Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Independent Bank Corp | |
Entity Central Index Key | 776,901 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,046,768 | 27,051,479 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 94,662,000 | $ 97,196,000 |
Interest-earning deposits with banks | 125,411,000 | 191,899,000 |
Securities | ||
Securities - trading | 1,289,000 | 804,000 |
Securities - available for sale | 401,837,000 | 363,644,000 |
Securities - held to maturity (fair value $500,917 and $485,650) | 502,123,000 | 487,076,000 |
Total securities | 905,249,000 | 851,524,000 |
Loans held for sale (at fair value) | 3,398,000 | 6,139,000 |
Loans | ||
Commercial and industrial | 881,329,000 | 902,053,000 |
Commercial real estate | 3,027,305,000 | 3,010,798,000 |
Commercial construction | 356,173,000 | 320,391,000 |
Small business | 126,374,000 | 122,726,000 |
Residential real estate | 653,999,000 | 644,426,000 |
Home equity - first position | 595,828,000 | 577,006,000 |
Home equity - subordinate positions | 412,943,000 | 411,141,000 |
Other consumer | 10,415,000 | 11,064,000 |
Total loans | 6,064,366,000 | 5,999,605,000 |
Less: allowance for loan losses | (62,318,000) | (61,566,000) |
Net loans | 6,002,048,000 | 5,938,039,000 |
Federal Home Loan Bank stock | 11,497,000 | 11,497,000 |
Bank premises and equipment, net | 82,027,000 | 78,480,000 |
Goodwill | 221,526,000 | 221,526,000 |
Other intangible assets | 9,087,000 | 9,848,000 |
Cash surrender value of life insurance policies | 145,560,000 | 144,503,000 |
Other real estate owned and other foreclosed assets | 3,404,000 | 4,173,000 |
Other assets | 134,245,000 | 154,551,000 |
Total assets | 7,738,114,000 | 7,709,375,000 |
Deposits | ||
Demand deposits | 2,043,359,000 | 2,057,086,000 |
Savings and interest checking accounts | 2,542,667,000 | 2,469,237,000 |
Money market | 1,268,796,000 | 1,236,778,000 |
Time certificates of deposit of $100,000 and over | 242,562,000 | 266,190,000 |
Other time certificates of deposits | 373,290,000 | 382,962,000 |
Total deposits | 6,470,674,000 | 6,412,253,000 |
Borrowings | ||
Federal Home Loan Bank borrowings | 50,811,000 | 50,819,000 |
Customer repurchase agreements | 145,772,000 | 176,913,000 |
Junior subordinated debentures (less unamortized debt issuance costs of $131 and $136) | 73,067,000 | 73,107,000 |
Subordinated debentures (less unamortized debt issuance costs of $353 and $365) | 34,647,000 | 34,635,000 |
Total borrowings | 304,297,000 | 335,474,000 |
Other liabilities | 85,663,000 | 96,958,000 |
Total liabilities | 6,860,634,000 | 6,844,685,000 |
Commitments and contingencies | 0 | 0 |
Stockholders' equity | ||
Preferred stock, $.01 par value, authorized: 1,000,000 shares, outstanding: none | 0 | 0 |
Common stock, $.01 par value, authorized: 75,000,000 shares, issued and outstanding: 27,046,768 shares at March 31, 2017 and 27,005,813 shares at December 31, 2016 (includes 191,181 and 212,698 shares of unvested participating restricted stock awards, respectively) | 269,000 | 268,000 |
Value of shares held in rabbi trust at cost: 161,156 shares at March 31, 2017 and 170,036 shares at December 31, 2016 | (4,330,000) | (4,277,000) |
Deferred compensation and other retirement benefit obligations | 4,330,000 | 4,277,000 |
Additional paid in capital | 452,048,000 | 451,664,000 |
Retained earnings | 425,802,000 | 414,095,000 |
Accumulated other comprehensive loss, net of tax | (639,000) | (1,337,000) |
Total stockholders’ equity | 877,480,000 | 864,690,000 |
Total liabilities and stockholders' equity | $ 7,738,114,000 | $ 7,709,375,000 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Time certificates of deposit least amount | $ 100,000 | $ 100,000 |
Held to Maturity, Fair Value, Total | $ 500,917,000 | $ 485,650,000 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, unvested restricted Stock awards | 191,181 | 212,698 |
Shares Held in Rabbi Trust | 161,156 | 170,036 |
Common Stock Outstanding | ||
Common Stock, Shares, Outstanding | 27,046,768 | 27,005,813 |
Junior Subordinated Debt [Member] | ||
Unamortized Debt Issuance Expense | $ 131,000 | $ 136,000 |
Subordinated Debt [Member] | ||
Unamortized Debt Issuance Expense | $ 353,000 | $ 376,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income | ||
Interest and fees on loans | $ 58,793 | $ 54,269 |
Taxable interest and dividends on securities | 5,367 | 5,197 |
Nontaxable interest and dividends on securities | 26 | 32 |
Interest on loans held for sale | 14 | 32 |
Interest on federal funds sold and short-term investments | 207 | 211 |
Total interest and dividend income | 64,407 | 59,741 |
Interest expense | ||
Interest on deposits | 2,767 | 2,868 |
Interest on borrowings | 1,440 | 1,982 |
Total interest expense | 4,207 | 4,850 |
Net interest income | 60,200 | 54,891 |
Provision for loan losses | 600 | 525 |
Net interest income after provision for loan losses | 59,600 | 54,366 |
Noninterest income | ||
Deposit account fees | 4,544 | 4,595 |
Interchange and ATM fees | 3,922 | 3,724 |
Investment management | 5,614 | 5,003 |
Mortgage banking income | 957 | 1,132 |
Available-For-Sale- Securities - Equity - Gross Realized Gains | 4 | 0 |
Increase in cash surrender value of life insurance policies | 964 | 1,014 |
Loan level derivative income | 606 | 1,722 |
Other noninterest income | 2,301 | 1,965 |
Total noninterest income | 18,912 | 19,155 |
Noninterest expenses | ||
Salaries and employee benefits | 28,324 | 27,189 |
Occupancy and equipment expenses | 6,158 | 5,827 |
Data processing & facilities management | 1,272 | 1,206 |
FDIC assessment | 783 | 1,010 |
Advertising expense | 1,294 | 1,257 |
Loss on extinguishment of debt | 0 | 437 |
Available-For-Sale Securities - Equity Gross Realized Losses | 3 | 29 |
Business Combination, Acquisition Related Costs | 484 | 334 |
Software Maintenance | 930 | 754 |
Other noninterest expenses | 9,525 | 8,439 |
Total noninterest expenses | 48,773 | 46,482 |
Income before income taxes | 29,739 | 27,039 |
Provision for income taxes | 9,014 | 8,428 |
Net income | $ 20,725 | $ 18,611 |
Basic earnings per share (in dollars per share) | $ 0.77 | $ 0.71 |
Diluted earnings per share (in dollars per share) | $ 0.76 | $ 0.71 |
Weighted average common shares (basic) (in shares) | 27,029,640 | 26,275,323 |
Common shares equivalents (in shares) | 81,283 | 43,409 |
Weighted average common shares (diluted) (in shares) | 27,110,923 | 26,318,732 |
Retained Earnings [Member] | ||
Noninterest expenses | ||
Net income | $ 20,725 | $ 18,611 |
Cash dividends declared per common share (in dollars per share) | $ 0.32 | $ 0.29 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 20,725 | $ 18,611 |
Other comprehensive income, net of tax | ||
Net change in fair value of securities available for sale | 531 | 4,081 |
Net change in fair value of cash flow hedges | 89 | 123 |
Net change in other comprehensive income for defined benefit postretirement plans | 78 | 60 |
Total other comprehensive income | 698 | 4,264 |
Total comprehensive income | $ 21,423 | $ 22,875 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock Outstanding | Common Stock | Value of Shares Held in Rabbi Trust at Cost | Deferred Compensation and Other Retirement Benefit Obligations | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Cash dividends declared per common share (in dollars per share) | $ 0.29 | |||||||
Balance March 31, 2017 at Dec. 31, 2015 | 26,236,352 | |||||||
Balance March 31, 2016 at Dec. 31, 2015 | $ 771,463 | $ 260 | $ (3,958) | $ 3,958 | $ 405,486 | $ 368,169 | $ (2,452) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 18,611 | 18,611 | ||||||
Other comprehensive income | 4,264 | 4,264 | ||||||
Common dividend declared ($0.32 and $0.29 per share for 2017 and 2016, respectively) | (7,627) | (7,627) | ||||||
Proceeds from exercise of stock options, net of cash paid | 5,000 | |||||||
Proceeds from exercise of stock options, net of cash paid | 149 | 0 | 149 | |||||
Tax benefit related to equity award activity | 235 | 235 | ||||||
Stock based compensation | 865 | 865 | ||||||
Restricted stock awards issued, net of awards surrendered | 36,887 | |||||||
Restricted stock awards issued, net of awards surrendered | (671) | 1 | (672) | |||||
Shares issued under direct stock purchase plan | 15,326 | |||||||
Shares issued under direct stock purchase plan | 679 | 679 | ||||||
Deferred compensation and other retirement benefit obligations | (73) | 73 | ||||||
Increase (Decrease) in Deferred Compensation | 0 | |||||||
Tax benefit related to deferred compensation distributions | 179 | 179 | ||||||
Balance December 31, 2016 at Mar. 31, 2016 | 788,147 | 261 | (4,031) | 4,031 | 406,921 | $ 379,153 | 1,812 | |
Balance December 31, 2015 at Mar. 31, 2016 | 26,293,565 | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.32 | |||||||
Balance March 31, 2017 at Dec. 31, 2016 | 27,005,813 | |||||||
Balance March 31, 2016 at Dec. 31, 2016 | 864,690 | 268 | (4,277) | 4,277 | 451,664 | $ 414,095 | (1,337) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 20,725 | 20,725 | ||||||
Other comprehensive income | 698 | 698 | ||||||
Common dividend declared ($0.32 and $0.29 per share for 2017 and 2016, respectively) | (8,653) | (8,653) | ||||||
Proceeds from exercise of stock options, net of cash paid | 7,688 | |||||||
Proceeds from exercise of stock options, net of cash paid | 143 | 143 | ||||||
Stock based compensation | 643 | 643 | ||||||
Restricted stock awards issued, net of awards surrendered | 27,534 | |||||||
Restricted stock awards issued, net of awards surrendered | (1,336) | 1 | (1,337) | |||||
Shares issued under direct stock purchase plan | 5,733 | |||||||
Shares issued under direct stock purchase plan | 393 | 393 | ||||||
Deferred compensation and other retirement benefit obligations | (53) | 53 | ||||||
Balance December 31, 2016 at Mar. 31, 2017 | 877,480 | $ 269 | $ (4,330) | $ 4,330 | 452,048 | 425,802 | $ (639) | |
Balance December 31, 2015 at Mar. 31, 2017 | 27,046,768 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 177 | $ 542 | $ (365) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Retained Earnings | ||
Cash dividends declared per common share (in dollars per share) | $ 0.32 | $ 0.29 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 20,725,000 | $ 18,611,000 | |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 3,557,000 | 2,905,000 | |
Provision for loan losses | 600,000 | 525,000 | |
Deferred income tax expense | 709,000 | 462,000 | |
Net (gain) loss on sale of securities | (1,000) | 29,000 | |
Net loss on bank premises and equipment | 4,000 | ||
Loss on extinguishment of debt | 0 | 437,000 | |
Net gain on other real estate owned and foreclosed assets | (29,000) | (86,000) | |
Realized gain on sale leaseback transaction | (258,000) | (258,000) | |
Stock based compensation | 643,000 | 865,000 | |
Excess tax benefit related to equity award activity | 0 | (235,000) | |
Increase in cash surrender value of life insurance policies | (964,000) | (1,014,000) | |
Change in fair value on loans held for sale | 147,000 | (54,000) | $ (87,000) |
Net change in: | |||
Trading assets | (485,000) | (407,000) | |
Loans held for sale | 2,594,000 | (1,544,000) | |
Other assets | 18,384,000 | (30,455,000) | |
Increase (Decrease) in Other Operating Liabilities | (8,192,000) | 11,762,000 | |
Total adjustments | 16,709,000 | (17,068,000) | |
Net cash provided by operating activities | 37,434,000 | 1,543,000 | |
Cash flows used in investing activities | |||
Proceeds from sales of securities available for sale | 16,000 | 266,000 | |
Proceeds from maturities and principal repayments of securities available for sale | 12,107,000 | 11,575,000 | |
Purchases of securities available for sale | (49,617,000) | (16,469,000) | |
Proceeds from maturities and principal repayments of securities held to maturity | 19,101,000 | 19,942,000 | |
Purchases of securities held to maturity | (34,090,000) | ||
Redemption of Federal Home Loan Bank stock | 2,624,000 | ||
Investments in low income housing projects | (3,437,000) | (2,648,000) | |
Purchases of life insurance policies | (93,000) | (93,000) | |
Net increase in loans | (64,997,000) | (40,895,000) | |
Purchases of bank premises and equipment | (5,457,000) | (2,750,000) | |
Proceeds from the sale of bank premises and equipment | 27,000 | ||
Proceeds from the sale of other real estate owned and foreclosed assets | 1,255,000 | 724,000 | |
Net payments relating to other real estate owned and foreclosed assets | 0 | (113,000) | |
Net cash used in investing activities | (125,185,000) | (27,837,000) | |
Cash flows provided by (used in) financing activities | |||
Net decrease in time deposits | (33,219,000) | (27,633,000) | |
Net increase in other deposits | 91,721,000 | 32,177,000 | |
Repayments of long-term Federal Home Loan Bank borrowings | 0 | (51,641,000) | |
Net increase (decrease) in customer repurchase agreements | (31,141,000) | 610,000 | |
Net proceeds from exercise of stock options | 143,000 | 149,000 | |
Restricted stock awards issued, net of awards surrendered | (1,336,000) | (671,000) | |
Excess tax benefit from stock based compensation | 235,000 | ||
Tax benefit from deferred compensation distribution | 179,000 | ||
Proceeds from shares issued under direct stock purchase plan | 393,000 | 679,000 | |
Common dividends paid | (7,832,000) | (6,823,000) | |
Net cash provided by (used in) financing activities | 18,729,000 | (52,739,000) | |
Net decrease in cash and cash equivalents | (69,022,000) | (79,033,000) | |
Cash and cash equivalents at beginning of year | 289,095,000 | 275,765,000 | 275,765,000 |
Cash and cash equivalents at end of period | 220,073,000 | 196,732,000 | $ 289,095,000 |
Supplemental schedule of noncash investing and financing activities | |||
Real Estate Owned, Transfer from Real Estate Owned | 457,000 | 86,000 | |
Net increase in capital commitments relating to low income housing project investments | $ 60,000 | $ 37,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907. All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts may have been reclassified to conform to the current year’s presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Results for the quarter ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any other interim period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the Securities and Exchange Commission. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2017 | |
Recent Accounting Standards [Abstract] | |
RECENT ACCOUNTING STANDARDS | RECENT ACCOUNTING STANDARDS UPDATES Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718 "Compensation - Stock Compensation" Update No. 2016-09. Update No. 2016-09 was issued in March 2016 and affects all entities that issue share-based awards to their employees. This update was issued as part of the FASB’s simplification initiative. The areas for simplification in this update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company adopted this standard effective January 1, 2017. Upon adoption, the Company elected to no longer estimate forfeitures on stock compensation and instead recognize forfeitures when they occur. The election required a cumulative effect adjustment to retained earnings which did not materially impact the Company's consolidated financial position. Additionally, the disclosure requirements of this standard will be applied on a prospective basis. FASB ASC Topic 310-20 "Receivables - Nonrefundable fees and Other Costs" Update No. 2017-08. Update No. 2017-08 was issued in March 2017 to shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The Company early adopted this standard effective January 1, 2017 and the impact on the Company's consolidated financial position was immaterial. FASB ASC Topic 715 "Compensation - Retirement Benefits" Update No. 2017-07 . Update No. 2017-07 was issued in March 2017 to improve the presentation of net periodic pension cost and net periodic postretirement benefit costs. This update requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable. The amendments in this update are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period for which the financial statements (interim or annual) have not been issued or made available for issuance. That is, early adoption should be within the first interim period if an employer issues interim financial statements. Disclosures of the nature of and reason for the change in accounting principle are required in the first interim and annual periods of adoption. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial position. FASB ASC Subtopic 610-20 "Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets" Update No. 2017-05. Update No. 2017-05 was issued in February 2017 to clarify that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset. The amendments define the term in substance nonfinancial asset, in part, as a financial asset promised to a counterparty in a contract if substantially all of the fair value of the assets (recognized and unrecognized) that are promised to the counterparty in the contract is concentrated in nonfinancial assets. The amendments in this update also clarify that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. A contract that includes the transfer of ownership interests in one or more consolidated subsidiaries is within the scope of Subtopic 610-20 if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets. For purposes of that evaluation, the amendments require an entity to evaluate the underlying assets in consolidated subsidiaries to determine whether those assets are within the scope of Subtopic 610-20. The amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The guidance may be applied earlier but only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods in that reporting period. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial position. FASB ASC Topic 350 "Intangibles - Goodwill and Other " Update No. 2017-04. Update No. 2017-04 was issued in January 2017 to simplify the subsequent measurement of goodwill, by eliminating Step 2 for the goodwill impairment test. The amendments in this update modify the concept of impairment from the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity is no longer required to determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit has been acquired in a business combination. An entity should apply the amendments in this update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this update. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The adoption of this standard is not expected to have a material impact on the Company's consolidated financial position. FASB ASC Topic 606 "Revenue from Contracts with Customers" Update No. 2014-09. Update No. 2014-09 was issued in May 2014 to address the previous revenue recognition requirements in GAAP that differ from those in International Financial Reporting Standards (IFRS). Accordingly, the FASB and the International Accounting Standards Board (IASB) initiated a joint project to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. The largely converged revenue recognition standards will supersede virtually all revenue recognition guidance in GAAP and IFRS. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Since the issuance of Update 2014-09, the FASB has finalized various amendments to the standard as summarized below: FASB ASC Topic 606 "Revenue from Contracts with Customers" Update No. 2016-20 FASB ASC Topic 606 "Revenue from Contracts with Customers" Update No. 2016-12 FASB ASC Topic 606 "Revenue from Contracts with Customers" Update No. 2016-10 FASB ASC Topic 606 "Revenue from Contracts with Customers" Update No. 2016-08 . FASB ASC Topic 606 "Revenue from Contracts with Customers" Update No. 2015-14. The amendments in Update 2016-20 make minor corrections or minor improvements to the codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Through Updates 2016-12, 2016-10 and 2016-08, the FASB amended its new revenue guidance on licenses of intellectual property, identification of performance obligations, collectability, noncash consideration and the presentation of sales and other similar taxes. The FASB also clarified the definition of a completed contract at transition and added a practical expedient to ease transition for contracts that were modified prior to adoption. The FASB also amended the new revenue recognition guidance on determining whether an entity is a principal or an agent in an arrangement which affects whether revenue should be reported gross or net. Following the issuance of Update 2015-14, Update 2014-09, as amended, is effective for the Company for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. A full or modified retrospective transition method is required. The Company's revenue is comprised of net interest income on financial assets and liabilities, which is explicitly excluded from the scope of the new guidance, and noninterest income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018 and is currently evaluating the potential impact on noninterest income on the Company's consolidated financial position, other presentation and disclosure issues. Additionally, the Company anticipates using the modified retrospective transition method upon adoption. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES Trading Securities The Company had trading securities of $1.3 million and $804,000 as of March 31, 2017 and December 31, 2016 , respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s non-qualified 401(k) Restoration Plan and Non-Qualified Deferred Compensation Plan. Available for Sale and Held to Maturity Securities The following table presents a summary of the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and securities held to maturity for the periods indicated: March 31, 2017 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for sale securities U.S. government agency securities $ 24,007 $ 262 $ — $ 24,269 $ 24,006 $ 238 $ — $ 24,244 Agency mortgage-backed securities 186,103 2,729 (498 ) 188,334 173,268 2,852 (736 ) 175,384 Agency collateralized mortgage obligations 126,017 182 (1,331 ) 124,868 101,094 106 (1,332 ) 99,868 State, county, and municipal securities 3,733 54 — 3,787 3,743 50 — 3,793 Single issuer trust preferred securities issued by banks 2,298 22 — 2,320 2,311 3 (3 ) 2,311 Pooled trust preferred securities issued by banks and insurers 2,201 — (605 ) 1,596 2,200 — (616 ) 1,584 Small business administration pooled securities 37,140 28 (166 ) 37,002 37,561 — (372 ) 37,189 Equity securities 19,166 964 (469 ) 19,661 19,183 641 (553 ) 19,271 Total available for sale securities $ 400,665 $ 4,241 $ (3,069 ) $ 401,837 $ 363,366 $ 3,890 $ (3,612 ) $ 363,644 Held to maturity securities U.S. Treasury securities $ 1,007 $ 45 $ — $ 1,052 $ 1,007 $ 47 $ — $ 1,054 Agency mortgage-backed securities 184,317 2,283 (1,024 ) 185,576 156,088 2,274 (858 ) 157,504 Agency collateralized mortgage obligations 284,716 1,065 (3,657 ) 282,124 297,445 1,002 (3,797 ) 294,650 Single issuer trust preferred securities issued by banks 1,500 38 — 1,538 1,500 44 — 1,544 Small business administration pooled securities 30,583 228 (184 ) 30,627 31,036 189 (327 ) 30,898 Total held to maturity securities $ 502,123 $ 3,659 $ (4,865 ) $ 500,917 $ 487,076 $ 3,556 $ (4,982 ) $ 485,650 Total $ 902,788 $ 7,900 $ (7,934 ) $ 902,754 $ 850,442 $ 7,446 $ (8,594 ) $ 849,294 When securities are sold, the adjusted cost of the specific security sold is used to compute the gain or loss on the sale. The actual maturities of certain securities may differ from the contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. A schedule of the contractual maturities of securities available for sale and securities held to maturity as of March 31, 2017 is presented below: Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 1,232 $ 1,239 $ — $ — Due after one year to five years 38,912 39,410 15,915 16,092 Due after five to ten years 87,856 88,207 21,090 21,643 Due after ten years 253,499 253,320 465,118 463,182 Total debt securities $ 381,499 $ 382,176 $ 502,123 $ 500,917 Equity securities $ 19,166 $ 19,661 $ — $ — Total $ 400,665 $ 401,837 $ 502,123 $ 500,917 Inclusive in the table above is $10.9 million of callable securities in the Company’s investment portfolio at March 31, 2017 . The carrying value of securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law, was $498.6 million and $482.1 million at March 31, 2017 and December 31, 2016 , respectively. At March 31, 2017 and December 31, 2016 , the Company had no investments in obligations of individual states, counties, or municipalities which exceeded 10% of stockholders’ equity . Other-Than-Temporary Impairment ("OTTI") The Company continually reviews investment securities for the existence of OTTI, taking into consideration current market conditions, the extent and nature of changes in fair value, issuer rating changes and trends, the credit worthiness of the obligor of the security, volatility of earnings, current analysts’ evaluations, the Company’s intent to sell the security, whether it is more likely than not that the Company will be required to sell the debt security before its anticipated recovery, as well as other qualitative factors. The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. The following tables show the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company has not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: March 31, 2017 Less than 12 months 12 months or longer Total # of holdings Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) Agency mortgage-backed securities 42 $ 145,227 $ (1,522 ) $ — $ — $ 145,227 $ (1,522 ) Agency collateralized mortgage obligations 33 247,688 (3,003 ) 45,458 (1,985 ) 293,146 (4,988 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,596 (605 ) 1,596 (605 ) Small business administration pooled securities 4 46,217 (350 ) — — 46,217 (350 ) Equity securities 22 1,706 (53 ) 5,928 (416 ) 7,634 (469 ) Total temporarily impaired securities 102 $ 440,838 $ (4,928 ) $ 52,982 $ (3,006 ) $ 493,820 $ (7,934 ) December 31, 2016 Less than 12 months 12 months or longer Total # of holdings Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) Agency mortgage-backed securities 57 $ 137,949 $ (1,594 ) $ — $ — $ 137,949 $ (1,594 ) Agency collateralized mortgage obligations 32 243,051 (3,140 ) 47,403 (1,989 ) 290,454 (5,129 ) Single issuer trust preferred securities issued by banks and insurers 1 — — 1,036 (3 ) 1,036 (3 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,583 (616 ) 1,583 (616 ) Small business administration pooled securities 5 59,846 (699 ) — — 59,846 (699 ) Equity securities 25 3,625 (77 ) 6,334 (476 ) 9,959 (553 ) Total temporarily impaired securities 121 $ 444,471 $ (5,510 ) $ 56,356 $ (3,084 ) $ 500,827 $ (8,594 ) The Company does not intend to sell these investments and has determined based upon available evidence that it is more likely than not that the Company will not be required to sell the security before the recovery of its amortized cost basis. As a result, the Company does not consider these investments to be OTTI. The Company made this determination by reviewing various qualitative and quantitative factors regarding each investment category, such as current market conditions, extent and nature of changes in fair value, issuer rating changes and trends, volatility of earnings, and current analysts’ evaluations. As a result of the Company’s review of these qualitative and quantitative factors, the causes of the impairments listed in the table above by category are as follows at March 31, 2017 : • Agency Mortgage-Backed Securities, Agency Collateralized Mortgage Obligations and Small Business Administration Pooled Securities: These portfolios have contractual terms that generally do not permit the issuer to settle the securities at a price less than the current par value of the investment. The decline in market value of these securities is attributable to changes in interest rates and not credit quality. Additionally, these securities are either implicitly or explicitly guaranteed by the U.S. Government or one of its agencies. • Pooled Trust Preferred Securities: This portfolio consists of one below investment grade security which is performing. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic and regulatory environment. Management evaluates collateral credit and instrument structure, including current and expected deferral and default rates and timing. In addition, discount rates are determined by evaluating comparable spreads observed currently in the market for similar instruments. • Equity Securities : This portfolio consists of mutual funds and other equity investments. During some periods, the mutual funds in the Company’s investment portfolio may have unrealized losses resulting from market fluctuations, as well as the risk premium associated with that particular asset class. For example, emerging market equities tend to trade at a higher risk premium than U.S. government bonds and thus, will fluctuate to a greater degree on both the upside and the downside. In the context of a well-diversified portfolio, however, the correlation amongst the various asset classes represented by the funds serves to minimize downside risk. The Company evaluates each mutual fund in the portfolio regularly and measures performance on both an absolute and relative basis. A reasonable recovery period for positions with an unrealized loss is based on management’s assessment of general economic data, trends within a particular asset class, valuations, earnings forecasts and bond durations. The Company has the ability and intent to hold these equity securities until a recovery of fair value. For the three months ended March 31, 2017 and 2016 there was no OTTI recorded and no cumulative credit related component of OTTI. |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Credit Quality | 3 Months Ended |
Mar. 31, 2017 | |
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | |
LOANS, ALLOWANCE FOR LOAN LOSSES AND CREDIT QUALITY | 90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 10 $ 3,089 6 $ 14,666 34 $ 1,123 50 $ 18,878 $ 862,451 $ 881,329 $ — Commercial real estate 15 3,158 — — 9 3,141 24 6,299 3,021,006 3,027,305 — Commercial construction — — — — — — — — 356,173 356,173 — Small business 9 331 8 108 13 120 30 559 125,815 126,374 — Residential real estate 11 1,867 6 968 23 3,258 40 6,093 647,906 653,999 — Home equity 14 1,156 6 460 18 1,417 38 3,033 1,005,738 1,008,771 — Other consumer (1) 226 151 14 42 17 16 257 209 10,206 10,415 2 Total 285 $ 9,752 40 $ 16,244 114 $ 9,075 439 $ 35,071 $ 6,029,295 $ 6,064,366 $ 2 December 31, 2016 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Recorded Investment >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 8 $ 100 32 $ 253 6 $ 2,480 46 $ 2,833 $ 899,220 $ 902,053 $ — Commercial real estate 5 1,518 8 1,957 8 3,105 21 6,580 3,004,218 3,010,798 — Commercial construction — — — — — — — — 320,391 320,391 — Small business 9 323 — — 19 140 28 463 122,263 122,726 — Residential real estate 11 1,277 9 1,950 27 3,507 47 6,734 637,692 644,426 — Home equity 19 1,117 11 767 16 1,209 46 3,093 985,054 988,147 — Other consumer (1) 249 184 12 17 15 7 276 208 10,856 11,064 2 Total 301 $ 4,519 72 $ 4,944 91 $ 10,448 464 $ 19,911 $ 5,979,694 $ 5,999,605 $ 2 (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. Troubled Debt Restructurings In the course of resolving nonperforming loans, the Bank may choose to restructure the contractual terms of certain loans. The Bank attempts to work out an alternative payment schedule with the borrower in order to avoid foreclosure actions. Any loans that are modified are reviewed by the Bank to identify if a TDR has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Bank grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) TDRs on accrual status $ 25,575 $ 27,093 TDRs on nonaccrual 5,439 5,199 Total TDRs $ 31,014 $ 32,292 Amount of specific reserves included in the allowance for loan losses associated with TDRs $ 1,439 $ 1,417 Additional commitments to lend to a borrower who has been a party to a TDR $ 2,116 $ 1,378 The Company’s policy is to have any restructured loan which is on nonaccrual status prior to being modified remain on nonaccrual status for six months subsequent to being modified before management considers its return to accrual status. If the restructured loan is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status. Additionally, loans classified as TDRs are adjusted to reflect the changes in value of the recorded investment in the loan, if any, resulting from the granting of a concession. For all residential loan modifications, the borrower must perform during a 90 day trial period before the modification is finalized. The following table shows the modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Three Months Ended March 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled debt restructurings Commercial and industrial 2 $ 80 $ 80 Commercial real estate 4 934 934 Small business 4 143 143 Home equity 2 140 140 Total 12 $ 1,297 $ 1,297 Three Months Ended March 31, 2016 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled debt restructurings Commercial and industrial 3 $ 277 $ 277 Commercial real estate 2 424 424 Residential real estate 2 423 465 Home equity 1 182 182 Other consumer 4 85 85 Total 12 $ 1,391 $ 1,433 (1) The post-modification balances represent the legal principal balance of the loan on the date of modification. These amounts may show an increase when modifications include a capitalization of interest. The following table shows the Company’s post-modification balance of TDRs listed by type of modification as of the periods indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands) Extended maturity $ 1,207 $ 1,195 Combination rate and maturity — 238 Court ordered concession 90 — Total $ 1,297 $ 1,433 The Company considers a loan to have defaulted when it reaches 90 days past due. There were no loans modified during the past twelve months which have subsequently defaulted during the three months ended March 31, 2017 and 2016 . All TDR loans are considered impaired and therefore are subject to a specific review for impairment. The impairment analysis appropriately discounts the present value of the anticipated cash flows by the loan’s contractual rate of interest in effect prior to the loan’s modification. The amount of impairment, if any, is recorded as a specific loss allocation to each individual loan in the allowance for loan losses. Commercial loans (commercial and industrial, commercial construction, commercial real estate and small business loans), residential loans, and home equity loans that have been classified as TDRs and which subsequently default are reviewed to determine if the loan should be deemed collateral dependent. In such an instance, any shortfall between the value of the collateral and the carrying value of the loan is determined by measuring the recorded investment in the loan against the fair value of the collateral less costs to sell. The Company charges off the amount of any confirmed loan loss in the period when the loans, or portion of loans, are deemed uncollectible. Smaller balance consumer TDR loans are reviewed for performance to determine when a charge-off is appropriate. Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The tables below set forth information regarding the Company’s impaired loans by loan portfolio at the dates indicated: March 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,319 $ 29,280 $ — Commercial real estate 9,596 10,742 — Small business 300 359 — Residential real estate 3,640 3,858 — Home equity 4,289 4,378 — Other consumer 117 118 — Subtotal 46,261 48,735 — With an allowance recorded Commercial and industrial $ 10,119 $ 10,220 $ 3,558 Commercial real estate 5,170 5,516 173 Small business 446 462 2 Residential real estate 10,034 10,626 1,066 Home equity 1,396 1,568 235 Other consumer 241 242 21 Subtotal 27,406 28,634 5,055 Total $ 73,667 $ 77,369 $ 5,055 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,776 $ 29,772 $ — Commercial real estate 11,628 12,891 — Commercial construction — — — Small business 494 569 — Residential real estate 4,216 4,427 — Home equity 4,485 4,572 — Other consumer 146 146 — Subtotal 49,745 52,377 — With an allowance recorded Commercial and industrial $ 10,402 $ 10,440 $ 3,661 Commercial real estate 5,185 5,533 196 Small business 377 392 8 Residential real estate 9,959 10,530 1,086 Home equity 1,378 1,547 242 Other consumer 251 252 21 Subtotal 27,552 28,694 5,214 Total $ 77,297 $ 81,071 $ 5,214 The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: Three Months Ended March 31, 2017 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 39,193 $ 208 Commercial real estate 9,678 91 Small business 304 3 Residential real estate 3,671 43 Home equity 4,323 44 Other consumer 120 2 Subtotal 57,289 391 With an allowance recorded Commercial and industrial $ 10,178 $ 4 Commercial real estate 5,189 50 Small business 457 5 Residential real estate 10,057 85 Home equity 1,402 13 Other consumer 245 2 Subtotal 27,528 159 Total $ 84,817 $ 550 Three Months Ended March 31, 2016 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 2,871 $ 17 Commercial real estate 15,093 137 Small business 478 4 Residential real estate 3,639 43 Home equity 4,718 48 Other consumer 146 3 Subtotal 26,945 252 With an allowance recorded Commercial and industrial $ 2,090 $ 4 Commercial real estate 8,024 69 Small business 484 8 Residential real estate 10,528 94 Home equity 1,323 10 Other consumer 398 3 Subtotal 22,847 188 Total $ 49,792 $ 440 Purchased Credit Impaired Loans Certain loans acquired by the Company may have shown evidence of deterioration of credit quality since origination and it was therefore deemed unlikely that the Company would be able to collect all contractually required payments. As such, these loans were deemed to be PCI loans and the carrying value and prospective income recognition are predicated upon future cash flows expected to be collected. The following table displays certain information pertaining to PCI loans at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Outstanding balance $ 20,034 $ 20,477 Carrying amount $ 18,011 $ 18,392 The following table summarizes activity in the accretable yield for the PCI loan portfolio: Three Months Ended March 31 2017 2016 (Dollars in thousands) Beginning balance $ 2,370 $ 2,827 Acquisition — — Accretion (307 ) (409 ) Other change in expected cash flows (1) 216 297 Reclassification from nonaccretable difference for loans which have paid off (2) — 64 Ending balance $ 2,279 $ 2,779 (1) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). (2) Results in increased interest income during the period in which the loan paid off at amount greater than originally expected." id="sjs-B4">LOANS, ALLOWANCE FOR LOAN LOSSES, AND CREDIT QUALITY The following tables bifurcate the amount of loans and the allowance allocated to each loan category based on the type of impairment analysis as of the periods indicated: March 31, 2017 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Financing receivables ending balance: Collectively evaluated for impairment $ 842,891 $ 3,002,407 $ 356,173 $ 125,628 $ 632,634 $ 1,002,898 $ 10,057 $ 5,972,688 Individually evaluated for impairment $ 38,438 $ 14,766 $ — $ 746 $ 13,674 $ 5,685 $ 358 $ 73,667 Purchased credit impaired loans $ — $ 10,132 $ — $ — $ 7,691 $ 188 $ — $ 18,011 Total loans by group $ 881,329 $ 3,027,305 $ 356,173 $ 126,374 $ 653,999 $ 1,008,771 $ 10,415 $ 6,064,366 (1 ) December 31, 2016 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Financing receivables ending balance: Collectively evaluated for impairment $ 862,875 $ 2,983,642 $ 320,391 $ 121,855 $ 622,392 $ 982,095 $ 10,666 $ 5,903,916 Individually evaluated for impairment $ 39,178 $ 16,813 $ — $ 871 $ 14,175 $ 5,863 $ 397 $ 77,297 Purchased credit impaired loans $ — $ 10,343 $ — $ — $ 7,859 $ 189 $ 1 $ 18,392 Total loans by group $ 902,053 $ 3,010,798 $ 320,391 $ 122,726 $ 644,426 $ 988,147 $ 11,064 $ 5,999,605 (1 ) (1) The amount of net deferred costs on originated loans included in the ending balance was $5.5 million and $5.1 million at March 31, 2017 and December 31, 2016 respectively. Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $8.3 million and $8.6 million at March 31, 2017 and December 31, 2016 , respectively. The following tables summarize changes in allowance for loan losses by loan category for the periods indicated: Three Months Ended March 31, 2017 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 16,921 $ 30,369 $ 4,522 $ 1,502 $ 2,621 $ 5,238 $ 393 $ 61,566 Charge-offs — — — (70 ) (23 ) (14 ) (401 ) (508 ) Recoveries 187 31 — 66 12 76 288 660 Provision (benefit) (590 ) 343 501 35 106 45 160 600 Ending balance $ 16,518 $ 30,743 $ 5,023 $ 1,533 $ 2,716 $ 5,345 $ 440 $ 62,318 Ending balance: collectively evaluated for impairment $ 12,960 $ 30,570 $ 5,023 $ 1,531 $ 1,650 $ 5,110 $ 419 $ 57,263 Ending balance: individually evaluated for impairment $ 3,558 $ 173 $ — $ 2 $ 1,066 $ 235 $ 21 $ 5,055 Three Months Ended March 31, 2016 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 13,802 $ 27,327 $ 5,366 $ 1,264 $ 2,590 $ 4,889 $ 587 $ 55,825 Charge-offs (2 ) — — (63 ) (19 ) (147 ) (306 ) (537 ) Recoveries 138 189 — 21 — 27 244 619 Provision (benefit) (453 ) 1,079 (266 ) 119 (4 ) 146 (96 ) 525 Ending balance $ 13,485 $ 28,595 $ 5,100 $ 1,341 $ 2,567 $ 4,915 $ 429 $ 56,432 Ending balance: individually evaluated for impairment $ 222 $ 802 $ — $ 3 $ 1,223 $ 231 $ 26 $ 2,507 Ending balance: collectively evaluated for impairment $ 13,263 $ 27,793 $ 5,100 $ 1,338 $ 1,344 $ 4,684 $ 403 $ 53,925 For the purpose of estimating the allowance for loan losses, management segregates the loan portfolio into the portfolio segments detailed in the above tables. Each of these loan categories possesses unique risk characteristics that are considered when determining the appropriate level of allowance for each segment. Some of the risk characteristics unique to each loan category include: Commercial Portfolio • Commercial and Industrial : Loans in this category consist of revolving and term loan obligations extended to business and corporate enterprises for the purpose of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to: accounts receivable, inventory, plant and equipment, or real estate, if applicable. Repayment sources consist of primarily, operating cash flow, and secondarily, liquidation of assets. • Commercial Real Estate : Loans in this category consist of mortgage loans to finance investment in real property such as multi-family residential, commercial/retail, office, industrial, hotels, educational and healthcare facilities and other specific use properties. Loans are typically written with amortizing payment structures. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy and regulatory guidelines. Repayment sources consist of, primarily, cash flow from operating leases and rents and, secondarily, liquidation of assets. • Commercial Construction : Loans in this category consist of short-term construction loans, revolving and nonrevolving credit lines and construction/permanent loans to finance the acquisition, development and construction or rehabilitation of real property. Project types include residential 1-4 family, condominium and multi-family homes, commercial/retail, office, industrial, hotels, educational and healthcare facilities and other specific use properties. Loans may be written with nonamortizing or hybrid payment structures depending upon the type of project. Collateral values are determined based upon third party appraisals and evaluations. Loan to value ratios at origination are governed by established policy and regulatory guidelines. Repayment sources vary depending upon the type of project and may consist of sale or lease of units, operating cash flows or liquidation of other assets. • Small Business: Loans in this category consist of revolving, term loan and mortgage obligations extended to sole proprietors and small businesses for purposes of financing working capital and/or capital investment. Collateral generally consists of pledges of business assets including, but not limited to, accounts receivable, inventory, plant and equipment, or real estate if applicable. Repayment sources consist primarily of operating cash flows and, secondarily, liquidation of assets. For the commercial portfolio it is the Company’s policy to obtain personal guarantees for payment from individuals holding material ownership interests of the borrowing entities. Consumer Portfolio • Residential Real Estate : Residential mortgage loans held in the Company’s portfolio are made to borrowers who demonstrate the ability to make scheduled payments with full consideration to underwriting factors such as current and expected income, employment status, current assets, other financial resources, credit history and the value of the collateral. Collateral consists of mortgage liens on 1-4 family residential properties. The Company does not originate or purchase sub-prime loans. • Home Equity : Home equity loans and credit lines are made to qualified individuals and are primarily secured by senior or junior mortgage liens on owner-occupied 1-4 family homes, condominiums or vacation homes. Each home equity loan has a fixed rate and is billed in equal payments comprised of principal and interest. Each home equity line of credit has a variable rate and is billed in interest-only payments during the draw period. At the end of the draw period, each home equity line of credit is billed as a percentage of the principal balance plus all accrued interest. Additionally, the Company has the option of renewing each line of credit for additional draw periods. Borrower qualifications include favorable credit history combined with supportive income requirements and combined loan to value ratios within established policy guidelines. • Other Consumer: Other consumer loan products include personal lines of credit and amortizing loans made to qualified individuals for various purposes such as education, debt consolidation, personal expenses or overdraft protection. Borrower qualifications include favorable credit history combined with supportive income and collateral requirements within established policy guidelines. These loans may be secured or unsecured. Credit Quality The Company continually monitors the asset quality of the loan portfolio using all available information. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, impaired, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower’s ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring (“TDR”). The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For the commercial portfolio, the Company utilizes a 10-point commercial risk-rating system, which assigns a risk-grade to each borrower based on a number of quantitative and qualitative factors associated with a commercial loan transaction. Factors considered include industry and market conditions, position within the industry, earnings trends, operating cash flow, asset/liability values, debt capacity, guarantor strength, management and controls, financial reporting, collateral, and other considerations. The risk-ratings categories are defined as follows: • 1- 6 Rating — Pass: Risk-rating grades “1” through “6” comprise those loans ranging from ‘Substantially Risk Free’ which indicates borrowers are of unquestioned credit standing and the pinnacle of credit quality, well established companies with a very strong financial condition, and loans fully secured by cash collateral, through ‘Acceptable Risk’, which indicates borrowers may exhibit declining earnings, strained cash flow, increasing or above average leverage and/or weakening market fundamentals that indicate below average asset quality, margins and market share. Collateral coverage is protective. • 7 Rating — Potential Weakness: Borrowers exhibit potential credit weaknesses or downward trends deserving management’s close attention. If not checked or corrected, these trends will weaken the Company’s asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. • 8 Rating — Definite Weakness Loss Unlikely: Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Loan may be inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy, although no loss of principal is envisioned. However, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. • 9 Rating — Partial Loss Probable: Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. • 10 Rating — Definite Loss: Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted. The credit quality of the commercial loan portfolio is actively monitored and any changes in credit quality are reflected in risk-rating changes. Risk-ratings are assigned or reviewed for all new loans, when advancing significant additions to existing relationships (over $50,000 ), at least quarterly for all actively managed loans, and any time a significant event occurs, including at renewal of the loan. The Company utilizes a comprehensive strategy for monitoring commercial credit quality. Borrowers are required to provide updated financial information at least annually which is carefully evaluated for any changes in credit quality. Larger loan relationships are subject to a full annual credit review by an experienced credit analysis group. Additionally, the Company retains an independent loan review firm to evaluate the credit quality of the commercial loan portfolio. The independent loan review process achieves significant penetration into the commercial loan portfolio and reports the results of these reviews to the Audit Committee of the Board of Directors on a quarterly basis. The following table details the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s commercial portfolio: March 31, 2017 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 782,142 $ 2,900,222 $ 354,245 $ 123,998 $ 4,160,607 Potential weakness 7 36,868 89,588 1,096 1,542 129,094 Definite weakness-loss unlikely 8 62,219 35,079 832 828 98,958 Partial loss probable 9 100 2,416 — 6 2,522 Definite loss 10 — — — — — Total $ 881,329 $ 3,027,305 $ 356,173 $ 126,374 $ 4,391,181 December 31, 2016 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 783,825 $ 2,876,570 $ 317,099 $ 120,304 $ 4,097,798 Potential weakness 7 46,176 84,641 1,363 1,859 134,039 Definite weakness-loss unlikely 8 71,991 47,164 1,929 556 121,640 Partial loss probable 9 61 2,423 — 7 2,491 Definite loss 10 — — — — — Total $ 902,053 $ 3,010,798 $ 320,391 $ 122,726 $ 4,355,968 For the Company’s consumer portfolio, the quality of the loan is best indicated by the repayment performance of an individual borrower. However, the Company does supplement performance data with current Fair Isaac Corporation (“FICO”) scores and Loan to Value (“LTV”) estimates. Current FICO data is purchased and appended to all consumer loans on a regular basis. In addition, automated valuation services and broker opinions of value are used to supplement original value data for the residential and home equity portfolios, periodically. The following table shows the weighted average FICO scores and the weighted average combined LTV ratios as of the periods indicated below: March 31, December 31, Residential portfolio FICO score (re-scored)(1) 744 743 LTV (re-valued)(2) 63.4 % 63.2 % Home equity portfolio FICO score (re-scored)(1) 767 767 LTV (re-valued)(2) 54.9 % 55.9 % (1) The average FICO scores for March 31, 2017 and December 31, 2016 are based upon rescores available from November 30, 2016 and origination score data for loans booked between December 1, 2016 and the dates indicated. (2) The combined LTV ratios for March 31, 2017 and December 31, 2016 are based upon updated automated valuations as of March 31, 2015 and origination value data for loans booked between April 1, 2015 and through the dates indicated. For home equity loans and lines in a subordinate lien position, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. Asset Quality The Company’s philosophy toward managing its loan portfolios is predicated upon careful monitoring, which stresses early detection and response to delinquent and default situations. Delinquent loans are managed by a team of seasoned collection specialists and the Company seeks to make arrangements to resolve any delinquent or default situation over the shortest possible time frame. As a general rule, loans more than 90 days past due with respect to principal or interest are classified as nonaccrual loans. The Company also may use discretion regarding other loans over 90 days delinquent if the loan is well secured and/or in process of collection. The following table shows information regarding nonaccrual loans at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Commercial and industrial $ 36,877 $ 37,455 Commercial real estate 4,792 6,266 Small business 207 302 Residential real estate 7,139 7,782 Home equity 5,987 5,553 Other consumer 48 47 Total nonaccrual loans (1) $ 55,050 $ 57,405 (1) Included in these amounts were $5.4 million and $5.2 million of nonaccruing TDRs at March 31, 2017 and December 31, 2016 , respectively. The following table shows information regarding foreclosed residential real estate property at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Foreclosed residential real estate property held by the creditor $ 3,006 $ 3,775 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 2,277 $ 1,715 The following table shows the age analysis of past due financing receivables as of the dates indicated: March 31, 2017 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Recorded Investment >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 10 $ 3,089 6 $ 14,666 34 $ 1,123 50 $ 18,878 $ 862,451 $ 881,329 $ — Commercial real estate 15 3,158 — — 9 3,141 24 6,299 3,021,006 3,027,305 — Commercial construction — — — — — — — — 356,173 356,173 — Small business 9 331 8 108 13 120 30 559 125,815 126,374 — Residential real estate 11 1,867 6 968 23 3,258 40 6,093 647,906 653,999 — Home equity 14 1,156 6 460 18 1,417 38 3,033 1,005,738 1,008,771 — Other consumer (1) 226 151 14 42 17 16 257 209 10,206 10,415 2 Total 285 $ 9,752 40 $ 16,244 114 $ 9,075 439 $ 35,071 $ 6,029,295 $ 6,064,366 $ 2 December 31, 2016 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Recorded Investment >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 8 $ 100 32 $ 253 6 $ 2,480 46 $ 2,833 $ 899,220 $ 902,053 $ — Commercial real estate 5 1,518 8 1,957 8 3,105 21 6,580 3,004,218 3,010,798 — Commercial construction — — — — — — — — 320,391 320,391 — Small business 9 323 — — 19 140 28 463 122,263 122,726 — Residential real estate 11 1,277 9 1,950 27 3,507 47 6,734 637,692 644,426 — Home equity 19 1,117 11 767 16 1,209 46 3,093 985,054 988,147 — Other consumer (1) 249 184 12 17 15 7 276 208 10,856 11,064 2 Total 301 $ 4,519 72 $ 4,944 91 $ 10,448 464 $ 19,911 $ 5,979,694 $ 5,999,605 $ 2 (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. Troubled Debt Restructurings In the course of resolving nonperforming loans, the Bank may choose to restructure the contractual terms of certain loans. The Bank attempts to work out an alternative payment schedule with the borrower in order to avoid foreclosure actions. Any loans that are modified are reviewed by the Bank to identify if a TDR has occurred, which is when, for economic or legal reasons related to a borrower’s financial difficulties, the Bank grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status and the restructuring of the loan may include the transfer of assets from the borrower to satisfy the debt, a modification of loan terms, or a combination of the two. The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) TDRs on accrual status $ 25,575 $ 27,093 TDRs on nonaccrual 5,439 5,199 Total TDRs $ 31,014 $ 32,292 Amount of specific reserves included in the allowance for loan losses associated with TDRs $ 1,439 $ 1,417 Additional commitments to lend to a borrower who has been a party to a TDR $ 2,116 $ 1,378 The Company’s policy is to have any restructured loan which is on nonaccrual status prior to being modified remain on nonaccrual status for six months subsequent to being modified before management considers its return to accrual status. If the restructured loan is on accrual status prior to being modified, it is reviewed to determine if the modified loan should remain on accrual status. Additionally, loans classified as TDRs are adjusted to reflect the changes in value of the recorded investment in the loan, if any, resulting from the granting of a concession. For all residential loan modifications, the borrower must perform during a 90 day trial period before the modification is finalized. The following table shows the modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Three Months Ended March 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled debt restructurings Commercial and industrial 2 $ 80 $ 80 Commercial real estate 4 934 934 Small business 4 143 143 Home equity 2 140 140 Total 12 $ 1,297 $ 1,297 Three Months Ended March 31, 2016 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled debt restructurings Commercial and industrial 3 $ 277 $ 277 Commercial real estate 2 424 424 Residential real estate 2 423 465 Home equity 1 182 182 Other consumer 4 85 85 Total 12 $ 1,391 $ 1,433 (1) The post-modification balances represent the legal principal balance of the loan on the date of modification. These amounts may show an increase when modifications include a capitalization of interest. The following table shows the Company’s post-modification balance of TDRs listed by type of modification as of the periods indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands) Extended maturity $ 1,207 $ 1,195 Combination rate and maturity — 238 Court ordered concession 90 — Total $ 1,297 $ 1,433 The Company considers a loan to have defaulted when it reaches 90 days past due. There were no loans modified during the past twelve months which have subsequently defaulted during the three months ended March 31, 2017 and 2016 . All TDR loans are considered impaired and therefore are subject to a specific review for impairment. The impairment analysis appropriately discounts the present value of the anticipated cash flows by the loan’s contractual rate of interest in effect prior to the loan’s modification. The amount of impairment, if any, is recorded as a specific loss allocation to each individual loan in the allowance for loan losses. Commercial loans (commercial and industrial, commercial construction, commercial real estate and small business loans), residential loans, and home equity loans that have been classified as TDRs and which subsequently default are reviewed to determine if the loan should be deemed collateral dependent. In such an instance, any shortfall between the value of the collateral and the carrying value of the loan is determined by measuring the recorded investment in the loan against the fair value of the collateral less costs to sell. The Company charges off the amount of any confirmed loan loss in the period when the loans, or portion of loans, are deemed uncollectible. Smaller balance consumer TDR loans are reviewed for performance to determine when a charge-off is appropriate. Impaired Loans A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The tables below set forth information regarding the Company’s impaired loans by loan portfolio at the dates indicated: March 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,319 $ 29,280 $ — Commercial real estate 9,596 10,742 — Small business 300 359 — Residential real estate 3,640 3,858 — Home equity 4,289 4,378 — Other consumer 117 118 — Subtotal 46,261 48,735 — With an allowance recorded Commercial and industrial $ 10,119 $ 10,220 $ 3,558 Commercial real estate 5,170 5,516 173 Small business 446 462 2 Residential real estate 10,034 10,626 1,066 Home equity 1,396 1,568 235 Other consumer 241 242 21 Subtotal 27,406 28,634 5,055 Total $ 73,667 $ 77,369 $ 5,055 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,776 $ 29,772 $ — Commercial real estate 11,628 12,891 — Commercial construction — — — Small business 494 569 — Residential real estate 4,216 4,427 — Home equity 4,485 4,572 — Other consumer 146 146 — Subtotal 49,745 52,377 — With an allowance recorded Commercial and industrial $ 10,402 $ 10,440 $ 3,661 Commercial real estate 5,185 5,533 196 Small business 377 392 8 Residential real estate 9,959 10,530 1,086 Home equity 1,378 1,547 242 Other consumer 251 252 21 Subtotal 27,552 28,694 5,214 Total $ 77,297 $ 81,071 $ 5,214 The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: Three Months Ended March 31, 2017 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 39,193 $ 208 Commercial real estate 9,678 91 Small business 304 3 Residential real estate 3,671 43 Home equity 4,323 44 Other consumer 120 2 Subtotal 57,289 391 With an allowance recorded Commercial and industrial $ 10,178 $ 4 Commercial real estate 5,189 50 Small business 457 5 Residential real estate 10,057 85 Home equity 1,402 13 Other consumer 245 2 Subtotal 27,528 159 Total $ 84,817 $ 550 Three Months Ended March 31, 2016 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 2,871 $ 17 Commercial real estate 15,093 137 Small business 478 4 Residential real estate 3,639 43 Home equity 4,718 48 Other consumer 146 3 Subtotal 26,945 252 With an allowance recorded Commercial and industrial $ 2,090 $ 4 Commercial real estate 8,024 69 Small business 484 8 Residential real estate 10,528 94 Home equity 1,323 10 Other consumer 398 3 Subtotal 22,847 188 Total $ 49,792 $ 440 Purchased Credit Impaired Loans Certain loans acquired by the Company may have shown evidence of deterioration of credit quality since origination and it was therefore deemed unlikely that the Company would be able to collect all contractually required payments. As such, these loans were deemed to be PCI loans and the carrying value and prospective income recognition are predicated upon future cash flows expected to be collected. The following table displays certain information pertaining to PCI loans at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Outstanding balance $ 20,034 $ 20,477 Carrying amount $ 18,011 $ 18,392 The following table summarizes activity in the accretable yield for the PCI loan portfolio: Three Months Ended March 31 2017 2016 (Dollars in thousands) Beginning balance $ 2,370 $ 2,827 Acquisition — — Accretion (307 ) (409 ) Other change in expected cash flows (1) 216 297 Reclassification from nonaccretable difference for loans which have paid off (2) — 64 Ending balance $ 2,279 $ 2,779 (1) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). (2) Results in increased interest income during the period in which the loan paid off at amount greater than originally expected. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Earnings per share consisted of the following components for the periods indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands, except per share data) Net income $ 20,725 $ 18,611 Weighted Average Shares Basic shares 27,029,640 26,275,323 Effect of dilutive securities 81,283 43,409 Diluted shares 27,110,923 26,318,732 Net income per share Basic EPS $ 0.77 $ 0.71 Effect of dilutive securities (0.01 ) — Diluted EPS $ 0.76 $ 0.71 The following table illustrates the options to purchase common stock or shares of performance-based restricted stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive for the periods indicated: Three Months Ended March 31 2017 2016 Stock options — 2,252 Performance-based restricted stock 127 — |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Time Vested Restricted Stock Awards During the three months ended March 31, 2017 , the Company made the following awards of restricted stock: Date Shares Granted Plan Grant Date Fair Value Per Share Vesting Period 2/13/2017 1,200 2005 Employee Stock Plan $ 62.53 Ratably over 5 years from grant date 2/16/2017 34,150 2005 Employee Stock Plan $ 63.10 Ratably over 5 years from grant date 3/31/2017 500 2005 Employee Stock Plan $ 65.63 Ratably over 5 years from grant date The fair value of the restricted stock awards is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. Performance-Based Restricted Stock Awards On February 16, 2017 , the Company granted 14,400 performance-based restricted stock awards to certain executive level employees. These performance-based restricted stock awards were issued from the 2005 Employee Stock Plan and were determined to have a grant date fair value per share of $63.10 , determined by the average of the high and low price at which the Company's common stock traded on the date of grant. The number of shares to be vested will be contingent upon the Company's attainment of certain performance measures outlined in the award agreement and will be measured as of the end of the three year performance period, which includes January 1, 2017 through December 31, 2019. The awards will vest upon the earlier of the date on which it is determined if the performance goal is achieved, subsequent to the performance period; or, March 31, 2020. These awards will be accounted for as equity awards due to the nature of these awards and the fact that these shares will not be settled in cash. The holders of these awards are not entitled to receive dividends or vote until the shares are vested. On February 28, 2017, the performance-based restricted stock awards that were awarded on March 20, 2014 vested at 94% of the maximum target shares awarded, or 15,289 shares. Stock Options The Company did not grant any awards of options to purchase shares of common stock during the three months ended March 31, 2017 . |
Repurchase Agreements Disclosur
Repurchase Agreements Disclosure of Repurchase Agreements (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Repurchase Agreements [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | REPURCHASE AGREEMENTS The Company can raise additional liquidity by entering into repurchase agreements at its discretion. These repurchases are accounted for as a secured borrowing transaction for accounting purposes. Payments on such borrowings are interest only until the scheduled repurchase date. In a repurchase agreement the Company is subject to the risk that the purchaser may default at maturity and not return the securities underlying the agreements. In order to minimize this potential risk, the Company enters into repurchase agreements that stipulate that the securities underlying the agreement are not delivered to the customer and instead are held in segregated safekeeping accounts by the Company's safekeeping agents. The table below sets forth information regarding the Company’s repurchase agreements allocated by source of collateral at the dates indicated: March 31, 2017 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (Dollars in thousands) Sources of collateral U.S. government agency securities $ 16,762 $ — $ — $ — $ 16,762 Agency mortgage-backed securities 56,837 — — — 56,837 Agency collateralized mortgage obligations 72,173 — — — 72,173 Total borrowings $ 145,772 $ — $ — $ — $ 145,772 December 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (Dollars in thousands) Sources of Collateral U.S. government agency securities $ 20,233 $ — $ — $ — $ 20,233 Agency mortgage-backed securities 79,079 — — — 79,079 Agency collateralized mortgage obligations 77,601 — — — 77,601 Total borrowings $ 176,913 $ — $ — $ — $ 176,913 Certain counterparties monitor collateral, and may request additional collateral to be posted from time to time. For further information regarding the Company's repurchase agreements see Note 9 - Balance Sheet Offsetting . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVE AND HEDGING ACTIVITIES The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally to manage the Company’s interest rate risk. Additionally, the Company enters into interest rate derivatives and foreign exchange contracts to accommodate the business requirements of its customers (“customer related positions”). The Company minimizes the market and liquidity risks of customer related positions by entering into similar offsetting positions with broker-dealers. Derivative instruments are carried at fair value in the Company’s financial statements. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not it qualifies as a hedge for accounting purposes, and further, by the type of hedging relationship. The Company does not enter into proprietary trading positions for any derivatives. Interest Rate Positions The Company currently utilizes interest rate swap agreements as hedging instruments against interest rate risk associated with the Company’s borrowings. An interest rate swap is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged. The maximum length of time over which the Company is currently hedging its exposure to the variability in future cash flows for forecasted transactions related to the payment of variable interest on existing financial instruments is five years. The following table reflects the Company’s derivative positions for the periods indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes: March 31, 2017 Notional Amount Trade Date Effective Date Maturity Date Receive (Variable) Index Current Rate Received Pay Fixed Swap Rate Fair Value (Dollars in thousands) $ 25,000 9-Dec-08 10-Dec-08 10-Dec-18 3 Month LIBOR 1.11 % 2.94 % $ (600 ) 25,000 1-Apr-16 17-Jan-17 15-Dec-21 3 Month LIBOR 1.13 % 1.36 % 726 25,000 1-Apr-16 17-Jan-17 15-Dec-21 3 Month LIBOR 1.13 % 1.36 % 710 $ 75,000 $ 836 December 31, 2016 Notional Amount Trade Date Effective Date Maturity Date Receive (Variable) Index Current Rate Received Pay Fixed Swap Rate Fair Value (Dollars in thousands) $ 25,000 9-Dec-08 10-Dec-08 10-Dec-18 3 Month LIBOR 0.95 % 2.94 % $ (740 ) 25,000 1-Apr-16 17-Jan-17 15-Dec-21 3 Month LIBOR N/A 1.36 % 689 25,000 1-Apr-16 17-Jan-17 15-Dec-21 3 Month LIBOR N/A 1.36 % 675 $ 75,000 $ 624 For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income ("OCI"), and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company expects approximately $153,000 (pre-tax) to be reclassified to interest expense from OCI related to the Company’s cash flow hedges in the next twelve months. This reclassification is due to anticipated payments that will be made and/or received on the swaps based upon the forward curve as of March 31, 2017 . The Company recognized $61,000 of net amortization income that was an offset to interest expense related to previously terminated swaps for the three month periods ended March 31, 2017 and 2016 . The Company had no fair value hedges as of March 31, 2017 or December 31, 2016 . Customer Related Positions Loan level derivatives, primarily interest rate swaps, offered to commercial borrowers through the Company’s loan level derivative program do not qualify as hedges for accounting purposes. The Company believes that its exposure to commercial customer derivatives is limited because these contracts are simultaneously matched at inception with an offsetting dealer transaction. The commercial customer derivative program allows the Company to retain variable-rate commercial loans while allowing the customer to synthetically fix the loan rate by entering into a variable-to-fixed interest rate swap. Foreign exchange contracts offered to commercial borrowers through the Company’s derivative program do not qualify as hedges for accounting purposes. The Company acts as a seller and buyer of foreign exchange contracts to accommodate its customers. To mitigate the market and liquidity risk associated with these derivatives, the Company enters into similar offsetting positions. The following table reflects the Company’s customer related derivative positions for the periods indicated below for those derivatives not designated as hedging: Notional Amount Maturing Number of Positions (1) Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value March 31, 2017 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 226 $ 31,782 $ 19,558 $ 106,647 $ 188,536 $ 519,949 $ 866,472 $ 8,608 Pay fixed, receive variable 211 $ 31,782 $ 19,558 $ 106,647 $ 188,536 $ 519,949 $ 866,472 $ (8,617 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 22 $ 52,619 $ — $ — $ — $ — $ 52,619 $ (1,432 ) Buys U.S. currency, sells foreign currency 22 $ 52,619 $ — $ — $ — $ — $ 52,619 $ 1,452 December 31, 2016 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 222 $ 30,245 $ 21,708 $ 63,771 $ 165,783 $ 567,897 $ 849,404 $ 12,005 Pay fixed, receive variable 207 $ 30,245 $ 21,708 $ 63,771 $ 165,783 $ 567,897 $ 849,404 $ (12,008 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 33 $ 45,711 $ — $ — $ — $ — $ 45,711 $ (2,250 ) Buys U.S. currency, sells foreign currency 33 $ 45,711 $ — $ — $ — $ — $ 45,711 $ 2,277 (1) The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements. Mortgage Derivatives Prior to closing and funding certain 1- 4 family residential mortgage loans, an interest rate lock commitment is generally extended to the borrower. During the period from commitment date to closing date, the Company is subject to the risk that market rates of interest may change. If market rates rise, investors generally will pay less to purchase such loans resulting in a reduction in the gain on sale of the loans or, possibly, a loss. In an effort to mitigate such risk, forward delivery sales commitments are executed, under which the Company agrees to deliver whole mortgage loans to various investors. These forward commitments carry a market price that has a strong inverse relationship to that of mortgage prices. Certain assumptions, including pull through rates and rate lock periods, are used in managing the existing and future hedges. The effectiveness of the economic hedges rely on the accuracy of these assumptions. The change in fair value on the interest rate lock commitments and forward delivery sale commitments are recorded in current period earnings as a component of mortgage banking income. In addition, the Company has elected the fair value option to carry loans held for sale at fair value. The change in fair value of loans held for sale is recorded in current period earnings as a component of mortgage banking income in accordance with the Company's fair value election. The change in fair value associated with loans held for sale was a decrease of $147,000 and an increase of $54,000 for the three month periods ended March 31, 2017 and 2016 , respectively. These amounts were offset in earnings by the change in the fair value of mortgage derivatives. Additionally, the aggregate amount of net realized gains or losses on sales of such loans included within mortgage banking income amounted to $980,000 and $894,000 for the three month periods ended March 31, 2017 and 2016 , respectively. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet at the periods indicated: Asset Derivatives Liability Derivatives Fair Value at Fair Value at Fair Value at Fair Value at Balance Sheet March 31 December 31 Balance Sheet March 31 December 31 (Dollars in thousands) Derivatives designated as hedges Interest rate derivatives Other assets $ 1,436 $ 1,364 Other liabilities $ 600 $ 740 Derivatives not designated as hedges Customer Related Positions Loan level derivatives Other assets $ 16,697 $ 18,629 Other liabilities $ 16,706 $ 18,632 Foreign exchange contracts Other assets 1,739 2,338 Other liabilities 1,719 2,311 Mortgage Derivatives Interest rate lock commitments Other assets 212 430 Other liabilities — — Forward sales agreements Other assets 35 — Other liabilities — 233 $ 18,683 $ 21,397 $ 18,425 $ 21,176 Total $ 20,119 $ 22,761 $ 19,025 $ 21,916 The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands) Derivatives designated as hedges Gain in OCI on derivatives (effective portion), net of tax $ 89 $ 123 Loss reclassified from OCI into interest expense (effective portion) $ (93 ) $ (661 ) Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) Interest expense $ — $ — Other expense — — Total $ — $ — Derivatives not designated as hedges Changes in fair value of customer related positions Other income $ (7 ) $ 72 Other expense (6 ) (16 ) Changes in fair value of mortgage derivatives Mortgage banking income 50 114 Total $ 37 $ 170 By using derivatives, the Company is exposed to credit risk to the extent that counterparties to the derivative contracts do not perform as required. Should a counterparty fail to perform under the terms of a derivative contract, the Company's credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of all swaps with each counterparty. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. Institutional counterparties must have an investment grade credit rating and be approved by the Company's Board of Directors. As such, management believes the risk of incurring credit losses on derivative contracts with those counterparties is remote and losses, if any, would be immaterial. The Company's exposure relating to institutional counterparties was $5.5 million and $4.7 million at March 31, 2017 and December 31, 2016 , respectively. The Company’s exposure relating to customer counterparties was approximately $13.4 million and $16.1 million at March 31, 2017 and December 31, 2016 , respectively. Credit exposure may be reduced by the amount of collateral pledged by the counterparty. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2017 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting Disclosure [Text Block] | BALANCE SHEET OFFSETTING The Company does not offset fair value amounts recognized for derivative instruments or repurchase agreements. The Company does net the amount recognized for the right to reclaim cash collateral against the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. Collateral legally required to be maintained at dealer banks by the Company is monitored and adjusted as necessary. At March 31, 2017 , it was determined that no additional collateral would have to be posted to immediately settle these instruments. The following tables present the Company's asset and liability derivative positions and the potential effect of netting arrangements on its financial position, as of the periods indicated: Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Recognized in the Statement of Financial Position Gross Amounts Offset in the Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Financial Instruments (1) Collateral Pledged (Received) Net Amount March 31, 2017 (Dollars in thousands) Derivative Assets Interest rate swaps $ 1,436 $ — $ 1,436 $ 710 $ — $ 726 Loan level derivatives 16,697 — 16,697 3,676 — 13,021 Customer foreign exchange contracts 1,739 — 1,739 — — 1,739 $ 19,872 $ — $ 19,872 $ 4,386 $ — $ 15,486 Derivative Liabilities Interest rate swaps $ 600 $ — $ 600 $ — $ 600 $ — Loan level derivatives 16,706 — 16,706 4,386 8,176 4,144 Customer foreign exchange contracts 1,719 — 1,719 — — 1,719 Repurchase agreements Customer repurchase agreements 145,772 — 145,772 — 145,772 — $ 164,797 $ — $ 164,797 $ 4,386 $ 154,548 $ 5,863 (1) Reflects offsetting derivative positions with the same counterparty. Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Recognized in the Statement of Financial Position Gross Amounts Offset in the Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Financial Instruments (1) Collateral Pledged (Received) Net Amount December 31, 2016 (Dollars in thousands) Derivative Assets Interest rate swaps $ 1,364 $ — $ 1,364 $ 961 $ — $ 403 Loan level derivatives 18,629 — 18,629 3,261 — 15,368 Customer foreign exchange contracts 2,338 — 2,338 — — 2,338 $ 22,331 $ — $ 22,331 $ 4,222 $ — $ 18,109 Derivative Liabilities Interest rate swaps $ 740 $ — $ 740 $ — $ 740 $ — Loan level derivatives 18,632 — 18,632 4,222 11,106 3,304 Customer foreign exchange contracts 2,311 — 2,311 — — 2,311 Repurchase agreements Customer repurchase agreements 176,913 — 176,913 — 176,913 — $ 198,596 $ — $ 198,596 $ 4,222 $ 188,759 $ 5,615 (1) Reflects offsetting derivative positions with the same counterparty. The Company has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well capitalized institution, then the Company could be required to terminate any outstanding derivatives with the counterparty. All liability position interest rate swap and customer loan level swap counterparties have credit-risk contingent features as of the dates indicated in the table above. In addition, derivative instruments that contain credit-risk related contingent features that are in a net liability position require the Company to assign collateral as noted in the table above. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. If there has been a significant decrease in the volume and level of activity for the asset or liability, regardless of the valuation technique(s) used, the objective of a fair value measurement remains the same. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. The Company uses prices and inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be reclassified from one level to another. The Fair Value Measurements and Disclosures Topic of the FASB ASC defines fair value and establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the Fair Value Measurements and Disclosures Topic of the FASB ASC are described below: Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 – Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation Techniques There have been no changes in the valuation techniques used during the current period. Securities: Trading and Equity Securities These equity securities are valued based on market quoted prices. These securities are categorized in Level 1 as they are actively traded and no valuation adjustments have been applied. U.S. Government Agency Securities Fair value is estimated using either multi-dimensional spread tables or benchmarks. The inputs used include benchmark yields, reported trades, and broker/dealer quotes. These securities are classified as Level 2. Agency Mortgage-Backed Securities Fair value is estimated using either a matrix or benchmarks. The inputs used include benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. These securities are categorized as Level 2. Agency Collateralized Mortgage Obligations and Small Business Administration Pooled Securities The valuation model for these securities is volatility-driven and ratings based, and uses multi-dimensional spread tables. The inputs used include benchmark yields, reported trades, new issue data, broker dealer quotes, and collateral performance. If there is at least one significant model assumption or input that is not observable, these securities are categorized as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. State, County, and Municipal Securities The fair value is estimated using a valuation matrix with inputs including bond interest rate tables, recent transaction, and yield relationships. These securities are categorized as Level 2. Single and Pooled Issuer Trust Preferred Securities The fair value of trust preferred securities, including pooled and single issuer preferred securities, is estimated using external pricing models, discounted cash flow methodologies or similar techniques. The inputs used in these valuations include benchmark yields, reported trades, new issue data, broker dealer quotes, and collateral performance. If there is at least one significant model assumption or input that is not observable, these securities are classified as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. Loans Held for Sale The Company has elected the fair value option to account for originated closed loans intended for sale. The fair value is measured on an individual loan basis using quoted market prices and when not available, comparable market value or discounted cash flow analysis may be utilized. These assets are typically classified as Level 2. Derivative Instruments Derivatives The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings. Additionally, in conjunction with fair value measurement guidance, the Company has made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of March 31, 2017 and December 31, 2016 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified as Level 2. Mortgage Derivatives The fair value of mortgage derivatives is determined based on current market prices for similar assets in the secondary market and, therefore, classified as Level 2 within the fair value hierarchy. Impaired Loans Collateral dependent loans that are deemed to be impaired are valued based upon the lower of cost or fair value of the underlying collateral less costs to sell. The inputs used in the appraisals of the collateral are not always observable, and therefore the loans may be classified as Level 3 within the fair value hierarchy; otherwise, they are classified as Level 2. Other Real Estate Owned and Other Foreclosed Assets The fair values are generally estimated based upon recent appraisal values of the property less costs to sell the property, as Other Real Estate Owned ("OREO") and Other Foreclosed Assets are valued at the lower of cost or fair value of the property, less estimated costs to sell. Certain inputs used in appraisals are not always observable, and therefore OREO and Other Foreclosed Assets may be classified as Level 3 within the fair value hierarchy. Goodwill and Other Intangible Assets Goodwill and other intangible assets are subject to impairment testing. The Company conducts an annual impairment test of goodwill in the third quarter of each year, or more frequently if necessary, and other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. To estimate the fair value of goodwill and, if necessary, other intangible assets, the Company utilizes both a comparable analysis of relevant price multiples in recent market transactions and discounted cash flow analysis. Both valuation models require a significant degree of management judgment. In the event the fair value as determined by the valuation model is less than the carrying value, the intangibles may be impaired. If the impairment testing resulted in impairment, the Company would classify the impaired goodwill and other intangible assets subjected to nonrecurring fair value adjustments as Level 3. Assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows as of the dates indicated: Fair Value Measurements at Reporting Date Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2017 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 1,289 $ 1,289 $ — $ — Securities available for sale U.S. Government agency securities 24,269 — 24,269 $ — Agency mortgage-backed securities 188,334 — 188,334 — Agency collateralized mortgage obligations 124,868 — 124,868 — State, county, and municipal securities 3,787 — 3,787 — Single issuer trust preferred securities issued by banks and insurers 2,320 — 2,320 — Pooled trust preferred securities issued by banks and insurers 1,596 — — 1,596 Small business administration pooled securities 37,002 — 37,002 — Equity securities 19,661 19,661 — — Loans held for sale 3,398 — 3,398 — Derivative instruments 20,119 — 20,119 — Liabilities Derivative instruments 19,025 — 19,025 — Total recurring fair value measurements $ 407,618 $ 20,950 $ 385,072 $ 1,596 Nonrecurring fair value measurements Assets Collateral dependent impaired loans $ 35,247 $ — $ — $ 35,247 Other real estate owned and other foreclosed assets 3,404 — — 3,404 Total nonrecurring fair value measurements $ 38,651 $ — $ — $ 38,651 Fair Value Measurements at Reporting Date Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 804 $ 804 $ — $ — Securities available for sale U.S. Government agency securities $ 24,244 $ — $ 24,244 $ — Agency mortgage-backed securities 175,384 — 175,384 — Agency collateralized mortgage obligations 99,868 — 99,868 — State, county, and municipal securities 3,793 — 3,793 — Single issuer trust preferred securities issued by banks and insurers 2,311 — 2,311 — Pooled trust preferred securities issued by banks and insurers 1,584 — — 1,584 Small business administration pooled securities 37,189 — 37,189 — Equity securities 19,271 19,271 — — Loans held for sale 6,139 — 6,139 — Derivative instruments 22,761 — 22,761 — Liabilities Derivative instruments 21,916 — 21,916 — Total recurring fair value measurements $ 371,432 $ 20,075 $ 349,773 $ 1,584 Nonrecurring fair value measurements: Assets Collateral dependent impaired loans $ 33,974 $ — $ — $ 33,974 Other real estate owned and other foreclosed assets 4,173 — — 4,173 Total nonrecurring fair value measurements $ 38,147 $ — $ — $ 38,147 The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which were valued using pricing models and discounted cash flow methodologies, as of the dates indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands) Pooled Trust Preferred Securities Beginning balance $ 1,584 $ 1,572 Gains and (losses) (realized/unrealized) Included in other comprehensive income 11 (71 ) Settlements 1 (1 ) Ending balance $ 1,596 $ 1,500 It is the Company’s policy to recognize the transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers between the levels of the fair value hierarchy for any assets or liabilities measured at fair value on a recurring basis during the three month periods ended March 31, 2017 or 2016 . The following table sets forth certain unobservable inputs regarding the Company’s investment in securities that are classified as Level 3 for the periods indicated: March 31 December 31 March 31 December 31 March 31 December 31 Valuation Technique Fair Value Unobservable Inputs Range Weighted Average (Dollars in thousands) Discounted cash flow methodology Pooled trust preferred securities $ 1,596 $ 1,584 Cumulative prepayment 0% - 62% 0% - 62% 2.5% 2.5% Cumulative default 5% - 100% 5% - 100% 12.8% 12.8% Loss given default 85% - 100% 85% - 100% 94.3% 94.2% Cure given default 0% - 75% 0% - 75% 60.9% 60.9% Appraisals of collateral(1) Collateral dependent impaired loans $ 35,247 $ 33,974 Other real estate owned and foreclosed assets $ 3,404 $ 4,173 (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. For the fair value measurements in the table above, which are classified as Level 3 within the fair value hierarchy, the Company’s Treasury and Finance groups determine the valuation policies and procedures. For the pricing of the securities, the Company uses third-party pricing information, without adjustment. Depending on the type of the security, management employs various techniques to analyze the pricing it receives from third parties, such as analyzing changes in market yields and in certain instances reviewing the underlying collateral of the security. Management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with their expectation of the market. For the securities whose market is deemed to be inactive and which are categorized as Level 3, the fair value models are calibrated and significant inputs are back tested on a quarterly basis, to the extent possible. This testing is done by the third party service provider, who performs this testing by comparing anticipated inputs to actual results. Significant changes in fair value from period to period are closely scrutinized to ensure fair value models are not flawed. The driver(s) of the respective change in fair value and the method for forecasting the driver(s) is closely considered by management. The significant unobservable inputs used in the fair value measurement of the Company’s pooled trust preferred securities are cumulative prepayment rates, cumulative default rates, loss given default rates and cure given default rates. Significant increases (decreases) in deferrals or defaults, in isolation, would result in a significantly lower (higher) fair value measurement. Alternatively, significant increases (decreases) in cure rates, in isolation, would result in a significantly higher (lower) fair value measurement. Additionally, the Company has certain assets which are marked to fair value on a nonrecurring basis which are categorized within Level 3. These assets include collateral dependent impaired loans and OREO. The determination of the fair value amount is derived from the use of independent third party appraisals and evaluations, prepared by firms from a predetermined list of qualified and approved appraisers or evaluators. Upon receipt of an appraisal or evaluation, the Company's Commercial Real Estate Appraisal Department will review the report for compliance with regulatory and Company standards, as well as reasonableness and acceptance of the value conclusions. Any issues or concerns regarding compliance or value conclusions will be addressed with the engaged firm and the report may be adjusted or revised. If a disagreement cannot be resolved, the Commercial Real Estate Appraisal Department will either address the key issues and modify the report for acceptance or reject the report and re-order a new report. Ultimately, the Company’s Commercial Real Estate Appraisal Department will confirm the collateral value as part of its review process. The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the periods indicated: Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2017 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 1,007 $ 1,052 $ — $ 1,052 $ — Agency mortgage-backed securities 184,317 185,576 — 185,576 — Agency collateralized mortgage obligations 284,716 282,124 — 282,124 — Single issuer trust preferred securities issued by banks 1,500 1,538 — 1,538 — Small business administration pooled securities 30,583 30,627 — 30,627 — Loans, net of allowance for loan losses(b) 5,966,801 5,839,125 — — 5,839,125 Federal Home Loan Bank stock(c) 11,497 11,497 — 11,497 — Cash surrender value of life insurance policies(d) 145,560 145,560 — 145,560 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 5,854,822 5,854,822 — 5,854,822 — Time certificates of deposits(f) $ 615,852 613,566 — 613,566 — Federal Home Loan Bank borrowings(f) 50,811 50,831 — 50,831 — Customer repurchase agreements and other short-term borrowings(f) 145,772 145,772 — — 145,772 Junior subordinated debentures(g) 73,067 73,611 — 73,611 — Subordinated debentures(f) 34,647 33,034 — — 33,034 Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 1,007 $ 1,054 $ — $ 1,054 $ — Agency mortgage-backed securities 156,088 157,504 — 157,504 — Agency collateralized mortgage obligations 297,445 294,650 — 294,650 — Single issuer trust preferred securities issued by banks 1,500 1,544 — 1,544 — Small business administration pooled securities 31,036 30,898 — 30,898 — Loans, net of allowance for loan losses(b) 5,904,065 5,784,778 — — 5,784,778 Federal Home Loan Bank stock(c) 11,497 11,497 — 11,497 — Cash surrender value of life insurance policies(d) 144,503 144,503 — 144,503 — Financial liabilities Deposit liabilities, other than time deposits(e) 5,763,101 5,763,101 — 5,763,101 — Time certificates of deposits(f) 649,152 647,038 — 647,038 — Federal Home Loan Bank borrowings(f) 50,819 50,898 — 50,898 — Customer repurchase agreements and other short-term borrowings(f) 176,913 176,913 — — 176,913 Junior subordinated debentures(g) 73,107 72,510 — 72,510 — Subordinated debentures(f) 34,635 34,241 — — 34,241 (a) The fair values presented 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 instruments and/or discounted cash flow analysis. (b) Fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows. Additionally, this amount excludes collateral dependent impaired loans, which are deemed to be marked to fair value on a nonrecurring basis. (c) FHLB stock has no quoted market value and is carried at cost, therefore the carrying amount approximates fair value. (d) Cash surrender value of life insurance is recorded at its cash surrender value (or the amount that can be realized upon surrender of the policy), therefore carrying amount approximates fair value. (e) Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date. (f) Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. (g) Fair value was determined based upon market prices of securities with similar terms and maturities. This summary excludes financial assets and liabilities for which the carrying value approximates fair value. For financial assets, these may include cash and due from banks, federal funds sold and short-term investments. For financial liabilities, these may include federal funds purchased. These instruments would all be considered to be classified as Level 1 within the fair value hierarchy. Also excluded from the summary are financial instruments measured at fair value on a recurring and nonrecurring basis, as previously described. The Company considers its financial instruments' current use to be the highest and best use of the instruments. |
Comprehensive Income_Loss
Comprehensive Income/Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
COMPREHENSIVE INCOME/LOSS | COMPREHENSIVE INCOME (LOSS) The following table presents a reconciliation of the changes in the components of other comprehensive income (loss) for the dates indicated, including the amount of income tax (expense) benefit allocated to each component of other comprehensive income (loss): Three Months Ended Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 896 $ (364 ) $ 532 Less: net security gains reclassified into other noninterest income (expense) 1 — 1 Net change in fair value of securities available for sale 895 (364 ) 531 Change in fair value of cash flow hedges 58 (24 ) 34 Less: net cash flow hedge losses reclassified into interest on borrowings expense (1) (93 ) 38 (55 ) Net change in fair value of cash flow hedges 151 (62 ) 89 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (7 ) 3 (4 ) Amortization of net actuarial losses 70 (29 ) 41 Amortization of net prior service costs 69 (28 ) 41 Net change in other comprehensive income for defined benefit postretirement plans (2) 132 (54 ) 78 Total other comprehensive income $ 1,178 $ (480 ) $ 698 Three Months Ended Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 6,708 $ (2,610 ) $ 4,098 Less: net security losses reclassified into other noninterest income (29 ) 12 (17 ) Net change in fair value of securities available for sale 6,679 (2,598 ) 4,081 Change in fair value of cash flow hedges (456 ) 188 (268 ) Less: net cash flow hedge losses reclassified into interest on borrowings expense (1) (661 ) 270 (391 ) Net change in fair value of cash flow hedges 205 (82 ) 123 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (28 ) 11 (17 ) Amortization of net actuarial losses 61 (25 ) 36 Amortization of net prior service credits 69 (28 ) 41 Net change in other comprehensive income for defined benefit postretirement plans (2) 102 (42 ) 60 Total other comprehensive income $ 6,986 $ (2,722 ) $ 4,264 (1) Includes the amortization of the remaining balance of a realized but unrecognized gain, net of tax, from the termination of interest rate swaps in 2009. The original gain of $1.4 million , net of tax, is being recognized in earnings through December 2018, the original maturity date of the swap. The balance of this gain has amortized to $245,000 and $281,000 at March 31, 2017 and December 31, 2016 , respectively. (2) The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in the Employee Benefit Plans footnote in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the Securities and Exchange Commission. Information on the Company’s accumulated other comprehensive income (loss), net of tax, is comprised of the following components as of the periods indicated: Unrealized Gain on Securities Unrealized Gain (Loss) on Cash Flow Hedge Deferred Gain on Hedge Transactions Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) 2017 Beginning balance: January 1, 2017 $ 173 $ 361 $ 281 $ (2,152 ) $ (1,337 ) Net change in other comprehensive income (loss) 531 125 (36 ) 78 698 Ending balance: March 31, 2017 $ 704 $ 486 $ 245 $ (2,074 ) $ (639 ) 2016 Beginning balance: January 1, 2016 $ 1,306 $ (1,955 ) $ 427 $ (2,230 ) $ (2,452 ) Net change in other comprehensive income (loss) 4,081 161 (38 ) 60 4,264 Ending balance: March 31, 2016 $ 5,387 $ (1,794 ) $ 389 $ (2,170 ) $ 1,812 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Other Commitments [Line Items] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk In the normal course of business, the Company enters into various transactions to meet the financing needs of its customers, which, in accordance with GAAP, are not included in its consolidated balance sheets. These transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. The Company minimizes its exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. The Company enters into contractual commitments to extend credit, normally with fixed expiration dates or termination clauses, at specified rates and for specific purposes. Substantially all of these commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of loan funding. Standby letters of credit are written conditional commitments issued to guarantee the performance of a customer to a third party. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount of the commitment. If the commitment were funded, the Company would be entitled to seek recovery from the customer. The Company’s policies generally require that standby letter of credit arrangements contain security and debt covenants similar to those contained in loan agreements. The fees collected in connection with the issuance of standby letters of credit are representative of the fair value of its obligation undertaken in issuing the guarantee. In accordance with applicable accounting standards related to guarantees, fees collected in connection with the issuance of standby letters of credit are deferred. The fees are then recognized in income proportionately over the life of the standby letter of credit agreement. The deferred standby letter of credit fees represent the fair value of the Company's potential obligations under the standby letter of credit guarantees. The following table summarizes the above financial instruments at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Commitments to extend credit $ 2,283,475 $ 2,227,955 Standby letters of credit 17,359 18,190 Deferred standby letter of credit fees 114 108 Lease Commitments The Company leases office space, space for ATM locations, and certain branch locations under noncancelable operating leases. Rent expense incurred under operating leases was approximately $2.0 million and $2.2 million the three months ended March 31, 2017 and 2016 , respectively. Renewal options ranging from 4 months to 10 years exist for several of these leases. There has been no significant change in the future minimum lease payments payable by the Company since December 31, 2016 . See the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 for information regarding our leases and other commitments. Other Contingencies At March 31, 2017 , Rockland Trust was involved in pending lawsuits that arose in the ordinary course of business. Management has reviewed these pending lawsuits with legal counsel and has taken into consideration the view of counsel as to their outcome. In the opinion of management, the final disposition of pending lawsuits is not expected to have a material adverse effect on the Company’s financial position or results of operations. The Bank is required to maintain certain reserve requirements of vault cash and/or deposits with the Federal Reserve Bank of Boston. The amount of this reserve requirement was $27.7 million and $31.8 million at March 31, 2017 and December 31, 2016 , respectively. |
Investments is Low Income Housi
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Low Income Housing Projects [Text Block] | LOW INCOME HOUSING PROJECT INVESTMENTS The Company has invested in low income housing projects that generate Low Income Housing Tax Credits (“LIHTC”) which provide the Company with tax credits and operating loss tax benefits over a period of approximately 15 years. None of the original investment is expected to be repaid. The following table presents certain information related to Company's investments in low income housing projects as of the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Original investment value $ 47,439 $ 47,379 Current recorded investment 38,685 39,606 Unfunded liability obligation 8,784 12,161 Tax credits and benefits 5,745 (1) 5,366 Amortization of investments 4,008 (2) 3,725 Net income tax benefit 1,737 (3) 1,641 (1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2017 . (2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2017 . (3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2017 in determining the Company's effective tax rate. |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting Policy | Independent Bank Corp. (the “Company”) is a state chartered, federally registered bank holding company, incorporated in 1985. The Company is the sole stockholder of Rockland Trust Company (“Rockland Trust” or the “Bank”), a Massachusetts trust company chartered in 1907. All material intercompany balances and transactions have been eliminated in consolidation. Certain previously reported amounts may have been reclassified to conform to the current year’s presentation. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial statements, primarily consisting of normal recurring adjustments, have been included. Results for the quarter ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 or any other interim period. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the Securities and Exchange Commission. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Gain (Loss) on Investments [Line Items] | |
Reconciliation of fair value of securities | The following table presents a summary of the amortized cost, gross unrealized gains and losses and fair value of securities available for sale and securities held to maturity for the periods indicated: March 31, 2017 December 31, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (Dollars in thousands) Available for sale securities U.S. government agency securities $ 24,007 $ 262 $ — $ 24,269 $ 24,006 $ 238 $ — $ 24,244 Agency mortgage-backed securities 186,103 2,729 (498 ) 188,334 173,268 2,852 (736 ) 175,384 Agency collateralized mortgage obligations 126,017 182 (1,331 ) 124,868 101,094 106 (1,332 ) 99,868 State, county, and municipal securities 3,733 54 — 3,787 3,743 50 — 3,793 Single issuer trust preferred securities issued by banks 2,298 22 — 2,320 2,311 3 (3 ) 2,311 Pooled trust preferred securities issued by banks and insurers 2,201 — (605 ) 1,596 2,200 — (616 ) 1,584 Small business administration pooled securities 37,140 28 (166 ) 37,002 37,561 — (372 ) 37,189 Equity securities 19,166 964 (469 ) 19,661 19,183 641 (553 ) 19,271 Total available for sale securities $ 400,665 $ 4,241 $ (3,069 ) $ 401,837 $ 363,366 $ 3,890 $ (3,612 ) $ 363,644 Held to maturity securities U.S. Treasury securities $ 1,007 $ 45 $ — $ 1,052 $ 1,007 $ 47 $ — $ 1,054 Agency mortgage-backed securities 184,317 2,283 (1,024 ) 185,576 156,088 2,274 (858 ) 157,504 Agency collateralized mortgage obligations 284,716 1,065 (3,657 ) 282,124 297,445 1,002 (3,797 ) 294,650 Single issuer trust preferred securities issued by banks 1,500 38 — 1,538 1,500 44 — 1,544 Small business administration pooled securities 30,583 228 (184 ) 30,627 31,036 189 (327 ) 30,898 Total held to maturity securities $ 502,123 $ 3,659 $ (4,865 ) $ 500,917 $ 487,076 $ 3,556 $ (4,982 ) $ 485,650 Total $ 902,788 $ 7,900 $ (7,934 ) $ 902,754 $ 850,442 $ 7,446 $ (8,594 ) $ 849,294 |
Schedule of contractual maturities of securities | A schedule of the contractual maturities of securities available for sale and securities held to maturity as of March 31, 2017 is presented below: Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 1,232 $ 1,239 $ — $ — Due after one year to five years 38,912 39,410 15,915 16,092 Due after five to ten years 87,856 88,207 21,090 21,643 Due after ten years 253,499 253,320 465,118 463,182 Total debt securities $ 381,499 $ 382,176 $ 502,123 $ 500,917 Equity securities $ 19,166 $ 19,661 $ — $ — Total $ 400,665 $ 401,837 $ 502,123 $ 500,917 |
Schedule of gross unrealized losses and fair value of investments | The following tables show the gross unrealized losses and fair value of the Company’s investments in an unrealized loss position, which the Company has not deemed to be OTTI, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: March 31, 2017 Less than 12 months 12 months or longer Total # of holdings Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) Agency mortgage-backed securities 42 $ 145,227 $ (1,522 ) $ — $ — $ 145,227 $ (1,522 ) Agency collateralized mortgage obligations 33 247,688 (3,003 ) 45,458 (1,985 ) 293,146 (4,988 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,596 (605 ) 1,596 (605 ) Small business administration pooled securities 4 46,217 (350 ) — — 46,217 (350 ) Equity securities 22 1,706 (53 ) 5,928 (416 ) 7,634 (469 ) Total temporarily impaired securities 102 $ 440,838 $ (4,928 ) $ 52,982 $ (3,006 ) $ 493,820 $ (7,934 ) December 31, 2016 Less than 12 months 12 months or longer Total # of holdings Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (Dollars in thousands) Agency mortgage-backed securities 57 $ 137,949 $ (1,594 ) $ — $ — $ 137,949 $ (1,594 ) Agency collateralized mortgage obligations 32 243,051 (3,140 ) 47,403 (1,989 ) 290,454 (5,129 ) Single issuer trust preferred securities issued by banks and insurers 1 — — 1,036 (3 ) 1,036 (3 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,583 (616 ) 1,583 (616 ) Small business administration pooled securities 5 59,846 (699 ) — — 59,846 (699 ) Equity securities 25 3,625 (77 ) 6,334 (476 ) 9,959 (553 ) Total temporarily impaired securities 121 $ 444,471 $ (5,510 ) $ 56,356 $ (3,084 ) $ 500,827 $ (8,594 ) |
Loans, Allowance for Loan Los24
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Loans, Allowance for Loan Losses and Credit Quality [Abstract] | |
Tabular disclosure of financing receivables bifurcated by type of impairment evaluation [Table Text Block] | The following tables bifurcate the amount of loans and the allowance allocated to each loan category based on the type of impairment analysis as of the periods indicated: March 31, 2017 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Financing receivables ending balance: Collectively evaluated for impairment $ 842,891 $ 3,002,407 $ 356,173 $ 125,628 $ 632,634 $ 1,002,898 $ 10,057 $ 5,972,688 Individually evaluated for impairment $ 38,438 $ 14,766 $ — $ 746 $ 13,674 $ 5,685 $ 358 $ 73,667 Purchased credit impaired loans $ — $ 10,132 $ — $ — $ 7,691 $ 188 $ — $ 18,011 Total loans by group $ 881,329 $ 3,027,305 $ 356,173 $ 126,374 $ 653,999 $ 1,008,771 $ 10,415 $ 6,064,366 (1 ) December 31, 2016 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Financing receivables ending balance: Collectively evaluated for impairment $ 862,875 $ 2,983,642 $ 320,391 $ 121,855 $ 622,392 $ 982,095 $ 10,666 $ 5,903,916 Individually evaluated for impairment $ 39,178 $ 16,813 $ — $ 871 $ 14,175 $ 5,863 $ 397 $ 77,297 Purchased credit impaired loans $ — $ 10,343 $ — $ — $ 7,859 $ 189 $ 1 $ 18,392 Total loans by group $ 902,053 $ 3,010,798 $ 320,391 $ 122,726 $ 644,426 $ 988,147 $ 11,064 $ 5,999,605 (1 ) (1) The amount of net deferred costs on originated loans included in the ending balance was $5.5 million and $5.1 million at March 31, 2017 and December 31, 2016 respectively. Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $8.3 million and $8.6 million at March 31, 2017 and December 31, 2016 , respectively. |
Summary of changes in allowance for loan losses | The following tables summarize changes in allowance for loan losses by loan category for the periods indicated: Three Months Ended March 31, 2017 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 16,921 $ 30,369 $ 4,522 $ 1,502 $ 2,621 $ 5,238 $ 393 $ 61,566 Charge-offs — — — (70 ) (23 ) (14 ) (401 ) (508 ) Recoveries 187 31 — 66 12 76 288 660 Provision (benefit) (590 ) 343 501 35 106 45 160 600 Ending balance $ 16,518 $ 30,743 $ 5,023 $ 1,533 $ 2,716 $ 5,345 $ 440 $ 62,318 Ending balance: collectively evaluated for impairment $ 12,960 $ 30,570 $ 5,023 $ 1,531 $ 1,650 $ 5,110 $ 419 $ 57,263 Ending balance: individually evaluated for impairment $ 3,558 $ 173 $ — $ 2 $ 1,066 $ 235 $ 21 $ 5,055 Three Months Ended March 31, 2016 (Dollars in thousands) Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Residential Real Estate Home Equity Other Consumer Total Allowance for loan losses Beginning balance $ 13,802 $ 27,327 $ 5,366 $ 1,264 $ 2,590 $ 4,889 $ 587 $ 55,825 Charge-offs (2 ) — — (63 ) (19 ) (147 ) (306 ) (537 ) Recoveries 138 189 — 21 — 27 244 619 Provision (benefit) (453 ) 1,079 (266 ) 119 (4 ) 146 (96 ) 525 Ending balance $ 13,485 $ 28,595 $ 5,100 $ 1,341 $ 2,567 $ 4,915 $ 429 $ 56,432 Ending balance: individually evaluated for impairment $ 222 $ 802 $ — $ 3 $ 1,223 $ 231 $ 26 $ 2,507 Ending balance: collectively evaluated for impairment $ 13,263 $ 27,793 $ 5,100 $ 1,338 $ 1,344 $ 4,684 $ 403 $ 53,925 |
Internal risk-rating categories for the Company's commercial portfolio | The following table details the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s commercial portfolio: March 31, 2017 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 782,142 $ 2,900,222 $ 354,245 $ 123,998 $ 4,160,607 Potential weakness 7 36,868 89,588 1,096 1,542 129,094 Definite weakness-loss unlikely 8 62,219 35,079 832 828 98,958 Partial loss probable 9 100 2,416 — 6 2,522 Definite loss 10 — — — — — Total $ 881,329 $ 3,027,305 $ 356,173 $ 126,374 $ 4,391,181 December 31, 2016 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 783,825 $ 2,876,570 $ 317,099 $ 120,304 $ 4,097,798 Potential weakness 7 46,176 84,641 1,363 1,859 134,039 Definite weakness-loss unlikely 8 71,991 47,164 1,929 556 121,640 Partial loss probable 9 61 2,423 — 7 2,491 Definite loss 10 — — — — — Total $ 902,053 $ 3,010,798 $ 320,391 $ 122,726 $ 4,355,968 |
Weighted average FICO scores and the weighted average combined LTV ratio | The following table shows the weighted average FICO scores and the weighted average combined LTV ratios as of the periods indicated below: March 31, December 31, Residential portfolio FICO score (re-scored)(1) 744 743 LTV (re-valued)(2) 63.4 % 63.2 % Home equity portfolio FICO score (re-scored)(1) 767 767 LTV (re-valued)(2) 54.9 % 55.9 % (1) The average FICO scores for March 31, 2017 and December 31, 2016 are based upon rescores available from November 30, 2016 and origination score data for loans booked between December 1, 2016 and the dates indicated. (2) The combined LTV ratios for March 31, 2017 and December 31, 2016 are based upon updated automated valuations as of March 31, 2015 and origination value data for loans booked between April 1, 2015 and through the dates indicated. For home equity loans and lines in a subordinate lien position, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. |
Summary of nonaccrual loans | The following table shows information regarding nonaccrual loans at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Commercial and industrial $ 36,877 $ 37,455 Commercial real estate 4,792 6,266 Small business 207 302 Residential real estate 7,139 7,782 Home equity 5,987 5,553 Other consumer 48 47 Total nonaccrual loans (1) $ 55,050 $ 57,405 (1) Included in these amounts were $5.4 million and $5.2 million of nonaccruing TDRs at March 31, 2017 and December 31, 2016 , respectively. |
Foreclosed Residential Real Estate Property [Table Text Block] | The following table shows information regarding foreclosed residential real estate property at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Foreclosed residential real estate property held by the creditor $ 3,006 $ 3,775 Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 2,277 $ 1,715 |
Age analysis of past due financing receivables | The following table shows the age analysis of past due financing receivables as of the dates indicated: March 31, 2017 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Recorded Investment >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 10 $ 3,089 6 $ 14,666 34 $ 1,123 50 $ 18,878 $ 862,451 $ 881,329 $ — Commercial real estate 15 3,158 — — 9 3,141 24 6,299 3,021,006 3,027,305 — Commercial construction — — — — — — — — 356,173 356,173 — Small business 9 331 8 108 13 120 30 559 125,815 126,374 — Residential real estate 11 1,867 6 968 23 3,258 40 6,093 647,906 653,999 — Home equity 14 1,156 6 460 18 1,417 38 3,033 1,005,738 1,008,771 — Other consumer (1) 226 151 14 42 17 16 257 209 10,206 10,415 2 Total 285 $ 9,752 40 $ 16,244 114 $ 9,075 439 $ 35,071 $ 6,029,295 $ 6,064,366 $ 2 December 31, 2016 30-59 days 60-89 days 90 days or more Total Past Due Total Financing Receivables Recorded Investment >90 Days and Accruing Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Number of Loans Principal Balance Current (Dollars in thousands) Loan Portfolio Commercial and industrial 8 $ 100 32 $ 253 6 $ 2,480 46 $ 2,833 $ 899,220 $ 902,053 $ — Commercial real estate 5 1,518 8 1,957 8 3,105 21 6,580 3,004,218 3,010,798 — Commercial construction — — — — — — — — 320,391 320,391 — Small business 9 323 — — 19 140 28 463 122,263 122,726 — Residential real estate 11 1,277 9 1,950 27 3,507 47 6,734 637,692 644,426 — Home equity 19 1,117 11 767 16 1,209 46 3,093 985,054 988,147 — Other consumer (1) 249 184 12 17 15 7 276 208 10,856 11,064 2 Total 301 $ 4,519 72 $ 4,944 91 $ 10,448 464 $ 19,911 $ 5,979,694 $ 5,999,605 $ 2 (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Summary of Troubled Debt Restructuring and other pertinent information | The following table shows the Company’s total TDRs and other pertinent information as of the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) TDRs on accrual status $ 25,575 $ 27,093 TDRs on nonaccrual 5,439 5,199 Total TDRs $ 31,014 $ 32,292 Amount of specific reserves included in the allowance for loan losses associated with TDRs $ 1,439 $ 1,417 Additional commitments to lend to a borrower who has been a party to a TDR $ 2,116 $ 1,378 |
Change in investment recorded subsequent to modifications | The following table shows the modifications which occurred during the periods indicated and the change in the recorded investment subsequent to the modifications occurring: Three Months Ended March 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled debt restructurings Commercial and industrial 2 $ 80 $ 80 Commercial real estate 4 934 934 Small business 4 143 143 Home equity 2 140 140 Total 12 $ 1,297 $ 1,297 Three Months Ended March 31, 2016 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled debt restructurings Commercial and industrial 3 $ 277 $ 277 Commercial real estate 2 424 424 Residential real estate 2 423 465 Home equity 1 182 182 Other consumer 4 85 85 Total 12 $ 1,391 $ 1,433 (1) The post-modification balances represent the legal principal balance of the loan on the date of modification. These amounts may show an increase when modifications include a capitalization of interest. |
Post modification balance of Troubled Debt Restructuring | The following table shows the Company’s post-modification balance of TDRs listed by type of modification as of the periods indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands) Extended maturity $ 1,207 $ 1,195 Combination rate and maturity — 238 Court ordered concession 90 — Total $ 1,297 $ 1,433 |
Impaired loans by loan portfolio | The tables below set forth information regarding the Company’s impaired loans by loan portfolio at the dates indicated: March 31, 2017 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,319 $ 29,280 $ — Commercial real estate 9,596 10,742 — Small business 300 359 — Residential real estate 3,640 3,858 — Home equity 4,289 4,378 — Other consumer 117 118 — Subtotal 46,261 48,735 — With an allowance recorded Commercial and industrial $ 10,119 $ 10,220 $ 3,558 Commercial real estate 5,170 5,516 173 Small business 446 462 2 Residential real estate 10,034 10,626 1,066 Home equity 1,396 1,568 235 Other consumer 241 242 21 Subtotal 27,406 28,634 5,055 Total $ 73,667 $ 77,369 $ 5,055 December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,776 $ 29,772 $ — Commercial real estate 11,628 12,891 — Commercial construction — — — Small business 494 569 — Residential real estate 4,216 4,427 — Home equity 4,485 4,572 — Other consumer 146 146 — Subtotal 49,745 52,377 — With an allowance recorded Commercial and industrial $ 10,402 $ 10,440 $ 3,661 Commercial real estate 5,185 5,533 196 Small business 377 392 8 Residential real estate 9,959 10,530 1,086 Home equity 1,378 1,547 242 Other consumer 251 252 21 Subtotal 27,552 28,694 5,214 Total $ 77,297 $ 81,071 $ 5,214 |
Interest income recognized on impaired loans | The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: Three Months Ended March 31, 2017 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 39,193 $ 208 Commercial real estate 9,678 91 Small business 304 3 Residential real estate 3,671 43 Home equity 4,323 44 Other consumer 120 2 Subtotal 57,289 391 With an allowance recorded Commercial and industrial $ 10,178 $ 4 Commercial real estate 5,189 50 Small business 457 5 Residential real estate 10,057 85 Home equity 1,402 13 Other consumer 245 2 Subtotal 27,528 159 Total $ 84,817 $ 550 Three Months Ended March 31, 2016 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 2,871 $ 17 Commercial real estate 15,093 137 Small business 478 4 Residential real estate 3,639 43 Home equity 4,718 48 Other consumer 146 3 Subtotal 26,945 252 With an allowance recorded Commercial and industrial $ 2,090 $ 4 Commercial real estate 8,024 69 Small business 484 8 Residential real estate 10,528 94 Home equity 1,323 10 Other consumer 398 3 Subtotal 22,847 188 Total $ 49,792 $ 440 |
Certain Loans Acquired In Transfer Accounted For As Debt Securities Acquired During Period | The following table displays certain information pertaining to PCI loans at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Outstanding balance $ 20,034 $ 20,477 Carrying amount $ 18,011 $ 18,392 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule | The following table summarizes activity in the accretable yield for the PCI loan portfolio: Three Months Ended March 31 2017 2016 (Dollars in thousands) Beginning balance $ 2,370 $ 2,827 Acquisition — — Accretion (307 ) (409 ) Other change in expected cash flows (1) 216 297 Reclassification from nonaccretable difference for loans which have paid off (2) — 64 Ending balance $ 2,279 $ 2,779 (1) Represents changes in cash flows expected to be collected and resulting in increased interest income as a prospective yield adjustment over the remaining life of the loan(s). (2) Results in increased interest income during the period in which the loan paid off at amount greater than originally expected. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Summary of earnings per share | Earnings per share consisted of the following components for the periods indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands, except per share data) Net income $ 20,725 $ 18,611 Weighted Average Shares Basic shares 27,029,640 26,275,323 Effect of dilutive securities 81,283 43,409 Diluted shares 27,110,923 26,318,732 Net income per share Basic EPS $ 0.77 $ 0.71 Effect of dilutive securities (0.01 ) — Diluted EPS $ 0.76 $ 0.71 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table illustrates the options to purchase common stock or shares of performance-based restricted stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive for the periods indicated: Three Months Ended March 31 2017 2016 Stock options — 2,252 Performance-based restricted stock 127 — |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted stock compensation footnote | During the three months ended March 31, 2017 , the Company made the following awards of restricted stock: Date Shares Granted Plan Grant Date Fair Value Per Share Vesting Period 2/13/2017 1,200 2005 Employee Stock Plan $ 62.53 Ratably over 5 years from grant date 2/16/2017 34,150 2005 Employee Stock Plan $ 63.10 Ratably over 5 years from grant date 3/31/2017 500 2005 Employee Stock Plan $ 65.63 Ratably over 5 years from grant date |
Repurchase Agreements Repurchas
Repurchase Agreements Repurchase Agreements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Repurchase Agreements [Abstract] | |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | March 31, 2017 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (Dollars in thousands) Sources of collateral U.S. government agency securities $ 16,762 $ — $ — $ — $ 16,762 Agency mortgage-backed securities 56,837 — — — 56,837 Agency collateralized mortgage obligations 72,173 — — — 72,173 Total borrowings $ 145,772 $ — $ — $ — $ 145,772 December 31, 2016 Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total (Dollars in thousands) Sources of Collateral U.S. government agency securities $ 20,233 $ — $ — $ — $ 20,233 Agency mortgage-backed securities 79,079 — — — 79,079 Agency collateralized mortgage obligations 77,601 — — — 77,601 Total borrowings $ 176,913 $ — $ — $ — $ 176,913 |
Derivatives and Hedging Activ28
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | The following table reflects the Company’s derivative positions for the periods indicated below for interest rate swaps which qualify as cash flow hedges for accounting purposes: March 31, 2017 Notional Amount Trade Date Effective Date Maturity Date Receive (Variable) Index Current Rate Received Pay Fixed Swap Rate Fair Value (Dollars in thousands) $ 25,000 9-Dec-08 10-Dec-08 10-Dec-18 3 Month LIBOR 1.11 % 2.94 % $ (600 ) 25,000 1-Apr-16 17-Jan-17 15-Dec-21 3 Month LIBOR 1.13 % 1.36 % 726 25,000 1-Apr-16 17-Jan-17 15-Dec-21 3 Month LIBOR 1.13 % 1.36 % 710 $ 75,000 $ 836 December 31, 2016 Notional Amount Trade Date Effective Date Maturity Date Receive (Variable) Index Current Rate Received Pay Fixed Swap Rate Fair Value (Dollars in thousands) $ 25,000 9-Dec-08 10-Dec-08 10-Dec-18 3 Month LIBOR 0.95 % 2.94 % $ (740 ) 25,000 1-Apr-16 17-Jan-17 15-Dec-21 3 Month LIBOR N/A 1.36 % 689 25,000 1-Apr-16 17-Jan-17 15-Dec-21 3 Month LIBOR N/A 1.36 % 675 $ 75,000 $ 624 |
Summary of customer related derivative positions, not designated as hedging | The following table reflects the Company’s customer related derivative positions for the periods indicated below for those derivatives not designated as hedging: Notional Amount Maturing Number of Positions (1) Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value March 31, 2017 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 226 $ 31,782 $ 19,558 $ 106,647 $ 188,536 $ 519,949 $ 866,472 $ 8,608 Pay fixed, receive variable 211 $ 31,782 $ 19,558 $ 106,647 $ 188,536 $ 519,949 $ 866,472 $ (8,617 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 22 $ 52,619 $ — $ — $ — $ — $ 52,619 $ (1,432 ) Buys U.S. currency, sells foreign currency 22 $ 52,619 $ — $ — $ — $ — $ 52,619 $ 1,452 December 31, 2016 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 222 $ 30,245 $ 21,708 $ 63,771 $ 165,783 $ 567,897 $ 849,404 $ 12,005 Pay fixed, receive variable 207 $ 30,245 $ 21,708 $ 63,771 $ 165,783 $ 567,897 $ 849,404 $ (12,008 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 33 $ 45,711 $ — $ — $ — $ — $ 45,711 $ (2,250 ) Buys U.S. currency, sells foreign currency 33 $ 45,711 $ — $ — $ — $ — $ 45,711 $ 2,277 (1) The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements. |
Fair value of derivative financial instruments as well as their classification on the balance sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet at the periods indicated: Asset Derivatives Liability Derivatives Fair Value at Fair Value at Fair Value at Fair Value at Balance Sheet March 31 December 31 Balance Sheet March 31 December 31 (Dollars in thousands) Derivatives designated as hedges Interest rate derivatives Other assets $ 1,436 $ 1,364 Other liabilities $ 600 $ 740 Derivatives not designated as hedges Customer Related Positions Loan level derivatives Other assets $ 16,697 $ 18,629 Other liabilities $ 16,706 $ 18,632 Foreign exchange contracts Other assets 1,739 2,338 Other liabilities 1,719 2,311 Mortgage Derivatives Interest rate lock commitments Other assets 212 430 Other liabilities — — Forward sales agreements Other assets 35 — Other liabilities — 233 $ 18,683 $ 21,397 $ 18,425 $ 21,176 Total $ 20,119 $ 22,761 $ 19,025 $ 21,916 |
Effect of derivative financial instruments included in OCI and current earnings | The table below presents the effect of the Company’s derivative financial instruments included in OCI and current earnings for the periods indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands) Derivatives designated as hedges Gain in OCI on derivatives (effective portion), net of tax $ 89 $ 123 Loss reclassified from OCI into interest expense (effective portion) $ (93 ) $ (661 ) Loss recognized in income on derivatives (ineffective portion and amount excluded from effectiveness testing) Interest expense $ — $ — Other expense — — Total $ — $ — Derivatives not designated as hedges Changes in fair value of customer related positions Other income $ (7 ) $ 72 Other expense (6 ) (16 ) Changes in fair value of mortgage derivatives Mortgage banking income 50 114 Total $ 37 $ 170 |
Asset & Liability Derivative Po
Asset & Liability Derivative Positions & the Potential Effect of Netting Arrangements - Current Quarter (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Offsetting [Abstract] | |
Offsetting Assets [Table Text Block] | The following tables present the Company's asset and liability derivative positions and the potential effect of netting arrangements on its financial position, as of the periods indicated: Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Recognized in the Statement of Financial Position Gross Amounts Offset in the Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Financial Instruments (1) Collateral Pledged (Received) Net Amount March 31, 2017 (Dollars in thousands) Derivative Assets Interest rate swaps $ 1,436 $ — $ 1,436 $ 710 $ — $ 726 Loan level derivatives 16,697 — 16,697 3,676 — 13,021 Customer foreign exchange contracts 1,739 — 1,739 — — 1,739 $ 19,872 $ — $ 19,872 $ 4,386 $ — $ 15,486 Derivative Liabilities Interest rate swaps $ 600 $ — $ 600 $ — $ 600 $ — Loan level derivatives 16,706 — 16,706 4,386 8,176 4,144 Customer foreign exchange contracts 1,719 — 1,719 — — 1,719 Repurchase agreements Customer repurchase agreements 145,772 — 145,772 — 145,772 — $ 164,797 $ — $ 164,797 $ 4,386 $ 154,548 $ 5,863 (1) Reflects offsetting derivative positions with the same counterparty. Gross Amounts Not Offset in the Statement of Financial Position Gross Amounts Recognized in the Statement of Financial Position Gross Amounts Offset in the Statement of Financial Position Net Amounts Presented in the Statement of Financial Position Financial Instruments (1) Collateral Pledged (Received) Net Amount December 31, 2016 (Dollars in thousands) Derivative Assets Interest rate swaps $ 1,364 $ — $ 1,364 $ 961 $ — $ 403 Loan level derivatives 18,629 — 18,629 3,261 — 15,368 Customer foreign exchange contracts 2,338 — 2,338 — — 2,338 $ 22,331 $ — $ 22,331 $ 4,222 $ — $ 18,109 Derivative Liabilities Interest rate swaps $ 740 $ — $ 740 $ — $ 740 $ — Loan level derivatives 18,632 — 18,632 4,222 11,106 3,304 Customer foreign exchange contracts 2,311 — 2,311 — — 2,311 Repurchase agreements Customer repurchase agreements 176,913 — 176,913 — 176,913 — $ 198,596 $ — $ 198,596 $ 4,222 $ 188,759 $ 5,615 (1) Reflects offsetting derivative positions with the same counterparty. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | Assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows as of the dates indicated: Fair Value Measurements at Reporting Date Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2017 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 1,289 $ 1,289 $ — $ — Securities available for sale U.S. Government agency securities 24,269 — 24,269 $ — Agency mortgage-backed securities 188,334 — 188,334 — Agency collateralized mortgage obligations 124,868 — 124,868 — State, county, and municipal securities 3,787 — 3,787 — Single issuer trust preferred securities issued by banks and insurers 2,320 — 2,320 — Pooled trust preferred securities issued by banks and insurers 1,596 — — 1,596 Small business administration pooled securities 37,002 — 37,002 — Equity securities 19,661 19,661 — — Loans held for sale 3,398 — 3,398 — Derivative instruments 20,119 — 20,119 — Liabilities Derivative instruments 19,025 — 19,025 — Total recurring fair value measurements $ 407,618 $ 20,950 $ 385,072 $ 1,596 Nonrecurring fair value measurements Assets Collateral dependent impaired loans $ 35,247 $ — $ — $ 35,247 Other real estate owned and other foreclosed assets 3,404 — — 3,404 Total nonrecurring fair value measurements $ 38,651 $ — $ — $ 38,651 Fair Value Measurements at Reporting Date Using Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 804 $ 804 $ — $ — Securities available for sale U.S. Government agency securities $ 24,244 $ — $ 24,244 $ — Agency mortgage-backed securities 175,384 — 175,384 — Agency collateralized mortgage obligations 99,868 — 99,868 — State, county, and municipal securities 3,793 — 3,793 — Single issuer trust preferred securities issued by banks and insurers 2,311 — 2,311 — Pooled trust preferred securities issued by banks and insurers 1,584 — — 1,584 Small business administration pooled securities 37,189 — 37,189 — Equity securities 19,271 19,271 — — Loans held for sale 6,139 — 6,139 — Derivative instruments 22,761 — 22,761 — Liabilities Derivative instruments 21,916 — 21,916 — Total recurring fair value measurements $ 371,432 $ 20,075 $ 349,773 $ 1,584 Nonrecurring fair value measurements: Assets Collateral dependent impaired loans $ 33,974 $ — $ — $ 33,974 Other real estate owned and other foreclosed assets 4,173 — — 4,173 Total nonrecurring fair value measurements $ 38,147 $ — $ — $ 38,147 |
Reconciliation for all assets and liabilities measured at fair value on a recurring basis | The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3), which were valued using pricing models and discounted cash flow methodologies, as of the dates indicated: Three Months Ended March 31 2017 2016 (Dollars in thousands) Pooled Trust Preferred Securities Beginning balance $ 1,584 $ 1,572 Gains and (losses) (realized/unrealized) Included in other comprehensive income 11 (71 ) Settlements 1 (1 ) Ending balance $ 1,596 $ 1,500 |
Investments in securities that are classified as level 3 | The following table sets forth certain unobservable inputs regarding the Company’s investment in securities that are classified as Level 3 for the periods indicated: March 31 December 31 March 31 December 31 March 31 December 31 Valuation Technique Fair Value Unobservable Inputs Range Weighted Average (Dollars in thousands) Discounted cash flow methodology Pooled trust preferred securities $ 1,596 $ 1,584 Cumulative prepayment 0% - 62% 0% - 62% 2.5% 2.5% Cumulative default 5% - 100% 5% - 100% 12.8% 12.8% Loss given default 85% - 100% 85% - 100% 94.3% 94.2% Cure given default 0% - 75% 0% - 75% 60.9% 60.9% Appraisals of collateral(1) Collateral dependent impaired loans $ 35,247 $ 33,974 Other real estate owned and foreclosed assets $ 3,404 $ 4,173 (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of these possible adjustments may vary. |
The estimated fair values and related carrying amounts for assets and liabilities | The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the periods indicated: Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2017 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 1,007 $ 1,052 $ — $ 1,052 $ — Agency mortgage-backed securities 184,317 185,576 — 185,576 — Agency collateralized mortgage obligations 284,716 282,124 — 282,124 — Single issuer trust preferred securities issued by banks 1,500 1,538 — 1,538 — Small business administration pooled securities 30,583 30,627 — 30,627 — Loans, net of allowance for loan losses(b) 5,966,801 5,839,125 — — 5,839,125 Federal Home Loan Bank stock(c) 11,497 11,497 — 11,497 — Cash surrender value of life insurance policies(d) 145,560 145,560 — 145,560 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 5,854,822 5,854,822 — 5,854,822 — Time certificates of deposits(f) $ 615,852 613,566 — 613,566 — Federal Home Loan Bank borrowings(f) 50,811 50,831 — 50,831 — Customer repurchase agreements and other short-term borrowings(f) 145,772 145,772 — — 145,772 Junior subordinated debentures(g) 73,067 73,611 — 73,611 — Subordinated debentures(f) 34,647 33,034 — — 33,034 Fair Value Measurements at Reporting Date Using Carrying Value Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 1,007 $ 1,054 $ — $ 1,054 $ — Agency mortgage-backed securities 156,088 157,504 — 157,504 — Agency collateralized mortgage obligations 297,445 294,650 — 294,650 — Single issuer trust preferred securities issued by banks 1,500 1,544 — 1,544 — Small business administration pooled securities 31,036 30,898 — 30,898 — Loans, net of allowance for loan losses(b) 5,904,065 5,784,778 — — 5,784,778 Federal Home Loan Bank stock(c) 11,497 11,497 — 11,497 — Cash surrender value of life insurance policies(d) 144,503 144,503 — 144,503 — Financial liabilities Deposit liabilities, other than time deposits(e) 5,763,101 5,763,101 — 5,763,101 — Time certificates of deposits(f) 649,152 647,038 — 647,038 — Federal Home Loan Bank borrowings(f) 50,819 50,898 — 50,898 — Customer repurchase agreements and other short-term borrowings(f) 176,913 176,913 — — 176,913 Junior subordinated debentures(g) 73,107 72,510 — 72,510 — Subordinated debentures(f) 34,635 34,241 — — 34,241 (a) The fair values presented 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 instruments and/or discounted cash flow analysis. (b) Fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or cash flows. Additionally, this amount excludes collateral dependent impaired loans, which are deemed to be marked to fair value on a nonrecurring basis. (c) FHLB stock has no quoted market value and is carried at cost, therefore the carrying amount approximates fair value. (d) Cash surrender value of life insurance is recorded at its cash surrender value (or the amount that can be realized upon surrender of the policy), therefore carrying amount approximates fair value. (e) Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date. (f) Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. (g) Fair value was determined based upon market prices of securities with similar terms and maturities. |
Comprehensive Income_Loss (Tabl
Comprehensive Income/Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Comprehensive income | The following table presents a reconciliation of the changes in the components of other comprehensive income (loss) for the dates indicated, including the amount of income tax (expense) benefit allocated to each component of other comprehensive income (loss): Three Months Ended Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 896 $ (364 ) $ 532 Less: net security gains reclassified into other noninterest income (expense) 1 — 1 Net change in fair value of securities available for sale 895 (364 ) 531 Change in fair value of cash flow hedges 58 (24 ) 34 Less: net cash flow hedge losses reclassified into interest on borrowings expense (1) (93 ) 38 (55 ) Net change in fair value of cash flow hedges 151 (62 ) 89 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (7 ) 3 (4 ) Amortization of net actuarial losses 70 (29 ) 41 Amortization of net prior service costs 69 (28 ) 41 Net change in other comprehensive income for defined benefit postretirement plans (2) 132 (54 ) 78 Total other comprehensive income $ 1,178 $ (480 ) $ 698 Three Months Ended Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ 6,708 $ (2,610 ) $ 4,098 Less: net security losses reclassified into other noninterest income (29 ) 12 (17 ) Net change in fair value of securities available for sale 6,679 (2,598 ) 4,081 Change in fair value of cash flow hedges (456 ) 188 (268 ) Less: net cash flow hedge losses reclassified into interest on borrowings expense (1) (661 ) 270 (391 ) Net change in fair value of cash flow hedges 205 (82 ) 123 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (28 ) 11 (17 ) Amortization of net actuarial losses 61 (25 ) 36 Amortization of net prior service credits 69 (28 ) 41 Net change in other comprehensive income for defined benefit postretirement plans (2) 102 (42 ) 60 Total other comprehensive income $ 6,986 $ (2,722 ) $ 4,264 (1) Includes the amortization of the remaining balance of a realized but unrecognized gain, net of tax, from the termination of interest rate swaps in 2009. The original gain of $1.4 million , net of tax, is being recognized in earnings through December 2018, the original maturity date of the swap. The balance of this gain has amortized to $245,000 and $281,000 at March 31, 2017 and December 31, 2016 , respectively. (2) The amortization of prior service costs is included in the computation of net periodic pension cost as disclosed in the Employee Benefit Plans footnote in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the Securities and Exchange Commission. |
Company's accumulated other comprehensive loss, net of tax | Information on the Company’s accumulated other comprehensive income (loss), net of tax, is comprised of the following components as of the periods indicated: Unrealized Gain on Securities Unrealized Gain (Loss) on Cash Flow Hedge Deferred Gain on Hedge Transactions Defined Benefit Postretirement Plans Accumulated Other Comprehensive Income (Loss) (Dollars in thousands) 2017 Beginning balance: January 1, 2017 $ 173 $ 361 $ 281 $ (2,152 ) $ (1,337 ) Net change in other comprehensive income (loss) 531 125 (36 ) 78 698 Ending balance: March 31, 2017 $ 704 $ 486 $ 245 $ (2,074 ) $ (639 ) 2016 Beginning balance: January 1, 2016 $ 1,306 $ (1,955 ) $ 427 $ (2,230 ) $ (2,452 ) Net change in other comprehensive income (loss) 4,081 161 (38 ) 60 4,264 Ending balance: March 31, 2016 $ 5,387 $ (1,794 ) $ 389 $ (2,170 ) $ 1,812 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The following table summarizes the above financial instruments at the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Commitments to extend credit $ 2,283,475 $ 2,227,955 Standby letters of credit 17,359 18,190 Deferred standby letter of credit fees 114 108 |
Investments is Low Income Hou33
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Low Income Housing Projects [Table Text Block] | The following table presents certain information related to Company's investments in low income housing projects as of the dates indicated: March 31, 2017 December 31, 2016 (Dollars in thousands) Original investment value $ 47,439 $ 47,379 Current recorded investment 38,685 39,606 Unfunded liability obligation 8,784 12,161 Tax credits and benefits 5,745 (1) 5,366 Amortization of investments 4,008 (2) 3,725 Net income tax benefit 1,737 (3) 1,641 (1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2017 . (2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2017 . (3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2017 in determining the Company's effective tax rate. |
Securities (Reconciliation of f
Securities (Reconciliation of fair value of securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | $ 400,665 | $ 363,366 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 4,241 | 3,890 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (3,069) | (3,612) |
Available-for-sale Securities | 401,837 | 363,644 |
Held to maturity Securities, Amortized Cost | 502,123 | 487,076 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 3,659 | 3,556 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (4,865) | (4,982) |
Held to Maturity, Fair Value, Total | 500,917 | 485,650 |
Amortized Cost | 902,788 | 850,442 |
Gross Unrealized Gains | 7,900 | 7,446 |
Unrealized Losses Other | (7,934) | (8,594) |
Fair Value | 902,754 | 849,294 |
U. S. Government Agency Securities [Member] | ||
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | 24,007 | 24,006 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 262 | 238 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities | 24,269 | 24,244 |
U.S. Treasury securities | ||
Reconciliation of fair value of securities | ||
Held to maturity Securities, Amortized Cost | 1,007 | 1,007 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 45 | 47 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held to Maturity, Fair Value, Total | 1,052 | 1,054 |
Agency mortgage-backed securities | ||
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | 186,103 | 173,268 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 2,729 | 2,852 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (498) | (736) |
Available-for-sale Securities | 188,334 | 175,384 |
Held to maturity Securities, Amortized Cost | 184,317 | 156,088 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 2,283 | 2,274 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (1,024) | (858) |
Held to Maturity, Fair Value, Total | 185,576 | 157,504 |
Agency Collateralized Mortgage Obligations [Member] | ||
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | 126,017 | 101,094 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 182 | 106 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (1,331) | (1,332) |
Available-for-sale Securities | 124,868 | 99,868 |
Held to maturity Securities, Amortized Cost | 284,716 | 297,445 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 1,065 | 1,002 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (3,657) | (3,797) |
Held to Maturity, Fair Value, Total | 282,124 | 294,650 |
State, County, and Municipal Securities [Member] | ||
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | 3,733 | 3,743 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 54 | 50 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities | 3,787 | 3,793 |
Single Issuer Trust Preferred Securities Issued by Banks and Insurers [Member] | ||
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | 2,298 | 2,311 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 22 | 3 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | (3) |
Available-for-sale Securities | 2,320 | 2,311 |
Held to maturity Securities, Amortized Cost | 1,500 | 1,500 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 38 | 44 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held to Maturity, Fair Value, Total | 1,538 | 1,544 |
Pooled trust preferred securities issued by banks and insurers | ||
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | 2,201 | 2,200 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (605) | (616) |
Available-for-sale Securities | 1,596 | 1,584 |
Small Business Administration Pooled Securities [Member] | ||
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | 37,140 | 37,561 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 28 | 0 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (166) | (372) |
Available-for-sale Securities | 37,002 | 37,189 |
Held to maturity Securities, Amortized Cost | 30,583 | 31,036 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 228 | 189 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | (184) | (327) |
Held to Maturity, Fair Value, Total | 30,627 | 30,898 |
Equity securities | ||
Reconciliation of fair value of securities | ||
Available for sale Securities, Amortized Cost | 19,166 | 19,183 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, before Tax | 964 | 641 |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax | (469) | (553) |
Available-for-sale Securities | $ 19,661 | $ 19,271 |
Securities (Schedule of Contrac
Securities (Schedule of Contractual Maturities of Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Available for Sale, Amortized Cost | ||
Available for sale Securities, Amortized Cost | $ 400,665 | $ 363,366 |
Available for Sale, Fair Value | ||
Available for sale Securities, Fair Value, Total | 401,837 | 363,644 |
Held to Maturity, Amortized Cost | ||
Held to maturity Securities, Amortized Cost | 502,123 | 487,076 |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Total | 500,917 | $ 485,650 |
Debt Securities | ||
Available for Sale, Amortized Cost | ||
Available for Sale, Amortized Cost, Due in one year or less | 1,232 | |
Available for Sale, Amortized Cost, Due after one year to five years | 38,912 | |
Available for Sale, Amortized Cost, Due after five to ten years | 87,856 | |
Available for Sale, Amortized Cost, Due after ten years | 253,499 | |
Available for sale Securities, Amortized Cost | 381,499 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 1,239 | |
Available for Sale, Fair Value, Due after one year to five years | 39,410 | |
Available for Sale, Fair Value, Due after five to ten years | 88,207 | |
Available for Sale, Fair Value, Due after ten years | 253,320 | |
Available for sale Securities, Fair Value, Total | 382,176 | |
Held to Maturity, Amortized Cost | ||
Held to Maturity, Amortized Cost, Due in one year or less | 0 | |
Held to Maturity, Amortized Cost, Due after one year to five years | 15,915 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 21,090 | |
Held to Maturity, Amortized Cost, Due after ten years | 465,118 | |
Held to maturity Securities, Amortized Cost | 502,123 | |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Due in one year or less | 0 | |
Held to Maturity, Fair Value, Due after one year to five years | 16,092 | |
Held to Maturity, Fair Value, Due after five to ten years | 21,643 | |
Held to Maturity, Fair Value, Due after ten years | 463,182 | |
Held to Maturity, Fair Value, Total | 500,917 | |
Equity securities | ||
Available for Sale, Amortized Cost | ||
Available for Sale, Amortized Cost, Marketable equity securities | 19,166 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Marketable equity securities | 19,661 | |
Held to Maturity, Amortized Cost | ||
Held to maturity Securities, Amortized Cost | 0 | |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Total | $ 0 |
Securities (Unrealized Loss NOT
Securities (Unrealized Loss NOT deemed to be OTTI) (Details) $ in Thousands | Mar. 31, 2017USD ($)holding | Dec. 31, 2016USD ($)holding |
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 102 | 121 |
Fair value, less than 12 months | $ 440,838 | $ 444,471 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (4,928) | (5,510) |
Fair value, 12 months or longer | 52,982 | 56,356 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (3,006) | (3,084) |
Fair value, Total | 493,820 | 500,827 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (7,934) | $ (8,594) |
Agency mortgage-backed securities | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 42 | 57 |
Fair value, less than 12 months | $ 145,227 | $ 137,949 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (1,522) | (1,594) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | 0 | 0 |
Fair value, Total | 145,227 | 137,949 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (1,522) | $ (1,594) |
Agency Collateralized Mortgage Obligations [Member] | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 33 | 32 |
Fair value, less than 12 months | $ 247,688 | $ 243,051 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (3,003) | (3,140) |
Fair value, 12 months or longer | 45,458 | 47,403 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (1,985) | (1,989) |
Fair value, Total | 293,146 | 290,454 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (4,988) | $ (5,129) |
Single issuer trust preferred securities issued by banks and insurers | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 1 | |
Fair value, less than 12 months | $ 0 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | 0 | |
Fair value, 12 months or longer | 1,036 | |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (3) | |
Fair value, Total | 1,036 | |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (3) | |
Pooled trust preferred securities issued by banks and insurers | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 1 | 1 |
Fair value, less than 12 months | $ 0 | $ 0 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | 0 | 0 |
Fair value, 12 months or longer | 1,596 | 1,583 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (605) | (616) |
Fair value, Total | 1,596 | 1,583 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (605) | $ (616) |
Equity securities | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 22 | 25 |
Fair value, less than 12 months | $ 1,706 | $ 3,625 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (53) | (77) |
Fair value, 12 months or longer | 5,928 | 6,334 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (416) | (476) |
Fair value, Total | 7,634 | 9,959 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (469) | $ (553) |
Small Business Administration Pooled Securities [Member] | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 4 | 5 |
Fair value, less than 12 months | $ 46,217 | $ 59,846 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (350) | (699) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | 0 | 0 |
Fair value, Total | 46,217 | 59,846 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (350) | $ (699) |
Securities (Details Textual) (D
Securities (Details Textual) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net | $ 0 | $ 0 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 0 | $ 0 | |
Securities (Textual) [Abstract] | |||
Callable Securities in Investment Portfolio | 10,900,000 | ||
Pledged Financial Instruments, Not Separately Reported, Securities | 498,600,000 | $ 482,100,000 | |
Securities - trading | 1,289,000 | 804,000 | |
Investments in obligations of individual states, counties or municipalities which exceed 10% of equity | $ 0 | $ 0 |
Loans, Allowance for Loan Los38
Loans, Allowance for Loan Losses and Credit Quality (Allowance Allocations) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | |
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 5,972,688 | $ 5,903,916 | |
Ending Balance: Individually Evaluated for Impairment | 73,667 | 77,297 | |
Financing Receivable, Net | 4,391,181 | 4,355,968 | |
Ending Balance: Total Loans by Group | 6,064,366 | 5,999,605 | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 18,011 | 18,392 | |
Commercial and Industrial [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 842,891 | 862,875 | |
Ending Balance: Individually Evaluated for Impairment | 38,438 | 39,178 | |
Financing Receivable, Net | 881,329 | 902,053 | |
Ending Balance: Total Loans by Group | 881,329 | 902,053 | |
Commercial and Industrial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 0 | 0 | |
Commercial Real Estate [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 3,002,407 | 2,983,642 | |
Ending Balance: Individually Evaluated for Impairment | 14,766 | 16,813 | |
Financing Receivable, Net | 3,027,305 | 3,010,798 | |
Ending Balance: Total Loans by Group | 3,027,305 | 3,010,798 | |
Commercial Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 10,132 | 10,343 | |
Construction Loans [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 356,173 | 320,391 | |
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | |
Financing Receivable, Net | 356,173 | 320,391 | |
Ending Balance: Total Loans by Group | 356,173 | 320,391 | |
Construction Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 0 | 0 | |
Small Business [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 125,628 | 121,855 | |
Ending Balance: Individually Evaluated for Impairment | 746 | 871 | |
Financing Receivable, Net | 126,374 | 122,726 | |
Ending Balance: Total Loans by Group | 126,374 | 122,726 | |
Small Business [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 0 | 0 | |
Residential Real Estate [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 632,634 | 622,392 | |
Ending Balance: Individually Evaluated for Impairment | 13,674 | 14,175 | |
Ending Balance: Total Loans by Group | 653,999 | 644,426 | |
Residential Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 7,691 | 7,859 | |
Consumer Home Equity [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 1,002,898 | 982,095 | |
Ending Balance: Individually Evaluated for Impairment | 5,685 | 5,863 | |
Ending Balance: Total Loans by Group | 1,008,771 | 988,147 | |
Consumer Home Equity [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 188 | 189 | |
Consumer Other [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 10,057 | 10,666 | |
Ending Balance: Individually Evaluated for Impairment | 358 | 397 | |
Ending Balance: Total Loans by Group | 10,415 | 11,064 | |
Consumer Other [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | $ 0 | $ 1 |
Loans, Allowance for Loan Los39
Loans, Allowance for Loan Losses and Credit Quality (ALLL - by category) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Summary of changes in allowance for loan losses | |||
Beginning Balance | $ 61,566 | $ 55,825 | |
Charge-offs | (508) | (537) | |
Recoveries | 660 | 619 | |
Provision for loan losses | 600 | 525 | |
Ending Balance | 62,318 | 56,432 | |
Ending Balance: Individually Evaluated for Impairment | 5,055 | 2,507 | $ 5,214 |
Ending Balance: Collectively Evaluated for Impairment | 57,263 | 53,925 | |
Commercial and Industrial [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 16,921 | 13,802 | |
Charge-offs | 0 | (2) | |
Recoveries | 187 | 138 | |
Provision for loan losses | (590) | (453) | |
Ending Balance | 16,518 | 13,485 | |
Ending Balance: Individually Evaluated for Impairment | 3,558 | 222 | 3,661 |
Ending Balance: Collectively Evaluated for Impairment | 12,960 | 13,263 | |
Commercial Real Estate [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 30,369 | 27,327 | |
Charge-offs | 0 | 0 | |
Recoveries | 31 | 189 | |
Provision for loan losses | 343 | 1,079 | |
Ending Balance | 30,743 | 28,595 | |
Ending Balance: Individually Evaluated for Impairment | 173 | 802 | 196 |
Ending Balance: Collectively Evaluated for Impairment | 30,570 | 27,793 | |
Construction Loans [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 4,522 | 5,366 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for loan losses | 501 | (266) | |
Ending Balance | 5,023 | 5,100 | |
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | |
Ending Balance: Collectively Evaluated for Impairment | 5,023 | 5,100 | |
Small Business [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 1,502 | 1,264 | |
Charge-offs | (70) | (63) | |
Recoveries | 66 | 21 | |
Provision for loan losses | 35 | 119 | |
Ending Balance | 1,533 | 1,341 | |
Ending Balance: Individually Evaluated for Impairment | 2 | 3 | 8 |
Ending Balance: Collectively Evaluated for Impairment | 1,531 | 1,338 | |
Residential Real Estate [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 2,621 | 2,590 | |
Charge-offs | (23) | (19) | |
Recoveries | 12 | 0 | |
Provision for loan losses | 106 | (4) | |
Ending Balance | 2,716 | 2,567 | |
Ending Balance: Individually Evaluated for Impairment | 1,066 | 1,223 | 1,086 |
Ending Balance: Collectively Evaluated for Impairment | 1,650 | 1,344 | |
Consumer Home Equity [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 5,238 | 4,889 | |
Charge-offs | (14) | (147) | |
Recoveries | 76 | 27 | |
Provision for loan losses | 45 | 146 | |
Ending Balance | 5,345 | 4,915 | |
Ending Balance: Individually Evaluated for Impairment | 235 | 231 | 242 |
Ending Balance: Collectively Evaluated for Impairment | 5,110 | 4,684 | |
Consumer Other [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 393 | 587 | |
Charge-offs | (401) | (306) | |
Recoveries | 288 | 244 | |
Provision for loan losses | 160 | (96) | |
Ending Balance | 440 | 429 | |
Ending Balance: Individually Evaluated for Impairment | 21 | 26 | $ 21 |
Ending Balance: Collectively Evaluated for Impairment | $ 419 | $ 403 |
Loans, Allowance for Loan Los40
Loans, Allowance for Loan Losses and Credit Quality (Internal Risk-Rating Categories for the Commercial Portfolio) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Significant Advanced Considered For Risk Rating Change | $ 50,000 | |
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 4,391,181,000 | $ 4,355,968,000 |
Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 881,329,000 | 902,053,000 |
Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 3,027,305,000 | 3,010,798,000 |
Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 356,173,000 | 320,391,000 |
Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 126,374,000 | 122,726,000 |
PASS [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 4,160,607,000 | 4,097,798,000 |
PASS [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 782,142,000 | 783,825,000 |
PASS [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 2,900,222,000 | 2,876,570,000 |
PASS [Member] | Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 354,245,000 | 317,099,000 |
PASS [Member] | Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 123,998,000 | 120,304,000 |
POTENTIAL WEAKNESS [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 129,094,000 | 134,039,000 |
POTENTIAL WEAKNESS [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 36,868,000 | 46,176,000 |
POTENTIAL WEAKNESS [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 89,588,000 | 84,641,000 |
POTENTIAL WEAKNESS [Member] | Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 1,096,000 | 1,363,000 |
POTENTIAL WEAKNESS [Member] | Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 1,542,000 | 1,859,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 98,958,000 | 121,640,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 62,219,000 | 71,991,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 35,079,000 | 47,164,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 832,000 | 1,929,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 828,000 | 556,000 |
PARTIAL LOSS PROBABLE [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 2,522,000 | 2,491,000 |
PARTIAL LOSS PROBABLE [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 100,000 | 61,000 |
PARTIAL LOSS PROBABLE [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 2,416,000 | 2,423,000 |
PARTIAL LOSS PROBABLE [Member] | Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 0 | 0 |
PARTIAL LOSS PROBABLE [Member] | Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 6,000 | 7,000 |
DEFINITE LOSS [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 0 | 0 |
DEFINITE LOSS [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 0 | 0 |
DEFINITE LOSS [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 0 | 0 |
DEFINITE LOSS [Member] | Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 0 | 0 |
DEFINITE LOSS [Member] | Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | $ 0 | $ 0 |
Loans, Allowance for Loan Los41
Loans, Allowance for Loan Losses and Credit Quality (Weighted Average FICO Scores and the Weighted Average Combined LTV Ratio) (Details) - score | Mar. 31, 2017 | Dec. 31, 2016 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable With Quality Of Loan Based On Weighted Average Fico Rating | 744 | 743 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | 63.40% | 63.20% |
Consumer Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable With Quality Of Loan Based On Weighted Average Fico Rating | 767 | 767 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | 54.90% | 55.90% |
Loans, Allowance for Loan Los42
Loans, Allowance for Loan Losses and Credit Quality (Summary of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable Impaired [Line Items] | ||
Tdrs Recorded Investment On Nonaccrual Status | $ 5,439 | $ 5,199 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 55,050 | 57,405 |
Commercial and Industrial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 36,877 | 37,455 |
Commercial Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,792 | 6,266 |
Small Business [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 207 | 302 |
Residential Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,139 | 7,782 |
Consumer Home Equity [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,987 | 5,553 |
Consumer - Other [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 48 | $ 47 |
Loans, Allowance for Loan Los43
Loans, Allowance for Loan Losses and Credit Quality Foreclosed Residential Real Estate Property (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Foreclosed residential real estate property held by the creditor | $ 3,006 | $ 3,775 |
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 2,277 | $ 1,715 |
Loans, Allowance for Loan Los44
Loans, Allowance for Loan Losses and Credit Quality (Age Analysis of Past Due Financing Receivables) (Details) $ in Thousands | Mar. 31, 2017USD ($)loan | Dec. 31, 2016USD ($)loan |
Age Analysis of Past Due Financing Receivables | ||
Number of Loans 30-59 Days | loan | 285 | 301 |
Number of Loans 60-89 Days | loan | 40 | 72 |
Number of Loans 90 Days or More | loan | 114 | 91 |
Number of Loans Total Past Due | loan | 439 | 464 |
Principal Balance Total Past Due | $ 35,071 | $ 19,911 |
Current | 6,029,295 | 5,979,694 |
Total loans | 6,064,366 | 5,999,605 |
Recorded Investment >90 Days and Accruing | $ 2 | $ 2 |
Commercial and Industrial [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Number of Loans 30-59 Days | loan | 10 | 8 |
Number of Loans 60-89 Days | loan | 6 | 32 |
Number of Loans 90 Days or More | loan | 34 | 6 |
Number of Loans Total Past Due | loan | 50 | 46 |
Principal Balance Total Past Due | $ 18,878 | $ 2,833 |
Current | 862,451 | 899,220 |
Total loans | 881,329 | 902,053 |
Recorded Investment >90 Days and Accruing | $ 0 | $ 0 |
Commercial Real Estate [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Number of Loans 30-59 Days | loan | 15 | 5 |
Number of Loans 60-89 Days | loan | 0 | 8 |
Number of Loans 90 Days or More | loan | 9 | 8 |
Number of Loans Total Past Due | loan | 24 | 21 |
Principal Balance Total Past Due | $ 6,299 | $ 6,580 |
Current | 3,021,006 | 3,004,218 |
Total loans | 3,027,305 | 3,010,798 |
Recorded Investment >90 Days and Accruing | $ 0 | $ 0 |
Construction Loans [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Number of Loans 30-59 Days | loan | 0 | 0 |
Number of Loans 60-89 Days | loan | 0 | 0 |
Number of Loans 90 Days or More | loan | 0 | 0 |
Number of Loans Total Past Due | loan | 0 | 0 |
Principal Balance Total Past Due | $ 0 | $ 0 |
Current | 356,173 | 320,391 |
Total loans | 356,173 | 320,391 |
Recorded Investment >90 Days and Accruing | $ 0 | $ 0 |
Small Business [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Number of Loans 30-59 Days | loan | 9 | 9 |
Number of Loans 60-89 Days | loan | 8 | 0 |
Number of Loans 90 Days or More | loan | 13 | 19 |
Number of Loans Total Past Due | loan | 30 | 28 |
Principal Balance Total Past Due | $ 559 | $ 463 |
Current | 125,815 | 122,263 |
Total loans | 126,374 | 122,726 |
Recorded Investment >90 Days and Accruing | $ 0 | $ 0 |
Residential Real Estate [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Number of Loans 30-59 Days | loan | 11 | 11 |
Number of Loans 60-89 Days | loan | 6 | 9 |
Number of Loans 90 Days or More | loan | 23 | 27 |
Number of Loans Total Past Due | loan | 40 | 47 |
Principal Balance Total Past Due | $ 6,093 | $ 6,734 |
Current | 647,906 | 637,692 |
Total loans | 653,999 | 644,426 |
Recorded Investment >90 Days and Accruing | $ 0 | $ 0 |
Consumer Home Equity [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Number of Loans 30-59 Days | loan | 14 | 19 |
Number of Loans 60-89 Days | loan | 6 | 11 |
Number of Loans 90 Days or More | loan | 18 | 16 |
Number of Loans Total Past Due | loan | 38 | 46 |
Principal Balance Total Past Due | $ 3,033 | $ 3,093 |
Current | 1,005,738 | 985,054 |
Total loans | 1,008,771 | 988,147 |
Recorded Investment >90 Days and Accruing | $ 0 | $ 0 |
Consumer - Other [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Number of Loans 30-59 Days | loan | 226 | 249 |
Number of Loans 60-89 Days | loan | 14 | 12 |
Number of Loans 90 Days or More | loan | 17 | 15 |
Number of Loans Total Past Due | loan | 257 | 276 |
Principal Balance Total Past Due | $ 209 | $ 208 |
Current | 10,206 | 10,856 |
Total loans | 10,415 | 11,064 |
Recorded Investment >90 Days and Accruing | 2 | 2 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 9,752 | 4,519 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 3,089 | 100 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 3,158 | 1,518 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Small Business [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 331 | 323 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential Real Estate [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 1,867 | 1,277 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Home Equity [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 1,156 | 1,117 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer - Other [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 151 | 184 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 16,244 | 4,944 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 14,666 | 253 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 0 | 1,957 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction Loans [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Small Business [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 108 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential Real Estate [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 968 | 1,950 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Home Equity [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 460 | 767 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer - Other [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 42 | 17 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 9,075 | 10,448 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and Industrial [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 1,123 | 2,480 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Real Estate [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 3,141 | 3,105 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction Loans [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Small Business [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 120 | 140 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential Real Estate [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 3,258 | 3,507 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Home Equity [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | 1,417 | 1,209 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer - Other [Member] | ||
Age Analysis of Past Due Financing Receivables | ||
Principal Balance Total Past Due | $ 16 | $ 7 |
Loans, Allowance for Loan Los45
Loans, Allowance for Loan Losses and Credit Quality (TDR's and Other Pertinent Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of Troubled Debt Restructurings and other pertinent information | ||
TDRS ON ACCRUAL STATUS | $ 25,575 | $ 27,093 |
TDRS ON NONACCRUAL | 5,439 | 5,199 |
TOTAL TDR'S | 31,014 | 32,292 |
AMOUNT OF SPECIFIC RESERVES INCLUDED IN THE ALLOWANCE FOR LOAN LOSSES ASSOCIATED WITH TDRS: | 1,439 | 1,417 |
Additional Commitments To Lend To Borrower For Trouble Debt Restructuring | $ 2,116 | $ 1,378 |
Loans, Allowance for Loan Los46
Loans, Allowance for Loan Losses and Credit Quality (Modifications which occurred during the period & change in recorded investment) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)contract | Mar. 31, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 12 | 12 |
TROUBLED DEBT RESTRUCTURINGS: | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 1,297 | $ 1,391 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,297 | $ 1,433 |
Commercial and Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | 3 |
TROUBLED DEBT RESTRUCTURINGS: | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 80 | $ 277 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 80 | $ 277 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 2 |
TROUBLED DEBT RESTRUCTURINGS: | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 934 | $ 424 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 934 | $ 424 |
Small Business [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | |
TROUBLED DEBT RESTRUCTURINGS: | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 143 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 143 | |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | |
TROUBLED DEBT RESTRUCTURINGS: | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 423 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 465 | |
Consumer - Home Equity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | 1 |
TROUBLED DEBT RESTRUCTURINGS: | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 140 | $ 182 |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 140 | $ 182 |
Consumer - Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | |
TROUBLED DEBT RESTRUCTURINGS: | ||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 85 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 85 |
Loans, Allowance for Loan Los47
Loans, Allowance for Loan Losses and Credit Quality (Post-Modification balance of TDRs Listed by Type of Modifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Post modification balance of Troubled Debt Restructuring | ||
EXTENDED MATURITY | $ 1,207 | $ 1,195 |
COMBINATION RATE & MATURITY | 0 | 238 |
COURT ORDERED CONCESSION | 90 | 0 |
TOTAL | $ 1,297 | $ 1,433 |
Loans, Allowance for Loan Los48
Loans, Allowance for Loan Losses and Credit Quality (Impaired Loans by Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 5,055 | $ 5,214 | $ 2,507 |
Related Allowance | 5,055 | 5,214 | |
Impaired Financing Receivable, Recorded Investment, Total | 73,667 | 77,297 | |
Impaired Financing Receivable, Unpaid Principal Balance | 77,369 | 81,071 | |
WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 46,261 | 49,745 | |
Unpaid Principal Balance | 48,735 | 52,377 | |
Related Allowance | 0 | 0 | |
WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 27,406 | 27,552 | |
Unpaid Principal Balance | 28,634 | 28,694 | |
Commercial and Industrial [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 3,558 | 3,661 | 222 |
Commercial and Industrial [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 28,319 | 28,776 | |
Unpaid Principal Balance | 29,280 | 29,772 | |
Related Allowance | 0 | 0 | |
Commercial and Industrial [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 10,119 | 10,402 | |
Unpaid Principal Balance | 10,220 | 10,440 | |
Commercial Real Estate [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 173 | 196 | 802 |
Commercial Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 9,596 | 11,628 | |
Unpaid Principal Balance | 10,742 | 12,891 | |
Related Allowance | 0 | 0 | |
Commercial Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 5,170 | 5,185 | |
Unpaid Principal Balance | 5,516 | 5,533 | |
Construction Loans [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | |
Construction Loans [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Related Allowance | 0 | ||
Small Business [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 2 | 8 | 3 |
Small Business [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 300 | 494 | |
Unpaid Principal Balance | 359 | 569 | |
Related Allowance | 0 | 0 | |
Small Business [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 446 | 377 | |
Unpaid Principal Balance | 462 | 392 | |
Residential Real Estate [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,066 | 1,086 | 1,223 |
Residential Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 3,640 | 4,216 | |
Unpaid Principal Balance | 3,858 | 4,427 | |
Related Allowance | 0 | 0 | |
Residential Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 10,034 | 9,959 | |
Unpaid Principal Balance | 10,626 | 10,530 | |
Consumer - Home Equity [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 235 | 242 | 231 |
Consumer - Home Equity [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 4,289 | 4,485 | |
Unpaid Principal Balance | 4,378 | 4,572 | |
Related Allowance | 0 | 0 | |
Consumer - Home Equity [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 1,396 | 1,378 | |
Unpaid Principal Balance | 1,568 | 1,547 | |
Consumer - Other [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 21 | 21 | $ 26 |
Consumer - Other [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 117 | 146 | |
Unpaid Principal Balance | 118 | 146 | |
Related Allowance | 0 | 0 | |
Consumer - Other [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 241 | 251 | |
Unpaid Principal Balance | $ 242 | $ 252 |
Loans, Allowance for Loan Los49
Loans, Allowance for Loan Losses and Credit Quality (Int Inc. Recognized on Impaired Loans by Portfolio) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest income recognized on impaired loans | ||
Average Recorded Investment | $ 84,817 | $ 49,792 |
Interest Income Recognized | 550 | 440 |
WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 57,289 | 26,945 |
Interest Income Recognized | 391 | 252 |
WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 27,528 | 22,847 |
Interest Income Recognized | 159 | 188 |
Commercial and Industrial [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 39,193 | 2,871 |
Interest Income Recognized | 208 | 17 |
Commercial and Industrial [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 10,178 | 2,090 |
Interest Income Recognized | 4 | 4 |
Commercial Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 9,678 | 15,093 |
Interest Income Recognized | 91 | 137 |
Commercial Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 5,189 | 8,024 |
Interest Income Recognized | 50 | 69 |
Small Business [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 304 | 478 |
Interest Income Recognized | 3 | 4 |
Small Business [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 457 | 484 |
Interest Income Recognized | 5 | 8 |
Residential Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 3,671 | 3,639 |
Interest Income Recognized | 43 | 43 |
Residential Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 10,057 | 10,528 |
Interest Income Recognized | 85 | 94 |
Consumer - Home Equity [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 4,323 | 4,718 |
Interest Income Recognized | 44 | 48 |
Consumer - Home Equity [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 1,402 | 1,323 |
Interest Income Recognized | 13 | 10 |
Consumer - Other [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 120 | 146 |
Interest Income Recognized | 2 | 3 |
Consumer - Other [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 245 | 398 |
Interest Income Recognized | $ 2 | $ 3 |
Loans, Allowance for Loan Los50
Loans, Allowance for Loan Losses and Credit Quality (Purchased Credit Impaired Loans - Outstanding/Carrying balances) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Outstanding balance | $ 20,034 | $ 20,477 |
Financing Receivable, Net | 4,391,181 | 4,355,968 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Financing Receivable, Net | $ 18,011 | $ 18,392 |
Loans, Allowance for Loan Los51
Loans, Allowance for Loan Losses and Credit Quality (Activity in the Accretable Yield for PCI loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Beginning of Period | $ 2,370 | $ 2,827 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Additions | 0 | 0 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (307) | (409) |
Certainloansacquiredinatransfernotaccountedforasdebtsecuritiesaccretableyieldadjustmentchangesinexpectedcashflow | 216 | 297 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | 0 | 64 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, End of Period | $ 2,279 | $ 2,779 |
Loans, Allowance for Loan Los52
Loans, Allowance for Loan Losses and Credit Quality (Textual) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | |
Unamortized Loan Commitment and Origination fees | 5,500,000 | $ 5,100,000 | |
Significant Advanced Considered For Risk Rating Change | $ 50,000 | ||
Days to be termed as non accrual loans | 90 days | ||
Tdrs Recorded Investment On Nonaccrual Status | $ 5,439,000 | 5,199,000 | |
Unamortized Discounts or Premiums | $ 8,300,000 | $ 8,600,000 |
Earnings Per Share (EPS Compone
Earnings Per Share (EPS Components) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Summary of earnings per share | ||
Net income | $ 20,725 | $ 18,611 |
Weighted Average Shares (in shares) | ||
BASIC SHARES | 27,029,640 | 26,275,323 |
EFFECT OF DILUTIVE SECURITIES | 81,283 | 43,409 |
DILUTIVE SHARES | 27,110,923 | 26,318,732 |
NET INCOME PER SHARE (in dollars per share) | ||
BASIC EPS | $ 0.77 | $ 0.71 |
EFFECT OF DILUTIVE SECURITIES | (0.01) | 0 |
DILUTIVE EPS | $ 0.76 | $ 0.71 |
Earnings Per Share Antidilutive
Earnings Per Share Antidilutive Securities excluded from the Computaion of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Option [Member] | ||
Stock Option [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 2,252 |
Performance Shares [Member] | ||
Stock Option [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 127 | 0 |
Stock Based Compensation (Award
Stock Based Compensation (Awards of Restricted Stock) (Details) - Ratably Over Period [Member] - 2005 Employee Stock Plan - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
2/13/2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 1,200 |
Grant Date Fair Value Per Share | $ / shares | $ 62.53 |
Vesting Period | Ratably over 5 years from grant date |
2/16/2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 34,150 |
Grant Date Fair Value Per Share | $ / shares | $ 63.10 |
Vesting Period | Ratably over 5 years from grant date |
3/31/2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 500 |
Grant Date Fair Value Per Share | $ / shares | $ 65.63 |
Vesting Period | Ratably over 5 years from grant date |
Stock Based Compensation Perfor
Stock Based Compensation Performance-based Restricted Stock Textual (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 |
Employee Stock Plan [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 14,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 63.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 94.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 15,289 |
Repurchase Agreements Repurch57
Repurchase Agreements Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 145,772 | $ 176,913 |
U.S. Government agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 16,762 | 20,233 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 56,837 | 79,079 |
Collateralized Debt Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 72,173 | 77,601 |
Maturity Overnight [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 145,772 | 176,913 |
Maturity Overnight [Member] | U.S. Government agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 16,762 | 20,233 |
Maturity Overnight [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 56,837 | 79,079 |
Maturity Overnight [Member] | Collateralized Debt Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 72,173 | 77,601 |
Maturity Less than 30 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Less than 30 Days [Member] | U.S. Government agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Less than 30 Days [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Less than 30 Days [Member] | Collateralized Debt Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity 30 to 90 Days [Member] | U.S. Government agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity 30 to 90 Days [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity 30 to 90 Days [Member] | Collateralized Debt Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Greater than 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Greater than 90 Days [Member] | U.S. Government agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Greater than 90 Days [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Maturity Greater than 90 Days [Member] | Collateralized Debt Obligations [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 0 | $ 0 |
Derivatives and Hedging Activ58
Derivatives and Hedging Activities (Derivative Positions for Interest Rate Swaps which Qualify as Hedges) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 75,000,000 | $ 75,000,000 | |
Fair Value | 836,000 | 624,000 | |
Amortization Of Deferred Hedge Gains Losses | 61,000 | $ 61,000 | 244,000 |
Change in Fair Value on Loans Held for Sale | (147,000) | $ 54,000 | 87,000 |
Positions One [Member] | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 25,000,000 | ||
Receive (Variable) Index | 3 Month LIBOR | ||
Trade Date | Dec. 9, 2008 | ||
Effective Date | Dec. 10, 2008 | ||
Maturity Date | Dec. 10, 2018 | ||
Current Rate Received | 0.95% | ||
Pay Fixed Swap Rate | 2.94% | ||
Fair Value | $ (740,000) | ||
Positions Two [Member] | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 25,000,000 | ||
Receive (Variable) Index | 3 Month LIBOR | ||
Trade Date | Apr. 1, 2016 | ||
Effective Date | Jan. 17, 2017 | ||
Maturity Date | Dec. 15, 2021 | ||
Pay Fixed Swap Rate | 1.36% | ||
Fair Value | $ 689,000 | ||
Positions Three [Member] | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 25,000,000 | ||
Receive (Variable) Index | 3 Month LIBOR | ||
Trade Date | Apr. 1, 2016 | ||
Effective Date | Jan. 17, 2017 | ||
Maturity Date | Dec. 15, 2021 | ||
Pay Fixed Swap Rate | 1.36% | ||
Fair Value | $ 675,000 | ||
Positions Four [Member] | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 25,000,000 | ||
Receive (Variable) Index | 3 Month LIBOR | ||
Trade Date | Dec. 9, 2008 | ||
Effective Date | Dec. 10, 2008 | ||
Maturity Date | Dec. 10, 2018 | ||
Current Rate Received | 1.11% | ||
Pay Fixed Swap Rate | 2.94% | ||
Fair Value | $ (600,000) | ||
Positions Five [Member] | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 25,000,000 | ||
Receive (Variable) Index | 3 Month LIBOR | ||
Trade Date | Apr. 1, 2016 | ||
Effective Date | Jan. 17, 2017 | ||
Maturity Date | Dec. 15, 2021 | ||
Current Rate Received | 1.13% | ||
Pay Fixed Swap Rate | 1.36% | ||
Fair Value | $ 726,000 | ||
Positions Six [Member] | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 25,000,000 | ||
Receive (Variable) Index | 3 Month LIBOR | ||
Trade Date | Apr. 1, 2016 | ||
Effective Date | Jan. 17, 2017 | ||
Maturity Date | Dec. 15, 2021 | ||
Current Rate Received | 1.13% | ||
Pay Fixed Swap Rate | 1.36% | ||
Fair Value | $ 710,000 |
Derivatives and Hedging Activ59
Derivatives and Hedging Activities (Customer Related Derivative Positions - Not Designated as Hedges) (Details) $ in Thousands | Mar. 31, 2017USD ($)position | Dec. 31, 2016USD ($)position |
Summary of customer related derivative positions, not designated as hedging | ||
Total | $ 75,000 | $ 75,000 |
Fair Value | $ 836 | $ 624 |
Not Designated as Hedging Instrument | Receive fixed, pay variable | Loan level swaps | ||
Summary of customer related derivative positions, not designated as hedging | ||
Number of Positions | position | 226 | 222 |
Less than 1 year | $ 31,782 | $ 30,245 |
Less than 2 years | 19,558 | 21,708 |
Less than 3 years | 106,647 | 63,771 |
Less than 4 years | 188,536 | 165,783 |
Thereafter | 519,949 | 567,897 |
Total | 866,472 | 849,404 |
Fair Value | $ 8,608 | $ 12,005 |
Not Designated as Hedging Instrument | Pay fixed, receive variable | Loan level swaps | ||
Summary of customer related derivative positions, not designated as hedging | ||
Number of Positions | position | 211 | 207 |
Less than 1 year | $ 31,782 | $ 30,245 |
Less than 2 years | 19,558 | 21,708 |
Less than 3 years | 106,647 | 63,771 |
Less than 4 years | 188,536 | 165,783 |
Thereafter | 519,949 | 567,897 |
Total | 866,472 | 849,404 |
Fair Value | $ (8,617) | $ (12,008) |
Not Designated as Hedging Instrument | Buys foreign currency, sells U.S. currency | Foreign exchange contracts | ||
Summary of customer related derivative positions, not designated as hedging | ||
Number of Positions | position | 22 | 33 |
Less than 1 year | $ 52,619 | $ 45,711 |
Total | 52,619 | 45,711 |
Fair Value | $ (1,432) | $ (2,250) |
Not Designated as Hedging Instrument | Buys U.S. currency, sells foreign currency | Foreign exchange contracts | ||
Summary of customer related derivative positions, not designated as hedging | ||
Number of Positions | position | 22 | 33 |
Less than 1 year | $ 52,619 | $ 45,711 |
Total | 52,619 | 45,711 |
Fair Value | $ 1,452 | $ 2,277 |
Derivatives and Hedging Activ60
Derivatives and Hedging Activities (FV of Derivative Financial Instruments and Classification on Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 19,872 | $ 22,331 |
Liability Derivatives | 164,797 | 198,596 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 18,683 | 21,397 |
Derivative Asset, Fair Value, Gross Asset | 20,119 | 22,761 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 18,425 | 21,176 |
Liability Derivatives | 19,025 | 21,916 |
Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,364 | |
Liability Derivatives | 740 | |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 1,436 | 1,364 |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 600 | 740 |
Loan level swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 18,629 | |
Liability Derivatives | 18,632 | |
Loan level swaps [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 16,697 | 18,629 |
Loan level swaps [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 16,706 | 18,632 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,338 | |
Liability Derivatives | 2,311 | |
Foreign exchange contracts | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,739 | 2,338 |
Foreign exchange contracts | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1,719 | 2,311 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instrument Not Designated as a Hedge, Interest Rate Lock Commitments, Asset at Fair Value | 212 | 430 |
Derivative Instrument Not Designated as a Hedge, Forward Sales Agreements, Asset at Fair Value | 35 | 0 |
Interest Rate Lock Commitments [Member] | Not Designated as Hedging Instrument | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instrument Not Designated as a Hedge, Interest Rate Lock Commitments, Liabilities at Fair Value | 0 | 0 |
Derivative Instrument Not Designated as a Hedge, Forward Sales Agreements, Liabilities at Fair Value | $ 0 | $ 233 |
Derivatives and Hedging Activ61
Derivatives and Hedging Activities (Derivative Financial Instruments included in OCI and Current Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain in OCI on derivatives (effective portion), net of tax | $ 34 | $ (268) |
Derivatives designated as hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain in OCI on derivatives (effective portion), net of tax | 89 | 123 |
Loss reclassified from OCI into interest expense (effective portion) | (93) | (661) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other income | 37 | 170 |
Interest Expense [Member] | Derivatives designated as hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Other expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other income | (7) | 72 |
Changes in fair value of mortgage derivatives | Derivatives designated as hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Changes in fair value of mortgage derivatives | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other income | (6) | (16) |
Total | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mortgage banking income | $ 50 | $ 114 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities (Textual) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 5 years | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 153,000 | ||
Gain (Loss) on Sales of Loans, Net | 980,000 | $ 894,000 | |
Exposure to Institutional Counterparties | 5,500,000 | $ 4,700,000 | |
Amortization Of Deferred Hedge Gains Losses | 61,000 | 61,000 | 244,000 |
Notional amount of fair value hedged derivative | 0 | ||
Customer related positions | 13,400,000 | 16,100,000 | |
Change in Fair Value on Loans Held for Sale | (147,000) | $ 54,000 | 87,000 |
Derivative, Notional Amount | $ 75,000,000 | $ 75,000,000 |
Assets & Liability Derivative P
Assets & Liability Derivative Positions & the Potential Effect of Netting Arrangements - Current Quarter (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Offsetting Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 19,872 | $ 22,331 |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 19,872 | 22,331 |
Derivative, Collateral, Obligation to Return Securities | 4,386 | 4,222 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 15,486 | 18,109 |
Derivative Liability, Fair Value, Gross Liability | 164,797 | 198,596 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 164,797 | 198,596 |
Derivative, Collateral, Right to Reclaim Securities | 4,386 | 4,222 |
Derivative, Collateral, Right to Reclaim Cash | 154,548 | 188,759 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 5,863 | 5,615 |
Interest rate swaps | ||
Offsetting Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 1,364 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 1,436 | 1,364 |
Derivative, Collateral, Obligation to Return Securities | 710 | 961 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 726 | 403 |
Derivative Liability, Fair Value, Gross Liability | 740 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 600 | 740 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 600 | 740 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Loan level swaps | ||
Offsetting Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 18,629 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 16,697 | 18,629 |
Derivative, Collateral, Obligation to Return Securities | 3,676 | 3,261 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 13,021 | 15,368 |
Derivative Liability, Fair Value, Gross Liability | 18,632 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 16,706 | 18,632 |
Derivative, Collateral, Right to Reclaim Securities | 4,386 | 4,222 |
Derivative, Collateral, Right to Reclaim Cash | 8,176 | 11,106 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 4,144 | 3,304 |
Customer foreign exchange contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,338 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 |
Derivative Asset | 1,739 | 2,338 |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1,739 | 2,338 |
Derivative Liability, Fair Value, Gross Liability | 2,311 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 1,719 | 2,311 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1,719 | 2,311 |
Customer repurchase agreements and other short-term borrowings(f) | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 145,772 | 176,913 |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Derivative Liability | 145,772 | 176,913 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 145,772 | 176,913 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Other Liabilities [Member] | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 19,025 | 21,916 |
Other Liabilities [Member] | Loan level swaps | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 16,706 | 18,632 |
Other Liabilities [Member] | Customer foreign exchange contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 1,719 | 2,311 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest rate swaps | ||
Offsetting Liabilities [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | $ 600 | $ 740 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Securities - trading | $ 1,289,000 | $ 804,000 |
Securities - available for sale | 401,837,000 | 363,644,000 |
Loans held for sale (at fair value) | 3,398,000 | 6,139,000 |
Derivative Asset, Fair Value, Gross Asset | 19,872,000 | 22,331,000 |
Recurring fair value measurements | ||
LIABILITIES | ||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 407,618,000 | 371,432,000 |
Recurring fair value measurements | Trading Securities [Member] | ||
ASSETS | ||
Securities - trading | 1,289,000 | 804,000 |
Recurring fair value measurements | U.S. Government agency securities | ||
ASSETS | ||
Securities - available for sale | 24,269,000 | 24,244,000 |
Recurring fair value measurements | Agency mortgage-backed securities | ||
ASSETS | ||
Securities - available for sale | 188,334,000 | 175,384,000 |
Recurring fair value measurements | Agency collateralized mortgage obligations | ||
ASSETS | ||
Securities - available for sale | 124,868,000 | 99,868,000 |
Recurring fair value measurements | Municipal Bonds [Member] | ||
ASSETS | ||
Securities - available for sale | 3,787,000 | 3,793,000 |
Recurring fair value measurements | Single issuer trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Securities - available for sale | 2,320,000 | 2,311,000 |
Recurring fair value measurements | Pooled trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Securities - available for sale | 1,596,000 | 1,584,000 |
Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Securities - available for sale | 37,002,000 | 37,189,000 |
Recurring fair value measurements | Equity securities | ||
ASSETS | ||
Securities - available for sale | 19,661,000 | 19,271,000 |
Recurring fair value measurements | Loans held for sale | ||
ASSETS | ||
Loans held for sale (at fair value) | 3,398,000 | 6,139,000 |
Recurring fair value measurements | Derivative Financial Instruments, Assets [Member] | ||
ASSETS | ||
Derivative Asset, Fair Value, Gross Asset | 20,119,000 | 22,761,000 |
Recurring fair value measurements | Derivative instruments | ||
LIABILITIES | ||
Liabilities, Fair Value Disclosure, Recurring | 19,025,000 | 21,916,000 |
Nonrecurring fair value measurements | ||
LIABILITIES | ||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 38,651,000 | 38,147,000 |
Nonrecurring fair value measurements | Collateral dependent impaired loans | ||
ASSETS | ||
Assets, Fair Value Disclosure, Nonrecurring | 35,247,000 | 33,974,000 |
Nonrecurring fair value measurements | Other real estate owned and other foreclosed assets | ||
ASSETS | ||
Assets, Fair Value Disclosure, Nonrecurring | 3,404,000 | 4,173,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | ||
LIABILITIES | ||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 20,950,000 | 20,075,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Trading Securities [Member] | ||
ASSETS | ||
Securities - trading | 1,289,000 | 804,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Municipal Bonds [Member] | ||
ASSETS | ||
Securities - available for sale | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Securities - available for sale | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Equity securities | ||
ASSETS | ||
Securities - available for sale | 19,661,000 | 19,271,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Nonrecurring fair value measurements | ||
LIABILITIES | ||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | ||
LIABILITIES | ||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 385,072,000 | 349,773,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. Government agency securities | ||
ASSETS | ||
Securities - available for sale | 24,269,000 | 24,244,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Agency mortgage-backed securities | ||
ASSETS | ||
Securities - available for sale | 188,334,000 | 175,384,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Agency collateralized mortgage obligations | ||
ASSETS | ||
Securities - available for sale | 124,868,000 | 99,868,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Municipal Bonds [Member] | ||
ASSETS | ||
Securities - available for sale | 3,787,000 | 3,793,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Single issuer trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Securities - available for sale | 2,320,000 | 2,311,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Securities - available for sale | 37,002,000 | 37,189,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Loans held for sale | ||
ASSETS | ||
Securities - available for sale | 3,398,000 | 6,139,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Derivative Financial Instruments, Assets [Member] | ||
ASSETS | ||
Derivative Asset, Fair Value, Gross Asset | 20,119,000 | 22,761,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Derivative instruments | ||
LIABILITIES | ||
Liabilities, Fair Value Disclosure, Recurring | 19,025,000 | 21,916,000 |
Significant Other Observable Inputs (Level 2) | Nonrecurring fair value measurements | ||
LIABILITIES | ||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | ||
LIABILITIES | ||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 1,596,000 | 1,584,000 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. Government agency securities | ||
ASSETS | ||
Securities - available for sale | ||
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Municipal Bonds [Member] | ||
ASSETS | ||
Securities - available for sale | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Pooled trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Securities - available for sale | 1,596,000 | 1,584,000 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Securities - available for sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Nonrecurring fair value measurements | ||
LIABILITIES | ||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 38,651,000 | 38,147,000 |
Significant Unobservable Inputs (Level 3) | Nonrecurring fair value measurements | Collateral dependent impaired loans | ||
ASSETS | ||
Assets, Fair Value Disclosure, Nonrecurring | 35,247,000 | 33,974,000 |
Significant Unobservable Inputs (Level 3) | Nonrecurring fair value measurements | Other real estate owned and other foreclosed assets | ||
ASSETS | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 3,404,000 | $ 4,173,000 |
Fair Value Measurements (Deta65
Fair Value Measurements (Details 1) - Pooled trust preferred securities - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reconciliation for all assets and liabilities measured at fair value on a recurring basis | ||
Beginning Balance | $ 1,584 | $ 1,572 |
Included in Other Comprehensive Income | 11 | (71) |
Settlements | (1) | (1) |
Ending Balance | $ 1,596 | $ 1,500 |
Fair Value Measurements (Deta66
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Investments in securities that are classified as level 3 | ||
Available-for-sale Securities | $ 401,837 | $ 363,644 |
Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Weighted Average [Member] | ||
Investments in securities that are classified as level 3 | ||
Cumulative Prepayment | 2.50% | 2.50% |
Cumulative Default | 12.80% | 12.80% |
Loss Given Default | 94.30% | 94.20% |
Cure Given Default | 60.90% | 60.90% |
Pooled trust preferred securities | Significant Unobservable Inputs (Level 3) | ||
Investments in securities that are classified as level 3 | ||
Available-for-sale Securities | $ 1,596 | $ 1,584 |
Pooled trust preferred securities | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Minimum [Member] | ||
Investments in securities that are classified as level 3 | ||
Cumulative Prepayment | 0.00% | 0.00% |
Cumulative Default | 5.00% | 5.00% |
Loss Given Default | 85.00% | 85.00% |
Cure Given Default | 0.00% | 0.00% |
Pooled trust preferred securities | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Maximum [Member] | ||
Investments in securities that are classified as level 3 | ||
Cumulative Prepayment | 62.00% | 62.00% |
Cumulative Default | 100.00% | 100.00% |
Loss Given Default | 100.00% | 100.00% |
Cure Given Default | 75.00% | 75.00% |
Collateral dependent impaired loans | Significant Unobservable Inputs (Level 3) | ||
Investments in securities that are classified as level 3 | ||
Fair Value | $ 35,247 | $ 33,974 |
Other real estate owned and other foreclosed assets | Significant Unobservable Inputs (Level 3) | ||
Investments in securities that are classified as level 3 | ||
Fair Value | $ 3,404 | $ 4,173 |
Fair Value Measurements (Deta67
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Held-to-maturity Securities | $ 502,123 | $ 487,076 |
Held to Maturity, Fair Value, Total | 500,917 | 485,650 |
Loans, net of allowance for loan losses(b) | 6,002,048 | 5,938,039 |
Federal Home Loan Bank Stock | 11,497 | 11,497 |
Bank Owned Life Insurance | 145,560 | 144,503 |
LIABILITIES | ||
Federal Home Loan Bank borrowings(f) | 50,811 | 50,819 |
Customer repurchase agreements | 145,772 | 176,913 |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 73,067 | 73,107 |
Subordinated Debt | 34,647 | 34,635 |
Deposits [Member] | ||
LIABILITIES | ||
Time certificates of deposits(f) | 5,854,822 | 5,763,101 |
Accrued Liabilities, Fair Value Disclosure | 5,854,822 | 5,763,101 |
Time certificates of deposits(f) | ||
LIABILITIES | ||
Time certificates of deposits(f) | 615,852 | 649,152 |
Accrued Liabilities, Fair Value Disclosure | 613,566 | 647,038 |
Federal Home Loan Bank borrowings(f) | ||
LIABILITIES | ||
Federal Home Loan Bank borrowings(f) | 50,811 | 50,819 |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 50,831 | 50,898 |
Customer repurchase agreements and other short-term borrowings(f) | ||
LIABILITIES | ||
Customer repurchase agreements | 145,772 | 176,913 |
Accrued Liabilities, Fair Value Disclosure | 145,772 | 176,913 |
Junior subordinated debentures(g) | ||
LIABILITIES | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 73,067 | 73,107 |
Accrued Liabilities, Fair Value Disclosure | 73,611 | 72,510 |
Subordinated debentures(f) | ||
LIABILITIES | ||
Subordinated Debt | 34,647 | 34,635 |
Accrued Liabilities, Fair Value Disclosure | 33,034 | 34,241 |
Significant Other Observable Inputs (Level 2) | Deposits [Member] | ||
LIABILITIES | ||
Accrued Liabilities, Fair Value Disclosure | 5,854,822 | 5,763,101 |
Significant Other Observable Inputs (Level 2) | Time certificates of deposits(f) | ||
LIABILITIES | ||
Accrued Liabilities, Fair Value Disclosure | 613,566 | 647,038 |
Significant Other Observable Inputs (Level 2) | Federal Home Loan Bank borrowings(f) | ||
LIABILITIES | ||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 50,831 | |
Accrued Liabilities, Fair Value Disclosure | 50,898 | |
Significant Other Observable Inputs (Level 2) | Junior subordinated debentures(g) | ||
LIABILITIES | ||
Accrued Liabilities, Fair Value Disclosure | 73,611 | 72,510 |
Significant Unobservable Inputs (Level 3) | Customer repurchase agreements and other short-term borrowings(f) | ||
LIABILITIES | ||
Accrued Liabilities, Fair Value Disclosure | 145,772 | 176,913 |
Significant Unobservable Inputs (Level 3) | Subordinated debentures(f) | ||
LIABILITIES | ||
Accrued Liabilities, Fair Value Disclosure | 33,034 | 34,241 |
U.S. Treasury securities | ||
ASSETS | ||
Held-to-maturity Securities | 1,007 | 1,007 |
Held to Maturity, Fair Value, Total | 1,052 | 1,054 |
U.S. Treasury securities | Significant Other Observable Inputs (Level 2) | ||
ASSETS | ||
Held to Maturity, Fair Value, Total | 1,052 | 1,054 |
Agency mortgage-backed securities | ||
ASSETS | ||
Held-to-maturity Securities | 184,317 | 156,088 |
Held to Maturity, Fair Value, Total | 185,576 | 157,504 |
Agency mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
ASSETS | ||
Held to Maturity, Fair Value, Total | 185,576 | 157,504 |
Agency collateralized mortgage obligations | ||
ASSETS | ||
Held-to-maturity Securities | 284,716 | 297,445 |
Held to Maturity, Fair Value, Total | 282,124 | 294,650 |
Agency collateralized mortgage obligations | Significant Other Observable Inputs (Level 2) | ||
ASSETS | ||
Held to Maturity, Fair Value, Total | 282,124 | 294,650 |
Single issuer trust preferred securities issued by banks | ||
ASSETS | ||
Held-to-maturity Securities | 1,500 | 1,500 |
Held to Maturity, Fair Value, Total | 1,538 | 1,544 |
Single issuer trust preferred securities issued by banks | Significant Other Observable Inputs (Level 2) | ||
ASSETS | ||
Held to Maturity, Fair Value, Total | 1,538 | 1,544 |
Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Held-to-maturity Securities | 30,583 | 31,036 |
Held to Maturity, Fair Value, Total | 30,627 | 30,898 |
Small Business Administration Pooled Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS | ||
Held to Maturity, Fair Value, Total | 0 | 0 |
Small Business Administration Pooled Securities [Member] | Significant Other Observable Inputs (Level 2) | ||
ASSETS | ||
Held to Maturity, Fair Value, Total | 30,627 | 30,898 |
Small Business Administration Pooled Securities [Member] | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Held to Maturity, Fair Value, Total | 0 | 0 |
Loans, net of allowance for loan losses(b) | ||
ASSETS | ||
Loans, net of allowance for loan losses(b) | 5,966,801 | 5,904,065 |
Loans Receivable, Fair Value Disclosure | 5,839,125 | 5,784,778 |
Loans, net of allowance for loan losses(b) | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Loans Receivable, Fair Value Disclosure | 5,839,125 | 5,784,778 |
Investment in Federal Home Loan Bank Stock [Member] | ||
ASSETS | ||
Federal Home Loan Bank Stock | 11,497 | 11,497 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 11,497 | 11,497 |
Investment in Federal Home Loan Bank Stock [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Investment in Federal Home Loan Bank Stock [Member] | Significant Other Observable Inputs (Level 2) | ||
ASSETS | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 11,497 | 11,497 |
Investment in Federal Home Loan Bank Stock [Member] | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Cash Surrender Value [Member] | ||
ASSETS | ||
Cash Surrender Value, Fair Value Disclosure | 145,560 | 144,503 |
Bank Owned Life Insurance | 145,560 | 144,503 |
Cash Surrender Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
ASSETS | ||
Cash Surrender Value, Fair Value Disclosure | 0 | 0 |
Cash Surrender Value [Member] | Significant Other Observable Inputs (Level 2) | ||
ASSETS | ||
Cash Surrender Value, Fair Value Disclosure | 145,560 | 144,503 |
Cash Surrender Value [Member] | Significant Unobservable Inputs (Level 3) | ||
ASSETS | ||
Cash Surrender Value, Fair Value Disclosure | $ 0 | $ 0 |
Comprehensive Income_Loss (Comp
Comprehensive Income/Loss (Comprehensive Income/(Loss) Presented Net of Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2009 | |
Equity [Abstract] | ||||
Deferred Gain Loss On Cash Flow Hedge | $ 245 | $ 281 | $ 1,400 | |
COMPREHENSIVE INCOME | ||||
Change in fair value of securities available for sale, pre tax amount | 896 | $ 6,708 | ||
Change in fair value of securities available for sale, tax (expense) benefit | (364) | (2,610) | ||
Change in fair value of securities available for sale, after tax amount | 532 | 4,098 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale and Write-down of Securities, before Tax | 1 | 29 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale and Write-down of Securities, Tax | 0 | 12 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale and Write-down of Securities, Net of Tax | 1 | 17 | ||
Change in fair value of securities available for sale, pre tax amount | 895 | 6,679 | ||
Change in fair value of securities available for sale, tax (expense) benefit | (364) | (2,598) | ||
Change in fair value of securities available for sale, after tax amount | 531 | 4,081 | ||
Change in fair value of cash flow hedges, pre tax amount | 58 | (456) | ||
Change in fair value of cash flow hedges, tax (expense) benefit | (24) | 188 | ||
Change in fair value of cash flow hedges, after tax amount | 34 | (268) | ||
Less: net cash flow hedge losses reclassified into interest on borrowings expense, pre tax amount | 93 | 661 | ||
Less: net cash flow hedge losses reclassified into earnings, tax (expense) benefit | 38 | 270 | ||
Less: net cash flow hedge losses reclassified into interest on borrowings expense, after tax | (55) | (391) | ||
Net change in fair value of cash flow hedges, pre tax amount | 151 | 205 | ||
Net change in fair value of cash flow hedges, tax (expense) benefit | (62) | (82) | ||
Net change in fair value of cash flow hedges | 89 | 123 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (7) | (28) | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | 3 | 11 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | (4) | (17) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | 70 | 61 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | (29) | (25) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | 41 | 36 | ||
Amortization of certain costs included in net periodic retirement costs, pre tax amount | 69 | 69 | ||
Amortization of certain costs included in net periodic retirement costs, tax (expense) benefit | (28) | (28) | ||
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Net of Tax | 41 | 41 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 132 | 102 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (54) | (42) | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 78 | 60 | ||
Total other comprehensive income, pre tax amount | 1,178 | 6,986 | ||
Total other comprehensive income, tax (expense) benefit | (480) | (2,722) | ||
Total other comprehensive income, after tax amount | $ 698 | $ 4,264 |
Comprehensive Income_Loss (Co69
Comprehensive Income/Loss (Comprised of the following Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (1,337) | $ (2,452) |
Net change in other comprehensive income (loss) | 698 | 4,264 |
Ending Balance | (639) | 1,812 |
Unrealized Gain on Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 173 | 1,306 |
Net change in other comprehensive income (loss) | 531 | 4,081 |
Ending Balance | 704 | 5,387 |
Unrealized Gain (Loss) on Cash Flow Hedge | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 361 | (1,955) |
Net change in other comprehensive income (loss) | 125 | 161 |
Ending Balance | 486 | (1,794) |
Deferred Gain on Hedge Transactions | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 281 | 427 |
Net change in other comprehensive income (loss) | (36) | (38) |
Ending Balance | 245 | 389 |
Defined Benefit Postretirement Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (2,152) | (2,230) |
Net change in other comprehensive income (loss) | 78 | 60 |
Ending Balance | $ (2,074) | $ (2,170) |
Comprehensive Income_Loss (Deta
Comprehensive Income/Loss (Details Textual) (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2009 |
Equity [Abstract] | |||
Gain on interest rate swaps | $ 245 | $ 281 | $ 1,400 |
Commitments and contingencies F
Commitments and contingencies Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 2,283,475 | $ 2,227,955 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | 17,359 | 18,190 |
Deferred standby letter of credit fees [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Liability | $ 114 | $ 108 |
Commitments and contingencies T
Commitments and contingencies Textual (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Other Commitments [Line Items] | |||
Operating Leases, Rent Expense | $ 2 | $ 2.2 | |
Cash Reserve Deposit Required and Made | $ 27.7 | $ 31.8 | |
Minimum [Member] | |||
Other Commitments [Line Items] | |||
Operating Leases, Lease Renewal Period Option | 4 months | ||
Maximum [Member] | |||
Other Commitments [Line Items] | |||
Operating Leases, Lease Renewal Period Option | 10 years |
Investments is Low Income Hou73
Investments is Low Income Housing Tax Credits Investments in Qualified Affordable Housing Projects (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Investments in Affordable Housing Projects [Abstract] | ||
Original investment value | $ 47,439 | $ 47,379 |
Amortization Method Qualified Affordable Housing Project Investments | 38,685 | 39,606 |
Capital commitment relating to low income housing project investments | 8,784 | 12,161 |
Tax credits and benefits | 5,745 | 5,366 |
Amortization of investments | 4,008 | 3,725 |
Net income tax benefit | $ 1,737 | $ 1,641 |