Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 06, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Independent Bank Corp. | |
Entity Central Index Key | 0000776901 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 28,137,504 | 34,310,487 |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | ||
Assets | ||||
Cash and due from banks | $ 106,748,000 | $ 127,503,000 | ||
Interest-earning deposits with banks | 185,526,000 | 122,952,000 | ||
Securities | ||||
Trading | 1,837,000 | 1,504,000 | ||
Equity Securities, FV-NI | 20,357,000 | 19,477,000 | ||
Debt Securities, Available-for-sale | 437,689,000 | 442,752,000 | ||
Held to maturity (fair value $623,156 and $603,640) | 623,243,000 | 611,490,000 | ||
Total securities | 1,083,126,000 | 1,075,223,000 | ||
Loans held for sale (at fair value) | 5,586,000 | 6,431,000 | ||
Loans | ||||
Commercial and industrial | 1,150,632,000 | 1,093,629,000 | ||
Commercial real estate | 3,254,085,000 | 3,251,248,000 | ||
Commercial construction | 373,517,000 | 365,165,000 | ||
Small business | 166,410,000 | 164,676,000 | ||
Residential real estate | 935,238,000 | 923,294,000 | ||
Home equity - first position | 642,451,000 | 654,083,000 | ||
Home equity - subordinate positions | 438,290,000 | 438,001,000 | ||
Other consumer | 16,249,000 | 16,098,000 | ||
Total loans | [1] | 6,976,872,000 | 6,906,194,000 | |
Less: allowance for loan losses | (65,140,000) | (64,293,000) | ||
Net loans | 6,911,732,000 | 6,841,901,000 | ||
Federal Home Loan Bank stock | 7,667,000 | 15,683,000 | ||
Bank premises and equipment, net | 98,843,000 | 97,581,000 | ||
Goodwill | 256,105,000 | 256,105,000 | ||
Other intangible assets | 14,339,000 | 15,250,000 | ||
Cash surrender value of life insurance policies | 161,521,000 | 160,456,000 | ||
Other assets | 166,264,000 | 132,507,000 | ||
Total assets | 8,997,457,000 | 8,851,592,000 | ||
Deposits | ||||
Demand deposits | 2,329,566,000 | 2,450,907,000 | ||
Savings and interest checking accounts | 2,914,367,000 | 2,865,349,000 | ||
Money market | 1,496,118,000 | 1,399,761,000 | ||
Time certificates of deposit of $100,000 and over | 362,632,000 | 351,629,000 | ||
Other time certificates of deposits | 360,919,000 | 359,474,000 | ||
Total deposits | 7,463,602,000 | 7,427,120,000 | ||
Borrowings | ||||
Federal Home Loan Bank borrowings | 25,752,000 | 147,806,000 | ||
Short-term Debt | 49,993,000 | [2] | 0 | |
Long-term Debt | 74,914,000 | [2] | 0 | |
Junior subordinated debentures (less unamortized debt issuance costs of $116 and $118) | 73,082,000 | 76,173,000 | ||
Subordinated debentures (less unamortized debt issuance costs of $701 and $272) | 84,299,000 | 34,728,000 | ||
Total borrowings | 308,040,000 | 258,707,000 | ||
Other liabilities | 121,277,000 | 92,275,000 | ||
Total liabilities | 7,892,919,000 | 7,778,102,000 | ||
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: 28,137,504 shares at March 31, 2019 and 28,080,408 shares at December 31, 2018 (includes 155,012 and 153,459 shares of unvested participating restricted stock awards, respectively) | 280,000 | 279,000 | ||
Value of shares held in rabbi trust at cost: 144,166 shares at March 31, 2019 and 153,226 shares at December 31, 2018 | (4,599,000) | (4,718,000) | ||
Deferred compensation and other retirement benefit obligations | 4,599,000 | 4,718,000 | ||
Additional paid in capital | 527,795,000 | 527,648,000 | ||
Retained earnings | 569,582,000 | 546,736,000 | ||
Accumulated other comprehensive income (loss), net of tax | 6,881,000 | (1,173,000) | ||
Total stockholders’ equity | 1,104,538,000 | 1,073,490,000 | ||
Total liabilities and stockholders' equity | $ 8,997,457,000 | $ 8,851,592,000 | ||
[1] | The amount of net deferred costs on originated loans included in the ending balance was $7.3 million and $7.1 million at March 31, 2019 and December 31, 2018 , respectively. Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $14.3 million and $15.2 million at March 31, 2019 and December 31, 2018 | |||
[2] | Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Time certificates of deposit least amount | $ 100,000 | $ 100,000 |
Held to Maturity, Fair Value, Total | $ 623,156,000 | $ 603,640,000 |
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 | 155,012 | 153,429 |
Shares Held in Rabbi Trust | 144,166 | 153,226 |
Common Stock Outstanding | ||
Common Stock, Shares, Outstanding | 28,137,504 | 28,080,408 |
Junior Subordinated Debt [Member] | ||
Unamortized Debt Issuance Expense | $ 116,000 | $ 118,000 |
Subordinated Debt [Member] | ||
Unamortized Debt Issuance Expense | 701,000 | 272,000 |
Short-term Debt [Member] | ||
Unamortized Debt Issuance Expense | 7,000 | 0 |
Long-term Debt [Member] | ||
Unamortized Debt Issuance Expense | $ 86,000 | $ 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | ||
Interest and fees on loans | $ 83,608 | $ 67,184 |
Interest Income, Securities, Operating, Taxable | 7,465 | 6,219 |
Nontaxable interest and dividends on securities | 13 | 16 |
Interest on loans held for sale | 31 | 19 |
Interest on federal funds sold and short-term investments | 426 | 311 |
Total interest and dividend income | 91,543 | 73,749 |
Interest expense | ||
Interest on deposits | 7,028 | 3,935 |
Interest on borrowings | 1,990 | 1,343 |
Total interest expense | 9,018 | 5,278 |
Net interest income | 82,525 | 68,471 |
Provision for loan losses | 1,000 | 500 |
Net interest income after provision for loan losses | 81,525 | 67,971 |
Noninterest income | ||
Deposit account fees | 4,406 | 4,431 |
Interchange and ATM fees | 4,516 | 4,173 |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 6,748 | 6,142 |
Mortgage banking income | 806 | 870 |
Increase in cash surrender value of life insurance policies | 972 | 947 |
Loan level derivative income | 641 | 447 |
Other noninterest income | 3,444 | 2,853 |
Total noninterest income | 21,533 | 19,863 |
Noninterest expenses | ||
Salaries and employee benefits | 33,117 | 31,100 |
Occupancy and equipment expenses | 7,130 | 7,408 |
Data processing & facilities management | 1,326 | 1,286 |
FDIC assessment | 616 | 798 |
Advertising expense | 1,213 | 1,123 |
Business Combination, Acquisition Related Costs | 1,032 | 0 |
Software Maintenance | 1,165 | 972 |
Other noninterest expenses | 10,712 | 10,764 |
Total noninterest expenses | 56,311 | 53,451 |
Income before income taxes | 46,747 | 34,383 |
Provision for income taxes | 11,522 | 6,828 |
Net income | $ 35,225 | $ 27,555 |
Basic earnings per share (in dollars per share) | $ 1.25 | $ 1 |
Diluted earnings per share (in dollars per share) | $ 1.25 | $ 1 |
Weighted average common shares (basic) (in shares) | 28,106,184 | 27,486,573 |
Common shares equivalents (in shares) | 54,466 | 67,381 |
Weighted average common shares (diluted) (in shares) | 28,160,650 | 27,553,954 |
Retained Earnings [Member] | ||
Noninterest expenses | ||
Net income | $ 35,225 | $ 27,555 |
Cash dividends declared per common share (in dollars per share) | $ 0.44 | $ 0.38 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 35,225 | $ 27,555 | |
Other comprehensive income (loss), net of tax | |||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 4,729 | (5,468) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 3,285 | 215 | |
Net change in other comprehensive income for defined benefit postretirement plans | [1] | 40 | 117 |
Total other comprehensive income (loss) | 8,054 | (5,136) | |
Total comprehensive income | $ 43,279 | $ 22,419 | |
[1] | 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, 2018 |
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) | $ 0.38 | ||||||||||
Balance March 31, 2019 at Dec. 31, 2017 | 27,450,190 | ||||||||||
Balance March 31, 2018 at Dec. 31, 2017 | $ 943,809 | $ 273 | $ (4,590) | $ 4,590 | $ 479,430 | $ 465,937 | $ (1,831) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Prior Period Reclassification Adjustment | 0 | [1] | 397 | [2] | (397) | [2] | |||||
Net income | 27,555 | 27,555 | |||||||||
Other comprehensive income | (5,136) | (5,136) | |||||||||
Common dividend declared | (10,454) | (10,454) | |||||||||
Proceeds from exercise of stock options, net of cash paid | 19,256 | ||||||||||
Proceeds from exercise of stock options, net of cash paid | 143 | 0 | 143 | ||||||||
Stock based compensation | 1,041 | 1,041 | |||||||||
Restricted stock awards issued, net of awards surrendered | 36,961 | ||||||||||
Restricted stock awards issued, net of awards surrendered | (1,318) | 0 | (1,318) | ||||||||
Shares issued under direct stock purchase plan | 5,921 | ||||||||||
Shares issued under direct stock purchase plan | 419 | 419 | |||||||||
Deferred compensation and other retirement benefit obligations | (1) | 1 | |||||||||
Increase (Decrease) in Deferred Compensation | 0 | ||||||||||
Balance December 31, 2018 at Mar. 31, 2018 | 956,059 | 273 | (4,591) | 4,591 | 479,715 | 484,266 | (8,195) | ||||
Balance December 31, 2017 at Mar. 31, 2018 | 27,512,328 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | [2] | $ 831 | [1] | (831) | [1] | |||||
Cash dividends declared per common share (in dollars per share) | $ 0.44 | ||||||||||
Balance March 31, 2019 at Dec. 31, 2018 | 28,080,408 | ||||||||||
Balance March 31, 2018 at Dec. 31, 2018 | 1,073,490 | 279 | (4,718) | 4,718 | 527,648 | $ 546,736 | (1,173) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 35,225 | 35,225 | |||||||||
Other comprehensive income | 8,054 | 8,054 | |||||||||
Common dividend declared | (12,379) | (12,379) | |||||||||
Proceeds from exercise of stock options, net of cash paid | 6,000 | ||||||||||
Proceeds from exercise of stock options, net of cash paid | 165 | 165 | |||||||||
Stock based compensation | 915 | 915 | |||||||||
Restricted stock awards issued, net of awards surrendered | 44,407 | ||||||||||
Restricted stock awards issued, net of awards surrendered | (1,419) | 1 | (1,420) | ||||||||
Shares issued under direct stock purchase plan | 6,689 | ||||||||||
Shares issued under direct stock purchase plan | 487 | 487 | |||||||||
Deferred compensation and other retirement benefit obligations | 119 | (119) | |||||||||
Balance December 31, 2018 at Mar. 31, 2019 | $ 1,104,538 | $ 280 | $ (4,599) | $ 4,599 | $ 527,795 | $ 569,582 | $ 6,881 | ||||
Balance December 31, 2017 at Mar. 31, 2019 | 28,137,504 | ||||||||||
[1] | Represents adjustment needed to reflect the cumulative impact on retained earnings for the classification and measurement of investments in equity securities. Pursuant to the Company's adoption of Accounting Standards Update 2016-01, the Company's investments in equity securities will no longer be classified as available for sale, therefore the Company was required to reclassify the net unrealized gain recognized on the change in fair value of these equity securities from other comprehensive income to retained earnings. | ||||||||||
[2] | Represents adjustment needed to reflect the cumulative impact on retained earnings for reclassification of the income tax effects attributable to accumulated other comprehensive income, as a result of the Tax Cuts and Jobs Act (the "Tax Act"). Pursuant to the Company's adoption of Accounting Standards Update 2018-02, the Company has elected to reclassify amounts stranded in other comprehensive income to retained earnings. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retained Earnings | ||
Cash dividends declared per common share (in dollars per share) | $ 0.44 | $ 0.38 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | Jan. 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net Income | $ 35,225,000 | $ 27,555,000 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||
Depreciation and amortization | 3,648,000 | 4,181,000 | |||
Provision for loan losses | 1,000,000 | 500,000 | |||
Deferred income tax expense | 539,000 | 359,000 | |||
Net unrealized (gain) loss on equity securities | (907,000) | 485,000 | |||
Net (gain) loss on bank premises and equipment | 25,000 | (7,000) | |||
Net loss on other real estate owned and foreclosed assets | 1,000 | ||||
Realized gain on sale leaseback transaction | (145,000) | (258,000) | |||
Stock based compensation | 915,000 | 1,041,000 | |||
Increase in cash surrender value of life insurance policies | (972,000) | (947,000) | |||
Operating Lease, Payments | (2,165,000) | 0 | |||
Change in Fair Value on Loans Held for Sale | (1,000) | 26,000 | |||
Net change in: | |||||
Trading assets | (333,000) | (277,000) | |||
Loans held for sale | 846,000 | 805,000 | |||
Other assets | 1,721,000 | 2,594,000 | |||
Increase (Decrease) in Other Operating Liabilities | (5,228,000) | (2,175,000) | |||
Total adjustments | (1,057,000) | 6,328,000 | |||
Net cash provided by operating activities | 34,168,000 | 33,883,000 | |||
Cash flows used in investing activities | |||||
Increase (Decrease) in Equity Securities, FV-NI | (105,000) | (78,000) | |||
Proceeds from maturities and principal repayments of securities available for sale | 11,318,000 | 11,040,000 | |||
Payments to Acquire Debt Securities, Available-for-sale | (37,201,000) | ||||
Proceeds from maturities and principal repayments of securities held to maturity | 19,003,000 | 22,888,000 | |||
Purchases of securities held to maturity | (30,502,000) | (53,995,000) | |||
Net redemption (purchases) of Federal Home Loan Bank stock | 8,016,000 | (1,430,000) | |||
Investments in low income housing projects | (292,000) | (1,213,000) | |||
Purchases of life insurance policies | (93,000) | (93,000) | |||
Net increase in loans | (70,378,000) | (6,856,000) | |||
Purchases of bank premises and equipment | (3,713,000) | (2,803,000) | |||
Proceeds from the sale of bank premises and equipment | 13,000 | 52,000 | |||
Proceeds from the sale of other real estate owned and foreclosed assets | 253,000 | ||||
Net cash used in investing activities | (66,733,000) | (69,436,000) | |||
Cash flows provided by financing activities | |||||
Net increase in time deposits | 12,464,000 | 10,486,000 | |||
Net increase in other deposits | 24,034,000 | 11,804,000 | |||
Increase (Decrease) in Federal Funds Purchased and Securities Sold under Agreements to Repurchase, Net | (122,046,000) | ||||
Net increase (decrease) in customer repurchase agreements | (24,765,000) | ||||
Proceeds from Lines of Credit | 49,993,000 | 0 | |||
Proceeds from Debt, Net of Issuance Costs | 74,914,000 | 0 | |||
Repayments of Subordinated Debt | (3,093,000) | $ 0 | |||
Proceeds from Issuance of Subordinated Long-term Debt | 49,556,000 | 0 | |||
Net proceeds from exercise of stock options | (165,000) | (143,000) | |||
Restricted stock awards issued, net of awards surrendered | (1,419,000) | (1,318,000) | |||
Proceeds from shares issued under direct stock purchase plan | 487,000 | 419,000 | |||
Common dividends paid | (10,671,000) | (8,784,000) | |||
Net cash provided by (used in) financing activities | 74,384,000 | (12,015,000) | |||
Net increase (decrease) in cash and cash equivalents | 41,819,000 | (47,568,000) | |||
Cash and cash equivalents at beginning of year | $ 250,455,000 | 250,455,000 | 213,116,000 | 213,116,000 | |
Cash and cash equivalents at end of period | 292,274,000 | 165,548,000 | 250,455,000 | ||
Supplemental schedule of noncash activities | |||||
Net increase in capital commitments relating to low income housing project investments | 0 | 9,000 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 32,777,000 | [1] | 2,926,000 | $ 0 | |
Operating Lease, Right-of-Use Asset | 32,800,000 | 33,700,000 | |||
Operating Lease, Liability | $ 34,100,000 | $ 35,094,000 | |||
Deferred Rent Credit | $ 1,300,000 | ||||
[1] | (1) Represents adjustment needed to reflect the opening balance of the Company's ROU assets and lease liabilities pursuant to the adoption of Accounting Standards Update 2016-02 effective January 1, 2019. Upon adoption, the Company recognized on its balance sheet Right of Use ("ROU") assets of approximately $32.8 million , with a corresponding operating lease liability of approximately $34.1 million , with an adjustment to remove the Company's existing deferred rent liability of approximately $1.3 million |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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 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, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 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, 2018 |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2019 | |
Recent Accounting Standards [Abstract] | |
RECENT ACCOUNTING STANDARDS | RECENT ACCOUNTING STANDARDS UPDATES Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 326 "Financial Instruments - Credit Losses" Update No. 2016-13. Update No. 2016-13 was issued in June 2016 to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, this update replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company will adopt the update on January 1, 2020 and is currently assessing the impact of the adoption of this standard on the Company's consolidated financial position. To date, the Company has been assessing the key differences and gaps between its current allowance methodologies and models with those it is considering to use upon adoption. In particular, the Company has completed the development and validation of historical loss and recovery data, and is working on identification and layering of various assumptions needed to translate the data into a life of loan loss estimate. In addition, the Company has also begun developing accounting policies, as well as considering the need for new internal controls relevant to the updated methodologies and models. Since the Update No. 2016-13, the FASB has issued an amendment intended on improving the clarification of the amendment, FASB ASC Topic 326 "Financial Instruments - Credit Losses" Update No. 2018-19. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES Trading Securities The Company had trading securities of $1.8 million and $1.5 million as of March 31, 2019 and December 31, 2018 , respectively. These securities are held in a rabbi trust and will be used for future payments associated with the Company’s nonqualified 401(k) Restoration Plan and Nonqualified Deferred Compensation Plan. Equity Securities The Company had equity securities of $20.4 million and $19.5 million as of March 31, 2019 and December 31, 2018 , respectively. These securities consist primarily of mutual funds held in a rabbi trust and will be used for future payments associated with the Company’s supplemental executive retirement plans. The following table represents a summary of the gains and losses that relates to equity securities for the periods indicated: Three Months Ended March 31 2019 2018 Net gains (losses) recognized during the period on equity securities $ 907 $ (485 ) Less: net gains recognized during the period on equity securities sold during the period 3 2 Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 904 $ (487 ) 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, 2019 December 31, 2018 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 $ 32,477 $ 25 $ (47 ) $ 32,455 $ 32,477 $ — $ (439 ) $ 32,038 Agency mortgage-backed securities 217,163 1,674 (1,042 ) 217,795 222,491 1,020 (3,406 ) 220,105 Agency collateralized mortgage obligations 133,025 338 (1,832 ) 131,531 138,149 197 (3,435 ) 134,911 State, county, and municipal securities 1,716 23 — 1,739 1,719 16 — 1,735 Single issuer trust preferred securities issued by banks 717 4 — 721 717 — (10 ) 707 Pooled trust preferred securities issued by banks and insurers 1,660 — (346 ) 1,314 1,678 — (349 ) 1,329 Small business administration pooled securities 52,549 160 (575 ) 52,134 53,317 — (1,390 ) 51,927 Total available for sale securities $ 439,307 $ 2,224 $ (3,842 ) $ 437,689 $ 450,548 $ 1,233 $ (9,029 ) $ 442,752 Held to maturity securities U.S. Treasury securities $ 1,004 $ 13 $ — $ 1,017 $ 1,004 $ 11 $ — $ 1,015 Agency mortgage-backed securities 259,599 3,238 (955 ) 261,882 252,484 1,548 (3,104 ) 250,928 Agency collateralized mortgage obligations 337,804 2,208 (4,307 ) 335,705 332,775 869 (6,920 ) 326,724 Single issuer trust preferred securities issued by banks 1,500 — (10 ) 1,490 1,500 — (10 ) 1,490 Small business administration pooled securities 23,336 115 (389 ) 23,062 23,727 105 (349 ) 23,483 Total held to maturity securities $ 623,243 $ 5,574 $ (5,661 ) $ 623,156 $ 611,490 $ 2,533 $ (10,383 ) $ 603,640 Total $ 1,062,550 $ 7,798 $ (9,503 ) $ 1,060,845 $ 1,062,038 $ 3,766 $ (19,412 ) $ 1,046,392 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, 2019 is presented below: Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Available for sale securities U.S. government agency securities $ 10,005 $ 9,965 $ 10,003 $ 10,028 $ 12,469 $ 12,462 $ — $ — $ 32,477 $ 32,455 Agency mortgage-backed securities 7 7 52,054 51,871 88,335 88,705 76,767 77,212 217,163 217,795 Agency collateralized mortgage obligations — — — — — — 133,025 131,531 133,025 131,531 State, county, and municipal securities — — 1,022 1,026 694 713 — — 1,716 1,739 Single issuer trust preferred securities issued by banks — — — — — — 717 721 717 721 Pooled trust preferred securities issued by banks and insurers — — — — — — 1,660 1,314 1,660 1,314 Small business administration pooled securities — — — — — — 52,549 52,134 52,549 52,134 Total available for sale securities $ 10,012 $ 9,972 $ 63,079 $ 62,925 $ 101,498 $ 101,880 $ 264,718 $ 262,912 $ 439,307 $ 437,689 Held to maturity securities U.S. Treasury securities $ — $ — $ 1,004 $ 1,017 $ — $ — $ — $ — $ 1,004 $ 1,017 Agency mortgage-backed securities — — 11,786 11,724 34,127 34,044 213,686 216,114 259,599 261,882 Agency collateralized mortgage obligations — — — — 553 551 337,251 335,154 337,804 335,705 Single issuer trust preferred securities issued by banks — — — — 1,500 1,490 — — 1,500 1,490 Small business administration pooled securities — — — — — — 23,336 23,062 23,336 23,062 Total held to maturity securities $ — $ — $ 12,790 $ 12,741 $ 36,180 $ 36,085 $ 574,273 $ 574,330 $ 623,243 $ 623,156 Total $ 10,012 $ 9,972 $ 75,869 $ 75,666 $ 137,678 $ 137,965 $ 838,991 $ 837,242 $ 1,062,550 $ 1,060,845 Inclusive in the table above is $5.3 million of callable securities at March 31, 2019 . 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 $388.7 million and $361.1 million at March 31, 2019 and December 31, 2018 , respectively. At March 31, 2019 and December 31, 2018 , 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 are 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, 2019 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) U.S. government agency securities 3 $ 4,306 $ (1 ) $ 22,428 $ (46 ) $ 26,734 $ (47 ) Agency mortgage-backed securities 110 — — 246,113 (1,997 ) 246,113 (1,997 ) Agency collateralized mortgage obligations 41 — — 285,297 (6,139 ) 285,297 (6,139 ) Single issuer trust preferred securities issued by banks and insurers 1 1,490 (10 ) — — 1,490 (10 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,314 (346 ) 1,314 (346 ) Small business administration pooled securities 6 — — 59,347 (964 ) 59,347 (964 ) Total temporarily impaired securities 162 $ 5,796 $ (11 ) $ 614,499 $ (9,492 ) $ 620,295 $ (9,503 ) December 31, 2018 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) U.S.government agency securities 3 $ 9,960 $ (43 ) $ 22,078 $ (396 ) $ 32,038 $ (439 ) Agency mortgage-backed securities 144 104,616 (1,363 ) 222,850 (5,147 ) 327,466 (6,510 ) Agency collateralized mortgage obligations 48 57,871 (398 ) 279,229 (9,957 ) 337,100 (10,355 ) Single issuer trust preferred securities issued by banks and insurers 2 2,197 (20 ) — — 2,197 (20 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,329 (349 ) 1,329 (349 ) Small business administration pooled securities 7 28,257 (662 ) 40,621 (1,077 ) 68,878 (1,739 ) Total temporarily impaired securities 205 $ 202,901 $ (2,486 ) $ 566,107 $ (16,926 ) $ 769,008 $ (19,412 ) 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 each security before the recovery of its amortized cost basis. As a result, the Company does not consider these investments to be OTTI and accordingly, there was no OTTI recorded for the three months ended March 31, 2019 and 2018 . There was no cumulative credit related component of OTTI as of March 31, 2019 or December 31, 2018 . 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, 2019 : • U.S. Government Agency Securities, 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 implicitly guaranteed by the U.S. Government or one of its agencies. • Single Issuer Trust Preferred Securities: This portfolio consists of one security, which is investment grade. The unrealized loss on this security is attributable to the illiquid nature of the trust preferred market in the current economic environment. Management evaluates various financial metrics for the issuers, including regulatory capital ratios of the issuers. • Pooled Trust Preferred Securities: |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses and Credit Quality | 3 Months Ended |
Mar. 31, 2019 | |
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 2 $ 70 — $ — 4 $ 413 6 $ 483 $ 1,150,149 $ 1,150,632 $ — Commercial real estate 9 2,156 — — 3 274 12 2,430 3,251,655 3,254,085 — Commercial construction 1 387 — — 1 311 2 698 372,819 373,517 — Small business 22 361 23 100 13 104 58 565 165,845 166,410 — Residential real estate 12 1,467 9 1,231 27 4,852 48 7,550 927,688 935,238 — Home equity 28 1,711 8 693 29 3,017 65 5,421 1,075,320 1,080,741 — Other consumer (1) 246 242 13 47 10 10 269 299 15,950 16,249 5 Total 320 $ 6,394 53 $ 2,071 87 $ 8,981 460 $ 17,446 $ 6,959,426 $ 6,976,872 $ 5 December 31, 2018 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 — $ — 4 $ 382 11 $ 26,311 15 $ 26,693 $ 1,066,936 $ 1,093,629 $ — Commercial real estate 9 1,627 — — 8 2,250 17 3,877 3,247,371 3,251,248 — Commercial construction 1 1,271 — — 1 311 2 1,582 363,583 365,165 — Small business 15 506 19 87 24 162 58 755 163,921 164,676 — Residential real estate 23 3,486 6 521 25 4,382 54 8,389 914,905 923,294 — Home equity 22 1,331 12 855 29 2,663 63 4,849 1,087,235 1,092,084 — Other consumer (1) 330 181 15 9 12 13 357 203 15,895 16,098 5 Total 400 $ 8,402 56 $ 1,854 110 $ 36,092 566 $ 46,348 $ 6,859,846 $ 6,906,194 $ 5 (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, 2019 December 31, 2018 (Dollars in thousands) TDRs on accrual status $ 23,053 $ 23,849 TDRs on nonaccrual 28,908 29,348 Total TDRs $ 51,961 $ 53,197 Amount of specific reserves included in the allowance for loan losses associated with TDRs $ 1,051 $ 1,079 Additional commitments to lend to a borrower who has been a party to a TDR $ 865 $ 982 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 tables show 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, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial real estate 1 150 150 Home equity 1 75 75 Total 2 $ 225 $ 225 Three Months Ended March 31, 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial real estate 1 445 445 Home equity 2 242 242 Total 3 $ 687 $ 687 The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated: Three Months Ended March 31 2019 2018 (Dollars in thousands) Adjusted interest rate $ 150 $ — Court ordered concession 75 242 Extended maturity — 445 Total $ 225 $ 687 The Company considers a loan to have defaulted when it reaches 90 days past due. During the three months ended March 31, 2019 and March 31, 2018 , there were no loans modified during the past twelve months that subsequently defaulted. 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, 2019 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 27,724 $ 37,327 $ — Commercial real estate 8,652 8,868 — Commercial construction 311 311 — Small business 299 347 — Residential real estate 4,402 4,574 — Home equity 4,921 5,169 — Other consumer 51 51 — Subtotal 46,360 56,647 — With an allowance recorded Commercial and industrial $ 497 $ 497 $ 58 Commercial real estate 1,671 1,671 75 Small business 180 220 1 Residential real estate 7,659 8,669 802 Home equity 979 1,137 161 Other consumer 136 138 7 Subtotal 11,122 12,332 1,104 Total $ 57,482 $ 68,979 $ 1,104 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,459 $ 35,913 $ — Commercial real estate 9,552 9,832 — Small business 358 439 — Residential real estate 4,518 4,686 — Home equity 4,957 5,199 — Other consumer 56 56 — Subtotal 47,900 56,125 — With an allowance recorded Commercial and industrial $ 370 $ 370 $ 7 Commercial real estate 1,287 1,287 37 Small business 183 223 1 Residential real estate 8,188 9,217 862 Home equity 991 1,149 164 Other consumer 141 143 8 Subtotal 11,160 12,389 1,079 Total $ 59,060 $ 68,514 $ 1,079 The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: Three Months Ended March 31, 2019 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 30,198 $ 35 Commercial real estate 8,873 104 Commercial construction 311 — Small business 323 2 Residential real estate 4,421 54 Home equity 4,952 55 Other consumer 53 1 Subtotal 49,131 251 With an allowance recorded Commercial and industrial $ 498 $ 3 Commercial real estate 1,682 24 Small business 181 2 Residential real estate 7,665 64 Home equity 985 12 Other consumer 138 1 Subtotal 11,149 106 Total $ 60,280 $ 357 Three Months Ended March 31, 2018 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 33,784 $ 31 Commercial real estate 14,855 157 Small business 710 5 Residential real estate 4,254 53 Home equity 5,280 53 Other consumer 87 1 Subtotal 58,970 300 With an allowance recorded Commercial and industrial $ 227 $ 2 Commercial real estate 1,730 24 Small business 131 2 Residential real estate 9,060 71 Home equity 1,688 12 Other consumer 211 2 Subtotal 13,047 113 Total $ 72,017 $ 413 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, 2019 December 31, 2018 (Dollars in thousands) Outstanding balance $ 9,592 $ 9,749 Carrying amount $ 8,656 $ 8,795 The following table summarizes activity in the accretable yield for the PCI loan portfolio: Three Months Ended March 31 2019 2018 (Dollars in thousands) Beginning balance $ 1,191 $ 1,791 Accretion (141 ) (215 ) Other change in expected cash flows (1) 114 44 Reclassification from nonaccretable difference for loans which have paid off (2) — 22 Ending balance $ 1,164 $ 1,642 (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)." 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, 2019 (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 $ 1,122,411 $ 3,238,857 $ 373,206 $ 165,931 $ 919,599 $ 1,074,668 $ 16,062 $ 6,910,734 Individually evaluated for impairment $ 28,221 $ 10,323 $ 311 $ 479 $ 12,061 $ 5,900 $ 187 $ 57,482 Purchased credit impaired loans $ — $ 4,905 $ — $ — $ 3,578 $ 173 $ — $ 8,656 Total loans by group $ 1,150,632 $ 3,254,085 $ 373,517 $ 166,410 $ 935,238 $ 1,080,741 $ 16,249 $ 6,976,872 (1 ) December 31, 2018 (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 $ 1,064,800 $ 3,235,418 $ 365,165 $ 164,135 $ 906,959 $ 1,085,961 $ 15,901 $ 6,838,339 Individually evaluated for impairment $ 28,829 $ 10,839 $ — $ 541 $ 12,706 $ 5,948 $ 197 $ 59,060 Purchased credit impaired loans $ — $ 4,991 $ — $ — $ 3,629 $ 175 $ — $ 8,795 Total loans by group $ 1,093,629 $ 3,251,248 $ 365,165 $ 164,676 $ 923,294 $ 1,092,084 $ 16,098 $ 6,906,194 (1 ) (1) The amount of net deferred costs on originated loans included in the ending balance was $7.3 million and $7.1 million at March 31, 2019 and December 31, 2018 , respectively. Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $14.3 million and $15.2 million at March 31, 2019 and December 31, 2018 , respectively. The following tables summarize changes in allowance for loan losses by loan category for the periods indicated: Three Months Ended March 31, 2019 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs — — — (145 ) — (113 ) (301 ) (559 ) Recoveries 124 33 — 27 1 66 155 406 Provision (benefit) 988 (354 ) 197 146 14 (54 ) 63 1,000 Ending balance $ 16,872 $ 32,049 $ 5,355 $ 1,784 $ 3,234 $ 5,507 $ 339 $ 65,140 Ending balance: collectively evaluated for impairment $ 16,814 $ 31,974 $ 5,355 $ 1,783 $ 2,432 $ 5,346 $ 332 $ 64,036 Ending balance: individually evaluated for impairment $ 58 $ 75 $ — $ 1 $ 802 $ 161 $ 7 $ 1,104 Three Months Ended March 31, 2018 (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 $ 13,256 $ 31,453 $ 5,698 $ 1,577 $ 2,822 $ 5,390 $ 447 $ 60,643 Charge-offs (133 ) — — (24 ) (39 ) (79 ) (318 ) (593 ) Recoveries 12 20 — 9 2 34 235 312 Provision (benefit) 398 (14 ) (19 ) 31 52 14 38 500 Ending balance $ 13,533 $ 31,459 $ 5,679 $ 1,593 $ 2,837 $ 5,359 $ 402 $ 60,862 Ending balance: collectively evaluated for impairment $ 13,524 $ 31,422 $ 5,679 $ 1,590 $ 1,893 $ 5,111 $ 386 $ 59,605 Ending balance: individually evaluated for impairment $ 9 $ 37 $ — $ 3 $ 944 $ 248 $ 16 $ 1,257 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. Residential mortgage loans also include loans to construct owner-occupied 1-4 family residential properties. • 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, the home equity line of credit is billed as a percentage of the then outstanding principal balance plus all accrued interest over a predetermined repayment period, as set forth in the note. 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 adversely risk-rated, 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 credit risk-rating system, which assigns a risk-grade to each loan obligation based on a number of quantitative and qualitative factors associated with a commercial or small business 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. Actively managed commercial 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, while continuous portfolio monitoring techniques are employed to evaluate changes in credit quality for smaller loan relationships. 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 tables detail the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s commercial portfolio: March 31, 2019 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 1,043,472 $ 3,135,926 $ 368,450 $ 163,671 $ 4,711,519 Potential weakness 7 53,712 85,126 2,248 867 141,953 Definite weakness-loss unlikely 8 53,448 33,033 2,819 1,872 91,172 Partial loss probable 9 — — — — — Definite loss 10 — — — — — Total $ 1,150,632 $ 3,254,085 $ 373,517 $ 166,410 $ 4,944,644 December 31, 2018 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 1,014,370 $ 3,156,989 $ 361,884 $ 161,851 $ 4,695,094 Potential weakness 7 16,860 56,840 298 888 74,886 Definite weakness-loss unlikely 8 58,909 37,419 2,983 1,937 101,248 Partial loss probable 9 3,490 — — — 3,490 Definite loss 10 — — — — — Total $ 1,093,629 $ 3,251,248 $ 365,165 $ 164,676 $ 4,874,718 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) 748 749 LTV (re-valued)(2) 58.6 % 58.6 % Home equity portfolio FICO score (re-scored)(1) 767 767 LTV (re-valued)(2)(3) 49.6 % 49.3 % (1) The average FICO scores at March 31, 2019 are based upon rescores available from March 11, 2019 and origination score data for loans booked for the remainder of March 2019. The average FICO scores at December 31, 2018 are based upon rescores available from November 2018 and origination score data for loans booked in December 2018. (2) The combined LTV ratios for March 31, 2019 are based upon updated automated valuations as of February 2019, when available, or the most current valuation data available. The combined LTV ratios for December 31, 2018 are based upon updated automated valuations as of November 2018, when available, and/or the most current valuation data available. The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained. If no new information is available, the valuation will default to the previously obtained data or most recent appraisal. (3) For home equity loans and lines in a subordinate lien, 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 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, 2019 December 31, 2018 (Dollars in thousands) Commercial and industrial $ 25,879 $ 26,310 Commercial real estate 1,228 3,015 Commercial construction 311 311 Small business 180 235 Residential real estate 8,517 8,251 Home equity 7,202 7,278 Other consumer 9 13 Total nonaccrual loans (1) $ 43,326 $ 45,413 (1) Included in these amounts were $28.9 million and $29.3 million of nonaccruing TDRs at March 31, 2019 and December 31, 2018 , respectively. The following table shows information regarding foreclosed residential real estate property at the dates indicated: March 31, 2019 December 31, 2018 (Dollars in thousands) Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 4,186 $ 3,174 The following tables show the age analysis of past due financing receivables as of the dates indicated: March 31, 2019 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 2 $ 70 — $ — 4 $ 413 6 $ 483 $ 1,150,149 $ 1,150,632 $ — Commercial real estate 9 2,156 — — 3 274 12 2,430 3,251,655 3,254,085 — Commercial construction 1 387 — — 1 311 2 698 372,819 373,517 — Small business 22 361 23 100 13 104 58 565 165,845 166,410 — Residential real estate 12 1,467 9 1,231 27 4,852 48 7,550 927,688 935,238 — Home equity 28 1,711 8 693 29 3,017 65 5,421 1,075,320 1,080,741 — Other consumer (1) 246 242 13 47 10 10 269 299 15,950 16,249 5 Total 320 $ 6,394 53 $ 2,071 87 $ 8,981 460 $ 17,446 $ 6,959,426 $ 6,976,872 $ 5 December 31, 2018 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 — $ — 4 $ 382 11 $ 26,311 15 $ 26,693 $ 1,066,936 $ 1,093,629 $ — Commercial real estate 9 1,627 — — 8 2,250 17 3,877 3,247,371 3,251,248 — Commercial construction 1 1,271 — — 1 311 2 1,582 363,583 365,165 — Small business 15 506 19 87 24 162 58 755 163,921 164,676 — Residential real estate 23 3,486 6 521 25 4,382 54 8,389 914,905 923,294 — Home equity 22 1,331 12 855 29 2,663 63 4,849 1,087,235 1,092,084 — Other consumer (1) 330 181 15 9 12 13 357 203 15,895 16,098 5 Total 400 $ 8,402 56 $ 1,854 110 $ 36,092 566 $ 46,348 $ 6,859,846 $ 6,906,194 $ 5 (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, 2019 December 31, 2018 (Dollars in thousands) TDRs on accrual status $ 23,053 $ 23,849 TDRs on nonaccrual 28,908 29,348 Total TDRs $ 51,961 $ 53,197 Amount of specific reserves included in the allowance for loan losses associated with TDRs $ 1,051 $ 1,079 Additional commitments to lend to a borrower who has been a party to a TDR $ 865 $ 982 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 tables show 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, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial real estate 1 150 150 Home equity 1 75 75 Total 2 $ 225 $ 225 Three Months Ended March 31, 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial real estate 1 445 445 Home equity 2 242 242 Total 3 $ 687 $ 687 The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated: Three Months Ended March 31 2019 2018 (Dollars in thousands) Adjusted interest rate $ 150 $ — Court ordered concession 75 242 Extended maturity — 445 Total $ 225 $ 687 The Company considers a loan to have defaulted when it reaches 90 days past due. During the three months ended March 31, 2019 and March 31, 2018 , there were no loans modified during the past twelve months that subsequently defaulted. 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, 2019 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 27,724 $ 37,327 $ — Commercial real estate 8,652 8,868 — Commercial construction 311 311 — Small business 299 347 — Residential real estate 4,402 4,574 — Home equity 4,921 5,169 — Other consumer 51 51 — Subtotal 46,360 56,647 — With an allowance recorded Commercial and industrial $ 497 $ 497 $ 58 Commercial real estate 1,671 1,671 75 Small business 180 220 1 Residential real estate 7,659 8,669 802 Home equity 979 1,137 161 Other consumer 136 138 7 Subtotal 11,122 12,332 1,104 Total $ 57,482 $ 68,979 $ 1,104 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,459 $ 35,913 $ — Commercial real estate 9,552 9,832 — Small business 358 439 — Residential real estate 4,518 4,686 — Home equity 4,957 5,199 — Other consumer 56 56 — Subtotal 47,900 56,125 — With an allowance recorded Commercial and industrial $ 370 $ 370 $ 7 Commercial real estate 1,287 1,287 37 Small business 183 223 1 Residential real estate 8,188 9,217 862 Home equity 991 1,149 164 Other consumer 141 143 8 Subtotal 11,160 12,389 1,079 Total $ 59,060 $ 68,514 $ 1,079 The following tables set forth information regarding interest income recognized on impaired loans, by portfolio, for the periods indicated: Three Months Ended March 31, 2019 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 30,198 $ 35 Commercial real estate 8,873 104 Commercial construction 311 — Small business 323 2 Residential real estate 4,421 54 Home equity 4,952 55 Other consumer 53 1 Subtotal 49,131 251 With an allowance recorded Commercial and industrial $ 498 $ 3 Commercial real estate 1,682 24 Small business 181 2 Residential real estate 7,665 64 Home equity 985 12 Other consumer 138 1 Subtotal 11,149 106 Total $ 60,280 $ 357 Three Months Ended March 31, 2018 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 33,784 $ 31 Commercial real estate 14,855 157 Small business 710 5 Residential real estate 4,254 53 Home equity 5,280 53 Other consumer 87 1 Subtotal 58,970 300 With an allowance recorded Commercial and industrial $ 227 $ 2 Commercial real estate 1,730 24 Small business 131 2 Residential real estate 9,060 71 Home equity 1,688 12 Other consumer 211 2 Subtotal 13,047 113 Total $ 72,017 $ 413 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, 2019 December 31, 2018 (Dollars in thousands) Outstanding balance $ 9,592 $ 9,749 Carrying amount $ 8,656 $ 8,795 The following table summarizes activity in the accretable yield for the PCI loan portfolio: Three Months Ended March 31 2019 2018 (Dollars in thousands) Beginning balance $ 1,191 $ 1,791 Accretion (141 ) (215 ) Other change in expected cash flows (1) 114 44 Reclassification from nonaccretable difference for loans which have paid off (2) — 22 Ending balance $ 1,164 $ 1,642 (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). |
Borrowings (Notes)
Borrowings (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | BORROWINGS On March 14, 2019, the Company issued $50.0 million of fixed to floating rate subordinated notes in a private placement transaction to institutional accredited investors. The subordinated debentures mature on March 15, 2029, however with regulatory approval, the Company may redeem the subordinated debt without penalty at any scheduled payment date on or after March 15, 2024 with 30 days notice. The subordinated notes carry interest at a fixed rate of 4.75% through March 15, 2024, after which it converts to a variable rate. On March 28, 2019, the Company entered into a credit facility for an aggregate principal amount of $125.0 million , including a $50.0 million senior unsecured revolving loan credit facility and a $75.0 million senior unsecured term loan credit facility. Advances under the revolving loan facility and term loan facility shall bear interest at an interest rate equal to the one-month LIBOR rate plus 1.15% for the revolving loan facility and one-month LIBOR plus 1.25% for the term loan facility, which is due and payable in full on March 28, 2022. The Company used the proceeds of these borrowings for the funding needs related to the second quarter closing of Blue Hills Bancorp, Inc. ("BHB"). Subsequent to March 31, 2019, the Company repaid the full $50.0 million |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 2018 (Dollars in thousands, except per share data) Net income $ 35,225 $ 27,555 Weighted Average Shares Basic shares 28,106,184 27,486,573 Effect of dilutive securities 54,466 67,381 Diluted shares 28,160,650 27,553,954 Net income per share Basic EPS $ 1.25 $ 1.00 Effect of dilutive securities — — Diluted EPS $ 1.25 $ 1.00 During the three months ended March 31, 2019 there were no options to purchase common stock and 6,890 shares of performance-based restricted stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. During the three months ended March 31, 2018 there were 143 options to purchase common stock and no |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 , the Company made the following awards of restricted stock: Date Shares Granted Plan Grant Date Fair Value Per Share Vesting Period 2/21/2019 43,250 2005 Employee Stock Plan $ 83.87 Ratably over 5 years from grant date 3/15/2019 600 2005 Employee Stock Plan $ 79.55 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 are entitled to receive dividends and to vote from and as of the date of grant. Performance-Based Restricted Stock Awards On February 21, 2019 , the Company granted 15,900 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 $83.87 , 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, January 1, 2019 through December 31, 2021 . 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, 2022 . These awards are 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 26, 2019 , the performance-based restricted stock awards that were awarded on February 11, 2016 vested at 100% of the maximum target shares awarded, or 17,947 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, 2019 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
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 may utilize various interest rate derivatives as hedging instruments against interest rate risk associated with the Company’s borrowings and loan portfolios. An interest rate derivative 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 following tables reflect the Company's derivative positions for the periods indicated below for interest rate derivatives which qualify as cash flow hedges for accounting purposes: March 31, 2019 Weighted Average Rate Notional Amount Average Maturity Current Pay Fixed Fair Value (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 75,000 2.93 2.63 % 1.53 % $ 1,528 Current Rate Paid Receive Fixed Swap Rate Interest rate swaps on loans 350,000 4.23 2.50 % 2.57 % 6,458 Current Rate Paid Receive Fixed Swap Rate Cap - Floor Interest rate collars on loans 250,000 3.92 2.49 % 3.02% - 2.51% 5,150 Total $ 675,000 $ 13,136 December 31, 2018 Weighted Average Rate Notional Amount Average Maturity Current Pay Fixed Fair Value (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 75,000 3.18 2.74 % 1.53 % $ 2,282 Current Rate Paid Receive Fixed Swap Rate Interest rate swaps on loans 250,000 4.52 2.57 % 2.67 % 2,938 Current Rate Paid Receive Fixed Swap Rate Cap - Floor Interest rate collars on loans 250,000 4.17 2.47 % 3.02% - 2.51% 3,344 Total $ 575,000 $ 8,564 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 4.8 years. 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 $1.3 million (pre-tax) to be reclassified to interest income and $725,000 (pre-tax) to be reclassified as an offset 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, 2019 . 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 period ended March 31, 2018 . The Company did not recognize any amortization income related to previously terminated swaps for the three month period ended March 31, 2019 . The Company had no fair value hedges as of March 31, 2019 or December 31, 2018 . 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. The amounts relating to the notional principal amount are not actually exchanged. 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 tables reflect 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, 2019 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 235 $ 70,141 $ 151,524 $ 54,375 $ 56,044 $ 618,648 $ 950,732 $ 9,724 Pay fixed, receive variable 222 $ 70,141 $ 151,524 $ 54,375 $ 56,044 $ 618,648 $ 950,732 $ (9,724 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 33 $ 70,994 $ — $ — $ — $ — $ 70,994 $ (2,102 ) Buys U.S. currency, sells foreign currency 33 $ 70,994 $ — $ — $ — $ — $ 70,994 $ 2,140 December 31, 2018 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 235 $ 50,702 $ 124,222 $ 97,904 $ 47,308 $ 631,471 $ 951,607 $ (2,907 ) Pay fixed, receive variable 220 $ 50,702 $ 124,222 $ 97,904 $ 47,308 $ 631,471 $ 951,607 $ 2,903 Foreign exchange contracts Buys foreign currency, sells U.S. currency 27 $ 60,297 $ 3,505 $ — $ — $ — $ 63,802 $ (1,404 ) Buys U.S. currency, sells foreign currency 27 $ 60,297 $ 3,505 $ — $ — $ — $ 63,802 $ 1,434 (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 accuracy of underlying assumptions will impact the ultimate effectiveness of any hedging strategies. 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 an increase of $1,000 and a decrease of $26,000 for the three months ended March 31, 2019 and 2018 , 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 was $705,000 and $782,000 for the three months ended March 31, 2019 and 2018 , 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 $ 13,136 $ 8,955 Other liabilities $ — $ 391 Derivatives not designated as hedges Customer Related Positions Loan level derivatives Other assets $ 17,660 $ 15,580 Other liabilities $ 17,660 $ 15,584 Foreign exchange contracts Other assets 2,140 1,578 Other liabilities 2,102 1,548 Mortgage Derivatives Interest rate lock commitments Other assets 128 91 Other liabilities — — Forward sales agreements Other assets 128 106 Other liabilities — — $ 20,056 $ 17,355 $ 19,762 $ 17,132 Total $ 33,192 $ 26,310 $ 19,762 $ 17,523 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 2019 2018 (Dollars in thousands) Derivatives designated as hedges Gain in OCI on derivatives (effective portion), net of tax $ 3,285 $ 215 Gain reclassified from OCI into interest income or interest expense (effective portion) $ 424 $ 90 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 $ 13 $ 9 Other expense (1 ) (13 ) Changes in fair value of mortgage derivatives Mortgage banking income 59 12 Total $ 71 $ 8 The Company's derivative agreements with institutional counterparties contain various credit-risk related contingent provisions, such as requiring the Company to maintain a well-capitalized capital position. If the Company fails to meet these conditions, the counterparties could request the Company make immediate payment or demand that the Company provide immediate and ongoing full collateralization on derivative positions in net liability positions. The aggregate fair value of all derivative instruments with credit-risk related contingent features that were in a net liability position was $490,000 and $176,000 at March 31, 2019 and December 31, 2018 , respectively. Although none of the contingency provisions have applied as of March 31, 2019 and December 31, 2018 , the Company has posted collateral to offset the net liability exposures with institutional counterparties. 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 institutional counterparties is remote. The Company's exposure relating to institutional counterparties was $17.4 million and $18.4 million at March 31, 2019 and December 31, 2018 , respectively. The Company’s exposure relating to customer counterparties was approximately $13.8 million and $6.4 million at March 31, 2019 and December 31, 2018 |
Balance Sheet Offsetting
Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2019 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting Disclosure [Text Block] | BALANCE SHEET OFFSETTING The Company does not offset fair value amounts recognized for derivative instruments. 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. 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, 2019 (Dollars in thousands) Derivative Assets Interest rate swaps $ 13,136 $ — $ 13,136 $ 9,988 $ (928 ) $ 2,220 Loan level derivatives 17,660 — 17,660 3,198 (262 ) 14,200 Customer foreign exchange contracts 2,140 — 2,140 — — 2,140 $ 32,936 $ — $ 32,936 $ 13,186 $ (1,190 ) $ 18,560 Derivative Liabilities Interest rate swaps $ — $ — $ — $ — $ — $ — Loan level derivatives 17,660 — 17,660 13,186 505 3,969 Customer foreign exchange contracts 2,102 — 2,102 — — 2,102 $ 19,762 $ — $ 19,762 $ 13,186 $ 505 $ 6,071 (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, 2018 (Dollars in thousands) Derivative Assets Interest rate swaps $ 8,955 $ — $ 8,955 $ 391 $ (5,527 ) $ 3,037 Loan level derivatives 15,580 — 15,580 6,165 (3,001 ) 6,414 Customer foreign exchange contracts 1,578 — 1,578 — — 1,578 $ 26,113 $ — $ 26,113 $ 6,556 $ (8,528 ) $ 11,029 Derivative Liabilities Interest rate swaps $ 391 $ — $ 391 $ 391 $ — $ — Loan level derivatives 15,584 — 15,584 6,165 173 9,246 Customer foreign exchange contracts 1,548 — 1,548 — — 1,548 $ 17,523 $ — $ 17,523 $ 6,556 $ 173 $ 10,794 (1) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
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 assumptions applied by the Company when determining fair value reflect those that the Company determines market participants would use to price 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 if the asset were to be sold or that would be or paid if the liability were to be transferred in an orderly market transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. When determining fair value, the Company considers pricing information and other inputs that are current as of the measurement date. In periods of market dislocation, the observability of prices and other inputs may be reduced for certain instruments, or not available at all. The unavailability or reduced availability of pricing or other input information 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 transactions, 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 interest rate derivatives may also 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, 2019 and December 31, 2018 , 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 properly 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 in such cases 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 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. The fair values are generally estimated based upon recent appraisal values of the property less costs to sell the property. 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. 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 a 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, 2019 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 1,837 $ 1,837 $ — $ — Equity securities 20,357 20,357 — — Securities available for sale U.S. Government agency securities 32,455 — 32,455 — Agency mortgage-backed securities 217,795 — 217,795 — Agency collateralized mortgage obligations 131,531 — 131,531 — State, county, and municipal securities 1,739 — 1,739 — Single issuer trust preferred securities issued by banks and insurers 721 — 721 — Pooled trust preferred securities issued by banks and insurers 1,314 — — 1,314 Small business administration pooled securities 52,134 — 52,134 — Loans held for sale 5,586 — 5,586 — Derivative instruments 33,192 — 33,192 — Liabilities Derivative instruments 19,762 — 19,762 — Total recurring fair value measurements $ 478,899 $ 22,194 $ 455,391 $ 1,314 Nonrecurring fair value measurements Assets Collateral dependent impaired loans $ 28,261 $ — $ — $ 28,261 Total nonrecurring fair value measurements $ 28,261 $ — $ — $ 28,261 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, 2018 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 1,504 $ 1,504 $ — $ — Equity securities 19,477 19,477 — — Securities available for sale U.S. Government agency securities 32,038 — 32,038 — Agency mortgage-backed securities 220,105 — 220,105 — Agency collateralized mortgage obligations 134,911 — 134,911 — State, county, and municipal securities 1,735 — 1,735 — Single issuer trust preferred securities issued by banks and insurers 707 — 707 — Pooled trust preferred securities issued by banks and insurers 1,329 — — 1,329 Small business administration pooled securities 51,927 — 51,927 — Loans held for sale 6,431 — 6,431 — Derivative instruments 26,310 — 26,310 — Liabilities Derivative instruments 17,523 — 17,523 — Total recurring fair value measurements $ 478,951 $ 20,981 $ 456,641 $ 1,329 Nonrecurring fair value measurements: Assets Collateral dependent impaired loans $ 29,109 $ — $ — $ 29,109 Total nonrecurring fair value measurements $ 29,109 $ — $ — $ 29,109 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 2019 2018 (Dollars in thousands) Pooled Trust Preferred Securities Beginning balance $ 1,329 $ 1,640 Gains and (losses) (realized/unrealized) Included in other comprehensive income 3 21 Settlements (18 ) (6 ) Ending balance $ 1,314 $ 1,655 The following table sets forth certain unobservable inputs regarding the Company’s financial instruments 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 $ 1,314 $ 1,329 Cumulative prepayment 0% - 58% 0% - 59% 2.5% 2.1% Cumulative default 5% - 100% 5% - 100% 16.1% 16.2% Loss given default 85% - 100% 85% - 100% 92.1% 94.8% Cure given default 0% - 75% 0% - 75% 60.9% 60.9% Appraisals of collateral(1) Collateral dependent impaired loans $ 28,261 $ 29,109 (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 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. 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, 2019 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 1,004 $ 1,017 $ — $ 1,017 $ — Agency mortgage-backed securities 259,599 261,882 — 261,882 — Agency collateralized mortgage obligations 337,804 335,705 — 335,705 — Single issuer trust preferred securities issued by banks 1,500 1,490 — 1,490 — Small business administration pooled securities 23,336 23,062 — 23,062 — Loans, net of allowance for loan losses(b) 6,883,471 6,763,125 — — 6,763,125 Federal Home Loan Bank stock(c) 7,667 7,667 — 7,667 — Cash surrender value of life insurance policies(d) 161,521 161,521 — 161,521 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 6,740,051 $ 6,740,051 $ — $ 6,740,051 $ — Time certificates of deposits(f) 723,551 718,532 — 718,532 — Federal Home Loan Bank borrowings(f) 25,752 25,699 — 25,699 — Line of credit(f) 49,993 49,061 — 49,061 — Long-term borrowings(f) 74,914 71,694 — 71,694 — Junior subordinated debentures(g) 73,082 73,025 — 73,025 — Subordinated debentures(f) 84,299 87,425 — — 87,425 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, 2018 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 1,004 $ 1,015 $ — $ 1,015 $ — Agency mortgage-backed securities 252,484 250,928 — 250,928 — Agency collateralized mortgage obligations 332,775 326,724 — 326,724 — Single issuer trust preferred securities issued by banks 1,500 1,490 — 1,490 — Small business administration pooled securities 23,727 23,483 — 23,483 — Loans, net of allowance for loan losses(b) 6,812,792 6,635,209 — — 6,635,209 Federal Home Loan Bank stock(c) 15,683 15,683 — 15,683 — Cash surrender value of life insurance policies(d) 160,456 160,456 — 160,456 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 6,716,017 $ 6,716,017 $ — $ 6,716,017 $ — Time certificates of deposits(f) 711,103 703,728 — 703,728 — Federal Home Loan Bank borrowings(f) 147,806 147,603 — 147,603 — Junior subordinated debentures(g) 76,173 73,827 — 73,827 — Subordinated debentures(f) 34,728 32,509 — — 32,509 (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 of loans is measured using the exit price valuation method, determined primarily 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, while incorporating liquidity and credit assumptions. 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 certain 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. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE RECOGNITION A portion of the Company's noninterest income is derived from contracts with customers, and as such, the revenue recognized depicts 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. The Company considers the terms of the contract and all relevant facts and circumstances when applying this guidance. To ensure its alignment with this core principle, the Company measures revenue and the timing of recognition by applying the following five steps: 1. Identify the contract(s) with customers 2. Identify the performance obligations 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations 5. Recognize revenue when (or as) the entity satisfies a performance obligation The Company has disaggregated its revenue from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. The following table presents the revenue streams that the Company has disaggregated as of the periods indicated: Three Months Ended March 31, 2019 March 31, 2018 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 4,406 $ 4,431 Interchange fees 3,735 3,405 ATM fees 666 654 Investment management - wealth management and advisory services 6,069 5,582 Investment management - retail investments and insurance revenue 679 560 Merchant processing income 280 431 Other noninterest income 939 974 Total noninterest income in-scope of ASC 606 16,774 16,037 Total noninterest income out-of-scope of ASC 606 4,759 3,826 Total noninterest income 21,533 19,863 In each of the revenue streams identified above, there were no significant judgments made in determining or allocating the transaction price, as the consideration and service requirements are generally explicitly identified in the associated contracts. Additional information related to each of the revenue streams is further noted below: Deposit Account Fees The Company offers various deposit account products to its customers governed by specific deposit agreements applicable to either personal customers or business customers. These agreements identify the general conditions and obligations of both parties, and include standard information regarding deposit account related fees. Deposit account services include providing access to deposit accounts as well as access to the various deposit transactional services of the Company. These transactional services are primarily those that are identified in the standard fee schedule, and include, but are not limited to, services such as overdraft protection, wire transfer, and check collection. Revenue is recognized in conjunction with the various services being provided. For example, the Company may assess monthly fixed service fees associated with the customer having access to a deposit account, which can vary depending on the account type and daily account balance. In addition, the Company may also assess separate fixed fees associated with and at the time specific transactions are entered into by the customer. As such, the Company considers its performance obligations to be met concurrently with providing the account access or completing the requested deposit transaction. Cash Management Cash management services are a subset of the deposit account fees revenue stream. These services primarily include ACH transaction processing, positive pay and remote deposit services. These services are also governed by separate agreements entered into with the customer. The fee arrangement for these services is structured to assess fees under one of two scenarios, either a per transaction fee arrangement or an earnings credit analysis arrangement. Under the per transaction fee arrangement, fixed fees are assessed concurrently with customers executing the transactions, and as such, the Company considers its performance obligations to be met concurrently with completing the requested transaction. Under the earnings credit analysis arrangement, the Company provides a monthly earnings credit to the customer that is negotiated and determined based on various factors. The credit is then available to absorb the per transaction fees that are assessed on the customer's deposit account activity for the month. Any amount of the transactional fees in excess of the earnings credit is recognized as revenue in that month. Interchange Fees The Company earns interchange revenue from its issuance of credit and debit cards granted through its membership in various card payment networks. The Company provides credit cards and debit cards to its customers which are authorized and settled through these payment networks, and in exchange, the Company earns revenue as determined by each payment network's interchange program. The revenue is recognized concurrently with the settlement of card transactions within each network. ATM Fees The Company deploys automated teller machines (ATMs) as part of its overall branch network. Certain transactions performed at the ATMs require customers to acknowledge and pay a fee for the requested service. Certain ATM fees are disclosed in the deposit account agreement fee schedules, whereas those assessed to non-Rockland Trust deposit holders are solely determined during the transaction at the machine. The ATM fee is a fixed dollar per transaction amount, and as such, is recognized concurrently with the overall daily processing and settlement of the ATM activity. Investment Management - Wealth Management and Advisory Services The Company offers investment management and trust services to individuals, institutions, small businesses and charitable institutions. Each investment management product is governed by its own contract along with a separate identifiable fee schedule unique to that product. The Company also offers additional services, such as estate settlement, financial planning, tax services and other special services quoted at the client's request. The asset management and/or custody fees are based upon a percentage of the monthly valuation of the principal assets in the customer's account, whereas fees for additional or special services are fixed in nature and are charged as services are rendered. As the fees are dependent on assets under management, which are susceptible to market factors outside of the Company's control, this variable consideration is constrained and therefore no revenue is estimated at contract initiation. As such, all revenue is recognized in correlation to the monthly management fee determinations or as transactional services are provided. Due to the fact that payments are primarily made subsequent to the valuation period, the Company records a receivable for revenue earned but not received. The following table provides the amount of investment management revenue earned but not received as of the periods indicated: March 31, 2019 December 31, 2018 (Dollars in thousands) Receivables, included in other assets $ 2,089 $ 1,893 Investment Management - Retail Investments and Insurance Revenue The Company offers the sale of mutual fund shares, unit investment trust shares, general securities, fixed and variable annuities and life insurance products through registered representatives who are both employed by the Company and licensed and contracted with various Broker General Agents to offer these products to the Company’s customer base. As such, the Company performs these services as an agent and earns a fixed commission on the sales of these products and services. To a lesser degree, production bonus commissions can also be earned based upon the Company meeting certain volume thresholds. In general, the Company recognizes commission revenue at the point of sale, and for certain insurance products, may also earn and recognize annual residual commissions commensurate with annual premiums being paid. Merchant Processing Income The Company refers customers to third party merchant processing partners in exchange for commission and fee income. The income earned is comprised of multiple components, including a fixed referral fee per each referred customer, a rebate amount determined primarily as a percentage of net revenue earned by the third party from services provided to each referred customer, and overall production bonus commissions if certain new account production thresholds are met. Merchant processing income is recognized in conjunction with either completing the referral to earn the fixed fee amount or as the merchant activity is processed to derive the Company's rebate and/or production bonus amounts. Other Noninterest Income The Company earns various types of other noninterest income that fall within the scope of the new revenue recognition rules, and have been aggregated into one general revenue stream in the table noted above. This amount includes, but is not limited to, the following types of revenue with customers: Safe Deposit Rent The Company rents out the use of safe deposit boxes to its customers, which can be accessed when the bank is open for business. The safe deposit box rental fee is paid upfront and is recognized as revenue ratably over the annual term of the contract. 1031 Exchange Fee Revenue The Company provides like-kind exchange services pursuant to Section 1031 of the Internal Revenue Code. Fee income is recognized in conjunction with completing the exchange transactions. Foreign Currency |
Comprehensive Income_Loss
Comprehensive Income/Loss | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
COMPREHENSIVE INCOME/LOSS | COMPREHENSIVE INCOME (LOSS) The following tables present 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 $ 6,178 $ (1,449 ) $ 4,729 Less: net security gains reclassified into other noninterest income (expense) — — — Net change in fair value of securities available for sale 6,178 (1,449 ) 4,729 Change in fair value of cash flow hedges 4,996 (1,406 ) 3,590 Less: net cash flow hedge gains reclassified into interest income or interest expense 424 (119 ) 305 Net change in fair value of cash flow hedges 4,572 (1,287 ) 3,285 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (11 ) 3 (8 ) Amortization of net actuarial gains (2 ) 1 (1 ) Amortization of net prior service costs 69 (20 ) 49 Net change in other comprehensive income for defined benefit postretirement plans (1) 56 (16 ) 40 Total other comprehensive income $ 10,806 $ (2,752 ) $ 8,054 Three Months Ended Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ (7,240 ) $ 1,772 $ (5,468 ) Less: net security gains reclassified into other noninterest income (expense) — — — Net change in fair value of securities available for sale (7,240 ) 1,772 (5,468 ) Change in fair value of cash flow hedges 386 (106 ) 280 Less: net cash flow hedge losses reclassified into interest income or interest expense 90 (25 ) 65 Net change in fair value of cash flow hedges 296 (81 ) 215 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period — — — Amortization of net actuarial losses 94 (26 ) 68 Amortization of net prior service costs 69 (20 ) 49 Net change in other comprehensive income for defined benefit postretirement plans (1) 163 (46 ) 117 Total other comprehensive loss $ (6,781 ) $ 1,645 $ (5,136 ) (1) 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, 2018 , filed with the Securities and Exchange Commission. Effective January 1, 2018, the Company elected to reclassify certain tax effects from accumulated other comprehensive income to retained earnings, related to items that were stranded in other comprehensive income as a result of the Tax Act. A description of the other income tax effects that were reclassified as a result of the Tax Act are listed in the table below. 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) 2019 Beginning balance: January 1, 2019 $ (5,947 ) $ 6,148 $ — $ (1,374 ) $ (1,173 ) Net change in other comprehensive income (loss) 4,729 3,285 — 40 8,054 Ending balance: March 31, 2019 $ (1,218 ) $ 9,433 $ — $ (1,334 ) $ 6,881 2018 Beginning balance: January 1, 2018 $ (504 ) $ 948 $ 137 $ (2,412 ) $ (1,831 ) Opening balance reclassification (111 ) 205 29 (520 ) (397 ) Cumulative effect accounting adjustment (831 ) — — — (831 ) Net change in other comprehensive income (loss) (5,468 ) 259 (44 ) 117 (5,136 ) Ending balance: March 31, 2018 $ (6,914 ) $ 1,412 $ 122 $ (2,815 ) $ (8,195 ) |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | LEASES The Company adopted the new lease accounting standard ("the lease standard") under Accounting Standards Codification Topic 842 ("ASC 842") using the modified retrospective transition method with an effective date as of January 1, 2019. Therefore, periods prior to to that date were not restated, and are not presented below. The Company elected the package of practical expedients, which permits the Company not to reassess prior conclusions about lease identifications, lease classification and initial direct costs. The Company has elected the short-term lease recognition exemption for all leases that qualify. The Company did not elect to apply the hindsight practical expedient pertaining to using hindsight knowledge as of the effective date when determining lease terms and impairment. The Company leases office space, space for ATM locations and certain branch locations under noncancelable operating leases. As of March 31, 2019 , the Company has entered into 73 noncancelable operating lease agreements. Several of the Company's leases for office space, space for ATM locations and certain branch locations contain renewal options to extend lease terms for a period of 2 to 10 years. The Company makes the decision on whether or not to renew an option to extend a lease by considering various factors. The Company will recognize an adjustment to its ROU asset and lease liability when lease agreements are amended and executed. The discount rate used in determining the present value of lease payments is based on the Company's incremental borrowing rate for borrowings with terms similar to each lease at commencement date. The Company has no financing leases outstanding and no leases with residual value guarantees. As of March 31, 2019 , the Company had one lease on a branch location where the location is subleased from a non-related party, and one ATM location lease with a non-employee related party. The future lease payments under these leases do not have a material effect on the Company's financial position or result of operations. The Company's right-of-use asset related to operating leases was $33.7 million at March 31, 2019 . The following table provides information related to the Company's lease cost. Three Months Ended March 31, 2019 (Dollars in thousands) Operating lease cost $2,111 Short-term lease cost 39 Variable lease cost — Total lease cost $2,150 For the three months ended March 31, 2019 , the weighted average remaining lease term for operating leases was 6.60 years and the weighted average discount rate used in the measurement of operating lease liabilities was 3.07% . The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding at March 31, 2019 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in the Company's Consolidated Balance Sheet. (Dollars in thousands) 2019 $ 6,301 2020 7,725 2021 6,751 2022 5,598 2023 3,563 Thereafter 9,246 Total minimum lease payments $ 39,184 Less: amount representing interest 4,090 Present value of future minimum lease payments $ 35,094 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2019 | |
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 the Company's 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, 2019 December 31, 2018 (Dollars in thousands) Commitments to extend credit $ 2,648,940 $ 2,639,689 Standby letters of credit 17,580 16,708 Deferred standby letter of credit fees 128 122 Other Contingencies At March 31, 2019 , 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 reserve requirement was $5.3 million and $53.5 million at March 31, 2019 and December 31, 2018 |
Investments is Low Income Housi
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits | 3 Months Ended |
Mar. 31, 2019 | |
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 the Company's investments in low income housing projects as of the dates indicated: March 31 December 31 (Dollars in thousands) Original investment value $ 50,232 $ 50,232 Current recorded investment 32,604 33,681 Unfunded liability obligation 3,643 3,935 Tax credits and benefits 5,611 (1) 5,407 Amortization of investments 4,405 (2) 4,377 Net income tax benefit 1,205 (3) 1,030 (1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2019 . (2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2019 . (3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2019 |
Subsequent Event (Notes)
Subsequent Event (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENT Effective April 1, 2019, the Company completed the acquisition of Blue Hills Bancorp, Inc., parent of The Blue Hills Bank (collectively "BHB"). The acquisition resulted in the addition of eleven branch locations in Suffolk and Norfolk counties of Massachusetts, as well as Nantucket. The transaction included the acquisition of approximately $2.1 billion in loans, $196.9 million in securities, the assumption of $1.9 billion in deposits, and $124.8 million of borrowings, each at fair value. Total consideration of $667.1 million consisted of 6,166,010 shares of the Company's common stock issued, as well as $167.4 million |
Basis of Presentation Basis of
Basis of Presentation Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 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, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 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, 2018 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |
Schedule of Equity securities gains and losses [Table Text Block] | The following table represents a summary of the gains and losses that relates to equity securities for the periods indicated: Three Months Ended March 31 2019 2018 Net gains (losses) recognized during the period on equity securities $ 907 $ (485 ) Less: net gains recognized during the period on equity securities sold during the period 3 2 Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 904 $ (487 ) |
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, 2019 December 31, 2018 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 $ 32,477 $ 25 $ (47 ) $ 32,455 $ 32,477 $ — $ (439 ) $ 32,038 Agency mortgage-backed securities 217,163 1,674 (1,042 ) 217,795 222,491 1,020 (3,406 ) 220,105 Agency collateralized mortgage obligations 133,025 338 (1,832 ) 131,531 138,149 197 (3,435 ) 134,911 State, county, and municipal securities 1,716 23 — 1,739 1,719 16 — 1,735 Single issuer trust preferred securities issued by banks 717 4 — 721 717 — (10 ) 707 Pooled trust preferred securities issued by banks and insurers 1,660 — (346 ) 1,314 1,678 — (349 ) 1,329 Small business administration pooled securities 52,549 160 (575 ) 52,134 53,317 — (1,390 ) 51,927 Total available for sale securities $ 439,307 $ 2,224 $ (3,842 ) $ 437,689 $ 450,548 $ 1,233 $ (9,029 ) $ 442,752 Held to maturity securities U.S. Treasury securities $ 1,004 $ 13 $ — $ 1,017 $ 1,004 $ 11 $ — $ 1,015 Agency mortgage-backed securities 259,599 3,238 (955 ) 261,882 252,484 1,548 (3,104 ) 250,928 Agency collateralized mortgage obligations 337,804 2,208 (4,307 ) 335,705 332,775 869 (6,920 ) 326,724 Single issuer trust preferred securities issued by banks 1,500 — (10 ) 1,490 1,500 — (10 ) 1,490 Small business administration pooled securities 23,336 115 (389 ) 23,062 23,727 105 (349 ) 23,483 Total held to maturity securities $ 623,243 $ 5,574 $ (5,661 ) $ 623,156 $ 611,490 $ 2,533 $ (10,383 ) $ 603,640 Total $ 1,062,550 $ 7,798 $ (9,503 ) $ 1,060,845 $ 1,062,038 $ 3,766 $ (19,412 ) $ 1,046,392 |
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, 2019 is presented below: Due in one year or less Due after one year to five years Due after five to ten years Due after ten years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Available for sale securities U.S. government agency securities $ 10,005 $ 9,965 $ 10,003 $ 10,028 $ 12,469 $ 12,462 $ — $ — $ 32,477 $ 32,455 Agency mortgage-backed securities 7 7 52,054 51,871 88,335 88,705 76,767 77,212 217,163 217,795 Agency collateralized mortgage obligations — — — — — — 133,025 131,531 133,025 131,531 State, county, and municipal securities — — 1,022 1,026 694 713 — — 1,716 1,739 Single issuer trust preferred securities issued by banks — — — — — — 717 721 717 721 Pooled trust preferred securities issued by banks and insurers — — — — — — 1,660 1,314 1,660 1,314 Small business administration pooled securities — — — — — — 52,549 52,134 52,549 52,134 Total available for sale securities $ 10,012 $ 9,972 $ 63,079 $ 62,925 $ 101,498 $ 101,880 $ 264,718 $ 262,912 $ 439,307 $ 437,689 Held to maturity securities U.S. Treasury securities $ — $ — $ 1,004 $ 1,017 $ — $ — $ — $ — $ 1,004 $ 1,017 Agency mortgage-backed securities — — 11,786 11,724 34,127 34,044 213,686 216,114 259,599 261,882 Agency collateralized mortgage obligations — — — — 553 551 337,251 335,154 337,804 335,705 Single issuer trust preferred securities issued by banks — — — — 1,500 1,490 — — 1,500 1,490 Small business administration pooled securities — — — — — — 23,336 23,062 23,336 23,062 Total held to maturity securities $ — $ — $ 12,790 $ 12,741 $ 36,180 $ 36,085 $ 574,273 $ 574,330 $ 623,243 $ 623,156 Total $ 10,012 $ 9,972 $ 75,869 $ 75,666 $ 137,678 $ 137,965 $ 838,991 $ 837,242 $ 1,062,550 $ 1,060,845 |
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, 2019 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) U.S. government agency securities 3 $ 4,306 $ (1 ) $ 22,428 $ (46 ) $ 26,734 $ (47 ) Agency mortgage-backed securities 110 — — 246,113 (1,997 ) 246,113 (1,997 ) Agency collateralized mortgage obligations 41 — — 285,297 (6,139 ) 285,297 (6,139 ) Single issuer trust preferred securities issued by banks and insurers 1 1,490 (10 ) — — 1,490 (10 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,314 (346 ) 1,314 (346 ) Small business administration pooled securities 6 — — 59,347 (964 ) 59,347 (964 ) Total temporarily impaired securities 162 $ 5,796 $ (11 ) $ 614,499 $ (9,492 ) $ 620,295 $ (9,503 ) December 31, 2018 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) U.S.government agency securities 3 $ 9,960 $ (43 ) $ 22,078 $ (396 ) $ 32,038 $ (439 ) Agency mortgage-backed securities 144 104,616 (1,363 ) 222,850 (5,147 ) 327,466 (6,510 ) Agency collateralized mortgage obligations 48 57,871 (398 ) 279,229 (9,957 ) 337,100 (10,355 ) Single issuer trust preferred securities issued by banks and insurers 2 2,197 (20 ) — — 2,197 (20 ) Pooled trust preferred securities issued by banks and insurers 1 — — 1,329 (349 ) 1,329 (349 ) Small business administration pooled securities 7 28,257 (662 ) 40,621 (1,077 ) 68,878 (1,739 ) Total temporarily impaired securities 205 $ 202,901 $ (2,486 ) $ 566,107 $ (16,926 ) $ 769,008 $ (19,412 ) |
Loans, Allowance for Loan Los_2
Loans, Allowance for Loan Losses and Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 (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 $ 1,122,411 $ 3,238,857 $ 373,206 $ 165,931 $ 919,599 $ 1,074,668 $ 16,062 $ 6,910,734 Individually evaluated for impairment $ 28,221 $ 10,323 $ 311 $ 479 $ 12,061 $ 5,900 $ 187 $ 57,482 Purchased credit impaired loans $ — $ 4,905 $ — $ — $ 3,578 $ 173 $ — $ 8,656 Total loans by group $ 1,150,632 $ 3,254,085 $ 373,517 $ 166,410 $ 935,238 $ 1,080,741 $ 16,249 $ 6,976,872 (1 ) December 31, 2018 (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 $ 1,064,800 $ 3,235,418 $ 365,165 $ 164,135 $ 906,959 $ 1,085,961 $ 15,901 $ 6,838,339 Individually evaluated for impairment $ 28,829 $ 10,839 $ — $ 541 $ 12,706 $ 5,948 $ 197 $ 59,060 Purchased credit impaired loans $ — $ 4,991 $ — $ — $ 3,629 $ 175 $ — $ 8,795 Total loans by group $ 1,093,629 $ 3,251,248 $ 365,165 $ 164,676 $ 923,294 $ 1,092,084 $ 16,098 $ 6,906,194 (1 ) (1) The amount of net deferred costs on originated loans included in the ending balance was $7.3 million and $7.1 million at March 31, 2019 and December 31, 2018 , respectively. Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $14.3 million and $15.2 million at March 31, 2019 and December 31, 2018 |
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, 2019 (Dollars in thousands) Commercial and Commercial Commercial Small Residential Other Consumer Total Allowance for loan losses Beginning balance $ 15,760 $ 32,370 $ 5,158 $ 1,756 $ 3,219 $ 5,608 $ 422 $ 64,293 Charge-offs — — — (145 ) — (113 ) (301 ) (559 ) Recoveries 124 33 — 27 1 66 155 406 Provision (benefit) 988 (354 ) 197 146 14 (54 ) 63 1,000 Ending balance $ 16,872 $ 32,049 $ 5,355 $ 1,784 $ 3,234 $ 5,507 $ 339 $ 65,140 Ending balance: collectively evaluated for impairment $ 16,814 $ 31,974 $ 5,355 $ 1,783 $ 2,432 $ 5,346 $ 332 $ 64,036 Ending balance: individually evaluated for impairment $ 58 $ 75 $ — $ 1 $ 802 $ 161 $ 7 $ 1,104 Three Months Ended March 31, 2018 (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 $ 13,256 $ 31,453 $ 5,698 $ 1,577 $ 2,822 $ 5,390 $ 447 $ 60,643 Charge-offs (133 ) — — (24 ) (39 ) (79 ) (318 ) (593 ) Recoveries 12 20 — 9 2 34 235 312 Provision (benefit) 398 (14 ) (19 ) 31 52 14 38 500 Ending balance $ 13,533 $ 31,459 $ 5,679 $ 1,593 $ 2,837 $ 5,359 $ 402 $ 60,862 Ending balance: collectively evaluated for impairment $ 13,524 $ 31,422 $ 5,679 $ 1,590 $ 1,893 $ 5,111 $ 386 $ 59,605 Ending balance: individually evaluated for impairment $ 9 $ 37 $ — $ 3 $ 944 $ 248 $ 16 $ 1,257 |
Internal risk-rating categories for the Company's commercial portfolio | The following tables detail the amount of outstanding principal balances relative to each of the risk-rating categories for the Company’s commercial portfolio: March 31, 2019 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 1,043,472 $ 3,135,926 $ 368,450 $ 163,671 $ 4,711,519 Potential weakness 7 53,712 85,126 2,248 867 141,953 Definite weakness-loss unlikely 8 53,448 33,033 2,819 1,872 91,172 Partial loss probable 9 — — — — — Definite loss 10 — — — — — Total $ 1,150,632 $ 3,254,085 $ 373,517 $ 166,410 $ 4,944,644 December 31, 2018 Category Risk Rating Commercial and Industrial Commercial Real Estate Commercial Construction Small Business Total (Dollars in thousands) Pass 1 - 6 $ 1,014,370 $ 3,156,989 $ 361,884 $ 161,851 $ 4,695,094 Potential weakness 7 16,860 56,840 298 888 74,886 Definite weakness-loss unlikely 8 58,909 37,419 2,983 1,937 101,248 Partial loss probable 9 3,490 — — — 3,490 Definite loss 10 — — — — — Total $ 1,093,629 $ 3,251,248 $ 365,165 $ 164,676 $ 4,874,718 |
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) 748 749 LTV (re-valued)(2) 58.6 % 58.6 % Home equity portfolio FICO score (re-scored)(1) 767 767 LTV (re-valued)(2)(3) 49.6 % 49.3 % (1) The average FICO scores at March 31, 2019 are based upon rescores available from March 11, 2019 and origination score data for loans booked for the remainder of March 2019. The average FICO scores at December 31, 2018 are based upon rescores available from November 2018 and origination score data for loans booked in December 2018. (2) The combined LTV ratios for March 31, 2019 are based upon updated automated valuations as of February 2019, when available, or the most current valuation data available. The combined LTV ratios for December 31, 2018 are based upon updated automated valuations as of November 2018, when available, and/or the most current valuation data available. The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained. If no new information is available, the valuation will default to the previously obtained data or most recent appraisal. (3) |
Summary of nonaccrual loans | The following table shows information regarding nonaccrual loans at the dates indicated: March 31, 2019 December 31, 2018 (Dollars in thousands) Commercial and industrial $ 25,879 $ 26,310 Commercial real estate 1,228 3,015 Commercial construction 311 311 Small business 180 235 Residential real estate 8,517 8,251 Home equity 7,202 7,278 Other consumer 9 13 Total nonaccrual loans (1) $ 43,326 $ 45,413 (1) Included in these amounts were $28.9 million and $29.3 million of nonaccruing TDRs at March 31, 2019 and December 31, 2018 |
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, 2019 December 31, 2018 (Dollars in thousands) Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure $ 4,186 $ 3,174 |
Age analysis of past due financing receivables | The following tables show the age analysis of past due financing receivables as of the dates indicated: March 31, 2019 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 2 $ 70 — $ — 4 $ 413 6 $ 483 $ 1,150,149 $ 1,150,632 $ — Commercial real estate 9 2,156 — — 3 274 12 2,430 3,251,655 3,254,085 — Commercial construction 1 387 — — 1 311 2 698 372,819 373,517 — Small business 22 361 23 100 13 104 58 565 165,845 166,410 — Residential real estate 12 1,467 9 1,231 27 4,852 48 7,550 927,688 935,238 — Home equity 28 1,711 8 693 29 3,017 65 5,421 1,075,320 1,080,741 — Other consumer (1) 246 242 13 47 10 10 269 299 15,950 16,249 5 Total 320 $ 6,394 53 $ 2,071 87 $ 8,981 460 $ 17,446 $ 6,959,426 $ 6,976,872 $ 5 December 31, 2018 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 — $ — 4 $ 382 11 $ 26,311 15 $ 26,693 $ 1,066,936 $ 1,093,629 $ — Commercial real estate 9 1,627 — — 8 2,250 17 3,877 3,247,371 3,251,248 — Commercial construction 1 1,271 — — 1 311 2 1,582 363,583 365,165 — Small business 15 506 19 87 24 162 58 755 163,921 164,676 — Residential real estate 23 3,486 6 521 25 4,382 54 8,389 914,905 923,294 — Home equity 22 1,331 12 855 29 2,663 63 4,849 1,087,235 1,092,084 — Other consumer (1) 330 181 15 9 12 13 357 203 15,895 16,098 5 Total 400 $ 8,402 56 $ 1,854 110 $ 36,092 566 $ 46,348 $ 6,859,846 $ 6,906,194 $ 5 (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, 2019 December 31, 2018 (Dollars in thousands) TDRs on accrual status $ 23,053 $ 23,849 TDRs on nonaccrual 28,908 29,348 Total TDRs $ 51,961 $ 53,197 Amount of specific reserves included in the allowance for loan losses associated with TDRs $ 1,051 $ 1,079 Additional commitments to lend to a borrower who has been a party to a TDR $ 865 $ 982 |
Change in investment recorded subsequent to modifications | The following tables show 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, 2019 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial real estate 1 150 150 Home equity 1 75 75 Total 2 $ 225 $ 225 Three Months Ended March 31, 2018 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (Dollars in thousands) Troubled debt restructurings Commercial real estate 1 445 445 Home equity 2 242 242 Total 3 $ 687 $ 687 |
Post modification balance of Troubled Debt Restructuring | The following table shows the Company’s post-modification balance of TDRs listed by type of modification during the periods indicated: Three Months Ended March 31 2019 2018 (Dollars in thousands) Adjusted interest rate $ 150 $ — Court ordered concession 75 242 Extended maturity — 445 Total $ 225 $ 687 |
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, 2019 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 27,724 $ 37,327 $ — Commercial real estate 8,652 8,868 — Commercial construction 311 311 — Small business 299 347 — Residential real estate 4,402 4,574 — Home equity 4,921 5,169 — Other consumer 51 51 — Subtotal 46,360 56,647 — With an allowance recorded Commercial and industrial $ 497 $ 497 $ 58 Commercial real estate 1,671 1,671 75 Small business 180 220 1 Residential real estate 7,659 8,669 802 Home equity 979 1,137 161 Other consumer 136 138 7 Subtotal 11,122 12,332 1,104 Total $ 57,482 $ 68,979 $ 1,104 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 28,459 $ 35,913 $ — Commercial real estate 9,552 9,832 — Small business 358 439 — Residential real estate 4,518 4,686 — Home equity 4,957 5,199 — Other consumer 56 56 — Subtotal 47,900 56,125 — With an allowance recorded Commercial and industrial $ 370 $ 370 $ 7 Commercial real estate 1,287 1,287 37 Small business 183 223 1 Residential real estate 8,188 9,217 862 Home equity 991 1,149 164 Other consumer 141 143 8 Subtotal 11,160 12,389 1,079 Total $ 59,060 $ 68,514 $ 1,079 |
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, 2019 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 30,198 $ 35 Commercial real estate 8,873 104 Commercial construction 311 — Small business 323 2 Residential real estate 4,421 54 Home equity 4,952 55 Other consumer 53 1 Subtotal 49,131 251 With an allowance recorded Commercial and industrial $ 498 $ 3 Commercial real estate 1,682 24 Small business 181 2 Residential real estate 7,665 64 Home equity 985 12 Other consumer 138 1 Subtotal 11,149 106 Total $ 60,280 $ 357 Three Months Ended March 31, 2018 Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded Commercial and industrial $ 33,784 $ 31 Commercial real estate 14,855 157 Small business 710 5 Residential real estate 4,254 53 Home equity 5,280 53 Other consumer 87 1 Subtotal 58,970 300 With an allowance recorded Commercial and industrial $ 227 $ 2 Commercial real estate 1,730 24 Small business 131 2 Residential real estate 9,060 71 Home equity 1,688 12 Other consumer 211 2 Subtotal 13,047 113 Total $ 72,017 $ 413 |
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, 2019 December 31, 2018 (Dollars in thousands) Outstanding balance $ 9,592 $ 9,749 Carrying amount $ 8,656 $ 8,795 |
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 2019 2018 (Dollars in thousands) Beginning balance $ 1,191 $ 1,791 Accretion (141 ) (215 ) Other change in expected cash flows (1) 114 44 Reclassification from nonaccretable difference for loans which have paid off (2) — 22 Ending balance $ 1,164 $ 1,642 (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). |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 2019 2018 (Dollars in thousands, except per share data) Net income $ 35,225 $ 27,555 Weighted Average Shares Basic shares 28,106,184 27,486,573 Effect of dilutive securities 54,466 67,381 Diluted shares 28,160,650 27,553,954 Net income per share Basic EPS $ 1.25 $ 1.00 Effect of dilutive securities — — Diluted EPS $ 1.25 $ 1.00 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | During the three months ended March 31, 2019 there were no options to purchase common stock and 6,890 shares of performance-based restricted stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. During the three months ended March 31, 2018 there were 143 options to purchase common stock and no |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | During the three months ended March 31, 2019 , the Company made the following awards of restricted stock: Date Shares Granted Plan Grant Date Fair Value Per Share Vesting Period 2/21/2019 43,250 2005 Employee Stock Plan $ 83.87 Ratably over 5 years from grant date 3/15/2019 600 2005 Employee Stock Plan $ 79.55 Ratably over 5 years from grant date |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The Company did not grant any awards of options to purchase shares of common stock during the three months ended March 31, 2019 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | The following tables reflect the Company's derivative positions for the periods indicated below for interest rate derivatives which qualify as cash flow hedges for accounting purposes: March 31, 2019 Weighted Average Rate Notional Amount Average Maturity Current Pay Fixed Fair Value (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 75,000 2.93 2.63 % 1.53 % $ 1,528 Current Rate Paid Receive Fixed Swap Rate Interest rate swaps on loans 350,000 4.23 2.50 % 2.57 % 6,458 Current Rate Paid Receive Fixed Swap Rate Cap - Floor Interest rate collars on loans 250,000 3.92 2.49 % 3.02% - 2.51% 5,150 Total $ 675,000 $ 13,136 December 31, 2018 Weighted Average Rate Notional Amount Average Maturity Current Pay Fixed Fair Value (in thousands) (in years) (in thousands) Interest rate swaps on borrowings $ 75,000 3.18 2.74 % 1.53 % $ 2,282 Current Rate Paid Receive Fixed Swap Rate Interest rate swaps on loans 250,000 4.52 2.57 % 2.67 % 2,938 Current Rate Paid Receive Fixed Swap Rate Cap - Floor Interest rate collars on loans 250,000 4.17 2.47 % 3.02% - 2.51% 3,344 Total $ 575,000 $ 8,564 |
Summary of customer related derivative positions, not designated as hedging | The following tables reflect 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, 2019 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 235 $ 70,141 $ 151,524 $ 54,375 $ 56,044 $ 618,648 $ 950,732 $ 9,724 Pay fixed, receive variable 222 $ 70,141 $ 151,524 $ 54,375 $ 56,044 $ 618,648 $ 950,732 $ (9,724 ) Foreign exchange contracts Buys foreign currency, sells U.S. currency 33 $ 70,994 $ — $ — $ — $ — $ 70,994 $ (2,102 ) Buys U.S. currency, sells foreign currency 33 $ 70,994 $ — $ — $ — $ — $ 70,994 $ 2,140 December 31, 2018 (Dollars in thousands) Loan level swaps Receive fixed, pay variable 235 $ 50,702 $ 124,222 $ 97,904 $ 47,308 $ 631,471 $ 951,607 $ (2,907 ) Pay fixed, receive variable 220 $ 50,702 $ 124,222 $ 97,904 $ 47,308 $ 631,471 $ 951,607 $ 2,903 Foreign exchange contracts Buys foreign currency, sells U.S. currency 27 $ 60,297 $ 3,505 $ — $ — $ — $ 63,802 $ (1,404 ) Buys U.S. currency, sells foreign currency 27 $ 60,297 $ 3,505 $ — $ — $ — $ 63,802 $ 1,434 (1) |
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 $ 13,136 $ 8,955 Other liabilities $ — $ 391 Derivatives not designated as hedges Customer Related Positions Loan level derivatives Other assets $ 17,660 $ 15,580 Other liabilities $ 17,660 $ 15,584 Foreign exchange contracts Other assets 2,140 1,578 Other liabilities 2,102 1,548 Mortgage Derivatives Interest rate lock commitments Other assets 128 91 Other liabilities — — Forward sales agreements Other assets 128 106 Other liabilities — — $ 20,056 $ 17,355 $ 19,762 $ 17,132 Total $ 33,192 $ 26,310 $ 19,762 $ 17,523 |
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 2019 2018 (Dollars in thousands) Derivatives designated as hedges Gain in OCI on derivatives (effective portion), net of tax $ 3,285 $ 215 Gain reclassified from OCI into interest income or interest expense (effective portion) $ 424 $ 90 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 $ 13 $ 9 Other expense (1 ) (13 ) Changes in fair value of mortgage derivatives Mortgage banking income 59 12 Total $ 71 $ 8 |
Asset & Liability Derivative Po
Asset & Liability Derivative Positions & the Potential Effect of Netting Arrangements - Current Quarter (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 (Dollars in thousands) Derivative Assets Interest rate swaps $ 13,136 $ — $ 13,136 $ 9,988 $ (928 ) $ 2,220 Loan level derivatives 17,660 — 17,660 3,198 (262 ) 14,200 Customer foreign exchange contracts 2,140 — 2,140 — — 2,140 $ 32,936 $ — $ 32,936 $ 13,186 $ (1,190 ) $ 18,560 Derivative Liabilities Interest rate swaps $ — $ — $ — $ — $ — $ — Loan level derivatives 17,660 — 17,660 13,186 505 3,969 Customer foreign exchange contracts 2,102 — 2,102 — — 2,102 $ 19,762 $ — $ 19,762 $ 13,186 $ 505 $ 6,071 (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, 2018 (Dollars in thousands) Derivative Assets Interest rate swaps $ 8,955 $ — $ 8,955 $ 391 $ (5,527 ) $ 3,037 Loan level derivatives 15,580 — 15,580 6,165 (3,001 ) 6,414 Customer foreign exchange contracts 1,578 — 1,578 — — 1,578 $ 26,113 $ — $ 26,113 $ 6,556 $ (8,528 ) $ 11,029 Derivative Liabilities Interest rate swaps $ 391 $ — $ 391 $ 391 $ — $ — Loan level derivatives 15,584 — 15,584 6,165 173 9,246 Customer foreign exchange contracts 1,548 — 1,548 — — 1,548 $ 17,523 $ — $ 17,523 $ 6,556 $ 173 $ 10,794 (1) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 1,837 $ 1,837 $ — $ — Equity securities 20,357 20,357 — — Securities available for sale U.S. Government agency securities 32,455 — 32,455 — Agency mortgage-backed securities 217,795 — 217,795 — Agency collateralized mortgage obligations 131,531 — 131,531 — State, county, and municipal securities 1,739 — 1,739 — Single issuer trust preferred securities issued by banks and insurers 721 — 721 — Pooled trust preferred securities issued by banks and insurers 1,314 — — 1,314 Small business administration pooled securities 52,134 — 52,134 — Loans held for sale 5,586 — 5,586 — Derivative instruments 33,192 — 33,192 — Liabilities Derivative instruments 19,762 — 19,762 — Total recurring fair value measurements $ 478,899 $ 22,194 $ 455,391 $ 1,314 Nonrecurring fair value measurements Assets Collateral dependent impaired loans $ 28,261 $ — $ — $ 28,261 Total nonrecurring fair value measurements $ 28,261 $ — $ — $ 28,261 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, 2018 (Dollars in thousands) Recurring fair value measurements Assets Trading securities $ 1,504 $ 1,504 $ — $ — Equity securities 19,477 19,477 — — Securities available for sale U.S. Government agency securities 32,038 — 32,038 — Agency mortgage-backed securities 220,105 — 220,105 — Agency collateralized mortgage obligations 134,911 — 134,911 — State, county, and municipal securities 1,735 — 1,735 — Single issuer trust preferred securities issued by banks and insurers 707 — 707 — Pooled trust preferred securities issued by banks and insurers 1,329 — — 1,329 Small business administration pooled securities 51,927 — 51,927 — Loans held for sale 6,431 — 6,431 — Derivative instruments 26,310 — 26,310 — Liabilities Derivative instruments 17,523 — 17,523 — Total recurring fair value measurements $ 478,951 $ 20,981 $ 456,641 $ 1,329 Nonrecurring fair value measurements: Assets Collateral dependent impaired loans $ 29,109 $ — $ — $ 29,109 Total nonrecurring fair value measurements $ 29,109 $ — $ — $ 29,109 |
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 2019 2018 (Dollars in thousands) Pooled Trust Preferred Securities Beginning balance $ 1,329 $ 1,640 Gains and (losses) (realized/unrealized) Included in other comprehensive income 3 21 Settlements (18 ) (6 ) Ending balance $ 1,314 $ 1,655 |
Investments in securities that are classified as level 3 | The following table sets forth certain unobservable inputs regarding the Company’s financial instruments 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 $ 1,314 $ 1,329 Cumulative prepayment 0% - 58% 0% - 59% 2.5% 2.1% Cumulative default 5% - 100% 5% - 100% 16.1% 16.2% Loss given default 85% - 100% 85% - 100% 92.1% 94.8% Cure given default 0% - 75% 0% - 75% 60.9% 60.9% Appraisals of collateral(1) Collateral dependent impaired loans $ 28,261 $ 29,109 (1) |
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, 2019 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 1,004 $ 1,017 $ — $ 1,017 $ — Agency mortgage-backed securities 259,599 261,882 — 261,882 — Agency collateralized mortgage obligations 337,804 335,705 — 335,705 — Single issuer trust preferred securities issued by banks 1,500 1,490 — 1,490 — Small business administration pooled securities 23,336 23,062 — 23,062 — Loans, net of allowance for loan losses(b) 6,883,471 6,763,125 — — 6,763,125 Federal Home Loan Bank stock(c) 7,667 7,667 — 7,667 — Cash surrender value of life insurance policies(d) 161,521 161,521 — 161,521 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 6,740,051 $ 6,740,051 $ — $ 6,740,051 $ — Time certificates of deposits(f) 723,551 718,532 — 718,532 — Federal Home Loan Bank borrowings(f) 25,752 25,699 — 25,699 — Line of credit(f) 49,993 49,061 — 49,061 — Long-term borrowings(f) 74,914 71,694 — 71,694 — Junior subordinated debentures(g) 73,082 73,025 — 73,025 — Subordinated debentures(f) 84,299 87,425 — — 87,425 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, 2018 (Dollars in thousands) Financial assets Securities held to maturity(a) U.S. Treasury securities $ 1,004 $ 1,015 $ — $ 1,015 $ — Agency mortgage-backed securities 252,484 250,928 — 250,928 — Agency collateralized mortgage obligations 332,775 326,724 — 326,724 — Single issuer trust preferred securities issued by banks 1,500 1,490 — 1,490 — Small business administration pooled securities 23,727 23,483 — 23,483 — Loans, net of allowance for loan losses(b) 6,812,792 6,635,209 — — 6,635,209 Federal Home Loan Bank stock(c) 15,683 15,683 — 15,683 — Cash surrender value of life insurance policies(d) 160,456 160,456 — 160,456 — Financial liabilities Deposit liabilities, other than time deposits(e) $ 6,716,017 $ 6,716,017 $ — $ 6,716,017 $ — Time certificates of deposits(f) 711,103 703,728 — 703,728 — Federal Home Loan Bank borrowings(f) 147,806 147,603 — 147,603 — Junior subordinated debentures(g) 76,173 73,827 — 73,827 — Subordinated debentures(f) 34,728 32,509 — — 32,509 (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 of loans is measured using the exit price valuation method, determined primarily 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, while incorporating liquidity and credit assumptions. 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) |
Revenue Recognition Revenue (Ta
Revenue Recognition Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table presents the revenue streams that the Company has disaggregated as of the periods indicated: Three Months Ended March 31, 2019 March 31, 2018 (Dollars in thousands) Deposit account fees (inclusive of cash management fees) $ 4,406 $ 4,431 Interchange fees 3,735 3,405 ATM fees 666 654 Investment management - wealth management and advisory services 6,069 5,582 Investment management - retail investments and insurance revenue 679 560 Merchant processing income 280 431 Other noninterest income 939 974 Total noninterest income in-scope of ASC 606 16,774 16,037 Total noninterest income out-of-scope of ASC 606 4,759 3,826 Total noninterest income 21,533 19,863 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides the amount of investment management revenue earned but not received as of the periods indicated: March 31, 2019 December 31, 2018 (Dollars in thousands) Receivables, included in other assets $ 2,089 $ 1,893 |
Comprehensive Income_Loss (Tabl
Comprehensive Income/Loss (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Comprehensive income | The following tables present 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 $ 6,178 $ (1,449 ) $ 4,729 Less: net security gains reclassified into other noninterest income (expense) — — — Net change in fair value of securities available for sale 6,178 (1,449 ) 4,729 Change in fair value of cash flow hedges 4,996 (1,406 ) 3,590 Less: net cash flow hedge gains reclassified into interest income or interest expense 424 (119 ) 305 Net change in fair value of cash flow hedges 4,572 (1,287 ) 3,285 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period (11 ) 3 (8 ) Amortization of net actuarial gains (2 ) 1 (1 ) Amortization of net prior service costs 69 (20 ) 49 Net change in other comprehensive income for defined benefit postretirement plans (1) 56 (16 ) 40 Total other comprehensive income $ 10,806 $ (2,752 ) $ 8,054 Three Months Ended Pre Tax Tax (Expense) After Tax (Dollars in thousands) Change in fair value of securities available for sale $ (7,240 ) $ 1,772 $ (5,468 ) Less: net security gains reclassified into other noninterest income (expense) — — — Net change in fair value of securities available for sale (7,240 ) 1,772 (5,468 ) Change in fair value of cash flow hedges 386 (106 ) 280 Less: net cash flow hedge losses reclassified into interest income or interest expense 90 (25 ) 65 Net change in fair value of cash flow hedges 296 (81 ) 215 Net unamortized loss related to defined benefit pension and other postretirement adjustments arising during the period — — — Amortization of net actuarial losses 94 (26 ) 68 Amortization of net prior service costs 69 (20 ) 49 Net change in other comprehensive income for defined benefit postretirement plans (1) 163 (46 ) 117 Total other comprehensive loss $ (6,781 ) $ 1,645 $ (5,136 ) (1) 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, 2018 , 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) 2019 Beginning balance: January 1, 2019 $ (5,947 ) $ 6,148 $ — $ (1,374 ) $ (1,173 ) Net change in other comprehensive income (loss) 4,729 3,285 — 40 8,054 Ending balance: March 31, 2019 $ (1,218 ) $ 9,433 $ — $ (1,334 ) $ 6,881 2018 Beginning balance: January 1, 2018 $ (504 ) $ 948 $ 137 $ (2,412 ) $ (1,831 ) Opening balance reclassification (111 ) 205 29 (520 ) (397 ) Cumulative effect accounting adjustment (831 ) — — — (831 ) Net change in other comprehensive income (loss) (5,468 ) 259 (44 ) 117 (5,136 ) Ending balance: March 31, 2018 $ (6,914 ) $ 1,412 $ 122 $ (2,815 ) $ (8,195 ) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The following table provides information related to the Company's lease cost. Three Months Ended March 31, 2019 (Dollars in thousands) Operating lease cost $2,111 Short-term lease cost 39 Variable lease cost — Total lease cost $2,150 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table sets forth the undiscounted cash flows of base rent related to operating leases outstanding at March 31, 2019 with payments scheduled over the next five years and thereafter, including a reconciliation to the operating lease liability recognized in the Company's Consolidated Balance Sheet. (Dollars in thousands) 2019 $ 6,301 2020 7,725 2021 6,751 2022 5,598 2023 3,563 Thereafter 9,246 Total minimum lease payments $ 39,184 Less: amount representing interest 4,090 Present value of future minimum lease payments $ 35,094 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 December 31, 2018 (Dollars in thousands) Commitments to extend credit $ 2,648,940 $ 2,639,689 Standby letters of credit 17,580 16,708 Deferred standby letter of credit fees 128 122 |
Investments is Low Income Hou_2
Investments is Low Income Housing Tax Credits Investments in Low Income Housing Tax Credits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Low Income Housing Projects [Table Text Block] | The following table presents certain information related to the Company's investments in low income housing projects as of the dates indicated: March 31 December 31 (Dollars in thousands) Original investment value $ 50,232 $ 50,232 Current recorded investment 32,604 33,681 Unfunded liability obligation 3,643 3,935 Tax credits and benefits 5,611 (1) 5,407 Amortization of investments 4,405 (2) 4,377 Net income tax benefit 1,205 (3) 1,030 (1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2019 . (2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2019 . (3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2019 |
Securities Securities (Equity g
Securities Securities (Equity gains and losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity securities gains and losses [Abstract] | ||
Equity Securities, FV-NI, Gain (Loss) | $ 907 | $ (485) |
Equity Securities, FV-NI, Realized Gain (Loss) | 3 | 2 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 904 | $ (487) |
Securities (Reconciliation of f
Securities (Reconciliation of fair value of securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $ 2,224 | $ 1,233 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (3,842) | (9,029) |
Debt Securities, Available-for-sale | 437,689 | 442,752 |
Debt Securities, Available-for-sale, Amortized Cost | 439,307 | 450,548 |
Held to maturity Securities, Amortized Cost | 623,243 | 611,490 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 5,574 | 2,533 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (5,661) | (10,383) |
Held to Maturity, Fair Value, Total | 623,156 | 603,640 |
Amortized Cost | 1,062,550 | 1,062,038 |
Gross Unrealized Gains | 7,798 | 3,766 |
Unrealized Losses Other | (9,503) | (19,412) |
Debt Securities, Available-for-sale and Held-to-maturity | 1,060,845 | 1,046,392 |
U.S. Government agency securities | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 25 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (47) | (439) |
Debt Securities, Available-for-sale | 32,455 | 32,038 |
Debt Securities, Available-for-sale, Amortized Cost | 32,477 | 32,477 |
U.S. Treasury securities | ||
Reconciliation of fair value of securities | ||
Held to maturity Securities, Amortized Cost | 1,004 | 1,004 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 13 | 11 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held to Maturity, Fair Value, Total | 1,017 | 1,015 |
Agency mortgage-backed securities | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,674 | 1,020 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1,042) | (3,406) |
Debt Securities, Available-for-sale | 217,795 | 220,105 |
Debt Securities, Available-for-sale, Amortized Cost | 217,163 | 222,491 |
Held to maturity Securities, Amortized Cost | 259,599 | 252,484 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 3,238 | 1,548 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (955) | (3,104) |
Held to Maturity, Fair Value, Total | 261,882 | 250,928 |
Agency Collateralized Mortgage Obligations [Member] | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 338 | 197 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (1,832) | (3,435) |
Debt Securities, Available-for-sale | 131,531 | 134,911 |
Debt Securities, Available-for-sale, Amortized Cost | 133,025 | 138,149 |
Held to maturity Securities, Amortized Cost | 337,804 | 332,775 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 2,208 | 869 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (4,307) | (6,920) |
Held to Maturity, Fair Value, Total | 335,705 | 326,724 |
US States and Political Subdivisions Debt Securities [Member] | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 23 | 16 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 1,739 | 1,735 |
Debt Securities, Available-for-sale, Amortized Cost | 1,716 | 1,719 |
Single Issuer Trust Preferred Securities Issued by Banks and Insurers [Member] | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | (10) |
Debt Securities, Available-for-sale | 721 | 707 |
Debt Securities, Available-for-sale, Amortized Cost | 717 | 717 |
Held to maturity Securities, Amortized Cost | 1,500 | 1,500 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (10) | (10) |
Held to Maturity, Fair Value, Total | 1,490 | 1,490 |
Pooled trust preferred securities issued by banks and insurers | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (346) | (349) |
Debt Securities, Available-for-sale | 1,314 | 1,329 |
Debt Securities, Available-for-sale, Amortized Cost | 1,660 | 1,678 |
Small Business Administration Pooled Securities [Member] | ||
Reconciliation of fair value of securities | ||
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 160 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (575) | (1,390) |
Debt Securities, Available-for-sale | 52,134 | 51,927 |
Debt Securities, Available-for-sale, Amortized Cost | 52,549 | 53,317 |
Held to maturity Securities, Amortized Cost | 23,336 | 23,727 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 115 | 105 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (389) | (349) |
Held to Maturity, Fair Value, Total | $ 23,062 | $ 23,483 |
Securities (Schedule of Contrac
Securities (Schedule of Contractual Maturities of Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available for Sale, Fair Value | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 439,307 | $ 450,548 |
Debt Securities, Available-for-sale | 437,689 | 442,752 |
Held to Maturity, Amortized Cost | ||
Held to maturity Securities, Amortized Cost | 623,243 | 611,490 |
Held to Maturity, Fair Value | ||
Held to Maturity, Fair Value, Total | 623,156 | 603,640 |
Available for Sale Securities and Held to Maturity Securities Amortized Cost | 1,062,550 | 1,062,038 |
Debt Securities, Available-for-sale and Held-to-maturity | 1,060,845 | 1,046,392 |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 10,012 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 9,972 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 75,869 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 75,666 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | 137,678 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | 137,965 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Ten Years, Amortized Cost | 838,991 | |
Debt Securities, Available-for-sale and Held-to-maturity, Maturity, Allocated and Single Maturity Date, after Ten Years, Fair Value | 837,242 | |
U.S. Government agency securities | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 10,005 | |
Available for Sale, Amortized Cost, Due after one year to five years | 10,003 | |
Available for Sale, Amortized Cost, Due after five to ten years | 12,469 | |
Available for Sale, Amortized Cost, Due after ten years | 0 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 9,965 | |
Available for Sale, Fair Value, Due after one year to five years | 10,028 | |
Available for Sale, Fair Value, Due after five to ten years | 12,462 | |
Available for Sale, Fair Value, Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | 32,477 | 32,477 |
Debt Securities, Available-for-sale | 32,455 | 32,038 |
Small Business Administration Pooled Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 0 | |
Available for Sale, Amortized Cost, Due after five to ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 52,549 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 0 | |
Available for Sale, Fair Value, Due after five to ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 52,134 | |
Debt Securities, Available-for-sale, Amortized Cost | 52,549 | 53,317 |
Debt Securities, Available-for-sale | 52,134 | 51,927 |
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 | 0 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 0 | |
Held to Maturity, Amortized Cost, Due after ten years | 23,336 | |
Held to maturity Securities, Amortized Cost | 23,336 | 23,727 |
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 | 0 | |
Held to Maturity, Fair Value, Due after five to ten years | 0 | |
Held to Maturity, Fair Value, Due after ten years | 23,062 | |
Held to Maturity, Fair Value, Total | 23,062 | 23,483 |
Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 10,012 | |
Available for Sale, Amortized Cost, Due after one year to five years | 63,079 | |
Available for Sale, Amortized Cost, Due after five to ten years | 101,498 | |
Available for Sale, Amortized Cost, Due after ten years | 264,718 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 9,972 | |
Available for Sale, Fair Value, Due after one year to five years | 62,925 | |
Available for Sale, Fair Value, Due after five to ten years | 101,880 | |
Available for Sale, Fair Value, Due after ten years | 262,912 | |
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 | 12,790 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 36,180 | |
Held to Maturity, Amortized Cost, Due after ten years | 574,273 | |
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 | 12,741 | |
Held to Maturity, Fair Value, Due after five to ten years | 36,085 | |
Held to Maturity, Fair Value, Due after ten years | 574,330 | |
Held to Maturity, Fair Value, Total | 623,156 | |
Pooled trust preferred securities issued by banks and insurers | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 0 | |
Available for Sale, Amortized Cost, Due after five to ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 1,660 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 0 | |
Available for Sale, Fair Value, Due after five to ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 1,314 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,660 | 1,678 |
Debt Securities, Available-for-sale | 1,314 | 1,329 |
Single Issuer Trust Preferred Securities Issued by Banks and Insurers [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 0 | |
Available for Sale, Amortized Cost, Due after five to ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 717 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 0 | |
Available for Sale, Fair Value, Due after five to ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 721 | |
Debt Securities, Available-for-sale, Amortized Cost | 717 | 717 |
Debt Securities, Available-for-sale | 721 | 707 |
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 | 0 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 1,500 | |
Held to Maturity, Amortized Cost, Due after ten years | 0 | |
Held to maturity Securities, Amortized Cost | 1,500 | 1,500 |
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 | 0 | |
Held to Maturity, Fair Value, Due after five to ten years | 1,490 | |
Held to Maturity, Fair Value, Due after ten years | 0 | |
Held to Maturity, Fair Value, Total | 1,490 | 1,490 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 1,022 | |
Available for Sale, Amortized Cost, Due after five to ten years | 694 | |
Available for Sale, Amortized Cost, Due after ten years | 0 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 1,026 | |
Available for Sale, Fair Value, Due after five to ten years | 713 | |
Available for Sale, Fair Value, Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost | 1,716 | 1,719 |
Debt Securities, Available-for-sale | 1,739 | 1,735 |
Agency Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 0 | |
Available for Sale, Amortized Cost, Due after one year to five years | 0 | |
Available for Sale, Amortized Cost, Due after five to ten years | 0 | |
Available for Sale, Amortized Cost, Due after ten years | 133,025 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 0 | |
Available for Sale, Fair Value, Due after one year to five years | 0 | |
Available for Sale, Fair Value, Due after five to ten years | 0 | |
Available for Sale, Fair Value, Due after ten years | 131,531 | |
Debt Securities, Available-for-sale, Amortized Cost | 133,025 | 138,149 |
Debt Securities, Available-for-sale | 131,531 | 134,911 |
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 | 0 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 553 | |
Held to Maturity, Amortized Cost, Due after ten years | 337,251 | |
Held to maturity Securities, Amortized Cost | 337,804 | 332,775 |
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 | 0 | |
Held to Maturity, Fair Value, Due after five to ten years | 551 | |
Held to Maturity, Fair Value, Due after ten years | 335,154 | |
Held to Maturity, Fair Value, Total | 335,705 | 326,724 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule of Available-for-sale Securities and Held-to-maturity Securities [Line Items] | ||
Available for Sale, Amortized Cost, Due in one year or less | 7 | |
Available for Sale, Amortized Cost, Due after one year to five years | 52,054 | |
Available for Sale, Amortized Cost, Due after five to ten years | 88,335 | |
Available for Sale, Amortized Cost, Due after ten years | 76,767 | |
Available for Sale, Fair Value | ||
Available for Sale, Fair Value, Due in one year or less | 7 | |
Available for Sale, Fair Value, Due after one year to five years | 51,871 | |
Available for Sale, Fair Value, Due after five to ten years | 88,705 | |
Available for Sale, Fair Value, Due after ten years | 77,212 | |
Debt Securities, Available-for-sale, Amortized Cost | 217,163 | 222,491 |
Debt Securities, Available-for-sale | 217,795 | 220,105 |
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 | 11,786 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 34,127 | |
Held to Maturity, Amortized Cost, Due after ten years | 213,686 | |
Held to maturity Securities, Amortized Cost | 259,599 | 252,484 |
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 | 11,724 | |
Held to Maturity, Fair Value, Due after five to ten years | 34,044 | |
Held to Maturity, Fair Value, Due after ten years | 216,114 | |
Held to Maturity, Fair Value, Total | 261,882 | 250,928 |
US Treasury Securities [Member] | ||
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 | 1,004 | |
Held to Maturity, Amortized Cost, Due after five to ten years | 0 | |
Held to Maturity, Amortized Cost, Due after ten years | 0 | |
Held to maturity Securities, Amortized Cost | 1,004 | 1,004 |
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 | 1,017 | |
Held to Maturity, Fair Value, Due after five to ten years | 0 | |
Held to Maturity, Fair Value, Due after ten years | 0 | |
Held to Maturity, Fair Value, Total | $ 1,017 | $ 1,015 |
Securities (Unrealized Loss NOT
Securities (Unrealized Loss NOT deemed to be OTTI) (Details) $ in Thousands | Mar. 31, 2019USD ($)holding | Dec. 31, 2018USD ($)holding |
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 162 | 205 |
Fair value, less than 12 months | $ 5,796 | $ 202,901 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (11) | (2,486) |
Fair value, 12 months or longer | 614,499 | 566,107 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (9,492) | (16,926) |
Fair value, Total | 620,295 | 769,008 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (9,503) | $ (19,412) |
U. S. Government Agency Securities [Member] | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 3 | 3 |
Fair value, less than 12 months | $ 4,306 | $ 9,960 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (1) | (43) |
Fair value, 12 months or longer | 22,428 | 22,078 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (46) | (396) |
Fair value, Total | 26,734 | 32,038 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (47) | $ (439) |
Agency mortgage-backed securities | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 110 | 144 |
Fair value, less than 12 months | $ 0 | $ 104,616 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (1,363) | |
Fair value, 12 months or longer | 246,113 | 222,850 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (1,997) | (5,147) |
Fair value, Total | 246,113 | 327,466 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (1,997) | $ (6,510) |
Agency Collateralized Mortgage Obligations [Member] | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 41 | 48 |
Fair value, less than 12 months | $ 0 | $ 57,871 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | 0 | (398) |
Fair value, 12 months or longer | 285,297 | 279,229 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (6,139) | (9,957) |
Fair value, Total | 285,297 | 337,100 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (6,139) | $ (10,355) |
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 | 2 |
Fair value, less than 12 months | $ 1,490 | $ 2,197 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | (10) | (20) |
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 | 1,490 | 2,197 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (10) | $ (20) |
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 | 1,314 | 1,329 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (346) | (349) |
Fair value, Total | 1,314 | 1,329 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (346) | $ (349) |
Small Business Administration Pooled Securities [Member] | ||
Summary of gross unrealized losses and fair value of investments | ||
No of holdings | holding | 6 | 7 |
Fair value, less than 12 months | $ 0 | $ 28,257 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for less than 12 months | 0 | (662) |
Fair value, 12 months or longer | 59,347 | 40,621 |
Unrealized loss position for available for sale and held to maturity securities in a continuous loss position for more than 12 months | (964) | (1,077) |
Fair value, Total | 59,347 | 68,878 |
Available for Sale and Held to Maturity Securities Continuous Unrealized Loss Position Aggregate Loss | $ (964) | $ (1,739) |
Securities (Details Textual) (D
Securities (Details Textual) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Trading | $ 1,800,000 | $ 1,500,000 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Period Increase (Decrease) | 0 | $ 0 | |
Debt Securities, Available-for-sale | 437,689,000 | 442,752,000 | |
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 | 5,300,000 | ||
Pledged Financial Instruments, Not Separately Reported, Securities | 388,700,000 | 361,100,000 | |
Investments in obligations of individual states, counties or municipalities which exceed 10% of equity | 0 | 0 | |
Equity Securities, FV-NI | $ 20,357,000 | $ 19,477,000 |
Loans, Allowance for Loan Los_3
Loans, Allowance for Loan Losses and Credit Quality (Allowance Allocations) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | $ 6,910,734 | $ 6,838,339 | |
Ending Balance: Individually Evaluated for Impairment | 57,482 | 59,060 | |
Financing Receivable, Net | 4,944,644 | 4,874,718 | |
Ending Balance: Total Loans by Group | [1] | 6,976,872 | 6,906,194 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 8,656 | 8,795 | |
Commercial and Industrial [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 1,122,411 | 1,064,800 | |
Ending Balance: Individually Evaluated for Impairment | 28,221 | 28,829 | |
Financing Receivable, Net | 1,150,632 | 1,093,629 | |
Ending Balance: Total Loans by Group | [1] | 1,150,632 | 1,093,629 |
Commercial and Industrial [Member] | Financial Asset Acquired with Credit Deterioration [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 | 3,238,857 | 3,235,418 | |
Ending Balance: Individually Evaluated for Impairment | 10,323 | 10,839 | |
Financing Receivable, Net | 3,254,085 | 3,251,248 | |
Ending Balance: Total Loans by Group | [1] | 3,254,085 | 3,251,248 |
Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 4,905 | 4,991 | |
Construction Loans [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 373,206 | 365,165 | |
Ending Balance: Individually Evaluated for Impairment | 311 | 0 | |
Financing Receivable, Net | 373,517 | 365,165 | |
Ending Balance: Total Loans by Group | [1] | 373,517 | 365,165 |
Construction Loans [Member] | Financial Asset Acquired with Credit Deterioration [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 | 165,931 | 164,135 | |
Ending Balance: Individually Evaluated for Impairment | 479 | 541 | |
Financing Receivable, Net | 166,410 | 164,676 | |
Ending Balance: Total Loans by Group | [1] | 166,410 | 164,676 |
Small Business [Member] | Financial Asset Acquired with Credit Deterioration [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 | 919,599 | 906,959 | |
Ending Balance: Individually Evaluated for Impairment | 12,061 | 12,706 | |
Ending Balance: Total Loans by Group | [1] | 935,238 | 923,294 |
Residential Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 3,578 | 3,629 | |
Consumer Home Equity [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 1,074,668 | 1,085,961 | |
Ending Balance: Individually Evaluated for Impairment | 5,900 | 5,948 | |
Ending Balance: Total Loans by Group | [1] | 1,080,741 | 1,092,084 |
Consumer Home Equity [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | 173 | 175 | |
Consumer Other [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Ending Balance: Collectively Evaluated for Impairment | 16,062 | 15,901 | |
Ending Balance: Individually Evaluated for Impairment | 187 | 197 | |
Ending Balance: Total Loans by Group | [1],[2] | 16,249 | 16,098 |
Consumer Other [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Allowance for loans based on collective and individual evaluation of impairment by loan category | |||
Financing Receivable, Net | $ 0 | $ 0 | |
[1] | The amount of net deferred costs on originated loans included in the ending balance was $7.3 million and $7.1 million at March 31, 2019 and December 31, 2018 , respectively. Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $14.3 million and $15.2 million at March 31, 2019 and December 31, 2018 | ||
[2] | (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Loans, Allowance for Loan Los_4
Loans, Allowance for Loan Losses and Credit Quality (ALLL - by category) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Summary of changes in allowance for loan losses | |||
Beginning Balance | $ 64,293 | $ 60,643 | |
Charge-offs | (559) | (593) | |
Recoveries | 406 | 312 | |
Provision for loan losses | 1,000 | 500 | |
Ending Balance | 65,140 | 60,862 | |
Ending Balance: Individually Evaluated for Impairment | 1,104 | 1,257 | $ 1,079 |
Ending Balance: Collectively Evaluated for Impairment | 64,036 | 59,605 | |
Commercial and Industrial [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 15,760 | 13,256 | |
Charge-offs | 0 | (133) | |
Recoveries | 124 | 12 | |
Provision for loan losses | 988 | 398 | |
Ending Balance | 16,872 | 13,533 | |
Ending Balance: Individually Evaluated for Impairment | 58 | 9 | 7 |
Ending Balance: Collectively Evaluated for Impairment | 16,814 | 13,524 | |
Commercial Real Estate [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 32,370 | 31,453 | |
Charge-offs | 0 | 0 | |
Recoveries | 33 | 20 | |
Provision for loan losses | (354) | (14) | |
Ending Balance | 32,049 | 31,459 | |
Ending Balance: Individually Evaluated for Impairment | 75 | 37 | 37 |
Ending Balance: Collectively Evaluated for Impairment | 31,974 | 31,422 | |
Construction Loans [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 5,158 | 5,698 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for loan losses | 197 | (19) | |
Ending Balance | 5,355 | 5,679 | |
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | |
Ending Balance: Collectively Evaluated for Impairment | 5,355 | 5,679 | |
Small Business [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 1,756 | 1,577 | |
Charge-offs | (145) | (24) | |
Recoveries | 27 | 9 | |
Provision for loan losses | 146 | 31 | |
Ending Balance | 1,784 | 1,593 | |
Ending Balance: Individually Evaluated for Impairment | 1 | 3 | 1 |
Ending Balance: Collectively Evaluated for Impairment | 1,783 | 1,590 | |
Residential Real Estate [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 3,219 | 2,822 | |
Charge-offs | 0 | (39) | |
Recoveries | 1 | 2 | |
Provision for loan losses | 14 | 52 | |
Ending Balance | 3,234 | 2,837 | |
Ending Balance: Individually Evaluated for Impairment | 802 | 944 | 862 |
Ending Balance: Collectively Evaluated for Impairment | 2,432 | 1,893 | |
Consumer Home Equity [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 5,608 | 5,390 | |
Charge-offs | (113) | (79) | |
Recoveries | 66 | 34 | |
Provision for loan losses | (54) | 14 | |
Ending Balance | 5,507 | 5,359 | |
Ending Balance: Individually Evaluated for Impairment | 161 | 248 | 164 |
Ending Balance: Collectively Evaluated for Impairment | 5,346 | 5,111 | |
Consumer Other [Member] | |||
Summary of changes in allowance for loan losses | |||
Beginning Balance | 422 | 447 | |
Charge-offs | (301) | (318) | |
Recoveries | 155 | 235 | |
Provision for loan losses | 63 | 38 | |
Ending Balance | 339 | 402 | |
Ending Balance: Individually Evaluated for Impairment | 7 | 16 | $ 8 |
Ending Balance: Collectively Evaluated for Impairment | $ 332 | $ 386 |
Loans, Allowance for Loan Los_5
Loans, Allowance for Loan Losses and Credit Quality (Internal Risk-Rating Categories for the Commercial Portfolio) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
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 | 4,944,644,000 | $ 4,874,718,000 |
Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 1,150,632,000 | 1,093,629,000 |
Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 3,254,085,000 | 3,251,248,000 |
Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 373,517,000 | 365,165,000 |
Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 166,410,000 | 164,676,000 |
PASS [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 4,711,519,000 | 4,695,094,000 |
PASS [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 1,043,472,000 | 1,014,370,000 |
PASS [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 3,135,926,000 | 3,156,989,000 |
PASS [Member] | Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 368,450,000 | 361,884,000 |
PASS [Member] | Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 163,671,000 | 161,851,000 |
POTENTIAL WEAKNESS [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 141,953,000 | 74,886,000 |
POTENTIAL WEAKNESS [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 53,712,000 | 16,860,000 |
POTENTIAL WEAKNESS [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 85,126,000 | 56,840,000 |
POTENTIAL WEAKNESS [Member] | Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 2,248,000 | 298,000 |
POTENTIAL WEAKNESS [Member] | Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 867,000 | 888,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 91,172,000 | 101,248,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 53,448,000 | 58,909,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 33,033,000 | 37,419,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Commercial Construction [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 2,819,000 | 2,983,000 |
DEFINITE WEAKNESS-LOSS UNLIKELY [Member] | Small Business [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 1,872,000 | 1,937,000 |
PARTIAL LOSS PROBABLE [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 0 | 3,490,000 |
PARTIAL LOSS PROBABLE [Member] | Commercial and Industrial [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 0 | 3,490,000 |
PARTIAL LOSS PROBABLE [Member] | Commercial Real Estate [Member] | ||
Internal risk-rating categories for the Company's commercial portfolio | ||
TOTAL | 0 | 0 |
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 | 0 | 0 |
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 Los_6
Loans, Allowance for Loan Losses and Credit Quality (Weighted Average FICO Scores and the Weighted Average Combined LTV Ratio) (Details) - score | Mar. 31, 2019 | Dec. 31, 2018 | |
Residential Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable With Quality Of Loan Based On Weighted Average Fico Rating | [1] | 748 | 749 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | [2] | 58.60% | 58.60% |
Consumer Home Equity [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Financing Receivable With Quality Of Loan Based On Weighted Average Fico Rating | [1] | 767 | 767 |
Financing Receivable With Credit Quality Of Loan Based Upon the Weighted Average Loan-To-Value Ratio | [2],[3] | 49.60% | 49.30% |
[1] | The average FICO scores at March 31, 2019 are based upon rescores available from March 11, 2019 and origination score data for loans booked for the remainder of March 2019. The average FICO scores at December 31, 2018 are based upon rescores available from November 2018 and origination score data for loans booked in December 2018. | ||
[2] | The combined LTV ratios for March 31, 2019 are based upon updated automated valuations as of February 2019, when available, or the most current valuation data available. The combined LTV ratios for December 31, 2018 are based upon updated automated valuations as of November 2018, when available, and/or the most current valuation data available. The updated automated valuations provide new information on loans that may be available since the previous valuation was obtained. If no new information is available, the valuation will default to the previously obtained data or most recent appraisal. | ||
[3] | For home equity loans and lines in a subordinate lien, the LTV data represents a combined LTV, taking into account the senior lien data for loans and lines. |
Loans, Allowance for Loan Los_7
Loans, Allowance for Loan Losses and Credit Quality (Summary of Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable Impaired [Line Items] | |||
Tdrs Recorded Investment On Nonaccrual Status | $ 28,908 | $ 29,348 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | [1] | 43,326 | 45,413 |
Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 25,879 | 26,310 | |
Commercial Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,228 | 3,015 | |
Construction Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 311 | 311 | |
Small Business [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 180 | 235 | |
Residential Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,517 | 8,251 | |
Consumer Home Equity [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,202 | 7,278 | |
Consumer - Other [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 9 | $ 13 | |
[1] | (1) Included in these amounts were $28.9 million and $29.3 million of nonaccruing TDRs at March 31, 2019 and December 31, 2018 |
Loans, Allowance for Loan Los_8
Loans, Allowance for Loan Losses and Credit Quality Foreclosed Residential Real Estate Property (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure | $ 4,186 | $ 3,174 |
Loans, Allowance for Loan Los_9
Loans, Allowance for Loan Losses and Credit Quality (Age Analysis of Past Due Financing Receivables) (Details) $ in Thousands | Mar. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Age Analysis of Past Due Financing Receivables | |||
Number of Loans 30-59 Days | loan | 320 | 400 | |
Number of Loans 60-89 Days | loan | 53 | 56 | |
Number of Loans 90 Days or More | loan | 87 | 110 | |
Number of Loans Total Past Due | loan | 460 | 566 | |
Principal Balance Total Past Due | $ 17,446 | $ 46,348 | |
Current | 6,959,426 | 6,859,846 | |
Total loans | [1] | 6,976,872 | 6,906,194 |
Recorded Investment >90 Days and Accruing | $ 5 | $ 5 | |
Commercial and Industrial [Member] | |||
Age Analysis of Past Due Financing Receivables | |||
Number of Loans 30-59 Days | loan | 2 | 0 | |
Number of Loans 60-89 Days | loan | 0 | 4 | |
Number of Loans 90 Days or More | loan | 4 | 11 | |
Number of Loans Total Past Due | loan | 6 | 15 | |
Principal Balance Total Past Due | $ 483 | $ 26,693 | |
Current | 1,150,149 | 1,066,936 | |
Total loans | [1] | 1,150,632 | 1,093,629 |
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 | 9 | 9 | |
Number of Loans 60-89 Days | loan | 0 | 0 | |
Number of Loans 90 Days or More | loan | 3 | 8 | |
Number of Loans Total Past Due | loan | 12 | 17 | |
Principal Balance Total Past Due | $ 2,430 | $ 3,877 | |
Current | 3,251,655 | 3,247,371 | |
Total loans | [1] | 3,254,085 | 3,251,248 |
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 | 1 | 1 | |
Number of Loans 60-89 Days | loan | 0 | 0 | |
Number of Loans 90 Days or More | loan | 1 | 1 | |
Number of Loans Total Past Due | loan | 2 | 2 | |
Principal Balance Total Past Due | $ 698 | $ 1,582 | |
Current | 372,819 | 363,583 | |
Total loans | [1] | 373,517 | 365,165 |
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 | 22 | 15 | |
Number of Loans 60-89 Days | loan | 23 | 19 | |
Number of Loans 90 Days or More | loan | 13 | 24 | |
Number of Loans Total Past Due | loan | 58 | 58 | |
Principal Balance Total Past Due | $ 565 | $ 755 | |
Current | 165,845 | 163,921 | |
Total loans | [1] | 166,410 | 164,676 |
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 | 12 | 23 | |
Number of Loans 60-89 Days | loan | 9 | 6 | |
Number of Loans 90 Days or More | loan | 27 | 25 | |
Number of Loans Total Past Due | loan | 48 | 54 | |
Principal Balance Total Past Due | $ 7,550 | $ 8,389 | |
Current | 927,688 | 914,905 | |
Total loans | [1] | 935,238 | 923,294 |
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 | 28 | 22 | |
Number of Loans 60-89 Days | loan | 8 | 12 | |
Number of Loans 90 Days or More | loan | 29 | 29 | |
Number of Loans Total Past Due | loan | 65 | 63 | |
Principal Balance Total Past Due | $ 5,421 | $ 4,849 | |
Current | 1,075,320 | 1,087,235 | |
Total loans | [1] | 1,080,741 | 1,092,084 |
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 | [2] | 246 | 330 |
Number of Loans 60-89 Days | loan | [2] | 13 | 15 |
Number of Loans 90 Days or More | loan | [2] | 10 | 12 |
Number of Loans Total Past Due | loan | [2] | 269 | 357 |
Principal Balance Total Past Due | [2] | $ 299 | $ 203 |
Current | [2] | 15,950 | 15,895 |
Total loans | [1],[2] | 16,249 | 16,098 |
Recorded Investment >90 Days and Accruing | [2] | 5 | 5 |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Age Analysis of Past Due Financing Receivables | |||
Principal Balance Total Past Due | 6,394 | 8,402 | |
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 | 70 | 0 | |
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 | 2,156 | 1,627 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction Loans [Member] | |||
Age Analysis of Past Due Financing Receivables | |||
Principal Balance Total Past Due | 387 | 1,271 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Small Business [Member] | |||
Age Analysis of Past Due Financing Receivables | |||
Principal Balance Total Past Due | 361 | 506 | |
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 | 1,467 | 3,486 | |
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 | 1,711 | 1,331 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer - Other [Member] | |||
Age Analysis of Past Due Financing Receivables | |||
Principal Balance Total Past Due | [2] | 242 | 181 |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Age Analysis of Past Due Financing Receivables | |||
Principal Balance Total Past Due | 2,071 | 1,854 | |
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 | 0 | 382 | |
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 | 0 | |
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 | 100 | 87 | |
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 | 1,231 | 521 | |
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 | 693 | 855 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer - Other [Member] | |||
Age Analysis of Past Due Financing Receivables | |||
Principal Balance Total Past Due | [2] | 47 | 9 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Age Analysis of Past Due Financing Receivables | |||
Principal Balance Total Past Due | 8,981 | 36,092 | |
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 | 413 | 26,311 | |
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 | 274 | 2,250 | |
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 | 311 | 311 | |
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 | 104 | 162 | |
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 | 4,852 | 4,382 | |
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 | 3,017 | 2,663 | |
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 | [2] | $ 10 | $ 13 |
[1] | The amount of net deferred costs on originated loans included in the ending balance was $7.3 million and $7.1 million at March 31, 2019 and December 31, 2018 , respectively. Net unamortized discounts on acquired loans not deemed to be purchased credit impaired ("PCI") included in the ending balance was $14.3 million and $15.2 million at March 31, 2019 and December 31, 2018 | ||
[2] | (1) Other consumer portfolio is inclusive of deposit account overdrafts recorded as loan balances. |
Loans, Allowance for Loan Lo_10
Loans, Allowance for Loan Losses and Credit Quality (TDR's and Other Pertinent Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Summary of Troubled Debt Restructurings and other pertinent information | ||
TDRS ON ACCRUAL STATUS | $ 23,053 | $ 23,849 |
TDRS ON NONACCRUAL | 28,908 | 29,348 |
TOTAL TDR'S | 51,961 | 53,197 |
AMOUNT OF SPECIFIC RESERVES INCLUDED IN THE ALLOWANCE FOR LOAN LOSSES ASSOCIATED WITH TDRS: | 1,051 | 1,079 |
Additional Commitments To Lend To Borrower For Trouble Debt Restructuring | $ 865 | $ 982 |
Loans, Allowance for Loan Lo_11
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, 2019USD ($)contract | Mar. 31, 2018USD ($)contract | ||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 2 | 3 | |
TROUBLED DEBT RESTRUCTURINGS: | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 225 | $ 687 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | [1] | $ 225 | $ 687 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 1 | |
TROUBLED DEBT RESTRUCTURINGS: | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 150 | $ 445 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | [1] | $ 150 | $ 445 |
Consumer Home Equity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | 2 | |
TROUBLED DEBT RESTRUCTURINGS: | |||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 75 | $ 242 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | [1] | $ 75 | $ 242 |
[1] |
Loans, Allowance for Loan Lo_12
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, 2019 | Mar. 31, 2018 | |
Post modification balance of Troubled Debt Restructuring | ||
Financing Receivable Modifications Post Modification Recorded Investment Adjusted Interest Rate | $ 150 | $ 0 |
COURT ORDERED CONCESSION | 75 | 242 |
EXTENDED MATURITY | 0 | 445 |
TOTAL | $ 225 | $ 687 |
Loans, Allowance for Loan Lo_13
Loans, Allowance for Loan Losses and Credit Quality (Impaired Loans by Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | $ 1,104 | $ 1,079 | $ 1,257 |
Related Allowance | 1,104 | 1,079 | |
Impaired Financing Receivable, Recorded Investment, Total | 57,482 | 59,060 | |
Impaired Financing Receivable, Unpaid Principal Balance | 68,979 | 68,514 | |
WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 46,360 | 47,900 | |
Unpaid Principal Balance | 56,647 | 56,125 | |
Related Allowance | 0 | 0 | |
WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 11,122 | 11,160 | |
Unpaid Principal Balance | 12,332 | 12,389 | |
Commercial and Industrial [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 58 | 7 | 9 |
Commercial and Industrial [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 27,724 | 28,459 | |
Unpaid Principal Balance | 37,327 | 35,913 | |
Related Allowance | 0 | 0 | |
Commercial and Industrial [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 497 | 370 | |
Unpaid Principal Balance | 497 | 370 | |
Commercial Real Estate [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 75 | 37 | 37 |
Commercial Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 8,652 | 9,552 | |
Unpaid Principal Balance | 8,868 | 9,832 | |
Related Allowance | 0 | 0 | |
Commercial Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 1,671 | 1,287 | |
Unpaid Principal Balance | 1,671 | 1,287 | |
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 | |||
Recorded Investment | 311 | ||
Unpaid Principal Balance | 311 | ||
Related Allowance | 0 | ||
Small Business [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1 | 1 | 3 |
Small Business [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 299 | 358 | |
Unpaid Principal Balance | 347 | 439 | |
Related Allowance | 0 | 0 | |
Small Business [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 180 | 183 | |
Unpaid Principal Balance | 220 | 223 | |
Residential Real Estate [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 802 | 862 | 944 |
Residential Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 4,402 | 4,518 | |
Unpaid Principal Balance | 4,574 | 4,686 | |
Related Allowance | 0 | 0 | |
Residential Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 7,659 | 8,188 | |
Unpaid Principal Balance | 8,669 | 9,217 | |
Consumer Home Equity [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 161 | 164 | 248 |
Consumer Home Equity [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 4,921 | 4,957 | |
Unpaid Principal Balance | 5,169 | 5,199 | |
Related Allowance | 0 | 0 | |
Consumer Home Equity [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 979 | 991 | |
Unpaid Principal Balance | 1,137 | 1,149 | |
Consumer - Other [Member] | |||
Impaired loans by loan portfolio | |||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 7 | 8 | $ 16 |
Consumer - Other [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 51 | 56 | |
Unpaid Principal Balance | 51 | 56 | |
Related Allowance | 0 | 0 | |
Consumer - Other [Member] | WITH AN ALLOWANCE RECORDED: [Member] | |||
Impaired loans by loan portfolio | |||
Recorded Investment | 136 | 141 | |
Unpaid Principal Balance | $ 138 | $ 143 |
Loans, Allowance for Loan Lo_14
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, 2019 | Mar. 31, 2018 | |
Interest income recognized on impaired loans | ||
Average Recorded Investment | $ 60,280 | $ 72,017 |
Interest Income Recognized | 357 | 413 |
WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 49,131 | 58,970 |
Interest Income Recognized | 251 | 300 |
WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 11,149 | 13,047 |
Interest Income Recognized | 106 | 113 |
Commercial and Industrial [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 30,198 | 33,784 |
Interest Income Recognized | 35 | 31 |
Commercial and Industrial [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 498 | 227 |
Interest Income Recognized | 3 | 2 |
Commercial Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 8,873 | 14,855 |
Interest Income Recognized | 104 | 157 |
Commercial Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 1,682 | 1,730 |
Interest Income Recognized | 24 | 24 |
Construction Loans [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 311 | |
Interest Income Recognized | 0 | |
Small Business [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 323 | 710 |
Interest Income Recognized | 2 | 5 |
Small Business [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 181 | 131 |
Interest Income Recognized | 2 | 2 |
Residential Real Estate [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 4,421 | 4,254 |
Interest Income Recognized | 54 | 53 |
Residential Real Estate [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 7,665 | 9,060 |
Interest Income Recognized | 64 | 71 |
Consumer Home Equity [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 4,952 | 5,280 |
Interest Income Recognized | 55 | 53 |
Consumer Home Equity [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 985 | 1,688 |
Interest Income Recognized | 12 | 12 |
Consumer - Other [Member] | WITH NO RELATED ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 53 | 87 |
Interest Income Recognized | 1 | 1 |
Consumer - Other [Member] | WITH AN ALLOWANCE RECORDED: [Member] | ||
Interest income recognized on impaired loans | ||
Average Recorded Investment | 138 | 211 |
Interest Income Recognized | $ 1 | $ 2 |
Loans, Allowance for Loan Lo_15
Loans, Allowance for Loan Losses and Credit Quality (Purchased Credit Impaired Loans - Outstanding/Carrying balances) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Outstanding balance | $ 9,592 | $ 9,749 |
Financing Receivable, Net | 4,944,644 | 4,874,718 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Financing Receivable, Net | $ 8,656 | $ 8,795 |
Loans, Allowance for Loan Lo_16
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, 2019 | Mar. 31, 2018 | ||
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 | $ 1,191 | $ 1,791 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | (141) | (215) | |
Certainloansacquiredinatransfernotaccountedforasdebtsecuritiesaccretableyieldadjustmentchangesinexpectedcashflow | [1] | 114 | 44 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | [2] | 0 | 22 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield, End of Period | $ 1,164 | $ 1,642 | |
[1] | (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] | (2) Results in increased interest income during the period in which the loan paid off at amount greater than originally expected. |
Loans, Allowance for Loan Lo_17
Loans, Allowance for Loan Losses and Credit Quality (Textual) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | |
Unamortized Loan Commitment and Origination fees | 7,300,000 | $ 7,100,000 | |
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 | $ 28,908,000 | 29,348,000 | |
Unamortized Discounts or Premiums | $ 14,300,000 | $ 15,200,000 |
Borrowings (Details)
Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 125,000 | |
Repayments of Debt | 50,000 | |
Subordinated Debt | 84,299 | $ 34,728 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 50,000 | |
Term loan credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 75,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | |
London Interbank Offered Rate (LIBOR) [Member] | Term loan credit facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Borrowings Subordinated Debt (D
Borrowings Subordinated Debt (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 84,299 | $ 34,728 |
Subordinated note due 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Subordinated Debt | $ 50,000 | |
Subordinated Debt [Member] | Subordinated Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.15% |
Earnings Per Share (EPS Compone
Earnings Per Share (EPS Components) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Summary of earnings per share | ||
Net income | $ 35,225 | $ 27,555 |
Weighted Average Shares (in shares) | ||
BASIC SHARES | 28,106,184 | 27,486,573 |
EFFECT OF DILUTIVE SECURITIES | 54,466 | 67,381 |
DILUTIVE SHARES | 28,160,650 | 27,553,954 |
NET INCOME PER SHARE (in dollars per share) | ||
BASIC EPS | $ 1.25 | $ 1 |
EFFECT OF DILUTIVE SECURITIES | 0 | 0 |
DILUTIVE EPS | $ 1.25 | $ 1 |
Earnings Per Share Antidilutive
Earnings Per Share Antidilutive Securities excluded from the Computaion of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Stock Option [Member] | ||
Stock Option [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 143 |
Performance Shares [Member] | ||
Stock Option [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,890 | 0 |
Stock Based Compensation (Award
Stock Based Compensation (Awards of Restricted Stock) (Details) - Ratably Over Period [Member] - Employee Stock [Member] - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
2/21/2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 43,250 |
Grant Date Fair Value Per Share | $ / shares | $ 83.87 |
Vesting Period | Ratably over 5 years from grant date |
3/15/2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 600 |
Grant Date Fair Value Per Share | $ / shares | $ 79.55 |
Vesting Period | Ratably over 5 years from grant date |
Stock Based Compensation Perfor
Stock Based Compensation Performance-based Restricted Stock Textual (Details) - Employee Stock Plan [Member] | 3 Months Ended |
Mar. 31, 2019$ / 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 |
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 | 15,900 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 83.87 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 17,947 |
Stock Based Compensation Stock
Stock Based Compensation Stock Based Compensation Option Awards Granted (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2019shares | |
Employee Stock Plan [Member] | 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 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Derivative Positions for Interest Rate Swaps which Qualify as Hedges) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Amortization Of Deferred Hedge Gains Losses | $ 0 | $ 61,000 | |
Change in Fair Value on Loans Held for Sale | 1,000 | $ (26,000) | |
Notional amount of fair value hedged derivative | $ 0 | $ 0 | |
Interest rate collars on loans [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Average Cap Interest Rate | 3.02% | 3.02% | |
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 250,000,000 | $ 250,000,000 | |
Derivative, Average Remaining Maturity | 3 years 11 months 1 day | 4 years 2 months 1 day | |
Derivative, Average Variable Interest Rate | 2.49% | 2.47% | |
Fair Value | $ 5,150,000 | $ 3,344,000 | |
Derivative, Average Floor Interest Rate | 2.51% | 2.51% | |
Interest rate swaps on loans [Member] | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 350,000,000 | $ 250,000,000 | |
Derivative, Average Remaining Maturity | 4 years 2 months 23 days | 4 years 6 months 7 days | |
Derivative, Average Variable Interest Rate | 2.50% | 2.57% | |
Derivative, Average Fixed Interest Rate | 2.57% | 2.67% | |
Fair Value | $ 6,458,000 | $ 2,938,000 | |
Interest rate swaps on borrowings [Member] | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | $ 75,000,000 | $ 75,000,000 | |
Derivative, Average Remaining Maturity | 2 years 11 months 4 days | 3 years 2 months 4 days | |
Derivative, Average Variable Interest Rate | 2.63% | 2.74% | |
Derivative, Average Fixed Interest Rate | 1.53% | 1.53% | |
Fair Value | $ 1,528,000 | $ 2,282,000 | |
Interest rate swaps | |||
Details of derivative positions for interest rate swaps which qualify as hedges for accounting purposes | |||
Notional Amount | 675,000,000 | 575,000,000 | |
Fair Value | $ 13,136,000 | $ 8,564,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Customer Related Derivative Positions - Not Designated as Hedges) (Details) - Not Designated as Hedging Instrument $ in Thousands | Mar. 31, 2019USD ($)position | Dec. 31, 2018USD ($)position | |
Receive fixed, pay variable | Loan level swaps | |||
Summary of customer related derivative positions, not designated as hedging | |||
Number of Positions | position | [1] | 235 | 235 |
Less than 1 year | $ 70,141 | $ 50,702 | |
Less than 2 years | 151,524 | 124,222 | |
Less than 3 years | 54,375 | 97,904 | |
Less than 4 years | 56,044 | 47,308 | |
Thereafter | 618,648 | 631,471 | |
Total | 950,732 | 951,607 | |
Fair Value | $ 9,724 | $ (2,907) | |
Pay fixed, receive variable | Loan level swaps | |||
Summary of customer related derivative positions, not designated as hedging | |||
Number of Positions | position | [1] | 222 | 220 |
Less than 1 year | $ 70,141 | $ 50,702 | |
Less than 2 years | 151,524 | 124,222 | |
Less than 3 years | 54,375 | 97,904 | |
Less than 4 years | 56,044 | 47,308 | |
Thereafter | 618,648 | 631,471 | |
Total | 950,732 | 951,607 | |
Fair Value | $ (9,724) | $ 2,903 | |
Buys foreign currency, sells U.S. currency | Foreign exchange contracts | |||
Summary of customer related derivative positions, not designated as hedging | |||
Number of Positions | position | [1] | 33 | 27 |
Less than 1 year | $ 70,994 | $ 60,297 | |
Less than 2 years | 3,505 | ||
Total | 70,994 | 63,802 | |
Fair Value | $ (2,102) | $ (1,404) | |
Buys U.S. currency, sells foreign currency | Foreign exchange contracts | |||
Summary of customer related derivative positions, not designated as hedging | |||
Number of Positions | position | [1] | 33 | 27 |
Less than 1 year | $ 70,994 | $ 60,297 | |
Less than 2 years | 3,505 | ||
Total | 70,994 | 63,802 | |
Fair Value | $ 2,140 | $ 1,434 | |
[1] | The Company may enter into one dealer swap agreement which offsets multiple commercial borrower swap agreements. |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (FV of Derivative Financial Instruments and Classification on Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 32,936 | $ 26,113 |
Liability Derivatives | 19,762 | 17,523 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 20,056 | 17,355 |
Derivative Asset, Fair Value, Gross Asset | 33,192 | 26,310 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 19,762 | 17,132 |
Liability Derivatives | 19,762 | 17,523 |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 13,136 | 8,955 |
Interest rate swaps [Member] | Derivatives designated as hedges [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 391 |
Loan level swaps [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 17,660 | 15,580 |
Loan level swaps [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 17,660 | 15,584 |
Foreign exchange contracts | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,140 | 1,578 |
Foreign exchange contracts | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 2,102 | 1,548 |
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 | 128 | 91 |
Derivative Instrument Not Designated as a Hedge, Forward Sales Agreements, Asset at Fair Value | 128 | 106 |
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 | $ 0 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities (Derivative Financial Instruments included in OCI and Current Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Derivatives designated as hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain reclassified from OCI into interest income or interest expense (effective portion) | $ 424 | $ 90 |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other income | 71 | 8 |
Other expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other income | 13 | 9 |
Changes in fair value of mortgage derivatives | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other income | (1) | (13) |
Total | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Mortgage banking income | 59 | 12 |
Derivatives designated as hedges [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax, Portion Attributable to Parent | $ 3,285 | $ 215 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities (Textual) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Derivative, Net Liability Position, Aggregate Fair Value | $ 490,000 | $ 176,000 | |
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 4 years 9 months 18 days | ||
Gain (Loss) on Sales of Loans, Net | $ 705,000 | $ 782,000 | |
Exposure to Institutional Counterparties | 17,400,000 | 18,400,000 | |
Amortization Of Deferred Hedge Gains Losses | 0 | 61,000 | |
Customer related positions | 13,800,000 | 6,400,000 | |
Notional amount of fair value hedged derivative | 0 | $ 0 | |
Change in Fair Value on Loans Held for Sale | $ 1,000 | $ (26,000) | |
Interest rate collars on loans [Member] | |||
Derivative [Line Items] | |||
Derivative, Average Cap Interest Rate | 3.02% | 3.02% | |
Derivative, Average Floor Interest Rate | 2.51% | 2.51% | |
Derivative, Notional Amount | $ 250,000,000 | $ 250,000,000 | |
Interest Income [Member] | |||
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 1,300,000 | ||
Interest Expense [Member] | |||
Derivative [Line Items] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 725,000 |
Assets & Liability Derivative P
Assets & Liability Derivative Positions & the Potential Effect of Netting Arrangements - Current Quarter (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Offsetting Liabilities [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 32,936 | $ 26,113 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Derivative Asset | 32,936 | 26,113 | |
Derivative, Collateral, Obligation to Return Securities | [1] | 13,186 | 6,556 |
Derivative, Collateral, Obligation to Return Cash | (1,190) | (8,528) | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 18,560 | 11,029 | |
Derivative Liability, Fair Value, Gross Liability | 19,762 | 17,523 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | |
Derivative Liability | 19,762 | 17,523 | |
Derivative, Collateral, Right to Reclaim Securities | [1] | 13,186 | 6,556 |
Derivative, Collateral, Right to Reclaim Cash | 505 | 173 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 6,071 | 10,794 | |
Interest rate swaps | |||
Offsetting Liabilities [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Derivative Asset | 13,136 | 8,955 | |
Derivative, Collateral, Obligation to Return Securities | [1] | 9,988 | 391 |
Derivative, Collateral, Obligation to Return Cash | (928) | 5,527 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,220 | 3,037 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | |
Derivative Liability | 0 | 391 | |
Derivative, Collateral, Right to Reclaim Securities | [1] | 0 | 391 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 | |
Loan level swaps | |||
Offsetting Liabilities [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Derivative Asset | 17,660 | 15,580 | |
Derivative, Collateral, Obligation to Return Securities | [1] | 3,198 | 6,165 |
Derivative, Collateral, Obligation to Return Cash | (262) | 3,001 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 14,200 | 6,414 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | |
Derivative Liability | 17,660 | 15,584 | |
Derivative, Collateral, Right to Reclaim Securities | [1] | 13,186 | 6,165 |
Derivative, Collateral, Right to Reclaim Cash | 505 | 173 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 3,969 | 9,246 | |
Customer foreign exchange contracts | |||
Offsetting Liabilities [Line Items] | |||
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 0 | 0 | |
Derivative Asset | 2,140 | 1,578 | |
Derivative, Collateral, Obligation to Return Securities | [1] | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,140 | 1,578 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 | |
Derivative Liability | 2,102 | 1,548 | |
Derivative, Collateral, Right to Reclaim Securities | [1] | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 2,102 | 1,548 | |
Other Assets [Member] | |||
Offsetting Liabilities [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 33,192 | 26,310 | |
Other Assets [Member] | Loan level swaps | |||
Offsetting Liabilities [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 17,660 | 15,580 | |
Other Assets [Member] | Customer foreign exchange contracts | |||
Offsetting Liabilities [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 2,140 | 1,578 | |
Other Liabilities [Member] | |||
Offsetting Liabilities [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 19,762 | 17,523 | |
Other Liabilities [Member] | Loan level swaps | |||
Offsetting Liabilities [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 17,660 | 15,584 | |
Other Liabilities [Member] | Customer foreign exchange contracts | |||
Offsetting Liabilities [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 2,102 | 1,548 | |
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest rate swaps | |||
Offsetting Liabilities [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 13,136 | 8,955 | |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest rate swaps | |||
Offsetting Liabilities [Line Items] | |||
Interest Rate Derivative Liabilities, at Fair Value | $ 0 | $ 391 | |
[1] | Reflects offsetting derivative positions with the same counterparty. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Debt Securities, Trading | $ 1,800 | $ 1,500 |
Equity Securities, FV-NI | 20,357 | 19,477 |
Debt Securities, Available-for-sale | 437,689 | 442,752 |
Derivative Asset, Fair Value, Gross Asset | 32,936 | 26,113 |
U.S. Government agency securities | ||
ASSETS | ||
Debt Securities, Available-for-sale | 32,455 | 32,038 |
Agency mortgage-backed securities | ||
ASSETS | ||
Debt Securities, Available-for-sale | 217,795 | 220,105 |
Pooled trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Debt Securities, Available-for-sale | 1,314 | 1,329 |
Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Debt Securities, Available-for-sale | 52,134 | 51,927 |
Recurring fair value measurements | ||
ASSETS | ||
Debt Securities, Trading | 1,837 | 1,504 |
LIABILITIES | ||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 478,899 | 478,951 |
Recurring fair value measurements | Equity Securities [Member] | ||
ASSETS | ||
Equity Securities, FV-NI | 20,357 | 19,477 |
Recurring fair value measurements | U.S. Government agency securities | ||
ASSETS | ||
Debt Securities, Available-for-sale | 32,455 | 32,038 |
Recurring fair value measurements | Agency mortgage-backed securities | ||
ASSETS | ||
Debt Securities, Available-for-sale | 217,795 | 220,105 |
Recurring fair value measurements | Agency collateralized mortgage obligations | ||
ASSETS | ||
Debt Securities, Available-for-sale | 131,531 | 134,911 |
Recurring fair value measurements | Municipal Bonds [Member] | ||
ASSETS | ||
Debt Securities, Available-for-sale | 1,739 | 1,735 |
Recurring fair value measurements | Single issuer trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Debt Securities, Available-for-sale | 721 | 707 |
Recurring fair value measurements | Pooled trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Debt Securities, Available-for-sale | 1,314 | 1,329 |
Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Debt Securities, Available-for-sale | 52,134 | 51,927 |
Recurring fair value measurements | Loans held for sale | ||
ASSETS | ||
Loans Held-for-sale, Fair Value Disclosure | 5,586 | 6,431 |
Recurring fair value measurements | Derivative Financial Instruments, Assets [Member] | ||
ASSETS | ||
Derivative Asset, Fair Value, Gross Asset | 33,192 | 26,310 |
Recurring fair value measurements | Derivative instruments | ||
LIABILITIES | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 19,762 | 17,523 |
Nonrecurring fair value measurements | ||
LIABILITIES | ||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 28,261 | 29,109 |
Nonrecurring fair value measurements | Collateral dependent impaired loans | ||
ASSETS | ||
Assets, Fair Value Disclosure | 28,261 | 29,109 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | ||
ASSETS | ||
Debt Securities, Trading | 1,837 | 1,504 |
LIABILITIES | ||
TOTAL RECURRING FAIR VALUE MEASUREMENTS | 22,194 | 20,981 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Equity Securities [Member] | ||
ASSETS | ||
Equity Securities, FV-NI | 20,357 | 19,477 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Municipal Bonds [Member] | ||
ASSETS | ||
Debt 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 | ||
Debt Securities, Available-for-sale | 0 | 0 |
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 | 455,391 | 456,641 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Equity Securities [Member] | ||
ASSETS | ||
Equity Securities, FV-NI | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. Government agency securities | ||
ASSETS | ||
Debt Securities, Available-for-sale | 32,455 | 32,038 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Agency mortgage-backed securities | ||
ASSETS | ||
Debt Securities, Available-for-sale | 217,795 | 220,105 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Agency collateralized mortgage obligations | ||
ASSETS | ||
Debt Securities, Available-for-sale | 131,531 | 134,911 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Municipal Bonds [Member] | ||
ASSETS | ||
Debt Securities, Available-for-sale | 1,739 | 1,735 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Single issuer trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Debt Securities, Available-for-sale | 721 | 707 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Debt Securities, Available-for-sale | 52,134 | 51,927 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Loans held for sale | ||
ASSETS | ||
Loans Held-for-sale, Fair Value Disclosure | 5,586 | 6,431 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Derivative Financial Instruments, Assets [Member] | ||
ASSETS | ||
Derivative Asset, Fair Value, Gross Asset | 33,192 | 26,310 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Derivative instruments | ||
LIABILITIES | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 19,762 | 17,523 |
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 | 1,314 | 1,329 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Equity Securities [Member] | ||
ASSETS | ||
Equity Securities, FV-NI | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Municipal Bonds [Member] | ||
ASSETS | ||
Debt Securities, Available-for-sale | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Pooled trust preferred securities issued by banks and insurers | ||
ASSETS | ||
Debt Securities, Available-for-sale | 1,314 | 1,329 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Small Business Administration Pooled Securities [Member] | ||
ASSETS | ||
Debt Securities, Available-for-sale | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Nonrecurring fair value measurements | ||
LIABILITIES | ||
TOTAL NONRECURRING FAIR VALUE MEASUREMENTS | 28,261 | 29,109 |
Significant Unobservable Inputs (Level 3) | Nonrecurring fair value measurements | Collateral dependent impaired loans | ||
ASSETS | ||
Assets, Fair Value Disclosure | $ 28,261 | $ 29,109 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - Pooled trust preferred securities - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reconciliation for all assets and liabilities measured at fair value on a recurring basis | ||
Beginning Balance | $ 1,329 | $ 1,640 |
Included in Other Comprehensive Income | 3 | 21 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | (18) | (6) |
Ending Balance | $ 1,314 | $ 1,655 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 2) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale | $ 437,689 | $ 442,752 | |
Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Weighted Average [Member] | |||
Investments in securities that are classified as level 3 | |||
Cumulative Default | 16.10% | 16.20% | |
Loss Given Default | 92.10% | 94.80% | |
Cure Given Default | 60.90% | 60.90% | |
Pooled trust preferred securities | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Securities, Available-for-sale | $ 1,314 | $ 1,329 | |
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 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 Default | 100.00% | 100.00% | |
Loss Given Default | 100.00% | 100.00% | |
Cure Given Default | 75.00% | 75.00% | |
Fair Value, Measurements, Recurring [Member] | Collateral dependent impaired loans | Significant Unobservable Inputs (Level 3) | |||
Investments in securities that are classified as level 3 | |||
Assets, Fair Value Disclosure | [1] | $ 28,261 | $ 29,109 |
Measurement Input, Constant Prepayment Rate [Member] | Discounted cash flow methodology [Member] | Significant Unobservable Inputs (Level 3) | Weighted Average [Member] | |||
Investments in securities that are classified as level 3 | |||
Debt Securities, Available-for-sale, Measurement Input | 0.025 | 0.021 | |
Measurement Input, Constant Prepayment Rate [Member] | 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 | |||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 | |
Measurement Input, Constant Prepayment Rate [Member] | 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 | |||
Debt Securities, Available-for-sale, Measurement Input | 0.58 | 0.59 | |
[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. |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | ||
ASSETS | ||||
Debt Securities, Held-to-maturity | $ 623,243 | $ 611,490 | ||
Held to Maturity, Fair Value, Total | 623,156 | 603,640 | ||
Loans, net of allowance for loan losses(b) | 6,911,732 | 6,841,901 | ||
Federal Home Loan Bank Stock | 7,667 | 15,683 | ||
Bank Owned Life Insurance | 161,521 | 160,456 | ||
LIABILITIES | ||||
Federal Home Loan Bank borrowings(f) | 25,752 | 147,806 | ||
Short-term Debt | 49,993 | [1] | 0 | |
Short-term Debt, Fair Value | [1] | 49,061 | ||
Long-term Debt | 74,914 | [1] | 0 | |
Long-term Debt, Fair Value | [1] | 71,694 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 73,082 | 76,173 | ||
Subordinated Debt | 84,299 | 34,728 | ||
Deposits [Member] | ||||
LIABILITIES | ||||
Time certificates of deposits(f) | [2] | 6,740,051 | 6,716,017 | |
Accrued Liabilities, Fair Value Disclosure | [2] | 6,740,051 | 6,716,017 | |
Time certificates of deposits(f) | ||||
LIABILITIES | ||||
Time certificates of deposits(f) | [1] | 723,551 | 711,103 | |
Accrued Liabilities, Fair Value Disclosure | [1] | 718,532 | 703,728 | |
Federal Home Loan Bank borrowings(f) | ||||
LIABILITIES | ||||
Federal Home Loan Bank borrowings(f) | [1] | 25,752 | 147,806 | |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | [1] | 25,699 | 147,603 | |
Junior subordinated debentures(g) | ||||
LIABILITIES | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | [3] | 73,082 | 76,173 | |
Accrued Liabilities, Fair Value Disclosure | [3] | 73,025 | 73,827 | |
Subordinated debentures(f) | ||||
LIABILITIES | ||||
Subordinated Debt | [1] | 84,299 | 34,728 | |
Accrued Liabilities, Fair Value Disclosure | [1] | 87,425 | 32,509 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Short-term Debt [Member] | ||||
LIABILITIES | ||||
Short-term Debt, Fair Value | [1] | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long-term Debt [Member] | ||||
LIABILITIES | ||||
Long-term Debt, Fair Value | [1] | 0 | ||
Significant Other Observable Inputs (Level 2) | Deposits [Member] | ||||
LIABILITIES | ||||
Accrued Liabilities, Fair Value Disclosure | [2] | 6,740,051 | 6,716,017 | |
Significant Other Observable Inputs (Level 2) | Time certificates of deposits(f) | ||||
LIABILITIES | ||||
Accrued Liabilities, Fair Value Disclosure | [1] | 718,532 | 703,728 | |
Significant Other Observable Inputs (Level 2) | Federal Home Loan Bank borrowings(f) | ||||
LIABILITIES | ||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | [1] | 25,699 | ||
Accrued Liabilities, Fair Value Disclosure | [1] | 147,603 | ||
Significant Other Observable Inputs (Level 2) | Short-term Debt [Member] | ||||
LIABILITIES | ||||
Short-term Debt, Fair Value | [1] | 49,061 | ||
Significant Other Observable Inputs (Level 2) | Long-term Debt [Member] | ||||
LIABILITIES | ||||
Long-term Debt, Fair Value | [1] | 71,694 | ||
Significant Other Observable Inputs (Level 2) | Junior subordinated debentures(g) | ||||
LIABILITIES | ||||
Accrued Liabilities, Fair Value Disclosure | [3] | 73,025 | 73,827 | |
Significant Unobservable Inputs (Level 3) | Short-term Debt [Member] | ||||
LIABILITIES | ||||
Short-term Debt, Fair Value | [1] | 0 | ||
Significant Unobservable Inputs (Level 3) | Long-term Debt [Member] | ||||
LIABILITIES | ||||
Long-term Debt, Fair Value | [1] | 0 | ||
Significant Unobservable Inputs (Level 3) | Subordinated debentures(f) | ||||
LIABILITIES | ||||
Accrued Liabilities, Fair Value Disclosure | [1] | 87,425 | 32,509 | |
U.S. Treasury securities | ||||
ASSETS | ||||
Debt Securities, Held-to-maturity | [4] | 1,004 | 1,004 | |
Held to Maturity, Fair Value, Total | [4] | 1,017 | 1,015 | |
U.S. Treasury securities | Significant Other Observable Inputs (Level 2) | ||||
ASSETS | ||||
Held to Maturity, Fair Value, Total | [4] | 1,017 | 1,015 | |
Agency mortgage-backed securities | ||||
ASSETS | ||||
Debt Securities, Held-to-maturity | [4] | 259,599 | 252,484 | |
Held to Maturity, Fair Value, Total | [4] | 261,882 | 250,928 | |
Agency mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||||
ASSETS | ||||
Held to Maturity, Fair Value, Total | [4] | 261,882 | 250,928 | |
Agency collateralized mortgage obligations | ||||
ASSETS | ||||
Debt Securities, Held-to-maturity | [4] | 337,804 | 332,775 | |
Held to Maturity, Fair Value, Total | [4] | 335,705 | 326,724 | |
Agency collateralized mortgage obligations | Significant Other Observable Inputs (Level 2) | ||||
ASSETS | ||||
Held to Maturity, Fair Value, Total | [4] | 335,705 | 326,724 | |
Single issuer trust preferred securities issued by banks | ||||
ASSETS | ||||
Debt Securities, Held-to-maturity | [4] | 1,500 | 1,500 | |
Held to Maturity, Fair Value, Total | [4] | 1,490 | 1,490 | |
Single issuer trust preferred securities issued by banks | Significant Other Observable Inputs (Level 2) | ||||
ASSETS | ||||
Held to Maturity, Fair Value, Total | [4] | 1,490 | 1,490 | |
Small Business Administration Pooled Securities [Member] | ||||
ASSETS | ||||
Debt Securities, Held-to-maturity | [4] | 23,336 | 23,727 | |
Held to Maturity, Fair Value, Total | [4] | 23,062 | 23,483 | |
Small Business Administration Pooled Securities [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
ASSETS | ||||
Held to Maturity, Fair Value, Total | [4] | 0 | 0 | |
Small Business Administration Pooled Securities [Member] | Significant Other Observable Inputs (Level 2) | ||||
ASSETS | ||||
Held to Maturity, Fair Value, Total | [4] | 23,062 | 23,483 | |
Small Business Administration Pooled Securities [Member] | Significant Unobservable Inputs (Level 3) | ||||
ASSETS | ||||
Held to Maturity, Fair Value, Total | [4] | 0 | 0 | |
Loans, net of allowance for loan losses(b) | ||||
ASSETS | ||||
Loans, net of allowance for loan losses(b) | [5] | 6,883,471 | 6,812,792 | |
Loans Receivable, Fair Value Disclosure | [5] | 6,763,125 | 6,635,209 | |
Loans, net of allowance for loan losses(b) | Significant Unobservable Inputs (Level 3) | ||||
ASSETS | ||||
Loans Receivable, Fair Value Disclosure | [5] | 6,763,125 | 6,635,209 | |
Investment in Federal Home Loan Bank Stock [Member] | ||||
ASSETS | ||||
Federal Home Loan Bank Stock | [6] | 7,667 | 15,683 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | [6] | 7,667 | 15,683 | |
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 | [6] | 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 | [6] | 7,667 | 15,683 | |
Investment in Federal Home Loan Bank Stock [Member] | Significant Unobservable Inputs (Level 3) | ||||
ASSETS | ||||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | [6] | 0 | 0 | |
Cash Surrender Value [Member] | ||||
ASSETS | ||||
Cash Surrender Value, Fair Value Disclosure | [7] | 161,521 | 160,456 | |
Bank Owned Life Insurance | [7] | 161,521 | 160,456 | |
Cash Surrender Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
ASSETS | ||||
Cash Surrender Value, Fair Value Disclosure | [7] | 0 | 0 | |
Cash Surrender Value [Member] | Significant Other Observable Inputs (Level 2) | ||||
ASSETS | ||||
Cash Surrender Value, Fair Value Disclosure | [7] | 161,521 | 160,456 | |
Cash Surrender Value [Member] | Significant Unobservable Inputs (Level 3) | ||||
ASSETS | ||||
Cash Surrender Value, Fair Value Disclosure | [7] | $ 0 | $ 0 | |
[1] | Fair value was determined by discounting anticipated future cash payments using rates currently available for instruments with similar remaining maturities. | |||
[2] | Fair value of demand deposits, savings and interest checking accounts and money market deposits is the amount payable on demand at the reporting date. | |||
[3] | Fair value was determined based upon market prices of securities with similar terms and maturities. | |||
[4] | 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. | |||
[5] | Fair value of loans is measured using the exit price valuation method, determined primarily 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, while incorporating liquidity and credit assumptions. Additionally, this amount excludes collateral dependent impaired loans, which are deemed to be marked to fair value on a nonrecurring basis. | |||
[6] | FHLB stock has no quoted market value and is carried at cost, therefore the carrying amount approximates fair value. | |||
[7] | 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. |
Revenue Recognition Disaggregat
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Other noninterest income - ASC 606 | $ 939 | $ 974 |
Total noninterest income in scope of ASC 606 | 16,774 | 16,037 |
Total noninterest income out of scope of ASC 606 | 4,759 | 3,826 |
Noninterest Income | 21,533 | 19,863 |
Deposit Account [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,406 | 4,431 |
Credit Card, Merchant Discount [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,735 | 3,405 |
ATM Charge [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 666 | 654 |
Investment Advisory, Management and Administrative Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 6,069 | 5,582 |
Investment Advisory, Retail Investment and Insurance Service [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 679 | 560 |
Merchant Processing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 280 | $ 431 |
Revenue Recognition Contract wi
Revenue Recognition Contract with Customer, Asset (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Investment Management Income Receivable | $ 2,089 | $ 1,893 |
Comprehensive Income_Loss (Comp
Comprehensive Income/Loss (Comprehensive Income/(Loss) Presented Net of Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Equity [Abstract] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | $ 4,572 | $ 296 | |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments, Tax | (1,287) | (81) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 3,285 | 215 | |
COMPREHENSIVE INCOME | |||
Change in fair value of securities available for sale, pre tax amount | 6,178 | (7,240) | |
Change in fair value of securities available for sale, tax (expense) benefit | (1,449) | 1,772 | |
Change in fair value of securities available for sale, after tax amount | 4,729 | (5,468) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 0 | 0 | |
Change in fair value of securities available for sale, pre tax amount | 6,178 | (7,240) | |
Change in fair value of securities available for sale, tax (expense) benefit | (1,449) | 1,772 | |
Change in fair value of securities available for sale, after tax amount | 4,729 | (5,468) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 4,996 | 386 | |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments, Tax | (1,406) | (106) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 3,590 | 280 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 424 | 90 | |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, Tax | (119) | (25) | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 305 | 65 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (11) | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 3 | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax | (8) | 0 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (2) | 94 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 1 | (26) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | (1) | 68 | |
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 | (20) | (20) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax | 49 | 49 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | [1] | 56 | 163 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | [1] | (16) | (46) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | [1] | 40 | 117 |
Total other comprehensive income, pre tax amount | 10,806 | (6,781) | |
Total other comprehensive income, tax (expense) benefit | (2,752) | 1,645 | |
Total other comprehensive income, after tax amount | $ 8,054 | $ (5,136) | |
[1] | 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, 2018 |
Comprehensive Income_Loss (Co_2
Comprehensive Income/Loss (Comprised of the following Components) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Prior Period Reclassification Adjustment | [1] | $ 0 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | [2] | 0 | |
Beginning Balance | $ (1,173) | (1,831) | |
Net change in other comprehensive income (loss) | 8,054 | (5,136) | |
Ending Balance | 6,881 | (8,195) | |
Unrealized Gain on Securities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Prior Period Reclassification Adjustment | (111) | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | (831) | ||
Beginning Balance | (5,947) | (504) | |
Net change in other comprehensive income (loss) | 4,729 | (5,468) | |
Ending Balance | (1,218) | (6,914) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Prior Period Reclassification Adjustment | 205 | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | ||
Beginning Balance | 6,148 | 948 | |
Net change in other comprehensive income (loss) | 3,285 | 259 | |
Ending Balance | 9,433 | 1,412 | |
Deferred Gain on Hedge Transactions | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Prior Period Reclassification Adjustment | 29 | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | ||
Beginning Balance | 0 | 137 | |
Net change in other comprehensive income (loss) | 0 | (44) | |
Ending Balance | 0 | 122 | |
Defined Benefit Postretirement Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Prior Period Reclassification Adjustment | (520) | ||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 0 | ||
Beginning Balance | (1,374) | (2,412) | |
Net change in other comprehensive income (loss) | 40 | 117 | |
Ending Balance | (1,334) | (2,815) | |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Prior Period Reclassification Adjustment | [2] | (397) | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | [1] | (831) | |
Net change in other comprehensive income (loss) | $ 8,054 | $ (5,136) | |
[1] | Represents adjustment needed to reflect the cumulative impact on retained earnings for the classification and measurement of investments in equity securities. Pursuant to the Company's adoption of Accounting Standards Update 2016-01, the Company's investments in equity securities will no longer be classified as available for sale, therefore the Company was required to reclassify the net unrealized gain recognized on the change in fair value of these equity securities from other comprehensive income to retained earnings. | ||
[2] | Represents adjustment needed to reflect the cumulative impact on retained earnings for reclassification of the income tax effects attributable to accumulated other comprehensive income, as a result of the Tax Cuts and Jobs Act (the "Tax Act"). Pursuant to the Company's adoption of Accounting Standards Update 2018-02, the Company has elected to reclassify amounts stranded in other comprehensive income to retained earnings. |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 6,301,000 | |
Operating Lease, Cost | 2,111,000 | |
Short-term Lease, Cost | 39,000 | |
Variable Lease, Cost | 0 | |
Lease, Cost | 2,150,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 7,725,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 6,751,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5,598,000 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3,563,000 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 9,246,000 | |
Lessee, Operating Lease, Liability, Payments, Due | 39,184,000 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 4,090,000 | |
Operating Lease, Liability | $ 35,094,000 | $ 34,100,000 |
Leases Textual (Details)
Leases Textual (Details) $ in Thousands | Mar. 31, 2019USD ($) | Jan. 01, 2019USD ($) |
Lessee, Lease, Description [Line Items] | ||
Property Subject to or Available for Operating Lease, Number of Units | 73 | |
Operating Lease, Right-of-Use Asset | $ 33,700 | $ 32,800 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 7 months 6 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.07% | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Renewal Term | 2 years | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Renewal Term | 10 years |
Commitments and contingencies F
Commitments and contingencies Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
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 | $ 2,648,940 | $ 2,639,689 |
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 | 17,580 | 16,708 |
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 | $ 128 | $ 122 |
Commitments and contingencies T
Commitments and contingencies Textual (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Cash Reserve Deposit Required and Made | $ 5.3 | $ 53.5 |
Investments is Low Income Hou_3
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, 2019 | Dec. 31, 2018 | ||
Investments in Affordable Housing Projects [Abstract] | |||
Original investment value | $ 50,232 | $ 50,232 | |
Amortization Method Qualified Affordable Housing Project Investments | 32,604 | 33,681 | |
Capital commitment relating to low income housing project investments | 3,643 | 3,935 | |
Tax credits and benefits | 5,611 | [1] | 5,407 |
Amortization of investments | 4,405 | [2] | 4,377 |
Net income tax benefit | $ 1,205 | [3] | $ 1,030 |
[1] | (1) This amount reflects anticipated tax credits and tax benefits for the full year ended December 31, 2019 | ||
[2] | (2) The amortization amount reduces the tax credits and benefits anticipated for the full year ended December 31, 2019 | ||
[3] | (3) This amount represents the net tax benefit expected to be realized for the full year ended December 31, 2019 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Thousands | Apr. 01, 2019USD ($)branchshares | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Subsequent Event [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 167,400 | ||
Assets | $ 8,997,457 | $ 8,851,592 | |
Business Combination, Cost of Acquired Entity, Purchase Price | $ 667,100 | ||
Business Combination, Increase in Acquirer Outstanding Shares | shares | 6,166,010 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans Net | $ 2,100,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Investments | 196,900 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 1,900,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Borrowings | $ 124,800 | ||
Number of Branches | branch | 11 |