | 51,972 |
Year Three | 49,806 | 59,152 |
Year Four | 56,963 | 30,440 |
Year Five | 28,617 | 16,673 |
Prior | 21,944 | 6,942 |
Revolving Loans, Amortized Cost Basis | 64,848 | 75,018 |
Gross loans | 362,420 | 364,117 |
Pass | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 30,034 | 312,363 |
Year Two | 308,186 | 296,876 |
Year Three | 283,738 | 179,038 |
Year Four | 175,371 | 142,678 |
Year Five | 140,245 | 147,772 |
Prior | 405,945 | 280,107 |
Revolving Loans, Amortized Cost Basis | 24,986 | 25,560 |
Gross loans | 1,368,505 | 1,384,394 |
Pass | 1-4 Family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 4,258 | 19,970 |
Year Two | 19,691 | 17,540 |
Year Three | 16,058 | 8,217 |
Year Four | 7,388 | 7,444 |
Year Five | 6,978 | 6,158 |
Prior | 36,788 | 33,075 |
Revolving Loans, Amortized Cost Basis | 10,094 | 10,274 |
Gross loans | 101,255 | 102,678 |
Pass | Hotels | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,978 | 23,886 |
Year Two | 21,400 | 95,269 |
Year Three | 89,927 | 26,206 |
Year Four | 26,301 | 42,593 |
Year Five | 42,317 | 21,490 |
Prior | 65,113 | 43,686 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 247,036 | 253,130 |
Pass | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 1,901 | 81,127 |
Year Two | 80,624 | 56,371 |
Year Three | 56,025 | 2,688 |
Year Four | 2,620 | 20,730 |
Year Five | 20,549 | 23,873 |
Prior | 46,797 | 27,009 |
Revolving Loans, Amortized Cost Basis | 1,565 | 1,363 |
Gross loans | 210,081 | 213,161 |
Pass | Non Residential Non-Owner Occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 16,067 | 155,937 |
Year Two | 156,653 | 101,011 |
Year Three | 96,180 | 115,524 |
Year Four | 113,987 | 51,329 |
Year Five | 50,396 | 76,219 |
Prior | 199,823 | 125,349 |
Revolving Loans, Amortized Cost Basis | 8,480 | 8,825 |
Gross loans | 641,586 | 634,194 |
Pass | Non Residential Owner Occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 5,830 | 31,443 |
Year Two | 29,818 | 26,685 |
Year Three | 25,548 | 26,403 |
Year Four | 25,075 | 20,582 |
Year Five | 20,005 | 20,032 |
Prior | 57,424 | 50,988 |
Revolving Loans, Amortized Cost Basis | 4,847 | 5,098 |
Gross loans | 168,547 | 181,231 |
Special mention | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 72 |
Year Two | 528 | 27 |
Year Three | 22 | 13 |
Year Four | 9 | 47 |
Year Five | 46 | 0 |
Prior | 0 | 433 |
Revolving Loans, Amortized Cost Basis | 174 | 508 |
Gross loans | 779 | 1,100 |
Special mention | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 62 | 442 |
Year Two | 725 | 5,288 |
Year Three | 10,091 | 1,196 |
Year Four | 1,131 | 127 |
Year Five | 118 | 159 |
Prior | 3,469 | 3,370 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 15,596 | 10,582 |
Special mention | 1-4 Family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 62 | 192 |
Year Two | 190 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 159 |
Prior | 613 | 753 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 865 | 1,104 |
Special mention | Hotels | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | |
Year Two | 114 | |
Year Three | 5,170 | |
Year Four | 0 | |
Year Five | 0 | |
Prior | 0 | |
Revolving Loans, Amortized Cost Basis | 0 | |
Gross loans | 5,284 | |
Special mention | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 1,883 |
Year Three | 1,862 | 551 |
Year Four | 546 | 0 |
Year Five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 2,408 | 2,434 |
Special mention | Non Residential Non-Owner Occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 16 |
Year Two | 191 | 504 |
Year Three | 194 | 592 |
Year Four | 535 | 37 |
Year Five | 31 | 0 |
Prior | 145 | 147 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 1,096 | 1,296 |
Special mention | Non Residential Owner Occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 234 |
Year Two | 230 | 2,901 |
Year Three | 2,865 | 53 |
Year Four | 50 | 90 |
Year Five | 87 | 0 |
Prior | 2,711 | 2,470 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 5,943 | 5,748 |
Substandard | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 188 | 783 |
Year Two | 862 | 1,553 |
Year Three | 1,447 | 918 |
Year Four | 981 | 589 |
Year Five | 618 | 268 |
Prior | 1,976 | 1,733 |
Revolving Loans, Amortized Cost Basis | 1,924 | 1,928 |
Gross loans | 7,996 | 7,772 |
Substandard | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 803 | 1,159 |
Year Two | 1,186 | 22,224 |
Year Three | 21,422 | 1,855 |
Year Four | 1,827 | 13,734 |
Year Five | 13,560 | 9,574 |
Prior | 39,231 | 30,938 |
Revolving Loans, Amortized Cost Basis | 551 | 322 |
Gross loans | 78,580 | 79,806 |
Substandard | 1-4 Family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 119 |
Year Two | 119 | 343 |
Year Three | 332 | 0 |
Year Four | 0 | 863 |
Year Five | 752 | 102 |
Prior | 4,808 | 4,603 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 6,011 | 6,030 |
Substandard | Hotels | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 34 | 343 |
Year Two | 343 | 15,412 |
Year Three | 15,413 | 0 |
Year Four | 0 | 6,750 |
Year Five | 6,760 | 4,465 |
Prior | 18,077 | 14,364 |
Revolving Loans, Amortized Cost Basis | 229 | 0 |
Gross loans | 40,856 | 41,334 |
Substandard | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 0 |
Year Two | 0 | 0 |
Year Three | 0 | 0 |
Year Four | 0 | 0 |
Year Five | 0 | 0 |
Prior | 72 | 76 |
Revolving Loans, Amortized Cost Basis | 0 | 0 |
Gross loans | 72 | 76 |
Substandard | Non Residential Non-Owner Occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 769 | 580 |
Year Two | 568 | 1,385 |
Year Three | 1,384 | 1,159 |
Year Four | 1,143 | 52 |
Year Five | 34 | 1,187 |
Prior | 2,943 | 1,338 |
Revolving Loans, Amortized Cost Basis | 160 | 160 |
Gross loans | 7,001 | 5,861 |
Substandard | Non Residential Owner Occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year One | 0 | 117 |
Year Two | 156 | 5,084 |
Year Three | 4,293 | 696 |
Year Four | 684 | 6,069 |
Year Five | 6,014 | 3,820 |
Prior | 13,331 | 10,557 |
Revolving Loans, Amortized Cost Basis | 162 | 162 |
Gross loans | $ 24,640 | $ 26,505 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | ||
Collateral already posted, aggregate fair value | $ 28,100 | |
Interest Income | ||
Derivatives, Fair Value [Line Items] | ||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 200 | |
Available-for-sale Securities | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value | $ 3,500 | |
Interest Rate Swap | Non-hedging interest rate derivatives: | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 150,000 |
Derivative Instruments (Fair Va
Derivative Instruments (Fair Value Of Derivative Instruments) (Details) - Non-hedging interest rate derivatives: - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Customer Counterparties Loan Interest Rate Swap Assets | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 519,841 | $ 647,613 |
Fair Value | 23,299 | 52,364 |
Customer Counterparties Loan Interest Rate Swap Liabilities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 167,663 | 37,721 |
Fair Value | 6,250 | 562 |
Financial Institution Counterparties Loan Interest Rate Swap Asset | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 177,540 | 37,721 |
Fair Value | 6,677 | 562 |
Financial Institution Counterparties Loan Interest Rate Swap Liabilities | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 523,894 | 661,866 |
Fair Value | $ 23,433 | $ 52,607 |
Derivative Instruments (Change
Derivative Instruments (Change In Fair Value Of Derivative Instruments) (Details) - Non-hedging interest rate derivatives: - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Assets | Other Income | Customer Back-to-Back Swap Program | ||
Derivatives, Fair Value [Line Items] | ||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | $ 37,911 | |
Other Assets | Other Expense | Customer Back-to-Back Swap Program | ||
Derivatives, Fair Value [Line Items] | ||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | $ (22,994) | |
Other Liabilities | Other Income | Customer Back-to-Back Swap Program | ||
Derivatives, Fair Value [Line Items] | ||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | (37,911) | |
Other Liabilities | Other Expense | ||
Derivatives, Fair Value [Line Items] | ||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | 385 | $ 172 |
Other Liabilities | Other Expense | Customer Back-to-Back Swap Program | ||
Derivatives, Fair Value [Line Items] | ||
Change in Fair Value Non-Hedging Interest Rate Derivatives: | $ 22,994 |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted Awards Activity | ||
Beginning Balance (in shares) | 158,554 | 148,083 |
Granted (in shares) | 20,536 | 23,028 |
Forfeited (in shares) | 0 | 0 |
Vested (in shares) | (36,685) | (24,910) |
Ending Balance (in shares) | 142,405 | 146,201 |
Average Market Price at Grant | ||
Outstanding at period start (in dollars per share) | $ 67.40 | $ 62.62 |
Granted (in dollars per share) | 70.66 | 70.36 |
Forfeited (in dollars per share) | 71.43 | 0 |
Vested (in dollars per share) | 66.32 | 50.42 |
Outstanding at period end (in dollars per share) | $ 67.88 | $ 65.91 |
Stock-based compensation expense associated with restricted shares | $ 783 | $ 629 |
Unrecognized stock-based compensation expense associated with restricted shares | $ 5,310 | |
Weighted average period (in years) in which the above amount is expected to be recognized | 2 years 10 months 24 days |
Employee Benefit Plans (Pension
Employee Benefit Plans (Pension and Other Postretirement Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Components of net periodic cost: | ||
Interest cost | $ 83 | $ 112 |
Expected return on plan assets | (205) | (203) |
Net amortization and deferral | 280 | 272 |
Net Periodic Pension Cost | $ 158 | $ 181 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
Commitments and contingencies | ||
Commitments to extend credit: | Home equity | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | 218,959 | 215,619 |
Commitments to extend credit: | Commercial real estate | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | 58,080 | 65,828 |
Commitments to extend credit: | Other commitments | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | 242,843 | 245,647 |
Standby letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | 7,769 | 6,460 |
Commercial letters of credit | ||
Other Commitments [Line Items] | ||
Commitments and contingencies | $ 458 | $ 610 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Combined Federal and State income tax rate (percent) | 24.00% | 24.00% |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Schedule of Changes In Each Component of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 701,106 | $ 657,983 |
Other comprehensive (loss) income, net of tax | (15,605) | 21,620 |
Ending balance | 691,685 | 685,228 |
Defined Benefit Pension Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (5,661) | (6,270) |
Ending balance | (5,661) | (6,270) |
Securities available-for-sale: | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 36,894 | 12,110 |
Other comprehensive income before reclassifications | (15,390) | 20,471 |
Amounts reclassified from other comprehensive income | (215) | (48) |
Reclassification of unrealized gains on held-to-maturity securities to available-for-sale | 1,197 | |
Other comprehensive (loss) income, net of tax | (15,605) | 21,620 |
Ending balance | 21,289 | 33,730 |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | 31,233 | 5,840 |
Other comprehensive income before reclassifications | (15,390) | 20,471 |
Amounts reclassified from other comprehensive income | (215) | (48) |
Reclassification of unrealized gains on held-to-maturity securities to available-for-sale | 1,197 | |
Other comprehensive (loss) income, net of tax | (15,605) | 21,620 |
Ending balance | $ 15,628 | $ 27,460 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income - Schedule Of Amounts Reclassified Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net securities gains reclassified into earnings | $ 232 | $ (2,339) |
Related income tax expense | (4,987) | (7,322) |
Net income available to common shareholders | 19,814 | 29,000 |
Securities available-for-sale: | Amounts reclassified from Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net securities gains reclassified into earnings | 283 | 63 |
Related income tax expense | (68) | (15) |
Net income available to common shareholders | $ 215 | $ 48 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 19,814 | $ 29,000 |
Less: earnings allocated to participating securities | (179) | (263) |
Net earnings allocated to common shareholders | 19,635 | 28,737 |
Distributed earnings allocated to common stock | 9,037 | 9,117 |
Undistributed earnings allocated to common stock | $ 10,598 | $ 19,620 |
Average shares outstanding (in shares) | 15,656 | 16,080 |
Effect of dilutive securities: | ||
Employee stock awards (in shares) | 31 | 21 |
Average common shares outstanding, diluted (in shares) | 15,687 | 16,101 |
Basic earnings per common share (in dollars per share) | $ 1.25 | $ 1.79 |
Diluted earnings per share (in dollars per share) | $ 1.25 | $ 1.78 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 | |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral discount | 15.00% | 15.00% |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral discount | 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
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 | $ 56 | $ (1,118) |
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 | (1) | (292) |
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 | 279,753 | 277,811 |
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 | 279,753 | 277,811 |
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 | 855,554 | 850,384 |
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 | 855,554 | 850,384 |
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 | 10,396 | 10,892 |
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 | 5,786 | 6,061 |
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 | 4,610 | 4,831 |
Recurring fair value measurements | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,275 | 4,100 |
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 | 4,275 | 4,100 |
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 | 33,275 | 33,610 |
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 | 29,271 | 29,606 |
Recurring fair value measurements | Corporate securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 4,004 | 4,004 |
Recurring fair value measurements | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 11,757 | 11,839 |
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 | 6,726 | 6,800 |
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 | 5,031 | 5,039 |
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 | 1,992 | 1,992 |
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 | 1,992 | 1,992 |
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 | 33,446 | 53,166 |
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 | 33,446 | 53,166 |
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 | 29,773 | 53,288 |
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 | 29,773 | 53,288 |
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 | 7,475 | 7,634 |
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 | 7,475 | 7,634 |
Nonrecurring fair value measurements | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value | 1,625 | 1,650 |
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 | $ 1,625 | $ 1,650 |
Fair Value Measurements (Sche_2
Fair Value Measurements (Schedule Of Estimates Of Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Securities available-for-sale | $ 1,185,245 | $ 1,178,789 |
Marketable equity securities | 27,182 | 27,372 |
Net loans | 3,522,647 | 3,597,570 |
Accrued interest receivable | 16,231 | 15,793 |
Liabilities: | ||
Deposits | 4,796,835 | 4,652,216 |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | 756,799 | 528,659 |
Securities available-for-sale | 1,185,245 | 1,178,789 |
Marketable equity securities | 11,757 | 11,839 |
Net loans | 3,522,647 | 3,597,570 |
Accrued interest receivable | 16,231 | 15,793 |
Derivative assets | 33,446 | 53,166 |
Liabilities: | ||
Deposits | 4,796,835 | 4,652,216 |
Short-term debt | 316,003 | 295,956 |
Accrued interest payable | 1,169 | 1,586 |
Derivative liabilities | 29,773 | 53,288 |
Fair Value | ||
Assets: | ||
Cash and cash equivalents | 756,799 | 528,659 |
Securities available-for-sale | 1,185,245 | 1,178,789 |
Marketable equity securities | 11,757 | 11,839 |
Net loans | 3,473,330 | 3,578,013 |
Accrued interest receivable | 16,231 | 15,793 |
Derivative assets | 33,446 | 53,166 |
Liabilities: | ||
Deposits | 4,805,356 | 4,665,905 |
Short-term debt | 316,003 | 295,956 |
Accrued interest payable | 1,169 | 1,586 |
Derivative liabilities | 29,773 | 53,288 |
Level 1 | ||
Assets: | ||
Cash and cash equivalents | 756,799 | 528,659 |
Securities available-for-sale | 0 | 0 |
Marketable equity securities | 6,726 | 6,800 |
Net loans | 0 | 0 |
Accrued interest receivable | 16,231 | 15,793 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Deposits | 3,586,962 | 3,392,194 |
Short-term debt | 0 | 0 |
Accrued interest payable | 1,169 | 1,586 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 1,176,631 | 1,169,954 |
Marketable equity securities | 5,031 | 5,039 |
Net loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 33,446 | 53,166 |
Liabilities: | ||
Deposits | 1,218,394 | 1,273,711 |
Short-term debt | 316,003 | 295,956 |
Accrued interest payable | 0 | 0 |
Derivative liabilities | 29,773 | 53,288 |
Level 3 | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale | 8,614 | 8,835 |
Marketable equity securities | 0 | 0 |
Net loans | 3,473,330 | 3,578,013 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Uncategorized Items - chco-2021
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |