Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | NBT BANCORP INC | |
Entity Central Index Key | 0000790359 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 43,757,647 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets (un
Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 143,989 | $ 175,550 |
Short-term interest bearing accounts | 33,130 | 5,405 |
Equity securities, at fair value | 25,482 | 23,053 |
Securities available for sale, at fair value | 951,859 | 998,496 |
Securities held to maturity (fair value $782,761 and $778,675, respectively) | 780,565 | 783,599 |
Federal Reserve and Federal Home Loan Bank stock | 43,957 | 53,229 |
Loans held for sale | 8,525 | 6,943 |
Loans | 6,890,312 | 6,887,709 |
Less allowance for loan losses | 71,405 | 72,505 |
Net loans | 6,818,907 | 6,815,204 |
Premises and equipment, net | 78,391 | 78,970 |
Goodwill | 274,769 | 274,769 |
Intangible assets, net | 14,631 | 15,599 |
Bank owned life insurance | 178,856 | 177,479 |
Other assets | 180,449 | 148,067 |
Total assets | 9,533,510 | 9,556,363 |
Liabilities | ||
Demand (noninterest bearing) | 2,324,981 | 2,361,099 |
Savings, NOW and money market | 4,370,374 | 4,076,434 |
Time | 922,304 | 930,678 |
Total deposits | 7,617,659 | 7,368,211 |
Short-term borrowings | 544,883 | 871,696 |
Long-term debt | 73,696 | 73,724 |
Junior subordinated debt | 101,196 | 101,196 |
Other liabilities | 162,021 | 123,627 |
Total liabilities | 8,499,455 | 8,538,454 |
Stockholders' equity | ||
Preferred stock, $0.01 par value; authorized 2,500,000 shares at March 31, 2019 and December 31, 2018 | 0 | 0 |
Common stock, $0.01 par value; authorized 100,000,000 shares at March 31, 2019 and December 31, 2018; issued 49,651,493 at March 31, 2019 and December 31, 2018 | 497 | 497 |
Additional paid-in-capital | 575,944 | 575,466 |
Retained earnings | 627,556 | 621,203 |
Accumulated other comprehensive loss | (34,932) | (43,174) |
Common stock in treasury, at cost, 5,911,607 and 5,978,527 shares at March 31, 2019 and December 31, 2018, respectively | (135,010) | (136,083) |
Total stockholders' equity | 1,034,055 | 1,017,909 |
Total liabilities and stockholders' equity | $ 9,533,510 | $ 9,556,363 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Securities held to maturity fair value | $ 782,761 | $ 778,675 |
Stockholders' equity | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 49,651,493 | 49,651,493 |
Common stock in treasury, at cost (in shares) | 5,911,607 | 5,978,527 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest, fee and dividend income | ||
Interest and fees on loans | $ 79,321 | $ 70,443 |
Securities available for sale | 5,922 | 6,926 |
Securities held to maturity | 5,217 | 2,625 |
Other | 884 | 766 |
Total interest, fee and dividend income | 91,344 | 80,760 |
Interest expense | ||
Deposits | 8,826 | 3,931 |
Short-term borrowings | 3,237 | 1,966 |
Long-term debt | 422 | 476 |
Junior subordinated debt | 1,168 | 901 |
Total interest expense | 13,653 | 7,274 |
Net interest income | 77,691 | 73,486 |
Provision for loan losses | 5,807 | 7,496 |
Net interest income after provision for loan losses | 71,884 | 65,990 |
Noninterest income | ||
Insurance and other financial services revenue | 6,756 | 6,504 |
Service charges on deposit accounts | 4,236 | 3,972 |
ATM and debit card fees | 5,525 | 5,273 |
Retirement plan administration fees | 7,734 | 5,339 |
Trust | 4,551 | 4,878 |
Bank owned life insurance | 1,377 | 1,347 |
Net securities gains | 57 | 72 |
Other | 3,585 | 3,892 |
Total noninterest income | 33,821 | 31,277 |
Noninterest expense | ||
Salaries and employee benefits | 39,356 | 36,567 |
Occupancy | 6,275 | 6,119 |
Data processing and communications | 4,414 | 4,279 |
Professional fees and outside services | 3,668 | 3,492 |
Equipment | 4,757 | 4,038 |
Office supplies and postage | 1,591 | 1,573 |
FDIC expenses | 1,017 | 1,201 |
Advertising | 503 | 337 |
Amortization of intangible assets | 968 | 914 |
Loan collection and other real estate owned, net | 785 | 1,337 |
Other | 5,126 | 4,415 |
Total noninterest expense | 68,460 | 64,272 |
Income before income tax expense | 37,245 | 32,995 |
Income tax expense | 8,118 | 7,009 |
Net income | $ 29,127 | $ 25,986 |
Earnings per share | ||
Basic (in dollars per share) | $ 0.67 | $ 0.60 |
Diluted (in dollars per share) | $ 0.66 | $ 0.59 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||
Net income | $ 29,127 | $ 25,986 |
Securities available for sale: | ||
Unrealized net holding gains (losses) arising during the period, gross | 11,036 | (15,454) |
Tax effect | (2,759) | 3,864 |
Unrealized net holding gains (losses) arising during the period, net | 8,277 | (11,590) |
Reclassification adjustment for net losses in net income, gross | 99 | 0 |
Tax effect | (25) | 0 |
Reclassification adjustment for net losses in net income, net | 74 | 0 |
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, gross | 167 | 188 |
Tax effect | (42) | (47) |
Amortization of unrealized net gains for the reclassification of available for sale securities to held to maturity, net | 125 | 141 |
Total securities available for sale, net | 8,476 | (11,449) |
Cash flow hedges: | ||
Unrealized (losses) gains on derivatives (cash flow hedges), gross | (170) | 1,048 |
Tax effect | 43 | (262) |
Unrealized (losses) gains on derivatives (cash flow hedges), net | (127) | 786 |
Reclassification of net unrealized (gains) on cash flow hedges to interest (income), gross | (799) | (359) |
Tax effect | 200 | 90 |
Reclassification of net unrealized (gains) on cash flow hedges to interest (income), net | (599) | (269) |
Total cash flow hedges, net | (726) | 517 |
Pension and other benefits: | ||
Amortization of prior service cost and actuarial losses, gross | 656 | 295 |
Tax effect | (164) | (74) |
Amortization of prior service cost and actuarial losses, net | 492 | 221 |
Total pension and other benefits, net | 492 | 221 |
Total other comprehensive income (loss) | 8,242 | (10,711) |
Comprehensive income | $ 37,369 | $ 15,275 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Common Stock in Treasury [Member] | Total |
Cumulative effect adjustment for ASU implementation | ASU 2016-01 [Member] | $ 0 | $ 0 | $ 1,475 | $ (2,628) | $ 0 | $ (1,153) |
Cumulative effect adjustment for ASU implementation | ASU 2018-02 [Member] | 0 | 0 | 5,575 | (5,575) | 0 | 0 |
Balance at Dec. 31, 2017 | 497 | 574,209 | 543,713 | (22,077) | (138,165) | 958,177 |
Net income | 0 | 0 | 25,986 | 0 | 0 | 25,986 |
Cash dividends | 0 | 0 | (20,966) | 0 | 0 | (20,966) |
Net issuance of shares to employee and other stock plans | 0 | (2,037) | 0 | 0 | 980 | (1,057) |
Stock-based compensation | 0 | 2,454 | 0 | 0 | 0 | 2,454 |
Other comprehensive (loss) income | 0 | 0 | 0 | (10,711) | 0 | (10,711) |
Balance at Mar. 31, 2018 | 497 | 574,626 | 555,783 | (40,991) | (137,185) | 952,730 |
Balance at Dec. 31, 2018 | 497 | 575,466 | 621,203 | (43,174) | (136,083) | 1,017,909 |
Net income | 0 | 0 | 29,127 | 0 | 0 | 29,127 |
Cash dividends | 0 | 0 | (22,774) | 0 | 0 | (22,774) |
Net issuance of shares to employee and other stock plans | 0 | (2,099) | 0 | 0 | 1,073 | (1,026) |
Stock-based compensation | 0 | 2,577 | 0 | 0 | 0 | 2,577 |
Other comprehensive (loss) income | 0 | 0 | 0 | 8,242 | 0 | 8,242 |
Balance at Mar. 31, 2019 | $ 497 | $ 575,944 | $ 627,556 | $ (34,932) | $ (135,010) | $ 1,034,055 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Consolidated Statements of Stockholders' Equity (unaudited) [Abstract] | ||
Cash dividends - per share (in dollars per share) | $ 0.52 | $ 0.48 |
Net issuance of shares to employee benefit plans and other stock plans (in shares) | 66,920 | 72,844 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net income | $ 29,127 | $ 25,986 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for loan losses | 5,807 | 7,496 |
Depreciation and amortization of premises and equipment | 2,357 | 2,327 |
Net amortization on securities | 797 | 1,081 |
Amortization of operating lease right-of-use asset | 1,799 | 0 |
Amortization of intangible assets | 968 | 914 |
Excess tax benefit on stock-based compensation | (260) | (407) |
Stock-based compensation expense | 2,577 | 2,454 |
Bank owned life insurance income | (1,377) | (1,347) |
Proceeds from sale of loans held for sale | 25,232 | 23,977 |
Originations and purchases of loans held for sale | (26,586) | (24,188) |
Net gain on sale of loans held for sale | (88) | (57) |
Net security gains | (57) | (72) |
Net gains on sale of other real estate owned | (157) | (174) |
Net change in other assets and other liabilities | (926) | 2,061 |
Net cash provided by operating activities | 39,213 | 40,051 |
Securities available for sale: | ||
Proceeds from maturities, calls and principal paydowns | 94,488 | 51,122 |
Proceeds from sales | 26,203 | 0 |
Purchases | (63,579) | (91,520) |
Securities held to maturity: | ||
Proceeds from maturities, calls and principal paydowns | 30,999 | 18,242 |
Purchases | (28,034) | (21,333) |
Equity securities: | ||
Proceeds from sales | 0 | 2,623 |
Purchases | (21) | 0 |
Other: | ||
Net increase in loans | (9,975) | (69,659) |
Proceeds from Federal Home Loan Bank stock redemption | 48,444 | 71,081 |
Purchases of Federal Home Loan Bank stock | (39,172) | (68,153) |
Purchases of premises and equipment, net | (1,910) | (1,186) |
Proceeds from sales of other real estate owned | 701 | 534 |
Net cash provided by (used in) investing activities | 58,144 | (108,249) |
Financing activities | ||
Net increase in deposits | 249,448 | 223,292 |
Net decrease in short-term borrowings | (326,814) | (133,111) |
Proceeds from issuance of long-term debt | 0 | 25,000 |
Repayments of long-term debt | (27) | (25,045) |
Proceeds from the issuance of shares to employee and other stock plans | 204 | 672 |
Cash paid by employer for tax-withholding on stock issuance | (1,230) | (1,729) |
Cash dividends | (22,774) | (20,966) |
Net cash (used in) provided by financing activities | (101,193) | 68,113 |
Net decrease in cash and cash equivalents | (3,836) | (85) |
Cash and cash equivalents at beginning of period | 180,955 | 159,664 |
Cash and cash equivalents at end of period | 177,119 | 159,579 |
Cash paid during the period for: | ||
Interest expense | 13,329 | 7,677 |
Income taxes paid, net of refund | 1,817 | 3,199 |
Noncash investing activities: | ||
Loans transferred to other real estate owned | $ 325 | $ 780 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2019 | |
Description of Business [Abstract] | |
Description of Business | 1. Description of Business NBT Bancorp Inc. (the “Registrant” or the “Company”) is a registered financial holding company incorporated in the state of Delaware in 1986, with its principal headquarters located in Norwich, New York. The principal assets of the Registrant consist of all of the outstanding shares of common stock of its subsidiaries, including: NBT Bank, National Association (the “Bank”), NBT Financial Services, Inc. (“NBT Financial”), NBT Holdings, Inc. (“NBT Holdings”), CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I and Alliance Financial Capital Trust II (collectively, the “Trusts”). The Company’s principal sources of revenue are the management fees and dividends it receives from the Bank, NBT Financial and NBT Holdings. The Company’s business, primarily conducted through the Bank, consists of providing commercial banking, retail banking and wealth management services primarily to customers in its market area, which includes central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and the southern coastal Maine area. The Company has been, and intends to continue to be, a community-oriented financial institution offering a variety of financial services. The Company’s business philosophy is to operate as a community bank with local decision-making, providing a broad array of banking and financial services to retail, commercial and municipal customers. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of the Registrant and its wholly-owned subsidiaries, the Bank, NBT Financial and NBT Holdings. Collectively, the Registrant and its subsidiaries are referred to herein as “the Company.” The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2018 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. All material intercompany transactions have been eliminated in consolidation. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure and there were none identified. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Securities [Abstract] | |
Securities | 3. Securities The amortized cost, estimated fair value and unrealized gains (losses) of available for sale (“AFS”) securities are as follows: (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value As of March 31, 2019 Federal agency $ 29,990 $ 10 $ 364 $ 29,636 State & municipal 598 - - 598 Mortgage-backed: Government-sponsored enterprises 482,357 1,155 4,022 479,490 U.S. government agency securities 36,601 384 308 36,677 Collateralized mortgage obligations: Government-sponsored enterprises 333,838 623 4,568 329,893 U.S. government agency securities 76,469 166 1,070 75,565 Total AFS securities $ 959,853 $ 2,338 $ 10,332 $ 951,859 As of December 31, 2018 Federal agency $ 84,982 $ 10 $ 693 $ 84,299 State & municipal 30,136 16 237 29,915 Mortgage-backed: Government-sponsored enterprises 493,225 439 10,354 483,310 U.S. government agency securities 29,190 270 475 28,985 Collateralized mortgage obligations: Government-sponsored enterprises 332,409 344 7,211 325,542 U.S. government agency securities 47,684 137 1,376 46,445 Total AFS securities $ 1,017,626 $ 1,216 $ 20,346 $ 998,496 The components of net realized gains (losses) on the sale of AFS securities are as follows. These amounts were reclassified out of AOCI and into earnings: Three Months Ended March 31, (In thousands) 2019 2018 Gross realized gains $ 53 $ - Gross realized (losses) (152 ) - Net AFS realized (losses) $ (99 ) $ - Included in net gains (losses) from sale transactions, the Company recorded gains from calls on AFS securities of approximately $4 thousand for the three months ended March 31, 2019. There were no recorded gains from calls on AFS securities included in net gains (losses) from sales transactions for the three months ended March 31, 2018. The amortized cost, estimated fair value and unrealized gains (losses) of securities held to maturity (“HTM”) are as follows: (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value As of March 31, 2019 Federal agency $ 19,995 $ 55 $ - $ 20,050 Mortgage-backed: Government-sponsored enterprises 160,566 1,281 981 160,866 U.S. government agency securities 14,545 460 - 15,005 Collateralized mortgage obligations: Government-sponsored enterprises 247,418 1,388 2,230 246,576 U.S. government agency securities 103,741 1,329 - 105,070 State & municipal 234,300 1,254 360 235,194 Total HTM securities $ 780,565 $ 5,767 $ 3,571 $ 782,761 As of December 31,2018 Federal agency $ 19,995 $ 52 $ - $ 20,047 Mortgage-backed: Government-sponsored enterprises 164,618 712 2,773 162,557 U.S. government agency securities 15,230 403 - 15,633 Collateralized mortgage obligations: Government-sponsored enterprises 257,475 1,097 3,897 254,675 U.S. government agency securities 83,148 767 - 83,915 State & municipal 243,133 331 1,616 241,848 Total HTM securities $ 783,599 $ 3,362 $ 8,286 $ 778,675 AFS and HTM securities with amortized costs totaling $1.5 billion at March 31, 2019 and December 31, 2018 were pledged to secure public deposits and for other purposes required or permitted by law. Additionally, at March 31, 2019 and December 31, 2018, AFS and HTM securities with an amortized cost of $207.5 million and $215.3 million, respectively, were pledged as collateral for securities sold under the repurchase agreements. The following table sets forth information with regard to investment securities with unrealized losses segregated according to the length of time the securities had been in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (In thousands) Fair Value Unrealized Losses Number of Positions Fair Value Unrealized Losses Number of Positions Fair Value Unrealized Losses Number of Positions As of March 31, 2019 AFS securities: Federal agency $ - $ - - $ 9,636 $ (364 ) 1 $ 9,636 $ (364 ) 1 Mortgage-backed 234 (2 ) 2 352,339 (4,328 ) 90 352,573 (4,330 ) 92 Collateralized mortgage obligations 36,739 (166 ) 5 311,623 (5,472 ) 64 348,362 (5,638 ) 69 Total securities with unrealized losses $ 36,973 $ (168 ) 7 $ 673,598 $ (10,164 ) 155 $ 710,571 $ (10,332 ) 162 HTM securities: Mortgaged-backed $ - $ - - $ 82,204 $ (981 ) 6 $ 82,204 $ (981 ) 6 Collateralized mortgage obligations - - - 125,486 (2,230 ) 24 125,486 (2,230 ) 24 State & municipal - - - 19,302 (360 ) 30 19,302 (360 ) 30 Total securities with unrealized losses $ - $ - - $ 226,992 $ (3,571 ) 60 $ 226,992 $ (3,571 ) 60 As of December 31, 2018 AFS securities: Federal agency $ - $ - - $ 64,294 $ (693 ) 6 $ 64,294 $ (693 ) 6 State & municipal 1,715 (3 ) 3 22,324 (234 ) 35 24,039 (237 ) 38 Mortgage-backed 18,462 (65 ) 12 428,440 (10,764 ) 101 446,902 (10,829 ) 113 Collateralized mortgage obligations 12,118 (69 ) 5 320,908 (8,518 ) 62 333,026 (8,587 ) 67 Total securities with unrealized losses $ 32,295 $ (137 ) 20 $ 835,966 $ (20,209 ) 204 $ 868,261 $ (20,346 ) 224 HTM securities: Mortgage -backed $ - $ - - $ 82,579 $ (2,773 ) 6 $ 82,579 $ (2,773 ) 6 Collateralized mortgage obligations 4,386 (7 ) 2 145,396 (3,890 ) 26 149,782 (3,897 ) 28 State & municipal 18,907 (84 ) 30 58,258 (1,532 ) 86 77,165 (1,616 ) 116 Total securities with unrealized losses $ 23,293 $ (91 ) 32 $ 286,233 $ (8,195 ) 118 $ 309,526 $ (8,286 ) 150 Declines in the fair value of AFS and HTM securities below their amortized cost, less any current period credit loss, that are deemed to be other-than-temporary are reflected in earnings as realized losses or in other comprehensive income (“OCI”). The classification is dependent upon whether the Company intends to sell the security, or whether it is more likely than not, that the Company will be required to sell the security before recovery. The other-than-temporary impairment (“OTTI”) shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the OTTI shall be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the total OTTI related to the credit loss shall be recognized in earnings. The amount of the total OTTI related to other factors shall be recognized in OCI, net of applicable taxes. In estimating OTTI losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the historical and implied volatility of the fair value of the security. Management has the intent to hold the securities classified as HTM until they mature, at which time it is believed the Company will receive full value for the securities. The unrealized losses on HTM debt securities are due to increases in market interest rates over yields at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. The fair value is expected to recover as the bonds approach their respective maturity date or repricing date or if market yields for such investments decline. Management also has the intent to hold and will not be required to sell, the debt securities classified as AFS for a period of time sufficient for a recovery of cost, which may be at maturity. The unrealized losses on AFS debt securities are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. For AFS debt securities, OTTI losses are recognized in earnings if the Company intends to sell the security. In other cases the Company considers the relevant factors noted above, as well as the Company’s intent and ability to retain its investment for a period of time sufficient to allow for any anticipated recovery in market value and whether evidence exists to support a realizable value equal to or greater than the cost basis. Any impairment loss on an equity security is equal to the full difference between the cost basis and the fair value of the security. As of March 31, 2019 and December 31, 2018, management believes the impairments detailed in the table above are temporary. There were no OTTI losses realized in the Company’s consolidated statements of income for the three months ended March 31, 2019, and March 31, 2018. The following table sets forth information with regard to gains and losses on equity securities: Three Months Ended March 31, (In thousands) 2019 2018 Net gains and losses recognized on equity securities $ 156 $ 72 Less: Net gains and losses recognized during the period on equity securities sold during the period - 44 Unrealized gains and losses recognized on equity securities still held $ 156 $ 28 As of March 31, 2019 and December 31, 2018, the carrying value of equity securities without readily determinable fair values was $4.0 million. The Company performed a qualitative assessment to determine whether the investments were impaired and identified no areas of concern as of March 31, 2019 and March 31, 2018. There were no impairments, downward or upward adjustments recognized for equity securities without readily determinable fair values during the quarters ended March 31, 2019 and March 31, 2018. The following table sets forth information with regard to contractual maturities of debt securities at March 31, 2019: (In thousands) Amortized Cost Estimated Fair Value AFS debt securities: Within one year $ 610 $ 610 From one to five years 51,922 51,573 From five to ten years 161,292 160,434 After ten years 746,029 739,242 Total AFS debt securities $ 959,853 $ 951,859 HTM debt securities: Within one year $ 78,118 $ 78,118 From one to five years 64,632 64,930 From five to ten years 204,726 204,881 After ten years 433,089 434,832 Total HTM debt securities $ 780,565 $ 782,761 Maturities of mortgage-backed, collateralized mortgage obligations and asset-backed securities are stated based on their estimated average lives. Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Except for U.S. Government securities, there were no holdings, when taken in the aggregate, of any single issuer that exceeded 10% of consolidated stockholders’ equity at March 31, 2019 and December 31, 2018. |
Allowance for Loan Losses and C
Allowance for Loan Losses and Credit Quality of Loans | 3 Months Ended |
Mar. 31, 2019 | |
Allowance for Loan Losses and Credit Quality of Loans [Abstract] | |
Allowance for Loan Losses and Credit Quality of Loans | 4. Allowance for Loan Losses and Credit Quality of Loans Allowance for Loan Losses The allowance for loan losses is maintained at a level estimated by management to provide adequately for probable incurred losses inherent in the current loan portfolio. The appropriateness of the allowance for loan losses is continuously monitored. It is assessed for appropriateness using a methodology designed to ensure the level of the allowance reasonably reflects the loan portfolio’s risk profile and can absorb all reasonably estimable credit losses inherent in the current loan portfolio. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three segments, each with different risk characteristics and methodologies for assessing risk. Those segments are further segregated between our loans accounted for under the amortized cost method (referred to as “originated” loans) and loans acquired in a business combination (referred to as “acquired” loans). Each portfolio segment is broken down into class segments where appropriate. Class segments contain unique measurement attributes, risk characteristics and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type and risk characteristics define each class segment. The following table illustrates the portfolio and class segments for the Company’s loan portfolio: Portfolio Class Commercial Loans Commercial and Industrial Commercial Real Estate Business Banking Consumer Loans Dealer Finance Specialty Lending Direct Residential Real Estate Commercial Loans The Company offers a variety of Commercial loan products. The Company’s underwriting analysis for commercial loans typically includes credit verification, independent appraisals, a review of the borrower’s financial condition and a detailed analysis of the borrower’s underlying cash flows. Commercial and Industrial (“C&I”) – Commercial Real Estate (“CRE”) – Business Banking - Consumer Loans The Company offers a variety of Consumer loan products including Dealer Finance, Specialty Lending and Direct loans. Dealer Finance – Specialty Lending – Direct – Residential Real Estate Residential real estate loans consist primarily of loans secured by a first or second mortgage on primary residences. We originate adjustable-rate and fixed-rate, one-to-four-family residential real estate loans for the construction, purchase or refinancing of a mortgage. These loans are collateralized by owner-occupied properties located in the Company’s market area. When market conditions are favorable, for longer term, fixed-rate residential real estate mortgages without escrow, the Company retains the servicing, but sells the right to receive principal and interest to Government-sponsored enterprises. This practice allows the Company to manage interest rate risk, liquidity risk and credit risk. Loans on one-to-four-family residential real estate are generally originated in amounts of no more than 85% of the purchase price or appraised value (whichever is lower) or have private mortgage insurance. Mortgage title insurance and hazard insurance are normally required. Construction loans have a unique risk because they are secured by an incomplete dwelling. This risk is reduced through periodic site inspections, including one at each loan draw period. Allowance for Loan Loss Calculation For purposes of evaluating the adequacy of the allowance, the Company considers a number of significant factors that affect the collectability of the portfolio. For individually impaired loans, these include estimates of impairment, if any, which reflect the facts and circumstances that affect the likelihood of repayment of such loans as of the evaluation date. For homogeneous pools of loans, estimates of the Company’s exposure to credit loss reflect a current assessment of a number of factors, which could affect collectability. These factors include: past loss experience, size, trend, composition and nature of loans; changes in lending policies and procedures, including underwriting standards and collection, charge-offs and recoveries; trends experienced in nonperforming and delinquent loans; current economic conditions in the Company’s market; portfolio concentrations that may affect loss experienced across one or more components of the portfolio; the effect of external factors such as competition, legal and regulatory requirements; and the experience, ability and depth of lending management and staff. In addition, various regulatory agencies, as an integral component of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to make loan grade changes as well as recognize additions to the allowance based on their examinations. After a thorough consideration of the factors discussed above, any required additions or reductions to the allowance for loan losses are made periodically by charges or credits to the provision for loan losses. These charges are necessary to maintain the allowance at a level which management believes is reflective of overall level of incurred loss in the portfolio. While management uses available information to recognize losses on loans, additions and reductions of the allowance may fluctuate from one reporting period to another. These fluctuations are reflective of changes in risk associated with portfolio content or changes in management’s assessment of any or all of the determining factors discussed above. The following table illustrates the changes in the allowance for loan losses by our portfolio segments: (In thousands) Commercial Loans Consumer Loans Residential Real Estate Total Balance as of December 31, 2018 $ 32,759 $ 37,178 $ 2,568 $ 72,505 Charge-offs (747 ) (7,433 ) (274 ) (8,454 ) Recoveries 94 1,399 54 1,547 Provision 53 5,660 94 5,807 Ending Balance as of March 31, 2019 $ 32,159 $ 36,804 $ 2,442 $ 71,405 Balance as of December 31, 2017 $ 27,606 $ 36,830 $ 5,064 $ 69,500 Charge-offs (805 ) (7,687 ) (182 ) (8,674 ) Recoveries 187 1,644 47 1,878 Provision 1,202 6,186 108 7,496 Ending Balance as of March 31, 2018 $ 28,190 $ 36,973 $ 5,037 $ 70,200 For acquired loans, to the extent that we experience deterioration in borrower credit quality resulting in a decrease in our expected cash flows subsequent to acquisition of the loans, an allowance for loan losses would be established based on our estimate of incurred losses at the balance sheet date. There was no allowance for loan losses for the acquired loan portfolio as of March 31, 2019 and December 31, 2018. There were no net charge-offs related to acquired loans during the three months ended March 31, 2019 and approximately $0.1 million during the three months ended March 31, 2018, and are included in the table above. The following table illustrates the allowance for loan losses and the recorded investment by portfolio segments: (In thousands) Commercial Loans Consumer Loans Residential Real Estate Total As of March 31, 2019 Allowance for loan losses $ 32,159 $ 36,804 $ 2,442 $ 71,405 Allowance for loans individually evaluated for impairment 25 - - 25 Allowance for loans collectively evaluated for impairment $ 32,134 $ 36,804 $ 2,442 $ 71,380 Ending balance of loans $ 3,250,482 $ 2,249,419 $ 1,390,411 $ 6,890,312 Ending balance of originated loans individually evaluated for impairment 6,009 7,813 7,220 21,042 Ending balance of acquired loans collectively evaluated for impairment 140,103 29,626 142,814 312,543 Ending balance of originated loans collectively evaluated for impairment $ 3,104,370 $ 2,211,980 $ 1,240,377 $ 6,556,727 As of December 31, 2018 Allowance for loan losses $ 32,759 $ 37,178 $ 2,568 $ 72,505 Allowance for loans individually evaluated for impairment 25 - - 25 Allowance for loans collectively evaluated for impairment $ 32,734 $ 37,178 $ 2,568 $ 72,480 Ending balance of loans $ 3,222,310 $ 2,284,563 $ 1,380,836 $ 6,887,709 Ending balance of originated loans individually evaluated for impairment 5,786 7,887 6,905 20,578 Ending balance of acquired loans collectively evaluated for impairment 143,690 31,624 147,277 322,591 Ending balance of originated loans collectively evaluated for impairment $ 3,072,834 $ 2,245,052 $ 1,226,654 $ 6,544,540 Credit Quality of Loans For all loan classes within the Company’s loan portfolio, loans are placed on nonaccrual status when timely collection of principal and/or interest in accordance with contractual terms is in doubt. Loans are transferred to nonaccrual status generally when principal or interest payments become ninety days delinquent, unless the loan is well-secured and in the process of collection or sooner when management concludes circumstances indicate that borrowers may be unable to meet contractual principal or interest payments. When a loan is transferred to a nonaccrual status, all interest previously accrued in the current period but not collected is reversed against interest income in that period. Interest accrued in a prior period and not collected is charged-off against the allowance for loan losses. If ultimate repayment of a nonaccrual loan is expected, any payments received are applied in accordance with contractual terms. If ultimate repayment of principal is not expected, any payment received on a nonaccrual loan is applied to principal until ultimate repayment becomes expected. For all loan classes within the Company’s loan portfolio, nonaccrual loans are returned to accrual status when they become current as to principal and interest and demonstrate a period of performance under the contractual terms and, in the opinion of management, are fully collectible as to principal and interest. For loans in all portfolios, the principal amount is charged off in full or in part as soon as management determines, based on available facts, that the collection of principal in full or in part is improbable. For Commercial loans, management considers specific facts and circumstances relative to individual credits in making such a determination. For Consumer and Residential Real Estate loan classes, management uses specific guidance and thresholds from the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification and Account Management Policy. The following tables set forth information with regard to past due and nonperforming loans by loan class: (In thousands) 31-60 Days Past Due Accruing 61-90 Days Past Due Accruing Greater Than 90 Days Past Due Accruing Total Past Due Accruing Nonaccrual Current Recorded Total Loans As of March 31, 2019 Originated Commercial Loans: C&I $ 74 $ - $ - $ 74 $ 899 $ 858,653 $ 859,626 CRE 5,794 420 - 6,214 4,818 1,753,079 1,764,111 Business Banking 1,149 235 - 1,384 5,970 479,288 486,642 Total Commercial Loans $ 7,017 $ 655 $ - $ 7,672 $ 11,687 $ 3,091,020 $ 3,110,379 Consumer Loans: Dealer Finance $ 11,388 $ 1,962 $ 878 $ 14,228 $ 2,924 $ 1,173,956 $ 1,191,108 Specialty Lending 3,235 1,733 1,604 6,572 45 522,527 529,144 Direct 2,530 808 393 3,731 2,895 492,915 499,541 Total Consumer Loans $ 17,153 $ 4,503 $ 2,875 $ 24,531 $ 5,864 $ 2,189,398 $ 2,219,793 Residential Real Estate $ 1,573 $ 398 $ 315 $ 2,286 $ 6,141 $ 1,239,170 $ 1,247,597 Total Originated Loans $ 25,743 $ 5,556 $ 3,190 $ 34,489 $ 23,692 $ 6,519,588 $ 6,577,769 Acquired Commercial Loans: C&I $ - $ - $ - $ - $ - $ 27,166 $ 27,166 CRE - - - - - 80,623 80,623 Business Banking 121 285 - 406 383 31,525 32,314 Total Commercial Loans $ 121 $ 285 $ - $ 406 $ 383 $ 139,314 $ 140,103 Consumer Loans: Dealer Finance $ - $ - $ - $ - $ - $ 3 $ 3 Direct 76 2 - 78 219 29,326 29,623 Total Consumer Loans $ 76 $ 2 $ - $ 78 $ 219 $ 29,329 $ 29,626 Residential Real Estate $ 788 $ 119 $ 145 $ 1,052 $ 1,338 $ 140,424 $ 142,814 Total Acquired Loans $ 985 $ 406 $ 145 $ 1,536 $ 1,940 $ 309,067 $ 312,543 Total Loans $ 26,728 $ 5,962 $ 3,335 $ 36,025 $ 25,632 $ 6,828,655 $ 6,890,312 (In thousands) 31-60 Days Past Due Accruing 61-90 Days Past Due Accruing Greater Than 90 Days Past Due Accruing Total Past Due Accruing Nonaccrual Current Recorded Total Loans As of December 31, 2018 Originated Commercial Loans: C&I $ 909 $ - $ - $ 909 $ 1,062 $ 846,148 $ 848,119 CRE 1,089 - 588 1,677 4,995 1,734,558 1,741,230 Business Banking 1,092 302 - 1,394 5,974 481,903 489,271 Total Commercial Loans $ 3,090 $ 302 $ 588 $ 3,980 $ 12,031 $ 3,062,609 $ 3,078,620 Consumer Loans: Dealer Finance $ 14,519 $ 2,300 $ 1,186 $ 18,005 $ 1,971 $ 1,196,136 $ 1,216,112 Specialty Lending 3,479 1,773 1,562 6,814 - 518,114 524,928 Direct 2,962 1,437 552 4,951 2,592 504,356 511,899 Total Consumer Loans $ 20,960 $ 5,510 $ 3,300 $ 29,770 $ 4,563 $ 2,218,606 $ 2,252,939 Residential Real Estate $ 1,426 $ 157 $ 1,182 $ 2,765 $ 6,778 $ 1,224,016 $ 1,233,559 Total Originated Loans $ 25,476 $ 5,969 $ 5,070 $ 36,515 $ 23,372 $ 6,505,231 $ 6,565,118 Acquired Commercial Loans: C&I $ - $ - $ - $ - $ - $ 26,124 $ 26,124 CRE - - - - - 84,492 84,492 Business Banking 466 288 - 754 390 31,930 33,074 Total Commercial Loans $ 466 $ 288 $ - $ 754 $ 390 $ 142,546 $ 143,690 Consumer Loans: Dealer Finance $ 1 $ 1 $ - $ 2 $ - $ 30 $ 32 Direct 152 41 15 208 227 31,157 31,592 Total Consumer Loans $ 153 $ 42 $ 15 $ 210 $ 227 $ 31,187 $ 31,624 Residential Real Estate $ 546 $ 42 $ - $ 588 $ 1,498 $ 145,191 $ 147,277 Total Acquired Loans $ 1,165 $ 372 $ 15 $ 1,552 $ 2,115 $ 318,924 $ 322,591 Total Loans $ 26,641 $ 6,341 $ 5,085 $ 38,067 $ 25,487 $ 6,824,155 $ 6,887,709 There were no material commitments to extend further credit to borrowers with nonperforming loans as of March 31, 2019 and December 31, 2018. Impaired Loans The methodology used to establish the allowance for loan losses on impaired loans incorporates specific allocations on loans analyzed individually. Classified loans, including all troubled debt restructured loans (“TDRs”) and nonaccrual Commercial loans that are graded Substandard, Doubtful or Loss, with outstanding balances of $750 thousand or more are evaluated for impairment through the Company’s quarterly status review process. The Company considers Commercial loans less than $750 thousand to be homogeneous loans. In determining that we will be unable to collect all principal and/or interest payments due in accordance with the contractual terms of the loan agreements, we consider factors such as payment history and changes in the financial condition of individual borrowers, local economic conditions, historical loss experience and the conditions of the various markets in which the collateral may be liquidated. For loans that are identified as impaired, impairment is measured by one of three methods: 1) the fair value of collateral less cost to sell, 2) present value of expected future cash flows or 3) the loan’s observable market price. These impaired loans are reviewed on a quarterly basis for changes in the measurement of impairment. Impaired amounts are charged off immediately if such amounts are determined by management to be uncollectable. Any change to the previously recognized amount of impairment loss is recognized as a component of the provision for loan losses. The following table provides information on impaired loans specifically evaluated for impairment: March 31, 2019 December 31, 2018 (In thousands) Recorded Investment Balance (Book) Unpaid Principal Balance (Legal) Related Allowance Recorded Investment Balance (Book) Unpaid Principal Balance (Legal) Related Allowance Originated With no related allowance recorded: Commercial Loans: C&I $ 244 $ 516 $ 228 $ 497 CRE 4,237 6,272 4,312 6,330 Business Banking 1,299 2,341 1,013 2,001 Total Commercial Loans $ 5,780 $ 9,129 $ 5,553 $ 8,828 Consumer Loans: Dealer Finance $ 187 $ 283 $ 143 $ 241 Direct 7,626 9,763 7,744 9,831 Total Consumer Loans $ 7,813 $ 10,046 $ 7,887 $ 10,072 Residential Real Estate $ 7,220 $ 9,839 $ 6,905 $ 9,414 Total $ 20,813 $ 29,014 $ 20,345 $ 28,314 With an allowance recorded: Commercial Loans: C&I $ 229 $ 236 $ 25 $ 233 $ 238 $ 25 Total Commercial Loans $ 229 $ 236 $ 25 $ 233 $ 238 $ 25 Total Loans $ 21,042 $ 29,250 $ 25 $ 20,578 $ 28,552 $ 25 There were no acquired impaired loans specifically evaluated for impairment as of March 31, 2019 or December 31, 2018. The following table summarizes the average recorded investments on loans specifically evaluated for impairment and the interest income recognized: For the three months ended March 31, 2019 March 31, 2018 (In thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Originated Commercial Loans: C&I $ 462 $ 1 $ 467 $ - CRE 4,282 30 4,506 32 Business Banking 1,263 6 954 5 Total Commercial Loans $ 6,007 $ 37 $ 5,927 $ 37 Consumer Loans: Dealer Finance $ 173 $ 2 $ 184 $ 3 Direct 7,716 98 8,190 109 Total Consumer Loans $ 7,889 $ 100 $ 8,374 $ 112 Residential Real Estate $ 7,166 $ 77 $ 6,881 $ 73 Total Originated $ 21,062 $ 214 $ 21,182 $ 222 Total Loans $ 21,062 $ 214 $ 21,182 $ 222 Credit Quality Indicators The Company has developed an internal loan grading system to evaluate and quantify the Company’s loan portfolio with respect to quality and risk. The system focuses on, among other things, financial strength of borrowers, experience and depth of borrower’s management, primary and secondary sources of repayment, payment history, nature of the business and outlook on particular industries. The internal grading system enables the Company to monitor the quality of the entire loan portfolio on a consistent basis and provide management with an early warning system, enabling recognition and response to problem loans and potential problem loans. Commercial Grading System For C&I and CRE loans, the Company uses a grading system that relies on quantifiable and measurable characteristics when available. This would include comparison of financial strength to available industry averages, comparison of transaction factors (loan terms and conditions) to loan policy and comparison of credit history to stated repayment terms and industry averages. Some grading factors are necessarily more subjective such as economic and industry factors, regulatory environment and management. C&I and CRE loans are graded Doubtful, Substandard, Special Mention and Pass. ● Doubtful A Doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification as a loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral and refinancing. Generally, pending events should be resolved within a relatively short period and the ratings will be adjusted based on the new information. Nonaccrual treatment is required for Doubtful assets because of the higher probability of loss. ● Substandard Substandard loans have a high probability of payment default or they have other well-defined weaknesses. They require more intensive supervision by bank management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some Substandard loans, the likelihood of full collection of interest and principal may be in doubt and those loans should be placed on nonaccrual. Although Substandard assets in the aggregate will have a distinct potential for loss, an individual asset’s loss potential does not have to be distinct for the asset to be rated Substandard. ● Special Mention Special Mention loans have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s position at some future date. These loans pose elevated risk, but their weakness does not yet justify a Substandard classification. Borrowers may be experiencing adverse operating trends (i.e., declining revenues or margins) or may be struggling with an ill-proportioned balance sheet (i.e., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a Special Mention rating. Although a Special Mention loan has a higher probability of default than a pass asset, its default is not imminent. ● Pass Loans graded as Pass encompass all loans not graded as Doubtful, Substandard or Special Mention. Pass loans are in compliance with loan covenants and payments are generally made as agreed. Pass loans range from superior quality to fair quality. Business Banking Grading System Business Banking loans are graded as either Classified or Non-classified: ● Classified Classified loans are inadequately protected by the current worth and paying capacity of the obligor or, if applicable, the collateral pledged. These loans have a well-defined weakness or weaknesses, that jeopardize the liquidation of the debt or in some cases make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Classified loans have a higher probability of payment default or total substantial loss. These loans require more intensive supervision by management and are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. Classified loans where the full collection of interest and principal is in doubt are considered to have a nonaccrual status. In some cases, Classified loans are considered uncollectable and of such little value that their continuance as assets is not warranted. ● Non-classified Loans graded as Non-classified encompass all loans not graded as Classified. Non-classified loans are in compliance with loan covenants and payments are generally made as agreed. Consumer and Residential Real Estate Grading System Consumer and Residential Real Estate loans are graded as either Nonperforming or Performing. ● Nonperforming Nonperforming loans are loans that are 1) over 90 days past due and interest is still accruing or 2) on nonaccrual status. ● Performing The following tables illustrate the Company’s credit quality by loan class: (In thousands) March 31, 2019 Originated Commercial Credit Exposure By Internally Assigned Grade: C&I CRE Total Pass $ 806,097 $ 1,704,986 $ 2,511,083 Special Mention 13,217 14,172 27,389 Substandard 40,312 44,953 85,265 Total $ 859,626 $ 1,764,111 $ 2,623,737 Business Banking Credit Exposure Business Banking By Internally Assigned Grade: Total Non-classified $ 473,402 $ 473,402 Classified 13,240 13,240 Total $ 486,642 $ 486,642 Consumer Credit Exposure Dealer Finance Specialty Lending By Payment Activity: Direct Total Performing $ 1,187,306 $ 527,495 $ 496,253 $ 2,211,054 Nonperforming 3,802 1,649 3,288 8,739 Total $ 1,191,108 $ 529,144 $ 499,541 $ 2,219,793 Residential Real Estate Credit Exposure Residential Real Estate By Payment Activity: Total Performing $ 1,241,141 $ 1,241,141 Nonperforming 6,456 6,456 Total $ 1,247,597 $ 1,247,597 Acquired Commercial Credit Exposure By Internally Assigned Grade: C&I CRE Total Pass $ 24,488 $ 76,934 $ 101,422 Special Mention 2,670 3,074 5,744 Substandard 8 615 623 Total $ 27,166 $ 80,623 $ 107,789 Business Banking Credit Exposure Business Banking By Internally Assigned Grade: Total Non-classified $ 29,295 $ 29,295 Classified 3,019 3,019 Total $ 32,314 $ 32,314 Consumer Credit Exposure Dealer Finance By Payment Activity: Direct Total Performing $ 3 $ 29,404 $ 29,407 Nonperforming - 219 219 Total $ 3 $ 29,623 $ 29,626 Residential Real Estate Residential Real Estate By Payment Activity: Total Performing $ 141,331 $ 141,331 Nonperforming 1,483 1,483 Total $ 142,814 $ 142,814 (In thousands) December 31, 2018 Originated Commercial Credit Exposure By Internally Assigned Grade: C&I CRE Total Pass $ 796,778 $ 1,681,330 $ 2,478,108 Special Mention 11,348 13,894 25,242 Substandard 39,993 46,006 85,999 Total $ 848,119 $ 1,741,230 $ 2,589,349 Business Banking Credit Exposure Business Banking By Internally Assigned Grade: Total Non-classified $ 476,052 $ 476,052 Classified 13,219 13,219 Total $ 489,271 $ 489,271 Consumer Credit Exposure Dealer Finance Specialty Lending By Payment Activity: Direct Total Performing $ 1,212,955 $ 523,366 $ 508,755 $ 2,245,076 Nonperforming 3,157 1,562 3,144 7,863 Total $ 1,216,112 $ 524,928 $ 511,899 $ 2,252,939 Residential Real Estate Credit Exposure Residential Real Estate By Payment Activity: Total Performing $ 1,225,599 $ 1,225,599 Nonperforming 7,960 7,960 Total $ 1,233,559 $ 1,233,559 Acquired Commercial Credit Exposure By Internally Assigned Grade: C&I CRE Total Pass $ 23,283 $ 83,762 $ 107,045 Special Mention 2,831 92 2,923 Substandard 10 638 648 Total $ 26,124 $ 84,492 $ 110,616 Business Banking Credit Exposure Business Banking By Internally Assigned Grade: Total Non-classified $ 29,945 $ 29,945 Classified 3,129 3,129 Total $ 33,074 $ 33,074 Consumer Credit Exposure Dealer Finance By Payment Activity: Direct Total Performing $ 32 $ 31,350 $ 31,382 Nonperforming - 242 242 Total $ 32 $ 31,592 $ 31,624 Residential Real Estate Credit Exposure Residential Real Estate By Payment Activity: Total Performing $ 145,779 $ 145,779 Nonperforming 1,498 1,498 Total $ 147,277 $ 147,277 Troubled Debt Restructuring When the Company modifies a loan in a troubled debt restructuring, such modifications include one or a combination of the following: an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; temporary reduction in the interest rate; or change in scheduled payment amount. Residential Real Estate and Consumer TDRs occurring during 2019 and 2018 were due to the reduction in the interest rate or extension of the term. Commercial TDRs during 2019 and 2018 were both a reduction of the interest rate and change in terms. When the Company modifies a loan in a troubled debt restructuring, management measures for impairment, if any, based on the present value of the expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs. If management determines that the value of the modified loan is less than the recorded investment in the loan an impairment charge would be recognized. The following table illustrates the recorded investment and number of modifications for modified loans, including the recorded investment in the loans prior to a modification and the recorded investment in the loans after restructuring: Three months ended March 31, 2019 Three months ended March 31, 2018 (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial Loans: C&I 1 $ 65 $ 65 - $ - $ - Business Banking 2 388 388 3 319 410 Total Commercial Loans 3 $ 453 $ 453 3 $ 319 $ 410 Consumer Loans: Dealer Finance 5 $ 74 $ 74 6 $ 82 $ 81 Direct 6 320 320 2 41 41 Total Consumer Loans 11 $ 394 $ 394 8 $ 123 $ 122 Residential Real Estate 6 $ 388 $ 405 5 $ 323 $ 323 Total Troubled Debt Restructurings 20 $ 1,235 $ 1,252 16 $ 765 $ 855 The following table illustrates the recorded investment and number of modifications for TDRs where a concession has been made and subsequently defaulted during the period: Three months ended March 31, 2019 Three months ended March 31, 2018 (Dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial Loans: Business Banking - $ - 1 $ 200 Total Commercial Loans - $ - 1 $ 200 Consumer Loans: Dealer Finance 2 $ 17 - $ - Direct 10 600 14 870 Total Consumer Loans 12 $ 617 14 $ 870 Residential Real Estate 8 $ 398 8 $ 504 Total Troubled Debt Restructurings 20 $ 1,015 23 $ 1,574 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 5. Leases Operating leases in which we are the lessee are recorded as operating lease right of use (“ROU”) assets and operating lease liabilities, included in other assets and other liabilities, respectively, on the unaudited interim consolidated balance sheets. The Company does not have any significant finance leases in which we are the lessee as of March 31, 2019 and December 31, 2018. Operating lease ROU assets represent the Company’s right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents the Company’s incremental borrowing rate at the lease commencement date. ROU assets are further adjusted for lease incentives. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in occupancy expense in the unaudited interim consolidated statements of income. We have made a policy election to exclude the recognition requirements to all classes of leases with original terms of 12 months or less. Instead, the short-term lease payments are recognized in profit or loss on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. Our leases relate primarily to office space and bank branches, some of which contain options to renew the lease. These options to renew are generally not considered reasonably certain to exercise, and are therefore not included in the lease term until such time that the option to renew is reasonably certain. As of March 31, 2019, operating lease ROU assets and liabilities were $32.9 million and $35.4 million, respectively. The table below summarizes our net lease cost: (In thousands) Three months ended March 31, 2019 Operating lease cost $ 1,799 Variable lease cost 677 Short-term lease cost 90 Sublease income (101 ) Total operating lease cost $ 2,465 (In thousands) Three months ended March 31, 2019 2019 $ 5,197 2020 6,541 2021 5,689 2022 4,880 2023 4,034 Thereafter 13,874 Total lease payments $ 40,215 Less: interest (4,838 ) Present value of lease liabilities $ 35,377 (In thousands except for percent and period data) Three months ended March 31, 2019 Weighted average remaining lease term, in years 7.87 Weighted average discount rate 3.05 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,549 ROU assets obtained in exchange for lease liabilities 34,427 As of March 31, 2019 there are no new significant leases that have not yet commenced. The following table shows the future minimum rental payments related to non-cancelable operating leases with original terms of one year or more as of December 31, 2018. (In thousands) December 31, 2018 2019 $ 6,890 2020 6,467 2021 5,613 2022 4,773 2023 3,972 Thereafter 13,869 Total $ 41,584 |
Defined Benefit Post-Retirement
Defined Benefit Post-Retirement Plans | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Post-Retirement Plans [Abstract] | |
Defined Benefit Post-Retirement Plans | 6. Defined Benefit Post-Retirement Plans The Company has a qualified, noncontributory, defined benefit pension plan (“the Plan”) covering substantially all of its employees at March 31, 2019. Benefits paid from the plan are based on age, years of service, compensation, social security benefits and are determined in accordance with defined formulas. The Company’s policy is to fund the Plan in accordance with Employee Retirement Income Security Act of 1974 standards. Assets of the Plan are invested in publicly traded stocks and mutual funds. In addition to the Plan, the Company provides supplemental employee retirement plans to certain current and former executives. The Company also assumed supplemental retirement plans for former executives of Alliance Financial Corporation (“Alliance”) when the company acquired Alliance. The supplemental employee retirement plans and the Plan are collectively referred to herein as “Pension Benefits.” In addition, the Company provides certain health care benefits for retired employees. Benefits were accrued over the employees’ active service period. Only employees that were employed by the Company on or before January 1, 2000 are eligible to receive post-retirement health care benefits. In addition, the Company assumed post-retirement medical life insurance benefits for certain Alliance employees, retirees and their spouses, if applicable, in the Alliance acquisition. These post-retirement benefits are referred to herein as “Other Benefits.” The Company made no voluntary contributions to the pension and other benefits plans during the three months ended March 31, 2019 and 2018. The components of expense for Pension Benefits and Other Benefits are set forth below: Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, (In thousands) 2019 2018 2019 2018 Components of net periodic cost (benefit): Service cost $ 435 $ 420 $ 2 $ 3 Interest cost 981 920 81 82 Expected return on plan assets (1,873 ) (2,123 ) - - Net amortization 639 251 17 44 Total net periodic cost (benefit) $ 182 $ (532 ) $ 100 $ 129 The service cost component of net periodic cost (benefit) is included in Salaries and Employee Benefits and the interest cost, expected return on plan assets and net amortization components are included in Other Noninterest Expense on the unaudited interim consolidated statements of income. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 7. Earnings Per Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units). The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income: Three months ended March 31, (In thousands, except per share data) 2019 2018 Basic EPS: Weighted average common shares outstanding 43,785 43,663 Net income available to common stockholders $ 29,127 $ 25,986 Basic EPS $ 0.67 $ 0.60 Diluted EPS: Weighted average common shares outstanding 43,785 43,663 Dilutive effect of common stock options and restricted stock 296 312 Weighted average common shares and common share equivalents 44,081 43,975 Net income available to common stockholders $ 29,127 $ 25,986 Diluted EPS $ 0.66 $ 0.59 There were 1,500 stock options for the quarters ended March 31, 2019 and March 31, 2018, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods. |
Reclassification Adjustments Ou
Reclassification Adjustments Out of Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2019 | |
Reclassification Adjustments Out of Other Comprehensive Income (Loss) [Abstract] | |
Reclassification Adjustments Out of Other Comprehensive Income (Loss) | 8. Reclassification Adjustments Out of Other Comprehensive Income (Loss) The following table summarizes the reclassification adjustments out of accumulated other comprehensive income (loss) (“AOCI”): Detail About AOCI Components Amount Reclassified from AOCI Affected Line Item in the Consolidated Statements of Comprehensive Income (Loss) Three months ended (In thousands) March 31, 2019 March 31, 2018 AFS securities: Losses on AFS securities $ 99 $ - Net securities gains Amortization of unrealized gains related to securities transfer 167 188 Interest income Tax effect $ (67 ) $ (47 ) Income tax (benefit) Net of tax $ 199 $ 141 Cash flow hedges: Net unrealized (gains) on cash flow hedges reclassified to interest expense $ (799 ) $ (359 ) Interest expense Tax effect $ 200 $ 90 Income tax expense Net of tax $ (599 ) $ (269 ) Pension and other benefits: Amortization of net losses $ 634 $ 273 Other noninterest expense Amortization of prior service costs 22 22 Other noninterest expense Tax effect $ (164 ) $ (74 ) Income tax (benefit) Net of tax $ 492 $ 221 Total reclassifications, net of tax $ 92 $ 93 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities [Abstract] | |
Derivative Instruments and Hedging Activities | 9. Derivative Instruments and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, primarily by managing the amount, sources and duration of its assets and liabilities and through the use of derivative instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. 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 related to certain fixed rate borrowings. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company manages a matched book with respect to its derivative instruments in order to minimize its net risk exposure resulting from such transactions. Derivatives Not Designated as Hedging Instruments The Company enters into interest rate swaps to facilitate customer transactions and meet their financing needs. These swaps are considered derivatives, but are not designated in hedging relationships. These instruments have interest rate and credit risk associated with them. To mitigate the interest rate risk, the Company enters into offsetting interest rate swaps with counterparties. The counterparty swaps are also considered derivatives and are also not designated in hedging relationships. Interest rate swaps are recorded within other assets or other liabilities on the consolidated balance sheet at their estimated fair value. Changes to the fair value of assets and liabilities arising from these derivatives are included, net, in other operating income in the consolidated statement of income. As of March 31, 2019 the Company had ten risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which it is are a participant. The fair values included in other assets and other liabilities on the unaudited interim consolidated balance sheet applicable to these agreements amounts to $45 thousand and $35 thousand, respectively as of March 31, 2019. As of December 31, 2018 the Company had nine risk participation agreements, with the fair values included in other assets and other liabilities on the unaudited interim consolidated balance sheet of $36 thousand and $17 thousand, respectively. The risk participation agreement provides credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract with the financial institution. Derivatives Designated as Hedging Instruments The Company has entered into interest rate swaps to modify the interest rate characteristics of certain short-term Federal Home Loan Bank (“FHLB”) advances from variable rate to fixed rate in order to reduce the impact of changes in future cash flows due to market interest rate changes. These agreements are designated as cash flow hedges. The following table depicts the fair value adjustment recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements: March 31, December 31, (In thousands) 2019 2018 Derivatives Not Designated as Hedging Instruments: Fair value adjustment included in other assets and other liabilities Interest rate derivatives $ 22,231 $ 17,572 Notional amount: Interest rate derivatives 695,522 653,369 Risk participation agreements 77,771 70,785 Derivatives Designated as Hedging Instruments: Fair value adjustment included in other assets Interest rate derivatives 1,595 2,428 Notional amount: Interest rate derivatives 200,000 225,000 For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest expense in the same period during which the hedge transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s short-term rate borrowings. During the next twelve months, the Company estimates that an additional $1.4 million will be reclassified from AOCI as a reduction to interest expense. The following table indicates the effect of cash flow hedge accounting on AOCI and on the unaudited interim consolidated statement of income: March 31, (In thousands) 2019 2018 Derivatives Designated as Hedging Instruments: Interest rate derivatives - included component Amount of (loss) or gain recognized in OCI $ (170 ) $ 1,048 Amount of (gain) reclassified from AOCI into interest expense (799 ) (359 ) The following table indicates the gain or loss recognized in income on derivatives not designating as a hedging relationship: March 31, (In thousands) 2019 2018 Derivatives Not Designated as Hedging Instruments: (Increase) decrease in other income $ (87 ) $ 197 |
Fair Value Measurements and Fai
Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value Measurements and Fair Value of Financial Instruments | 10. Fair Value Measurements and Fair Value of Financial Instruments GAAP states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. A fair value hierarchy exists within GAAP 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 are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, many other sovereign government obligations, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within Level 1 or Level 2 of the fair value hierarchy. The Company does not adjust the quoted price for such instruments. The types of instruments valued based on quoted prices in markets that are not active, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include most investment-grade and high-yield corporate bonds, less liquid mortgage products, less liquid agency securities, less liquid listed equities, state, municipal and provincial obligations and certain physical commodities. Such instruments are generally classified within Level 2 of the fair value hierarchy. Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices). Other investment securities are reported at fair value utilizing Level 1 and Level 2 inputs. The prices for Level 2 instruments are obtained through an independent pricing service or dealer market participants with whom the Company has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the methodologies used in pricing the securities by its third party providers. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate will be used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Subsequent to inception, management only changes Level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt markets and changes in financial ratios or cash flows. For the three month period ended March 31, 2019 the Company made no transfers of assets between the levels of the fair value hierarchy. For the year ended December 31, 2018, the Company made no transfers of assets from Level 1 to Level 2 and made a $4.0 million transfer from Level 2 to Level 1. The following tables set forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (In thousands) Level 1 Level 2 Level 3 March 31, 2019 Assets: AFS securities: Federal agency $ - $ 29,636 $ - $ 29,636 State & municipal - 598 - 598 Mortgage-backed - 516,167 - 516,167 Collateralized mortgage obligations - 405,458 - 405,458 Total AFS securities $ - $ 951,859 $ - $ 951,859 Equity securities 21,482 4,000 - 25,482 Derivatives - 23,871 - 23,871 Total $ 21,482 $ 979,730 $ - $ 1,001,212 Liabilities: Derivatives $ - $ 22,266 $ - $ 22,266 Total $ - $ 22,266 $ - $ 22,266 (In thousands) Level 1 Level 2 Level 3 December 31, 2018 Assets: AFS securities: Federal agency $ - $ 84,299 $ - $ 84,299 State & municipal - 29,915 - 29,915 Mortgage-backed - 512,295 - 512,295 Collateralized mortgage obligations - 371,987 - 371,987 Total AFS securities $ - $ 998,496 $ - $ 998,496 Equity securities 19,053 4,000 - 23,053 Derivatives - 20,000 - 20,000 Total $ 19,053 $ 1,022,496 $ - $ 1,041,549 Liabilities: Derivatives $ - $ 17,572 $ - $ 17,572 Total $ - $ 17,572 $ - $ 17,572 GAAP requires disclosure of assets and liabilities measured and recorded at fair value on a non-recurring basis such as goodwill, loans held for sale, other real estate owned, collateral-dependent impaired loans, mortgage servicing rights and HTM securities. The only non-recurring fair value measurements recorded during the three month period ended March 31, 2019 and the year ended December 31, 2018 were related to impaired loans, write-downs of other real estate owned and impairments of goodwill and intangible assets. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the specific reserves for collateral dependent impaired loans. The appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 35%. Based on the valuation techniques used, the fair value measurements for collateral dependent impaired loans are classified as Level 3. As of March 31, 2019 and December 31, 2018 the Company had collateral dependent impaired loans with a carrying value of $0.2 million, which had specific reserves included in the allowance for loan losses of $25 thousand The following table sets forth information with regard to estimated fair values of financial instruments. This table excludes financial instruments for which the carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, AFS securities, equity securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable and derivatives. March 31, 2019 December 31, 2018 (In thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: HTM securities 2 $ 780,565 $ 782,761 $ 783,599 $ 778,675 Net loans 3 6,827,432 6,775,550 6,822,147 6,754,460 Financial liabilities: Time deposits 2 $ 922,304 $ 915,990 $ 930,678 $ 920,534 Long-term debt 2 73,696 73,981 73,724 73,927 Junior subordinated debt 2 101,196 102,946 101,196 100,114 Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, the Company has a substantial trust and investment management operation that contributes net fee income annually. The trust and investment management operation is not considered a financial instrument and its value has not been incorporated into the fair value estimates. Other significant assets and liabilities include the benefits resulting from the low-cost funding of deposit liabilities as compared to the cost of borrowing funds in the market and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimate of fair value. HTM Securities The fair value of the Company’s HTM securities is primarily measured using information from a third party pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Net Loans The fair value of the Company’s loans was estimated in accordance with the exit price notion as defined by Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurement Time Deposits The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Long-Term Debt The fair value of long-term debt was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. Junior Subordinated Debt The fair value of junior subordinated debt has been estimated using a discounted cash flow analysis. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies The Company is a party to certain financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, unused lines of credit, standby letters of credit and certain agricultural real estate loans sold to investors with recourse, with the sold portion having a government guarantee that is assignable back to the Company upon repurchase of the loan in the event of default. The Company’s exposure to credit loss in the event of nonperformance by the other party to the commitments to extend credit, unused lines of credit, standby letters of credit and loans sold with recourse is represented by the contractual amount of those instruments. The credit risk associated with commitments to extend credit and standby and commercial letters of credit is essentially the same as that involved with extending loans to customers and is subject to normal credit policies. Collateral may be obtained based on management’s assessment of the customer’s creditworthiness. Commitments to extend credit and unused lines of credit totaled $1.9 billion at March 31, 2019 and $1.7 billion at December 31, 2018. Since many loan commitments, standby letters of credit and guarantees and indemnification contracts expire without being funded in whole or in part, the contract amounts are not necessarily indicative of future cash flows. The Company does not issue any guarantees that would require liability-recognition or disclosure, other than its standby letters of credit. The Company guarantees the obligations or performance of customers by issuing standby letters of credit to third parties. These standby letters of credit are frequently issued in support of third party debt, such as corporate debt issuances, industrial revenue bonds and municipal securities. The risk involved in issuing standby letters of credit is essentially the same as the credit risk involved in extending loan facilities to customers and letters of credit are subject to the same credit origination, portfolio maintenance and management procedures in effect to monitor other credit and off-balance sheet products. Typically, these instruments have one year expirations with an option to renew upon annual review; therefore, the total amounts do not necessarily represent future cash requirements. Standby letters of credit totaled $30.4 million at March 31, 2019 and $41.2 million at December 31, 2018. As of March 31, 2019 and December 31, 2018, the fair value of the Company’s standby letters of credit was not significant. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 12. Recent Accounting Pronouncements Recently Adopted Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases Targeted Improvements The Company adopted ASU 2016-02 as of January 1, 2019 and elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the carryforward of the historical lease classification, the practical expedient related to land easements and the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet and recognize those lease payments in the consolidated statements of income on a straight-line basis over the lease term. The adoption of ASU 2016-02 and related transition guidance resulted in the recognition of additional net lease assets and liabilities of approximately $34 million and $37 million, respectively, as of January 1, 2019. The standard did not materially affect our consolidated net earnings or regulatory capital ratios. Refer to Note 5, Leases for more information. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Accounting Standards Issued Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair value Measurement In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans - General (Subtopic 715-20) In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract |
Description of Business (Polici
Description of Business (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Description of Business [Abstract] | |
Nature of Operations | NBT Bancorp Inc. (the “Registrant” or the “Company”) is a registered financial holding company incorporated in the state of Delaware in 1986, with its principal headquarters located in Norwich, New York. The principal assets of the Registrant consist of all of the outstanding shares of common stock of its subsidiaries, including: NBT Bank, National Association (the “Bank”), NBT Financial Services, Inc. (“NBT Financial”), NBT Holdings, Inc. (“NBT Holdings”), CNBF Capital Trust I, NBT Statutory Trust I, NBT Statutory Trust II, Alliance Financial Capital Trust I and Alliance Financial Capital Trust II (collectively, the “Trusts”). The Company’s principal sources of revenue are the management fees and dividends it receives from the Bank, NBT Financial and NBT Holdings. The Company’s business, primarily conducted through the Bank, consists of providing commercial banking, retail banking and wealth management services primarily to customers in its market area, which includes central and upstate New York, northeastern Pennsylvania, southern New Hampshire, western Massachusetts, Vermont and the southern coastal Maine area. The Company has been, and intends to continue to be, a community-oriented financial institution offering a variety of financial services. The Company’s business philosophy is to operate as a community bank with local decision-making, providing a broad array of banking and financial services to retail, commercial and municipal customers. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | The accompanying unaudited interim consolidated financial statements include the accounts of the Registrant and its wholly-owned subsidiaries, the Bank, NBT Financial and NBT Holdings. Collectively, the Registrant and its subsidiaries are referred to herein as “the Company.” The interim data includes all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the interim periods in accordance with generally accepted accounting principles in the United States of America (“GAAP”). These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our 2018 Annual Report on Form 10-K. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. All material intercompany transactions have been eliminated in consolidation. Amounts previously reported in the consolidated financial statements are reclassified whenever necessary to conform to current period presentation. The Company has evaluated subsequent events for potential recognition and/or disclosure and there were none identified. |
Securities (Policies)
Securities (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Securities [Abstract] | |
Investment, Policy | Declines in the fair value of AFS and HTM securities below their amortized cost, less any current period credit loss, that are deemed to be other-than-temporary are reflected in earnings as realized losses or in other comprehensive income (“OCI”). The classification is dependent upon whether the Company intends to sell the security, or whether it is more likely than not, that the Company will be required to sell the security before recovery. The other-than-temporary impairment (“OTTI”) shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis less any current-period credit loss, the OTTI shall be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors. The amount of the total OTTI related to the credit loss shall be recognized in earnings. The amount of the total OTTI related to other factors shall be recognized in OCI, net of applicable taxes. In estimating OTTI losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer and (iii) the historical and implied volatility of the fair value of the security. Management has the intent to hold the securities classified as HTM until they mature, at which time it is believed the Company will receive full value for the securities. The unrealized losses on HTM debt securities are due to increases in market interest rates over yields at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. The fair value is expected to recover as the bonds approach their respective maturity date or repricing date or if market yields for such investments decline. Management also has the intent to hold and will not be required to sell, the debt securities classified as AFS for a period of time sufficient for a recovery of cost, which may be at maturity. The unrealized losses on AFS debt securities are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. When necessary, the Company has performed a discounted cash flow analysis to determine whether or not it will receive the contractual principal and interest on certain securities. For AFS debt securities, OTTI losses are recognized in earnings if the Company intends to sell the security. In other cases the Company considers the relevant factors noted above, as well as the Company’s intent and ability to retain its investment for a period of time sufficient to allow for any anticipated recovery in market value and whether evidence exists to support a realizable value equal to or greater than the cost basis. Any impairment loss on an equity security is equal to the full difference between the cost basis and the fair value of the security. Maturities of mortgage-backed, collateralized mortgage obligations and asset-backed securities are stated based on their estimated average lives. Actual maturities may differ from estimated average lives or contractual maturities because, in certain cases, borrowers have the right to call or prepay obligations with or without call or prepayment penalties. |
Allowance for Loan Losses and_2
Allowance for Loan Losses and Credit Quality of Loans (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Allowance for Loan Losses and Credit Quality of Loans [Abstract] | |
Portfolio and Class Segments | Portfolio Class Commercial Loans Commercial and Industrial Commercial Real Estate Business Banking Consumer Loans Dealer Finance Specialty Lending Direct Residential Real Estate |
Allowance for Loan Losses | Allowance for Loan Losses The allowance for loan losses is maintained at a level estimated by management to provide adequately for probable incurred losses inherent in the current loan portfolio. The appropriateness of the allowance for loan losses is continuously monitored. It is assessed for appropriateness using a methodology designed to ensure the level of the allowance reasonably reflects the loan portfolio’s risk profile and can absorb all reasonably estimable credit losses inherent in the current loan portfolio. To develop and document a systematic methodology for determining the allowance for loan losses, the Company has divided the loan portfolio into three segments, each with different risk characteristics and methodologies for assessing risk. Those segments are further segregated between our loans accounted for under the amortized cost method (referred to as “originated” loans) and loans acquired in a business combination (referred to as “acquired” loans). Each portfolio segment is broken down into class segments where appropriate. Class segments contain unique measurement attributes, risk characteristics and methods for monitoring and assessing risk that are necessary to develop the allowance for loan losses. Unique characteristics such as borrower type, loan type, collateral type and risk characteristics define each class segment. The following table illustrates the portfolio and class segments for the Company’s loan portfolio: Commercial Loans The Company offers a variety of Commercial loan products. The Company’s underwriting analysis for commercial loans typically includes credit verification, independent appraisals, a review of the borrower’s financial condition and a detailed analysis of the borrower’s underlying cash flows. Commercial and Industrial (“C&I”) – Commercial Real Estate (“CRE”) – Business Banking - Consumer Loans The Company offers a variety of Consumer loan products including Dealer Finance, Specialty Lending and Direct loans. Dealer Finance – Specialty Lending – Direct – Residential Real Estate Residential real estate loans consist primarily of loans secured by a first or second mortgage on primary residences. We originate adjustable-rate and fixed-rate, one-to-four-family residential real estate loans for the construction, purchase or refinancing of a mortgage. These loans are collateralized by owner-occupied properties located in the Company’s market area. When market conditions are favorable, for longer term, fixed-rate residential real estate mortgages without escrow, the Company retains the servicing, but sells the right to receive principal and interest to Government-sponsored enterprises. This practice allows the Company to manage interest rate risk, liquidity risk and credit risk. Loans on one-to-four-family residential real estate are generally originated in amounts of no more than 85% of the purchase price or appraised value (whichever is lower) or have private mortgage insurance. Mortgage title insurance and hazard insurance are normally required. Construction loans have a unique risk because they are secured by an incomplete dwelling. This risk is reduced through periodic site inspections, including one at each loan draw period. Allowance for Loan Loss Calculation For purposes of evaluating the adequacy of the allowance, the Company considers a number of significant factors that affect the collectability of the portfolio. For individually impaired loans, these include estimates of impairment, if any, which reflect the facts and circumstances that affect the likelihood of repayment of such loans as of the evaluation date. For homogeneous pools of loans, estimates of the Company’s exposure to credit loss reflect a current assessment of a number of factors, which could affect collectability. These factors include: past loss experience, size, trend, composition and nature of loans; changes in lending policies and procedures, including underwriting standards and collection, charge-offs and recoveries; trends experienced in nonperforming and delinquent loans; current economic conditions in the Company’s market; portfolio concentrations that may affect loss experienced across one or more components of the portfolio; the effect of external factors such as competition, legal and regulatory requirements; and the experience, ability and depth of lending management and staff. In addition, various regulatory agencies, as an integral component of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to make loan grade changes as well as recognize additions to the allowance based on their examinations. After a thorough consideration of the factors discussed above, any required additions or reductions to the allowance for loan losses are made periodically by charges or credits to the provision for loan losses. These charges are necessary to maintain the allowance at a level which management believes is reflective of overall level of incurred loss in the portfolio. While management uses available information to recognize losses on loans, additions and reductions of the allowance may fluctuate from one reporting period to another. These fluctuations are reflective of changes in risk associated with portfolio content or changes in management’s assessment of any or all of the determining factors discussed above. For acquired loans, to the extent that we experience deterioration in borrower credit quality resulting in a decrease in our expected cash flows subsequent to acquisition of the loans, an allowance for loan losses would be established based on our estimate of incurred losses at the balance sheet date. There was no allowance for loan losses for the acquired loan portfolio as of March 31, 2019 and December 31, 2018. There were no net charge-offs related to acquired loans during the three months ended March 31, 2019 and approximately $0.1 million during the three months ended March 31, 2018, and are included in the table above. Credit Quality of Loans For all loan classes within the Company’s loan portfolio, loans are placed on nonaccrual status when timely collection of principal and/or interest in accordance with contractual terms is in doubt. Loans are transferred to nonaccrual status generally when principal or interest payments become ninety days delinquent, unless the loan is well-secured and in the process of collection or sooner when management concludes circumstances indicate that borrowers may be unable to meet contractual principal or interest payments. When a loan is transferred to a nonaccrual status, all interest previously accrued in the current period but not collected is reversed against interest income in that period. Interest accrued in a prior period and not collected is charged-off against the allowance for loan losses. If ultimate repayment of a nonaccrual loan is expected, any payments received are applied in accordance with contractual terms. If ultimate repayment of principal is not expected, any payment received on a nonaccrual loan is applied to principal until ultimate repayment becomes expected. For all loan classes within the Company’s loan portfolio, nonaccrual loans are returned to accrual status when they become current as to principal and interest and demonstrate a period of performance under the contractual terms and, in the opinion of management, are fully collectible as to principal and interest. For loans in all portfolios, the principal amount is charged off in full or in part as soon as management determines, based on available facts, that the collection of principal in full or in part is improbable. For Commercial loans, management considers specific facts and circumstances relative to individual credits in making such a determination. For Consumer and Residential Real Estate loan classes, management uses specific guidance and thresholds from the Federal Financial Institutions Examination Council’s Uniform Retail Credit Classification and Account Management Policy. Impaired Loans The methodology used to establish the allowance for loan losses on impaired loans incorporates specific allocations on loans analyzed individually. Classified loans, including all troubled debt restructured loans (“TDRs”) and nonaccrual Commercial loans that are graded Substandard, Doubtful or Loss, with outstanding balances of $750 thousand or more are evaluated for impairment through the Company’s quarterly status review process. The Company considers Commercial loans less than $750 thousand to be homogeneous loans. In determining that we will be unable to collect all principal and/or interest payments due in accordance with the contractual terms of the loan agreements, we consider factors such as payment history and changes in the financial condition of individual borrowers, local economic conditions, historical loss experience and the conditions of the various markets in which the collateral may be liquidated. For loans that are identified as impaired, impairment is measured by one of three methods: 1) the fair value of collateral less cost to sell, 2) present value of expected future cash flows or 3) the loan’s observable market price. These impaired loans are reviewed on a quarterly basis for changes in the measurement of impairment. Impaired amounts are charged off immediately if such amounts are determined by management to be uncollectable. Any change to the previously recognized amount of impairment loss is recognized as a component of the provision for loan losses. Credit Quality Indicators The Company has developed an internal loan grading system to evaluate and quantify the Company’s loan portfolio with respect to quality and risk. The system focuses on, among other things, financial strength of borrowers, experience and depth of borrower’s management, primary and secondary sources of repayment, payment history, nature of the business and outlook on particular industries. The internal grading system enables the Company to monitor the quality of the entire loan portfolio on a consistent basis and provide management with an early warning system, enabling recognition and response to problem loans and potential problem loans. Commercial Grading System For C&I and CRE loans, the Company uses a grading system that relies on quantifiable and measurable characteristics when available. This would include comparison of financial strength to available industry averages, comparison of transaction factors (loan terms and conditions) to loan policy and comparison of credit history to stated repayment terms and industry averages. Some grading factors are necessarily more subjective such as economic and industry factors, regulatory environment and management. C&I and CRE loans are graded Doubtful, Substandard, Special Mention and Pass. ● Doubtful A Doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification as a loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral and refinancing. Generally, pending events should be resolved within a relatively short period and the ratings will be adjusted based on the new information. Nonaccrual treatment is required for Doubtful assets because of the higher probability of loss. ● Substandard Substandard loans have a high probability of payment default or they have other well-defined weaknesses. They require more intensive supervision by bank management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some Substandard loans, the likelihood of full collection of interest and principal may be in doubt and those loans should be placed on nonaccrual. Although Substandard assets in the aggregate will have a distinct potential for loss, an individual asset’s loss potential does not have to be distinct for the asset to be rated Substandard. ● Special Mention Special Mention loans have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s position at some future date. These loans pose elevated risk, but their weakness does not yet justify a Substandard classification. Borrowers may be experiencing adverse operating trends (i.e., declining revenues or margins) or may be struggling with an ill-proportioned balance sheet (i.e., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a Special Mention rating. Although a Special Mention loan has a higher probability of default than a pass asset, its default is not imminent. ● Pass Loans graded as Pass encompass all loans not graded as Doubtful, Substandard or Special Mention. Pass loans are in compliance with loan covenants and payments are generally made as agreed. Pass loans range from superior quality to fair quality. Business Banking Grading System Business Banking loans are graded as either Classified or Non-classified: ● Classified Classified loans are inadequately protected by the current worth and paying capacity of the obligor or, if applicable, the collateral pledged. These loans have a well-defined weakness or weaknesses, that jeopardize the liquidation of the debt or in some cases make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Classified loans have a higher probability of payment default or total substantial loss. These loans require more intensive supervision by management and are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. Classified loans where the full collection of interest and principal is in doubt are considered to have a nonaccrual status. In some cases, Classified loans are considered uncollectable and of such little value that their continuance as assets is not warranted. ● Non-classified Loans graded as Non-classified encompass all loans not graded as Classified. Non-classified loans are in compliance with loan covenants and payments are generally made as agreed. Consumer and Residential Real Estate Grading System Consumer and Residential Real Estate loans are graded as either Nonperforming or Performing. ● Nonperforming Nonperforming loans are loans that are 1) over 90 days past due and interest is still accruing or 2) on nonaccrual status. ● Performing |
Troubled Debt Restructuring | Troubled Debt Restructuring When the Company modifies a loan in a troubled debt restructuring, such modifications include one or a combination of the following: an extension of the maturity date at a stated rate of interest lower than the current market rate for new debt with similar risk; temporary reduction in the interest rate; or change in scheduled payment amount. Residential Real Estate and Consumer TDRs occurring during 2019 and 2018 were due to the reduction in the interest rate or extension of the term. Commercial TDRs during 2019 and 2018 were both a reduction of the interest rate and change in terms. When the Company modifies a loan in a troubled debt restructuring, management measures for impairment, if any, based on the present value of the expected future cash flows, discounted at the contractual interest rate of the original loan agreement, except when the sole (remaining) source of repayment for the loan is the operation or liquidation of the collateral. In these cases, management uses the current fair value of the collateral, less selling costs. If management determines that the value of the modified loan is less than the recorded investment in the loan an impairment charge would be recognized. |
Leases (Policies)
Leases (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Operating Lease | Operating lease ROU assets represent the Company’s right to use an underlying asset during the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using a discount rate that represents the Company’s incremental borrowing rate at the lease commencement date. ROU assets are further adjusted for lease incentives. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term, and is recorded in occupancy expense in the unaudited interim consolidated statements of income. We have made a policy election to exclude the recognition requirements to all classes of leases with original terms of 12 months or less. Instead, the short-term lease payments are recognized in profit or loss on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. |
Defined Benefit Post-Retireme_2
Defined Benefit Post-Retirement Plans (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Post-Retirement Plans [Abstract] | |
Postemployment Benefit Plans, Policy | The Company has a qualified, noncontributory, defined benefit pension plan (“the Plan”) covering substantially all of its employees at March 31, 2019. Benefits paid from the plan are based on age, years of service, compensation, social security benefits and are determined in accordance with defined formulas. The Company’s policy is to fund the Plan in accordance with Employee Retirement Income Security Act of 1974 standards. Assets of the Plan are invested in publicly traded stocks and mutual funds. In addition to the Plan, the Company provides supplemental employee retirement plans to certain current and former executives. The Company also assumed supplemental retirement plans for former executives of Alliance Financial Corporation (“Alliance”) when the company acquired Alliance. The supplemental employee retirement plans and the Plan are collectively referred to herein as “Pension Benefits.” In addition, the Company provides certain health care benefits for retired employees. Benefits were accrued over the employees’ active service period. Only employees that were employed by the Company on or before January 1, 2000 are eligible to receive post-retirement health care benefits. In addition, the Company assumed post-retirement medical life insurance benefits for certain Alliance employees, retirees and their spouses, if applicable, in the Alliance acquisition. These post-retirement benefits are referred to herein as “Other Benefits.” The Company made no voluntary contributions to the pension and other benefits plans during the three months ended March 31, 2019 and 2018. |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units). |
Fair Value Measurements and F_2
Fair Value Measurements and Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments, Policy | GAAP states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value measurements are not adjusted for transaction costs. A fair value hierarchy exists within GAAP 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 are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The types of instruments valued based on quoted market prices in active markets include most U.S. government and agency securities, many other sovereign government obligations, liquid mortgage products, active listed equities and most money market securities. Such instruments are generally classified within Level 1 or Level 2 of the fair value hierarchy. The Company does not adjust the quoted price for such instruments. The types of instruments valued based on quoted prices in markets that are not active, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency include most investment-grade and high-yield corporate bonds, less liquid mortgage products, less liquid agency securities, less liquid listed equities, state, municipal and provincial obligations and certain physical commodities. Such instruments are generally classified within Level 2 of the fair value hierarchy. Certain common equity securities are reported at fair value utilizing Level 1 inputs (exchange quoted prices). Other investment securities are reported at fair value utilizing Level 1 and Level 2 inputs. The prices for Level 2 instruments are obtained through an independent pricing service or dealer market participants with whom the Company has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the methodologies used in pricing the securities by its third party providers. Level 3 is for positions that are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability and such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate will be used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Subsequent to inception, management only changes Level 3 inputs and assumptions when corroborated by evidence such as transactions in similar instruments, completed or pending third-party transactions in the underlying investment or comparable entities, subsequent rounds of financing, recapitalizations and other transactions across the capital structure, offerings in the equity or debt markets and changes in financial ratios or cash flows. GAAP requires disclosure of assets and liabilities measured and recorded at fair value on a non-recurring basis such as goodwill, loans held for sale, other real estate owned, collateral-dependent impaired loans, mortgage servicing rights and HTM securities. The only non-recurring fair value measurements recorded during the three month period ended March 31, 2019 and the year ended December 31, 2018 were related to impaired loans, write-downs of other real estate owned and impairments of goodwill and intangible assets. The Company uses the fair value of underlying collateral, less costs to sell, to estimate the specific reserves for collateral dependent impaired loans. The appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses ranging from 10% to 35%. Based on the valuation techniques used, the fair value measurements for collateral dependent impaired loans are classified as Level 3. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For example, the Company has a substantial trust and investment management operation that contributes net fee income annually. The trust and investment management operation is not considered a financial instrument and its value has not been incorporated into the fair value estimates. Other significant assets and liabilities include the benefits resulting from the low-cost funding of deposit liabilities as compared to the cost of borrowing funds in the market and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimate of fair value. HTM Securities The fair value of the Company’s HTM securities is primarily measured using information from a third party pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Net Loans The fair value of the Company’s loans was estimated in accordance with the exit price notion as defined by Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) 820, Fair Value Measurement Time Deposits The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Long-Term Debt The fair value of long-term debt was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. Junior Subordinated Debt The fair value of junior subordinated debt has been estimated using a discounted cash flow analysis. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Recent Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases Targeted Improvements The Company adopted ASU 2016-02 as of January 1, 2019 and elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows the carryforward of the historical lease classification, the practical expedient related to land easements and the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off of the balance sheet and recognize those lease payments in the consolidated statements of income on a straight-line basis over the lease term. The adoption of ASU 2016-02 and related transition guidance resulted in the recognition of additional net lease assets and liabilities of approximately $34 million and $37 million, respectively, as of January 1, 2019. The standard did not materially affect our consolidated net earnings or regulatory capital ratios. Refer to Note 5, Leases for more information. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20) In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes |
Accounting Standards Issued Not Yet Adopted | Accounting Standards Issued Not Yet Adopted In August 2018, the FASB issued ASU 2018-13, Fair value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair value Measurement In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In August 2018, the FASB issued ASU 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans - General (Subtopic 715-20) In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) – Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Securities [Abstract] | |
Amortized Cost, Estimated Fair Value, and Unrealized Gains and Losses of Securities Available for Sale | The amortized cost, estimated fair value and unrealized gains (losses) of available for sale (“AFS”) securities are as follows: (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value As of March 31, 2019 Federal agency $ 29,990 $ 10 $ 364 $ 29,636 State & municipal 598 - - 598 Mortgage-backed: Government-sponsored enterprises 482,357 1,155 4,022 479,490 U.S. government agency securities 36,601 384 308 36,677 Collateralized mortgage obligations: Government-sponsored enterprises 333,838 623 4,568 329,893 U.S. government agency securities 76,469 166 1,070 75,565 Total AFS securities $ 959,853 $ 2,338 $ 10,332 $ 951,859 As of December 31, 2018 Federal agency $ 84,982 $ 10 $ 693 $ 84,299 State & municipal 30,136 16 237 29,915 Mortgage-backed: Government-sponsored enterprises 493,225 439 10,354 483,310 U.S. government agency securities 29,190 270 475 28,985 Collateralized mortgage obligations: Government-sponsored enterprises 332,409 344 7,211 325,542 U.S. government agency securities 47,684 137 1,376 46,445 Total AFS securities $ 1,017,626 $ 1,216 $ 20,346 $ 998,496 |
Sales Transactions of Securities Available for Sale | The components of net realized gains (losses) on the sale of AFS securities are as follows. These amounts were reclassified out of AOCI and into earnings: Three Months Ended March 31, (In thousands) 2019 2018 Gross realized gains $ 53 $ - Gross realized (losses) (152 ) - Net AFS realized (losses) $ (99 ) $ - |
Amortized Cost, Estimated Fair Value, and Unrealized Gains and Losses of Securities Held to Maturity | The amortized cost, estimated fair value and unrealized gains (losses) of securities held to maturity (“HTM”) are as follows: (In thousands) Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value As of March 31, 2019 Federal agency $ 19,995 $ 55 $ - $ 20,050 Mortgage-backed: Government-sponsored enterprises 160,566 1,281 981 160,866 U.S. government agency securities 14,545 460 - 15,005 Collateralized mortgage obligations: Government-sponsored enterprises 247,418 1,388 2,230 246,576 U.S. government agency securities 103,741 1,329 - 105,070 State & municipal 234,300 1,254 360 235,194 Total HTM securities $ 780,565 $ 5,767 $ 3,571 $ 782,761 As of December 31,2018 Federal agency $ 19,995 $ 52 $ - $ 20,047 Mortgage-backed: Government-sponsored enterprises 164,618 712 2,773 162,557 U.S. government agency securities 15,230 403 - 15,633 Collateralized mortgage obligations: Government-sponsored enterprises 257,475 1,097 3,897 254,675 U.S. government agency securities 83,148 767 - 83,915 State & municipal 243,133 331 1,616 241,848 Total HTM securities $ 783,599 $ 3,362 $ 8,286 $ 778,675 |
Investment Securities with Unrealized Losses | The following table sets forth information with regard to investment securities with unrealized losses segregated according to the length of time the securities had been in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (In thousands) Fair Value Unrealized Losses Number of Positions Fair Value Unrealized Losses Number of Positions Fair Value Unrealized Losses Number of Positions As of March 31, 2019 AFS securities: Federal agency $ - $ - - $ 9,636 $ (364 ) 1 $ 9,636 $ (364 ) 1 Mortgage-backed 234 (2 ) 2 352,339 (4,328 ) 90 352,573 (4,330 ) 92 Collateralized mortgage obligations 36,739 (166 ) 5 311,623 (5,472 ) 64 348,362 (5,638 ) 69 Total securities with unrealized losses $ 36,973 $ (168 ) 7 $ 673,598 $ (10,164 ) 155 $ 710,571 $ (10,332 ) 162 HTM securities: Mortgaged-backed $ - $ - - $ 82,204 $ (981 ) 6 $ 82,204 $ (981 ) 6 Collateralized mortgage obligations - - - 125,486 (2,230 ) 24 125,486 (2,230 ) 24 State & municipal - - - 19,302 (360 ) 30 19,302 (360 ) 30 Total securities with unrealized losses $ - $ - - $ 226,992 $ (3,571 ) 60 $ 226,992 $ (3,571 ) 60 As of December 31, 2018 AFS securities: Federal agency $ - $ - - $ 64,294 $ (693 ) 6 $ 64,294 $ (693 ) 6 State & municipal 1,715 (3 ) 3 22,324 (234 ) 35 24,039 (237 ) 38 Mortgage-backed 18,462 (65 ) 12 428,440 (10,764 ) 101 446,902 (10,829 ) 113 Collateralized mortgage obligations 12,118 (69 ) 5 320,908 (8,518 ) 62 333,026 (8,587 ) 67 Total securities with unrealized losses $ 32,295 $ (137 ) 20 $ 835,966 $ (20,209 ) 204 $ 868,261 $ (20,346 ) 224 HTM securities: Mortgage -backed $ - $ - - $ 82,579 $ (2,773 ) 6 $ 82,579 $ (2,773 ) 6 Collateralized mortgage obligations 4,386 (7 ) 2 145,396 (3,890 ) 26 149,782 (3,897 ) 28 State & municipal 18,907 (84 ) 30 58,258 (1,532 ) 86 77,165 (1,616 ) 116 Total securities with unrealized losses $ 23,293 $ (91 ) 32 $ 286,233 $ (8,195 ) 118 $ 309,526 $ (8,286 ) 150 |
Gains and Losses on Equity Securities | The following table sets forth information with regard to gains and losses on equity securities: Three Months Ended March 31, (In thousands) 2019 2018 Net gains and losses recognized on equity securities $ 156 $ 72 Less: Net gains and losses recognized during the period on equity securities sold during the period - 44 Unrealized gains and losses recognized on equity securities still held $ 156 $ 28 |
Contractual Maturities of Debt Securities | The following table sets forth information with regard to contractual maturities of debt securities at March 31, 2019: (In thousands) Amortized Cost Estimated Fair Value AFS debt securities: Within one year $ 610 $ 610 From one to five years 51,922 51,573 From five to ten years 161,292 160,434 After ten years 746,029 739,242 Total AFS debt securities $ 959,853 $ 951,859 HTM debt securities: Within one year $ 78,118 $ 78,118 From one to five years 64,632 64,930 From five to ten years 204,726 204,881 After ten years 433,089 434,832 Total HTM debt securities $ 780,565 $ 782,761 |
Allowance for Loan Losses and_3
Allowance for Loan Losses and Credit Quality of Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Allowance for Loan Losses and Credit Quality of Loans [Abstract] | |
Portfolio and Class Segments | Portfolio Class Commercial Loans Commercial and Industrial Commercial Real Estate Business Banking Consumer Loans Dealer Finance Specialty Lending Direct Residential Real Estate |
Allowance for Loan Losses by Portfolio | The following table illustrates the changes in the allowance for loan losses by our portfolio segments: (In thousands) Commercial Loans Consumer Loans Residential Real Estate Total Balance as of December 31, 2018 $ 32,759 $ 37,178 $ 2,568 $ 72,505 Charge-offs (747 ) (7,433 ) (274 ) (8,454 ) Recoveries 94 1,399 54 1,547 Provision 53 5,660 94 5,807 Ending Balance as of March 31, 2019 $ 32,159 $ 36,804 $ 2,442 $ 71,405 Balance as of December 31, 2017 $ 27,606 $ 36,830 $ 5,064 $ 69,500 Charge-offs (805 ) (7,687 ) (182 ) (8,674 ) Recoveries 187 1,644 47 1,878 Provision 1,202 6,186 108 7,496 Ending Balance as of March 31, 2018 $ 28,190 $ 36,973 $ 5,037 $ 70,200 The following table illustrates the allowance for loan losses and the recorded investment by portfolio segments: (In thousands) Commercial Loans Consumer Loans Residential Real Estate Total As of March 31, 2019 Allowance for loan losses $ 32,159 $ 36,804 $ 2,442 $ 71,405 Allowance for loans individually evaluated for impairment 25 - - 25 Allowance for loans collectively evaluated for impairment $ 32,134 $ 36,804 $ 2,442 $ 71,380 Ending balance of loans $ 3,250,482 $ 2,249,419 $ 1,390,411 $ 6,890,312 Ending balance of originated loans individually evaluated for impairment 6,009 7,813 7,220 21,042 Ending balance of acquired loans collectively evaluated for impairment 140,103 29,626 142,814 312,543 Ending balance of originated loans collectively evaluated for impairment $ 3,104,370 $ 2,211,980 $ 1,240,377 $ 6,556,727 As of December 31, 2018 Allowance for loan losses $ 32,759 $ 37,178 $ 2,568 $ 72,505 Allowance for loans individually evaluated for impairment 25 - - 25 Allowance for loans collectively evaluated for impairment $ 32,734 $ 37,178 $ 2,568 $ 72,480 Ending balance of loans $ 3,222,310 $ 2,284,563 $ 1,380,836 $ 6,887,709 Ending balance of originated loans individually evaluated for impairment 5,786 7,887 6,905 20,578 Ending balance of acquired loans collectively evaluated for impairment 143,690 31,624 147,277 322,591 Ending balance of originated loans collectively evaluated for impairment $ 3,072,834 $ 2,245,052 $ 1,226,654 $ 6,544,540 |
Past due and Nonperforming Loans by Loan Class | The following tables set forth information with regard to past due and nonperforming loans by loan class: (In thousands) 31-60 Days Past Due Accruing 61-90 Days Past Due Accruing Greater Than 90 Days Past Due Accruing Total Past Due Accruing Nonaccrual Current Recorded Total Loans As of March 31, 2019 Originated Commercial Loans: C&I $ 74 $ - $ - $ 74 $ 899 $ 858,653 $ 859,626 CRE 5,794 420 - 6,214 4,818 1,753,079 1,764,111 Business Banking 1,149 235 - 1,384 5,970 479,288 486,642 Total Commercial Loans $ 7,017 $ 655 $ - $ 7,672 $ 11,687 $ 3,091,020 $ 3,110,379 Consumer Loans: Dealer Finance $ 11,388 $ 1,962 $ 878 $ 14,228 $ 2,924 $ 1,173,956 $ 1,191,108 Specialty Lending 3,235 1,733 1,604 6,572 45 522,527 529,144 Direct 2,530 808 393 3,731 2,895 492,915 499,541 Total Consumer Loans $ 17,153 $ 4,503 $ 2,875 $ 24,531 $ 5,864 $ 2,189,398 $ 2,219,793 Residential Real Estate $ 1,573 $ 398 $ 315 $ 2,286 $ 6,141 $ 1,239,170 $ 1,247,597 Total Originated Loans $ 25,743 $ 5,556 $ 3,190 $ 34,489 $ 23,692 $ 6,519,588 $ 6,577,769 Acquired Commercial Loans: C&I $ - $ - $ - $ - $ - $ 27,166 $ 27,166 CRE - - - - - 80,623 80,623 Business Banking 121 285 - 406 383 31,525 32,314 Total Commercial Loans $ 121 $ 285 $ - $ 406 $ 383 $ 139,314 $ 140,103 Consumer Loans: Dealer Finance $ - $ - $ - $ - $ - $ 3 $ 3 Direct 76 2 - 78 219 29,326 29,623 Total Consumer Loans $ 76 $ 2 $ - $ 78 $ 219 $ 29,329 $ 29,626 Residential Real Estate $ 788 $ 119 $ 145 $ 1,052 $ 1,338 $ 140,424 $ 142,814 Total Acquired Loans $ 985 $ 406 $ 145 $ 1,536 $ 1,940 $ 309,067 $ 312,543 Total Loans $ 26,728 $ 5,962 $ 3,335 $ 36,025 $ 25,632 $ 6,828,655 $ 6,890,312 (In thousands) 31-60 Days Past Due Accruing 61-90 Days Past Due Accruing Greater Than 90 Days Past Due Accruing Total Past Due Accruing Nonaccrual Current Recorded Total Loans As of December 31, 2018 Originated Commercial Loans: C&I $ 909 $ - $ - $ 909 $ 1,062 $ 846,148 $ 848,119 CRE 1,089 - 588 1,677 4,995 1,734,558 1,741,230 Business Banking 1,092 302 - 1,394 5,974 481,903 489,271 Total Commercial Loans $ 3,090 $ 302 $ 588 $ 3,980 $ 12,031 $ 3,062,609 $ 3,078,620 Consumer Loans: Dealer Finance $ 14,519 $ 2,300 $ 1,186 $ 18,005 $ 1,971 $ 1,196,136 $ 1,216,112 Specialty Lending 3,479 1,773 1,562 6,814 - 518,114 524,928 Direct 2,962 1,437 552 4,951 2,592 504,356 511,899 Total Consumer Loans $ 20,960 $ 5,510 $ 3,300 $ 29,770 $ 4,563 $ 2,218,606 $ 2,252,939 Residential Real Estate $ 1,426 $ 157 $ 1,182 $ 2,765 $ 6,778 $ 1,224,016 $ 1,233,559 Total Originated Loans $ 25,476 $ 5,969 $ 5,070 $ 36,515 $ 23,372 $ 6,505,231 $ 6,565,118 Acquired Commercial Loans: C&I $ - $ - $ - $ - $ - $ 26,124 $ 26,124 CRE - - - - - 84,492 84,492 Business Banking 466 288 - 754 390 31,930 33,074 Total Commercial Loans $ 466 $ 288 $ - $ 754 $ 390 $ 142,546 $ 143,690 Consumer Loans: Dealer Finance $ 1 $ 1 $ - $ 2 $ - $ 30 $ 32 Direct 152 41 15 208 227 31,157 31,592 Total Consumer Loans $ 153 $ 42 $ 15 $ 210 $ 227 $ 31,187 $ 31,624 Residential Real Estate $ 546 $ 42 $ - $ 588 $ 1,498 $ 145,191 $ 147,277 Total Acquired Loans $ 1,165 $ 372 $ 15 $ 1,552 $ 2,115 $ 318,924 $ 322,591 Total Loans $ 26,641 $ 6,341 $ 5,085 $ 38,067 $ 25,487 $ 6,824,155 $ 6,887,709 |
Impaired Loans and Specific Reserve Allocations | The following table provides information on impaired loans specifically evaluated for impairment: March 31, 2019 December 31, 2018 (In thousands) Recorded Investment Balance (Book) Unpaid Principal Balance (Legal) Related Allowance Recorded Investment Balance (Book) Unpaid Principal Balance (Legal) Related Allowance Originated With no related allowance recorded: Commercial Loans: C&I $ 244 $ 516 $ 228 $ 497 CRE 4,237 6,272 4,312 6,330 Business Banking 1,299 2,341 1,013 2,001 Total Commercial Loans $ 5,780 $ 9,129 $ 5,553 $ 8,828 Consumer Loans: Dealer Finance $ 187 $ 283 $ 143 $ 241 Direct 7,626 9,763 7,744 9,831 Total Consumer Loans $ 7,813 $ 10,046 $ 7,887 $ 10,072 Residential Real Estate $ 7,220 $ 9,839 $ 6,905 $ 9,414 Total $ 20,813 $ 29,014 $ 20,345 $ 28,314 With an allowance recorded: Commercial Loans: C&I $ 229 $ 236 $ 25 $ 233 $ 238 $ 25 Total Commercial Loans $ 229 $ 236 $ 25 $ 233 $ 238 $ 25 Total Loans $ 21,042 $ 29,250 $ 25 $ 20,578 $ 28,552 $ 25 The following table summarizes the average recorded investments on loans specifically evaluated for impairment and the interest income recognized: For the three months ended March 31, 2019 March 31, 2018 (In thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Originated Commercial Loans: C&I $ 462 $ 1 $ 467 $ - CRE 4,282 30 4,506 32 Business Banking 1,263 6 954 5 Total Commercial Loans $ 6,007 $ 37 $ 5,927 $ 37 Consumer Loans: Dealer Finance $ 173 $ 2 $ 184 $ 3 Direct 7,716 98 8,190 109 Total Consumer Loans $ 7,889 $ 100 $ 8,374 $ 112 Residential Real Estate $ 7,166 $ 77 $ 6,881 $ 73 Total Originated $ 21,062 $ 214 $ 21,182 $ 222 Total Loans $ 21,062 $ 214 $ 21,182 $ 222 |
Financing Receivable Credit Quality by Loan Class | The following tables illustrate the Company’s credit quality by loan class: (In thousands) March 31, 2019 Originated Commercial Credit Exposure By Internally Assigned Grade: C&I CRE Total Pass $ 806,097 $ 1,704,986 $ 2,511,083 Special Mention 13,217 14,172 27,389 Substandard 40,312 44,953 85,265 Total $ 859,626 $ 1,764,111 $ 2,623,737 Business Banking Credit Exposure Business Banking By Internally Assigned Grade: Total Non-classified $ 473,402 $ 473,402 Classified 13,240 13,240 Total $ 486,642 $ 486,642 Consumer Credit Exposure Dealer Finance Specialty Lending By Payment Activity: Direct Total Performing $ 1,187,306 $ 527,495 $ 496,253 $ 2,211,054 Nonperforming 3,802 1,649 3,288 8,739 Total $ 1,191,108 $ 529,144 $ 499,541 $ 2,219,793 Residential Real Estate Credit Exposure Residential Real Estate By Payment Activity: Total Performing $ 1,241,141 $ 1,241,141 Nonperforming 6,456 6,456 Total $ 1,247,597 $ 1,247,597 Acquired Commercial Credit Exposure By Internally Assigned Grade: C&I CRE Total Pass $ 24,488 $ 76,934 $ 101,422 Special Mention 2,670 3,074 5,744 Substandard 8 615 623 Total $ 27,166 $ 80,623 $ 107,789 Business Banking Credit Exposure Business Banking By Internally Assigned Grade: Total Non-classified $ 29,295 $ 29,295 Classified 3,019 3,019 Total $ 32,314 $ 32,314 Consumer Credit Exposure Dealer Finance By Payment Activity: Direct Total Performing $ 3 $ 29,404 $ 29,407 Nonperforming - 219 219 Total $ 3 $ 29,623 $ 29,626 Residential Real Estate Residential Real Estate By Payment Activity: Total Performing $ 141,331 $ 141,331 Nonperforming 1,483 1,483 Total $ 142,814 $ 142,814 (In thousands) December 31, 2018 Originated Commercial Credit Exposure By Internally Assigned Grade: C&I CRE Total Pass $ 796,778 $ 1,681,330 $ 2,478,108 Special Mention 11,348 13,894 25,242 Substandard 39,993 46,006 85,999 Total $ 848,119 $ 1,741,230 $ 2,589,349 Business Banking Credit Exposure Business Banking By Internally Assigned Grade: Total Non-classified $ 476,052 $ 476,052 Classified 13,219 13,219 Total $ 489,271 $ 489,271 Consumer Credit Exposure Dealer Finance Specialty Lending By Payment Activity: Direct Total Performing $ 1,212,955 $ 523,366 $ 508,755 $ 2,245,076 Nonperforming 3,157 1,562 3,144 7,863 Total $ 1,216,112 $ 524,928 $ 511,899 $ 2,252,939 Residential Real Estate Credit Exposure Residential Real Estate By Payment Activity: Total Performing $ 1,225,599 $ 1,225,599 Nonperforming 7,960 7,960 Total $ 1,233,559 $ 1,233,559 Acquired Commercial Credit Exposure By Internally Assigned Grade: C&I CRE Total Pass $ 23,283 $ 83,762 $ 107,045 Special Mention 2,831 92 2,923 Substandard 10 638 648 Total $ 26,124 $ 84,492 $ 110,616 Business Banking Credit Exposure Business Banking By Internally Assigned Grade: Total Non-classified $ 29,945 $ 29,945 Classified 3,129 3,129 Total $ 33,074 $ 33,074 Consumer Credit Exposure Dealer Finance By Payment Activity: Direct Total Performing $ 32 $ 31,350 $ 31,382 Nonperforming - 242 242 Total $ 32 $ 31,592 $ 31,624 Residential Real Estate Credit Exposure Residential Real Estate By Payment Activity: Total Performing $ 145,779 $ 145,779 Nonperforming 1,498 1,498 Total $ 147,277 $ 147,277 |
Troubled Debt Restructurings on Financing Receivables | The following table illustrates the recorded investment and number of modifications for modified loans, including the recorded investment in the loans prior to a modification and the recorded investment in the loans after restructuring: Three months ended March 31, 2019 Three months ended March 31, 2018 (Dollars in thousands) Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Commercial Loans: C&I 1 $ 65 $ 65 - $ - $ - Business Banking 2 388 388 3 319 410 Total Commercial Loans 3 $ 453 $ 453 3 $ 319 $ 410 Consumer Loans: Dealer Finance 5 $ 74 $ 74 6 $ 82 $ 81 Direct 6 320 320 2 41 41 Total Consumer Loans 11 $ 394 $ 394 8 $ 123 $ 122 Residential Real Estate 6 $ 388 $ 405 5 $ 323 $ 323 Total Troubled Debt Restructurings 20 $ 1,235 $ 1,252 16 $ 765 $ 855 The following table illustrates the recorded investment and number of modifications for TDRs where a concession has been made and subsequently defaulted during the period: Three months ended March 31, 2019 Three months ended March 31, 2018 (Dollars in thousands) Number of Contracts Recorded Investment Number of Contracts Recorded Investment Commercial Loans: Business Banking - $ - 1 $ 200 Total Commercial Loans - $ - 1 $ 200 Consumer Loans: Dealer Finance 2 $ 17 - $ - Direct 10 600 14 870 Total Consumer Loans 12 $ 617 14 $ 870 Residential Real Estate 8 $ 398 8 $ 504 Total Troubled Debt Restructurings 20 $ 1,015 23 $ 1,574 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Net Lease Cost | The table below summarizes our net lease cost: (In thousands) Three months ended March 31, 2019 Operating lease cost $ 1,799 Variable lease cost 677 Short-term lease cost 90 Sublease income (101 ) Total operating lease cost $ 2,465 |
Future Minimum Rental Commitments Related to Non-cancelable Operating Leases | (In thousands) Three months ended March 31, 2019 2019 $ 5,197 2020 6,541 2021 5,689 2022 4,880 2023 4,034 Thereafter 13,874 Total lease payments $ 40,215 Less: interest (4,838 ) Present value of lease liabilities $ 35,377 |
Additional Information for Operating Leases | (In thousands except for percent and period data) Three months ended March 31, 2019 Weighted average remaining lease term, in years 7.87 Weighted average discount rate 3.05 % Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,549 ROU assets obtained in exchange for lease liabilities 34,427 |
Future Minimum Rental Payments Related to Non-cancelable Operating Leases | The following table shows the future minimum rental payments related to non-cancelable operating leases with original terms of one year or more as of December 31, 2018. (In thousands) December 31, 2018 2019 $ 6,890 2020 6,467 2021 5,613 2022 4,773 2023 3,972 Thereafter 13,869 Total $ 41,584 |
Defined Benefit Post-Retireme_3
Defined Benefit Post-Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Post-Retirement Plans [Abstract] | |
Net Periodic Pension Benefits and Other Benefit Costs | The components of expense for Pension Benefits and Other Benefits are set forth below: Pension Benefits Other Benefits Three months ended March 31, Three months ended March 31, (In thousands) 2019 2018 2019 2018 Components of net periodic cost (benefit): Service cost $ 435 $ 420 $ 2 $ 3 Interest cost 981 920 81 82 Expected return on plan assets (1,873 ) (2,123 ) - - Net amortization 639 251 17 44 Total net periodic cost (benefit) $ 182 $ (532 ) $ 100 $ 129 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Share | The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income: Three months ended March 31, (In thousands, except per share data) 2019 2018 Basic EPS: Weighted average common shares outstanding 43,785 43,663 Net income available to common stockholders $ 29,127 $ 25,986 Basic EPS $ 0.67 $ 0.60 Diluted EPS: Weighted average common shares outstanding 43,785 43,663 Dilutive effect of common stock options and restricted stock 296 312 Weighted average common shares and common share equivalents 44,081 43,975 Net income available to common stockholders $ 29,127 $ 25,986 Diluted EPS $ 0.66 $ 0.59 |
Reclassification Adjustments _2
Reclassification Adjustments Out of Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Reclassification Adjustments Out of Other Comprehensive Income (Loss) [Abstract] | |
Reclassification Out of Accumulated Other Comprehensive Income | The following table summarizes the reclassification adjustments out of accumulated other comprehensive income (loss) (“AOCI”): Detail About AOCI Components Amount Reclassified from AOCI Affected Line Item in the Consolidated Statements of Comprehensive Income (Loss) Three months ended (In thousands) March 31, 2019 March 31, 2018 AFS securities: Losses on AFS securities $ 99 $ - Net securities gains Amortization of unrealized gains related to securities transfer 167 188 Interest income Tax effect $ (67 ) $ (47 ) Income tax (benefit) Net of tax $ 199 $ 141 Cash flow hedges: Net unrealized (gains) on cash flow hedges reclassified to interest expense $ (799 ) $ (359 ) Interest expense Tax effect $ 200 $ 90 Income tax expense Net of tax $ (599 ) $ (269 ) Pension and other benefits: Amortization of net losses $ 634 $ 273 Other noninterest expense Amortization of prior service costs 22 22 Other noninterest expense Tax effect $ (164 ) $ (74 ) Income tax (benefit) Net of tax $ 492 $ 221 Total reclassifications, net of tax $ 92 $ 93 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Fair Value Adjustment Recorded Related to Notional Amount of Derivatives Outstanding and Notional Amount of Risk Participation Agreements | The following table depicts the fair value adjustment recorded related to the notional amount of derivatives outstanding as well as the notional amount of risk participation agreements: March 31, December 31, (In thousands) 2019 2018 Derivatives Not Designated as Hedging Instruments: Fair value adjustment included in other assets and other liabilities Interest rate derivatives $ 22,231 $ 17,572 Notional amount: Interest rate derivatives 695,522 653,369 Risk participation agreements 77,771 70,785 Derivatives Designated as Hedging Instruments: Fair value adjustment included in other assets Interest rate derivatives 1,595 2,428 Notional amount: Interest rate derivatives 200,000 225,000 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Effect of Derivatives on AOCI and on Consolidated Statement of Income | The following table indicates the effect of cash flow hedge accounting on AOCI and on the unaudited interim consolidated statement of income: March 31, (In thousands) 2019 2018 Derivatives Designated as Hedging Instruments: Interest rate derivatives - included component Amount of (loss) or gain recognized in OCI $ (170 ) $ 1,048 Amount of (gain) reclassified from AOCI into interest expense (799 ) (359 ) |
Not Designated as Hedging Instrument [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Effect of Derivatives on AOCI and on Consolidated Statement of Income | The following table indicates the gain or loss recognized in income on derivatives not designating as a hedging relationship: March 31, (In thousands) 2019 2018 Derivatives Not Designated as Hedging Instruments: (Increase) decrease in other income $ (87 ) $ 197 |
Fair Value Measurements and F_3
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements and Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis | The following tables set forth the Company’s financial assets and liabilities measured on a recurring basis that were accounted for at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: (In thousands) Level 1 Level 2 Level 3 March 31, 2019 Assets: AFS securities: Federal agency $ - $ 29,636 $ - $ 29,636 State & municipal - 598 - 598 Mortgage-backed - 516,167 - 516,167 Collateralized mortgage obligations - 405,458 - 405,458 Total AFS securities $ - $ 951,859 $ - $ 951,859 Equity securities 21,482 4,000 - 25,482 Derivatives - 23,871 - 23,871 Total $ 21,482 $ 979,730 $ - $ 1,001,212 Liabilities: Derivatives $ - $ 22,266 $ - $ 22,266 Total $ - $ 22,266 $ - $ 22,266 (In thousands) Level 1 Level 2 Level 3 December 31, 2018 Assets: AFS securities: Federal agency $ - $ 84,299 $ - $ 84,299 State & municipal - 29,915 - 29,915 Mortgage-backed - 512,295 - 512,295 Collateralized mortgage obligations - 371,987 - 371,987 Total AFS securities $ - $ 998,496 $ - $ 998,496 Equity securities 19,053 4,000 - 23,053 Derivatives - 20,000 - 20,000 Total $ 19,053 $ 1,022,496 $ - $ 1,041,549 Liabilities: Derivatives $ - $ 17,572 $ - $ 17,572 Total $ - $ 17,572 $ - $ 17,572 |
Information with Regard to Estimated Fair Values of Financial Instruments | The following table sets forth information with regard to estimated fair values of financial instruments. This table excludes financial instruments for which the carrying amount approximates fair value. Financial instruments for which the fair value approximates carrying value include cash and cash equivalents, AFS securities, equity securities, accrued interest receivable, non-maturity deposits, short-term borrowings, accrued interest payable and derivatives. March 31, 2019 December 31, 2018 (In thousands) Fair Value Hierarchy Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: HTM securities 2 $ 780,565 $ 782,761 $ 783,599 $ 778,675 Net loans 3 6,827,432 6,775,550 6,822,147 6,754,460 Financial liabilities: Time deposits 2 $ 922,304 $ 915,990 $ 930,678 $ 920,534 Long-term debt 2 73,696 73,981 73,724 73,927 Junior subordinated debt 2 101,196 102,946 101,196 100,114 |
Securities, Available for Sale
Securities, Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Debt securities, available-for-sale [Abstract] | |||
Amortized cost | $ 959,853 | $ 1,017,626 | |
Unrealized gains | 2,338 | 1,216 | |
Unrealized losses | 10,332 | 20,346 | |
Estimated fair value | 951,859 | 998,496 | |
Sales transactions of securities available for sale [Abstract] | |||
Gross realized gains | 53 | $ 0 | |
Gross realized (losses) | (152) | 0 | |
Net AFS realized gains (losses) | (99) | 0 | |
Gains from calls on securities available for sale | 4 | 0 | |
OTTI loss realized on equity investment | 0 | $ 0 | |
Federal Agency [Member] | |||
Debt securities, available-for-sale [Abstract] | |||
Amortized cost | 29,990 | 84,982 | |
Unrealized gains | 10 | 10 | |
Unrealized losses | 364 | 693 | |
Estimated fair value | 29,636 | 84,299 | |
State & Municipal [Member] | |||
Debt securities, available-for-sale [Abstract] | |||
Amortized cost | 598 | 30,136 | |
Unrealized gains | 0 | 16 | |
Unrealized losses | 0 | 237 | |
Estimated fair value | 598 | 29,915 | |
Mortgage-Backed, Government Sponsored Enterprises [Member] | |||
Debt securities, available-for-sale [Abstract] | |||
Amortized cost | 482,357 | 493,225 | |
Unrealized gains | 1,155 | 439 | |
Unrealized losses | 4,022 | 10,354 | |
Estimated fair value | 479,490 | 483,310 | |
Mortgage-Backed, U.S. Government Agency Securities [Member] | |||
Debt securities, available-for-sale [Abstract] | |||
Amortized cost | 36,601 | 29,190 | |
Unrealized gains | 384 | 270 | |
Unrealized losses | 308 | 475 | |
Estimated fair value | 36,677 | 28,985 | |
Collateralized Mortgage Obligations, Government-Sponsored Enterprises [Member] | |||
Debt securities, available-for-sale [Abstract] | |||
Amortized cost | 333,838 | 332,409 | |
Unrealized gains | 623 | 344 | |
Unrealized losses | 4,568 | 7,211 | |
Estimated fair value | 329,893 | 325,542 | |
Collateralized Mortgage Obligations, U.S. Government Agency Securities [Member] | |||
Debt securities, available-for-sale [Abstract] | |||
Amortized cost | 76,469 | 47,684 | |
Unrealized gains | 166 | 137 | |
Unrealized losses | 1,070 | 1,376 | |
Estimated fair value | $ 75,565 | $ 46,445 |
Securities, Held to Maturity (D
Securities, Held to Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Held-to-maturity securities, fair value to amortized cost [Abstract] | ||
Amortized cost | $ 780,565 | $ 783,599 |
Unrealized gains | 5,767 | 3,362 |
Unrealized losses | 3,571 | 8,286 |
Estimated fair value | 782,761 | 778,675 |
Amortized costs of securities available for sale and held to maturity pledged to secure public deposits | 1,500,000 | 1,500,000 |
Amortized costs of securities AFS and HTM pledged as collateral for repurchase agreements | 207,500 | 215,300 |
Federal Agency [Member] | ||
Held-to-maturity securities, fair value to amortized cost [Abstract] | ||
Amortized cost | 19,995 | 19,995 |
Unrealized gains | 55 | 52 |
Unrealized losses | 0 | 0 |
Estimated fair value | 20,050 | 20,047 |
Mortgage-Backed, Government Sponsored Enterprises [Member] | ||
Held-to-maturity securities, fair value to amortized cost [Abstract] | ||
Amortized cost | 160,566 | 164,618 |
Unrealized gains | 1,281 | 712 |
Unrealized losses | 981 | 2,773 |
Estimated fair value | 160,866 | 162,557 |
Mortgage-Backed, U.S. Government Agency Securities [Member] | ||
Held-to-maturity securities, fair value to amortized cost [Abstract] | ||
Amortized cost | 14,545 | 15,230 |
Unrealized gains | 460 | 403 |
Unrealized losses | 0 | 0 |
Estimated fair value | 15,005 | 15,633 |
Collateralized Mortgage Obligations, Government-Sponsored Enterprises [Member] | ||
Held-to-maturity securities, fair value to amortized cost [Abstract] | ||
Amortized cost | 247,418 | 257,475 |
Unrealized gains | 1,388 | 1,097 |
Unrealized losses | 2,230 | 3,897 |
Estimated fair value | 246,576 | 254,675 |
Collateralized Mortgage Obligations, U.S. Government Agency Securities [Member] | ||
Held-to-maturity securities, fair value to amortized cost [Abstract] | ||
Amortized cost | 103,741 | 83,148 |
Unrealized gains | 1,329 | 767 |
Unrealized losses | 0 | 0 |
Estimated fair value | 105,070 | 83,915 |
State & Municipal [Member] | ||
Held-to-maturity securities, fair value to amortized cost [Abstract] | ||
Amortized cost | 234,300 | 243,133 |
Unrealized gains | 1,254 | 331 |
Unrealized losses | 360 | 1,616 |
Estimated fair value | $ 235,194 | $ 241,848 |
Securities, AFS Securities in C
Securities, AFS Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2019USD ($)Position | Dec. 31, 2018USD ($)Position |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 36,973 | $ 32,295 |
12 months or longer | 673,598 | 835,966 |
Total | 710,571 | 868,261 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | (168) | (137) |
12 months or longer | (10,164) | (20,209) |
Total | $ (10,332) | $ (20,346) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 7 | 20 |
12 months or longer | Position | 155 | 204 |
Total | Position | 162 | 224 |
Federal Agency [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 0 | $ 0 |
12 months or longer | 9,636 | 64,294 |
Total | 9,636 | 64,294 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or longer | (364) | (693) |
Total | $ (364) | $ (693) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 0 | 0 |
12 months or longer | Position | 1 | 6 |
Total | Position | 1 | 6 |
State & Municipal [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 1,715 | |
12 months or longer | 22,324 | |
Total | 24,039 | |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | (3) | |
12 months or longer | (234) | |
Total | $ (237) | |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 3 | |
12 months or longer | Position | 35 | |
Total | Position | 38 | |
Mortgage-Backed [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 234 | $ 18,462 |
12 months or longer | 352,339 | 428,440 |
Total | 352,573 | 446,902 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | (2) | (65) |
12 months or longer | (4,328) | (10,764) |
Total | $ (4,330) | $ (10,829) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 2 | 12 |
12 months or longer | Position | 90 | 101 |
Total | Position | 92 | 113 |
Collateralized Mortgage Obligations [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 36,739 | $ 12,118 |
12 months or longer | 311,623 | 320,908 |
Total | 348,362 | 333,026 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | (166) | (69) |
12 months or longer | (5,472) | (8,518) |
Total | $ (5,638) | $ (8,587) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 5 | 5 |
12 months or longer | Position | 64 | 62 |
Total | Position | 69 | 67 |
Securities, HTM Securities in C
Securities, HTM Securities in Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2019USD ($)Position | Dec. 31, 2018USD ($)Position |
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 0 | $ 23,293 |
12 months or longer | 226,992 | 286,233 |
Total | 226,992 | 309,526 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 0 | (91) |
12 months or longer | (3,571) | (8,195) |
Total | $ (3,571) | $ (8,286) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 0 | 32 |
12 months or longer | Position | 60 | 118 |
Total | Position | 60 | 150 |
Mortgage-Backed [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 0 | $ 0 |
12 months or longer | 82,204 | 82,579 |
Total | 82,204 | 82,579 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or longer | (981) | (2,773) |
Total | $ (981) | $ (2,773) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 0 | 0 |
12 months or longer | Position | 6 | 6 |
Total | Position | 6 | 6 |
Collateralized Mortgage Obligations [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 0 | $ 4,386 |
12 months or longer | 125,486 | 145,396 |
Total | 125,486 | 149,782 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 0 | (7) |
12 months or longer | (2,230) | (3,890) |
Total | $ (2,230) | $ (3,897) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 0 | 2 |
12 months or longer | Position | 24 | 26 |
Total | Position | 24 | 28 |
State & Municipal [Member] | ||
Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months | $ 0 | $ 18,907 |
12 months or longer | 19,302 | 58,258 |
Total | 19,302 | 77,165 |
Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 0 | (84) |
12 months or longer | (360) | (1,532) |
Total | $ (360) | $ (1,616) |
Unrealized Loss Position, Number of Positions [Abstract] | ||
Less than 12 months | Position | 0 | 30 |
12 months or longer | Position | 30 | 86 |
Total | Position | 30 | 116 |
Securities, Unrealized Gains (L
Securities, Unrealized Gains (Losses) Related to Equity Securities (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)Issuer | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)Issuer | |
Gains and losses on equity securities [Abstract] | |||
Net gains and losses recognized on equity securities | $ 156 | $ 72 | |
Less: Net gains and losses recognized during the period on equity securities sold during the period | 0 | 44 | |
Unrealized gains and losses recognized on equity securities still held | 156 | 28 | |
Carrying amount of equity securities without readily determinable fair values | 4,000 | $ 4,000 | |
Impairment adjustments of equity securities without readily determinable fair values | 0 | 0 | |
Downward adjustments of equity securities without readily determinable fair values | 0 | 0 | |
Upward adjustments of equity securities without readily determinable fair values | $ 0 | $ 0 | |
Number of issuers whose holdings exceeded 10% of consolidated stockholders' equity, excluding U.S. Government securities | Issuer | 0 | 0 |
Securities, AFS Debt Securities
Securities, AFS Debt Securities, Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available-for-sale Securities, Debt Maturities, Amortized Cost [Abstract] | ||
Within one year | $ 610 | |
From one to five years | 51,922 | |
From five to ten years | 161,292 | |
After ten years | 746,029 | |
Amortized cost | 959,853 | $ 1,017,626 |
Available-for-sale Securities, Debt Maturities, Estimated Fair Value [Abstract] | ||
Within one year | 610 | |
From one to five years | 51,573 | |
From five to ten years | 160,434 | |
After ten years | 739,242 | |
Fair value | $ 951,859 | $ 998,496 |
Securities, HTM Debt Securities
Securities, HTM Debt Securities, Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Held-to-maturity Securities, Debt Maturities, Amortized Cost [Abstract] | ||
Within one year | $ 78,118 | |
From one to five years | 64,632 | |
From five to ten years | 204,726 | |
After ten years | 433,089 | |
Amortized cost | 780,565 | $ 783,599 |
Held-to-maturity Securities, Debt Maturities, Estimated Fair Value [Abstract] | ||
Within one year | 78,118 | |
From one to five years | 64,930 | |
From five to ten years | 204,881 | |
After ten years | 434,832 | |
Fair value | $ 782,761 | $ 778,675 |
Allowance for Loan Losses and_4
Allowance for Loan Losses and Credit Quality of Loans (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)Segment | |
Allowance for Loan Losses [Abstract] | |
Loan portfolio segments | Segment | 3 |
Commercial Loans [Member] | Commercial Real Estate [Member] | Maximum [Member] | |
Allowance for Loan Losses [Abstract] | |
Loan amount, percentage of appraised value or purchase price of the property | 80.00% |
Commercial Loans [Member] | Agricultural Real Estate [Member] | Maximum [Member] | |
Allowance for Loan Losses [Abstract] | |
Loan amount, percentage of appraised value or purchase price of the property | 75.00% |
Commercial Loans [Member] | Business Banking [Member] | Maximum [Member] | |
Allowance for Loan Losses [Abstract] | |
Business banking loans, amount available | $ | $ 750 |
Consumer Loans [Member] | Dealer Finance [Member] | |
Allowance for Loan Losses [Abstract] | |
Percentage of automobile financing to indirect relationships with dealers | 95.00% |
Consumer Loans [Member] | Dealer Finance [Member] | Minimum [Member] | |
Allowance for Loan Losses [Abstract] | |
Principal repayment term of loan | 3 years |
Consumer Loans [Member] | Dealer Finance [Member] | Maximum [Member] | |
Allowance for Loan Losses [Abstract] | |
Principal repayment term of loan | 6 years |
Consumer Loans [Member] | Direct [Member] | Minimum [Member] | |
Allowance for Loan Losses [Abstract] | |
Principal repayment term of loan | 1 year |
Consumer Loans [Member] | Direct [Member] | Maximum [Member] | |
Allowance for Loan Losses [Abstract] | |
Principal repayment term of loan | 10 years |
Consumer Loans [Member] | Home Equity [Member] | Maximum [Member] | |
Allowance for Loan Losses [Abstract] | |
Loan amount, percentage of equity in property | 85.00% |
Residential Real Estate [Member] | Maximum [Member] | |
Allowance for Loan Losses [Abstract] | |
Loan amount, percentage of appraised value or purchase price of the property | 85.00% |
Allowance for Loan Losses and_5
Allowance for Loan Losses and Credit Quality of Loans, Allowance for Loan Losses by Portfolio Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Changes in allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | $ 72,505 | $ 69,500 |
Charge-offs | (8,454) | (8,674) |
Recoveries | 1,547 | 1,878 |
Provision | 5,807 | 7,496 |
Balance, end of period | 71,405 | 70,200 |
Commercial Loans [Member] | ||
Changes in allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 32,759 | 27,606 |
Charge-offs | (747) | (805) |
Recoveries | 94 | 187 |
Provision | 53 | 1,202 |
Balance, end of period | 32,159 | 28,190 |
Consumer Loans [Member] | ||
Changes in allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 37,178 | 36,830 |
Charge-offs | (7,433) | (7,687) |
Recoveries | 1,399 | 1,644 |
Provision | 5,660 | 6,186 |
Balance, end of period | 36,804 | 36,973 |
Residential Real Estate [Member] | ||
Changes in allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 2,568 | 5,064 |
Charge-offs | (274) | (182) |
Recoveries | 54 | 47 |
Provision | 94 | 108 |
Balance, end of period | 2,442 | 5,037 |
Acquired Loans [Member] | ||
Changes in allowance for loan losses by portfolio segment [Roll Forward] | ||
Balance, beginning of period | 0 | |
Charge-offs | 0 | $ 100 |
Balance, end of period | $ 0 |
Allowance for Loan Losses and_6
Allowance for Loan Losses and Credit Quality of Loans, Allowance for Loan Losses and Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Allowance for loan losses | $ 71,405 | $ 72,505 | $ 70,200 | $ 69,500 |
Allowance for loans individually evaluated for impairment | 25 | 25 | ||
Allowance for loans collectively evaluated for impairment | 71,380 | 72,480 | ||
Ending balance of loans | 6,890,312 | 6,887,709 | ||
Commercial Loans [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Allowance for loan losses | 32,159 | 32,759 | 28,190 | 27,606 |
Allowance for loans individually evaluated for impairment | 25 | 25 | ||
Allowance for loans collectively evaluated for impairment | 32,134 | 32,734 | ||
Ending balance of loans | 3,250,482 | 3,222,310 | ||
Consumer Loans [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Allowance for loan losses | 36,804 | 37,178 | 36,973 | 36,830 |
Allowance for loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loans collectively evaluated for impairment | 36,804 | 37,178 | ||
Ending balance of loans | 2,249,419 | 2,284,563 | ||
Residential Real Estate [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Allowance for loan losses | 2,442 | 2,568 | $ 5,037 | $ 5,064 |
Allowance for loans individually evaluated for impairment | 0 | 0 | ||
Allowance for loans collectively evaluated for impairment | 2,442 | 2,568 | ||
Ending balance of loans | 1,390,411 | 1,380,836 | ||
Originated Loans [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Ending balance of loans | 6,577,769 | 6,565,118 | ||
Ending balance of loans individually evaluated for impairment | 21,042 | 20,578 | ||
Ending balance of loans collectively evaluated for impairment | 6,556,727 | 6,544,540 | ||
Originated Loans [Member] | Commercial Loans [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Ending balance of loans | 3,110,379 | 3,078,620 | ||
Ending balance of loans individually evaluated for impairment | 6,009 | 5,786 | ||
Ending balance of loans collectively evaluated for impairment | 3,104,370 | 3,072,834 | ||
Originated Loans [Member] | Consumer Loans [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Ending balance of loans | 2,219,793 | 2,252,939 | ||
Ending balance of loans individually evaluated for impairment | 7,813 | 7,887 | ||
Ending balance of loans collectively evaluated for impairment | 2,211,980 | 2,245,052 | ||
Originated Loans [Member] | Residential Real Estate [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Ending balance of loans | 1,247,597 | 1,233,559 | ||
Ending balance of loans individually evaluated for impairment | 7,220 | 6,905 | ||
Ending balance of loans collectively evaluated for impairment | 1,240,377 | 1,226,654 | ||
Acquired Loans [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Allowance for loan losses | 0 | 0 | ||
Ending balance of loans | 312,543 | 322,591 | ||
Ending balance of loans collectively evaluated for impairment | 312,543 | 322,591 | ||
Acquired Loans [Member] | Commercial Loans [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Ending balance of loans | 140,103 | 143,690 | ||
Ending balance of loans collectively evaluated for impairment | 140,103 | 143,690 | ||
Acquired Loans [Member] | Consumer Loans [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Ending balance of loans | 29,626 | 31,624 | ||
Ending balance of loans collectively evaluated for impairment | 29,626 | 31,624 | ||
Acquired Loans [Member] | Residential Real Estate [Member] | ||||
Allowance for loan losses and recorded investment by portfolio segment [Abstract] | ||||
Ending balance of loans | 142,814 | 147,277 | ||
Ending balance of loans collectively evaluated for impairment | $ 142,814 | $ 147,277 |
Allowance for Loan Losses and_7
Allowance for Loan Losses and Credit Quality of Loans, Past Due Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Minimum number of days past due for nonaccrual loan status | 90 days | |
Total past due accruing | $ 36,025 | $ 38,067 |
Nonaccrual | 25,632 | 25,487 |
Current | 6,828,655 | 6,824,155 |
Recorded total loans | 6,890,312 | 6,887,709 |
31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 26,728 | 26,641 |
61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 5,962 | 6,341 |
Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 3,335 | 5,085 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Recorded total loans | 3,250,482 | 3,222,310 |
Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Recorded total loans | 2,249,419 | 2,284,563 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Recorded total loans | 1,390,411 | 1,380,836 |
Originated Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 34,489 | 36,515 |
Nonaccrual | 23,692 | 23,372 |
Current | 6,519,588 | 6,505,231 |
Recorded total loans | 6,577,769 | 6,565,118 |
Originated Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 25,743 | 25,476 |
Originated Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 5,556 | 5,969 |
Originated Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 3,190 | 5,070 |
Originated Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 7,672 | 3,980 |
Nonaccrual | 11,687 | 12,031 |
Current | 3,091,020 | 3,062,609 |
Recorded total loans | 3,110,379 | 3,078,620 |
Originated Loans [Member] | Commercial Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 7,017 | 3,090 |
Originated Loans [Member] | Commercial Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 655 | 302 |
Originated Loans [Member] | Commercial Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 588 |
Originated Loans [Member] | Commercial Loans [Member] | C&I [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 74 | 909 |
Nonaccrual | 899 | 1,062 |
Current | 858,653 | 846,148 |
Recorded total loans | 859,626 | 848,119 |
Originated Loans [Member] | Commercial Loans [Member] | C&I [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 74 | 909 |
Originated Loans [Member] | Commercial Loans [Member] | C&I [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | C&I [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | CRE [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 6,214 | 1,677 |
Nonaccrual | 4,818 | 4,995 |
Current | 1,753,079 | 1,734,558 |
Recorded total loans | 1,764,111 | 1,741,230 |
Originated Loans [Member] | Commercial Loans [Member] | CRE [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 5,794 | 1,089 |
Originated Loans [Member] | Commercial Loans [Member] | CRE [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 420 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | CRE [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 588 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 1,384 | 1,394 |
Nonaccrual | 5,970 | 5,974 |
Current | 479,288 | 481,903 |
Recorded total loans | 486,642 | 489,271 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 1,149 | 1,092 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 235 | 302 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Originated Loans [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 24,531 | 29,770 |
Nonaccrual | 5,864 | 4,563 |
Current | 2,189,398 | 2,218,606 |
Recorded total loans | 2,219,793 | 2,252,939 |
Originated Loans [Member] | Consumer Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 17,153 | 20,960 |
Originated Loans [Member] | Consumer Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 4,503 | 5,510 |
Originated Loans [Member] | Consumer Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 2,875 | 3,300 |
Originated Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 14,228 | 18,005 |
Nonaccrual | 2,924 | 1,971 |
Current | 1,173,956 | 1,196,136 |
Recorded total loans | 1,191,108 | 1,216,112 |
Originated Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 11,388 | 14,519 |
Originated Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 1,962 | 2,300 |
Originated Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 878 | 1,186 |
Originated Loans [Member] | Consumer Loans [Member] | Specialty Lending [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 6,572 | 6,814 |
Nonaccrual | 45 | 0 |
Current | 522,527 | 518,114 |
Recorded total loans | 529,144 | 524,928 |
Originated Loans [Member] | Consumer Loans [Member] | Specialty Lending [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 3,235 | 3,479 |
Originated Loans [Member] | Consumer Loans [Member] | Specialty Lending [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 1,733 | 1,773 |
Originated Loans [Member] | Consumer Loans [Member] | Specialty Lending [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 1,604 | 1,562 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 3,731 | 4,951 |
Nonaccrual | 2,895 | 2,592 |
Current | 492,915 | 504,356 |
Recorded total loans | 499,541 | 511,899 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 2,530 | 2,962 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 808 | 1,437 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 393 | 552 |
Originated Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 2,286 | 2,765 |
Nonaccrual | 6,141 | 6,778 |
Current | 1,239,170 | 1,224,016 |
Recorded total loans | 1,247,597 | 1,233,559 |
Originated Loans [Member] | Residential Real Estate [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 1,573 | 1,426 |
Originated Loans [Member] | Residential Real Estate [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 398 | 157 |
Originated Loans [Member] | Residential Real Estate [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 315 | 1,182 |
Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 1,536 | 1,552 |
Nonaccrual | 1,940 | 2,115 |
Current | 309,067 | 318,924 |
Recorded total loans | 312,543 | 322,591 |
Acquired Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 985 | 1,165 |
Acquired Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 406 | 372 |
Acquired Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 145 | 15 |
Acquired Loans [Member] | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 406 | 754 |
Nonaccrual | 383 | 390 |
Current | 139,314 | 142,546 |
Recorded total loans | 140,103 | 143,690 |
Acquired Loans [Member] | Commercial Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 121 | 466 |
Acquired Loans [Member] | Commercial Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 285 | 288 |
Acquired Loans [Member] | Commercial Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | C&I [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 27,166 | 26,124 |
Recorded total loans | 27,166 | 26,124 |
Acquired Loans [Member] | Commercial Loans [Member] | C&I [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | C&I [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | C&I [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | CRE [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 80,623 | 84,492 |
Recorded total loans | 80,623 | 84,492 |
Acquired Loans [Member] | Commercial Loans [Member] | CRE [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | CRE [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | CRE [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 406 | 754 |
Nonaccrual | 383 | 390 |
Current | 31,525 | 31,930 |
Recorded total loans | 32,314 | 33,074 |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 121 | 466 |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 285 | 288 |
Acquired Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Consumer Loans [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 78 | 210 |
Nonaccrual | 219 | 227 |
Current | 29,329 | 31,187 |
Recorded total loans | 29,626 | 31,624 |
Acquired Loans [Member] | Consumer Loans [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 76 | 153 |
Acquired Loans [Member] | Consumer Loans [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 2 | 42 |
Acquired Loans [Member] | Consumer Loans [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 15 |
Acquired Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 2 |
Nonaccrual | 0 | 0 |
Current | 3 | 30 |
Recorded total loans | 3 | 32 |
Acquired Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 1 |
Acquired Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 1 |
Acquired Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 0 |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 78 | 208 |
Nonaccrual | 219 | 227 |
Current | 29,326 | 31,157 |
Recorded total loans | 29,623 | 31,592 |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 76 | 152 |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 2 | 41 |
Acquired Loans [Member] | Consumer Loans [Member] | Direct [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 0 | 15 |
Acquired Loans [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 1,052 | 588 |
Nonaccrual | 1,338 | 1,498 |
Current | 140,424 | 145,191 |
Recorded total loans | 142,814 | 147,277 |
Acquired Loans [Member] | Residential Real Estate [Member] | 31-60 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 788 | 546 |
Acquired Loans [Member] | Residential Real Estate [Member] | 61-90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | 119 | 42 |
Acquired Loans [Member] | Residential Real Estate [Member] | Greater Than 90 Days Past Due Accruing [Member] | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total past due accruing | $ 145 | $ 0 |
Allowance for Loan Losses and_8
Allowance for Loan Losses and Credit Quality of Loans, Impaired Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Allowance for Loan Losses and Credit Quality of Loans [Abstract] | ||
Threshold balance for classified loans to be evaluated individually for impairment | $ 750 | |
Total Loans [Abstract] | ||
Recorded investment balance (book) | 21,042 | $ 20,578 |
Unpaid principal balance (legal) | 29,250 | 28,552 |
Related allowance | 25 | 25 |
Acquired impaired loans specifically evaluated for impairment | 0 | 0 |
Originated Loans [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment balance (book) | 20,813 | 20,345 |
Unpaid principal balance (legal) | 29,014 | 28,314 |
Originated Loans [Member] | Commercial Loans [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment balance (book) | 5,780 | 5,553 |
Unpaid principal balance (legal) | 9,129 | 8,828 |
With an allowance recorded [Abstract] | ||
Recorded investment balance (book) | 229 | 233 |
Unpaid principal balance (legal) | 236 | 238 |
Total Loans [Abstract] | ||
Related allowance | 25 | 25 |
Originated Loans [Member] | Commercial Loans [Member] | C&I [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment balance (book) | 244 | 228 |
Unpaid principal balance (legal) | 516 | 497 |
With an allowance recorded [Abstract] | ||
Recorded investment balance (book) | 229 | 233 |
Unpaid principal balance (legal) | 236 | 238 |
Total Loans [Abstract] | ||
Related allowance | 25 | 25 |
Originated Loans [Member] | Commercial Loans [Member] | CRE [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment balance (book) | 4,237 | 4,312 |
Unpaid principal balance (legal) | 6,272 | 6,330 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment balance (book) | 1,299 | 1,013 |
Unpaid principal balance (legal) | 2,341 | 2,001 |
Originated Loans [Member] | Consumer Loans [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment balance (book) | 7,813 | 7,887 |
Unpaid principal balance (legal) | 10,046 | 10,072 |
Originated Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment balance (book) | 187 | 143 |
Unpaid principal balance (legal) | 283 | 241 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | ||
With no related allowance recorded [Abstract] | ||
Recorded investment balance (book) | 7,626 | 7,744 |
Unpaid principal balance (legal) | 9,763 | 9,831 |
Originated Loans [Member] | Residential Real Estate [Member] | ||
With an allowance recorded [Abstract] | ||
Recorded investment balance (book) | 7,220 | 6,905 |
Unpaid principal balance (legal) | $ 9,839 | $ 9,414 |
Allowance for Loan Losses and_9
Allowance for Loan Losses and Credit Quality of Loans, Average Recorded Investments on Loans Specifically Evaluated for Impairment and Interest Income Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | $ 21,062 | $ 21,182 |
Interest income recognized | 214 | 222 |
Originated Loans [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 21,062 | 21,182 |
Interest income recognized | 214 | 222 |
Originated Loans [Member] | Commercial Loans [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 6,007 | 5,927 |
Interest income recognized | 37 | 37 |
Originated Loans [Member] | Commercial Loans [Member] | C&I [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 462 | 467 |
Interest income recognized | 1 | 0 |
Originated Loans [Member] | Commercial Loans [Member] | CRE [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 4,282 | 4,506 |
Interest income recognized | 30 | 32 |
Originated Loans [Member] | Commercial Loans [Member] | Business Banking [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 1,263 | 954 |
Interest income recognized | 6 | 5 |
Originated Loans [Member] | Consumer Loans [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 7,889 | 8,374 |
Interest income recognized | 100 | 112 |
Originated Loans [Member] | Consumer Loans [Member] | Dealer Finance [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 173 | 184 |
Interest income recognized | 2 | 3 |
Originated Loans [Member] | Consumer Loans [Member] | Direct [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 7,716 | 8,190 |
Interest income recognized | 98 | 109 |
Originated Loans [Member] | Residential Real Estate [Member] | ||
Average Recorded Investment and Interest Income Recognized [Abstract] | ||
Average recorded investment | 7,166 | 6,881 |
Interest income recognized | $ 77 | $ 73 |
Allowance for Loan Losses an_10
Allowance for Loan Losses and Credit Quality of Loans, Credit Quality by Loan Class (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Credit Quality by Loan Class [Abstract] | ||
Net loans | $ 6,890,312 | $ 6,887,709 |
Consumer Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 2,249,419 | 2,284,563 |
Residential Real Estate Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,390,411 | 1,380,836 |
Originated Loans [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 6,577,769 | 6,565,118 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 2,623,737 | 2,589,349 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Pass [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 2,511,083 | 2,478,108 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Special Mention [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 27,389 | 25,242 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | Substandard [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 85,265 | 85,999 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | C&I [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 859,626 | 848,119 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | C&I [Member] | Pass [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 806,097 | 796,778 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | C&I [Member] | Special Mention [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 13,217 | 11,348 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | C&I [Member] | Substandard [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 40,312 | 39,993 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | CRE [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,764,111 | 1,741,230 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | CRE [Member] | Pass [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,704,986 | 1,681,330 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | CRE [Member] | Special Mention [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 14,172 | 13,894 |
Originated Loans [Member] | Commercial Credit Exposure [Member] | CRE [Member] | Substandard [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 44,953 | 46,006 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 486,642 | 489,271 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Non-classified [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 473,402 | 476,052 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Classified [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 13,240 | 13,219 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 486,642 | 489,271 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | Non-classified [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 473,402 | 476,052 |
Originated Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | Classified [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 13,240 | 13,219 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 2,219,793 | 2,252,939 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 2,211,054 | 2,245,076 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 8,739 | 7,863 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Dealer Finance [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,191,108 | 1,216,112 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Dealer Finance [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,187,306 | 1,212,955 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Dealer Finance [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 3,802 | 3,157 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Specialty Lending [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 529,144 | 524,928 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Specialty Lending [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 527,495 | 523,366 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Specialty Lending [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,649 | 1,562 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 499,541 | 511,899 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 496,253 | 508,755 |
Originated Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 3,288 | 3,144 |
Originated Loans [Member] | Residential Real Estate Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,247,597 | 1,233,559 |
Originated Loans [Member] | Residential Real Estate Credit Exposure [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,241,141 | 1,225,599 |
Originated Loans [Member] | Residential Real Estate Credit Exposure [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 6,456 | 7,960 |
Originated Loans [Member] | Residential Real Estate Credit Exposure [Member] | Residential Real Estate [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,247,597 | 1,233,559 |
Originated Loans [Member] | Residential Real Estate Credit Exposure [Member] | Residential Real Estate [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,241,141 | 1,225,599 |
Originated Loans [Member] | Residential Real Estate Credit Exposure [Member] | Residential Real Estate [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 6,456 | 7,960 |
Acquired Loans [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 312,543 | 322,591 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 107,789 | 110,616 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Pass [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 101,422 | 107,045 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Special Mention [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 5,744 | 2,923 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | Substandard [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 623 | 648 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | C&I [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 27,166 | 26,124 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | C&I [Member] | Pass [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 24,488 | 23,283 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | C&I [Member] | Special Mention [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 2,670 | 2,831 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | C&I [Member] | Substandard [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 8 | 10 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | CRE [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 80,623 | 84,492 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | CRE [Member] | Pass [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 76,934 | 83,762 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | CRE [Member] | Special Mention [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 3,074 | 92 |
Acquired Loans [Member] | Commercial Credit Exposure [Member] | CRE [Member] | Substandard [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 615 | 638 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 32,314 | 33,074 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Non-classified [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 29,295 | 29,945 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Classified [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 3,019 | 3,129 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 32,314 | 33,074 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | Non-classified [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 29,295 | 29,945 |
Acquired Loans [Member] | Business Banking Credit Exposure [Member] | Business Banking [Member] | Classified [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 3,019 | 3,129 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 29,626 | 31,624 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 29,407 | 31,382 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 219 | 242 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Dealer Finance [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 3 | 32 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Dealer Finance [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 3 | 32 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Dealer Finance [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 0 | 0 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 29,623 | 31,592 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 29,404 | 31,350 |
Acquired Loans [Member] | Consumer Credit Exposure [Member] | Direct [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 219 | 242 |
Acquired Loans [Member] | Residential Real Estate Credit Exposure [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 142,814 | 147,277 |
Acquired Loans [Member] | Residential Real Estate Credit Exposure [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 141,331 | 145,779 |
Acquired Loans [Member] | Residential Real Estate Credit Exposure [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 1,483 | 1,498 |
Acquired Loans [Member] | Residential Real Estate Credit Exposure [Member] | Residential Real Estate [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 142,814 | 147,277 |
Acquired Loans [Member] | Residential Real Estate Credit Exposure [Member] | Residential Real Estate [Member] | Performing [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | 141,331 | 145,779 |
Acquired Loans [Member] | Residential Real Estate Credit Exposure [Member] | Residential Real Estate [Member] | Nonperforming [Member] | ||
Credit Quality by Loan Class [Abstract] | ||
Net loans | $ 1,483 | $ 1,498 |
Allowance for Loan Losses an_11
Allowance for Loan Losses and Credit Quality of Loans, Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)Contract | Mar. 31, 2018USD ($)Contract | |
Troubled Debt Restructured Loans [Abstract] | ||
Number of contracts | Contract | 20 | 16 |
Pre-modification outstanding recorded investment | $ 1,235 | $ 765 |
Post-modification outstanding recorded investment | $ 1,252 | $ 855 |
Number of contracts | Contract | 20 | 23 |
Recorded Investment | $ 1,015 | $ 1,574 |
Commercial Loans [Member] | ||
Troubled Debt Restructured Loans [Abstract] | ||
Number of contracts | Contract | 3 | 3 |
Pre-modification outstanding recorded investment | $ 453 | $ 319 |
Post-modification outstanding recorded investment | $ 453 | $ 410 |
Number of contracts | Contract | 0 | 1 |
Recorded Investment | $ 0 | $ 200 |
Commercial Loans [Member] | C&I [Member] | ||
Troubled Debt Restructured Loans [Abstract] | ||
Number of contracts | Contract | 1 | 0 |
Pre-modification outstanding recorded investment | $ 65 | $ 0 |
Post-modification outstanding recorded investment | $ 65 | $ 0 |
Commercial Loans [Member] | Business Banking [Member] | ||
Troubled Debt Restructured Loans [Abstract] | ||
Number of contracts | Contract | 2 | 3 |
Pre-modification outstanding recorded investment | $ 388 | $ 319 |
Post-modification outstanding recorded investment | $ 388 | $ 410 |
Number of contracts | Contract | 0 | 1 |
Recorded Investment | $ 0 | $ 200 |
Consumer Loans [Member] | ||
Troubled Debt Restructured Loans [Abstract] | ||
Number of contracts | Contract | 11 | 8 |
Pre-modification outstanding recorded investment | $ 394 | $ 123 |
Post-modification outstanding recorded investment | $ 394 | $ 122 |
Number of contracts | Contract | 12 | 14 |
Recorded Investment | $ 617 | $ 870 |
Consumer Loans [Member] | Dealer Finance [Member] | ||
Troubled Debt Restructured Loans [Abstract] | ||
Number of contracts | Contract | 5 | 6 |
Pre-modification outstanding recorded investment | $ 74 | $ 82 |
Post-modification outstanding recorded investment | $ 74 | $ 81 |
Number of contracts | Contract | 2 | 0 |
Recorded Investment | $ 17 | $ 0 |
Consumer Loans [Member] | Direct [Member] | ||
Troubled Debt Restructured Loans [Abstract] | ||
Number of contracts | Contract | 6 | 2 |
Pre-modification outstanding recorded investment | $ 320 | $ 41 |
Post-modification outstanding recorded investment | $ 320 | $ 41 |
Number of contracts | Contract | 10 | 14 |
Recorded Investment | $ 600 | $ 870 |
Residential Real Estate [Member] | ||
Troubled Debt Restructured Loans [Abstract] | ||
Number of contracts | Contract | 6 | 5 |
Pre-modification outstanding recorded investment | $ 388 | $ 323 |
Post-modification outstanding recorded investment | $ 405 | $ 323 |
Number of contracts | Contract | 8 | 8 |
Recorded Investment | $ 398 | $ 504 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Operating lease ROU assets | $ 32,900 | |
Net Lease Cost [Abstract] | ||
Operating lease cost | 1,799 | |
Variable lease cost | 677 | |
Short-term lease cost | 90 | |
Sublease income | (101) | |
Total operating lease cost | 2,465 | |
Future Minimum Rental Commitments [Abstract] | ||
2019 | 5,197 | |
2020 | 6,541 | |
2021 | 5,689 | |
2022 | 4,880 | |
2023 | 4,034 | |
Thereafter | 13,874 | |
Total lease payments | 40,215 | |
Less: interest | (4,838) | |
Present value of lease liabilities | $ 35,377 | |
Additional Information Related to Operating Leases [Abstract] | ||
Weighted average remaining lease term, in years | 7 years 10 months 13 days | |
Weighted average discount rate | 3.05% | |
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||
Operating cash flows from operating leases | $ 1,549 | |
ROU assets obtained in exchange for lease liabilities | $ 34,427 | |
Future Minimum Rental Payments [Abstract] | ||
2019 | $ 6,890 | |
2020 | 6,467 | |
2021 | 5,613 | |
2022 | 4,773 | |
2023 | 3,972 | |
Thereafter | 13,869 | |
Total | $ 41,584 |
Defined Benefit Post-Retireme_4
Defined Benefit Post-Retirement Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Post-Retirement Plans [Abstract] | ||
Employer contributions | $ 0 | $ 0 |
Pension Benefits [Member] | ||
Components of net periodic cost (benefit) [Abstract] | ||
Service cost | 435 | 420 |
Interest cost | 981 | 920 |
Expected return on plan assets | (1,873) | (2,123) |
Net amortization | 639 | 251 |
Total net periodic cost (benefit) | 182 | (532) |
Other Benefits [Member] | ||
Components of net periodic cost (benefit) [Abstract] | ||
Service cost | 2 | 3 |
Interest cost | 81 | 82 |
Expected return on plan assets | 0 | 0 |
Net amortization | 17 | 44 |
Total net periodic cost (benefit) | $ 100 | $ 129 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Basic EPS [Abstract] | ||
Weighted average common shares outstanding (in shares) | 43,785,000 | 43,663,000 |
Net income available to common stockholders | $ 29,127 | $ 25,986 |
Basic EPS (in dollars per share) | $ 0.67 | $ 0.60 |
Diluted EPS [Abstract] | ||
Weighted average common shares outstanding (in shares) | 43,785,000 | 43,663,000 |
Dilutive effect of common stock options and restricted stock (in shares) | 296,000 | 312,000 |
Weighted average common shares and common share equivalents (in shares) | 44,081,000 | 43,975,000 |
Net income available to common stockholders | $ 29,127 | $ 25,986 |
Diluted EPS (in dollars per share) | $ 0.66 | $ 0.59 |
Stock Options [Member] | ||
Earnings Per Share [Abstract] | ||
Stock options excluded from calculation of diluted EPS (in shares) | 1,500 | 1,500 |
Reclassification Adjustments _3
Reclassification Adjustments Out of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Net securities gains | $ 57 | $ 72 |
Interest income (expense) | 77,691 | 73,486 |
Other noninterest expense | 5,126 | 4,415 |
Income tax expense (benefit) | 8,118 | 7,009 |
Net income | 29,127 | 25,986 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Total reclassifications during the period, net of tax | 92 | 93 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Income tax expense (benefit) | (67) | (47) |
Net income | 199 | 141 |
Losses on AFS Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Net securities gains | 99 | 0 |
Amortization of Unrealized Gains Related to Securities Transfer [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Interest income (expense) | 167 | 188 |
Net Unrealized (Gains) on Cash Flow hedges Reclassified to Interest Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Interest income (expense) | (799) | (359) |
Income tax expense (benefit) | 200 | 90 |
Net income | (599) | (269) |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Income tax expense (benefit) | (164) | (74) |
Net income | 492 | 221 |
Amortization of Net Losses [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Other noninterest expense | 634 | 273 |
Amortization of Prior Service Costs [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Abstract] | ||
Other noninterest expense | $ 22 | $ 22 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)Agreement | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)Agreement | |
Interest rate derivatives - Included Component [Abstract] | |||
Amount of (loss) or gain recognized in OCI | $ (170) | $ 1,048 | |
Amount of (gain) reclassified from AOCI into interest expense | (799) | (359) | |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Fair value adjustment recorded related to notional amount of derivatives outstanding and notional amount of risk participation agreements [Abstract] | |||
Fair value adjustment | 1,595 | $ 2,428 | |
Notional amount | 200,000 | $ 225,000 | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||
Interest rate derivatives - Included Component [Abstract] | |||
Amount of (loss) or gain recognized in OCI | (170) | 1,048 | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Interest (Income) Expense [Member] | |||
Interest rate derivatives - Included Component [Abstract] | |||
Amount of (gain) reclassified from AOCI into interest expense | (799) | (359) | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Interest Rate Swaps [Member] | |||
Fair value adjustment recorded related to notional amount of derivatives outstanding and notional amount of risk participation agreements [Abstract] | |||
Amount to be reclassified from AOCI as a reduction to interest expense during next twelve months | 1,400 | ||
Derivatives Not Designated as Hedging Instruments [Member] | Other Income [Member] | |||
Gain or loss recognized in income on derivatives not designating as a hedging relationship [Abstract] | |||
(Increase) decrease in other income | $ (87) | $ 197 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Interest rate derivatives [Abstract] | |||
Number of risk participation agreements held | Agreement | 10 | 9 | |
Fair value adjustment recorded related to notional amount of derivatives outstanding and notional amount of risk participation agreements [Abstract] | |||
Fair value adjustment | $ 22,231 | $ 17,572 | |
Notional amount | 695,522 | 653,369 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | |||
Interest rate derivatives [Abstract] | |||
Fair value of derivative asset | 45 | 36 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | |||
Interest rate derivatives [Abstract] | |||
Fair value of derivative liability | 35 | 17 | |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Fair value adjustment recorded related to notional amount of derivatives outstanding and notional amount of risk participation agreements [Abstract] | |||
Notional amount | $ 77,771 | $ 70,785 |
Fair Value Measurements and F_4
Fair Value Measurements and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Transfers between Levels [Abstract] | ||
Transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Transfers from Level 2 to Level 1 | 0 | 4,000 |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
AFS securities [Abstract] | ||
AFS securities | 951,859 | 998,496 |
Equity securities | 25,482 | 23,053 |
Liabilities [Abstract] | ||
Collateral dependent impaired loans with specific reserve | 200 | 200 |
Reserves on collateral dependent impaired loans | $ 25 | 25 |
Minimum [Member] | ||
Liabilities [Abstract] | ||
Liquidation expense ratio on impaired collateral | 10.00% | |
Maximum [Member] | ||
Liabilities [Abstract] | ||
Liquidation expense ratio on impaired collateral | 35.00% | |
Recurring Basis [Member] | ||
AFS securities [Abstract] | ||
AFS securities | $ 951,859 | 998,496 |
Equity securities | 25,482 | 23,053 |
Derivatives | 23,871 | 20,000 |
Total | 1,001,212 | 1,041,549 |
Liabilities [Abstract] | ||
Derivatives | 22,266 | 17,572 |
Total | 22,266 | 17,572 |
Recurring Basis [Member] | Level 1 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Equity securities | 21,482 | 19,053 |
Derivatives | 0 | 0 |
Total | 21,482 | 19,053 |
Liabilities [Abstract] | ||
Derivatives | 0 | 0 |
Total | 0 | 0 |
Recurring Basis [Member] | Level 2 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 951,859 | 998,496 |
Equity securities | 4,000 | 4,000 |
Derivatives | 23,871 | 20,000 |
Total | 979,730 | 1,022,496 |
Liabilities [Abstract] | ||
Derivatives | 22,266 | 17,572 |
Total | 22,266 | 17,572 |
Recurring Basis [Member] | Level 3 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Equity securities | 0 | 0 |
Derivatives | 0 | 0 |
Total | 0 | 0 |
Liabilities [Abstract] | ||
Derivatives | 0 | 0 |
Total | 0 | 0 |
Recurring Basis [Member] | Federal Agency [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 29,636 | 84,299 |
Recurring Basis [Member] | Federal Agency [Member] | Level 1 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Recurring Basis [Member] | Federal Agency [Member] | Level 2 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 29,636 | 84,299 |
Recurring Basis [Member] | Federal Agency [Member] | Level 3 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Recurring Basis [Member] | State & Municipal [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 598 | 29,915 |
Recurring Basis [Member] | State & Municipal [Member] | Level 1 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Recurring Basis [Member] | State & Municipal [Member] | Level 2 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 598 | 29,915 |
Recurring Basis [Member] | State & Municipal [Member] | Level 3 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Recurring Basis [Member] | Mortgage-Backed [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 516,167 | 512,295 |
Recurring Basis [Member] | Mortgage-Backed [Member] | Level 1 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Recurring Basis [Member] | Mortgage-Backed [Member] | Level 2 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 516,167 | 512,295 |
Recurring Basis [Member] | Mortgage-Backed [Member] | Level 3 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 405,458 | 371,987 |
Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | Level 1 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 0 | 0 |
Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | 405,458 | 371,987 |
Recurring Basis [Member] | Collateralized Mortgage Obligations [Member] | Level 3 [Member] | ||
AFS securities [Abstract] | ||
AFS securities | $ 0 | $ 0 |
Fair Value Measurements and F_5
Fair Value Measurements and Fair Value of Financial Instruments, Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets [Abstract] | ||
HTM securities | $ 782,761 | $ 778,675 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
HTM securities | 780,565 | 783,599 |
Financial liabilities [Abstract] | ||
Time deposits | 922,304 | 930,678 |
Long-term debt | 73,696 | 73,724 |
Junior subordinated debt | 101,196 | 101,196 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Net loans | 6,827,432 | 6,822,147 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Financial assets [Abstract] | ||
HTM securities | 782,761 | 778,675 |
Financial liabilities [Abstract] | ||
Time deposits | 915,990 | 920,534 |
Long-term debt | 73,981 | 73,927 |
Junior subordinated debt | 102,946 | 100,114 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Financial assets [Abstract] | ||
Net loans | $ 6,775,550 | $ 6,754,460 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Guarantor Obligations [Abstract] | ||
Obligation instrument term | 1 year | |
Commitment to Extend Credits and Unused Lines of Credit [Member] | ||
Guarantor Obligations [Abstract] | ||
Commitments - maximum potential obligation | $ 1,900 | $ 1,700 |
Standby Letters of Credit [Member] | ||
Guarantor Obligations [Abstract] | ||
Commitments - maximum potential obligation | $ 30.4 | $ 41.2 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Recent Accounting Pronouncements [Abstract] | ||
Right of use assets | $ 32,900 | |
Lease liability | $ 35,377 | |
ASU 2016-02 [Member] | ||
Recent Accounting Pronouncements [Abstract] | ||
Right of use assets | $ 34,000 | |
Lease liability | $ 37,000 |