Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 01, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2019 | |
Entity File Number | 1-35746 | |
Entity Registrant Name | Bryn Mawr Bank Corp | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 23-2434506 | |
Entity Address, Address Line One | 801 Lancaster Avenue, | |
Entity Address, City or Town | Bryn Mawr, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19010 | |
City Area Code | 610 | |
Local Phone Number | 525-1700 | |
Title of 12(b) Security | Common Stock, $1 par value | |
Trading Symbol | BMTC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,124,193 | |
Entity Central Index Key | 0000802681 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Document Transition Report | false |
Consolidated Balance Sheets - U
Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 8,582 | $ 14,099 |
Interest bearing deposits with banks | 86,158 | 34,357 |
Cash and cash equivalents | 94,740 | 48,456 |
Investment securities available for sale, at fair value (amortized cost of $599,199 and $745,328 as of September 30, 2019 and December 31, 2018, respectively) | 604,181 | 737,442 |
Investment securities held to maturity, at amortized cost (fair value of $13,015 and $8,438 as of September 30, 2019 and December 31, 2018, respectively) | 12,947 | 8,684 |
Investment securities, trading | 8,324 | 7,502 |
Loans held for sale | 5,767 | 1,749 |
Portfolio loans and leases, originated | 3,137,769 | 2,885,251 |
Portfolio loans and leases, acquired | 402,978 | 541,903 |
Total portfolio loans and leases | 3,540,747 | 3,427,154 |
Less: Allowance for originated loan and lease losses | (20,675) | (19,329) |
Less: Allowance for acquired loan and lease losses | (102) | (97) |
Total allowance for loans and lease losses | (20,777) | (19,426) |
Net portfolio loans and leases | 3,519,970 | 3,407,728 |
Premises and equipment, net | 66,439 | 65,648 |
Operating lease right-of-use assets | 42,200 | |
Accrued interest receivable | 12,746 | 12,585 |
Mortgage servicing rights | 4,580 | 5,047 |
Bank owned life insurance | 58,749 | 57,844 |
Federal Home Loan Bank stock | 16,148 | 14,530 |
Goodwill | 184,012 | 184,012 |
Intangible assets | 20,084 | 23,455 |
Other investments | 16,683 | 16,526 |
Other assets | 161,071 | 61,277 |
Total assets | 4,828,641 | 4,652,485 |
Deposits: | ||
Noninterest-bearing | 904,409 | 901,619 |
Interest-bearing | 2,794,079 | 2,697,468 |
Total deposits | 3,698,488 | 3,599,087 |
Short-term borrowings | 203,471 | 252,367 |
Long-term FHLB advances | 44,735 | 55,374 |
Subordinated notes | 98,660 | 98,526 |
Junior subordinated debentures | 21,709 | 21,580 |
Operating lease liabilities | 46,506 | |
Accrued interest payable | 9,015 | 6,652 |
Other liabilities | 105,122 | 54,195 |
Total liabilities | 4,227,706 | 4,087,781 |
Shareholders' equity | ||
Common stock, par value $1; authorized 100,000,000 shares; issued 24,645,745 and 24,545,348 shares as of September 30, 2019 and December 31, 2018, respectively and outstanding of 20,124,193 and 20,163,816 as of September 30, 2019 and December 31, 2018, respectively | 24,646 | 24,545 |
Paid-in capital in excess of par value | 377,806 | 374,010 |
Less: Common stock in treasury at cost - 4,521,552 and 4,381,532 shares as of September 30, 2019 and December 31, 2018, respectively | (81,089) | (75,883) |
Accumulated other comprehensive income (loss), net of tax | 2,698 | (7,513) |
Retained earnings | 277,568 | 250,230 |
Total Bryn Mawr Bank Corporation shareholders' equity | 601,629 | 565,389 |
Noncontrolling interest | (694) | (685) |
Total shareholders' equity | 600,935 | 564,704 |
Total liabilities and shareholders' equity | $ 4,828,641 | $ 4,652,485 |
Treasury stock (in shares) | 4,521,552 | 4,381,532 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - Unaudited (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Investment securities available for sale, at fair value, amortized cost | $ 599,199 | $ 745,328 |
Investment securities held to maturity at amortized cost, fair value | $ 13,015 | $ 8,438 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 24,645,745 | 24,545,348 |
Common stock, outstanding (in shares) | 20,124,193 | 20,163,816 |
Treasury stock (in shares) | 4,521,552 | 4,381,532 |
Consolidated Statements of Inco
Consolidated Statements of Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest income: | ||||
Interest and fees on loans and leases | $ 45,527 | $ 42,103 | $ 135,147 | $ 124,481 |
Interest on cash and cash equivalents | 143 | 64 | 348 | 181 |
Interest on investment securities: | ||||
Taxable | 3,870 | 2,993 | 10,814 | 8,621 |
Non-taxable | 31 | 71 | 115 | 233 |
Dividends | 2 | 2 | 5 | 5 |
Total interest income | 49,573 | 45,233 | 146,429 | 133,521 |
Interest expense: | ||||
Interest on deposits | 9,510 | 5,533 | 27,262 | 13,504 |
Interest on short-term borrowings | 937 | 1,096 | 2,237 | 2,711 |
Interest on FHLB advances and other borrowings | 243 | 394 | 790 | 1,446 |
Interest on subordinated notes | 1,145 | 1,144 | 3,434 | 3,430 |
Interest on junior subordinated debentures | 340 | 337 | 1,050 | 946 |
Total interest expense | 12,175 | 8,504 | 34,773 | 22,037 |
Net interest income | 37,398 | 36,729 | 111,656 | 111,484 |
Provision for loan and lease losses | 919 | 664 | 6,282 | 4,831 |
Net interest income after provision for loan and lease losses | 36,479 | 36,065 | 105,374 | 106,653 |
Noninterest income: | ||||
Fees for wealth management services | 10,826 | 10,343 | 32,728 | 31,309 |
Insurance commissions | 1,842 | 1,754 | 5,211 | 5,349 |
Capital markets revenue | 2,113 | 710 | 5,821 | 3,481 |
Service charges on deposits | 856 | 726 | 2,516 | 2,191 |
Loan servicing and other fees | 555 | 559 | 1,717 | 1,720 |
Net gain on sale of loans | 674 | 631 | 1,745 | 1,677 |
Net gain on sale of investment securities available for sale | 0 | 0 | 0 | 7 |
Net (loss) gain on sale of other real estate owned ("OREO") | (12) | 5 | (36) | 292 |
Dividends on FHLB and FRB stock | 346 | 375 | 1,073 | 1,316 |
Other operating income | 2,255 | 3,171 | 8,154 | 10,543 |
Total noninterest income | 19,455 | 18,274 | 58,929 | 57,885 |
Noninterest expenses: | ||||
Salaries and wages | 17,765 | 16,528 | 55,704 | 48,750 |
Employee benefits | 3,288 | 3,356 | 10,771 | 9,941 |
Occupancy and bank premises | 3,008 | 2,717 | 9,385 | 8,464 |
Furniture, fixtures, and equipment | 2,335 | 2,070 | 7,292 | 6,037 |
Advertising | 587 | 349 | 1,506 | 1,179 |
Amortization of intangible assets | 954 | 891 | 2,848 | 2,659 |
Due diligence, merger-related and merger integration expenses | 0 | 389 | 0 | 7,761 |
Professional fees | 1,044 | 997 | 3,680 | 2,677 |
Pennsylvania bank shares tax | 514 | 472 | 1,436 | 1,418 |
Data processing | 1,377 | 1,155 | 4,000 | 3,602 |
Other operating expenses | 4,301 | 4,668 | 13,463 | 12,970 |
Total noninterest expenses | 35,173 | 33,592 | 110,085 | 105,458 |
Income before income taxes | 20,761 | 20,747 | 54,218 | 59,080 |
Income tax expense | 4,402 | 4,066 | 11,405 | 12,419 |
Net income | 16,359 | 16,681 | 42,813 | 46,661 |
Net (loss) income attributable to noncontrolling interest | (1) | (1) | (9) | 5 |
Net income attributable to Bryn Mawr Bank Corporation | $ 16,360 | $ 16,682 | $ 42,822 | $ 46,656 |
Basic earnings per common share (in dollars per share) | $ 0.81 | $ 0.82 | $ 2.13 | $ 2.31 |
Diluted earnings per common share (in dollars per share) | 0.81 | 0.82 | 2.12 | 2.28 |
Dividends paid or accrued per common share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.77 | $ 0.69 |
Weighted-average basic shares outstanding (in shares) | 20,132,117 | 20,270,706 | 20,148,289 | 20,237,757 |
Dilutive shares (in shares) | 76,513 | 167,670 | 88,042 | 206,318 |
Adjusted weighted-average diluted shares (in shares) | 20,208,630 | 20,438,376 | 20,236,331 | 20,444,075 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to Bryn Mawr Bank Corporation | $ 16,360 | $ 16,682 | $ 42,822 | $ 46,656 |
Net change in unrealized gains (losses) on investment securities available for sale: | ||||
Net unrealized gains (losses) arising during the period, net of tax expense (benefit) of $261, $(616), $2,702, and $(2,337), respectively | 983 | (2,319) | 10,164 | (8,792) |
Reclassification adjustment for net (gain) on sale realized in net income, net of tax expense of $0, $0, $0, and $1 respectively | 0 | 0 | 0 | (6) |
Reclassification adjustment for net (gain) realized on transfer of investment securities available for sale to trading, net of tax expense of $0, $0, $0, and $88 respectively | 0 | 0 | 0 | (329) |
Unrealized investment gains (losses), net of tax expense (benefit) of $261, $(616), $2,702, and $(2,426), respectively | 983 | (2,319) | 10,164 | (9,127) |
Net change in unfunded pension liability: | ||||
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, net of tax expense of $4, $28, $12, and $37, respectively | 15 | 108 | 47 | 139 |
Total other comprehensive income (loss) | 998 | (2,211) | 10,211 | (8,988) |
Total comprehensive income | $ 17,358 | $ 14,471 | $ 53,033 | $ 37,668 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - Unaudited (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized (losses) gains, tax (benefit) expense | $ 261 | $ (616) | $ 2,702 | $ (2,337) |
Reclassification adjustment for net gain on sale realized in net income, tax (expense) benefit | 0 | 0 | 0 | 1 |
Reclassification adjustment for net (gain) realized on transfer of investment securities available for sale to trading, tax (expense) benefit | 0 | 0 | 0 | 88 |
Unrealized investment (losses) gains, tax (benefit) expense | 261 | (616) | 2,702 | (2,426) |
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, tax expense (benefit) | $ 4 | $ (28) | $ 12 | $ 37 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities: | ||
Net income attributable to Bryn Mawr Bank Corporation | $ 42,822 | $ 46,656 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan and lease losses | 6,282 | 4,831 |
Depreciation of fixed assets | 5,719 | 4,584 |
Amortization of operating lease right-of-use assets | 2,744 | |
Net amortization of investment premiums and discounts | 1,987 | 2,373 |
Net gain on sale of investment securities available for sale | 0 | (7) |
Net gain on sale of loans | (1,745) | (1,677) |
Stock based compensation | 2,921 | 1,944 |
Amortization and net impairment of mortgage servicing rights | 467 | 549 |
Net accretion of fair value adjustments | (3,843) | (7,023) |
Amortization of intangible assets | 2,848 | 2,659 |
Impairment of OREO and other repossessed assets | 0 | 6 |
Net loss (gain) on sale of OREO | 36 | (292) |
Net increase in cash surrender value of bank owned life insurance ("BOLI") | (905) | (876) |
Other, net | (418) | (344) |
Loans originated for sale | (65,373) | (72,545) |
Proceeds from loans sold | 65,939 | 73,650 |
Provision for deferred income taxes | 446 | 4,768 |
Change in income taxes payable/receivable, net | 6,147 | 6,033 |
Change in accrued interest receivable | (161) | 1,014 |
Change in accrued interest payable | 2,363 | 3,666 |
Change in operating lease liabilities | (2,613) | 0 |
Change in other assets | (107,390) | (5,704) |
Change in other liabilities | 54,348 | (1,339) |
Net cash provided by operating activities | 12,621 | 62,926 |
Investing activities: | ||
Purchases of investment securities available for sale | (219,735) | (115,381) |
Purchases of investment securities held to maturity | (4,868) | (1,328) |
Proceeds from maturity and paydowns of investment securities available for sale | 266,526 | 259,102 |
Proceeds from maturity and paydowns of investment securities held to maturity | 548 | 312 |
Proceeds from sale of investment securities available for sale | 0 | 7 |
Net change in FHLB stock | (1,618) | 5,405 |
Proceeds from calls of investment securities | 97,406 | 310 |
Net change in other investments | (157) | (4,059) |
Purchase of customer relationships | (18) | (215) |
Purchase of portfolio loans and leases | 0 | (14,974) |
Net portfolio loan and lease originations | (117,952) | (82,695) |
Purchases of premises and equipment | (6,509) | (13,532) |
Acquisitions, net of cash acquired | 0 | (380) |
Capitalized costs to OREO | 0 | (24) |
Proceeds from sale of OREO | 380 | 430 |
Net cash provided by investing activities | 14,003 | 32,978 |
Financing activities: | ||
Change in deposits | 99,945 | (15,542) |
Change in short-term borrowings | (48,896) | (11,367) |
Dividends paid | (15,445) | (14,208) |
Change in long-term FHLB advances and other borrowings | (10,740) | (66,371) |
Payment of contingent consideration for business combinations | (875) | (660) |
Cash payments to taxing authorities on employees' behalf from shares withheld from stock-based compensation | (572) | (1,489) |
Net (purchase of) proceeds from sale of treasury stock for deferred compensation plans | (140) | |
Net (purchase of) proceeds from sale of treasury stock for deferred compensation plans | 52 | |
Repurchase of warrants from U.S. Treasury | 0 | (1,755) |
Net purchase of treasury stock through publicly announced plans | (4,524) | (690) |
Proceeds from exercise of stock options | 907 | 1,456 |
Net cash provided by (used in) financing activities | 19,660 | (110,574) |
Change in cash and cash equivalents | 46,284 | (14,670) |
Cash and cash equivalents at beginning of period | 48,456 | 60,024 |
Cash and cash equivalents at end of period | 94,740 | 45,354 |
Supplemental cash flow information: | ||
Income taxes | 9,344 | 1,821 |
Interest | 32,410 | 18,371 |
Non-cash information: | ||
Change in other comprehensive income (loss) | 10,211 | (8,988) |
Change in deferred tax due to change in comprehensive income | 2,714 | (2,389) |
Transfer of loans to OREO and repossessed assets | 72 | 345 |
Assets acquired | 0 | 1,096 |
Liabilities assumed | $ 0 | $ 687 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - Unaudited - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Noncontrolling Interest | |
Beginning balance (in shares) at Dec. 31, 2017 | 24,360,049 | |||||||
Beginning balance at Dec. 31, 2017 | $ 528,119 | $ 24,360 | $ 371,486 | $ (68,179) | $ (4,414) | $ 205,549 | $ (683) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Bryn Mawr Bank Corporation | 46,656 | 46,656 | ||||||
Net (loss) income attributable to noncontrolling interest | 5 | 5 | ||||||
Dividends paid or accrued | (14,099) | (14,099) | ||||||
Other comprehensive income (loss), net of tax expense (benefit) | (8,988) | (8,988) | ||||||
Stock based compensation | 1,944 | 1,944 | ||||||
Retirement of treasury stock (in shares) | (2,253) | |||||||
Retirement of treasury stock | 0 | $ (2) | (20) | 22 | ||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | (1,489) | (1,489) | ||||||
Net treasury stock activity for deferred compensation trusts | 52 | 153 | (101) | |||||
Purchase of treasury stock through publicly announced plans | (690) | 0 | (690) | 0 | ||||
Repurchase of warrants from U.S. Treasury | (1,755) | (1,853) | 98 | |||||
Common stock issued through share-based awards and options exercises (in shares) | [1] | 172,387 | ||||||
Common stock issued through share-based awards and options exercises | [1] | 1,557 | $ 172 | 1,385 | ||||
Shares issued in acquisitions (in shares) | [1] | 2,562 | ||||||
Shares issued in acquisitions | [1] | 113 | $ 3 | 110 | ||||
Ending balance (in shares) at Sep. 30, 2018 | 24,532,745 | |||||||
Ending balance at Sep. 30, 2018 | 551,425 | $ 24,533 | 373,205 | (70,437) | (13,402) | 238,204 | (678) | |
Beginning balance (in shares) at Jun. 30, 2018 | 24,453,417 | |||||||
Beginning balance at Jun. 30, 2018 | 542,503 | $ 24,453 | 372,227 | (68,943) | (11,191) | 226,634 | (677) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Bryn Mawr Bank Corporation | 16,682 | 16,682 | ||||||
Net (loss) income attributable to noncontrolling interest | (1) | (1) | ||||||
Dividends paid or accrued | (5,112) | (5,112) | ||||||
Other comprehensive income (loss), net of tax expense (benefit) | (2,211) | (2,211) | ||||||
Stock based compensation | 709 | 709 | ||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | (757) | (757) | ||||||
Net treasury stock activity for deferred compensation trusts | (47) | (47) | ||||||
Purchase of treasury stock through publicly announced plans | (690) | (690) | ||||||
Common stock issued through share-based awards and options exercises (in shares) | 79,328 | |||||||
Common stock issued through share-based awards and options exercises | 349 | $ 80 | 269 | |||||
Ending balance (in shares) at Sep. 30, 2018 | 24,532,745 | |||||||
Ending balance at Sep. 30, 2018 | $ 551,425 | $ 24,533 | 373,205 | (70,437) | (13,402) | 238,204 | (678) | |
Beginning balance (in shares) at Dec. 31, 2018 | 24,545,348 | 24,545,348 | ||||||
Beginning balance at Dec. 31, 2018 | $ 564,704 | $ 24,545 | 374,010 | (75,883) | (7,513) | 250,230 | (685) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Bryn Mawr Bank Corporation | 42,822 | 42,822 | ||||||
Net (loss) income attributable to noncontrolling interest | (9) | (9) | ||||||
Dividends paid or accrued | (15,484) | (15,484) | ||||||
Other comprehensive income (loss), net of tax expense (benefit) | 10,211 | 10,211 | ||||||
Stock based compensation | 2,921 | 2,921 | ||||||
Retirement of treasury stock (in shares) | (2,704) | |||||||
Retirement of treasury stock | 0 | $ (3) | (27) | 30 | ||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | (572) | (572) | ||||||
Net treasury stock activity for deferred compensation trusts | (140) | (140) | ||||||
Purchase of treasury stock through publicly announced plans | $ (4,524) | (4,524) | ||||||
Common stock issued through share-based awards and options exercises (in shares) | 49,700 | 103,101 | ||||||
Common stock issued through share-based awards and options exercises | $ 1,006 | $ 104 | 902 | |||||
Ending balance (in shares) at Sep. 30, 2019 | 24,645,745 | 24,645,745 | ||||||
Ending balance at Sep. 30, 2019 | $ 600,935 | $ 24,646 | 377,806 | (81,089) | 2,698 | 277,568 | (694) | |
Beginning balance (in shares) at Jun. 30, 2019 | 24,582,557 | |||||||
Beginning balance at Jun. 30, 2019 | 590,155 | $ 24,583 | 376,652 | (78,583) | 1,700 | 266,496 | (693) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income attributable to Bryn Mawr Bank Corporation | 16,360 | 16,360 | ||||||
Net (loss) income attributable to noncontrolling interest | (1) | (1) | ||||||
Dividends paid or accrued | (5,288) | (5,288) | ||||||
Other comprehensive income (loss), net of tax expense (benefit) | 998 | 998 | ||||||
Stock based compensation | 934 | 934 | ||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | (527) | (527) | ||||||
Net treasury stock activity for deferred compensation trusts | (58) | (58) | ||||||
Purchase of treasury stock through publicly announced plans | $ (1,921) | (1,921) | ||||||
Common stock issued through share-based awards and options exercises (in shares) | 15,625 | 63,188 | ||||||
Common stock issued through share-based awards and options exercises | $ 283 | $ 63 | 220 | |||||
Ending balance (in shares) at Sep. 30, 2019 | 24,645,745 | 24,645,745 | ||||||
Ending balance at Sep. 30, 2019 | $ 600,935 | $ 24,646 | $ 377,806 | $ (81,089) | $ 2,698 | $ 277,568 | $ (694) | |
[1] | Restricted shares relating to the RBPI Merger (defined in Note 3 – Business Combinations below) recorded during the three months ended June 30, 2018. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity - Unaudited (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Dividends paid or accrued per common share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.77 | $ 0.69 |
Retained Earnings | ||||
Dividends paid or accrued per common share (in dollars per share) | $ 0.26 | $ 0.25 | $ 0.77 | $ 0.69 |
Accumulated Other Comprehensive (Loss) Income | ||||
Other comprehensive loss, tax expense (benefit) | $ 265 | $ 588 | $ 2,714 | $ 2,389 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The Unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). In the opinion of Bryn Mawr Bank Corporation’s (“BMBC,” and together with its direct and indirect subsidiaries, the “Corporation”) management, all adjustments, which are normal and recurring in nature, necessary for a fair presentation of the consolidated financial position and the results of operations for the interim periods presented have been included. These Unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto in BMBC’s Annual Report on Form 10-K for the twelve months ended December 31, 2018 (the “2018 Annual Report”). The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for any other interim period or for the full year. Principles of Consolidation The Unaudited Consolidated Financial Statements include the accounts of BMBC and its consolidated subsidiaries; BMBC's primary subsidiary is The Bryn Mawr Trust Company (the “Bank”). In connection with the RBPI Merger (defined in Note 3 – Business Combinations below), the Corporation acquired two Delaware trusts, Royal Bancshares Capital Trust I and Royal Bancshares Capital Trust II. These two entities are not consolidated per requirements under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, “Consolidation” (“ASC Topic 810”). All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current-year presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following FASB Accounting Standards Updates (“ASUs”) are divided into pronouncements which have been adopted by the Corporation since January 1, 2019, and those which are not yet effective and have been evaluated or are currently being evaluated by management as of September 30, 2019. Adopted Pronouncements: FASB ASU 2016-02 (Topic 842), “Leases” In February 2016, the FASB established Topic 842, Leases, by issuing ASU 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Targeted Improvements. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard became effective for us on January 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. Management has elected to use the effective date as its date of initial application. Consequently, financial information was not be updated, and the disclosures required under the new standard are not be provided for dates and periods before January 1, 2019. The new standard provided a number of optional practical expedients in transition. We have elected the ‘package of practical expedients’, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. This standard had a material effect on our Consolidated Balance Sheet and related disclosures but did not have a material impact on our Consolidated Statement of Income. The additional assets recorded as a result of adoption had a negative impact on BMBC and Bank capital ratios under current regulatory guidance. On adoption, we had: • recognized operating lease liabilities of approximately $49.1 million, with corresponding ROU assets of the same amount, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases, and • derecognized $541 thousand of favorable lease assets, $2.2 million in unfavorable lease liabilities, and $2.5 million in deferred rent, with a corresponding adjustment to the ROU asset for the same amounts. The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we did not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also have elected the practical expedient to not separate lease and non-lease components for all of our leases. FASB ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting” Issued in June 2018, ASU 2018-07: Compensation - Stock Compensation (Topic 718), “ Improvements to Nonemployee Share-Based Payment Accounting ” expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this update became effective for us January 1, 2019. The adoption did not have an impact on our Consolidated Financial Statements and related disclosures as the Corporation has not historically granted share based payment awards to nonemployees other than to the Corporation’s Board of Directors, who are treated as employees for share-based payment accounting. FASB ASU 2018-15 (Topic 350), “Intangibles - Goodwill and Other - Internal-Use Software” Issued in August 2018, ASU 2018-15 provides clarity on capitalizing and expensing implementation costs for cloud computing arrangements in a service contract. If an implementation cost is capitalized, the cost should be recognized over the noncancellable term and periodically assessed for impairment. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. Adoption should be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Corporation early adopted ASU 2018-15 in the third quarter of 2019 and the adoption did not have a material impact on our Consolidated Financial Statements and related disclosures. Pronouncements Not Yet Effective: FASB ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” Issued in June 2016, ASU 2016-13 (Topic 326 - Credit Losses), commonly referenced as the Current Expected Credit Loss (“CECL”), eliminates the Provision for Loan and Lease Losses (“PLLL”) and Allowance for Loan and Lease Losses (“ALLL”) line items and establishes the Provision for Credit Losses (“PCL”) and Allowance for Credit Losses (“ACL”) line items. Under the legacy “Incurred Loss” notion, management presents an ALLL intended to represent “probable and estimable” incurred but not yet realized credit losses on assets in scope. When management deems collection of contractual cash flows for an instrument unlikely, a specific reserve is calculated under ASC 310-10. Management further calculates a general reserve for performing assets under ASC 450-20, using historical loss experience and adjustments for several qualitative factors, including current economic conditions. The “Incurred Loss” standard does not allow for projections beyond the likely ‘emergence period’ of losses, or for forward-looking economic conditions; for example, loss contingencies in 2022 are not currently presented, nor is the presentation adjusted for the likelihood of future economic condition change. In contrast, the future accounting standard requires projection of credit loss over the contract lifetime of the asset, adjusted for prepayment tendencies. Further, management’s specific expectations for the future economic environment must be incorporated in the projection, with loss expectations to revert to the long-run historical mean after such time as management can make or obtain a reasonable and supportable forecast. This valuation reserve will be established in the ACL and maintained through expense (provision) in the PCL. In the event that additional allocation is required to fund the ACL at adoption, investors will see a cumulative-effect (one time) adjustment to retained earnings upon adoption of the new standard. The new CECL standard will become effective for the Corporation for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Corporation has engaged with a leading vendor to assist in building a model for computing the ACL. Management has completed the data gathering and model selection efforts, including segmentation of the loan and lease portfolio and identification of comparable peer institutions whose loss experience will augment the Bank's own, if deemed necessary. Methodologies expected to be employed include a discounted cash flow method, in which instrument-level cash flows are adjusted for timing (i.e. prepayment) and credit (default and loss) expectations, and for portfolio segments for which insufficient loss experience exists and for which peer-bank data is not representative of the Bank's credit quality, a method utilizing a loss rate applied to the weighted average remaining maturity of the segment, at the pool level. Efforts will continue through the remainder of 2019 to operationalize the practice for establishing the ACL and preparing its presentation. The Corporation will comply with the new disclosure and presentation requirements enumerated in ASU 2016-13 (and as amended in ASU 2019-04), including presentation of the vintage disclosure organizing certain credit performance data by year of origination/renewal. Financial statement users should be aware that the ACL is, by design, inherently sensitive to changes in economic outlook, loan and lease portfolio composition, portfolio duration, and other factors. The following factors could lead to a material impact to retained earnings - in either direction - as of the adoption date: • Increases or decreases to the time period management is able to forecast on a reasonable and supportable basis • Inclusion or exclusion of forecast factors • Adverse changes to reasonable and supportable forecasts • Detectable increases or decreases in the Corporation’s or comparable industry's credit loss parameters • Deterioration or improvement in the risk profile of the Corporation’s loan and lease portfolio • Changes in prepayment behavior or other factors impacting loan and lease portfolio duration • Changes in credit risk through the ordinary course of operations, (e.g. the launch or expansion of higher risk-bearing products) • Interest rate fluctuations impacting effective yield on certain instruments. Management cautions that this list is not exhaustive. Further, management may adjust quantitatively-established allocations based on factors that defy numerical modeling, leading to a material adjustment not due to factors specified above. Moreover, interpretations and clarifications of the guidance through the FASB’s ongoing Transition Resource Group efforts may change management’s estimates of the impact. Finally, the impact of accounting treatment changes for establishing the ACL for purchased assets under future acquisitions may effect a cumulative-effect adjustment to retained earnings that proves material. Ongoing financial statement behavior will be impacted by the standard, regardless of any cumulative-effect adjustment at adoption. Under our currently-contemplated cash flow projection model, assets will originate with a specific allocation for the contract life of that instrument, adjusted for prepayment behavior and probabilistic credit performance expectations to arrive at an expected cash flow projection. All else being equal, as that continues toward its contract maturity, estimates of lifetime credit loss at the instrument level will decrease. Under steady-state conditions, portfolio-segment-level aggregation of management’s expected loss estimates should be stable or track with portfolio-segment growth (contraction and runoff). When management’s expectations of the likely future economic environment change based on reasonable and supportable forecasts, portfolio allocation may increase (decrease) rapidly between periods. The establishment of the ACL will be more responsive to deteriorating (improving) economic conditions than prior establishment of the ALLL, which is based on historical experience and agnostic to future conditions. In dynamic economic environments, users of financial statements should expect expense (income) in the PCL to be concentrated in fewer quarters than was typical for the PLLL. Users of financial statements should be aware that this accounting treatment does not determine the ultimate, realized loss or recovery for assets in scope; ASU 2016-13 impacts timing and possibly the magnitude of the impact on our financial condition and results of operations in dynamic economic environments. Criteria for establishment of specific reserves are expected to be similar to criteria currently considered when identifying a loan or lease that should be individually evaluated for impairment. Specific reserve impact to instruments meeting the legacy “impairment” criteria are not anticipated to change materially, though the volume of such credits may change before the adoption date due to deterioration (improvement) of portfolio credit quality. Management is evaluating additional criteria to identify instruments for specific evaluation under the future standard’s broader allowable criteria. Management does not currently plan to implement an accounting election to recognize changes in the ACL valuation account due to timing (prepayment) behavior as interest income (expense). FASB ASU 2017-04 (Topic 350), “Intangibles – Goodwill and Others” Issued in January 2017, ASU 2017-04 simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. ASU 2017-04 is effective for annual periods beginning after December 15, 2019 including interim periods within those periods. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2018-12 (Topic 944), “Targeted Improvements to the Accounting for Long-Duration Contracts” Issued in August 2018, ASU 2018-12 makes targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. Specifically, the ASU is intended to (1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, (2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (3) simplify the amortization of deferred acquisition costs, and (4) improve the effectiveness of the required disclosures. ASU 2018-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application of the amendments is permitted. As an independent insurance agent, the Corporation does not issue insurance contracts. As a result, management does not expect the adoption of this ASU to have an impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2018-13, “Fair Value Measurement Disclosure Framework” Issued in August 2018, ASU 2018-13 modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements for fair value measurements. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. Adoption is required on both a prospective and retrospective basis depending on the amendment. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2018-14 (Topic 715), “Compensation-Retirement Benefits - Defined Benefit Plans-General” Issued in August 2018, ASU 2018-14, modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements to financial statement users. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Use of the retrospective method is required. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” Issued in April 2019, ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12, and 2016-01, respectively). The amendments to estimating expected credit losses (ASU 2016-13), in particular, how a company considers recoveries and extension options when estimating expected credit losses, are the most relevant to the Corporation. The ASU clarifies that (1) the estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (2) that contractual extension or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. Management is currently evaluating the potential impact of ASU 2019-04 on our Consolidated Financial Statements and related disclosures. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations Domenick & Associates (“Domenick”) The Bank’s subsidiary, BMT Insurance Advisors, Inc., completed the acquisition of Domenick, a full-service insurance agency established in 1993 and headquartered in Philadelphia, on May 1, 2018. The consideration for the transaction was an aggregate amount in cash not to exceed $1.5 million, of which $750 thousand was paid at closing, $225 thousand was paid during the third quarter of 2019, and two remaining contingent cash payments, not to exceed $250 thousand each, are payable in 2020 and 2021, respectively, subject to the attainment of certain targets during the related periods. The following table details the consideration paid, the initial estimated fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition and the resulting goodwill recorded: (dollars in thousands) Consideration paid: Cash paid at closing $ 750 Contingent payment liability (present value) 706 Value of consideration 1,456 Assets acquired: Cash and due from banks 370 Intangible assets - customer relationships 779 Premises and equipment 1 Other assets 316 Total assets 1,466 Liabilities assumed: Accounts payable 657 Other liabilities 30 Total liabilities 687 Net assets acquired 779 Goodwill resulting from acquisition of Domenick $ 677 As of June 30, 2018, the estimates of the fair value of identifiable assets acquired and liabilities assumed in the Domenick acquisition were final. Royal Bancshares of Pennsylvania, Inc. On December 15, 2017, the previously announced merger of Royal Bancshares of Pennsylvania, Inc. (“RBPI”) with and into BMBC (the “Effective Date”), and the merger of Royal Bank America with and into the Bank (collectively, the “RBPI Merger”), pursuant to the Agreement and Plan of Merger, by and between RBPI and BMBC, dated as of January 30, 2017 (the “Agreement”) was completed. In accordance with the Agreement, the aggregate share consideration paid to RBPI shareholders consisted of 3,101,316 shares of BMBC’s common stock. Shareholders of RBPI received 0.1025 shares of BMBC common stock for each share of RBPI Class A common stock and 0.1179 shares of BMBC common stock for each share of RBPI Class B common stock owned as of the Effective Date of the RBPI Merger, with cash-in-lieu of fractional shares totaling $7 thousand. Holders of in-the-money options to purchase RBPI Class A common stock received cash totaling $112 thousand. In addition, 1,368,040 warrants to purchase Class A common stock of RBPI, valued at $1.9 million were converted to 140,224 warrants to purchase BMBC common stock. In accordance with the acquisition method of accounting, assets acquired and liabilities assumed were preliminarily adjusted to their fair values as of the Effective Date. The excess of consideration paid above the fair value of net assets acquired was recorded as goodwill. This goodwill is not amortizable nor is it deductible for income tax purposes. In connection with the RBPI Merger, the consideration paid and the estimated fair value of identifiable assets acquired and liabilities assumed as of the Effective Date, which include the effects of any measurement period adjustments in accordance with ASC 805-10, are summarized in the following table: (dollars in thousands) Consideration paid: Common shares issued (3,101,316) $ 136,768 Cash in lieu of fractional shares 7 Cash-out of certain options 112 Fair value of warrants assumed 1,853 Value of consideration 138,740 Assets acquired: Cash and due from banks 17,092 Investment securities available for sale 121,587 Loans 566,228 Premises and equipment 8,264 Deferred income taxes 34,823 Bank-owned life insurance 16,550 Core deposit intangible 4,670 Favorable lease asset 566 Other assets 13,611 Total assets 783,391 Liabilities assumed: Deposits 593,172 FHLB and other long-term borrowings 59,568 Short-term borrowings 15,000 Junior subordinated debentures 21,416 Unfavorable lease liability 322 Other liabilities 31,381 Total liabilities 720,859 Net assets acquired 62,532 Goodwill resulting from acquisition of RBPI $ 76,208 As of December 31, 2018, the estimates of the fair value of identifiable assets acquired and liabilities assumed in the RBPI merger were final. Due Diligence, Merger-Related and Merger Integration Expenses Due diligence, merger-related and merger integration expenses include consultant costs, investment banker fees, contract breakage fees, retention bonuses for severed employees, salary and wages for redundant staffing involved in the integration of the institutions and bonus accruals for members of the merger integration team. The following table details the costs identified and classified as due diligence, merger-related and merger integration costs for the periods indicated: Three Months Ended Nine Months Ended (dollars in thousands) 2019 2018 2019 2018 Advertising $ — $ — $ — $ 61 Employee benefits — — — 271 Occupancy and bank premises — — — 2,145 Furniture, fixtures, and equipment — — — 365 Data processing — 167 — 421 Professional fees — 193 — 1,450 Salaries and wages — 29 — 852 Other — — — 2,196 Total due diligence, merger-related and merger integration expenses $ — $ 389 $ — $ 7,761 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and fair value of investment securities available for sale as of September 30, 2019 and December 31, 2018 are as follows: As of September 30, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 100 $ 1 $ — $ 101 Obligations of the U.S. government and agencies 172,565 449 (261) 172,753 Obligations of state and political subdivisions 6,319 9 (1) 6,327 Mortgage-backed securities 384,286 4,913 (308) 388,891 Collateralized mortgage obligations 35,279 278 (98) 35,459 Other investment securities 650 — — 650 Total $ 599,199 $ 5,650 $ (668) $ 604,181 As of December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 200,026 $ — $ (13) $ 200,013 Obligations of the U.S. government and agencies 198,604 107 (2,856) 195,855 Obligations of state and political subdivisions 11,372 3 (43) 11,332 Mortgage-backed securities 294,076 554 (4,740) 289,890 Collateralized mortgage obligations 40,150 141 (1,039) 39,252 Other investment securities 1,100 — — 1,100 Total $ 745,328 $ 805 $ (8,691) $ 737,442 The following tables present the aggregate amount of gross unrealized losses as of September 30, 2019 and December 31, 2018 on available for sale investment securities classified according to the amount of time those securities have been in a continuous unrealized loss position: As of September 30, 2019 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses Obligations of the U.S. government and agencies $ 42,541 $ (222) $ 9,521 $ (39) $ 52,062 $ (261) Obligations of state and political subdivisions 963 (1) — — 963 (1) Mortgage-backed securities 56,351 (260) 7,048 (48) 63,399 (308) Collateralized mortgage obligations 4,625 (14) 11,659 (84) 16,284 (98) Total $ 104,480 $ (497) $ 28,228 $ (171) $ 132,708 $ (668) As of December 31, 2018 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses U.S. Treasury securities $ 199,912 $ (13) $ — $ — $ 199,912 $ (13) Obligations of the U.S. government and agencies 12,916 (62) 140,506 (2,794) 153,422 (2,856) Obligations of state and political subdivisions — — 3,989 (43) 3,989 (43) Mortgage-backed securities 43,276 (352) 195,697 (4,388) 238,973 (4,740) Collateralized mortgage obligations 540 (1) 27,077 (1,038) 27,617 (1,039) Total $ 256,644 $ (428) $ 367,269 $ (8,263) $ 623,913 $ (8,691) Management evaluates the Corporation’s investment securities that are in an unrealized loss position in order to determine if the decline in fair value is other than temporary. The investment portfolio includes debt securities issued by U.S. government agencies, U.S. government-sponsored agencies, state and local municipalities and other issuers. All fixed income investment securities in the Corporation’s investment portfolio are rated as investment-grade or higher. Factors considered in the evaluation include the current economic climate, the length of time and the extent to which the fair value has been below cost, interest rates and the bond rating of each security. The unrealized losses presented in the tables above are temporary in nature and are primarily related to market interest rates rather than the underlying credit quality of the issuers or collateral. Management does not believe that these unrealized losses are other-than-temporary. Management does not intend to sell these securities prior to their maturity or the recovery of their cost bases and believes that it is more likely than not that the Corporation will not have to sell these securities prior to their maturity or the recovery of their cost bases. As of September 30, 2019 and December 31, 2018, securities having a fair value of $123.5 million and $123.5 million, respectively, were specifically pledged as collateral for public funds, trust deposits, the Federal Reserve Bank of Philadelphia (the “FRB”) discount window program, Federal Home Loan Bank (“FHLB”) borrowings and other purposes. Advances by the FHLB are collateralized by a blanket lien on non-pledged, mortgage-related loans as part of the Corporation’s borrowing agreement with the FHLB as well as certain securities individually pledged by the Corporation. The amortized cost and fair value of available for sale investment and mortgage-related securities available for sale as of September 30, 2019 and December 31, 2018, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, December 31, (dollars in thousands) Amortized Fair Amortized Fair Investment securities: Due in one year or less $ 4,841 $ 4,845 $ 209,129 $ 209,099 Due after one year through five years 106,622 106,547 180,657 177,972 Due after five years through ten years 56,598 56,660 7,258 7,268 Due after ten years 11,573 11,779 14,058 13,961 Subtotal 179,634 179,831 411,102 408,300 Mortgage-related securities (1) 419,565 424,350 334,226 329,142 Total $ 599,199 $ 604,181 $ 745,328 $ 737,442 (1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The amortized cost and fair value of investment securities held to maturity as of September 30, 2019 and December 31, 2018 are as follows: As of September 30, 2019 (dollars in thousands) Amortized Gross Gross Fair Value Mortgage-backed securities $ 12,947 $ 82 $ (14) $ 13,015 As of December 31, 2018 (dollars in thousands) Amortized Gross Gross Fair Value Mortgage-backed securities $ 8,684 $ — $ (246) $ 8,438 The following tables present the aggregate amount of gross unrealized losses as of September 30, 2019 and December 31, 2018 on held to maturity securities classified according to the amount of time those securities have been in a continuous unrealized loss position: As of September 30, 2019 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-backed securities $ 5,562 $ (14) $ — $ — $ 5,562 $ (14) As of December 31, 2018 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-backed securities $ 1,315 $ (4) $ 7,123 $ (242) $ 8,438 $ (246) The amortized cost and fair value of held to maturity investment securities as of September 30, 2019 and December 31, 2018, by contractual maturity, are shown below: September 30, December 31, (dollars in thousands) Amortized Fair Value Amortized Fair Value Mortgage-backed securities (1) $ 12,947 $ 13,015 $ 8,684 $ 8,438 (1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. As of September 30, 2019 and December 31, 2018, the Corporation’s investment securities held in trading accounts totaled $8.3 million and $7.5 million, respectively, and primarily consist of deferred compensation trust accounts which are invested in listed mutual funds whose diversification is at the discretion of the deferred compensation plan participants and a rabbi trust account established to fund certain unqualified pension obligations. Investment securities held in trading accounts are reported at fair value, with adjustments in fair value reported through income. Changes in the fair value of investments held in the deferred compensation trust accounts create corresponding changes in the liability to the deferred compensation plan participants. |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The loan and lease portfolio consists of loans and leases originated by the Corporation, as well as loans acquired in prior acquisitions. Certain tables in this footnote are presented with a breakdown between originated and acquired loans and leases. A. The following table details loans and leases as of the dates indicated: Loans and Leases September 30, 2019 December 31, 2018 (dollars in thousands) Originated Acquired Total Loans and Leases Originated Acquired Total Loans and Leases Loans held for sale $ 5,767 $ — $ 5,767 $ 1,749 $ — $ 1,749 Real Estate Loans: Commercial mortgage 1,499,307 263,075 1,762,382 1,327,822 329,614 1,657,436 Home equity lines and loans 177,402 20,628 198,030 181,506 25,845 207,351 Residential mortgage 437,670 67,634 505,304 411,022 83,333 494,355 Construction 151,593 — 151,593 174,592 6,486 181,078 Total real estate loans 2,265,972 351,337 2,617,309 2,094,942 445,278 2,540,220 Commercial and industrial 671,462 38,346 709,808 624,643 70,941 695,584 Consumer 48,030 2,451 50,481 44,099 2,715 46,814 Leases 152,305 10,844 163,149 121,567 22,969 144,536 Total portfolio loans and leases 3,137,769 402,978 3,540,747 2,885,251 541,903 3,427,154 Total loans and leases $ 3,143,536 $ 402,978 $ 3,546,514 $ 2,887,000 $ 541,903 $ 3,428,903 Loans with fixed rates $ 1,275,733 $ 231,837 $ 1,507,570 $ 1,204,070 $ 323,604 $ 1,527,674 Loans with adjustable or floating rates 1,867,803 171,141 2,038,944 1,682,930 218,299 1,901,229 Total loans and leases $ 3,143,536 $ 402,978 $ 3,546,514 $ 2,887,000 $ 541,903 $ 3,428,903 Net deferred loan origination (costs) fees included in the above loan table $ (227) $ — $ (227) $ 2,226 $ — $ 2,226 B. The following table details the components of net investment in leases: Components of Net Investment in Leases September 30, 2019 December 31, 2018 (dollars in thousands) Originated Acquired Total Leases Originated Acquired Total Leases Minimum lease payments receivable $ 169,547 $ 11,765 $ 181,312 $ 135,313 $ 25,372 $ 160,685 Unearned lease income (23,259) (1,158) (24,417) (19,388) (3,005) (22,393) Initial direct costs and deferred fees 6,017 237 6,254 5,642 602 6,244 Total Leases $ 152,305 $ 10,844 $ 163,149 $ 121,567 $ 22,969 $ 144,536 C. The following table details nonperforming loans and leases as of the dates indicated: Nonperforming Loans and Leases September 30, 2019 December 31, 2018 (dollars in thousands) Originated Acquired Total Loans and Leases Originated Acquired Total Loans and Leases Commercial mortgage $ 3,232 $ 4,587 $ 7,819 $ 435 $ 2,133 $ 2,568 Home equity lines and loans 790 — 790 3,590 26 3,616 Residential mortgage 192 109 301 2,813 639 3,452 Commercial and industrial 3,268 873 4,141 1,786 315 2,101 Consumer 32 43 75 45 63 108 Leases 710 283 993 392 583 975 Total non-performing loans and leases $ 8,224 $ 5,895 $ 14,119 $ 9,061 $ 3,759 $ 12,820 D. Purchased Credit-Impaired Loans and Leases The outstanding principal balance and related carrying amount of purchased credit-impaired loans, for which the Corporation applies ASC 310-30, Accounting for Purchased Loans with Deteriorated Credit Quality , to account for the interest earned, as of the dates indicated, are as follows: Purchased Credit-Impaired Loans and Leases (dollars in thousands) September 30, 2019 December 31, 2018 Outstanding principal balance $ 9,931 $ 17,904 Carrying amount 7,578 12,304 The following table presents changes in the accretable discount on purchased credit-impaired loans, for which the Corporation applies ASC 310-30, for the nine months ended September 30, 2019: Roll-Forward of Accretable Discount on Purchased Credit-Impaired Loans and Leases (dollars in thousands) Accretable Balance, December 31, 2018 $ 2,697 Accretion (1,138) Reclassifications from nonaccretable difference 1,465 Additions/adjustments — Disposals (526) Balance, September 30, 2019 $ 2,498 E. Age Analysis of Past Due Loans and Leases The following tables present an aging of all portfolio loans and leases as of the dates indicated: Payment Status of All Portfolio Loans and Leases Accruing Loans and Leases As of September 30, 2019 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 445 $ 867 $ — $ 1,312 $ 1,753,251 $ 1,754,563 $ 7,819 $ 1,762,382 Home equity lines and loans 452 — — 452 196,788 197,240 790 198,030 Residential mortgage 1,504 336 — 1,840 503,163 505,003 301 505,304 Construction — — — — 151,593 151,593 — 151,593 Commercial and industrial — 346 — 346 705,321 705,667 4,141 709,808 Consumer 97 86 — 183 50,223 50,406 75 50,481 Leases 486 653 — 1,139 161,017 162,156 993 163,149 Total portfolio loans and leases $ 2,984 $ 2,288 $ — $ 5,272 $ 3,521,356 $ 3,526,628 $ 14,119 $ 3,540,747 Payment Status of All Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2018 30 – 59 60 – 89 Over 89 Total Past Current (1) Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 821 $ 251 $ — $ 1,072 $ 1,653,796 $ 1,654,868 $ 2,568 $ 1,657,436 Home equity lines and loans 92 — — 92 203,643 203,735 3,616 207,351 Residential mortgage 2,330 218 — 2,548 488,355 490,903 3,452 494,355 Construction — — — — 181,078 181,078 — 181,078 Commercial and industrial 280 332 — 612 692,871 693,483 2,101 695,584 Consumer 35 5 — 40 46,666 46,706 108 46,814 Leases 641 460 — 1,101 142,460 143,561 975 144,536 Total portfolio loans and leases $ 4,199 $ 1,266 $ — $ 5,465 $ 3,408,869 $ 3,414,334 $ 12,820 $ 3,427,154 (1) Included as “current” are $3.2 million of loans and leases as of December 31, 2018 which were classified as administratively delinquent. An administratively delinquent loan is one which has been approved for a renewal or extension but has not had all the required documents fully executed as of the reporting date. Management does not consider these loans to be delinquent. The following tables present an aging of originated portfolio loans and leases as of the dates indicated: Payment Status of Originated Portfolio Loans and Leases Accruing Loans and Leases As of September 30, 2019 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 445 $ 867 $ — $ 1,312 $ 1,494,763 $ 1,496,075 $ 3,232 $ 1,499,307 Home equity lines and loans 275 — — 275 176,337 176,612 790 177,402 Residential mortgage 1,000 159 — 1,159 436,319 437,478 192 437,670 Construction — — — — 151,593 151,593 — 151,593 Commercial and industrial — 346 — 346 667,848 668,194 3,268 671,462 Consumer 97 55 — 152 47,846 47,998 32 48,030 Leases 447 470 — 917 150,678 151,595 710 152,305 Total originated portfolio loans and leases $ 2,264 $ 1,897 $ — $ 4,161 $ 3,125,384 $ 3,129,545 $ 8,224 $ 3,137,769 Payment Status of Originated Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2018 30 – 59 60 – 89 Over 89 Total Past Current (1) Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 816 $ 251 $ — $ 1,067 $ 1,326,320 $ 1,327,387 $ 435 $ 1,327,822 Home equity lines and loans 25 — — 25 177,891 177,916 3,590 181,506 Residential mortgage 1,545 — — 1,545 406,664 408,209 2,813 411,022 Construction — — — — 174,592 174,592 — 174,592 Commercial and industrial 280 332 — 612 622,245 622,857 1,786 624,643 Consumer 35 5 — 40 44,014 44,054 45 44,099 Leases 350 233 — 583 120,592 121,175 392 121,567 Total originated portfolio loans and leases $ 3,051 $ 821 $ — $ 3,872 $ 2,872,318 $ 2,876,190 $ 9,061 $ 2,885,251 (1) Included as “current” are $2.0 million of loans and leases as of December 31, 2018 which were classified as administratively delinquent. An administratively delinquent loan is one which has been approved for a renewal or extension but has not had all the required documents fully executed as of the reporting date. Management does not consider these loans to be delinquent. The following tables present an aging of acquired portfolio loans and leases as of the dates indicated: Payment Status of Acquired Portfolio Loans and Leases Accruing Loans and Leases As of September 30, 2019 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ — $ — $ — $ — $ 258,488 $ 258,488 $ 4,587 $ 263,075 Home equity lines and loans 177 — — 177 20,451 20,628 — 20,628 Residential mortgage 504 177 — 681 66,844 67,525 109 67,634 Commercial and industrial — — — — 37,473 37,473 873 38,346 Consumer — 31 — 31 2,377 2,408 43 2,451 Leases 39 183 — 222 10,339 10,561 283 10,844 Total acquired portfolio loans and leases $ 720 $ 391 $ — $ 1,111 $ 395,972 $ 397,083 $ 5,895 $ 402,978 Payment Status of Acquired Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2018 30 – 59 60 – 89 Over 89 Total Past Current (1) Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 5 $ — $ — $ 5 $ 327,476 $ 327,481 $ 2,133 $ 329,614 Home equity lines and loans 67 — — 67 25,752 25,819 26 25,845 Residential mortgage 785 218 — 1,003 81,691 82,694 639 83,333 Construction — — — — 6,486 6,486 — 6,486 Commercial and industrial — — — — 70,626 70,626 315 70,941 Consumer — — — — 2,652 2,652 63 2,715 Leases 291 227 — 518 21,868 22,386 583 22,969 Total acquired portfolio loans and leases $ 1,148 $ 445 $ — $ 1,593 $ 536,551 $ 538,144 $ 3,759 $ 541,903 (1) Included as “current” are $1.2 million of loans and leases as of December 31, 2018 which were classified as administratively delinquent. An administratively delinquent loan is one which has been approved for a renewal or extension but has not had all the required documents fully executed as of the reporting date. Management does not consider these loans to be delinquent. F. Allowance for Loan and Lease Losses (the “Allowance”) The following tables detail the roll-forward of the Allowance for the three and nine months ended September 30, 2019 and 2018: Roll-Forward of Allowance for Loan and Lease Losses (dollars in thousands) Commercial Home Equity Residential Construction Commercial Consumer Leases Total Balance, December 31, 2018 $ 7,567 $ 1,003 $ 1,813 $ 1,485 $ 5,461 $ 229 $ 1,868 $ 19,426 Charge-offs (2,047) (315) (675) — (457) (427) (1,848) (5,769) Recoveries 21 110 14 3 77 33 580 838 Provision for loan and lease losses 3,024 171 694 (481) 757 421 1,696 6,282 Balance, September 30, 2019 $ 8,565 $ 969 $ 1,846 $ 1,007 $ 5,838 $ 256 $ 2,296 $ 20,777 Roll-Forward of Allowance for Loan and Lease Losses (dollars in thousands) Commercial Home Equity Residential Construction Commercial Consumer Leases Total Balance, June 30, 2019 $ 8,958 $ 1,043 $ 1,893 $ 1,086 $ 5,700 $ 253 $ 2,249 $ 21,182 Charge-offs (660) — (4) — (31) (196) (657) (1,548) Recoveries 4 22 11 1 23 15 148 224 Provision for loan and lease losses 263 (96) (54) (80) 146 184 556 919 Balance, September 30, 2019 $ 8,565 $ 969 $ 1,846 $ 1,007 $ 5,838 $ 256 $ 2,296 $ 20,777 Roll-Forward of Allowance for Loan and Lease Losses (dollars in thousands) Commercial Home Equity Residential Construction Commercial Consumer Leases Total Balance, December 31, 2017 $ 7,550 $ 1,086 $ 1,926 $ 937 $ 5,038 $ 246 $ 742 $ 17,525 Charge-offs (74) (225) (42) — (1,069) (165) (2,416) (3,991) Recoveries 8 1 55 1 17 5 232 319 Provision for loan and lease losses 60 30 (121) 303 1,319 232 3,008 4,831 Balance, September 30, 2018 $ 7,544 $ 892 $ 1,818 $ 1,241 $ 5,305 $ 318 $ 1,566 $ 18,684 Roll-Forward of Allowance for Loan and Lease Losses (dollars in thousands) Commercial Home Equity Residential Construction Commercial Consumer Leases Total Balance, June 30, 2018 $ 8,033 $ 933 $ 1,933 $ 1,158 $ 5,672 $ 289 $ 1,380 $ 19,398 Charge-offs (58) — (42) — (319) (73) (1,068) (1,560) Recoveries 2 — 54 — 16 2 108 182 Provision for loan and lease losses (433) (41) (127) 83 (64) 100 1,146 664 Balance, September 30, 2018 $ 7,544 $ 892 $ 1,818 $ 1,241 $ 5,305 $ 318 $ 1,566 $ 18,684 The following tables detail the allocation of the Allowance for all portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Allocation of Allowance by Impairment Evaluation Method - All Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ 167 $ 259 $ — $ — $ 35 $ 41 $ 502 Collectively evaluated for impairment 8,565 802 1,587 1,007 5,838 221 2,255 20,275 Purchased credit-impaired (1) — — — — — — — — Total $ 8,565 $ 969 $ 1,846 $ 1,007 $ 5,838 $ 256 $ 2,296 $ 20,777 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. Allocation of Allowance by Impairment Evaluation Method - All Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ 162 $ 272 $ — $ — $ 28 $ — $ 462 Collectively evaluated for impairment 7,567 841 1,541 1,485 5,461 201 1,868 18,964 Purchased credit-impaired (1) — — — — — — — — Total $ 7,567 $ 1,003 $ 1,813 $ 1,485 $ 5,461 $ 229 $ 1,868 $ 19,426 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. The following tables detail the carrying value for all portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Carrying Value of All Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 7,819 $ 2,353 $ 3,119 $ — $ 4,529 $ 100 $ 1,268 $ 19,188 Collectively evaluated for impairment 1,747,505 195,159 502,183 151,593 705,279 50,381 161,881 3,513,981 Purchased credit-impaired (1) 7,058 518 2 — — — — 7,578 Total $ 1,762,382 $ 198,030 $ 505,304 $ 151,593 $ 709,808 $ 50,481 $ 163,149 $ 3,540,747 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. Carrying Value of All Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 7,008 $ 4,998 $ 6,608 $ — $ 2,629 $ 134 $ — $ 21,377 Collectively evaluated for impairment 1,642,117 201,841 487,747 178,673 691,879 46,680 144,536 3,393,473 Purchased credit-impaired (1) 8,311 512 — 2,405 1,076 — — 12,304 Total $ 1,657,436 $ 207,351 $ 494,355 $ 181,078 $ 695,584 $ 46,814 $ 144,536 $ 3,427,154 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. The following tables detail the allocation of the Allowance for originated portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Allocation of Allowance by Impairment Evaluation Method - Originated Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ 167 $ 164 $ — $ — $ 35 $ 34 $ 400 Collectively evaluated for impairment 8,565 802 1,587 1,007 5,838 221 2,255 20,275 Total $ 8,565 $ 969 $ 1,751 $ 1,007 $ 5,838 $ 256 $ 2,289 $ 20,675 Allocation of Allowance by Impairment Evaluation Method - Originated Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ 162 $ 175 $ — $ — $ 28 $ — $ 365 Collectively evaluated for impairment 7,567 841 1,541 1,485 5,461 201 1,868 18,964 Total $ 7,567 $ 1,003 $ 1,716 $ 1,485 $ 5,461 $ 229 $ 1,868 $ 19,329 The following tables detail the carrying value for originated portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Carrying Value of Originated Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 3,232 $ 2,353 $ 2,366 $ — $ 3,656 $ 57 $ 863 $ 12,527 Collectively evaluated for impairment 1,496,075 175,049 435,304 151,593 667,806 47,973 151,442 3,125,242 Total $ 1,499,307 $ 177,402 $ 437,670 $ 151,593 $ 671,462 $ 48,030 $ 152,305 $ 3,137,769 Carrying Value of Originated Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 4,874 $ 4,972 $ 5,106 $ — $ 2,314 $ 71 $ — $ 17,337 Collectively evaluated for impairment 1,322,948 176,534 405,916 174,592 622,329 44,028 121,567 2,867,914 Total $ 1,327,822 $ 181,506 $ 411,022 $ 174,592 $ 624,643 $ 44,099 $ 121,567 $ 2,885,251 The following tables detail the allocation of the Allowance for acquired portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Allocation of Allowance by Impairment Evaluation Method - Acquired Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ — $ 95 $ — $ — $ — $ 7 $ 102 Collectively evaluated for impairment — — — — — — — — Purchased credit-impaired (1) — — — — — — — — Total $ — $ — $ 95 $ — $ — $ — $ 7 $ 102 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. Allocation of Allowance by Impairment Evaluation Method - Acquired Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ — $ 97 $ — $ — $ — $ — $ 97 Collectively evaluated for impairment — — — — — — — — Purchased credit-impaired (1) — — — — — — — — Total $ — $ — $ 97 $ — $ — $ — $ — $ 97 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. The following tables detail the carrying value for acquired portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Carrying Value of Acquired Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 4,587 $ — $ 753 $ — $ 873 $ 43 $ 405 $ 6,661 Collectively evaluated for impairment 251,430 20,110 66,879 — 37,473 2,408 10,439 388,739 Purchased credit-impaired (1) 7,058 518 2 — — — — 7,578 Total $ 263,075 $ 20,628 $ 67,634 $ — $ 38,346 $ 2,451 $ 10,844 $ 402,978 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. Carrying Value of Acquired Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 2,134 $ 26 $ 1,502 $ — $ 315 $ 63 $ — $ 4,040 Collectively evaluated for impairment 319,169 25,307 81,831 4,081 69,550 2,652 22,969 525,559 Purchased credit-impaired (1) 8,311 512 — 2,405 1,076 — — 12,304 Total $ 329,614 $ 25,845 $ 83,333 $ 6,486 $ 70,941 $ 2,715 $ 22,969 $ 541,903 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. As part of the process of determining the Allowance for the different segments of the loan and lease portfolio, management considers certain credit quality indicators. Periodic reviews of the individual loans are conducted by both in-house staff as well as external loan reviewers. The result of these reviews is reflected in the risk grade assigned to each loan. These internally assigned grades are as follows: • Pass – Loans considered satisfactory with no indications of deterioration. • Special mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. • Substandard – Loans classified as substandard are inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Substandard loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following tables detail the carrying value of all portfolio loans and leases by portfolio segment based on the credit quality indicators used, in part, in the determination of the Allowance as of September 30, 2019 and December 31, 2018: Credit Risk Profile by Internally Assigned Grade - All Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 1,706,659 $ 37,386 $ 18,337 $ — $ 1,762,382 Home equity loans and lines 197,240 — 790 — 198,030 Residential mortgage 504,775 — 529 — 505,304 Construction 144,870 — 6,723 — 151,593 Commercial and industrial 698,058 3,107 8,643 — 709,808 Consumer 50,304 — 177 — 50,481 Leases 162,156 — 993 — 163,149 Total $ 3,464,062 $ 40,493 $ 36,192 $ — $ 3,540,747 Credit Risk Profile by Internally Assigned Grade - All Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 1,635,068 $ 631 $ 20,639 $ 1,098 $ 1,657,436 Home equity loans and lines 203,037 — 4,314 — 207,351 Residential mortgage 490,789 — 3,566 — 494,355 Construction 171,353 938 8,787 — 181,078 Commercial and industrial 684,444 2,737 8,402 1 695,584 Consumer 46,588 — 226 — 46,814 Leases 143,561 — 975 — 144,536 Total $ 3,374,840 $ 4,306 $ 46,909 $ 1,099 $ 3,427,154 The following tables detail the carrying value of originated portfolio loans and leases by portfolio segment based on the credit quality indicators used, in part, in the determination of the Allowance as of September 30, 2019 and December 31, 2018: Credit Risk Profile by Internally Assigned Grade - Originated Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 1,465,118 $ 29,618 $ 4,571 $ — $ 1,499,307 Home equity loans and lines 176,612 — 790 — 177,402 Residential mortgage 437,250 — 420 — 437,670 Construction 144,870 — 6,723 — 151,593 Commercial and industrial 661,496 2,374 7,592 — 671,462 Consumer 47,896 — 134 — 48,030 Leases 151,595 — 710 — 152,305 Total $ 3,084,837 $ 31,992 $ 20,940 $ — $ 3,137,769 Credit Risk Profile by Internally Assigned Grade - Originated Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 1,321,973 $ 631 $ 5,218 $ — $ 1,327,822 Home equity loans and lines 177,916 — 3,590 — 181,506 Residential mortgage 408,095 — 2,927 — 411,022 Construction 167,272 938 6,382 — 174,592 Commercial and industrial 615,817 2,511 6,314 1 624,643 Consumer 43,936 — 163 — 44,099 Leases 121,175 — 392 — 121,567 Total $ 2,856,184 $ 4,080 $ 24,986 $ 1 $ 2,885,251 The following tables detail the carrying value of acquired portfolio loans and leases by portfolio segment based on the credit quality indicators used, in part, in the determination of the Allowance as of September 30, 2019 and December 31, 2018: Credit Risk Profile by Internally Assigned Grade - Acquired Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 241,541 $ 7,768 $ 13,766 $ — $ 263,075 Home equity loans and lines 20,628 — — — 20,628 Residential mortgage 67,525 — 109 — 67,634 Commercial and industrial 36,562 733 1,051 — 38,346 Consumer 2,408 — 43 — 2,451 Leases 10,561 — 283 — 10,844 Total $ 379,225 $ 8,501 $ 15,252 $ — $ 402,978 Credit Risk Profile by Internally Assigned Grade - Acquired Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 313,095 $ — $ 15,421 $ 1,098 $ 329,614 Home equity loans and lines 25,121 — 724 — 25,845 Residential mortgage 82,694 — 639 — 83,333 Construction 4,081 — 2,405 — 6,486 Commercial and industrial 68,627 226 2,088 — 70,941 Consumer 2,652 — 63 — 2,715 Leases 22,386 — 583 — 22,969 Total $ 518,656 $ 226 $ 21,923 $ 1,098 $ 541,903 G. Troubled Debt Restructurings (“TDRs”) The restructuring of a loan is considered a “troubled debt restructuring” if both of the following conditions are met: (i) the borrower is experiencing financial difficulties, and (ii) the creditor has granted a concession. The most common concessions granted include one or more modifications to the terms of the debt, such as (a) a reduction in the interest rate for the remaining life of the debt, (b) an extension of the maturity date at an interest rate lower than the current market rate for new debt with similar risk, (c) a temporary period of interest-only payments, (d) a reduction in the contractual payment amount for either a short period or remaining term of the loan, and (e) for leases, a reduced lease payment. A less common concession granted is the forgiveness of a portion of the principal. The determination of whether a borrower is experiencing financial difficulties takes into account not only the current financial condition of the borrower, but also the potential financial condition of the borrower, were a concession not granted. Similarly, the determination of whether a concession has been granted is very subjective in nature. For example, simply extending the term of a loan at its original interest rate or even at a higher interest rate could be interpreted as a concession unless the borrower could readily obtain similar credit terms from a different lender. The following table presents the balance of TDRs as of the indicated dates: Troubled Debt Restructurings (dollars in thousands) September 30, December 31, TDRs included in nonperforming loans and leases $ 5,755 $ 1,217 TDRs in compliance with modified terms 5,069 9,745 Total TDRs $ 10,824 $ 10,962 The following tables present information regarding loan and lease modifications categorized as TDRs for the three and nine months ended September 30, 2019: Troubled Debt Restructurings For the Three Months Ended September 30, 2019 (dollars in thousands) Number of Contracts Pre-Modification Outstanding Post-Modification Outstanding Home equity loans and lines 2 $ 169 $ 169 Commercial and industrial 2 1,714 1,714 Leases 4 133 133 Total 8 $ 2,016 $ 2,016 Troubled Debt Restructurings For the Nine Months Ended September 30, 2019 (dollars in thousands) Number of Contracts Pre-Modification Outstanding Post-Modification Outstanding Home equity loans and lines 3 $ 233 $ 233 Residential mortgage 1 40 40 Commercial and industrial 4 2,633 2,633 Leases 6 264 264 Total 14 $ 3,170 $ 3,170 The following tables presents information regarding the types of loan and lease modifications made for the three and nine months ended September 30, 2019: Troubled Debt Restructurings Number of Contracts for the Three Months Ended September 30, 2019 Loan Term Extension Interest Rate Change and Term Extension Interest Rate Change and/or Interest-Only Period Contractual Temporary Payment Deferral Home equity loans and lines 1 1 — — — Commercial and industrial 2 — — — — Leases — — — 4 — Total 3 1 — 4 — Troubled Debt Restructurings Number of Contracts for the Nine Months Ended September 30, 2019 Loan Term Extension Interest Rate Change and Term Extension Interest Rate Change and/or Interest-Only Period Contractual Temporary Payment Deferral Home equity loans and lines 1 2 — — — Residential mortgage 1 — — — — Commercial and industrial 2 — 2 — — Leases — — — 6 — Total 4 2 2 6 — H. Impaired Loans The following tables detail the recorded investment and principal balance of impaired loans by portfolio segment, their related Allowance and interest income recognized for the three and nine months ended September 30, 2019 and balances as of December 31, 2018 (purchased credit-impaired loans are not included in the tables): Impaired Loans As of and for the Three Months Ended Recorded Investment (2) Contractual Related Average Interest Income Cash-Basis (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 1,318 $ 1,318 $ 167 $ 1,265 $ 12 $ — Residential mortgage 1,936 1,936 259 1,940 19 — Consumer 56 56 35 57 — — Total 3,310 3,310 461 3,262 31 — Impaired loans without related allowance (1) : Commercial mortgage 7,819 10,111 — 8,633 28 — Home equity lines and loans 1,034 1,035 — 1,016 9 — Residential mortgage 1,184 1,184 — 1,190 13 — Commercial and industrial 4,529 4,804 — 4,590 50 — Consumer 43 46 — 44 — — Total 14,609 17,180 — 15,473 100 — Grand total $ 17,919 $ 20,490 $ 461 $ 18,735 $ 131 $ — (1) The table above does not include the recorded investment of $1.3 million of impaired leases without a related Allowance. (2) Recorded investment equals principal balance less partial charge-offs and interest payments on non-performing loans that have been applied to principal. Impaired Loans As of and for the Nine Months Ended Recorded Investment (2) Contractual Related Average Interest Income Cash-Basis (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 1,318 $ 1,318 $ 167 $ 1,310 $ 35 $ — Residential mortgage 1,936 1,936 259 1,950 58 — Consumer 56 56 35 36 1 — Total $ 3,310 $ 3,310 $ 461 $ 3,296 $ 94 $ — Impaired loans without related allowance (1) : Commercial mortgage $ 7,819 $ 10,111 $ — $ 9,351 $ 115 $ — Home equity lines and loans 1,034 1,035 — 1,035 34 — Residential mortgage 1,184 1,184 — 1,164 43 — Commercial and industrial 4,529 4,804 — 4,653 198 — Consumer 43 46 46 — — Total $ 14,609 $ 17,180 $ — $ 16,249 $ 390 $ — Grand total $ 17,919 $ 20,490 $ 461 $ 19,545 $ 484 $ — (1) The table above does not include the recorded investment of $1.3 million of impaired leases without a related Allowance. (2) Recorded investment equals principal balance less partial charge-offs and interest payments on non-performing loans that have been applied to principal. Impaired Loans As of and for the Three Months Ended Recorded Investment (2) Contractual Related Average Interest Income Cash-Basis (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 567 $ 567 $ 19 $ 569 $ 6 $ — Residential mortgage 1,699 1,699 228 1,702 20 — Commercial and industrial 25 25 12 25 — — Consumer 58 58 19 58 — — Total $ 2,349 $ 2,349 $ 278 $ 2,354 $ 26 $ — Impaired loans without related allowance (1) : Commercial mortgage $ 735 $ 793 $ — $ 930 $ — $ — Home equity lines and loans 2,035 2,096 — 2,064 2 — Residential mortgage 4,242 4,328 — 4,299 24 — Construction 291 291 — 294 — Commercial and industrial 1,733 2,665 — 2,138 5 — Consumer $ 86 $ 86 $ — $ 87 $ — Total $ 9,122 $ 10,259 $ — $ 9,812 $ 31 $ — Grand total $ 11,471 $ 12,608 $ 278 $ 12,166 $ 57 $ — (1) The table above does not include the recorded investment of $1.4 million of impaired leases without a related Allowance. (2) Recorded investment equals principal balance less partial charge-offs and interest payments on non-performing loans that have been applied to principal. Impaired Loans As of and for the Nine Months Ended Recorded Investment (2) Contractual Related Average Interest Income Cash-Basis (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 567 $ 567 $ 19 $ 572 $ 17 $ — Residential mortgage 1,699 1,699 228 1,709 60 — Commercial and industrial 25 25 12 29 1 — Consumer 58 58 19 58 1 — Total $ 2,349 $ 2,349 $ 278 $ 2,368 $ 79 $ — Impaired l |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the Corporation’s activity related to mortgage servicing rights (“MSRs”) for the three and nine months ended September 30, 2019 and 2018: Three Months Ended (dollars in thousands) 2019 2018 Balance, beginning of period $ 4,744 $ 5,511 Additions — — Amortization (183) (206) Recovery 19 23 Balance, end of period $ 4,580 $ 5,328 Fair value $ 4,925 $ 6,586 Residential mortgage loans serviced for others $ 527,869 $ 596,162 Nine Months Ended (dollars in thousands) 2019 2018 Balance, beginning of period $ 5,047 $ 5,861 Additions — 16 Amortization (459) (623) (Impairment) / Recovery (8) 74 Balance, end of period $ 4,580 $ 5,328 As of September 30, 2019, and December 31, 2018, key economic assumptions and the sensitivity of the current fair value of MSRs to immediate 10% and 20% adverse changes in those assumptions are as follows: (dollars in thousands) September 30, December 31, Fair value amount of MSRs $ 4,925 $ 6,277 Weighted average life (in years) 5.9 6.7 Prepayment speeds (constant prepayment rate) (1) 10.6 % 9.1 % Impact on fair value: 10% adverse change $ (159) $ (124) 20% adverse change (317) (257) Discount rate 9.55 % 9.55 % Impact on fair value: 10% adverse change $ (165) $ (234) 20% adverse change (320) (451) (1) Represents the weighted average prepayment rate for the life of the MSR asset. At September 30, 2019 and December 31, 2018 the fair value of the MSRs was $4.9 million and $6.3 million, respectively. The fair value of the MSRs for these dates was determined using values obtained from a third party which utilizes a valuation model which calculates the present value of estimated future servicing income. The model incorporates assumptions that market participants use in estimating future net servicing income, including estimates of prepayment speeds and discount rates. Mortgage loan prepayment speed is the annual rate at which borrowers are forecasted to repay their mortgage loan principal and is based on historical experience. The discount rate is used to determine the present value of future net servicing income. Another key assumption in the model is the required rate of return the market would expect for an asset with similar risk. These assumptions can, and generally will, change quarterly valuations as market conditions and interest rates change. Management reviews, annually, the process utilized by its independent third-party valuation experts. These assumptions and sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which could magnify or counteract the sensitivities. |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles Assets | Goodwill and Intangible Assets The following table presents activity in the Corporation's goodwill by its reporting units and finite-lived and indefinite-lived intangible assets, other than MSRs, for the nine months ended September 30, 2019: (dollars in thousands) Balance Additions Adjustments Amortization Balance Amortization Goodwill – Wealth $ 20,412 $ — $ — $ — $ 20,412 Indefinite Goodwill – Banking 156,991 — — — 156,991 Indefinite Goodwill – Insurance 6,609 — — — 6,609 Indefinite Total Goodwill 184,012 — — — 184,012 Core deposit intangible 5,906 — — (982) 4,924 10 years Customer relationships 13,607 18 — (1,350) 12,275 5 to 20 years Non-compete agreements 1,101 — — (142) 959 5 to 10 years Trade name 2,149 — — (374) 1,775 3 to 5 years Domain name 151 — — — 151 Indefinite Favorable lease assets 541 — (541) — — Total Intangible Assets 23,455 18 (541) (2,848) 20,084 Total Goodwill and Intangible Assets $ 207,467 $ 18 $ (541) $ (2,848) $ 204,096 Management conducted its annual impairment tests for goodwill and indefinite-lived intangible assets as of October 31, 2018 using generally accepted valuation methods. Management determined that no impairment of goodwill or indefinite-lived intangible assets was identified as a result of the annual impairment analyses. Future impairment testing will be conducted each October 31, unless a triggering event occurs in the interim that would suggest possible impairment, in which case it would be tested as of the date of the triggering event. For the eleven months ended September 30, 2019, management determined there were no events that would necessitate impairment testing of goodwill or indefinite-lived intangible assets. |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits The following table details the components of deposits: September 30, December 31, (dollars in thousands) Interest-bearing demand $ 778,809 $ 664,749 Money market 983,170 862,644 Savings 248,539 247,081 Retail time deposits 467,346 542,702 Wholesale non-maturity deposits 274,121 55,031 Wholesale time deposits 42,094 325,261 Total interest-bearing deposits 2,794,079 2,697,468 Noninterest-bearing deposits 904,409 901,619 Total deposits $ 3,698,488 $ 3,599,087 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term FHLB Advances | 9 Months Ended |
Sep. 30, 2019 | |
Long-term Federal Home Loan Bank Advances [Abstract] | |
Short-Term Borrowings and Long-Term FHLB Advances | Short-Term Borrowings and Long-Term FHLB Advances A. Short-term borrowings The Corporation’s short-term borrowings (original maturity of one year or less), which consist of funds obtained from overnight repurchase agreements with commercial customers, FHLB advances with original maturities of one year or less and overnight fed funds, are detailed below. A summary of short-term borrowings is as follows: (dollars in thousands) September 30, December 31, Repurchase agreements (1) – commercial customers $ 19,511 $ 22,717 Short-term FHLB advances 183,960 229,650 Total short-term borrowings $ 203,471 $ 252,367 (1) Overnight repurchase agreements with no expiration date The following table sets forth information concerning short-term borrowings: Three Months Ended Nine Months Ended (dollars in thousands) 2019 2018 2019 2018 Balance at period-end $ 203,471 $ 226,498 $ 203,471 $ 226,498 Maximum amount outstanding at any month end 262,699 302,932 262,699 302,932 Average balance outstanding during the period 169,985 218,551 132,100 205,046 Weighted-average interest rate: As of the period-end 1.98 % 2.18 % 1.98 % 2.18 % Paid during the period 2.19 % 2.09 % 2.26 % 1.85 % Average balances outstanding during the year represent daily average balances and average interest rates represent interest expense divided by the related average balance. B. Long-term FHLB Advances As of September 30, 2019 and December 31, 2018, the Corporation had $44.7 million and $55.4 million, respectively, of long-term FHLB advances (original maturities exceeding one year). The following table presents the remaining periods until maturity of long-term FHLB advances: (dollars in thousands) September 30, December 31, Within one year $ 24,863 $ 28,105 Over one year through five years 19,872 27,269 Total $ 44,735 $ 55,374 The following table presents rate and maturity information on FHLB advances and other borrowings: Maturity Range (1) Weighted Average Rate (1) Coupon Rate (1) Balance at Description From To From To September 30, December 31, Bullet maturity – fixed rate 11/20/2019 8/24/2021 1.78 % 1.40 % 2.13 % $ 44,735 $ 55,374 (1) Maturity range, weighted average rate and coupon rate range refers to September 30, 2019 balances. C. Other Borrowings Information In connection with its FHLB borrowings, the Corporation is required to hold the capital stock of the FHLB. The amount of capital stock held was $16.1 million at September 30, 2019, and $14.5 million at December 31, 2018. The carrying amount of the FHLB stock approximates its redemption value. The level of required investment in FHLB stock is based on the balance of outstanding borrowings the Corporation has from the FHLB. Although FHLB stock is a financial instrument that represents an equity interest in the FHLB, it does not have a readily determinable fair value. FHLB stock is generally viewed as a long-term investment. Accordingly, when evaluating FHLB stock for impairment, its value should be determined based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Corporation had a maximum borrowing capacity with the FHLB of $1.62 billion as of September 30, 2019 of which the unused capacity was $1.39 billion. In addition, there were $79.0 million in the overnight federal funds line available and $164.7 million of FRB discount window capacity. |
Subordinated Notes
Subordinated Notes | 9 Months Ended |
Sep. 30, 2019 | |
Subordinated Debt [Abstract] | |
Subordinated Notes | Subordinated Notes On December 13, 2017, BMBC completed the issuance of $70.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2027 (the “2027 Notes”) in an underwritten public offering. On August 6, 2015, BMBC completed the issuance of $30.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2025 (the “2025 Notes”) in a private placement transaction to institutional accredited investors. The net proceeds of both offerings increased Tier II regulatory capital at BMBC. The following tables detail the subordinated notes, including debt issuance costs, as of September 30, 2019, and December 31, 2018: September 30, December 31, (dollars in thousands) Balance Rate (1)(2) Balance Rate (1)(2) Subordinated notes – due 2027 $ 68,978 4.25 % $ 68,885 4.25 % Subordinated notes – due 2025 29,682 4.75 29,641 4.75 Total subordinated notes $ 98,660 $ 98,526 (1) The 2027 Notes bear interest at an annual fixed rate of 4.25% from the date of issuance until and including December 14, 2022, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 2.050% until December 15, 2027, or any early redemption date. (2) The 2025 Notes bear interest at an annual fixed rate of 4.75% from the date of issuance until and including August 14, 2020, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 3.068% until August 15, 2025, or any early redemption date. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 9 Months Ended |
Sep. 30, 2019 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures In connection with the RBPI Merger, BMBC acquired Royal Bancshares Capital Trust I (“Trust I”) and Royal Bancshares Capital Trust II (“Trust II”) (collectively, the “Trusts”), which were utilized for the sole purpose of issuing and selling capital securities representing preferred beneficial interests. Although BMBC owns an aggregate of $774 thousand of the common securities of Trust I and Trust II, the Trusts are not consolidated into the Corporation’s Consolidated Financial Statements as the Corporation is not deemed to be the primary beneficiary of these entities. In connection with the issuance and sale of the capital securities, RBPI issued, and the Corporation assumed as a result of the RBPI Merger, junior subordinated debentures to the Trusts of $10.7 million each, totaling $21.4 million representing the Corporation’s maximum exposure to loss. The junior subordinated debentures incur interest at a coupon rate of 4.27% as of September 30, 2019. The rate resets quarterly based on 3-month LIBOR plus 2.15%. Each of Trust I and Trust II issued an aggregate principal amount of $12.5 million of capital securities initially bearing fixed and/or fixed/floating interest rates corresponding to the debt securities held by each trust to an unaffiliated investment vehicle and an aggregate principal amount of $387 thousand of common securities bearing fixed and/or fixed/floating interest rates corresponding to the debt securities held by each trust to the Corporation. As a result of the RBPI Merger, the Corporation has fully and unconditionally guaranteed all of the obligations of the Trusts, including any distributions and payments on liquidation or redemption of the capital securities. The rights of holders of common securities of the Trusts are subordinate to the rights of the holders of capital securities only in the event of a default; otherwise, the common securities’ economic and voting rights are pari passu with the capital securities. The capital and common securities of the Trusts are subject to mandatory redemption upon the maturity or call of the junior subordinated debentures held by each. Unless earlier dissolved, the Trusts will dissolve on December 15, 2034. The junior subordinated debentures are the sole assets of Trusts, mature on December 15, 2034, currently and may be called at par by the |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Operating Leases | Operating Leases On January 1, 2019, the Corporation adopted ASU 2016-02 (Topic 842), “Leases”, as further explained in Note 2, Recent Accounting Pronouncements. The Corporation’s operating leases consist of various retail branch locations and corporate offices. As of September 30, 2019, the Corporation’s leases have remaining lease terms ranging from three The Corporation’s leases include fixed rental payments, and certain of our leases also include variable rental payments where lease payments may increase at pre-determined dates based on the change in the consumer price index. The Corporation’s lease agreements include gross leases as well as leases in which we make separate payments to the lessor for items such as the property taxes assessed on the property or a portion of the common area maintenance associated with the property. We have elected the practical expedient not to separate lease and non-lease components for all of our building leases. The Corporation also elected to not recognize ROU assets and lease liabilities for short-term leases, which consist of certain leases of the Corporation’s limited-hour retirement community offices. As of September 30, 2019 the Corporation’s ROU assets and related lease liabilities were $42.2 million and $46.5 million, respectively. The components of lease expense were as follows: Three Months Ended Nine Months Ended (dollars in thousands) Operating lease expense $ 1,331 $ 3,994 Short term lease expense 15 44 Variable lease expense 297 1,107 Sublease income (7) (23) Total lease expense $ 1,636 $ 5,122 Supplemental cash flow information related to leases was as follows: Nine Months Ended (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,865 ROU assets obtained in exchange for lease liabilities 44,944 Maturities of operating lease liabilities under FASB ASC 842 “Leases” as of September 30, 2019 are as follows: September 30, (dollars in thousands) 2019 $ 1,309 2020 4,707 2021 4,484 2022 4,209 2023 4,061 2024 and thereafter 41,862 Total lease payments 60,632 Less: imputed interest 14,126 Present value of operating lease liabilities $ 46,506 As of September 30, 2019, the weighted-average remaining lease term, including extension options that the Corporation is reasonably certain will be exercised, for all operating leases is 14.39 years. Because we generally do not have access to the rate implicit in the lease, we utilize our incremental borrowing rate as the discount rate. The weighted average discount rate associated with operating leases as of September 30, 2019 is 3.56%. As of September 30, 2019, the Corporation had not entered into any material leases that have not yet commenced. Future minimum cash rent commitments from various operating leases under FASB ASC 840 “Leases” as of December 31, 2018 are as follows: (dollars in thousands) December 31, 2019 $ 5,211 2020 4,700 2021 4,478 2022 4,203 2023 4,051 2024 and thereafter 41,845 Total $ 64,488 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Derivative financial instruments involve, to varying degrees, interest rate, market and credit risk. Management manages these risks as part of its asset and liability management process and through credit policies and procedures. Management seeks to minimize counterparty credit risk by establishing credit limits and collateral agreements and utilizes certain derivative financial instruments to enhance its ability to manage interest rate risk that exists as part of its ongoing business operations. The derivative transactions entered into by the Corporation are an economic hedge of a derivative offerings to Bank customers. The Corporation does not use derivative financial instruments for trading purposes. Customer Derivatives – Interest Rate Swaps . The Corporation enters into interest rate swaps with commercial loan customers and correspondent banks wishing to manage interest rate risk. The Corporation then enters into corresponding swap agreements with swap dealer counterparties to economically hedge the exposure arising from these contracts. The interest rate swaps with both the customers and third parties are not designated as hedges under FASB ASC 815 and are marked to market through earnings. As the interest rate swaps are structured to offset each other, changes to the underlying benchmark interest rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by FASB ASC 820. As of September 30, 2019, there were no fair value adjustments related to credit quality. Foreign Exchange Forward Contracts. The Corporation enters into foreign exchange forward contracts (“FX forwards”) with customers to exchange one currency for another on an agreed date in the future at an agreed exchange rate. The Corporation then enters into corresponding FX forwards with swap dealer counterparties to economically hedge its exposure on the exchange rate component of the customer agreements. The FX forwards with both the customers and third parties are not designated as hedges under FASB ASC 815 and are marked to market through earnings. Exposure to gains and losses on these contracts increase or decrease over their respective lives as currency exchange and interest rates fluctuate. As the FX forwards are structured to offset each other, changes to the underlying term structure of currency exchange rates considered in the valuation of these instruments do not result in an impact to earnings; however, there may be fair value adjustments related to credit quality variations between counterparties, which may impact earnings as required by FASB ASC 820. As of September 30, 2019, there were no fair value adjustments related to credit quality. Risk Participation Agreements . The Corporation may enter into a risk participation agreement (“RPA”) with another institution as a means to assume a portion of the credit risk associated with a loan structure which includes a derivative instrument, in exchange for fee income commensurate with the risk assumed. This type of derivative is referred to as an “RPA sold.” In addition, in an effort to reduce the credit risk associated with an interest rate swap agreement with a borrower for whom the Corporation has provided a loan structured with a derivative, the Corporation may purchase an RPA from an institution participating in the facility in exchange for a fee commensurate with the risk shared. This type of derivative is referred to as an “RPA purchased.” The following tables detail the derivative instruments as of September 30, 2019 and December 31, 2018: Asset Derivatives Liability Derivatives (dollars in thousands) Notional Fair Notional Fair Derivatives not designated as hedging instruments As of September 30, 2019: Customer derivatives – interest rate swaps $ 598,381 $ 62,571 $ 598,381 $ 62,140 FX forwards 39 — 39 — RPAs sold — — 5,088 30 RPAs purchased 28,648 151 — — Total derivatives $ 627,068 $ 62,722 $ 603,508 $ 62,170 As of December 31, 2018: Customer derivatives – interest rate swaps $ 369,623 $ 12,550 $ 369,623 $ 12,549 RPAs sold — — 854 2 RPAs purchased 35,305 71 — — Total derivatives $ 404,928 $ 12,621 $ 370,477 $ 12,551 The Corporation has International Swaps and Derivatives Association agreements with third parties that requires a minimum dollar transfer amount upon a margin call. This requirement is dependent on certain specified credit measures. The amount of collateral posted with third parties at September 30, 2019 and December 31, 2018 was $62.2 million and $8.8 million, respectively. The amount of collateral posted with third parties is deemed to be sufficient to collateralize both the fair market value change as well as any additional amounts that may be required as a result of a change in the specified credit measures. The aggregate fair value of all derivative financial instruments in a liability position with credit measure contingencies and entered into with third parties was $61.7 million and $11.5 million as of September 30, 2019 and December 31, 2018, respectively. |
Accounting for Uncertainty in I
Accounting for Uncertainty in Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Accounting for Uncertainty in Income Taxes | Accounting for Uncertainty in Income Taxes The Corporation recognizes the financial statement benefit of a tax position only after determining that the Corporation would be more likely than not to sustain the position following an examination. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon settlement with the relevant tax authority. The Corporation is subject to income taxes in the United States federal jurisdiction and multiple state jurisdictions. The Corporation is no longer subject to U.S. federal income tax examination by taxing authorities for years before 2016. The Corporation’s policy is to record interest and penalties on uncertain tax positions as income tax expense. No interest or penalties were accrued for the nine months ended September 30, 2019 or 2018. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Dividend On October 17, 2019, BMBC’s Board of Directors declared a regular quarterly dividend of $0.26 per share payable December 1, 2019 to shareholders of record as of November 1, 2019. During the third quarter of 2019, the Corporation paid or accrued, as applicable, a regular quarterly dividend of $0.26 per share. This dividend totaled $5.4 million, based on outstanding shares and restricted stock units as of August 1, 2019 of 20,447,947 shares. S-3 Shelf Registration Statement and Offerings Thereunder In May 2018, BMBC filed a shelf registration statement on Form S-3, SEC File No. 333-224849 (the “Shelf Registration Statement”). The Shelf Registration Statement allows BMBC to raise additional capital from time to time through offers and sales of registered securities consisting of common stock, debt securities, warrants, purchase contracts, rights and units or units consisting of any combination of the foregoing securities. BMBC may sell these securities using the prospectus in the Shelf Registration Statement, together with applicable prospectus supplements, from time to time, in one or more offerings. In addition, BMBC has in place a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), which allows it to issue up to 1,500,000 shares of registered common stock. The Plan allows for the grant of a request for waiver (“RFW”) above the Plan’s maximum investment of $120 thousand per account per year. A RFW is granted based on a variety of factors, including BMBC’s current and projected capital needs, prevailing market prices of BMBC’s common stock and general economic and market conditions. For the three and nine months ended September 30, 2019, BMBC did not issue any shares under the Plan. The Plan administrator conducted dividend reinvestments for Plan participants through open market purchases. No RFWs were approved during the three and nine months ended September 30, 2019. No other sales of equity securities were executed under the Shelf Registration Statement during the three and nine months ended September 30, 2019. Option Exercises and Vesting of Restricted Stock Units (“RSUs”) and Performance Stock Units (“PSUs”) In addition to shares that may be issued through the Plan, the Corporation also issues shares through the exercise of stock options and the vesting of RSUs and PSUs. During the three and nine months ended September 30, 2019, 15,625 shares and 49,700 shares, respectively, were issued pursuant to the exercise of stock options, increasing shareholders’ equity by $285 thousand and $907 thousand, respectively. The increase in shareholders’ equity related to the vesting of RSUs and PSUs, which is recognized over the vesting period through stock based compensation expense, was $933 thousand and $3.0 million for the three and nine months ended September 30, 2019, respectively. Stock Repurchases On August 6, 2015, BMBC announced a stock repurchase program (the “2015 Program”) pursuant to which the Corporation may repurchase up to 1,200,000 shares of BMBC’s common stock, at an aggregate purchase price not to exceed $40 million. The 2015 Program was completed during the second quarter of 2019. During the six months ended June 30, 2019, 40,016 shares were repurchased under the 2015 Program at an average price of $38.12. As of June 30, 2019, there were no shares remaining authorized for repurchase under the 2015 Program. On April 18, 2019, BMBC announced a new stock repurchase program (the “2019 Program”) pursuant to which the Corporation may repurchase up to 1,000,000 shares of BMBC's common stock. Under the 2019 Program, the Corporation may repurchase BMBC's common stock at any price, but the aggregate purchase price is not to exceed $45 million. The 2019 Program became effective in the second quarter of 2019 upon the completion of BMBC’s existing 2015 Program. During the three and nine months ended September 30, 2019, 54,291 and 82,767 shares, respectively, were repurchased under the 2019 Program at an average price of $35.38 and $36.22, respectively. All share repurchases were accomplished in open market transactions. As of September 30, 2019, the maximum number of shares remaining authorized for repurchase under the 2019 Program was 917,233, at an aggregate purchase price not to exceed $43.9 million. In addition to the 2015 Program and 2019 Program, it is BMBC’s practice to retire shares to its treasury account upon the vesting of stock awards to certain officers in order to cover the statutory income tax withholdings related to such vestings. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table details the components of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018: (dollars in thousands) Net Change in Net Change in Accumulated Other Comprehensive Income (Loss) Balance, June 30, 2019 $ 2,952 $ (1,252) $ 1,700 Other comprehensive income 983 15 998 Balance, September 30, 2019 $ 3,935 $ (1,237) $ 2,698 Balance, June 30, 2018 $ (9,669) $ (1,522) $ (11,191) Other comprehensive (loss) income (2,319) 108 (2,211) Balance, September 30, 2018 $ (11,988) $ (1,414) $ (13,402) (dollars in thousands) Net Change in Net Change in Accumulated Balance, December 31, 2018 $ (6,229) $ (1,284) $ (7,513) Other comprehensive income 10,164 47 10,211 Balance, September 30, 2019 $ 3,935 $ (1,237) $ 2,698 Balance, December 31, 2017 $ (2,861) $ (1,553) $ (4,414) Other comprehensive (loss) income (9,127) 139 (8,988) Balance, September 30, 2018 $ (11,988) $ (1,414) $ (13,402) The following table details the amounts reclassified from each component of accumulated other comprehensive income (loss) to each component’s applicable income statement line, for the three and nine months ended September 30, 2019 and 2018: Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Description of Accumulated Other Three Months Ended Affected Income Statement Category 2019 2018 Unfunded pension liability: Amortization of net loss included in net periodic pension costs (1) $ 10 $ 25 Other operating expenses Income tax effect (2) (5) Income tax expense Net of income tax $ 8 $ 20 Net income Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Description of Accumulated Other Nine Months Ended Affected Income Statement Category 2019 2018 Net unrealized gain on investment securities available for sale: Realization of gain on sale of investment securities available for sale $ — $ (7) Net gain on sale of available for sale investment securities Realization of gain on transfer of investment securities available for sale to trading — (417) Other operating income Total — (424) Income tax effect — 89 Income tax expense Net of income tax $ — $ (335) Net income Unfunded pension liability: Amortization of net loss included in net periodic pension costs (1) $ 34 $ 75 Other operating expenses Income tax effect (7) (15) Income tax expense Net of income tax $ 27 $ 60 Net income (1) Accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost. |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share excludes dilution and is computed by dividing income available to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per common share takes into account the potential dilution that would occur if in-the-money stock options were exercised and converted into common shares and RSUs and PSUs were vested. Proceeds assumed to have been received on option exercises are assumed to be used to purchase shares of BMBC’s common stock at the average market price during the period, as required by the treasury stock method of accounting. The effects of stock options are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. Three Months Ended Nine Months Ended (dollars in thousands except share and per share data) 2019 2018 2019 2018 Numerator: Net income available to common shareholders $ 16,360 $ 16,682 $ 42,822 $ 46,656 Denominator for basic earnings per share – weighted average shares outstanding 20,132,117 20,270,706 20,148,289 20,237,757 Effect of dilutive common shares 76,513 167,670 88,042 206,318 Denominator for diluted earnings per share – adjusted weighted average shares outstanding 20,208,630 20,438,376 20,236,331 20,444,075 Basic earnings per share $ 0.81 $ 0.82 $ 2.13 $ 2.31 Diluted earnings per share 0.81 0.82 2.12 2.28 Antidilutive shares excluded from computation of average dilutive earnings per share 769 22,232 1,840 48,807 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers All of the Corporation’s revenue from contracts with customers in the scope of ASC 606 is recognized within noninterest income. The following table presents the Corporation’s noninterest income by revenue stream and reportable segment for the three and nine months ended September 30, 2019 and 2018. Items outside the scope of ASC 606 are noted as such. Three Months Ended Three Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Fees for wealth management services $ — $ 10,826 $ 10,826 $ — $ 10,343 $ 10,343 Insurance commissions — 1,842 1,842 — 1,754 1,754 Capital markets revenue (1) 2,113 — 2,113 710 — 710 Service charges on deposit accounts 856 — 856 726 — 726 Loan servicing and other fees (1) 555 — 555 559 — 559 Net gain on sale of loans (1) 674 — 674 631 — 631 Net (loss) gain on sale of OREO (12) — (12) 5 — 5 Dividends on FHLB and FRB stock (1) 346 — 346 375 — 375 Other operating income (2) 2,219 36 2,255 3,123 48 3,171 Total noninterest income $ 6,751 $ 12,704 $ 19,455 $ 6,129 $ 12,145 $ 18,274 (1) Not within the scope of ASC 606. (2) Other operating income includes Visa debit card income, safe deposit box rentals, and rent income totaling $588 thousand and $595 thousand for the three months ended September 30, 2019 and 2018, respectively, which are within the scope of ASC 606. Nine Months Ended Nine Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Fees for wealth management services $ — $ 32,728 $ 32,728 $ — $ 31,309 $ 31,309 Insurance commissions — 5,211 5,211 — 5,349 5,349 Capital markets revenue (1) 5,821 — 5,821 3,481 — 3,481 Service charges on deposit accounts 2,516 — 2,516 2,191 — 2,191 Loan servicing and other fees (1) 1,717 — 1,717 1,720 — 1,720 Net gain on sale of loans (1) 1,745 — 1,745 1,677 — 1,677 Net gain on sale of investment securities available for sale (1) — — — 7 — 7 Net (loss) gain on sale of OREO (36) — (36) 292 — 292 Dividends on FHLB and FRB stock (1) 1,073 — 1,073 1,316 — 1,316 Other operating income (2) 8,071 83 8,154 10,393 150 10,543 Total noninterest income $ 20,907 $ 38,022 $ 58,929 $ 21,077 $ 36,808 $ 57,885 (1) Not within the scope of ASC 606. (2) Other operating income includes Visa debit card income, safe deposit box rentals, and rent income totaling $1.6 million and $1.7 million for the nine months ended September 30, 2019 and 2018, respectively, which are within the scope of ASC 606. A description of the Corporation’s primary revenue streams accounted for under ASC 606 follows: Service Charges on Deposit Accounts: The Corporation earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Corporation fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Corporation satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Wealth Management Fees: The Corporation earns wealth management fee revenue from a variety of sources including fees from trust administration and other related fiduciary services, custody, investment management and advisory services, employee benefit account and IRA administration, estate settlement, tax service fees, shareholder service fees and brokerage. Fees that are determined based on the market value of the assets held in their accounts are generally billed monthly or quarterly, in arrears, based on the market value of assets at the end of the previous billing period. Other related services that are based on a fixed fee schedule are recognized when the services are rendered. Fees that are transaction based, including trade execution services, are recognized at the point in time that the transaction is executed, i.e. the trade date. Included in other assets on the balance sheet is a receivable for wealth management fees that have been earned but not yet collected. Insurance Commissions: The Corporation earns commissions from the sale of insurance policies, which are generally calculated as a percentage of the policy premium, and contingent income, which is calculated based on the volume and performance of the policies held by each carrier. Obligations for the sale of insurance policies are generally satisfied at the point in time which the policy is executed and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Performance metrics for contingent income are generally satisfied over time, not exceeding one year, and are recognized at the point in time in which the amounts are known and collection is reasonably assured. Visa Debit Card Income: The Corporation earns income fees from debit cardholder transactions conducted through the Visa payment network. Fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Gains/Losses on Sales of OREO: The Corporation records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A. General Information BMBC permits the issuance of stock options, dividend equivalents, performance stock awards, stock appreciation rights and restricted stock units or awards to employees and directors of the Corporation under several plans. The performance awards and restricted awards may be in the form of stock awards or stock units. Stock awards and stock units differ in that for a stock award, shares of restricted stock are issued in the name of the grantee, whereas a stock unit constitutes a promise to issue shares of stock upon vesting. The accounting for awards and units is identical. The terms and conditions of awards under the plans are determined by the Corporation’s Management Development and Compensation Committee. Prior to April 25, 2007, all shares authorized for grant as stock-based compensation were limited to grants of stock options. On April 25, 2007, the shareholders approved BMBC’s “2007 Long-Term Incentive Plan” (the “2007 LTIP”) under which a total of 428,996 shares of BMBC’s common stock were made available for award grants. On April 28, 2010, the shareholders approved BMBC’s “2010 Long Term Incentive Plan” under which a total of 445,002 shares of BMBC’s common stock were made available for award grants, and on April 30, 2015, the shareholders approved an amendment and restatement of such plan (as amended and restated, the “2010 LTIP”) to, among other things, increase the number of shares available for award grants by 500,000 to 945,002. In addition to the shareholder-approved plans mentioned in the preceding paragraph, BMBC periodically authorizes grants of stock-based compensation as inducement awards to new employees. This type of award does not require shareholder approval in accordance with Rule 5635(c)(4) of the NASDAQ listing rules. The equity awards are authorized to be in the form of, among others, options to purchase BMBC’s common stock, RSUs and PSUs. RSUs have a restriction based on the passage of time. The grant date fair value of the RSUs is based on the closing price on the date of the grant. PSUs have restrictions based on performance criteria and the passage of time. The performance criteria may be a market-based criteria measured by BMBC’s total shareholder return (“TSR”) relative to the performance of the community bank index for the respective period. The fair value of the PSUs based on BMBC’s TSR relative to the performance of a designated peer group or the NASDAQ Community Bank Index is calculated using the Monte Carlo Simulation method. The performance criteria may also be based on a non-market-based criteria such as return on average equity relative to that designated peer group. The grant date fair value of these PSUs is based on the closing price of BMBC’s stock on the date of the grant. PSU grants may have a vesting percent ranging from 0% to 150%. B. Other Stock Option Information The following table provides information about options outstanding for the three and nine months ended September 30, 2019: Shares Weighted Weighted Options outstanding, June 30, 2019 16,526 $ 18.33 $ 5.09 Forfeited — — — Expired — — — Exercised (15,625) 18.27 4.42 Options outstanding, September 30, 2019 901 19.33 16.78 |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement FASB ASC 820, “Fair Value Measurements and Disclosures , ” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements. FASB ASC 820 also establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC Topic 820 are: 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 for identical or similar assets or liabilities in markets that are not active and model derived valuations whose inputs are observable or whose significant value drivers are observable. 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. Assets and liabilities measured on a recurring basis A description of the valuation methodologies used for financial instruments measured at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Investment Securities The value of the Corporation’s available for sale investment securities, which include obligations of the U.S. government and its agencies, mortgage-backed securities issued by U.S. government- and U.S. government sponsored agencies, obligations of state and political subdivisions, corporate bonds and other debt securities are determined by the Corporation, taking into account the input of an independent third party valuation service provider. The third party’s evaluations are based on market data, utilizing pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, their pricing models apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (only obtained from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Inputs are prioritized differently on any given day based on market conditions. Management reviews, annually, the process utilized by its independent third-party valuation service provider. On a quarterly basis, management tests the validity of the prices provided by the third party by selecting a representative sample of the portfolio and obtaining actual trade results, or if actual trade results are not available, competitive broker pricing. On an annual basis, management evaluates, for appropriateness, the methodology utilized by the independent third-party valuation service provider. U.S. Government agencies are evaluated and priced using multi-dimensional relational models and option adjusted spreads. State and municipal securities are evaluated on a series of matrices including reported trades and material event notices. Mortgage-backed securities are evaluated using matrix correlation to treasury or floating index benchmarks, prepayment speeds, monthly payment information and other benchmarks. Other available-for-sale investments are evaluated using a broker-quote based application, including quotes from issuers. Interest Rate Swaps, FX Forwards, and Risk Participation Agreements The Corporation’s interest rate swaps, FX forwards, and RPAs are reported at fair value utilizing Level 2 inputs. Prices of these instruments are obtained through an independent pricing source utilizing pricing information which may include market observed quotations for swaps, LIBOR rates, forward rates and rate volatility. When entering into a derivative contract, the Corporation is exposed to fair value changes due to interest rate movements, and the potential non-performance of our contract counterparty. The Corporation has developed a methodology to value the non-performance risk based on internal credit risk metrics and the unique characteristics of derivative instruments, which include notional exposure rather than principle at risk and interest payment netting. The results of this methodology are used to adjust the base fair value of the instrument for the potential counterparty credit risk. The following tables present the Corporation’s assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018: As of September 30, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 Investment securities available for sale: U.S. Treasury securities $ 101 $ 101 $ — $ — Obligations of U.S. government & agencies 172,753 — 172,753 — Obligations of state & political subdivisions 6,327 — 6,327 — Mortgage-backed securities 388,891 — 388,891 — Collateralized mortgage obligations 35,459 — 35,459 — Other investment securities 650 — 650 — Total investment securities available for sale 604,181 101 604,080 — Investment securities trading: Mutual funds 8,324 8,324 — — Derivatives: Interest rate swaps 62,571 — 62,571 — RPAs purchased 151 — 151 — FX forwards — — — — Total derivatives 62,722 — 62,722 — Total recurring fair value measurements $ 675,227 $ 8,425 $ 666,802 $ — As of December 31, 2018 (dollars in thousands) Total Level 1 Level 2 Level 3 Investment securities available for sale: U.S. Treasury securities $ 200,013 $ 200,013 $ — $ — Obligations of U.S. government & agencies 195,855 — 195,855 — Obligations of state & political subdivisions 11,332 — 11,332 — Mortgage-backed securities 289,890 — 289,890 — Collateralized mortgage obligations 39,252 — 39,252 — Other investment securities 1,100 — 1,100 — Total investment securities available for sale 737,442 200,013 537,429 — Investment securities trading: Mutual funds 7,502 7,502 — — Derivatives: Interest rate swaps 12,550 — 12,550 — RPAs purchased 71 — 71 — Total derivatives 12,621 — 12,621 — Total recurring fair value measurements $ 757,565 $ 207,515 $ 550,050 $ — There have been no transfers between levels during the three and nine months ended September 30, 2019. B. Assets and liabilities measured on a non-recurring basis Fair value is used on a nonrecurring basis to evaluate certain financial assets and financial liabilities in specific circumstances. Similarly, fair value is used on a nonrecurring basis for nonfinancial assets and nonfinancial liabilities such as foreclosed assets, OREO, intangible assets, nonfinancial assets and liabilities evaluated in a goodwill impairment analysis and other nonfinancial assets measured at fair value for purposes of assessing impairment. A description of the valuation methodologies used for financial and nonfinancial assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy, is set forth below. Impaired Loans Management evaluates and values impaired loans at the time the loan is identified as impaired, and the fair values of such loans are estimated using Level 3 inputs in the fair value hierarchy. Each loan’s collateral has a unique appraisal and management’s discount of the value is based on the factors unique to each impaired loan. The significant unobservable input in determining the fair value is management’s subjective discount on appraisals of the collateral securing the loan, which range from 10% - 50%. Collateral may consist of real estate and/or business assets including equipment, inventory and/or accounts receivable and the value of these assets is determined based on the appraisals by qualified licensed appraisers hired by the Corporation. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, estimated costs to sell, and/or management’s expertise and knowledge of the client and the client’s business. The Corporation has an appraisal policy in which an appraisal is obtained for a commercial loan at the point at which the loan either becomes nonperforming or is downgraded to a substandard or worse classification. For consumer loans, management obtains updated appraisals when a loan becomes 90 days past due or when it receives other information that may indicate possible impairment. Based on the appraisals obtained by the Corporation, a partial or full charge-off may be necessary. Other Real Estate Owned (“OREO”) OREO consists of properties acquired as a result of foreclosures and deeds in-lieu-of foreclosure. Properties classified as OREO are reported at the lower of cost or fair value less cost to sell, and are classified as Level 3 in the fair value hierarchy. Mortgage Servicing Rights The model to value MSRs estimates the present value of projected net servicing cash flows of the remaining servicing portfolio based on various assumptions, including changes in anticipated loan prepayment rates, the discount rate, reflective of a market participant's required return on an investment for similar assets, and other market-based economic factors. All of these assumptions are considered to be unobservable inputs. Accordingly, MSRs are classified within Level 3 of the fair value hierarchy. The following tables present the Corporation’s assets measured at fair value on a non-recurring basis as of September 30, 2019 and December 31, 2018: As of September 30, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 MSRs $ 4,925 $ — $ — $ 4,925 Impaired loans and leases 18,726 — — 18,726 OREO 72 — — 72 Total non-recurring fair value measurements $ 23,723 $ — $ — $ 23,723 As of December 31, 2018 (dollars in thousands) Total Level 1 Level 2 Level 3 MSRs $ 6,277 $ — $ — $ 6,277 Impaired loans and leases 22,112 — — 22,112 OREO 417 — — 417 Total non-recurring fair value measurements $ 28,806 $ — $ — $ 28,806 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825, “Disclosures about Fair Value of Financial Instruments” requires disclosure of the fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate such value. The methodologies for estimating the fair value of financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis are discussed above. The estimated fair value amounts have been determined by management using available market information and appropriate valuation methodologies, are based on the exit price notion. In cases where quoted market prices are not available, fair values are based on estimates using present value or other market value techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The aggregate fair value amounts presented below do not represent the underlying value of the Corporation. The carrying amount and fair value of the Corporation’s financial instruments are as follows: September 30, December 31, (dollars in thousands) Fair Value Hierarchy Level (1) Carrying Fair Value Carrying Fair Value Financial assets: Cash and cash equivalents Level 1 $ 94,740 $ 94,740 $ 48,456 $ 48,456 Investment securities - available for sale See Note 20 604,181 604,181 737,442 737,442 Investment securities - trading See Note 20 8,324 8,324 7,502 7,502 Investment securities – held to maturity Level 2 12,947 13,015 8,684 8,438 Loans held for sale Level 2 5,767 5,767 1,749 1,749 Net portfolio loans and leases Level 3 3,519,970 3,491,456 3,407,728 3,414,921 MSRs Level 3 4,580 4,925 5,047 6,277 Interest rate swaps Level 2 62,571 62,571 12,550 12,550 FX forwards Level 2 — — — — RPAs purchased Level 2 151 151 71 71 Other assets Level 3 45,576 45,576 43,641 43,641 Total financial assets $ 4,358,807 $ 4,330,706 $ 4,272,870 $ 4,281,047 Financial liabilities: Deposits Level 2 $ 3,698,488 $ 3,698,300 $ 3,599,087 $ 3,594,123 Short-term borrowings Level 2 203,471 203,471 252,367 252,367 Long-term FHLB advances Level 2 44,735 44,831 55,374 54,803 Subordinated notes Level 2 98,660 97,387 98,526 100,120 Junior subordinated debentures Level 2 21,709 25,681 21,580 31,176 Interest rate swaps Level 2 62,140 62,140 12,549 12,549 FX forwards Level 2 — — — — RPAs sold Level 2 30 30 2 2 Other liabilities Level 3 51,965 51,965 60,847 60,847 Total financial liabilities $ 4,181,198 $ 4,183,805 $ 4,100,332 $ 4,105,987 (1) See Note 20 in the Notes to Unaudited Consolidated Financial Statements above for a description of hierarchy levels. |
Financial Instruments with Off-
Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk | Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk Off-Balance Sheet Arrangements The Corporation is a party to 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 and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated statements of financial condition. The contractual amounts of those instruments reflect the extent of involvement the Corporation has in particular classes of financial instruments. The Corporation’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument of commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Corporation uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet financial instruments. Commitments to extend credit, which include unused lines of credit and unfunded commitments to originate loans, are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Some of the commitments are expected to expire without being drawn upon, and the total commitment amounts do not necessarily represent future cash requirements. Total commitments to extend credit at September 30, 2019 and December 31, 2018 were $776.2 million and $867.2 million, respectively. Management evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on a credit evaluation of the counterparty. Collateral varies but may include accounts receivable, marketable securities, inventory, property, plant and equipment, residential real estate, and income-producing commercial properties. Standby letters of credit are conditional commitments issued by the Bank to a customer for a third party. Such standby letters of credit are issued to support private borrowing arrangements. The credit risk involved in issuing standby letters of credit is similar to that involved in extending loan facilities to customers. The collateral varies, but may include accounts receivable, marketable securities, inventory, property, plant and equipment, and residential real estate for those commitments for which collateral is deemed necessary. The Corporation’s obligations under standby letters of credit as of September 30, 2019 and December 31, 2018 were $34.3 million and $21.2 million, respectively. Contingencies Legal Matters In the ordinary course of its operations, BMBC and its subsidiaries are parties to various claims, litigation, investigations, and legal and administrative cases and proceedings. Such pending or threatened claims, litigation, investigations, legal and administrative cases and proceedings typically entail matters that are considered ordinary routine litigation incidental to our business. Claims for significant monetary damages may be asserted in many of these types of legal actions. Based on the information currently available, management believes it has meritorious defenses to the claims asserted against it in its currently outstanding legal proceedings and with respect to such legal proceedings, intends to continue to defend itself vigorously, litigating or settling cases according to management’s judgment as to what is in the best interests of the Corporation and its shareholders. On a regular basis, liabilities and contingencies in connection with outstanding legal proceedings are assessed utilizing the latest information available. For those matters where it is probable that the Corporation will incur a loss and the amount of the loss can be reasonably estimated, a liability may be recorded in the Consolidated Financial Statements. These legal reserves may be increased or decreased to reflect any relevant developments on at least a quarterly basis. For other matters, where a loss is not probable or the amount or range of the loss is not estimable, legal reserves are not accrued. While the outcome of legal proceedings is inherently uncertain, based on information currently available, advice of counsel and available insurance coverage, management believes that the established legal reserves are adequate and the liabilities arising from legal proceedings will not have a material adverse effect on the consolidated financial position, consolidated results of operations or consolidated cash flows. However, in the event of unexpected future developments, it is possible that the ultimate resolution of these matters, if unfavorable, may be material to the consolidated financial position, consolidated results of operations or consolidated cash flows of the Corporation. Crusader Servicing Corporation (“Crusader”), which was an 80% owned subsidiary of Royal Bank America that was acquired by the Bank in the RBPI merger, along with the Bank as successor-in-interest to Royal Bank America, are defendants in the case captioned Snyder v. Crusader Servicing Corporation et al., Case No. 2007-01027, in the Court of Common Pleas of Montgomery County, Pennsylvania. The case involves claims brought by a former Crusader shareholder in 2007 against Crusader, its former directors and remaining shareholders related, among other things, to a purported failure to pay amounts allegedly due to Snyder for his shares of Crusader stock. Subsequent to the end of the first quarter of 2019, on May 1, 2019, the Court rendered a decision against Crusader. Both sides have filed for appeal with the Superior Court of the Commonwealth of Pennsylvania, and Crusader is considering other strategic options with respect to this matter during the pendency of the appeal. We do not believe that this ruling and the monetary award, if any, ultimately payable by Crusader will be material to the consolidated financial position, consolidated results of operations or consolidated cash flows of the Corporation. Indemnifications In general, the Corporation does not sell loans with recourse, except to the extent that it arises from standard loan-sale contract provisions. These provisions cover violations of representations and warranties and, under certain circumstances, first payment default by borrowers. These indemnifications may include the repurchase of loans by the Corporation, and are considered customary provisions in the secondary market for conforming mortgage loan sales. Repurchases and losses have been rare and no provision is made for losses at the time of sale. There were no such repurchases for the three or nine months ended September 30, 2019. Concentrations of Credit Risk The Corporation has a material portion of its loans in real estate-related loans. A predominant percentage of the Corporation’s real estate exposure, both commercial and residential, is in the Corporation’s primary trade area which includes portions of Delaware, Chester, Montgomery and Philadelphia counties in Southeastern Pennsylvania. Management is aware of this concentration and attempts to mitigate this risk to the extent possible in many ways, including the underwriting and assessment of borrower’s capacity to repay. See Note 5 – “Loans and Leases” for additional information. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information FASB Codification 280 – “Segment Reporting” identifies operating segments as components of an enterprise which are evaluated regularly by the Corporation’s chief operating decision maker, our Chief Executive Officer, in deciding how to allocate resources and assess performance. The Corporation has applied the aggregation criterion set forth in this codification to the results of its operations. The Corporation’s Banking segment consists of commercial and retail banking. The Banking segment is evaluated as a single strategic unit which generates revenues from a variety of products and services. The Banking segment generates interest income from its lending (including leases) and investing activities and is dependent on the gathering of lower cost deposits from its branch network or borrowed funds from other sources for funding its loans, resulting in the generation of net interest income. The Banking segment also derives revenues from other sources including gains on the sale in available for sale investment securities, gains on the sale of residential mortgage loans, service charges on deposit accounts, cash sweep fees, overdraft fees, bank owned life insurance (“BOLI”) income and revenue associated with its Visa Check Card offering. Also included in the Banking segment are two subsidiaries of the Bank, KCMI Capital, Inc. and Bryn Mawr Equipment Financing, Inc., both of which provide specialized lending solutions to our customers. The Wealth Management segment has responsibility for a number of activities within the Corporation, including trust administration, other related fiduciary services, custody, investment management and advisory services, employee benefits and IRA administration, estate settlement, tax services and brokerage. Bryn Mawr Trust of Delaware and Lau Associates are included in the Wealth Management segment of the Corporation since they have similar economic characteristics, products and services to those of the Wealth Management Division of the Bank. BMT Investment Advisers, formed in May 2017, which serves as investment adviser to BMT Investment Funds, a Delaware statutory trust, is also reported under the Wealth Management segment. In addition, the Wealth Management Division oversees all insurance services of the Corporation, which are conducted through the Bank’s insurance subsidiary, BMT Insurance Advisors, Inc., and are reported in the Wealth Management segment. The accounting policies of the Corporation are applied by segment in the following tables. The segments are presented on a pre-tax basis. The following tables detail the Corporation’s segments for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Three Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Net interest income $ 37,397 $ 1 $ 37,398 $ 36,726 $ 3 $ 36,729 Provision for loan and lease losses 919 — 919 664 — 664 Net interest income after loan loss provision 36,478 1 36,479 36,062 3 36,065 Noninterest income: Fees for wealth management services — 10,826 10,826 — 10,343 10,343 Insurance commissions — 1,842 1,842 — 1,754 1,754 Capital markets revenue 2,113 — 2,113 710 — 710 Service charges on deposit accounts 856 — 856 726 — 726 Loan servicing and other fees 555 — 555 559 — 559 Net gain on sale of loans 674 — 674 631 — 631 Net (loss) gain on sale of OREO (12) — (12) 5 — 5 Other operating income 2,565 36 2,601 3,498 48 3,546 Total noninterest income 6,751 12,704 19,455 6,129 12,145 18,274 Noninterest expenses: Salaries & wages 12,674 5,091 17,765 11,737 4,791 16,528 Employee benefits 2,343 945 3,288 2,394 962 3,356 Occupancy and bank premises 2,502 506 3,008 2,224 493 2,717 Amortization of intangible assets 327 627 954 386 505 891 Professional fees 902 142 1,044 889 108 997 Other operating expenses 7,643 1,471 9,114 7,770 1,333 9,103 Total noninterest expenses 26,391 8,782 35,173 25,400 8,192 33,592 Segment profit 16,838 3,923 20,761 16,791 3,956 20,747 Intersegment (revenues) expenses (1) (124) 124 — (186) 186 — Pre-tax segment profit after eliminations $ 16,714 $ 4,047 $ 20,761 $ 16,605 $ 4,142 $ 20,747 % of segment pre-tax profit after eliminations 80.5 % 19.5 % 100.0 % 80.0 % 20.0 % 100.0 % Segment assets (dollars in millions) $ 4,771.9 $ 56.7 $ 4,828.6 $ 4,335.8 $ 52.6 $ 4,388.4 Nine Months Ended Nine Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Net interest income $ 111,652 $ 4 $ 111,656 $ 111,479 $ 5 $ 111,484 Provision for loan and lease losses 6,282 — 6,282 4,831 — 4,831 Net interest income after loan loss provision 105,370 4 105,374 106,648 5 106,653 Noninterest income: Fees for wealth management services — 32,728 32,728 — 31,309 31,309 Insurance commissions — 5,211 5,211 — 5,349 5,349 Capital markets revenue 5,821 — 5,821 3,481 — 3,481 Service charges on deposit accounts 2,516 — 2,516 2,191 — 2,191 Loan servicing and other fees 1,717 — 1,717 1,720 — 1,720 Net gain on sale of loans 1,745 — 1,745 1,677 — 1,677 Net gain on sale of investment securities available for sale — — — 7 — 7 Net (loss) gain on sale of OREO (36) — (36) 292 — 292 Other operating income 9,144 83 9,227 11,709 150 11,859 Total noninterest income 20,907 38,022 58,929 21,077 36,808 57,885 Noninterest expenses: Salaries & wages 40,744 14,960 55,704 34,077 14,673 48,750 Employee benefits 7,853 2,918 10,771 6,992 2,949 9,941 Occupancy and bank premises 7,842 1,543 9,385 7,035 1,429 8,464 Amortization of intangible assets 982 1,866 2,848 1,169 1,490 2,659 Professional fees 3,286 394 3,680 2,497 180 2,677 Other operating expenses 22,895 4,802 27,697 29,076 3,891 32,967 Total noninterest expenses 83,602 26,483 110,085 80,846 24,612 105,458 Segment profit 42,675 11,543 54,218 46,879 12,201 59,080 Intersegment (revenues) expenses* (372) 372 — (485) 485 — Pre-tax segment profit after eliminations $ 42,303 $ 11,915 $ 54,218 $ 46,394 $ 12,686 $ 59,080 % of segment pre-tax profit after eliminations 78.0 % 22.0 % 100.0 % 78.5 % 21.5 % 100.0 % Segment assets (dollars in millions) $ 4,771.9 $ 56.7 $ 4,828.6 $ 4,335.8 $ 52.6 $ 4,388.4 (1) Inter-segment revenues consist of rental payments, interest on deposits and management fees. Wealth Management Segment Information (dollars in millions) September 30, December 31, Assets under management, administration, supervision and brokerage $ 15,609.8 $ 13,429.5 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Adopted Pronouncements and Pronouncements Not Yet Effective | Adopted Pronouncements: FASB ASU 2016-02 (Topic 842), “Leases” In February 2016, the FASB established Topic 842, Leases, by issuing ASU 2016-02, which requires lessees to recognize leases on-balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842; ASU 2018-10, Codification Improvements to Topic 842, Leases; and ASU 2018-11, Targeted Improvements. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard became effective for us on January 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. Management has elected to use the effective date as its date of initial application. Consequently, financial information was not be updated, and the disclosures required under the new standard are not be provided for dates and periods before January 1, 2019. The new standard provided a number of optional practical expedients in transition. We have elected the ‘package of practical expedients’, which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. This standard had a material effect on our Consolidated Balance Sheet and related disclosures but did not have a material impact on our Consolidated Statement of Income. The additional assets recorded as a result of adoption had a negative impact on BMBC and Bank capital ratios under current regulatory guidance. On adoption, we had: • recognized operating lease liabilities of approximately $49.1 million, with corresponding ROU assets of the same amount, based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases, and • derecognized $541 thousand of favorable lease assets, $2.2 million in unfavorable lease liabilities, and $2.5 million in deferred rent, with a corresponding adjustment to the ROU asset for the same amounts. The new standard also provides practical expedients for an entity’s ongoing accounting. We have elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we did not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. We also have elected the practical expedient to not separate lease and non-lease components for all of our leases. FASB ASU 2018-07, “Improvements to Nonemployee Share-Based Payment Accounting” Issued in June 2018, ASU 2018-07: Compensation - Stock Compensation (Topic 718), “ Improvements to Nonemployee Share-Based Payment Accounting ” expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in this update became effective for us January 1, 2019. The adoption did not have an impact on our Consolidated Financial Statements and related disclosures as the Corporation has not historically granted share based payment awards to nonemployees other than to the Corporation’s Board of Directors, who are treated as employees for share-based payment accounting. FASB ASU 2018-15 (Topic 350), “Intangibles - Goodwill and Other - Internal-Use Software” Issued in August 2018, ASU 2018-15 provides clarity on capitalizing and expensing implementation costs for cloud computing arrangements in a service contract. If an implementation cost is capitalized, the cost should be recognized over the noncancellable term and periodically assessed for impairment. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. Adoption should be applied retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Corporation early adopted ASU 2018-15 in the third quarter of 2019 and the adoption did not have a material impact on our Consolidated Financial Statements and related disclosures. Pronouncements Not Yet Effective: FASB ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments” Issued in June 2016, ASU 2016-13 (Topic 326 - Credit Losses), commonly referenced as the Current Expected Credit Loss (“CECL”), eliminates the Provision for Loan and Lease Losses (“PLLL”) and Allowance for Loan and Lease Losses (“ALLL”) line items and establishes the Provision for Credit Losses (“PCL”) and Allowance for Credit Losses (“ACL”) line items. Under the legacy “Incurred Loss” notion, management presents an ALLL intended to represent “probable and estimable” incurred but not yet realized credit losses on assets in scope. When management deems collection of contractual cash flows for an instrument unlikely, a specific reserve is calculated under ASC 310-10. Management further calculates a general reserve for performing assets under ASC 450-20, using historical loss experience and adjustments for several qualitative factors, including current economic conditions. The “Incurred Loss” standard does not allow for projections beyond the likely ‘emergence period’ of losses, or for forward-looking economic conditions; for example, loss contingencies in 2022 are not currently presented, nor is the presentation adjusted for the likelihood of future economic condition change. In contrast, the future accounting standard requires projection of credit loss over the contract lifetime of the asset, adjusted for prepayment tendencies. Further, management’s specific expectations for the future economic environment must be incorporated in the projection, with loss expectations to revert to the long-run historical mean after such time as management can make or obtain a reasonable and supportable forecast. This valuation reserve will be established in the ACL and maintained through expense (provision) in the PCL. In the event that additional allocation is required to fund the ACL at adoption, investors will see a cumulative-effect (one time) adjustment to retained earnings upon adoption of the new standard. The new CECL standard will become effective for the Corporation for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Corporation has engaged with a leading vendor to assist in building a model for computing the ACL. Management has completed the data gathering and model selection efforts, including segmentation of the loan and lease portfolio and identification of comparable peer institutions whose loss experience will augment the Bank's own, if deemed necessary. Methodologies expected to be employed include a discounted cash flow method, in which instrument-level cash flows are adjusted for timing (i.e. prepayment) and credit (default and loss) expectations, and for portfolio segments for which insufficient loss experience exists and for which peer-bank data is not representative of the Bank's credit quality, a method utilizing a loss rate applied to the weighted average remaining maturity of the segment, at the pool level. Efforts will continue through the remainder of 2019 to operationalize the practice for establishing the ACL and preparing its presentation. The Corporation will comply with the new disclosure and presentation requirements enumerated in ASU 2016-13 (and as amended in ASU 2019-04), including presentation of the vintage disclosure organizing certain credit performance data by year of origination/renewal. Financial statement users should be aware that the ACL is, by design, inherently sensitive to changes in economic outlook, loan and lease portfolio composition, portfolio duration, and other factors. The following factors could lead to a material impact to retained earnings - in either direction - as of the adoption date: • Increases or decreases to the time period management is able to forecast on a reasonable and supportable basis • Inclusion or exclusion of forecast factors • Adverse changes to reasonable and supportable forecasts • Detectable increases or decreases in the Corporation’s or comparable industry's credit loss parameters • Deterioration or improvement in the risk profile of the Corporation’s loan and lease portfolio • Changes in prepayment behavior or other factors impacting loan and lease portfolio duration • Changes in credit risk through the ordinary course of operations, (e.g. the launch or expansion of higher risk-bearing products) • Interest rate fluctuations impacting effective yield on certain instruments. Management cautions that this list is not exhaustive. Further, management may adjust quantitatively-established allocations based on factors that defy numerical modeling, leading to a material adjustment not due to factors specified above. Moreover, interpretations and clarifications of the guidance through the FASB’s ongoing Transition Resource Group efforts may change management’s estimates of the impact. Finally, the impact of accounting treatment changes for establishing the ACL for purchased assets under future acquisitions may effect a cumulative-effect adjustment to retained earnings that proves material. Ongoing financial statement behavior will be impacted by the standard, regardless of any cumulative-effect adjustment at adoption. Under our currently-contemplated cash flow projection model, assets will originate with a specific allocation for the contract life of that instrument, adjusted for prepayment behavior and probabilistic credit performance expectations to arrive at an expected cash flow projection. All else being equal, as that continues toward its contract maturity, estimates of lifetime credit loss at the instrument level will decrease. Under steady-state conditions, portfolio-segment-level aggregation of management’s expected loss estimates should be stable or track with portfolio-segment growth (contraction and runoff). When management’s expectations of the likely future economic environment change based on reasonable and supportable forecasts, portfolio allocation may increase (decrease) rapidly between periods. The establishment of the ACL will be more responsive to deteriorating (improving) economic conditions than prior establishment of the ALLL, which is based on historical experience and agnostic to future conditions. In dynamic economic environments, users of financial statements should expect expense (income) in the PCL to be concentrated in fewer quarters than was typical for the PLLL. Users of financial statements should be aware that this accounting treatment does not determine the ultimate, realized loss or recovery for assets in scope; ASU 2016-13 impacts timing and possibly the magnitude of the impact on our financial condition and results of operations in dynamic economic environments. Criteria for establishment of specific reserves are expected to be similar to criteria currently considered when identifying a loan or lease that should be individually evaluated for impairment. Specific reserve impact to instruments meeting the legacy “impairment” criteria are not anticipated to change materially, though the volume of such credits may change before the adoption date due to deterioration (improvement) of portfolio credit quality. Management is evaluating additional criteria to identify instruments for specific evaluation under the future standard’s broader allowable criteria. Management does not currently plan to implement an accounting election to recognize changes in the ACL valuation account due to timing (prepayment) behavior as interest income (expense). FASB ASU 2017-04 (Topic 350), “Intangibles – Goodwill and Others” Issued in January 2017, ASU 2017-04 simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. ASU 2017-04 is effective for annual periods beginning after December 15, 2019 including interim periods within those periods. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2018-12 (Topic 944), “Targeted Improvements to the Accounting for Long-Duration Contracts” Issued in August 2018, ASU 2018-12 makes targeted improvements to the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. Specifically, the ASU is intended to (1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, (2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, (3) simplify the amortization of deferred acquisition costs, and (4) improve the effectiveness of the required disclosures. ASU 2018-12 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application of the amendments is permitted. As an independent insurance agent, the Corporation does not issue insurance contracts. As a result, management does not expect the adoption of this ASU to have an impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2018-13, “Fair Value Measurement Disclosure Framework” Issued in August 2018, ASU 2018-13 modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements for fair value measurements. The guidance is effective in annual and interim periods in fiscal years beginning after December 15, 2019. Early adoption is permitted. Adoption is required on both a prospective and retrospective basis depending on the amendment. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2018-14 (Topic 715), “Compensation-Retirement Benefits - Defined Benefit Plans-General” Issued in August 2018, ASU 2018-14, modifies, adds and removes certain disclosures aimed to improve the overall usefulness of the disclosure requirements to financial statement users. The guidance is effective for annual periods beginning after December 15, 2020. Early adoption is permitted. Use of the retrospective method is required. Management does not expect the adoption of this ASU to have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments” Issued in April 2019, ASU 2019-04 clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments (addressed by ASUs 2016-13, 2017-12, and 2016-01, respectively). The amendments to estimating expected credit losses (ASU 2016-13), in particular, how a company considers recoveries and extension options when estimating expected credit losses, are the most relevant to the Corporation. The ASU clarifies that (1) the estimate of expected credit losses should include expected recoveries of financial assets, including recoveries of amounts expected to be written off and those previously written off, and (2) that contractual extension or renewal options that are not unconditionally cancellable by the lender are considered when determining the contractual term over which expected credit losses are measured. Management is currently evaluating the potential impact of ASU 2019-04 on our Consolidated Financial Statements and related disclosures. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Business Acquisition [Line Items] | |
Schedules of Recognized Identified Assets Acquired and Liabilities Assumed | In connection with the RBPI Merger, the consideration paid and the estimated fair value of identifiable assets acquired and liabilities assumed as of the Effective Date, which include the effects of any measurement period adjustments in accordance with ASC 805-10, are summarized in the following table: (dollars in thousands) Consideration paid: Common shares issued (3,101,316) $ 136,768 Cash in lieu of fractional shares 7 Cash-out of certain options 112 Fair value of warrants assumed 1,853 Value of consideration 138,740 Assets acquired: Cash and due from banks 17,092 Investment securities available for sale 121,587 Loans 566,228 Premises and equipment 8,264 Deferred income taxes 34,823 Bank-owned life insurance 16,550 Core deposit intangible 4,670 Favorable lease asset 566 Other assets 13,611 Total assets 783,391 Liabilities assumed: Deposits 593,172 FHLB and other long-term borrowings 59,568 Short-term borrowings 15,000 Junior subordinated debentures 21,416 Unfavorable lease liability 322 Other liabilities 31,381 Total liabilities 720,859 Net assets acquired 62,532 Goodwill resulting from acquisition of RBPI $ 76,208 |
Summary of Integration Related Costs | The following table details the costs identified and classified as due diligence, merger-related and merger integration costs for the periods indicated: Three Months Ended Nine Months Ended (dollars in thousands) 2019 2018 2019 2018 Advertising $ — $ — $ — $ 61 Employee benefits — — — 271 Occupancy and bank premises — — — 2,145 Furniture, fixtures, and equipment — — — 365 Data processing — 167 — 421 Professional fees — 193 — 1,450 Salaries and wages — 29 — 852 Other — — — 2,196 Total due diligence, merger-related and merger integration expenses $ — $ 389 $ — $ 7,761 |
Domenick | |
Business Acquisition [Line Items] | |
Schedules of Recognized Identified Assets Acquired and Liabilities Assumed | The following table details the consideration paid, the initial estimated fair value of identifiable assets acquired and liabilities assumed as of the date of acquisition and the resulting goodwill recorded: (dollars in thousands) Consideration paid: Cash paid at closing $ 750 Contingent payment liability (present value) 706 Value of consideration 1,456 Assets acquired: Cash and due from banks 370 Intangible assets - customer relationships 779 Premises and equipment 1 Other assets 316 Total assets 1,466 Liabilities assumed: Accounts payable 657 Other liabilities 30 Total liabilities 687 Net assets acquired 779 Goodwill resulting from acquisition of Domenick $ 677 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |
Schedule of Available-for-sale Securities | The amortized cost and fair value of investment securities available for sale as of September 30, 2019 and December 31, 2018 are as follows: As of September 30, 2019 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 100 $ 1 $ — $ 101 Obligations of the U.S. government and agencies 172,565 449 (261) 172,753 Obligations of state and political subdivisions 6,319 9 (1) 6,327 Mortgage-backed securities 384,286 4,913 (308) 388,891 Collateralized mortgage obligations 35,279 278 (98) 35,459 Other investment securities 650 — — 650 Total $ 599,199 $ 5,650 $ (668) $ 604,181 As of December 31, 2018 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 200,026 $ — $ (13) $ 200,013 Obligations of the U.S. government and agencies 198,604 107 (2,856) 195,855 Obligations of state and political subdivisions 11,372 3 (43) 11,332 Mortgage-backed securities 294,076 554 (4,740) 289,890 Collateralized mortgage obligations 40,150 141 (1,039) 39,252 Other investment securities 1,100 — — 1,100 Total $ 745,328 $ 805 $ (8,691) $ 737,442 |
Summary of Available-for-sale Debt Securities, Unrealized Loss Position, Fair Value | The following tables present the aggregate amount of gross unrealized losses as of September 30, 2019 and December 31, 2018 on available for sale investment securities classified according to the amount of time those securities have been in a continuous unrealized loss position: As of September 30, 2019 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses Obligations of the U.S. government and agencies $ 42,541 $ (222) $ 9,521 $ (39) $ 52,062 $ (261) Obligations of state and political subdivisions 963 (1) — — 963 (1) Mortgage-backed securities 56,351 (260) 7,048 (48) 63,399 (308) Collateralized mortgage obligations 4,625 (14) 11,659 (84) 16,284 (98) Total $ 104,480 $ (497) $ 28,228 $ (171) $ 132,708 $ (668) As of December 31, 2018 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Losses Fair Unrealized Losses Fair Unrealized Losses U.S. Treasury securities $ 199,912 $ (13) $ — $ — $ 199,912 $ (13) Obligations of the U.S. government and agencies 12,916 (62) 140,506 (2,794) 153,422 (2,856) Obligations of state and political subdivisions — — 3,989 (43) 3,989 (43) Mortgage-backed securities 43,276 (352) 195,697 (4,388) 238,973 (4,740) Collateralized mortgage obligations 540 (1) 27,077 (1,038) 27,617 (1,039) Total $ 256,644 $ (428) $ 367,269 $ (8,263) $ 623,913 $ (8,691) |
Summary of Held-to-maturity Debt Securities | The amortized cost and fair value of investment securities held to maturity as of September 30, 2019 and December 31, 2018 are as follows: As of September 30, 2019 (dollars in thousands) Amortized Gross Gross Fair Value Mortgage-backed securities $ 12,947 $ 82 $ (14) $ 13,015 As of December 31, 2018 (dollars in thousands) Amortized Gross Gross Fair Value Mortgage-backed securities $ 8,684 $ — $ (246) $ 8,438 |
Summary of Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | The following tables present the aggregate amount of gross unrealized losses as of September 30, 2019 and December 31, 2018 on held to maturity securities classified according to the amount of time those securities have been in a continuous unrealized loss position: As of September 30, 2019 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-backed securities $ 5,562 $ (14) $ — $ — $ 5,562 $ (14) As of December 31, 2018 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-backed securities $ 1,315 $ (4) $ 7,123 $ (242) $ 8,438 $ (246) |
Available-for-sale | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of available for sale investment and mortgage-related securities available for sale as of September 30, 2019 and December 31, 2018, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. September 30, December 31, (dollars in thousands) Amortized Fair Amortized Fair Investment securities: Due in one year or less $ 4,841 $ 4,845 $ 209,129 $ 209,099 Due after one year through five years 106,622 106,547 180,657 177,972 Due after five years through ten years 56,598 56,660 7,258 7,268 Due after ten years 11,573 11,779 14,058 13,961 Subtotal 179,634 179,831 411,102 408,300 Mortgage-related securities (1) 419,565 424,350 334,226 329,142 Total $ 599,199 $ 604,181 $ 745,328 $ 737,442 (1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Held-to-maturity | |
Debt Securities, Available-for-sale [Line Items] | |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of held to maturity investment securities as of September 30, 2019 and December 31, 2018, by contractual maturity, are shown below: September 30, December 31, (dollars in thousands) Amortized Fair Value Amortized Fair Value Mortgage-backed securities (1) $ 12,947 $ 13,015 $ 8,684 $ 8,438 (1) Expected maturities of mortgage-related securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table details loans and leases as of the dates indicated: Loans and Leases September 30, 2019 December 31, 2018 (dollars in thousands) Originated Acquired Total Loans and Leases Originated Acquired Total Loans and Leases Loans held for sale $ 5,767 $ — $ 5,767 $ 1,749 $ — $ 1,749 Real Estate Loans: Commercial mortgage 1,499,307 263,075 1,762,382 1,327,822 329,614 1,657,436 Home equity lines and loans 177,402 20,628 198,030 181,506 25,845 207,351 Residential mortgage 437,670 67,634 505,304 411,022 83,333 494,355 Construction 151,593 — 151,593 174,592 6,486 181,078 Total real estate loans 2,265,972 351,337 2,617,309 2,094,942 445,278 2,540,220 Commercial and industrial 671,462 38,346 709,808 624,643 70,941 695,584 Consumer 48,030 2,451 50,481 44,099 2,715 46,814 Leases 152,305 10,844 163,149 121,567 22,969 144,536 Total portfolio loans and leases 3,137,769 402,978 3,540,747 2,885,251 541,903 3,427,154 Total loans and leases $ 3,143,536 $ 402,978 $ 3,546,514 $ 2,887,000 $ 541,903 $ 3,428,903 Loans with fixed rates $ 1,275,733 $ 231,837 $ 1,507,570 $ 1,204,070 $ 323,604 $ 1,527,674 Loans with adjustable or floating rates 1,867,803 171,141 2,038,944 1,682,930 218,299 1,901,229 Total loans and leases $ 3,143,536 $ 402,978 $ 3,546,514 $ 2,887,000 $ 541,903 $ 3,428,903 Net deferred loan origination (costs) fees included in the above loan table $ (227) $ — $ (227) $ 2,226 $ — $ 2,226 |
Schedule of Components of Leveraged Lease Investments | The following table details the components of net investment in leases: Components of Net Investment in Leases September 30, 2019 December 31, 2018 (dollars in thousands) Originated Acquired Total Leases Originated Acquired Total Leases Minimum lease payments receivable $ 169,547 $ 11,765 $ 181,312 $ 135,313 $ 25,372 $ 160,685 Unearned lease income (23,259) (1,158) (24,417) (19,388) (3,005) (22,393) Initial direct costs and deferred fees 6,017 237 6,254 5,642 602 6,244 Total Leases $ 152,305 $ 10,844 $ 163,149 $ 121,567 $ 22,969 $ 144,536 |
Schedule of Financing Receivables, Non Accrual Status | The following table details nonperforming loans and leases as of the dates indicated: Nonperforming Loans and Leases September 30, 2019 December 31, 2018 (dollars in thousands) Originated Acquired Total Loans and Leases Originated Acquired Total Loans and Leases Commercial mortgage $ 3,232 $ 4,587 $ 7,819 $ 435 $ 2,133 $ 2,568 Home equity lines and loans 790 — 790 3,590 26 3,616 Residential mortgage 192 109 301 2,813 639 3,452 Commercial and industrial 3,268 873 4,141 1,786 315 2,101 Consumer 32 43 75 45 63 108 Leases 710 283 993 392 583 975 Total non-performing loans and leases $ 8,224 $ 5,895 $ 14,119 $ 9,061 $ 3,759 $ 12,820 |
Schedule of Information Related to Purchased Credit Impaired Loans | The outstanding principal balance and related carrying amount of purchased credit-impaired loans, for which the Corporation applies ASC 310-30, Accounting for Purchased Loans with Deteriorated Credit Quality , to account for the interest earned, as of the dates indicated, are as follows: Purchased Credit-Impaired Loans and Leases (dollars in thousands) September 30, 2019 December 31, 2018 Outstanding principal balance $ 9,931 $ 17,904 Carrying amount 7,578 12,304 |
Schedule of Changes in Accretable Discount Related to Purchased Credit Impaired Loans | The following table presents changes in the accretable discount on purchased credit-impaired loans, for which the Corporation applies ASC 310-30, for the nine months ended September 30, 2019: Roll-Forward of Accretable Discount on Purchased Credit-Impaired Loans and Leases (dollars in thousands) Accretable Balance, December 31, 2018 $ 2,697 Accretion (1,138) Reclassifications from nonaccretable difference 1,465 Additions/adjustments — Disposals (526) Balance, September 30, 2019 $ 2,498 |
Past Due Financing Receivables | The following tables present an aging of all portfolio loans and leases as of the dates indicated: Payment Status of All Portfolio Loans and Leases Accruing Loans and Leases As of September 30, 2019 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 445 $ 867 $ — $ 1,312 $ 1,753,251 $ 1,754,563 $ 7,819 $ 1,762,382 Home equity lines and loans 452 — — 452 196,788 197,240 790 198,030 Residential mortgage 1,504 336 — 1,840 503,163 505,003 301 505,304 Construction — — — — 151,593 151,593 — 151,593 Commercial and industrial — 346 — 346 705,321 705,667 4,141 709,808 Consumer 97 86 — 183 50,223 50,406 75 50,481 Leases 486 653 — 1,139 161,017 162,156 993 163,149 Total portfolio loans and leases $ 2,984 $ 2,288 $ — $ 5,272 $ 3,521,356 $ 3,526,628 $ 14,119 $ 3,540,747 Payment Status of All Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2018 30 – 59 60 – 89 Over 89 Total Past Current (1) Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 821 $ 251 $ — $ 1,072 $ 1,653,796 $ 1,654,868 $ 2,568 $ 1,657,436 Home equity lines and loans 92 — — 92 203,643 203,735 3,616 207,351 Residential mortgage 2,330 218 — 2,548 488,355 490,903 3,452 494,355 Construction — — — — 181,078 181,078 — 181,078 Commercial and industrial 280 332 — 612 692,871 693,483 2,101 695,584 Consumer 35 5 — 40 46,666 46,706 108 46,814 Leases 641 460 — 1,101 142,460 143,561 975 144,536 Total portfolio loans and leases $ 4,199 $ 1,266 $ — $ 5,465 $ 3,408,869 $ 3,414,334 $ 12,820 $ 3,427,154 (1) Included as “current” are $3.2 million of loans and leases as of December 31, 2018 which were classified as administratively delinquent. An administratively delinquent loan is one which has been approved for a renewal or extension but has not had all the required documents fully executed as of the reporting date. Management does not consider these loans to be delinquent. The following tables present an aging of originated portfolio loans and leases as of the dates indicated: Payment Status of Originated Portfolio Loans and Leases Accruing Loans and Leases As of September 30, 2019 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 445 $ 867 $ — $ 1,312 $ 1,494,763 $ 1,496,075 $ 3,232 $ 1,499,307 Home equity lines and loans 275 — — 275 176,337 176,612 790 177,402 Residential mortgage 1,000 159 — 1,159 436,319 437,478 192 437,670 Construction — — — — 151,593 151,593 — 151,593 Commercial and industrial — 346 — 346 667,848 668,194 3,268 671,462 Consumer 97 55 — 152 47,846 47,998 32 48,030 Leases 447 470 — 917 150,678 151,595 710 152,305 Total originated portfolio loans and leases $ 2,264 $ 1,897 $ — $ 4,161 $ 3,125,384 $ 3,129,545 $ 8,224 $ 3,137,769 Payment Status of Originated Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2018 30 – 59 60 – 89 Over 89 Total Past Current (1) Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 816 $ 251 $ — $ 1,067 $ 1,326,320 $ 1,327,387 $ 435 $ 1,327,822 Home equity lines and loans 25 — — 25 177,891 177,916 3,590 181,506 Residential mortgage 1,545 — — 1,545 406,664 408,209 2,813 411,022 Construction — — — — 174,592 174,592 — 174,592 Commercial and industrial 280 332 — 612 622,245 622,857 1,786 624,643 Consumer 35 5 — 40 44,014 44,054 45 44,099 Leases 350 233 — 583 120,592 121,175 392 121,567 Total originated portfolio loans and leases $ 3,051 $ 821 $ — $ 3,872 $ 2,872,318 $ 2,876,190 $ 9,061 $ 2,885,251 (1) Included as “current” are $2.0 million of loans and leases as of December 31, 2018 which were classified as administratively delinquent. An administratively delinquent loan is one which has been approved for a renewal or extension but has not had all the required documents fully executed as of the reporting date. Management does not consider these loans to be delinquent. The following tables present an aging of acquired portfolio loans and leases as of the dates indicated: Payment Status of Acquired Portfolio Loans and Leases Accruing Loans and Leases As of September 30, 2019 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ — $ — $ — $ — $ 258,488 $ 258,488 $ 4,587 $ 263,075 Home equity lines and loans 177 — — 177 20,451 20,628 — 20,628 Residential mortgage 504 177 — 681 66,844 67,525 109 67,634 Commercial and industrial — — — — 37,473 37,473 873 38,346 Consumer — 31 — 31 2,377 2,408 43 2,451 Leases 39 183 — 222 10,339 10,561 283 10,844 Total acquired portfolio loans and leases $ 720 $ 391 $ — $ 1,111 $ 395,972 $ 397,083 $ 5,895 $ 402,978 Payment Status of Acquired Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2018 30 – 59 60 – 89 Over 89 Total Past Current (1) Total Accruing Nonaccrual Total (dollars in thousands) Commercial mortgage $ 5 $ — $ — $ 5 $ 327,476 $ 327,481 $ 2,133 $ 329,614 Home equity lines and loans 67 — — 67 25,752 25,819 26 25,845 Residential mortgage 785 218 — 1,003 81,691 82,694 639 83,333 Construction — — — — 6,486 6,486 — 6,486 Commercial and industrial — — — — 70,626 70,626 315 70,941 Consumer — — — — 2,652 2,652 63 2,715 Leases 291 227 — 518 21,868 22,386 583 22,969 Total acquired portfolio loans and leases $ 1,148 $ 445 $ — $ 1,593 $ 536,551 $ 538,144 $ 3,759 $ 541,903 |
Allowance for Credit Losses on Financing Receivables | The following tables detail the roll-forward of the Allowance for the three and nine months ended September 30, 2019 and 2018: Roll-Forward of Allowance for Loan and Lease Losses (dollars in thousands) Commercial Home Equity Residential Construction Commercial Consumer Leases Total Balance, December 31, 2018 $ 7,567 $ 1,003 $ 1,813 $ 1,485 $ 5,461 $ 229 $ 1,868 $ 19,426 Charge-offs (2,047) (315) (675) — (457) (427) (1,848) (5,769) Recoveries 21 110 14 3 77 33 580 838 Provision for loan and lease losses 3,024 171 694 (481) 757 421 1,696 6,282 Balance, September 30, 2019 $ 8,565 $ 969 $ 1,846 $ 1,007 $ 5,838 $ 256 $ 2,296 $ 20,777 Roll-Forward of Allowance for Loan and Lease Losses (dollars in thousands) Commercial Home Equity Residential Construction Commercial Consumer Leases Total Balance, June 30, 2019 $ 8,958 $ 1,043 $ 1,893 $ 1,086 $ 5,700 $ 253 $ 2,249 $ 21,182 Charge-offs (660) — (4) — (31) (196) (657) (1,548) Recoveries 4 22 11 1 23 15 148 224 Provision for loan and lease losses 263 (96) (54) (80) 146 184 556 919 Balance, September 30, 2019 $ 8,565 $ 969 $ 1,846 $ 1,007 $ 5,838 $ 256 $ 2,296 $ 20,777 Roll-Forward of Allowance for Loan and Lease Losses (dollars in thousands) Commercial Home Equity Residential Construction Commercial Consumer Leases Total Balance, December 31, 2017 $ 7,550 $ 1,086 $ 1,926 $ 937 $ 5,038 $ 246 $ 742 $ 17,525 Charge-offs (74) (225) (42) — (1,069) (165) (2,416) (3,991) Recoveries 8 1 55 1 17 5 232 319 Provision for loan and lease losses 60 30 (121) 303 1,319 232 3,008 4,831 Balance, September 30, 2018 $ 7,544 $ 892 $ 1,818 $ 1,241 $ 5,305 $ 318 $ 1,566 $ 18,684 Roll-Forward of Allowance for Loan and Lease Losses (dollars in thousands) Commercial Home Equity Residential Construction Commercial Consumer Leases Total Balance, June 30, 2018 $ 8,033 $ 933 $ 1,933 $ 1,158 $ 5,672 $ 289 $ 1,380 $ 19,398 Charge-offs (58) — (42) — (319) (73) (1,068) (1,560) Recoveries 2 — 54 — 16 2 108 182 Provision for loan and lease losses (433) (41) (127) 83 (64) 100 1,146 664 Balance, September 30, 2018 $ 7,544 $ 892 $ 1,818 $ 1,241 $ 5,305 $ 318 $ 1,566 $ 18,684 |
Financing Receivable by Financial Instrument Performance Status | The following tables detail the allocation of the Allowance for all portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Allocation of Allowance by Impairment Evaluation Method - All Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ 167 $ 259 $ — $ — $ 35 $ 41 $ 502 Collectively evaluated for impairment 8,565 802 1,587 1,007 5,838 221 2,255 20,275 Purchased credit-impaired (1) — — — — — — — — Total $ 8,565 $ 969 $ 1,846 $ 1,007 $ 5,838 $ 256 $ 2,296 $ 20,777 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. Allocation of Allowance by Impairment Evaluation Method - All Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ 162 $ 272 $ — $ — $ 28 $ — $ 462 Collectively evaluated for impairment 7,567 841 1,541 1,485 5,461 201 1,868 18,964 Purchased credit-impaired (1) — — — — — — — — Total $ 7,567 $ 1,003 $ 1,813 $ 1,485 $ 5,461 $ 229 $ 1,868 $ 19,426 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. The following tables detail the carrying value for all portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Carrying Value of All Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 7,819 $ 2,353 $ 3,119 $ — $ 4,529 $ 100 $ 1,268 $ 19,188 Collectively evaluated for impairment 1,747,505 195,159 502,183 151,593 705,279 50,381 161,881 3,513,981 Purchased credit-impaired (1) 7,058 518 2 — — — — 7,578 Total $ 1,762,382 $ 198,030 $ 505,304 $ 151,593 $ 709,808 $ 50,481 $ 163,149 $ 3,540,747 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. Carrying Value of All Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 7,008 $ 4,998 $ 6,608 $ — $ 2,629 $ 134 $ — $ 21,377 Collectively evaluated for impairment 1,642,117 201,841 487,747 178,673 691,879 46,680 144,536 3,393,473 Purchased credit-impaired (1) 8,311 512 — 2,405 1,076 — — 12,304 Total $ 1,657,436 $ 207,351 $ 494,355 $ 181,078 $ 695,584 $ 46,814 $ 144,536 $ 3,427,154 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. The following tables detail the allocation of the Allowance for originated portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Allocation of Allowance by Impairment Evaluation Method - Originated Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ 167 $ 164 $ — $ — $ 35 $ 34 $ 400 Collectively evaluated for impairment 8,565 802 1,587 1,007 5,838 221 2,255 20,275 Total $ 8,565 $ 969 $ 1,751 $ 1,007 $ 5,838 $ 256 $ 2,289 $ 20,675 Allocation of Allowance by Impairment Evaluation Method - Originated Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ 162 $ 175 $ — $ — $ 28 $ — $ 365 Collectively evaluated for impairment 7,567 841 1,541 1,485 5,461 201 1,868 18,964 Total $ 7,567 $ 1,003 $ 1,716 $ 1,485 $ 5,461 $ 229 $ 1,868 $ 19,329 The following tables detail the carrying value for originated portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Carrying Value of Originated Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 3,232 $ 2,353 $ 2,366 $ — $ 3,656 $ 57 $ 863 $ 12,527 Collectively evaluated for impairment 1,496,075 175,049 435,304 151,593 667,806 47,973 151,442 3,125,242 Total $ 1,499,307 $ 177,402 $ 437,670 $ 151,593 $ 671,462 $ 48,030 $ 152,305 $ 3,137,769 Carrying Value of Originated Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 4,874 $ 4,972 $ 5,106 $ — $ 2,314 $ 71 $ — $ 17,337 Collectively evaluated for impairment 1,322,948 176,534 405,916 174,592 622,329 44,028 121,567 2,867,914 Total $ 1,327,822 $ 181,506 $ 411,022 $ 174,592 $ 624,643 $ 44,099 $ 121,567 $ 2,885,251 The following tables detail the allocation of the Allowance for acquired portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Allocation of Allowance by Impairment Evaluation Method - Acquired Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ — $ 95 $ — $ — $ — $ 7 $ 102 Collectively evaluated for impairment — — — — — — — — Purchased credit-impaired (1) — — — — — — — — Total $ — $ — $ 95 $ — $ — $ — $ 7 $ 102 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. Allocation of Allowance by Impairment Evaluation Method - Acquired Loans and Leases As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Allowance on loans and leases: Individually evaluated for impairment $ — $ — $ 97 $ — $ — $ — $ — $ 97 Collectively evaluated for impairment — — — — — — — — Purchased credit-impaired (1) — — — — — — — — Total $ — $ — $ 97 $ — $ — $ — $ — $ 97 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. The following tables detail the carrying value for acquired portfolio loans and leases by portfolio segment based on the methodology used to evaluate the loans and leases for impairment as of September 30, 2019 and December 31, 2018: Carrying Value of Acquired Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 4,587 $ — $ 753 $ — $ 873 $ 43 $ 405 $ 6,661 Collectively evaluated for impairment 251,430 20,110 66,879 — 37,473 2,408 10,439 388,739 Purchased credit-impaired (1) 7,058 518 2 — — — — 7,578 Total $ 263,075 $ 20,628 $ 67,634 $ — $ 38,346 $ 2,451 $ 10,844 $ 402,978 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. Carrying Value of Acquired Portfolio Loans and Leases by Impairment Evaluation Method As of Commercial Home Equity Residential Construction Commercial Consumer Leases Total (dollars in thousands) Carrying value of loans and leases: Individually evaluated for impairment $ 2,134 $ 26 $ 1,502 $ — $ 315 $ 63 $ — $ 4,040 Collectively evaluated for impairment 319,169 25,307 81,831 4,081 69,550 2,652 22,969 525,559 Purchased credit-impaired (1) 8,311 512 — 2,405 1,076 — — 12,304 Total $ 329,614 $ 25,845 $ 83,333 $ 6,486 $ 70,941 $ 2,715 $ 22,969 $ 541,903 (1) Purchased credit-impaired loans are evaluated for impairment on an individual basis. |
Financing Receivable Credit Quality Indicators | The following tables detail the carrying value of all portfolio loans and leases by portfolio segment based on the credit quality indicators used, in part, in the determination of the Allowance as of September 30, 2019 and December 31, 2018: Credit Risk Profile by Internally Assigned Grade - All Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 1,706,659 $ 37,386 $ 18,337 $ — $ 1,762,382 Home equity loans and lines 197,240 — 790 — 198,030 Residential mortgage 504,775 — 529 — 505,304 Construction 144,870 — 6,723 — 151,593 Commercial and industrial 698,058 3,107 8,643 — 709,808 Consumer 50,304 — 177 — 50,481 Leases 162,156 — 993 — 163,149 Total $ 3,464,062 $ 40,493 $ 36,192 $ — $ 3,540,747 Credit Risk Profile by Internally Assigned Grade - All Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 1,635,068 $ 631 $ 20,639 $ 1,098 $ 1,657,436 Home equity loans and lines 203,037 — 4,314 — 207,351 Residential mortgage 490,789 — 3,566 — 494,355 Construction 171,353 938 8,787 — 181,078 Commercial and industrial 684,444 2,737 8,402 1 695,584 Consumer 46,588 — 226 — 46,814 Leases 143,561 — 975 — 144,536 Total $ 3,374,840 $ 4,306 $ 46,909 $ 1,099 $ 3,427,154 The following tables detail the carrying value of originated portfolio loans and leases by portfolio segment based on the credit quality indicators used, in part, in the determination of the Allowance as of September 30, 2019 and December 31, 2018: Credit Risk Profile by Internally Assigned Grade - Originated Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 1,465,118 $ 29,618 $ 4,571 $ — $ 1,499,307 Home equity loans and lines 176,612 — 790 — 177,402 Residential mortgage 437,250 — 420 — 437,670 Construction 144,870 — 6,723 — 151,593 Commercial and industrial 661,496 2,374 7,592 — 671,462 Consumer 47,896 — 134 — 48,030 Leases 151,595 — 710 — 152,305 Total $ 3,084,837 $ 31,992 $ 20,940 $ — $ 3,137,769 Credit Risk Profile by Internally Assigned Grade - Originated Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 1,321,973 $ 631 $ 5,218 $ — $ 1,327,822 Home equity loans and lines 177,916 — 3,590 — 181,506 Residential mortgage 408,095 — 2,927 — 411,022 Construction 167,272 938 6,382 — 174,592 Commercial and industrial 615,817 2,511 6,314 1 624,643 Consumer 43,936 — 163 — 44,099 Leases 121,175 — 392 — 121,567 Total $ 2,856,184 $ 4,080 $ 24,986 $ 1 $ 2,885,251 The following tables detail the carrying value of acquired portfolio loans and leases by portfolio segment based on the credit quality indicators used, in part, in the determination of the Allowance as of September 30, 2019 and December 31, 2018: Credit Risk Profile by Internally Assigned Grade - Acquired Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 241,541 $ 7,768 $ 13,766 $ — $ 263,075 Home equity loans and lines 20,628 — — — 20,628 Residential mortgage 67,525 — 109 — 67,634 Commercial and industrial 36,562 733 1,051 — 38,346 Consumer 2,408 — 43 — 2,451 Leases 10,561 — 283 — 10,844 Total $ 379,225 $ 8,501 $ 15,252 $ — $ 402,978 Credit Risk Profile by Internally Assigned Grade - Acquired Portfolio Loans and Leases As of (dollars in thousands) Pass Special Mention Substandard Doubtful Total Commercial mortgage $ 313,095 $ — $ 15,421 $ 1,098 $ 329,614 Home equity loans and lines 25,121 — 724 — 25,845 Residential mortgage 82,694 — 639 — 83,333 Construction 4,081 — 2,405 — 6,486 Commercial and industrial 68,627 226 2,088 — 70,941 Consumer 2,652 — 63 — 2,715 Leases 22,386 — 583 — 22,969 Total $ 518,656 $ 226 $ 21,923 $ 1,098 $ 541,903 |
Troubled Debt Restructurings on Financing Receivables | The following table presents the balance of TDRs as of the indicated dates: Troubled Debt Restructurings (dollars in thousands) September 30, December 31, TDRs included in nonperforming loans and leases $ 5,755 $ 1,217 TDRs in compliance with modified terms 5,069 9,745 Total TDRs $ 10,824 $ 10,962 The following tables present information regarding loan and lease modifications categorized as TDRs for the three and nine months ended September 30, 2019: Troubled Debt Restructurings For the Three Months Ended September 30, 2019 (dollars in thousands) Number of Contracts Pre-Modification Outstanding Post-Modification Outstanding Home equity loans and lines 2 $ 169 $ 169 Commercial and industrial 2 1,714 1,714 Leases 4 133 133 Total 8 $ 2,016 $ 2,016 Troubled Debt Restructurings For the Nine Months Ended September 30, 2019 (dollars in thousands) Number of Contracts Pre-Modification Outstanding Post-Modification Outstanding Home equity loans and lines 3 $ 233 $ 233 Residential mortgage 1 40 40 Commercial and industrial 4 2,633 2,633 Leases 6 264 264 Total 14 $ 3,170 $ 3,170 The following tables presents information regarding the types of loan and lease modifications made for the three and nine months ended September 30, 2019: Troubled Debt Restructurings Number of Contracts for the Three Months Ended September 30, 2019 Loan Term Extension Interest Rate Change and Term Extension Interest Rate Change and/or Interest-Only Period Contractual Temporary Payment Deferral Home equity loans and lines 1 1 — — — Commercial and industrial 2 — — — — Leases — — — 4 — Total 3 1 — 4 — Troubled Debt Restructurings Number of Contracts for the Nine Months Ended September 30, 2019 Loan Term Extension Interest Rate Change and Term Extension Interest Rate Change and/or Interest-Only Period Contractual Temporary Payment Deferral Home equity loans and lines 1 2 — — — Residential mortgage 1 — — — — Commercial and industrial 2 — 2 — — Leases — — — 6 — Total 4 2 2 6 — |
Impaired Financing Receivables | The following tables detail the recorded investment and principal balance of impaired loans by portfolio segment, their related Allowance and interest income recognized for the three and nine months ended September 30, 2019 and balances as of December 31, 2018 (purchased credit-impaired loans are not included in the tables): Impaired Loans As of and for the Three Months Ended Recorded Investment (2) Contractual Related Average Interest Income Cash-Basis (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 1,318 $ 1,318 $ 167 $ 1,265 $ 12 $ — Residential mortgage 1,936 1,936 259 1,940 19 — Consumer 56 56 35 57 — — Total 3,310 3,310 461 3,262 31 — Impaired loans without related allowance (1) : Commercial mortgage 7,819 10,111 — 8,633 28 — Home equity lines and loans 1,034 1,035 — 1,016 9 — Residential mortgage 1,184 1,184 — 1,190 13 — Commercial and industrial 4,529 4,804 — 4,590 50 — Consumer 43 46 — 44 — — Total 14,609 17,180 — 15,473 100 — Grand total $ 17,919 $ 20,490 $ 461 $ 18,735 $ 131 $ — (1) The table above does not include the recorded investment of $1.3 million of impaired leases without a related Allowance. (2) Recorded investment equals principal balance less partial charge-offs and interest payments on non-performing loans that have been applied to principal. Impaired Loans As of and for the Nine Months Ended Recorded Investment (2) Contractual Related Average Interest Income Cash-Basis (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 1,318 $ 1,318 $ 167 $ 1,310 $ 35 $ — Residential mortgage 1,936 1,936 259 1,950 58 — Consumer 56 56 35 36 1 — Total $ 3,310 $ 3,310 $ 461 $ 3,296 $ 94 $ — Impaired loans without related allowance (1) : Commercial mortgage $ 7,819 $ 10,111 $ — $ 9,351 $ 115 $ — Home equity lines and loans 1,034 1,035 — 1,035 34 — Residential mortgage 1,184 1,184 — 1,164 43 — Commercial and industrial 4,529 4,804 — 4,653 198 — Consumer 43 46 46 — — Total $ 14,609 $ 17,180 $ — $ 16,249 $ 390 $ — Grand total $ 17,919 $ 20,490 $ 461 $ 19,545 $ 484 $ — (1) The table above does not include the recorded investment of $1.3 million of impaired leases without a related Allowance. (2) Recorded investment equals principal balance less partial charge-offs and interest payments on non-performing loans that have been applied to principal. Impaired Loans As of and for the Three Months Ended Recorded Investment (2) Contractual Related Average Interest Income Cash-Basis (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 567 $ 567 $ 19 $ 569 $ 6 $ — Residential mortgage 1,699 1,699 228 1,702 20 — Commercial and industrial 25 25 12 25 — — Consumer 58 58 19 58 — — Total $ 2,349 $ 2,349 $ 278 $ 2,354 $ 26 $ — Impaired loans without related allowance (1) : Commercial mortgage $ 735 $ 793 $ — $ 930 $ — $ — Home equity lines and loans 2,035 2,096 — 2,064 2 — Residential mortgage 4,242 4,328 — 4,299 24 — Construction 291 291 — 294 — Commercial and industrial 1,733 2,665 — 2,138 5 — Consumer $ 86 $ 86 $ — $ 87 $ — Total $ 9,122 $ 10,259 $ — $ 9,812 $ 31 $ — Grand total $ 11,471 $ 12,608 $ 278 $ 12,166 $ 57 $ — (1) The table above does not include the recorded investment of $1.4 million of impaired leases without a related Allowance. (2) Recorded investment equals principal balance less partial charge-offs and interest payments on non-performing loans that have been applied to principal. Impaired Loans As of and for the Nine Months Ended Recorded Investment (2) Contractual Related Average Interest Income Cash-Basis (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 567 $ 567 $ 19 $ 572 $ 17 $ — Residential mortgage 1,699 1,699 228 1,709 60 — Commercial and industrial 25 25 12 29 1 — Consumer 58 58 19 58 1 — Total $ 2,349 $ 2,349 $ 278 $ 2,368 $ 79 $ — Impaired loans without related allowance (1) : Commercial mortgage $ 735 $ 793 $ — $ 825 $ 6 $ — Home equity lines and loans 2,035 2,096 — 2,086 10 — Residential mortgage 4,242 4,328 — 4,228 91 — Construction 291 291 — 239 5 — Commercial and industrial 1,733 2,665 — 2,236 56 — Consumer 86 86 — 88 3 — Total $ 9,122 $ 10,259 $ — $ 9,702 $ 171 $ — Grand total $ 11,471 $ 12,608 $ 278 $ 12,070 $ 250 $ — (1) The table above does not include the recorded investment of $1.4 million of impaired leases without a related Allowance. (2) Recorded investment equals principal balance less partial charge-offs and interest payments on non-performing loans that have been applied to principal. Impaired Loans As of Recorded Investment (2) Contractual Related (dollars in thousands) Impaired loans with related allowance: Home equity lines and loans $ 1,280 $ 1,280 $ 162 Residential mortgage 1,966 1,966 272 Consumer 50 50 28 Total $ 3,296 $ 3,296 $ 462 Impaired loans without related allowance (1) : Commercial mortgage $ 7,007 $ 7,264 $ — Home equity lines and loans 3,718 3,724 — Residential mortgage 4,641 4,728 — Commercial and industrial 2,629 3,803 — Consumer 83 86 Total $ 18,078 $ 19,605 $ — Grand total $ 21,374 $ 22,901 $ 462 (1) The table above does not include the recorded investment of $1.2 million of impaired leases without a related Allowance. (2) Recorded investment equals principal balance less partial charge-offs and interest payments on non-performing loans that have been applied to principal. |
Summary of Loans Acquired | The following tables detail, for acquired loans , the outstanding principal, remaining Loan Mark, and recorded investment, by portfolio segment, as of the dates indicated: Loan Mark on Acquired Loans and Leases September 30, (dollars in thousands) Outstanding Remaining Recorded Commercial mortgage $ 269,465 $ (6,390) $ 263,075 Home equity lines and loans 22,614 (1,986) 20,628 Residential mortgage 69,908 (2,274) 67,634 Commercial and industrial 39,303 (957) 38,346 Consumer 2,539 (88) 2,451 Leases 11,097 (253) 10,844 Total $ 414,926 $ (11,948) $ 402,978 Loan Mark on Acquired Loans and Leases December 31, (dollars in thousands) Outstanding Remaining Recorded Commercial mortgage $ 339,241 $ (9,627) $ 329,614 Home equity lines and loans 28,212 (2,367) 25,845 Residential mortgage 86,111 (2,778) 83,333 Construction 6,780 (294) 6,486 Commercial and industrial 72,948 (2,007) 70,941 Consumer 2,828 (113) 2,715 Leases 23,695 (726) 22,969 Total $ 559,815 $ (17,912) $ 541,903 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Transfers and Servicing [Abstract] | |
Servicing Asset at Amortized Cost | The following table summarizes the Corporation’s activity related to mortgage servicing rights (“MSRs”) for the three and nine months ended September 30, 2019 and 2018: Three Months Ended (dollars in thousands) 2019 2018 Balance, beginning of period $ 4,744 $ 5,511 Additions — — Amortization (183) (206) Recovery 19 23 Balance, end of period $ 4,580 $ 5,328 Fair value $ 4,925 $ 6,586 Residential mortgage loans serviced for others $ 527,869 $ 596,162 Nine Months Ended (dollars in thousands) 2019 2018 Balance, beginning of period $ 5,047 $ 5,861 Additions — 16 Amortization (459) (623) (Impairment) / Recovery (8) 74 Balance, end of period $ 4,580 $ 5,328 |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | As of September 30, 2019, and December 31, 2018, key economic assumptions and the sensitivity of the current fair value of MSRs to immediate 10% and 20% adverse changes in those assumptions are as follows: (dollars in thousands) September 30, December 31, Fair value amount of MSRs $ 4,925 $ 6,277 Weighted average life (in years) 5.9 6.7 Prepayment speeds (constant prepayment rate) (1) 10.6 % 9.1 % Impact on fair value: 10% adverse change $ (159) $ (124) 20% adverse change (317) (257) Discount rate 9.55 % 9.55 % Impact on fair value: 10% adverse change $ (165) $ (234) 20% adverse change (320) (451) (1) Represents the weighted average prepayment rate for the life of the MSR asset. |
Goodwill and Intangibles Asse_2
Goodwill and Intangibles Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table presents activity in the Corporation's goodwill by its reporting units and finite-lived and indefinite-lived intangible assets, other than MSRs, for the nine months ended September 30, 2019: (dollars in thousands) Balance Additions Adjustments Amortization Balance Amortization Goodwill – Wealth $ 20,412 $ — $ — $ — $ 20,412 Indefinite Goodwill – Banking 156,991 — — — 156,991 Indefinite Goodwill – Insurance 6,609 — — — 6,609 Indefinite Total Goodwill 184,012 — — — 184,012 Core deposit intangible 5,906 — — (982) 4,924 10 years Customer relationships 13,607 18 — (1,350) 12,275 5 to 20 years Non-compete agreements 1,101 — — (142) 959 5 to 10 years Trade name 2,149 — — (374) 1,775 3 to 5 years Domain name 151 — — — 151 Indefinite Favorable lease assets 541 — (541) — — Total Intangible Assets 23,455 18 (541) (2,848) 20,084 Total Goodwill and Intangible Assets $ 207,467 $ 18 $ (541) $ (2,848) $ 204,096 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Deposits [Abstract] | |
Summary of Deposits | The following table details the components of deposits: September 30, December 31, (dollars in thousands) Interest-bearing demand $ 778,809 $ 664,749 Money market 983,170 862,644 Savings 248,539 247,081 Retail time deposits 467,346 542,702 Wholesale non-maturity deposits 274,121 55,031 Wholesale time deposits 42,094 325,261 Total interest-bearing deposits 2,794,079 2,697,468 Noninterest-bearing deposits 904,409 901,619 Total deposits $ 3,698,488 $ 3,599,087 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term FHLB Advances (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Long-term Federal Home Loan Bank Advances [Abstract] | |
Schedule of Short-term Debt | A summary of short-term borrowings is as follows: (dollars in thousands) September 30, December 31, Repurchase agreements (1) – commercial customers $ 19,511 $ 22,717 Short-term FHLB advances 183,960 229,650 Total short-term borrowings $ 203,471 $ 252,367 (1) Overnight repurchase agreements with no expiration date |
Schedule of Additional Information on Short Term Borrowings | The following table sets forth information concerning short-term borrowings: Three Months Ended Nine Months Ended (dollars in thousands) 2019 2018 2019 2018 Balance at period-end $ 203,471 $ 226,498 $ 203,471 $ 226,498 Maximum amount outstanding at any month end 262,699 302,932 262,699 302,932 Average balance outstanding during the period 169,985 218,551 132,100 205,046 Weighted-average interest rate: As of the period-end 1.98 % 2.18 % 1.98 % 2.18 % Paid during the period 2.19 % 2.09 % 2.26 % 1.85 % |
Schedule of Maturities of Long-term Debt | The following table presents the remaining periods until maturity of long-term FHLB advances: (dollars in thousands) September 30, December 31, Within one year $ 24,863 $ 28,105 Over one year through five years 19,872 27,269 Total $ 44,735 $ 55,374 |
Schedule of Federal Home Loan Bank Advances and Other Borrowings Maturities | The following table presents rate and maturity information on FHLB advances and other borrowings: Maturity Range (1) Weighted Average Rate (1) Coupon Rate (1) Balance at Description From To From To September 30, December 31, Bullet maturity – fixed rate 11/20/2019 8/24/2021 1.78 % 1.40 % 2.13 % $ 44,735 $ 55,374 (1) Maturity range, weighted average rate and coupon rate range refers to September 30, 2019 balances. |
Subordinated Notes (Tables)
Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Subordinated Debt [Abstract] | |
Schedule of Long-term Debt Instruments | The following tables detail the subordinated notes, including debt issuance costs, as of September 30, 2019, and December 31, 2018: September 30, December 31, (dollars in thousands) Balance Rate (1)(2) Balance Rate (1)(2) Subordinated notes – due 2027 $ 68,978 4.25 % $ 68,885 4.25 % Subordinated notes – due 2025 29,682 4.75 29,641 4.75 Total subordinated notes $ 98,660 $ 98,526 (1) The 2027 Notes bear interest at an annual fixed rate of 4.25% from the date of issuance until and including December 14, 2022, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 2.050% until December 15, 2027, or any early redemption date. (2) The 2025 Notes bear interest at an annual fixed rate of 4.75% from the date of issuance until and including August 14, 2020, and will thereafter bear interest at a variable rate that will reset quarterly to a level equal to the then-current three-month LIBOR rate plus 3.068% until August 15, 2025, or any early redemption date. |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Components of Lease Cost | The components of lease expense were as follows: Three Months Ended Nine Months Ended (dollars in thousands) Operating lease expense $ 1,331 $ 3,994 Short term lease expense 15 44 Variable lease expense 297 1,107 Sublease income (7) (23) Total lease expense $ 1,636 $ 5,122 Supplemental cash flow information related to leases was as follows: Nine Months Ended (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,865 ROU assets obtained in exchange for lease liabilities 44,944 |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities under FASB ASC 842 “Leases” as of September 30, 2019 are as follows: September 30, (dollars in thousands) 2019 $ 1,309 2020 4,707 2021 4,484 2022 4,209 2023 4,061 2024 and thereafter 41,862 Total lease payments 60,632 Less: imputed interest 14,126 Present value of operating lease liabilities $ 46,506 |
Lessee, Operating Lease, Disclosure | Future minimum cash rent commitments from various operating leases under FASB ASC 840 “Leases” as of December 31, 2018 are as follows: (dollars in thousands) December 31, 2019 $ 5,211 2020 4,700 2021 4,478 2022 4,203 2023 4,051 2024 and thereafter 41,845 Total $ 64,488 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables detail the derivative instruments as of September 30, 2019 and December 31, 2018: Asset Derivatives Liability Derivatives (dollars in thousands) Notional Fair Notional Fair Derivatives not designated as hedging instruments As of September 30, 2019: Customer derivatives – interest rate swaps $ 598,381 $ 62,571 $ 598,381 $ 62,140 FX forwards 39 — 39 — RPAs sold — — 5,088 30 RPAs purchased 28,648 151 — — Total derivatives $ 627,068 $ 62,722 $ 603,508 $ 62,170 As of December 31, 2018: Customer derivatives – interest rate swaps $ 369,623 $ 12,550 $ 369,623 $ 12,549 RPAs sold — — 854 2 RPAs purchased 35,305 71 — — Total derivatives $ 404,928 $ 12,621 $ 370,477 $ 12,551 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table details the components of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018: (dollars in thousands) Net Change in Net Change in Accumulated Other Comprehensive Income (Loss) Balance, June 30, 2019 $ 2,952 $ (1,252) $ 1,700 Other comprehensive income 983 15 998 Balance, September 30, 2019 $ 3,935 $ (1,237) $ 2,698 Balance, June 30, 2018 $ (9,669) $ (1,522) $ (11,191) Other comprehensive (loss) income (2,319) 108 (2,211) Balance, September 30, 2018 $ (11,988) $ (1,414) $ (13,402) (dollars in thousands) Net Change in Net Change in Accumulated Balance, December 31, 2018 $ (6,229) $ (1,284) $ (7,513) Other comprehensive income 10,164 47 10,211 Balance, September 30, 2019 $ 3,935 $ (1,237) $ 2,698 Balance, December 31, 2017 $ (2,861) $ (1,553) $ (4,414) Other comprehensive (loss) income (9,127) 139 (8,988) Balance, September 30, 2018 $ (11,988) $ (1,414) $ (13,402) |
Reclassification out of Accumulated Other Comprehensive Income | The following table details the amounts reclassified from each component of accumulated other comprehensive income (loss) to each component’s applicable income statement line, for the three and nine months ended September 30, 2019 and 2018: Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Description of Accumulated Other Three Months Ended Affected Income Statement Category 2019 2018 Unfunded pension liability: Amortization of net loss included in net periodic pension costs (1) $ 10 $ 25 Other operating expenses Income tax effect (2) (5) Income tax expense Net of income tax $ 8 $ 20 Net income Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Description of Accumulated Other Nine Months Ended Affected Income Statement Category 2019 2018 Net unrealized gain on investment securities available for sale: Realization of gain on sale of investment securities available for sale $ — $ (7) Net gain on sale of available for sale investment securities Realization of gain on transfer of investment securities available for sale to trading — (417) Other operating income Total — (424) Income tax effect — 89 Income tax expense Net of income tax $ — $ (335) Net income Unfunded pension liability: Amortization of net loss included in net periodic pension costs (1) $ 34 $ 75 Other operating expenses Income tax effect (7) (15) Income tax expense Net of income tax $ 27 $ 60 Net income (1) Accumulated other comprehensive income (loss) components are included in the computation of net periodic pension cost. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended Nine Months Ended (dollars in thousands except share and per share data) 2019 2018 2019 2018 Numerator: Net income available to common shareholders $ 16,360 $ 16,682 $ 42,822 $ 46,656 Denominator for basic earnings per share – weighted average shares outstanding 20,132,117 20,270,706 20,148,289 20,237,757 Effect of dilutive common shares 76,513 167,670 88,042 206,318 Denominator for diluted earnings per share – adjusted weighted average shares outstanding 20,208,630 20,438,376 20,236,331 20,444,075 Basic earnings per share $ 0.81 $ 0.82 $ 2.13 $ 2.31 Diluted earnings per share 0.81 0.82 2.12 2.28 Antidilutive shares excluded from computation of average dilutive earnings per share 769 22,232 1,840 48,807 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents the Corporation’s noninterest income by revenue stream and reportable segment for the three and nine months ended September 30, 2019 and 2018. Items outside the scope of ASC 606 are noted as such. Three Months Ended Three Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Fees for wealth management services $ — $ 10,826 $ 10,826 $ — $ 10,343 $ 10,343 Insurance commissions — 1,842 1,842 — 1,754 1,754 Capital markets revenue (1) 2,113 — 2,113 710 — 710 Service charges on deposit accounts 856 — 856 726 — 726 Loan servicing and other fees (1) 555 — 555 559 — 559 Net gain on sale of loans (1) 674 — 674 631 — 631 Net (loss) gain on sale of OREO (12) — (12) 5 — 5 Dividends on FHLB and FRB stock (1) 346 — 346 375 — 375 Other operating income (2) 2,219 36 2,255 3,123 48 3,171 Total noninterest income $ 6,751 $ 12,704 $ 19,455 $ 6,129 $ 12,145 $ 18,274 (1) Not within the scope of ASC 606. (2) Other operating income includes Visa debit card income, safe deposit box rentals, and rent income totaling $588 thousand and $595 thousand for the three months ended September 30, 2019 and 2018, respectively, which are within the scope of ASC 606. Nine Months Ended Nine Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Fees for wealth management services $ — $ 32,728 $ 32,728 $ — $ 31,309 $ 31,309 Insurance commissions — 5,211 5,211 — 5,349 5,349 Capital markets revenue (1) 5,821 — 5,821 3,481 — 3,481 Service charges on deposit accounts 2,516 — 2,516 2,191 — 2,191 Loan servicing and other fees (1) 1,717 — 1,717 1,720 — 1,720 Net gain on sale of loans (1) 1,745 — 1,745 1,677 — 1,677 Net gain on sale of investment securities available for sale (1) — — — 7 — 7 Net (loss) gain on sale of OREO (36) — (36) 292 — 292 Dividends on FHLB and FRB stock (1) 1,073 — 1,073 1,316 — 1,316 Other operating income (2) 8,071 83 8,154 10,393 150 10,543 Total noninterest income $ 20,907 $ 38,022 $ 58,929 $ 21,077 $ 36,808 $ 57,885 (1) Not within the scope of ASC 606. (2) Other operating income includes Visa debit card income, safe deposit box rentals, and rent income totaling $1.6 million and $1.7 million for the nine months ended September 30, 2019 and 2018, respectively, which are within the scope of ASC 606. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation, Stock Options, Activity | The following table provides information about options outstanding for the three and nine months ended September 30, 2019: Shares Weighted Weighted Options outstanding, June 30, 2019 16,526 $ 18.33 $ 5.09 Forfeited — — — Expired — — — Exercised (15,625) 18.27 4.42 Options outstanding, September 30, 2019 901 19.33 16.78 Shares Weighted Weighted Options outstanding, December 31, 2018 50,601 $ 18.28 $ 4.68 Forfeited — — — Expired — — — Exercised (49,700) 18.26 4.46 Options outstanding, September 30, 2019 901 19.33 16.78 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | Proceeds, related tax benefits realized from options exercised and intrinsic value of options exercised were as follows for the periods presented: Three Months Ended Nine Months Ended (dollars in thousands) 2019 2018 2019 2018 Proceeds from exercise of stock options $ 285 $ 349 $ 907 $ 1,456 Related tax benefit recognized 57 81 212 312 Net proceeds of options exercised $ 342 $ 430 $ 1,119 $ 1,768 Intrinsic value of options exercised $ 272 $ 386 $ 1,010 $ 1,484 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | The following table provides information about options outstanding and exercisable at September 30, 2019: (dollars in thousands, except share data and exercise price) Outstanding Exercisable Number of shares 901 901 Weighted average exercise price $ 19.33 $ 19.33 Aggregate intrinsic value $ 314 $ 314 Weighted average remaining contractual term in years 2.8 2.8 |
Schedule of Nonvested Restricted Stock Units Activity | The following table details the RSUs for the three and nine months ended September 30, 2019: Three Months Ended Nine Months Ended Number of Shares Weighted Number of Shares Weighted Beginning balance 135,491 $ 38.27 76,746 $ 39.71 Granted 3,098 35.42 70,406 36.30 Vested (16,095) 34.06 (19,229) 33.41 Forfeited (298) 36.19 (5,727) 39.38 Ending balance 122,196 38.75 122,196 38.75 |
Schedule of Nonvested Performance-based Units Activity | The following table details the PSUs for the three and nine months ended September 30, 2019: Three Months Ended Nine Months Ended Number of Shares Weighted Number of Shares Weighted Beginning balance 179,893 $ 35.72 121,656 $ 36.82 Granted 444 31.96 69,553 34.27 Added by performance 3,688 30.45 3,688 30.45 Vested (1) (31,507) 29.38 (31,507) 29.38 Forfeited (14,072) 27.13 (24,944) 32.31 Ending balance 138,446 37.88 138,446 37.88 (1) Includes an aggregate of 41 shares paid in cash in lieu of fractional shares. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value, Measurements, Recurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following tables present the Corporation’s assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018: As of September 30, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 Investment securities available for sale: U.S. Treasury securities $ 101 $ 101 $ — $ — Obligations of U.S. government & agencies 172,753 — 172,753 — Obligations of state & political subdivisions 6,327 — 6,327 — Mortgage-backed securities 388,891 — 388,891 — Collateralized mortgage obligations 35,459 — 35,459 — Other investment securities 650 — 650 — Total investment securities available for sale 604,181 101 604,080 — Investment securities trading: Mutual funds 8,324 8,324 — — Derivatives: Interest rate swaps 62,571 — 62,571 — RPAs purchased 151 — 151 — FX forwards — — — — Total derivatives 62,722 — 62,722 — Total recurring fair value measurements $ 675,227 $ 8,425 $ 666,802 $ — As of December 31, 2018 (dollars in thousands) Total Level 1 Level 2 Level 3 Investment securities available for sale: U.S. Treasury securities $ 200,013 $ 200,013 $ — $ — Obligations of U.S. government & agencies 195,855 — 195,855 — Obligations of state & political subdivisions 11,332 — 11,332 — Mortgage-backed securities 289,890 — 289,890 — Collateralized mortgage obligations 39,252 — 39,252 — Other investment securities 1,100 — 1,100 — Total investment securities available for sale 737,442 200,013 537,429 — Investment securities trading: Mutual funds 7,502 7,502 — — Derivatives: Interest rate swaps 12,550 — 12,550 — RPAs purchased 71 — 71 — Total derivatives 12,621 — 12,621 — Total recurring fair value measurements $ 757,565 $ 207,515 $ 550,050 $ — |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis | The following tables present the Corporation’s assets measured at fair value on a non-recurring basis as of September 30, 2019 and December 31, 2018: As of September 30, 2019 (dollars in thousands) Total Level 1 Level 2 Level 3 MSRs $ 4,925 $ — $ — $ 4,925 Impaired loans and leases 18,726 — — 18,726 OREO 72 — — 72 Total non-recurring fair value measurements $ 23,723 $ — $ — $ 23,723 As of December 31, 2018 (dollars in thousands) Total Level 1 Level 2 Level 3 MSRs $ 6,277 $ — $ — $ 6,277 Impaired loans and leases 22,112 — — 22,112 OREO 417 — — 417 Total non-recurring fair value measurements $ 28,806 $ — $ — $ 28,806 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value by Balance Sheet Grouping | The carrying amount and fair value of the Corporation’s financial instruments are as follows: September 30, December 31, (dollars in thousands) Fair Value Hierarchy Level (1) Carrying Fair Value Carrying Fair Value Financial assets: Cash and cash equivalents Level 1 $ 94,740 $ 94,740 $ 48,456 $ 48,456 Investment securities - available for sale See Note 20 604,181 604,181 737,442 737,442 Investment securities - trading See Note 20 8,324 8,324 7,502 7,502 Investment securities – held to maturity Level 2 12,947 13,015 8,684 8,438 Loans held for sale Level 2 5,767 5,767 1,749 1,749 Net portfolio loans and leases Level 3 3,519,970 3,491,456 3,407,728 3,414,921 MSRs Level 3 4,580 4,925 5,047 6,277 Interest rate swaps Level 2 62,571 62,571 12,550 12,550 FX forwards Level 2 — — — — RPAs purchased Level 2 151 151 71 71 Other assets Level 3 45,576 45,576 43,641 43,641 Total financial assets $ 4,358,807 $ 4,330,706 $ 4,272,870 $ 4,281,047 Financial liabilities: Deposits Level 2 $ 3,698,488 $ 3,698,300 $ 3,599,087 $ 3,594,123 Short-term borrowings Level 2 203,471 203,471 252,367 252,367 Long-term FHLB advances Level 2 44,735 44,831 55,374 54,803 Subordinated notes Level 2 98,660 97,387 98,526 100,120 Junior subordinated debentures Level 2 21,709 25,681 21,580 31,176 Interest rate swaps Level 2 62,140 62,140 12,549 12,549 FX forwards Level 2 — — — — RPAs sold Level 2 30 30 2 2 Other liabilities Level 3 51,965 51,965 60,847 60,847 Total financial liabilities $ 4,181,198 $ 4,183,805 $ 4,100,332 $ 4,105,987 (1) See Note 20 in the Notes to Unaudited Consolidated Financial Statements above for a description of hierarchy levels. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables detail the Corporation’s segments for the three and nine months ended September 30, 2019 and 2018: Three Months Ended Three Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Net interest income $ 37,397 $ 1 $ 37,398 $ 36,726 $ 3 $ 36,729 Provision for loan and lease losses 919 — 919 664 — 664 Net interest income after loan loss provision 36,478 1 36,479 36,062 3 36,065 Noninterest income: Fees for wealth management services — 10,826 10,826 — 10,343 10,343 Insurance commissions — 1,842 1,842 — 1,754 1,754 Capital markets revenue 2,113 — 2,113 710 — 710 Service charges on deposit accounts 856 — 856 726 — 726 Loan servicing and other fees 555 — 555 559 — 559 Net gain on sale of loans 674 — 674 631 — 631 Net (loss) gain on sale of OREO (12) — (12) 5 — 5 Other operating income 2,565 36 2,601 3,498 48 3,546 Total noninterest income 6,751 12,704 19,455 6,129 12,145 18,274 Noninterest expenses: Salaries & wages 12,674 5,091 17,765 11,737 4,791 16,528 Employee benefits 2,343 945 3,288 2,394 962 3,356 Occupancy and bank premises 2,502 506 3,008 2,224 493 2,717 Amortization of intangible assets 327 627 954 386 505 891 Professional fees 902 142 1,044 889 108 997 Other operating expenses 7,643 1,471 9,114 7,770 1,333 9,103 Total noninterest expenses 26,391 8,782 35,173 25,400 8,192 33,592 Segment profit 16,838 3,923 20,761 16,791 3,956 20,747 Intersegment (revenues) expenses (1) (124) 124 — (186) 186 — Pre-tax segment profit after eliminations $ 16,714 $ 4,047 $ 20,761 $ 16,605 $ 4,142 $ 20,747 % of segment pre-tax profit after eliminations 80.5 % 19.5 % 100.0 % 80.0 % 20.0 % 100.0 % Segment assets (dollars in millions) $ 4,771.9 $ 56.7 $ 4,828.6 $ 4,335.8 $ 52.6 $ 4,388.4 Nine Months Ended Nine Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Net interest income $ 111,652 $ 4 $ 111,656 $ 111,479 $ 5 $ 111,484 Provision for loan and lease losses 6,282 — 6,282 4,831 — 4,831 Net interest income after loan loss provision 105,370 4 105,374 106,648 5 106,653 Noninterest income: Fees for wealth management services — 32,728 32,728 — 31,309 31,309 Insurance commissions — 5,211 5,211 — 5,349 5,349 Capital markets revenue 5,821 — 5,821 3,481 — 3,481 Service charges on deposit accounts 2,516 — 2,516 2,191 — 2,191 Loan servicing and other fees 1,717 — 1,717 1,720 — 1,720 Net gain on sale of loans 1,745 — 1,745 1,677 — 1,677 Net gain on sale of investment securities available for sale — — — 7 — 7 Net (loss) gain on sale of OREO (36) — (36) 292 — 292 Other operating income 9,144 83 9,227 11,709 150 11,859 Total noninterest income 20,907 38,022 58,929 21,077 36,808 57,885 Noninterest expenses: Salaries & wages 40,744 14,960 55,704 34,077 14,673 48,750 Employee benefits 7,853 2,918 10,771 6,992 2,949 9,941 Occupancy and bank premises 7,842 1,543 9,385 7,035 1,429 8,464 Amortization of intangible assets 982 1,866 2,848 1,169 1,490 2,659 Professional fees 3,286 394 3,680 2,497 180 2,677 Other operating expenses 22,895 4,802 27,697 29,076 3,891 32,967 Total noninterest expenses 83,602 26,483 110,085 80,846 24,612 105,458 Segment profit 42,675 11,543 54,218 46,879 12,201 59,080 Intersegment (revenues) expenses* (372) 372 — (485) 485 — Pre-tax segment profit after eliminations $ 42,303 $ 11,915 $ 54,218 $ 46,394 $ 12,686 $ 59,080 % of segment pre-tax profit after eliminations 78.0 % 22.0 % 100.0 % 78.5 % 21.5 % 100.0 % Segment assets (dollars in millions) $ 4,771.9 $ 56.7 $ 4,828.6 $ 4,335.8 $ 52.6 $ 4,388.4 (1) Inter-segment revenues consist of rental payments, interest on deposits and management fees. Wealth Management Segment Information (dollars in millions) September 30, December 31, Assets under management, administration, supervision and brokerage $ 15,609.8 $ 13,429.5 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2019trust | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of trusts acquired | 2 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 46,506 | |
Operating lease right-of-use assets | $ 42,200 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease liabilities | $ 49,100 | |
Operating lease right-of-use assets | 49,100 | |
Favorable lease assets | 541 | |
Unfavorable lease liabilities | 2,200 | |
Deferred rent | $ 2,500 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) | May 01, 2018USD ($)payment | Dec. 15, 2017USD ($)shares | Sep. 30, 2018USD ($) |
Domenick | |||
Business Acquisition [Line Items] | |||
Consideration paid | $ 1,456,000 | ||
Cash paid at closing | $ 750,000 | $ 225,000 | |
Number of contingent cash payments | payment | 2 | ||
Maximum contingent payment per period | $ 250,000 | ||
RBPI | |||
Business Acquisition [Line Items] | |||
Consideration paid | $ 138,740,000 | ||
Shares issued (in shares) | shares | 3,101,316 | ||
Cash in lieu of fractional shares | $ 7,000 | ||
Cash-out of certain options | $ 112,000 | ||
Warrants converted by acquirer (in shares) | shares | 1,368,040 | ||
Fair value of warrants assumed | $ 1,853,000 | ||
Number of securities called by warrants (in shares) | shares | 140,224 | ||
Goodwill, expected tax deductible amount | $ 0 | ||
RBPI | Common Class A | |||
Business Acquisition [Line Items] | |||
Conversion ratio of shares in acquirer | 0.1025 | ||
RBPI | Common Class B | |||
Business Acquisition [Line Items] | |||
Conversion ratio of shares in acquirer | 0.1179 |
Business Combinations - Schedul
Business Combinations - Schedules of Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | May 01, 2018 | Dec. 15, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 |
Liabilities assumed: | |||||
Goodwill | $ 184,012 | $ 184,012 | |||
Domenick | |||||
Consideration paid: | |||||
Cash paid at closing | $ 750 | $ 225 | |||
Contingent payment liability (present value) | 706 | ||||
Value of consideration | 1,456 | ||||
Assets acquired: | |||||
Cash and due from banks | 370 | ||||
Premises and equipment | 1 | ||||
Other assets | 316 | ||||
Total assets | 1,466 | ||||
Liabilities assumed: | |||||
Accounts payable | 657 | ||||
Other liabilities | 30 | ||||
Total liabilities | 687 | ||||
Net assets acquired | 779 | ||||
Goodwill | 677 | ||||
Domenick | Customer Relationships | |||||
Assets acquired: | |||||
Intangible assets | $ 779 | ||||
RBPI | |||||
Consideration paid: | |||||
Common shares issued (3,101,316) | $ 136,768 | ||||
Cash in lieu of fractional shares | 7 | ||||
Cash-out of certain options | 112 | ||||
Fair value of warrants assumed | 1,853 | ||||
Value of consideration | $ 138,740 | ||||
Shares issued (in shares) | 3,101,316 | ||||
Assets acquired: | |||||
Cash and due from banks | $ 17,092 | ||||
Premises and equipment | 8,264 | ||||
Other assets | 13,611 | ||||
Investment securities available for sale | 121,587 | ||||
Loans | 566,228 | ||||
Deferred income taxes | 34,823 | ||||
Bank-owned life insurance | 16,550 | ||||
Total assets | 783,391 | ||||
Liabilities assumed: | |||||
Other liabilities | 31,381 | ||||
Deposits | 593,172 | ||||
FHLB and other long-term borrowings | 59,568 | ||||
Short-term borrowings | 15,000 | ||||
Junior subordinated debentures | 21,416 | ||||
Unfavorable lease liability | 322 | ||||
Total liabilities | 720,859 | ||||
Net assets acquired | 62,532 | ||||
Goodwill | 76,208 | ||||
RBPI | Core Deposits | |||||
Assets acquired: | |||||
Intangible assets | 4,670 | ||||
RBPI | Off-Market Favorable Lease | |||||
Assets acquired: | |||||
Intangible assets | $ 566 |
Business Combinations - Due Dil
Business Combinations - Due Diligence, Merger-related and Merger Integration Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Business Combinations [Abstract] | ||||
Advertising | $ 0 | $ 0 | $ 0 | $ 61 |
Employee benefits | 0 | 0 | 0 | 271 |
Occupancy and bank premises | 0 | 0 | 0 | 2,145 |
Furniture, fixtures, and equipment | 0 | 0 | 0 | 365 |
Data processing | 0 | 167 | 0 | 421 |
Professional fees | 0 | 193 | 0 | 1,450 |
Salaries and wages | 0 | 29 | 0 | 852 |
Other | 0 | 0 | 0 | 2,196 |
Total due diligence, merger-related and merger integration expenses | $ 0 | $ 389 | $ 0 | $ 7,761 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 599,199 | $ 745,328 |
Gross Unrealized Gains | 5,650 | 805 |
Gross Unrealized Losses | (668) | (8,691) |
Fair Value | 604,181 | 737,442 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 100 | 200,026 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 0 | (13) |
Fair Value | 101 | 200,013 |
Obligations of the U.S. government and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 172,565 | 198,604 |
Gross Unrealized Gains | 449 | 107 |
Gross Unrealized Losses | (261) | (2,856) |
Fair Value | 172,753 | 195,855 |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,319 | 11,372 |
Gross Unrealized Gains | 9 | 3 |
Gross Unrealized Losses | (1) | (43) |
Fair Value | 6,327 | 11,332 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 384,286 | 294,076 |
Gross Unrealized Gains | 4,913 | 554 |
Gross Unrealized Losses | (308) | (4,740) |
Fair Value | 388,891 | 289,890 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 35,279 | 40,150 |
Gross Unrealized Gains | 278 | 141 |
Gross Unrealized Losses | (98) | (1,039) |
Fair Value | 35,459 | 39,252 |
Other investment securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 650 | 1,100 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 650 | $ 1,100 |
Investment Securities - Securit
Investment Securities - Securities Available for Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value | ||
Securities available for sale, less than 12 months, fair value | $ 104,480 | $ 256,644 |
Securities available for sale, 12 months or longer, fair value | 28,228 | 367,269 |
Securities available for sale, fair value | 132,708 | 623,913 |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (497) | (428) |
Securities available for sale, 12 months or longer, unrealized losses | (171) | (8,263) |
Securities available for sale, unrealized losses | (668) | (8,691) |
Obligations of the U.S. government and agencies | ||
Fair Value | ||
Securities available for sale, less than 12 months, fair value | 42,541 | 12,916 |
Securities available for sale, 12 months or longer, fair value | 9,521 | 140,506 |
Securities available for sale, fair value | 52,062 | 153,422 |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (222) | (62) |
Securities available for sale, 12 months or longer, unrealized losses | (39) | (2,794) |
Securities available for sale, unrealized losses | (261) | (2,856) |
U.S. Treasury securities | ||
Fair Value | ||
Securities available for sale, less than 12 months, fair value | 199,912 | |
Securities available for sale, 12 months or longer, fair value | 0 | |
Securities available for sale, fair value | 199,912 | |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (13) | |
Securities available for sale, 12 months or longer, unrealized losses | 0 | |
Securities available for sale, unrealized losses | (13) | |
Obligations of state and political subdivisions | ||
Fair Value | ||
Securities available for sale, less than 12 months, fair value | 963 | 0 |
Securities available for sale, 12 months or longer, fair value | 0 | 3,989 |
Securities available for sale, fair value | 963 | 3,989 |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (1) | 0 |
Securities available for sale, 12 months or longer, unrealized losses | 0 | (43) |
Securities available for sale, unrealized losses | (1) | (43) |
Mortgage-backed securities | ||
Fair Value | ||
Securities available for sale, less than 12 months, fair value | 56,351 | 43,276 |
Securities available for sale, 12 months or longer, fair value | 7,048 | 195,697 |
Securities available for sale, fair value | 63,399 | 238,973 |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (260) | (352) |
Securities available for sale, 12 months or longer, unrealized losses | (48) | (4,388) |
Securities available for sale, unrealized losses | (308) | (4,740) |
Collateralized mortgage obligations | ||
Fair Value | ||
Securities available for sale, less than 12 months, fair value | 4,625 | 540 |
Securities available for sale, 12 months or longer, fair value | 11,659 | 27,077 |
Securities available for sale, fair value | 16,284 | 27,617 |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (14) | (1) |
Securities available for sale, 12 months or longer, unrealized losses | (84) | (1,038) |
Securities available for sale, unrealized losses | $ (98) | $ (1,039) |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Securities pledged as collateral | $ 123,500 | $ 123,500 |
Investment securities held in trading accounts | $ 8,324 | $ 7,502 |
Investment Securities - Secur_2
Investment Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Available for sale securities, due in one year or less, amortized cost | $ 4,841 | $ 209,129 |
Available for sale securities, due after one year through five years, amortized cost | 106,622 | 180,657 |
Available for sale securities, due after five years through ten years, amortized cost | 56,598 | 7,258 |
Available for sale securities, due after ten years, amortized cost | 11,573 | 14,058 |
Available for sale securities, subtotal, amortized cost | 179,634 | 411,102 |
Amortized Cost | 599,199 | 745,328 |
Fair Value | ||
Available for sale securities, due in one year or less, fair value | 4,845 | 209,099 |
Available for sale securities, due after one year through five years, fair value | 106,547 | 177,972 |
Available for sale securities, due after five years through ten years, fair value | 56,660 | 7,268 |
Available for sale securities, due after ten years, fair value | 11,779 | 13,961 |
Available for sale securities, subtotal, fair value | 179,831 | 408,300 |
Fair Value | 604,181 | 737,442 |
Mortgage-related securities | ||
Amortized Cost | ||
Available for sale securities, no stated maturity, amortized cost | 419,565 | 334,226 |
Amortized Cost | 384,286 | 294,076 |
Fair Value | ||
Available for sale securities, no stated maturity, fair value | 424,350 | 329,142 |
Fair Value | $ 388,891 | $ 289,890 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Fair Value of Securities Held to Maturity (Details) - Mortgage-backed securities - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity securities, amortized cost | $ 12,947 | $ 8,684 |
Held to maturity securities, gross unrealized gains | 82 | 0 |
Held to maturity securities, gross unrealized losses | (14) | (246) |
Held to maturity securities, fair value | $ 13,015 | $ 8,438 |
Investment Securities - Secur_3
Investment Securities - Securities Held to Maturity in an Unrealized Loss Position (Details) - Mortgage-backed securities - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value | ||
Held to maturity securities, less than 12 months, fair value | $ 5,562 | $ 1,315 |
Held to maturity securities, 12 months or longer, fair value | 0 | 7,123 |
Held to maturity securities, fair value | 5,562 | 8,438 |
Unrealized Losses | ||
Held to maturity securities, less than 12 months, unrealized losses | (14) | (4) |
Held to maturity securities, 12 months or longer, unrealized losses | 0 | (242) |
Held to maturity securities, unrealized losses | $ (14) | $ (246) |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Fair Value of Held to Maturity Securities (Details) - Mortgage-backed securities - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 12,947 | $ 8,684 |
Fair Value | $ 13,015 | $ 8,438 |
Loans and Leases - Portfolio Lo
Loans and Leases - Portfolio Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for sale | $ 5,767 | $ 1,749 |
Portfolio loans and leases | 3,540,747 | 3,427,154 |
Total loans and leases | 3,546,514 | 3,428,903 |
Loans with fixed rates | 1,507,570 | 1,527,674 |
Loans with adjustable or floating rates | 2,038,944 | 1,901,229 |
Total loans and leases | 3,546,514 | 3,428,903 |
Net deferred loan origination fees included in the above loan table | (227) | 2,226 |
Commercial mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,762,382 | 1,657,436 |
Home equity loans and lines | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 198,030 | 207,351 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 505,304 | 494,355 |
Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 151,593 | 181,078 |
Real estate loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 2,617,309 | 2,540,220 |
Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 709,808 | 695,584 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 50,481 | 46,814 |
Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 163,149 | 144,536 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for sale | 5,767 | 1,749 |
Portfolio loans and leases | 3,137,769 | 2,885,251 |
Total loans and leases | 3,143,536 | 2,887,000 |
Loans with fixed rates | 1,275,733 | 1,204,070 |
Loans with adjustable or floating rates | 1,867,803 | 1,682,930 |
Total loans and leases | 3,143,536 | 2,887,000 |
Net deferred loan origination fees included in the above loan table | (227) | 2,226 |
Originated | Commercial mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,499,307 | 1,327,822 |
Originated | Home equity loans and lines | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 177,402 | 181,506 |
Originated | Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 437,670 | 411,022 |
Originated | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 151,593 | 174,592 |
Originated | Real estate loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 2,265,972 | 2,094,942 |
Originated | Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 671,462 | 624,643 |
Originated | Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 48,030 | 44,099 |
Originated | Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 152,305 | 121,567 |
Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for sale | 0 | 0 |
Portfolio loans and leases | 402,978 | 541,903 |
Total loans and leases | 402,978 | 541,903 |
Loans with fixed rates | 231,837 | 323,604 |
Loans with adjustable or floating rates | 171,141 | 218,299 |
Total loans and leases | 402,978 | 541,903 |
Net deferred loan origination fees included in the above loan table | 0 | 0 |
Acquired | Commercial mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 263,075 | 329,614 |
Acquired | Home equity loans and lines | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 20,628 | 25,845 |
Acquired | Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 67,634 | 83,333 |
Acquired | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 6,486 |
Acquired | Real estate loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 351,337 | 445,278 |
Acquired | Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 38,346 | 70,941 |
Acquired | Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 2,451 | 2,715 |
Acquired | Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | $ 10,844 | $ 22,969 |
Loans and Leases - Net Investme
Loans and Leases - Net Investments in Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | $ 181,312 | |
Unearned lease income | (24,417) | |
Initial direct costs and deferred fees | 6,254 | |
Total Leases | 163,149 | |
Minimum lease payments receivable | $ 160,685 | |
Unearned lease income | (22,393) | |
Initial direct costs and deferred fees | 6,244 | |
Total Leases | 144,536 | |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | 169,547 | |
Unearned lease income | (23,259) | |
Initial direct costs and deferred fees | 6,017 | |
Total Leases | 152,305 | |
Minimum lease payments receivable | 135,313 | |
Unearned lease income | (19,388) | |
Initial direct costs and deferred fees | 5,642 | |
Total Leases | 121,567 | |
Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | 11,765 | |
Unearned lease income | (1,158) | |
Initial direct costs and deferred fees | 237 | |
Total Leases | $ 10,844 | |
Minimum lease payments receivable | 25,372 | |
Unearned lease income | (3,005) | |
Initial direct costs and deferred fees | 602 | |
Total Leases | $ 22,969 |
Loans and Leases - Non-performi
Loans and Leases - Non-performing Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | $ 14,119 | $ 12,820 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 8,224 | 9,061 |
Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 5,895 | 3,759 |
Commercial mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 7,819 | 2,568 |
Commercial mortgage | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 3,232 | 435 |
Commercial mortgage | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 4,587 | 2,133 |
Home equity loans and lines | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 790 | 3,616 |
Home equity loans and lines | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 790 | 3,590 |
Home equity loans and lines | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 0 | 26 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 301 | 3,452 |
Residential mortgage | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 192 | 2,813 |
Residential mortgage | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 109 | 639 |
Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 4,141 | 2,101 |
Commercial and industrial | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 3,268 | 1,786 |
Commercial and industrial | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 873 | 315 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 75 | 108 |
Consumer | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 32 | 45 |
Consumer | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 43 | 63 |
Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 993 | 975 |
Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | 710 | 392 |
Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans and leases | $ 283 | $ 583 |
Loans and Leases - Purchased Cr
Loans and Leases - Purchased Credit-Impaired Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Outstanding principal balance | $ 9,931 | $ 17,904 |
Carrying amount | $ 7,578 | $ 12,304 |
Loans and Leases - Accretable D
Loans and Leases - Accretable Discount on Purchased Credit-impaired Loans (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Balance | $ 2,697 |
Accretion | (1,138) |
Reclassifications from nonaccretable difference | 1,465 |
Additions/adjustments | 0 |
Disposals | (526) |
Balance | $ 2,498 |
Loans and Leases - Past Due Loa
Loans and Leases - Past Due Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | $ 5,272 | $ 5,465 |
Loans and leases, current | 3,521,356 | 3,408,869 |
Loans and leases, accruing | 3,526,628 | 3,414,334 |
Non-accrual loans and leases | 14,119 | 12,820 |
Total portfolio loans and leases | 3,540,747 | 3,427,154 |
Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 4,161 | 3,872 |
Loans and leases, current | 3,125,384 | 2,872,318 |
Loans and leases, accruing | 3,129,545 | 2,876,190 |
Non-accrual loans and leases | 8,224 | 9,061 |
Total portfolio loans and leases | 3,137,769 | 2,885,251 |
Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,111 | 1,593 |
Loans and leases, current | 395,972 | 536,551 |
Loans and leases, accruing | 397,083 | 538,144 |
Non-accrual loans and leases | 5,895 | 3,759 |
Total portfolio loans and leases | 402,978 | 541,903 |
Administratively Delinquent | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, current | 3,200 | |
Commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,312 | 1,072 |
Loans and leases, current | 1,753,251 | 1,653,796 |
Loans and leases, accruing | 1,754,563 | 1,654,868 |
Non-accrual loans and leases | 7,819 | 2,568 |
Total portfolio loans and leases | 1,762,382 | 1,657,436 |
Commercial mortgage | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,312 | 1,067 |
Loans and leases, current | 1,494,763 | 1,326,320 |
Loans and leases, accruing | 1,496,075 | 1,327,387 |
Non-accrual loans and leases | 3,232 | 435 |
Total portfolio loans and leases | 1,499,307 | 1,327,822 |
Commercial mortgage | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 5 |
Loans and leases, current | 258,488 | 327,476 |
Loans and leases, accruing | 258,488 | 327,481 |
Non-accrual loans and leases | 4,587 | 2,133 |
Total portfolio loans and leases | 263,075 | 329,614 |
Home equity loans and lines | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 452 | 92 |
Loans and leases, current | 196,788 | 203,643 |
Loans and leases, accruing | 197,240 | 203,735 |
Non-accrual loans and leases | 790 | 3,616 |
Total portfolio loans and leases | 198,030 | 207,351 |
Home equity loans and lines | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 275 | 25 |
Loans and leases, current | 176,337 | 177,891 |
Loans and leases, accruing | 176,612 | 177,916 |
Non-accrual loans and leases | 790 | 3,590 |
Total portfolio loans and leases | 177,402 | 181,506 |
Home equity loans and lines | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 177 | 67 |
Loans and leases, current | 20,451 | 25,752 |
Loans and leases, accruing | 20,628 | 25,819 |
Non-accrual loans and leases | 0 | 26 |
Total portfolio loans and leases | 20,628 | 25,845 |
Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,840 | 2,548 |
Loans and leases, current | 503,163 | 488,355 |
Loans and leases, accruing | 505,003 | 490,903 |
Non-accrual loans and leases | 301 | 3,452 |
Total portfolio loans and leases | 505,304 | 494,355 |
Residential mortgage | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,159 | 1,545 |
Loans and leases, current | 436,319 | 406,664 |
Loans and leases, accruing | 437,478 | 408,209 |
Non-accrual loans and leases | 192 | 2,813 |
Total portfolio loans and leases | 437,670 | 411,022 |
Residential mortgage | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 681 | 1,003 |
Loans and leases, current | 66,844 | 81,691 |
Loans and leases, accruing | 67,525 | 82,694 |
Non-accrual loans and leases | 109 | 639 |
Total portfolio loans and leases | 67,634 | 83,333 |
Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Loans and leases, current | 151,593 | 181,078 |
Loans and leases, accruing | 151,593 | 181,078 |
Non-accrual loans and leases | 0 | 0 |
Total portfolio loans and leases | 151,593 | 181,078 |
Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Loans and leases, current | 151,593 | 174,592 |
Loans and leases, accruing | 151,593 | 174,592 |
Non-accrual loans and leases | 0 | 0 |
Total portfolio loans and leases | 151,593 | 174,592 |
Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | |
Loans and leases, current | 6,486 | |
Loans and leases, accruing | 6,486 | |
Non-accrual loans and leases | 0 | |
Total portfolio loans and leases | 0 | 6,486 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 346 | 612 |
Loans and leases, current | 705,321 | 692,871 |
Loans and leases, accruing | 705,667 | 693,483 |
Non-accrual loans and leases | 4,141 | 2,101 |
Total portfolio loans and leases | 709,808 | 695,584 |
Commercial and industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 346 | 612 |
Loans and leases, current | 667,848 | 622,245 |
Loans and leases, accruing | 668,194 | 622,857 |
Non-accrual loans and leases | 3,268 | 1,786 |
Total portfolio loans and leases | 671,462 | 624,643 |
Commercial and industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Loans and leases, current | 37,473 | 70,626 |
Loans and leases, accruing | 37,473 | 70,626 |
Non-accrual loans and leases | 873 | 315 |
Total portfolio loans and leases | 38,346 | 70,941 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 183 | 40 |
Loans and leases, current | 50,223 | 46,666 |
Loans and leases, accruing | 50,406 | 46,706 |
Non-accrual loans and leases | 75 | 108 |
Total portfolio loans and leases | 50,481 | 46,814 |
Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 152 | 40 |
Loans and leases, current | 47,846 | 44,014 |
Loans and leases, accruing | 47,998 | 44,054 |
Non-accrual loans and leases | 32 | 45 |
Total portfolio loans and leases | 48,030 | 44,099 |
Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 31 | 0 |
Loans and leases, current | 2,377 | 2,652 |
Loans and leases, accruing | 2,408 | 2,652 |
Non-accrual loans and leases | 43 | 63 |
Total portfolio loans and leases | 2,451 | 2,715 |
Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,139 | 1,101 |
Loans and leases, current | 161,017 | 142,460 |
Loans and leases, accruing | 162,156 | 143,561 |
Non-accrual loans and leases | 993 | 975 |
Total portfolio loans and leases | 163,149 | 144,536 |
Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 917 | 583 |
Loans and leases, current | 150,678 | 120,592 |
Loans and leases, accruing | 151,595 | 121,175 |
Non-accrual loans and leases | 710 | 392 |
Total portfolio loans and leases | 152,305 | 121,567 |
Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 222 | 518 |
Loans and leases, current | 10,339 | 21,868 |
Loans and leases, accruing | 10,561 | 22,386 |
Non-accrual loans and leases | 283 | 583 |
Total portfolio loans and leases | 10,844 | 22,969 |
30 – 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 2,984 | 4,199 |
30 – 59 Days Past Due | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 2,264 | 3,051 |
30 – 59 Days Past Due | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 720 | 1,148 |
30 – 59 Days Past Due | Commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 445 | 821 |
30 – 59 Days Past Due | Commercial mortgage | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 445 | 816 |
30 – 59 Days Past Due | Commercial mortgage | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 5 |
30 – 59 Days Past Due | Home equity loans and lines | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 452 | 92 |
30 – 59 Days Past Due | Home equity loans and lines | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 275 | 25 |
30 – 59 Days Past Due | Home equity loans and lines | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 177 | 67 |
30 – 59 Days Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,504 | 2,330 |
30 – 59 Days Past Due | Residential mortgage | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,000 | 1,545 |
30 – 59 Days Past Due | Residential mortgage | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 504 | 785 |
30 – 59 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
30 – 59 Days Past Due | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
30 – 59 Days Past Due | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | |
30 – 59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 280 |
30 – 59 Days Past Due | Commercial and industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 280 |
30 – 59 Days Past Due | Commercial and industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
30 – 59 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 97 | 35 |
30 – 59 Days Past Due | Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 97 | 35 |
30 – 59 Days Past Due | Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
30 – 59 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 486 | 641 |
30 – 59 Days Past Due | Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 447 | 350 |
30 – 59 Days Past Due | Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 39 | 291 |
60 – 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 2,288 | 1,266 |
60 – 89 Days Past Due | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 1,897 | 821 |
60 – 89 Days Past Due | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 391 | 445 |
60 – 89 Days Past Due | Commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 867 | 251 |
60 – 89 Days Past Due | Commercial mortgage | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 867 | 251 |
60 – 89 Days Past Due | Commercial mortgage | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
60 – 89 Days Past Due | Home equity loans and lines | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
60 – 89 Days Past Due | Home equity loans and lines | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
60 – 89 Days Past Due | Home equity loans and lines | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
60 – 89 Days Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 336 | 218 |
60 – 89 Days Past Due | Residential mortgage | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 159 | 0 |
60 – 89 Days Past Due | Residential mortgage | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 177 | 218 |
60 – 89 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
60 – 89 Days Past Due | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
60 – 89 Days Past Due | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | |
60 – 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 346 | 332 |
60 – 89 Days Past Due | Commercial and industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 346 | 332 |
60 – 89 Days Past Due | Commercial and industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
60 – 89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 86 | 5 |
60 – 89 Days Past Due | Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 55 | 5 |
60 – 89 Days Past Due | Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 31 | 0 |
60 – 89 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 653 | 460 |
60 – 89 Days Past Due | Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 470 | 233 |
60 – 89 Days Past Due | Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 183 | 227 |
Over 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Commercial mortgage | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Commercial mortgage | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Home equity loans and lines | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Home equity loans and lines | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Home equity loans and lines | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Residential mortgage | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Residential mortgage | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | |
Over 89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Commercial and industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Commercial and industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | 0 | 0 |
Over 89 Days Past Due | Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, past due | $ 0 | 0 |
Originated Loans | Administratively Delinquent | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, current | 2,000 | |
Acquired Loans | Administratively Delinquent | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases, current | $ 1,200 |
Loans and Leases - Allowance fo
Loans and Leases - Allowance for Loan and Leases Losses Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance | $ 21,182 | $ 19,398 | $ 19,426 | $ 17,525 |
Charge-offs | (1,548) | (1,560) | (5,769) | (3,991) |
Recoveries | 224 | 182 | 838 | 319 |
Provision for loan and lease losses | 919 | 664 | 6,282 | 4,831 |
Balance | 20,777 | 18,684 | 20,777 | 18,684 |
Commercial mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance | 8,958 | 8,033 | 7,567 | 7,550 |
Charge-offs | (660) | (58) | (2,047) | (74) |
Recoveries | 4 | 2 | 21 | 8 |
Provision for loan and lease losses | 263 | (433) | 3,024 | 60 |
Balance | 8,565 | 7,544 | 8,565 | 7,544 |
Home equity loans and lines | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance | 1,043 | 933 | 1,003 | 1,086 |
Charge-offs | 0 | 0 | (315) | (225) |
Recoveries | 22 | 0 | 110 | 1 |
Provision for loan and lease losses | (96) | (41) | 171 | 30 |
Balance | 969 | 892 | 969 | 892 |
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance | 1,893 | 1,933 | 1,813 | 1,926 |
Charge-offs | (4) | (42) | (675) | (42) |
Recoveries | 11 | 54 | 14 | 55 |
Provision for loan and lease losses | (54) | (127) | 694 | (121) |
Balance | 1,846 | 1,818 | 1,846 | 1,818 |
Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance | 1,086 | 1,158 | 1,485 | 937 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 1 | 0 | 3 | 1 |
Provision for loan and lease losses | (80) | 83 | (481) | 303 |
Balance | 1,007 | 1,241 | 1,007 | 1,241 |
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance | 5,700 | 5,672 | 5,461 | 5,038 |
Charge-offs | (31) | (319) | (457) | (1,069) |
Recoveries | 23 | 16 | 77 | 17 |
Provision for loan and lease losses | 146 | (64) | 757 | 1,319 |
Balance | 5,838 | 5,305 | 5,838 | 5,305 |
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance | 253 | 289 | 229 | 246 |
Charge-offs | (196) | (73) | (427) | (165) |
Recoveries | 15 | 2 | 33 | 5 |
Provision for loan and lease losses | 184 | 100 | 421 | 232 |
Balance | 256 | 318 | 256 | 318 |
Leases | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance | 2,249 | 1,380 | 1,868 | 742 |
Charge-offs | (657) | (1,068) | (1,848) | (2,416) |
Recoveries | 148 | 108 | 580 | 232 |
Provision for loan and lease losses | 556 | 1,146 | 1,696 | 3,008 |
Balance | $ 2,296 | $ 1,566 | $ 2,296 | $ 1,566 |
Loans and Leases - Allowance _2
Loans and Leases - Allowance for Loan and Lease Losses by Method of Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | $ 502 | $ 462 | ||||
Collectively evaluated for impairment | 20,275 | 18,964 | ||||
Allowance on loans and leases | 20,777 | $ 21,182 | 19,426 | $ 18,684 | $ 19,398 | $ 17,525 |
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 19,188 | 21,377 | ||||
Collectively evaluated for impairment | 3,513,981 | 3,393,473 | ||||
Portfolio loans and leases | 3,540,747 | 3,427,154 | ||||
Purchased credit-impaired | ||||||
Allowance on loans and leases: | ||||||
Allowance on loans and leases | 0 | 0 | ||||
Carrying value of loans and leases: | ||||||
Portfolio loans and leases | 7,578 | 12,304 | ||||
Originated | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 400 | 365 | ||||
Collectively evaluated for impairment | 20,275 | 18,964 | ||||
Allowance on loans and leases | 20,675 | 19,329 | ||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 12,527 | 17,337 | ||||
Collectively evaluated for impairment | 3,125,242 | 2,867,914 | ||||
Portfolio loans and leases | 3,137,769 | 2,885,251 | ||||
Acquired | ||||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 6,661 | 4,040 | ||||
Collectively evaluated for impairment | 388,739 | 525,559 | ||||
Portfolio loans and leases | 402,978 | 541,903 | ||||
Financial Asset Acquired With and Without Credit Deterioration | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 102 | 97 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Allowance on loans and leases | 102 | 97 | ||||
Commercial mortgage | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 8,565 | 7,567 | ||||
Allowance on loans and leases | 8,565 | 8,958 | 7,567 | 7,544 | 8,033 | 7,550 |
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 7,819 | 7,008 | ||||
Collectively evaluated for impairment | 1,747,505 | 1,642,117 | ||||
Portfolio loans and leases | 1,762,382 | 1,657,436 | ||||
Commercial mortgage | Purchased credit-impaired | ||||||
Allowance on loans and leases: | ||||||
Allowance on loans and leases | 0 | 0 | ||||
Carrying value of loans and leases: | ||||||
Portfolio loans and leases | 7,058 | 8,311 | ||||
Commercial mortgage | Originated | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 8,565 | 7,567 | ||||
Allowance on loans and leases | 8,565 | 7,567 | ||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 3,232 | 4,874 | ||||
Collectively evaluated for impairment | 1,496,075 | 1,322,948 | ||||
Portfolio loans and leases | 1,499,307 | 1,327,822 | ||||
Commercial mortgage | Acquired | ||||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 4,587 | 2,134 | ||||
Collectively evaluated for impairment | 251,430 | 319,169 | ||||
Portfolio loans and leases | 263,075 | 329,614 | ||||
Commercial mortgage | Financial Asset Acquired With and Without Credit Deterioration | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Allowance on loans and leases | 0 | 0 | ||||
Home equity loans and lines | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 167 | 162 | ||||
Collectively evaluated for impairment | 802 | 841 | ||||
Allowance on loans and leases | 969 | 1,043 | 1,003 | 892 | 933 | 1,086 |
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 2,353 | 4,998 | ||||
Collectively evaluated for impairment | 195,159 | 201,841 | ||||
Portfolio loans and leases | 198,030 | 207,351 | ||||
Home equity loans and lines | Purchased credit-impaired | ||||||
Allowance on loans and leases: | ||||||
Allowance on loans and leases | 0 | 0 | ||||
Carrying value of loans and leases: | ||||||
Portfolio loans and leases | 518 | 512 | ||||
Home equity loans and lines | Originated | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 167 | 162 | ||||
Collectively evaluated for impairment | 802 | 841 | ||||
Allowance on loans and leases | 969 | 1,003 | ||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 2,353 | 4,972 | ||||
Collectively evaluated for impairment | 175,049 | 176,534 | ||||
Portfolio loans and leases | 177,402 | 181,506 | ||||
Home equity loans and lines | Acquired | ||||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 0 | 26 | ||||
Collectively evaluated for impairment | 20,110 | 25,307 | ||||
Portfolio loans and leases | 20,628 | 25,845 | ||||
Home equity loans and lines | Financial Asset Acquired With and Without Credit Deterioration | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Allowance on loans and leases | 0 | 0 | ||||
Residential mortgage | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 259 | 272 | ||||
Collectively evaluated for impairment | 1,587 | 1,541 | ||||
Allowance on loans and leases | 1,846 | 1,893 | 1,813 | 1,818 | 1,933 | 1,926 |
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 3,119 | 6,608 | ||||
Collectively evaluated for impairment | 502,183 | 487,747 | ||||
Portfolio loans and leases | 505,304 | 494,355 | ||||
Residential mortgage | Purchased credit-impaired | ||||||
Allowance on loans and leases: | ||||||
Allowance on loans and leases | 0 | 0 | ||||
Carrying value of loans and leases: | ||||||
Portfolio loans and leases | 2 | 0 | ||||
Residential mortgage | Originated | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 164 | 175 | ||||
Collectively evaluated for impairment | 1,587 | 1,541 | ||||
Allowance on loans and leases | 1,751 | 1,716 | ||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 2,366 | 5,106 | ||||
Collectively evaluated for impairment | 435,304 | 405,916 | ||||
Portfolio loans and leases | 437,670 | 411,022 | ||||
Residential mortgage | Acquired | ||||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 753 | 1,502 | ||||
Collectively evaluated for impairment | 66,879 | 81,831 | ||||
Portfolio loans and leases | 67,634 | 83,333 | ||||
Residential mortgage | Financial Asset Acquired With and Without Credit Deterioration | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 95 | 97 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Allowance on loans and leases | 95 | 97 | ||||
Construction | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,007 | 1,485 | ||||
Allowance on loans and leases | 1,007 | 1,086 | 1,485 | 1,241 | 1,158 | 937 |
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 151,593 | 178,673 | ||||
Portfolio loans and leases | 151,593 | 181,078 | ||||
Construction | Purchased credit-impaired | ||||||
Allowance on loans and leases: | ||||||
Allowance on loans and leases | 0 | 0 | ||||
Carrying value of loans and leases: | ||||||
Portfolio loans and leases | 0 | 2,405 | ||||
Construction | Originated | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 1,007 | 1,485 | ||||
Allowance on loans and leases | 1,007 | 1,485 | ||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 151,593 | 174,592 | ||||
Portfolio loans and leases | 151,593 | 174,592 | ||||
Construction | Acquired | ||||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 4,081 | ||||
Portfolio loans and leases | 0 | 6,486 | ||||
Construction | Financial Asset Acquired With and Without Credit Deterioration | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Allowance on loans and leases | 0 | 0 | ||||
Commercial and industrial | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 5,838 | 5,461 | ||||
Allowance on loans and leases | 5,838 | 5,700 | 5,461 | 5,305 | 5,672 | 5,038 |
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 4,529 | 2,629 | ||||
Collectively evaluated for impairment | 705,279 | 691,879 | ||||
Portfolio loans and leases | 709,808 | 695,584 | ||||
Commercial and industrial | Purchased credit-impaired | ||||||
Allowance on loans and leases: | ||||||
Allowance on loans and leases | 0 | 0 | ||||
Carrying value of loans and leases: | ||||||
Portfolio loans and leases | 0 | 1,076 | ||||
Commercial and industrial | Originated | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 5,838 | 5,461 | ||||
Allowance on loans and leases | 5,838 | 5,461 | ||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 3,656 | 2,314 | ||||
Collectively evaluated for impairment | 667,806 | 622,329 | ||||
Portfolio loans and leases | 671,462 | 624,643 | ||||
Commercial and industrial | Acquired | ||||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 873 | 315 | ||||
Collectively evaluated for impairment | 37,473 | 69,550 | ||||
Portfolio loans and leases | 38,346 | 70,941 | ||||
Commercial and industrial | Financial Asset Acquired With and Without Credit Deterioration | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Allowance on loans and leases | 0 | 0 | ||||
Consumer | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 35 | 28 | ||||
Collectively evaluated for impairment | 221 | 201 | ||||
Allowance on loans and leases | 256 | 253 | 229 | 318 | 289 | 246 |
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 100 | 134 | ||||
Collectively evaluated for impairment | 50,381 | 46,680 | ||||
Portfolio loans and leases | 50,481 | 46,814 | ||||
Consumer | Purchased credit-impaired | ||||||
Allowance on loans and leases: | ||||||
Allowance on loans and leases | 0 | 0 | ||||
Carrying value of loans and leases: | ||||||
Portfolio loans and leases | 0 | 0 | ||||
Consumer | Originated | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 35 | 28 | ||||
Collectively evaluated for impairment | 221 | 201 | ||||
Allowance on loans and leases | 256 | 229 | ||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 57 | 71 | ||||
Collectively evaluated for impairment | 47,973 | 44,028 | ||||
Portfolio loans and leases | 48,030 | 44,099 | ||||
Consumer | Acquired | ||||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 43 | 63 | ||||
Collectively evaluated for impairment | 2,408 | 2,652 | ||||
Portfolio loans and leases | 2,451 | 2,715 | ||||
Consumer | Financial Asset Acquired With and Without Credit Deterioration | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Allowance on loans and leases | 0 | 0 | ||||
Leases | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 41 | 0 | ||||
Collectively evaluated for impairment | 2,255 | 1,868 | ||||
Allowance on loans and leases | 2,296 | $ 2,249 | 1,868 | $ 1,566 | $ 1,380 | $ 742 |
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 1,268 | 0 | ||||
Collectively evaluated for impairment | 161,881 | 144,536 | ||||
Portfolio loans and leases | 163,149 | 144,536 | ||||
Leases | Purchased credit-impaired | ||||||
Allowance on loans and leases: | ||||||
Allowance on loans and leases | 0 | 0 | ||||
Carrying value of loans and leases: | ||||||
Portfolio loans and leases | 0 | 0 | ||||
Leases | Originated | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 34 | 0 | ||||
Collectively evaluated for impairment | 2,255 | 1,868 | ||||
Allowance on loans and leases | 2,289 | 1,868 | ||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 863 | 0 | ||||
Collectively evaluated for impairment | 151,442 | 121,567 | ||||
Portfolio loans and leases | 152,305 | 121,567 | ||||
Leases | Acquired | ||||||
Carrying value of loans and leases: | ||||||
Individually evaluated for impairment | 405 | 0 | ||||
Collectively evaluated for impairment | 10,439 | 22,969 | ||||
Portfolio loans and leases | 10,844 | 22,969 | ||||
Leases | Financial Asset Acquired With and Without Credit Deterioration | ||||||
Allowance on loans and leases: | ||||||
Individually evaluated for impairment | 7 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Allowance on loans and leases | $ 7 | $ 0 |
Loans and Leases - Credit Risk
Loans and Leases - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | $ 3,540,747 | $ 3,427,154 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 3,137,769 | 2,885,251 |
Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 3,464,062 | 3,374,840 |
Pass | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 3,084,837 | 2,856,184 |
Pass | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 379,225 | 518,656 |
Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 40,493 | 4,306 |
Special Mention | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 31,992 | 4,080 |
Special Mention | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 8,501 | 226 |
Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 36,192 | 46,909 |
Substandard | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 20,940 | 24,986 |
Substandard | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 15,252 | 21,923 |
Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 1,099 |
Doubtful | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 1 |
Doubtful | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 1,098 |
Total | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 3,540,747 | 3,427,154 |
Total | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 3,137,769 | 2,885,251 |
Total | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 402,978 | 541,903 |
Commercial mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,762,382 | 1,657,436 |
Commercial mortgage | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,499,307 | 1,327,822 |
Commercial mortgage | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,706,659 | 1,635,068 |
Commercial mortgage | Pass | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,465,118 | 1,321,973 |
Commercial mortgage | Pass | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 241,541 | 313,095 |
Commercial mortgage | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 37,386 | 631 |
Commercial mortgage | Special Mention | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 29,618 | 631 |
Commercial mortgage | Special Mention | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 7,768 | 0 |
Commercial mortgage | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 18,337 | 20,639 |
Commercial mortgage | Substandard | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 4,571 | 5,218 |
Commercial mortgage | Substandard | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 13,766 | 15,421 |
Commercial mortgage | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 1,098 |
Commercial mortgage | Doubtful | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Commercial mortgage | Doubtful | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 1,098 |
Commercial mortgage | Total | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,762,382 | 1,657,436 |
Commercial mortgage | Total | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,499,307 | 1,327,822 |
Commercial mortgage | Total | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 263,075 | 329,614 |
Home equity loans and lines | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 198,030 | 207,351 |
Home equity loans and lines | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 177,402 | 181,506 |
Home equity loans and lines | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 197,240 | 203,037 |
Home equity loans and lines | Pass | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 176,612 | 177,916 |
Home equity loans and lines | Pass | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 20,628 | 25,121 |
Home equity loans and lines | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Home equity loans and lines | Special Mention | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Home equity loans and lines | Special Mention | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Home equity loans and lines | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 790 | 4,314 |
Home equity loans and lines | Substandard | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 790 | 3,590 |
Home equity loans and lines | Substandard | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 724 |
Home equity loans and lines | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Home equity loans and lines | Doubtful | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Home equity loans and lines | Doubtful | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Home equity loans and lines | Total | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 198,030 | 207,351 |
Home equity loans and lines | Total | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 177,402 | 181,506 |
Home equity loans and lines | Total | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 20,628 | 25,845 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 505,304 | 494,355 |
Residential mortgage | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 437,670 | 411,022 |
Residential mortgage | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 504,775 | 490,789 |
Residential mortgage | Pass | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 437,250 | 408,095 |
Residential mortgage | Pass | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 67,525 | 82,694 |
Residential mortgage | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Residential mortgage | Special Mention | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Residential mortgage | Special Mention | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Residential mortgage | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 529 | 3,566 |
Residential mortgage | Substandard | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 420 | 2,927 |
Residential mortgage | Substandard | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 109 | 639 |
Residential mortgage | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Residential mortgage | Doubtful | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Residential mortgage | Doubtful | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Residential mortgage | Total | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 505,304 | 494,355 |
Residential mortgage | Total | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 437,670 | 411,022 |
Residential mortgage | Total | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 67,634 | 83,333 |
Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 151,593 | 181,078 |
Construction | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 151,593 | 174,592 |
Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 144,870 | 171,353 |
Construction | Pass | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 144,870 | 167,272 |
Construction | Pass | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 4,081 | |
Construction | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 938 |
Construction | Special Mention | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 938 |
Construction | Special Mention | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | |
Construction | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 6,723 | 8,787 |
Construction | Substandard | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 6,723 | 6,382 |
Construction | Substandard | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 2,405 | |
Construction | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Construction | Doubtful | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Construction | Doubtful | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | |
Construction | Total | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 151,593 | 181,078 |
Construction | Total | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 151,593 | 174,592 |
Construction | Total | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 6,486 | |
Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 709,808 | 695,584 |
Commercial and industrial | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 671,462 | 624,643 |
Commercial and industrial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 698,058 | 684,444 |
Commercial and industrial | Pass | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 661,496 | 615,817 |
Commercial and industrial | Pass | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 36,562 | 68,627 |
Commercial and industrial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 3,107 | 2,737 |
Commercial and industrial | Special Mention | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 2,374 | 2,511 |
Commercial and industrial | Special Mention | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 733 | 226 |
Commercial and industrial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 8,643 | 8,402 |
Commercial and industrial | Substandard | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 7,592 | 6,314 |
Commercial and industrial | Substandard | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 1,051 | 2,088 |
Commercial and industrial | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 1 |
Commercial and industrial | Doubtful | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 1 |
Commercial and industrial | Doubtful | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Commercial and industrial | Total | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 709,808 | 695,584 |
Commercial and industrial | Total | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 671,462 | 624,643 |
Commercial and industrial | Total | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 38,346 | 70,941 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 50,481 | 46,814 |
Consumer | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 48,030 | 44,099 |
Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 50,304 | 46,588 |
Consumer | Pass | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 47,896 | 43,936 |
Consumer | Pass | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 2,408 | 2,652 |
Consumer | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Consumer | Special Mention | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Consumer | Special Mention | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 177 | 226 |
Consumer | Substandard | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 134 | 163 |
Consumer | Substandard | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 43 | 63 |
Consumer | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Consumer | Doubtful | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Consumer | Doubtful | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Consumer | Total | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 50,481 | 46,814 |
Consumer | Total | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 48,030 | 44,099 |
Consumer | Total | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 2,451 | 2,715 |
Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 163,149 | 144,536 |
Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 152,305 | 121,567 |
Leases | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 162,156 | 143,561 |
Leases | Pass | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 151,595 | 121,175 |
Leases | Pass | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 10,561 | 22,386 |
Leases | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Leases | Special Mention | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Leases | Special Mention | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Leases | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 993 | 975 |
Leases | Substandard | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 710 | 392 |
Leases | Substandard | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 283 | 583 |
Leases | Doubtful | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Leases | Doubtful | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Leases | Doubtful | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 0 | 0 |
Leases | Total | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 163,149 | 144,536 |
Leases | Total | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 152,305 | 121,567 |
Leases | Total | Financial Asset Acquired With and Without Credit Deterioration | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 10,844 | 22,969 |
Real estate loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 2,617,309 | 2,540,220 |
Real estate loans | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | $ 2,265,972 | $ 2,094,942 |
Loans and Leases - Credit Ris_2
Loans and Leases - Credit Risk Profile by Payment Activity (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | $ 3,540,747 | $ 3,427,154 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 3,137,769 | 2,885,251 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 505,304 | 494,355 |
Residential mortgage | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 437,670 | 411,022 |
Home equity loans and lines | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 198,030 | 207,351 |
Home equity loans and lines | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 177,402 | 181,506 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 50,481 | 46,814 |
Consumer | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 48,030 | 44,099 |
Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | 163,149 | 144,536 |
Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Portfolio loans and leases | $ 152,305 | $ 121,567 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019USD ($)contract | Sep. 30, 2019USD ($)contract | Dec. 31, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings | $ | $ 10,824 | $ 10,824 | $ 10,962 |
Number of contracts | 8 | 14 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 2,016 | $ 3,170 | |
Post-Modification Outstanding Recorded Investment | $ | $ 2,016 | $ 3,170 | |
Loan Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 3 | 4 | |
Interest Rate Change and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 1 | 2 | |
Interest Rate Change and/or Interest-Only Period | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 2 | |
Contractual Payment Reduction (Leases only) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 4 | 6 | |
Temporary Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Home equity loans and lines | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 2 | 3 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 169 | $ 233 | |
Post-Modification Outstanding Recorded Investment | $ | $ 169 | $ 233 | |
Home equity loans and lines | Loan Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 1 | 1 | |
Home equity loans and lines | Interest Rate Change and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 1 | 2 | |
Home equity loans and lines | Interest Rate Change and/or Interest-Only Period | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Home equity loans and lines | Contractual Payment Reduction (Leases only) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Home equity loans and lines | Temporary Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 40 | ||
Post-Modification Outstanding Recorded Investment | $ | $ 40 | ||
Residential mortgage | Loan Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 1 | ||
Residential mortgage | Interest Rate Change and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | ||
Residential mortgage | Interest Rate Change and/or Interest-Only Period | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | ||
Residential mortgage | Contractual Payment Reduction (Leases only) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | ||
Residential mortgage | Temporary Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | ||
Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 2 | 4 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 1,714 | $ 2,633 | |
Post-Modification Outstanding Recorded Investment | $ | $ 1,714 | $ 2,633 | |
Commercial and industrial | Loan Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 2 | 2 | |
Commercial and industrial | Interest Rate Change and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Commercial and industrial | Interest Rate Change and/or Interest-Only Period | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 2 | |
Commercial and industrial | Contractual Payment Reduction (Leases only) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Commercial and industrial | Temporary Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Leases | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 4 | 6 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 133 | $ 264 | |
Post-Modification Outstanding Recorded Investment | $ | $ 133 | $ 264 | |
Leases | Loan Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Leases | Interest Rate Change and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Leases | Interest Rate Change and/or Interest-Only Period | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Leases | Contractual Payment Reduction (Leases only) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 4 | 6 | |
Leases | Temporary Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of contracts | 0 | 0 | |
Nonperforming Financial Instruments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings | $ | $ 5,755 | $ 5,755 | 1,217 |
Performing Financial Instruments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings | $ | $ 5,069 | $ 5,069 | $ 9,745 |
Loans and Leases - Impaired Loa
Loans and Leases - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with related allowance, recorded investment | $ 3,310 | $ 2,349 | $ 3,310 | $ 2,349 | $ 3,296 |
Impaired loans with related allowance, principal balance | 3,310 | 2,349 | 3,310 | 2,349 | 3,296 |
Impaired loans, related allowance | 461 | 278 | 461 | 278 | 462 |
Impaired loans with related allowance, average principal balance | 3,262 | 2,354 | 3,296 | 2,368 | |
Impaired loans with related allowance, interest income recognized | 31 | 26 | 94 | 79 | |
Impaired loans without related allowance, recorded investment | 14,609 | 9,122 | 14,609 | 9,122 | 18,078 |
Impaired loans without related allowance, principal balance | 17,180 | 10,259 | 17,180 | 10,259 | 19,605 |
Impaired loans without related allowance, average principal balance | 15,473 | 9,812 | 16,249 | 9,702 | |
Impaired loans without related allowance, interest income recognized | 100 | 31 | 390 | 171 | |
Impaired loans, recorded investment | 17,919 | 11,471 | 17,919 | 11,471 | 21,374 |
Impaired loans, principal balance | 20,490 | 12,608 | 20,490 | 12,608 | 22,901 |
Impaired loans, related allowance | 461 | 278 | 461 | 278 | 462 |
Impaired loans, average principal balance | 18,735 | 12,166 | 19,545 | 12,070 | |
Impaired loans, interest income recognized | 131 | 57 | 484 | 250 | |
Home equity loans and lines | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with related allowance, recorded investment | 1,318 | 567 | 1,318 | 567 | 1,280 |
Impaired loans with related allowance, principal balance | 1,318 | 567 | 1,318 | 567 | 1,280 |
Impaired loans, related allowance | 167 | 19 | 167 | 19 | 162 |
Impaired loans with related allowance, average principal balance | 1,265 | 569 | 1,310 | 572 | |
Impaired loans with related allowance, interest income recognized | 12 | 6 | 35 | 17 | |
Impaired loans without related allowance, recorded investment | 1,034 | 2,035 | 1,034 | 2,035 | 3,718 |
Impaired loans without related allowance, principal balance | 1,035 | 2,096 | 1,035 | 2,096 | 3,724 |
Impaired loans without related allowance, average principal balance | 1,016 | 2,064 | 1,035 | 2,086 | |
Impaired loans without related allowance, interest income recognized | 9 | 2 | 34 | 10 | |
Impaired loans, related allowance | 167 | 19 | 167 | 19 | 162 |
Commercial mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans without related allowance, recorded investment | 7,819 | 735 | 7,819 | 735 | 7,007 |
Impaired loans without related allowance, principal balance | 10,111 | 793 | 10,111 | 793 | 7,264 |
Impaired loans without related allowance, average principal balance | 8,633 | 930 | 9,351 | 825 | |
Impaired loans without related allowance, interest income recognized | 28 | 0 | 115 | 6 | |
Residential mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with related allowance, recorded investment | 1,936 | 1,699 | 1,936 | 1,699 | 1,966 |
Impaired loans with related allowance, principal balance | 1,936 | 1,699 | 1,936 | 1,699 | 1,966 |
Impaired loans, related allowance | 259 | 228 | 259 | 228 | 272 |
Impaired loans with related allowance, average principal balance | 1,940 | 1,702 | 1,950 | 1,709 | |
Impaired loans with related allowance, interest income recognized | 19 | 20 | 58 | 60 | |
Impaired loans without related allowance, recorded investment | 1,184 | 4,242 | 1,184 | 4,242 | 4,641 |
Impaired loans without related allowance, principal balance | 1,184 | 4,328 | 1,184 | 4,328 | 4,728 |
Impaired loans without related allowance, average principal balance | 1,190 | 4,299 | 1,164 | 4,228 | |
Impaired loans without related allowance, interest income recognized | 13 | 24 | 43 | 91 | |
Impaired loans, related allowance | 259 | 228 | 259 | 228 | 272 |
Construction | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans without related allowance, recorded investment | 291 | 291 | |||
Impaired loans without related allowance, principal balance | 291 | 291 | |||
Impaired loans without related allowance, average principal balance | 294 | 239 | |||
Impaired loans without related allowance, interest income recognized | 5 | ||||
Commercial and industrial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with related allowance, recorded investment | 25 | 25 | |||
Impaired loans with related allowance, principal balance | 25 | 25 | |||
Impaired loans, related allowance | 12 | 12 | |||
Impaired loans with related allowance, average principal balance | 25 | 29 | |||
Impaired loans with related allowance, interest income recognized | 0 | 1 | |||
Impaired loans without related allowance, recorded investment | 4,529 | 1,733 | 4,529 | 1,733 | 2,629 |
Impaired loans without related allowance, principal balance | 4,804 | 2,665 | 4,804 | 2,665 | 3,803 |
Impaired loans without related allowance, average principal balance | 4,590 | 2,138 | 4,653 | 2,236 | |
Impaired loans without related allowance, interest income recognized | 50 | 5 | 198 | 56 | |
Impaired loans, related allowance | 12 | 12 | |||
Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans with related allowance, recorded investment | 56 | 58 | 56 | 58 | 50 |
Impaired loans with related allowance, principal balance | 56 | 58 | 56 | 58 | 50 |
Impaired loans, related allowance | 35 | 19 | 35 | 19 | 28 |
Impaired loans with related allowance, average principal balance | 57 | 58 | 36 | 58 | |
Impaired loans with related allowance, interest income recognized | 0 | 0 | 1 | 1 | |
Impaired loans without related allowance, recorded investment | 43 | 86 | 43 | 86 | 83 |
Impaired loans without related allowance, principal balance | 46 | 86 | 46 | 86 | 86 |
Impaired loans without related allowance, average principal balance | 44 | 87 | 46 | 88 | |
Impaired loans without related allowance, interest income recognized | 0 | 0 | 0 | 3 | |
Impaired loans, related allowance | 35 | 19 | 35 | 19 | 28 |
Impaired Loans Without Related Allowance | Leases | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired loans, recorded investment | $ 1,300 | $ 1,400 | $ 1,300 | $ 1,400 | $ 1,200 |
Loans and Leases - Loan Mark (D
Loans and Leases - Loan Mark (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans, outstanding principal | $ 414,926 | $ 559,815 |
Acquired loans, remaining loan mark | (11,948) | (17,912) |
Acquired loans, recorded investment | 402,978 | 541,903 |
Commercial mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans, outstanding principal | 269,465 | 339,241 |
Acquired loans, remaining loan mark | (6,390) | (9,627) |
Acquired loans, recorded investment | 263,075 | 329,614 |
Home equity loans and lines | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans, outstanding principal | 22,614 | 28,212 |
Acquired loans, remaining loan mark | (1,986) | (2,367) |
Acquired loans, recorded investment | 20,628 | 25,845 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans, outstanding principal | 69,908 | 86,111 |
Acquired loans, remaining loan mark | (2,274) | (2,778) |
Acquired loans, recorded investment | 67,634 | 83,333 |
Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans, outstanding principal | 6,780 | |
Acquired loans, remaining loan mark | (294) | |
Acquired loans, recorded investment | 6,486 | |
Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans, outstanding principal | 39,303 | 72,948 |
Acquired loans, remaining loan mark | (957) | (2,007) |
Acquired loans, recorded investment | 38,346 | 70,941 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans, outstanding principal | 2,539 | 2,828 |
Acquired loans, remaining loan mark | (88) | (113) |
Acquired loans, recorded investment | 2,451 | 2,715 |
Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Acquired loans, outstanding principal | 11,097 | 23,695 |
Acquired loans, remaining loan mark | (253) | (726) |
Acquired loans, recorded investment | $ 10,844 | $ 22,969 |
Mortgage Servicing Rights - Mor
Mortgage Servicing Rights - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance, beginning of period | $ 5,047 | ||||
Balance, end of period | $ 4,580 | 4,580 | |||
Fair value | 4,900 | 4,900 | $ 6,300 | ||
Residential mortgages | |||||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance, beginning of period | 4,744 | $ 5,511 | 5,047 | $ 5,861 | |
Additions | 0 | 0 | 0 | 16 | |
Amortization | (183) | (206) | (459) | (623) | |
Recovery | 19 | 23 | (8) | 74 | |
Balance, end of period | 4,580 | 5,328 | 4,580 | 5,328 | |
Fair value | 4,925 | 6,586 | 4,925 | 6,586 | $ 6,277 |
Residential mortgage loans serviced for others | $ 527,869 | $ 596,162 | $ 527,869 | $ 596,162 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Transfers and Servicing [Abstract] | ||
Sensitivity percent, adverse change in assumption, low | 10.00% | |
Sensitivity percent, adverse change in assumption, high | 20.00% | |
Fair value | $ 4.9 | $ 6.3 |
Mortgage Servicing Rights - Key
Mortgage Servicing Rights - Key Economic Assumptions and Sensitivity of Current Fair Value of MSRs (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Servicing Assets at Fair Value [Line Items] | |||
Fair value | $ 4,900 | $ 6,300 | |
Residential mortgages | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value | $ 4,925 | $ 6,277 | $ 6,586 |
Weighted average life (in years) | 5 years 10 months 24 days | 6 years 8 months 12 days | |
Prepayment speeds (constant prepayment rate) | 10.60% | 9.10% | |
10% adverse change | $ (159) | $ (124) | |
20% adverse change | $ (317) | $ (257) | |
Discount rate (as a percent) | 9.55% | 9.55% | |
10% adverse change | $ (165) | $ (234) | |
20% adverse change | $ (320) | $ (451) |
Goodwill and Intangibles Asse_3
Goodwill and Intangibles Assets - Goodwill and Intangible Assets Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill [Roll Forward] | ||||
Balance December 31, 2018 | $ 184,012 | |||
Additions | 0 | |||
Adjustments | 0 | |||
Balance September 30, 2019 | $ 184,012 | 184,012 | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Additions | 18 | |||
Intangible assets amortization | (954) | $ (891) | (2,848) | $ (2,659) |
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Total Intangible Assets | 23,455 | |||
Additions | 18 | |||
Adjustments | (541) | |||
Intangible assets amortization | (954) | $ (891) | (2,848) | $ (2,659) |
Total Intangible Assets | 20,084 | 20,084 | ||
Total Goodwill and Intangible Assets, beginning balance | 207,467 | |||
Intangible Assets (Including Goodwill) Acquired | 18 | |||
Grand Total adjustments | (541) | |||
Intangible assets amortization | (2,848) | |||
Total Goodwill and Intangible Assets, ending balance | 204,096 | 204,096 | ||
Domain Name | ||||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Indefinite-lived intangible assets, beginning of period | 151 | |||
Indefinite-lived intangible assets acquired | 0 | |||
Indefinite-lived intangible assets, end of period | 151 | 151 | ||
Core deposit intangible | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance December 31, 2018 | 5,906 | |||
Additions | 0 | |||
Intangible assets amortization | (982) | |||
Balance September 30, 2018 | 4,924 | $ 4,924 | ||
Intangible asset amortization period (Year) | 10 years | |||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Additions | $ 0 | |||
Intangible assets amortization | (982) | |||
Customer relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance December 31, 2018 | 13,607 | |||
Additions | 18 | |||
Intangible assets amortization | (1,350) | |||
Balance September 30, 2018 | 12,275 | 12,275 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Additions | 18 | |||
Intangible assets amortization | $ (1,350) | |||
Customer relationships | Minimum | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible asset amortization period (Year) | 5 years | |||
Customer relationships | Maximum | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible asset amortization period (Year) | 20 years | |||
Non-compete agreements | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance December 31, 2018 | $ 1,101 | |||
Additions | 0 | |||
Intangible assets amortization | (142) | |||
Balance September 30, 2018 | 959 | 959 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Additions | 0 | |||
Intangible assets amortization | $ (142) | |||
Non-compete agreements | Minimum | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible asset amortization period (Year) | 5 years | |||
Non-compete agreements | Maximum | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible asset amortization period (Year) | 10 years | |||
Trade name | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance December 31, 2018 | $ 2,149 | |||
Additions | 0 | |||
Intangible assets amortization | (374) | |||
Balance September 30, 2018 | 1,775 | 1,775 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Additions | 0 | |||
Intangible assets amortization | $ (374) | |||
Trade name | Minimum | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible asset amortization period (Year) | 3 years | |||
Trade name | Maximum | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible asset amortization period (Year) | 5 years | |||
Favorable lease assets | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance December 31, 2018 | $ 541 | |||
Additions | 0 | |||
Intangible assets amortization | 0 | |||
Balance September 30, 2018 | 0 | 0 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Additions | 0 | |||
Adjustments | (541) | |||
Intangible assets amortization | 0 | |||
Goodwill – Wealth | ||||
Goodwill [Roll Forward] | ||||
Balance December 31, 2018 | 20,412 | |||
Additions | 0 | |||
Adjustments | 0 | |||
Balance September 30, 2019 | 20,412 | 20,412 | ||
Goodwill – Banking | ||||
Goodwill [Roll Forward] | ||||
Balance December 31, 2018 | 156,991 | |||
Additions | 0 | |||
Adjustments | 0 | |||
Balance September 30, 2019 | 156,991 | 156,991 | ||
Goodwill – Insurance | ||||
Goodwill [Roll Forward] | ||||
Balance December 31, 2018 | 6,609 | |||
Additions | 0 | |||
Adjustments | 0 | |||
Balance September 30, 2019 | $ 6,609 | $ 6,609 |
Goodwill and Intangibles Asse_4
Goodwill and Intangibles Assets - Narrative (Details) - USD ($) | Oct. 31, 2018 | Sep. 30, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill impairment | $ 0 | |
Impairment of intangibles | $ 0 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Interest-bearing demand | $ 778,809 | $ 664,749 |
Money market | 983,170 | 862,644 |
Savings | 248,539 | 247,081 |
Retail time deposits | 467,346 | 542,702 |
Wholesale non-maturity deposits | 274,121 | 55,031 |
Wholesale time deposits | 42,094 | 325,261 |
Total interest-bearing deposits | 2,794,079 | 2,697,468 |
Noninterest-bearing deposits | 904,409 | 901,619 |
Total deposits | $ 3,698,488 | $ 3,599,087 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term FHLB Advances - Short-term Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 203,471 | $ 252,367 | $ 226,498 |
Repurchase agreements – commercial customers | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 19,511 | 22,717 | |
Short-term FHLB advances | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 183,960 | $ 229,650 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term FHLB Advances - Information Concerning Short-term Borrowings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Long-term Federal Home Loan Bank Advances [Abstract] | |||||
Balance at period-end | $ 203,471 | $ 226,498 | $ 203,471 | $ 226,498 | $ 252,367 |
Maximum amount outstanding at any month end | 262,699 | 302,932 | 262,699 | 302,932 | |
Average balance outstanding during the period | $ 169,985 | $ 218,551 | $ 132,100 | $ 205,046 | |
Weighted-average interest rate: | |||||
As of the period-end (as a percent) | 1.98% | 2.18% | 1.98% | 2.18% | |
Paid during the period (as a percent) | 2.19% | 2.09% | 2.26% | 1.85% |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term FHLB Advances - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances [Line Items] | ||
Long-term FHLB advances | $ 44,700 | $ 55,400 |
Federal Home Loan Bank stock | 16,148 | $ 14,530 |
Federal Home Loan Bank maximum borrowing capacity | 1,620,000 | |
Federal Home Loan Bank, advances, amount available | 1,390,000 | |
Overnight federal funds | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, amount available | 79,000 | |
Federal Reserve Discount Window | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, amount available | $ 164,700 |
Short-Term Borrowings and Lon_6
Short-Term Borrowings and Long-Term FHLB Advances - Maturity of FHLB Advances and Other Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances [Line Items] | ||
Total | $ 44,700 | $ 55,400 |
Short-term FHLB advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Within one year | 24,863 | 28,105 |
Over one year through five years | 19,872 | 27,269 |
Total | $ 44,735 | $ 55,374 |
Short-Term Borrowings and Lon_7
Short-Term Borrowings and Long-Term FHLB Advances - Rate and Maturity Information on Federal Home Loan Bank Advances and Other Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances [Line Items] | ||
Other long-term debt | $ 44,700 | $ 55,400 |
Bullet maturity – fixed rate | Fixed Rate | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Other long-term debt | $ 44,735 | $ 55,374 |
Bullet maturity – fixed rate | Fixed Rate | Weighted average rate | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, interest rate at period end | 1.78% | |
Bullet maturity – fixed rate | Fixed Rate | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, interest rate at period end | 1.40% | |
Bullet maturity – fixed rate | Fixed Rate | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, interest rate at period end | 2.13% |
Subordinated Notes - Narrative
Subordinated Notes - Narrative (Details) - Subordinated Debt - USD ($) | Dec. 13, 2017 | Aug. 06, 2015 |
Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 70,000,000 | |
Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Debt issued | $ 30,000,000 |
Subordinated Notes - Subordinat
Subordinated Notes - Subordinated Notes, Including Debt Issuance Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Subordinated debt | $ 98,660 | $ 98,526 |
Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Subordinated debt | $ 68,978 | $ 68,885 |
Stated interest rate | 4.25% | 4.25% |
Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Subordinated debt | $ 29,682 | $ 29,641 |
Stated interest rate | 4.75% | 4.75% |
Subordinated Debt | Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.25% | |
Subordinated Debt | Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.75% | |
Subordinated Debt | LIBOR | Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.05% | |
Subordinated Debt | LIBOR | Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.068% |
Junior Subordinated Debentures
Junior Subordinated Debentures (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2018 | Dec. 15, 2017 | |
Investment Holdings [Line Items] | |||
Common securities of Trust I and Trust II owned | $ 16,683,000 | $ 16,526,000 | |
Royal Bancshares Capital Trust I and II | |||
Investment Holdings [Line Items] | |||
Common securities of Trust I and Trust II owned | $ 774,000 | ||
Royal Bancshares Capital Trust II | |||
Investment Holdings [Line Items] | |||
Common securities of Trust I and Trust II owned | 387,000 | ||
Capital securities issued, amount | 12,500,000 | ||
Common securities issued, amount | 387,000 | ||
Royal Bancshares Capital Trust I | |||
Investment Holdings [Line Items] | |||
Common securities of Trust I and Trust II owned | 387,000 | ||
Capital securities issued, amount | 12,500,000 | ||
Common securities issued, amount | $ 387,000 | ||
Junior Subordinated Debentures, RBPI Merger | Junior Subordinated Debt | |||
Investment Holdings [Line Items] | |||
Coupon rate (as a percent) | 4.27% | ||
Junior Subordinated Debentures, RBPI Merger | Junior Subordinated Debt | LIBOR | |||
Investment Holdings [Line Items] | |||
Basis spread on variable rate | 2.15% | ||
Royal Bancshares of Pennsylvania, Inc. | |||
Investment Holdings [Line Items] | |||
Junior subordinated debentures | 21,400,000 | ||
Royal Bancshares of Pennsylvania, Inc. | Royal Bancshares Capital Trust II | |||
Investment Holdings [Line Items] | |||
Junior subordinated debentures | 10,700,000 | ||
Royal Bancshares of Pennsylvania, Inc. | Royal Bancshares Capital Trust I | |||
Investment Holdings [Line Items] | |||
Junior subordinated debentures | $ 10,700,000 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 14 years 4 months 20 days |
Operating lease right-of-use assets | $ 42,200 |
Operating lease liabilities | $ 46,506 |
Weighted average discount rate (as a percent) | 3.56% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 3 months |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term | 23 years |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating lease expense | $ 1,331 | $ 3,994 |
Short term lease expense | 15 | 44 |
Variable lease expense | 297 | 1,107 |
Sublease income | (7) | (23) |
Total lease expense | $ 1,636 | $ 5,122 |
Operating Leases - Supplemental
Operating Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 3,865 |
ROU assets obtained in exchange for lease liabilities | $ 44,944 |
Operating Leases - Maturities o
Operating Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 1,309 |
2020 | 4,707 |
2021 | 4,484 |
2022 | 4,209 |
2023 | 4,061 |
2024 and thereafter | 41,862 |
Total lease payments | 60,632 |
Less: imputed interest | 14,126 |
Operating lease liabilities | $ 46,506 |
Operating Leases - Operating Le
Operating Leases - Operating Lease Maturity of Prior Year (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 5,211 |
2020 | 4,700 |
2021 | 4,478 |
2022 | 4,203 |
2023 | 4,051 |
2024 and thereafter | 41,845 |
Total | $ 64,488 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Asset [Abstract] | ||
Notional Amount | $ 627,068 | $ 404,928 |
Fair Value | 62,722 | 12,621 |
Derivative Liability [Abstract] | ||
Notional Amount | 603,508 | 370,477 |
Fair Value | 62,170 | 12,551 |
Customer derivatives – interest rate swaps | ||
Derivative Asset [Abstract] | ||
Notional Amount | 598,381 | 369,623 |
Fair Value | 62,571 | 12,550 |
Derivative Liability [Abstract] | ||
Notional Amount | 598,381 | 369,623 |
Fair Value | 62,140 | 12,549 |
FX forwards | ||
Derivative Asset [Abstract] | ||
Notional Amount | 39 | |
Fair Value | 0 | |
Derivative Liability [Abstract] | ||
Notional Amount | 39 | |
Fair Value | 0 | |
RPAs sold | ||
Derivative Asset [Abstract] | ||
Notional Amount | 0 | 0 |
Fair Value | 0 | 0 |
Derivative Liability [Abstract] | ||
Notional Amount | 5,088 | 854 |
Fair Value | 30 | 2 |
RPAs purchased | ||
Derivative Asset [Abstract] | ||
Notional Amount | 28,648 | 35,305 |
Fair Value | 151 | 71 |
Derivative Liability [Abstract] | ||
Notional Amount | 0 | 0 |
Fair Value | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative liability held as collateral | $ 62.2 | $ 8.8 |
Fair value of net derivatives | $ 61.7 | $ 11.5 |
Accounting for Uncertainty in_2
Accounting for Uncertainty in Income Taxes (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Accrued interest and penalties | $ 0 | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | Oct. 17, 2019 | May 01, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Apr. 18, 2019 | Dec. 31, 2018 | Aug. 06, 2015 |
Class of Stock [Line Items] | ||||||||
Dividends paid (in dollars per share) | $ 0.26 | |||||||
Total dividends | $ 5,400,000 | |||||||
Common stock, outstanding (in shares) | 20,447,947 | 20,124,193 | 20,124,193 | 20,163,816 | ||||
Maximum investment under stock purchase and dividend reinvestment plan | $ 120,000 | |||||||
Shares issued pursuant to exercise of stock options (in shares) | 15,625 | 49,700 | ||||||
Stock issued, increase in shareholders' equity | $ 285,000 | $ 907,000 | ||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 1,000,000 | |||||||
Stock repurchase program, authorized amount | $ 45,000,000 | |||||||
The 2015 Program | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 1,200,000 | |||||||
Shares repurchased during period (in shares) | 40,016 | |||||||
Shares repurchased during period, price (in dollars per share) | $ 38.12 | |||||||
Shares remaining authorized for repurchase (in shares)se Program, Remaining Number of Shares Authorized to be Repurchased | 0 | |||||||
The 2019 Program | ||||||||
Class of Stock [Line Items] | ||||||||
Shares repurchased during period (in shares) | 54,291 | 82,767 | ||||||
Shares repurchased during period, price (in dollars per share) | $ 35.38 | $ 36.22 | ||||||
Shares remaining authorized for repurchase (in shares)se Program, Remaining Number of Shares Authorized to be Repurchased | 917,233 | 917,233 | ||||||
RSU's and PSU's | ||||||||
Class of Stock [Line Items] | ||||||||
Share based compensation expense | $ 933,000 | $ 3,000,000 | ||||||
Maximum | ||||||||
Class of Stock [Line Items] | ||||||||
Shelf registration, shares registered (in shares) | 1,500,000 | 1,500,000 | ||||||
Maximum | The 2015 Program | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 40,000,000 | |||||||
Maximum | The 2019 Program | ||||||||
Class of Stock [Line Items] | ||||||||
Stock repurchase program, authorized amount | $ 43,900,000 | $ 43,900,000 | ||||||
Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Dividends declared per share (in dollars per share) | $ 0.26 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 590,155 | $ 542,503 | $ 564,704 | $ 528,119 |
Other comprehensive income (loss) | 998 | (2,211) | 10,211 | (8,988) |
Ending balance | 600,935 | 551,425 | 600,935 | 551,425 |
Net unrealized gain on investment securities available for sale | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 2,952 | (9,669) | (6,229) | (2,861) |
Other comprehensive income (loss) | 983 | (2,319) | 10,164 | (9,127) |
Ending balance | 3,935 | (11,988) | 3,935 | (11,988) |
Unfunded pension liability | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,252) | (1,522) | (1,284) | (1,553) |
Other comprehensive income (loss) | 15 | 108 | 47 | 139 |
Ending balance | (1,237) | (1,414) | (1,237) | (1,414) |
AOCI Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 1,700 | (11,191) | (7,513) | (4,414) |
Other comprehensive income (loss) | 998 | (2,211) | 10,211 | (8,988) |
Ending balance | $ 2,698 | $ (13,402) | $ 2,698 | $ (13,402) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified From Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other operating expenses | $ 4,301 | $ 4,668 | $ 13,463 | $ 12,970 |
Income tax expense | 4,402 | 4,066 | 11,405 | 12,419 |
Net income attributable to Bryn Mawr Bank Corporation | 16,360 | 16,682 | 42,822 | 46,656 |
Other operating income | 2,255 | 3,171 | 8,154 | 10,543 |
Income before income taxes | 20,761 | 20,747 | 54,218 | 59,080 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized gain on investment securities available for sale | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income tax expense | 0 | 89 | ||
Net income attributable to Bryn Mawr Bank Corporation | 0 | (335) | ||
Net gain on sale of available for sale investment securities | 0 | (7) | ||
Other operating income | 0 | (417) | ||
Income before income taxes | 0 | (424) | ||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Unfunded pension liability | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other operating expenses | 10 | 25 | 34 | 75 |
Income tax expense | (2) | (5) | (7) | (15) |
Net income attributable to Bryn Mawr Bank Corporation | $ 8 | $ 20 | $ 27 | $ 60 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Bryn Mawr Bank Corporation | $ 16,360 | $ 16,682 | $ 42,822 | $ 46,656 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 20,132,117 | 20,270,706 | 20,148,289 | 20,237,757 |
Effect of dilutive common shares (in shares) | 76,513 | 167,670 | 88,042 | 206,318 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding (in shares) | 20,208,630 | 20,438,376 | 20,236,331 | 20,444,075 |
Basic earnings per share (in dollars per share) | $ 0.81 | $ 0.82 | $ 2.13 | $ 2.31 |
Diluted earnings per share (in dollars per share) | $ 0.81 | $ 0.82 | $ 2.12 | $ 2.28 |
Antidilutive shares excluded from computation of average dilutive earnings per share (in shares) | 769 | 22,232 | 1,840 | 48,807 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Capital markets revenue | $ 2,113 | $ 710 | $ 5,821 | $ 3,481 |
Loan servicing and other fees | 555 | 559 | 1,717 | 1,720 |
Net gain on sale of loans | 674 | 631 | 1,745 | 1,677 |
Net gain on sale of investment securities available for sale | 0 | 0 | 0 | 7 |
Net (loss) gain on sale of other real estate owned ("OREO") | (12) | 5 | (36) | 292 |
Dividends on FHLB and FRB stock | 346 | 375 | 1,073 | 1,316 |
Other operating income | 2,255 | 3,171 | 8,154 | 10,543 |
Total noninterest income | 19,455 | 18,274 | 58,929 | 57,885 |
Fees for wealth management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,826 | 10,343 | 32,728 | 31,309 |
Insurance commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,842 | 1,754 | 5,211 | 5,349 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 856 | 726 | 2,516 | 2,191 |
Merchant interchange fees, safe deposit box rentals, and rent income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 588 | 595 | 1,600 | 1,700 |
Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Capital markets revenue | 2,113 | 710 | 5,821 | 3,481 |
Loan servicing and other fees | 555 | 559 | 1,717 | 1,720 |
Net gain on sale of loans | 674 | 631 | 1,745 | 1,677 |
Net gain on sale of investment securities available for sale | 0 | 7 | ||
Net (loss) gain on sale of other real estate owned ("OREO") | (12) | 5 | (36) | 292 |
Dividends on FHLB and FRB stock | 346 | 375 | 1,073 | 1,316 |
Other operating income | 2,219 | 3,123 | 8,071 | 10,393 |
Total noninterest income | 6,751 | 6,129 | 20,907 | 21,077 |
Banking | Fees for wealth management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Banking | Insurance commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Banking | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 856 | 726 | 2,516 | 2,191 |
Wealth Management | ||||
Disaggregation of Revenue [Line Items] | ||||
Capital markets revenue | 0 | 0 | 0 | 0 |
Loan servicing and other fees | 0 | 0 | 0 | 0 |
Net gain on sale of loans | 0 | 0 | 0 | 0 |
Net gain on sale of investment securities available for sale | 0 | 0 | ||
Net (loss) gain on sale of other real estate owned ("OREO") | 0 | 0 | 0 | 0 |
Dividends on FHLB and FRB stock | 0 | 0 | 0 | 0 |
Other operating income | 36 | 48 | 83 | 150 |
Total noninterest income | 12,704 | 12,145 | 38,022 | 36,808 |
Wealth Management | Fees for wealth management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,826 | 10,343 | 32,728 | 31,309 |
Wealth Management | Insurance commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,842 | 1,754 | 5,211 | 5,349 |
Wealth Management | Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Apr. 30, 2015 | Apr. 29, 2015 | Apr. 28, 2010 | Apr. 25, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance shares, minimum target (as a percent) | 0.00% | ||||||
Performance shares, maximum target (as a percent) | 150.00% | ||||||
Number of unvested options (in shares) | 0 | 0 | |||||
Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | $ 466 | $ 1,400 | |||||
Unrecognized compensation costs | 3,400 | $ 3,400 | |||||
Unrecognized compensation costs, period of recognition | 2 years 3 months 18 days | ||||||
Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based compensation expense | 467 | $ 1,600 | |||||
Unrecognized compensation costs | $ 3,300 | $ 3,300 | |||||
Unrecognized compensation costs, period of recognition | 2 years 1 month 6 days | ||||||
The 2007 Long-Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant (in shares) | 428,996 | ||||||
The 2010 Long-Term Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant (in shares) | 945,002 | 445,002 | |||||
Increase in number of shares available for grant (in shares) | 500,000 | ||||||
2019 Incentive Program | Restricted Stock Units (RSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incentive program, number of shares modified (in shares) | 3,494 | 3,494 | |||||
Incremental expense recognized | $ 112 | ||||||
2019 Incentive Program | Performance Shares | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incentive program, number of shares modified (in shares) | 8,208 | 8,208 | |||||
Incremental expense recognized | $ 250 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Shares | ||
Options outstanding (in shares) | 16,526 | 50,601 |
Forfeited (in shares) | 0 | 0 |
Expired (in shares) | 0 | 0 |
Exercised (in shares) | (15,625) | (49,700) |
Options outstanding (in shares) | 901 | 901 |
Weighted Average Exercise Price | ||
Options outstanding, weighted average exercise price (in dollars per share) | $ 18.33 | $ 18.28 |
Forfeited, weighted average exercise price (in dollars per share) | 0 | 0 |
Expired, weighted average exercise price (in dollars per share) | 0 | 0 |
Exercised, weighted average exercise price (in dollars per share) | 18.27 | 18.26 |
Options outstanding, weighted average exercise price (in dollars per share) | 19.33 | 19.33 |
Weighted Average Grant Date Fair Value | ||
Options outstanding, weighted average grant date fair value (in dollars per share) | 5.09 | 4.68 |
Forfeited, weighted average grant date fair value (in dollars per share) | 0 | 0 |
Expired, weighted average grant date fair value (in dollars per share) | 0 | 0 |
Exercised, weighted average grant date fair value (in dollars per share) | 4.42 | 4.46 |
Options outstanding, weighted average grant date fair value (in dollars per share) | $ 16.78 | $ 16.78 |
Stock-Based Compensation - Proc
Stock-Based Compensation - Proceeds, Related Tax Benefits Realized from Options Exercised and Intrinsic Value of Options Exercised (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement [Abstract] | ||||
Proceeds from exercise of stock options | $ 285 | $ 349 | $ 907 | $ 1,456 |
Related tax benefit recognized | 57 | 81 | 212 | 312 |
Net proceeds of options exercised | 342 | 430 | 1,119 | 1,768 |
Intrinsic value of options exercised | $ 272 | $ 386 | $ 1,010 | $ 1,484 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Outstanding and Exercisable (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Options outstanding (in shares) | 901 | 16,526 | 50,601 |
Weighted average exercise price, options outstanding (in dollars per share) | $ 19.33 | $ 18.33 | $ 18.28 |
Aggregate intrinsic value, options outstanding | $ 314 | ||
Weighted average contractual term, options outstanding (Year) | 2 years 9 months 18 days | ||
Exercisable options (in shares) | 901 | ||
Weighted average exercise price, exercisable options (in dollars per share) | $ 19.33 | ||
Aggregate intrinsic value, exercisable options | $ 314 | ||
Weighted average contractual term, exercisable options (Year) | 2 years 9 months 18 days |
Stock-Based Compensation - Unve
Stock-Based Compensation - Unvested Restricted Stock Units Awards (Details) - Restricted Stock Units (RSUs) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Number of Shares | ||
Balance (in shares) | 135,491 | 76,746 |
Granted (in shares) | 3,098 | 70,406 |
Vested (in shares) | (16,095) | (19,229) |
Forfeited (in shares) | (298) | (5,727) |
Balance (in shares) | 122,196 | 122,196 |
Weighted Average Grant Date Fair Value | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 38.27 | $ 39.71 |
Granted, weighted average grant date fair value (in dollars per share) | 35.42 | 36.30 |
Vested, weighted average grant date fair value (in dollars per share) | 34.06 | 33.41 |
Forfeited, weighted average grant date fair value (in dollars per share) | 36.19 | 39.38 |
Balance, weighted average grant date fair value (in dollars per share) | $ 38.75 | $ 38.75 |
Stock-Based Compensation - Un_2
Stock-Based Compensation - Unvested Performance Stock Awards (Details) - Performance Stock Awards - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Number of Shares | ||
Balance (in shares) | 179,893 | 121,656 |
Granted (in shares) | 444 | 69,553 |
Added by performance (in shares) | 3,688 | 3,688 |
Vested (in shares) | (31,507) | (31,507) |
Forfeited (in shares) | (14,072) | (24,944) |
Balance (in shares) | 138,446 | 138,446 |
Shares paid in cash in lieu of fractional shares (in shares) | 41 | |
Weighted Average Grant Date Fair Value | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 35.72 | $ 36.82 |
Granted, weighted average grant date fair value (in dollars per share) | 31.96 | 34.27 |
Added by performance, weighted average grant date fair value (in dollars per share) | 30.45 | 30.45 |
Vested, weighted average grant date fair value (in dollars per share) | 29.38 | 29.38 |
Forfeited, weighted average grant date fair value (in dollars per share) | 27.13 | 32.31 |
Balance, weighted average grant date fair value (in dollars per share) | $ 37.88 | $ 37.88 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Assets Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 604,181 | $ 737,442 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 604,181 | 737,442 |
Derivatives | 62,722 | 12,621 |
Total financial assets | 675,227 | 757,565 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 101 | 200,013 |
Derivatives | 0 | 0 |
Total financial assets | 8,425 | 207,515 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 604,080 | 537,429 |
Derivatives | 62,722 | 12,621 |
Total financial assets | 666,802 | 550,050 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Derivatives | 0 | 0 |
Total financial assets | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 101 | 200,013 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 101 | 200,013 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Obligations of the U.S. government and agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 172,753 | 195,855 |
Fair Value, Measurements, Recurring | Obligations of the U.S. government and agencies | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Obligations of the U.S. government and agencies | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 172,753 | 195,855 |
Fair Value, Measurements, Recurring | Obligations of the U.S. government and agencies | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Obligations of state and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,327 | 11,332 |
Fair Value, Measurements, Recurring | Obligations of state and political subdivisions | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Obligations of state and political subdivisions | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 6,327 | 11,332 |
Fair Value, Measurements, Recurring | Obligations of state and political subdivisions | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 388,891 | 289,890 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 388,891 | 289,890 |
Fair Value, Measurements, Recurring | Mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 35,459 | 39,252 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 35,459 | 39,252 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Other investment securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 650 | 1,100 |
Fair Value, Measurements, Recurring | Other investment securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Other investment securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 650 | 1,100 |
Fair Value, Measurements, Recurring | Other investment securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Mutual funds with no stated maturity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities trading | 8,324 | 7,502 |
Fair Value, Measurements, Recurring | Mutual funds with no stated maturity | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities trading | 8,324 | 7,502 |
Fair Value, Measurements, Recurring | Mutual funds with no stated maturity | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities trading | 0 | 0 |
Fair Value, Measurements, Recurring | Mutual funds with no stated maturity | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities trading | 0 | 0 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 23,723 | 28,806 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 23,723 | 28,806 |
Fair Value, Measurements, Nonrecurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 4,925 | 6,277 |
Fair Value, Measurements, Nonrecurring | Mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 4,925 | 6,277 |
Fair Value, Measurements, Nonrecurring | Impaired loans and leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 18,726 | 22,112 |
Fair Value, Measurements, Nonrecurring | Impaired loans and leases | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Impaired loans and leases | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Impaired loans and leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 18,726 | 22,112 |
Fair Value, Measurements, Nonrecurring | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 72 | 417 |
Fair Value, Measurements, Nonrecurring | OREO | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | OREO | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | OREO | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 72 | 417 |
Interest rate swaps | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 62,571 | 12,550 |
Interest rate swaps | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Interest rate swaps | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 62,571 | 12,550 |
Interest rate swaps | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
RPAs Purchased | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 151 | 71 |
RPAs Purchased | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
RPAs Purchased | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 151 | 71 |
RPAs Purchased | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | $ 0 |
FX forwards | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | |
FX forwards | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | |
FX forwards | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | |
FX forwards | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $ 0 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Allowance for Loan and Lease Loss | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Valuation allowance, period increase (decrease) | $ 1 | $ (1) |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount on appraisals of secured collateral (as a percent) | 10.00% | |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount on appraisals of secured collateral (as a percent) | 50.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Investment securities - available for sale | $ 604,181 | $ 737,442 |
Investment securities, trading | 8,324 | 7,502 |
Investment securities – held to maturity | 13,015 | 8,438 |
Carrying Amount | ||
Financial assets: | ||
Investment securities - available for sale | 604,181 | 737,442 |
Investment securities, trading | 8,324 | 7,502 |
Total financial assets | 4,358,807 | 4,272,870 |
Financial liabilities: | ||
Total financial liabilities | 4,181,198 | 4,100,332 |
Fair Value | ||
Financial assets: | ||
Investment securities - available for sale | 604,181 | 737,442 |
Investment securities, trading | 8,324 | 7,502 |
Total financial assets | 4,330,706 | 4,281,047 |
Financial liabilities: | ||
Total financial liabilities | 4,183,805 | 4,105,987 |
Level 1 | Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 94,740 | 48,456 |
Level 1 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 94,740 | 48,456 |
Level 2 | Carrying Amount | ||
Financial assets: | ||
Investment securities – held to maturity | 12,947 | 8,684 |
Loans held for sale | 5,767 | 1,749 |
Financial liabilities: | ||
Deposits | 3,698,488 | 3,599,087 |
Short-term borrowings | 203,471 | 252,367 |
Long-term FHLB advances | 44,735 | 55,374 |
Subordinated notes | 98,660 | 98,526 |
Junior subordinated debentures | 21,709 | 21,580 |
Level 2 | Carrying Amount | Interest rate swaps | ||
Financial assets: | ||
Derivative assets | 62,571 | 12,550 |
Financial liabilities: | ||
Derivative liabilities | 62,140 | 12,549 |
Level 2 | Carrying Amount | FX forwards | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 2 | Carrying Amount | RPAs purchased | ||
Financial assets: | ||
Derivative assets | 151 | 71 |
Level 2 | Carrying Amount | RPAs sold | ||
Financial liabilities: | ||
Derivative liabilities | 30 | 2 |
Level 2 | Fair Value | ||
Financial assets: | ||
Investment securities – held to maturity | 13,015 | 8,438 |
Loans held for sale | 5,767 | 1,749 |
Financial liabilities: | ||
Deposits | 3,698,300 | 3,594,123 |
Short-term borrowings | 203,471 | 252,367 |
Long-term FHLB advances | 44,831 | 54,803 |
Subordinated notes | 97,387 | 100,120 |
Junior subordinated debentures | 25,681 | 31,176 |
Level 2 | Fair Value | Interest rate swaps | ||
Financial assets: | ||
Derivative assets | 62,571 | 12,550 |
Financial liabilities: | ||
Derivative liabilities | 62,140 | 12,549 |
Level 2 | Fair Value | FX forwards | ||
Financial assets: | ||
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 2 | Fair Value | RPAs purchased | ||
Financial assets: | ||
Derivative assets | 151 | 71 |
Level 2 | Fair Value | RPAs sold | ||
Financial liabilities: | ||
Derivative liabilities | 30 | 2 |
Level 3 | Carrying Amount | ||
Financial assets: | ||
Net portfolio loans and leases | 3,519,970 | 3,407,728 |
MSRs | 4,580 | 5,047 |
Other assets | 45,576 | 43,641 |
Financial liabilities: | ||
Other liabilities | 51,965 | 60,847 |
Level 3 | Fair Value | ||
Financial assets: | ||
Net portfolio loans and leases | 3,491,456 | 3,414,921 |
MSRs | 4,925 | 6,277 |
Other assets | 45,576 | 43,641 |
Financial liabilities: | ||
Other liabilities | $ 51,965 | $ 60,847 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Standby Letters of Credit | ||
Loss Contingencies [Line Items] | ||
Commitments and obligations, liability outstanding | $ 34.3 | $ 21.2 |
Commitments to Extend Credit | ||
Loss Contingencies [Line Items] | ||
Commitments and obligations, liability outstanding | $ 776.2 | $ 867.2 |
Subsidiary | Snyder v Crusador Servicing Corporation Case | ||
Loss Contingencies [Line Items] | ||
Ownership percentage of subsidiary | 80.00% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 37,398 | $ 36,729 | $ 111,656 | $ 111,484 | |
Provision for loan and lease losses | 919 | 664 | 6,282 | 4,831 | |
Net interest income after provision for loan and lease losses | 36,479 | 36,065 | 105,374 | 106,653 | |
Fees for wealth management services | 10,826 | 10,343 | 32,728 | 31,309 | |
Insurance commissions | 1,842 | 1,754 | 5,211 | 5,349 | |
Capital markets revenue | 2,113 | 710 | 5,821 | 3,481 | |
Service charges on deposit accounts | 856 | 726 | 2,516 | 2,191 | |
Loan servicing and other fees | 555 | 559 | 1,717 | 1,720 | |
Net gain on sale of loans | 674 | 631 | 1,745 | 1,677 | |
Net gain on sale of investment securities available for sale | 0 | 7 | |||
Net (loss) gain on sale of OREO | (12) | 5 | (36) | 292 | |
Other operating income | 2,601 | 3,546 | 9,227 | 11,859 | |
Total noninterest income | 19,455 | 18,274 | 58,929 | 57,885 | |
Salaries and wages | 17,765 | 16,528 | 55,704 | 48,750 | |
Employee benefits | 3,288 | 3,356 | 10,771 | 9,941 | |
Occupancy and bank premises | 3,008 | 2,717 | 9,385 | 8,464 | |
Amortization of intangible assets | 954 | 891 | 2,848 | 2,659 | |
Professional fees | 1,044 | 997 | 3,680 | 2,677 | |
Other operating expenses | 9,114 | 9,103 | 27,697 | 32,967 | |
Total noninterest expenses | 35,173 | 33,592 | 110,085 | 105,458 | |
Segment profit | 20,761 | 20,747 | 54,218 | 59,080 | |
Intersegment (revenues) expenses | 0 | 0 | 0 | 0 | |
Pre-tax segment profit after eliminations | $ 20,761 | $ 20,747 | $ 54,218 | $ 59,080 | |
% of segment pre-tax profit after eliminations | 100.00% | 100.00% | 100.00% | 100.00% | |
Segment assets | $ 4,828,641 | $ 4,388,400 | $ 4,828,641 | $ 4,388,400 | $ 4,652,485 |
Assets under management, administration, supervision and brokerage | 15,609,800 | 15,609,800 | $ 13,429,500 | ||
Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 37,397 | 36,726 | 111,652 | 111,479 | |
Provision for loan and lease losses | 919 | 664 | 6,282 | 4,831 | |
Net interest income after provision for loan and lease losses | 36,478 | 36,062 | 105,370 | 106,648 | |
Fees for wealth management services | 0 | 0 | 0 | 0 | |
Insurance commissions | 0 | 0 | 0 | 0 | |
Capital markets revenue | 2,113 | 710 | 5,821 | 3,481 | |
Service charges on deposit accounts | 856 | 726 | 2,516 | 2,191 | |
Loan servicing and other fees | 555 | 559 | 1,717 | 1,720 | |
Net gain on sale of loans | 674 | 631 | 1,745 | 1,677 | |
Net gain on sale of investment securities available for sale | 0 | 7 | |||
Net (loss) gain on sale of OREO | (12) | 5 | (36) | 292 | |
Other operating income | 2,565 | 3,498 | 9,144 | 11,709 | |
Total noninterest income | 6,751 | 6,129 | 20,907 | 21,077 | |
Salaries and wages | 12,674 | 11,737 | 40,744 | 34,077 | |
Employee benefits | 2,343 | 2,394 | 7,853 | 6,992 | |
Occupancy and bank premises | 2,502 | 2,224 | 7,842 | 7,035 | |
Amortization of intangible assets | 327 | 386 | 982 | 1,169 | |
Professional fees | 902 | 889 | 3,286 | 2,497 | |
Other operating expenses | 7,643 | 7,770 | 22,895 | 29,076 | |
Total noninterest expenses | 26,391 | 25,400 | 83,602 | 80,846 | |
Segment profit | 16,838 | 16,791 | 42,675 | 46,879 | |
Intersegment (revenues) expenses | (124) | (186) | (372) | (485) | |
Pre-tax segment profit after eliminations | $ 16,714 | $ 16,605 | $ 42,303 | $ 46,394 | |
% of segment pre-tax profit after eliminations | 80.50% | 80.00% | 78.00% | 78.50% | |
Segment assets | $ 4,771,900 | $ 4,335,800 | $ 4,771,900 | $ 4,335,800 | |
Wealth Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1 | 3 | 4 | 5 | |
Provision for loan and lease losses | 0 | 0 | 0 | 0 | |
Net interest income after provision for loan and lease losses | 1 | 3 | 4 | 5 | |
Fees for wealth management services | 10,826 | 10,343 | 32,728 | 31,309 | |
Insurance commissions | 1,842 | 1,754 | 5,211 | 5,349 | |
Capital markets revenue | 0 | 0 | 0 | 0 | |
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Loan servicing and other fees | 0 | 0 | 0 | 0 | |
Net gain on sale of loans | 0 | 0 | 0 | 0 | |
Net gain on sale of investment securities available for sale | 0 | 0 | |||
Net (loss) gain on sale of OREO | 0 | 0 | 0 | 0 | |
Other operating income | 36 | 48 | 83 | 150 | |
Total noninterest income | 12,704 | 12,145 | 38,022 | 36,808 | |
Salaries and wages | 5,091 | 4,791 | 14,960 | 14,673 | |
Employee benefits | 945 | 962 | 2,918 | 2,949 | |
Occupancy and bank premises | 506 | 493 | 1,543 | 1,429 | |
Amortization of intangible assets | 627 | 505 | 1,866 | 1,490 | |
Professional fees | 142 | 108 | 394 | 180 | |
Other operating expenses | 1,471 | 1,333 | 4,802 | 3,891 | |
Total noninterest expenses | 8,782 | 8,192 | 26,483 | 24,612 | |
Segment profit | 3,923 | 3,956 | 11,543 | 12,201 | |
Intersegment (revenues) expenses | 124 | 186 | 372 | 485 | |
Pre-tax segment profit after eliminations | $ 4,047 | $ 4,142 | $ 11,915 | $ 12,686 | |
% of segment pre-tax profit after eliminations | 19.50% | 20.00% | 22.00% | 21.50% | |
Segment assets | $ 56,700 | $ 52,600 | $ 56,700 | $ 52,600 |