Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
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, $1 par value | |
Trading Symbol | BMTC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,900,823 | |
Entity Central Index Key | 0000802681 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets - U
Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 9,458 | $ 11,287 |
Interest bearing deposits with banks | 39,213 | 85,026 |
Cash and cash equivalents | 48,671 | 96,313 |
Investment securities available for sale, at fair value (amortized cost of $649,246 and $1,161,098 as of September 30, 2021 and December 31, 2020, respectively) | 656,501 | 1,174,964 |
Investment securities held to maturity, at amortized cost (fair value of $11,733 and $15,186 as of September 30, 2021 and December 31, 2020, respectively) | 11,542 | 14,759 |
Investment securities, trading | 8,128 | 8,623 |
Loans held for sale | 634 | 6,000 |
Portfolio loans and leases, originated | 3,431,903 | 3,380,727 |
Portfolio loans and leases, acquired | 186,012 | 247,684 |
Total Loans and Leases | 3,617,915 | 3,628,411 |
Less: Allowance for credit losses on originated loans and leases | (35,218) | (50,783) |
Less: Allowance for credit losses on acquired loans and leases | (1,328) | (2,926) |
Total allowance for credit losses on loans and leases | (36,546) | (53,709) |
Net portfolio loans and leases | 3,581,369 | 3,574,702 |
Premises and equipment, net | 51,525 | 56,662 |
Operating lease right-of-use assets | 33,140 | 34,601 |
Accrued interest receivable | 12,872 | 15,440 |
Mortgage servicing rights | 2,057 | 2,626 |
Bank owned life insurance | 61,263 | 60,393 |
Federal Home Loan Bank stock | 7,212 | 12,666 |
Goodwill | 184,012 | 184,012 |
Intangible assets | 13,056 | 15,564 |
Other investments | 18,300 | 17,742 |
Other assets | 188,797 | 156,955 |
Total assets | 4,879,079 | 5,432,022 |
Deposits: | ||
Noninterest-bearing | 1,443,661 | 1,401,843 |
Interest-bearing | 2,371,871 | 2,974,411 |
Total deposits | 3,815,532 | 4,376,254 |
Short-term borrowings | 96,965 | 72,161 |
Long-term FHLB advances | 25,000 | 39,906 |
Subordinated notes | 99,017 | 98,883 |
Junior subordinated debentures | 22,079 | 21,935 |
Operating lease liabilities | 38,719 | 40,284 |
Accrued interest payable | 5,018 | 6,277 |
Other liabilities | 121,994 | 154,000 |
Total liabilities | 4,224,324 | 4,809,700 |
Shareholders' equity | ||
Common stock, par value $1; authorized 100,000,000 shares; issued 24,749,309 and 24,713,968 shares as of September 30, 2021 and December 31, 2020, respectively and outstanding of 19,900,823 and 19,960,294 as of September 30, 2021 and December 31, 2020, respectively | 24,749 | 24,714 |
Paid-in capital in excess of par value | 383,401 | 381,653 |
Less: Common stock in treasury at cost - 4,848,486 and 4,753,674 shares as of September 30, 2021 and December 31, 2020, respectively | (92,294) | (89,164) |
Accumulated other comprehensive income, net of tax | 2,545 | 8,948 |
Retained earnings | 337,259 | 296,941 |
Total Bryn Mawr Bank Corporation shareholders' equity | 655,660 | 623,092 |
Noncontrolling interest | (905) | (770) |
Total shareholders' equity | 654,755 | 622,322 |
Total liabilities and shareholders' equity | $ 4,879,079 | $ 5,432,022 |
Consolidated Balance Sheets -_2
Consolidated Balance Sheets - Unaudited (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Investment securities available for sale, amortized cost | $ 649,246 | $ 1,161,098 |
Investment securities held to maturity, fair value | $ 11,733 | $ 15,186 |
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) | 24,749,309 | 24,713,968 |
Common stock, outstanding (in shares) | 19,900,823 | 19,960,294 |
Treasury stock (in shares) | 4,848,486 | 4,753,674 |
Consolidated Statements of Inco
Consolidated Statements of Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest income: | ||||
Interest and fees on loans and leases | $ 34,332 | $ 36,799 | $ 103,548 | $ 120,284 |
Interest on cash and cash equivalents | 20 | 85 | 58 | 233 |
Interest on investment securities: | ||||
Taxable | 2,745 | 2,639 | 8,767 | 8,685 |
Non-taxable | 7 | 18 | 29 | 64 |
Dividends | 0 | 1 | 2 | 4 |
Total interest income | 37,104 | 39,542 | 112,404 | 129,270 |
Interest expense: | ||||
Interest on deposits | 808 | 2,967 | 3,190 | 15,080 |
Interest on short-term borrowings | 16 | 8 | 31 | 693 |
Interest on FHLB advances and other borrowings | 173 | 234 | 581 | 633 |
Interest on subordinated notes | 1,022 | 1,094 | 3,100 | 3,383 |
Interest on junior subordinated debentures | 198 | 207 | 595 | 731 |
Total interest expense | 2,217 | 4,510 | 7,497 | 20,520 |
Net interest income | 34,887 | 35,032 | 104,907 | 108,750 |
(Recovery of) provision for credit losses | (3,186) | 4,101 | (15,013) | 42,886 |
Net interest income after (recovery of) provision for credit losses | 38,073 | 30,931 | 119,920 | 65,864 |
Noninterest income: | ||||
Fees for wealth management services | 13,618 | 11,707 | 40,485 | 31,944 |
Insurance commissions | 1,524 | 1,682 | 4,237 | 4,518 |
Capital markets revenue | 2,823 | 3,314 | 5,709 | 8,650 |
Service charges on deposits | 751 | 663 | 2,180 | 2,112 |
Loan servicing and other fees | 327 | 373 | 1,028 | 1,286 |
Net gain on sale of loans | 671 | 1,021 | 1,446 | 4,937 |
Net gain on sale of investment securities available for sale | 512 | 0 | 512 | 0 |
Net gain on sale of OREO | 0 | 0 | 0 | 148 |
Dividends on FHLB and FRB stock | 202 | 127 | 663 | 814 |
Other operating income | 2,159 | 2,212 | 7,134 | 5,556 |
Total noninterest income | 22,587 | 21,099 | 63,394 | 59,965 |
Noninterest expenses: | ||||
Salaries and wages | 16,751 | 17,201 | 50,281 | 51,116 |
Employee benefits | 3,150 | 3,026 | 10,061 | 9,747 |
Occupancy and bank premises | 2,514 | 3,055 | 8,035 | 9,103 |
Furniture, fixtures, and equipment | 2,624 | 2,481 | 7,054 | 7,032 |
Advertising | 265 | 458 | 854 | 1,055 |
Amortization of intangible assets | 835 | 870 | 2,508 | 2,698 |
Due diligence, merger-related and merger integration expenses | 18 | 0 | 1,930 | 0 |
Professional fees | 2,423 | 1,718 | 5,485 | 4,661 |
Pennsylvania bank shares tax | 538 | 115 | 2,005 | 347 |
Data processing | 1,421 | 1,403 | 4,269 | 4,276 |
Other operating expenses | 6,301 | 4,870 | 17,528 | 14,068 |
Total noninterest expenses | 36,840 | 35,197 | 110,010 | 104,103 |
Income before income taxes | 23,820 | 16,833 | 73,304 | 21,726 |
Income tax expense | 5,562 | 3,709 | 16,632 | 4,762 |
Net income | 18,258 | 13,124 | 56,672 | 16,964 |
Net loss attributable to noncontrolling interest | (124) | (40) | (135) | (72) |
Net income attributable to Bryn Mawr Bank Corporation | $ 18,382 | $ 13,164 | $ 56,807 | $ 17,036 |
Basic earnings per common share (in dollars per share) | $ 0.92 | $ 0.66 | $ 2.86 | $ 0.85 |
Diluted earnings per common share (in dollars per share) | 0.92 | 0.66 | 2.83 | 0.85 |
Dividends paid or accrued per common share (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.82 | $ 0.79 |
Weighted-average basic shares outstanding (in shares) | 19,891,618 | 19,945,634 | 19,892,764 | 19,975,069 |
Dilutive shares (in shares) | 170,400 | 75,983 | 163,651 | 87,039 |
Adjusted weighted-average diluted shares (in shares) | 20,062,018 | 20,021,617 | 20,056,415 | 20,062,108 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income attributable to Bryn Mawr Bank Corporation | $ 18,382 | $ 13,164 | $ 56,807 | $ 17,036 |
Net change in unrealized (losses) gains on investment securities available for sale: | ||||
Net unrealized (losses) gains arising during the period, net of tax (benefit) expense of $(244), $291, $(1,280), and $2,095, respectively | (923) | 1,097 | (4,819) | 7,883 |
Reclassification adjustment for net gain on sale realized in net income, net of tax expense of $108, $0, $108, and $0 respectively | (404) | 0 | (404) | 0 |
Net unrealized investment (losses) gains, net of tax expense (benefit) of $(352), $291, $(1,388), and $2,095, respectively | (1,327) | 1,097 | (5,223) | 7,883 |
Net change in unrealized losses on interest rate swaps used in cash flow hedges: | ||||
Net unrealized losses arising during the period, net of benefit of $185, $0, $150, and $0, respectively | (700) | 0 | (559) | 0 |
Reclassification adjustment for gains included in net income, net of tax expense of $89, $0, $214, and $0, respectively | (333) | 0 | (807) | 0 |
Net unrealized losses on interest rate swaps used in cash flow hedges, net of tax benefit of $274, $0, $364, and $0, respectively | (1,033) | 0 | (1,366) | 0 |
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 $—, $6, $22, and $19, respectively | 3 | 23 | 82 | 69 |
Recognition of actuarial loss at termination of postretirement benefit plan, net of tax benefit of $27, $0, $27, and $0, respectively | 104 | 0 | 104 | 0 |
Total change in unfunded pension liability, net of tax expense of $27, $6, $49, and $19, respectively | 107 | 23 | 186 | 69 |
Total other comprehensive (loss) income | (2,253) | 1,120 | (6,403) | 7,952 |
Total comprehensive income | $ 16,129 | $ 14,284 | $ 50,404 | $ 24,988 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income - Unaudited (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net unrealized gains (losses) arising during the period, tax | $ 244 | $ 291 | $ 1,280 | $ 2,095 |
Reclassification adjustment for net gain on sale realized in net income, tax (expense) benefit | (108) | 0 | (108) | 0 |
Unrealized investment (losses) gains, tax (benefit) expense | (352) | 291 | (1,388) | 2,095 |
Net unrealized gains (losses) on interest rate swaps, before reclassification, tax expense (benefit) | (185) | 0 | (150) | 0 |
Net unrealized gains (loss) on interest rate swaps in cash flow hedges, tax expense | (89) | 0 | (214) | 0 |
Net unrealized gains (losses) on interest rate swaps, after reclassification, tax expense (benefit) | (274) | 0 | (364) | 0 |
Change in unfunded pension liability related to unrealized loss, prior service cost and transition obligation, tax expense | 0 | 6 | 22 | 19 |
Recognition of actuarial loss at termination of postretirement benefit plan, tax | 27 | 0 | 27 | 0 |
Total change in unfunded pension liability, tax | $ 27 | $ 6 | $ 49 | $ 19 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities: | ||
Net income attributable to Bryn Mawr Bank Corporation | $ 56,807 | $ 17,036 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Recovery of) provision for credit losses | (15,013) | 42,886 |
Depreciation of fixed assets | 4,646 | 6,028 |
Non-cash operating lease expense | 2,079 | 2,425 |
Net amortization of investment premiums and discounts | 5,451 | 3,384 |
Net gain on sale of investment securities available for sale | (512) | 0 |
Net gain on sale of loans | (1,446) | (4,937) |
Stock based compensation | 1,779 | 2,157 |
Amortization and net impairment of mortgage servicing rights | 569 | 1,569 |
Net accretion of fair value adjustments | (1,817) | (2,789) |
Amortization of intangible assets | 2,508 | 2,698 |
Net gain on sale of OREO | 0 | (148) |
Net increase in cash surrender value of bank owned life insurance ("BOLI") | (870) | (993) |
Other, net | 2,272 | 1,102 |
Loans originated for sale | (25,908) | (80,695) |
Proceeds from loans sold | 32,862 | 82,719 |
Provision for deferred income taxes | 6,501 | 476 |
Change in income taxes payable/receivable, net | (1,004) | (5,323) |
Change in accrued interest receivable | 2,616 | (4,127) |
Change in accrued interest payable | (1,259) | 1,736 |
Change in operating lease liabilities | (2,183) | (2,363) |
Change in other assets | (36,963) | (95,577) |
Change in other liabilities | (32,079) | 84,925 |
Net cash (used in) provided by operating activities | (964) | 52,189 |
Investing activities: | ||
Purchases of investment securities available for sale | (158,069) | (238,008) |
Purchases of investment securities held to maturity | 0 | (1,103) |
Proceeds from maturity and paydowns of investment securities available for sale | 622,308 | 594,650 |
Proceeds from maturity and paydowns of investment securities held to maturity | 3,101 | 1,842 |
Proceeds from sale of investment securities available for sale | 17,060 | 0 |
Net change in FHLB stock | 5,454 | 19,238 |
Proceeds from calls of investment securities | 25,730 | 97,775 |
Net change in other investments | (558) | (446) |
Net portfolio loan and lease originations | 9,516 | (293,873) |
Proceeds from sales of loans originally classified as portfolio loans and leases | 0 | 302,169 |
Purchases of premises and equipment | (740) | (1,430) |
Proceeds from sale of OREO | 0 | 534 |
Net cash provided by investing activities | 523,802 | 481,348 |
Financing activities: | ||
Change in deposits | (560,580) | 171,651 |
Change in short-term borrowings | 24,804 | (469,763) |
Dividends paid | (16,428) | (15,957) |
Change in long-term FHLB advances and other borrowings | (15,000) | (7,500) |
Payment of contingent consideration for business combinations | (150) | (507) |
Cash payments to taxing authorities on employees' behalf from shares withheld from stock-based compensation | (441) | (594) |
Net purchase of treasury stock for deferred compensation plans | (122) | (128) |
Net purchase of treasury stock through publicly announced plans | (2,567) | (7,249) |
Proceeds from exercise of stock options | 4 | 12 |
Net cash used in financing activities | (570,480) | (330,035) |
Change in cash and cash equivalents | (47,642) | 203,502 |
Cash and cash equivalents at beginning of period | 96,313 | 53,931 |
Cash and cash equivalents at end of period | 48,671 | 257,433 |
Supplemental cash flow information: | ||
Income taxes | 11,129 | 9,613 |
Interest | 8,756 | 18,784 |
Non-cash information: | ||
Available for sale securities purchased, not settled | 0 | 6,500 |
Change in other comprehensive income | (6,403) | 7,952 |
Change in deferred tax due to change in comprehensive income | (1,703) | 2,114 |
Transfer of loans to OREO and repossessed assets | $ 0 | $ 386 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - Unaudited - USD ($) $ in Thousands | Total | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Common Stock | Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive (Loss) Income | Retained Earnings | Retained EarningsCumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2019 | 24,650,051 | ||||||||
Beginning balance at Dec. 31, 2019 | $ 612,227 | $ (2,801) | $ 24,650 | $ 378,606 | $ (81,174) | $ 2,187 | $ 288,653 | $ (2,801) | $ (695) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to Bryn Mawr Bank Corporation | 17,036 | 17,036 | |||||||
Net loss attributable to noncontrolling interest | (72) | (72) | |||||||
Dividends paid or accrued | (16,023) | (16,023) | |||||||
Other comprehensive income, net of tax expense (benefit) | 7,952 | 7,952 | |||||||
Stock based compensation | 2,157 | 2,157 | |||||||
Retirement of treasury stock (in shares) | (3,816) | ||||||||
Retirement of treasury stock | 0 | $ (4) | (41) | 45 | |||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | (594) | (594) | |||||||
Net treasury stock activity for deferred compensation trusts | (128) | (128) | |||||||
Purchase of treasury stock through publicly announced plans | (7,249) | (7,249) | |||||||
Common stock issued through share-based awards and options exercises (in shares) | 63,427 | ||||||||
Common stock issued through share-based awards and options exercises | 112 | $ 64 | 48 | ||||||
Ending balance (in shares) at Sep. 30, 2020 | 24,709,662 | ||||||||
Ending balance at Sep. 30, 2020 | 612,617 | $ 24,710 | 380,770 | (89,100) | 10,139 | 286,865 | (767) | ||
Beginning balance (in shares) at Jun. 30, 2020 | 24,662,161 | ||||||||
Beginning balance at Jun. 30, 2020 | 603,674 | $ 24,662 | 380,167 | (88,612) | 9,019 | 279,165 | (727) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to Bryn Mawr Bank Corporation | 13,164 | 13,164 | |||||||
Net loss attributable to noncontrolling interest | (40) | (40) | |||||||
Dividends paid or accrued | (5,464) | (5,464) | |||||||
Other comprehensive income, net of tax expense (benefit) | 1,120 | 1,120 | |||||||
Stock based compensation | 644 | 644 | |||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | (450) | (450) | |||||||
Net treasury stock activity for deferred compensation trusts | (38) | (38) | |||||||
Common stock issued through share-based awards and options exercises (in shares) | 47,501 | ||||||||
Common stock issued through share-based awards and options exercises | 7 | $ 48 | (41) | ||||||
Ending balance (in shares) at Sep. 30, 2020 | 24,709,662 | ||||||||
Ending balance at Sep. 30, 2020 | $ 612,617 | $ 24,710 | 380,770 | (89,100) | 10,139 | 286,865 | (767) | ||
Beginning balance (in shares) at Dec. 31, 2020 | 24,713,968 | 24,713,968 | |||||||
Beginning balance at Dec. 31, 2020 | $ 622,322 | $ 24,714 | 381,653 | (89,164) | 8,948 | 296,941 | (770) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to Bryn Mawr Bank Corporation | 56,807 | 56,807 | |||||||
Net loss attributable to noncontrolling interest | (135) | (135) | |||||||
Dividends paid or accrued | (16,489) | (16,489) | |||||||
Other comprehensive income, net of tax expense (benefit) | (6,403) | (6,403) | |||||||
Stock based compensation | 1,779 | 1,779 | |||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | (441) | (441) | |||||||
Net treasury stock activity for deferred compensation trusts | (122) | (122) | |||||||
Purchase of treasury stock through publicly announced plans | $ (2,567) | (2,567) | |||||||
Common stock issued through share-based awards and options exercises (in shares) | 225 | 35,341 | |||||||
Common stock issued through share-based awards and options exercises | $ 4 | $ 35 | (31) | ||||||
Ending balance (in shares) at Sep. 30, 2021 | 24,749,309 | 24,749,309 | |||||||
Ending balance at Sep. 30, 2021 | $ 654,755 | $ 24,749 | 383,401 | (92,294) | 2,545 | 337,259 | (905) | ||
Beginning balance (in shares) at Jun. 30, 2021 | 24,714,768 | ||||||||
Beginning balance at Jun. 30, 2021 | 644,012 | $ 24,715 | 382,655 | (91,825) | 4,798 | 324,450 | (781) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income attributable to Bryn Mawr Bank Corporation | 18,382 | 18,382 | |||||||
Net loss attributable to noncontrolling interest | (124) | (124) | |||||||
Dividends paid or accrued | (5,573) | (5,573) | |||||||
Other comprehensive income, net of tax expense (benefit) | (2,253) | (2,253) | |||||||
Stock based compensation | 776 | 776 | |||||||
Net purchase of treasury stock from stock awards for statutory tax withholdings | (429) | (429) | |||||||
Net treasury stock activity for deferred compensation trusts | $ (40) | (40) | |||||||
Common stock issued through share-based awards and options exercises (in shares) | 225 | 34,541 | |||||||
Common stock issued through share-based awards and options exercises | $ 4 | $ 34 | (30) | ||||||
Ending balance (in shares) at Sep. 30, 2021 | 24,749,309 | 24,749,309 | |||||||
Ending balance at Sep. 30, 2021 | $ 654,755 | $ 24,749 | $ 383,401 | $ (92,294) | $ 2,545 | $ 337,259 | $ (905) |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid or accrued per common share (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.82 | $ 0.79 |
Other comprehensive income, tax expense (benefit) | $ 599 | $ 297 | $ 1,703 | $ 2,114 |
Basis of Presentation, Principl
Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies | Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies The Unaudited Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The Unaudited Consolidated Financial Statements include the accounts of Bryn Mawr Bank Corporation (“BMBC,” and together with its subsidiaries, the “Corporation”) and its consolidated subsidiaries; BMBC's primary subsidiary is The Bryn Mawr Trust Company (the “Bank”). In connection with the merger of Royal Bancshares of Pennsylvania, Inc. (“RBPI”) with and into BMBC, and the merger of Royal Bank America with and into the Bank (collectively, the "RBPI Merger"), 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 are eliminated in consolidation and certain prior-period amounts have been reclassified when necessary in order to conform to the current period presentation. In the opinion of 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. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for any other interim period or for the full year. In preparing the Unaudited Consolidated Financial Statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the balance sheets, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. 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, 2020 (the “2020 Annual Report”). Except as described below, the accounting policies applied in these Unaudited Consolidated Financial Statements are the same as those applied in the 2020 Annual Report. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021, and those which are not yet effective and have been evaluated or are currently being evaluated by management as of September 30, 2021. Adopted Pronouncements: 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 became effective for the Corporation on January 1, 2021 and the adoption of this ASU did not have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” Issued in December 2019, ASU 2019-12 adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The guidance became effective for the Corporation on January 1, 2021 and the adoption of this ASU did not have a material impact on our Consolidated Financial Statements and related disclosures. Pronouncements Not Yet Effective: FASB ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations Pending Business Combination – WSFS Financial Corporation On March 10, 2021, WSFS Financial Corporation (“WSFS”) and BMBC jointly announced the signing of a definitive Agreement and Plan of Merger, dated as of March 9, 2021, between WSFS and BMBC whereby BMBC will merge with WSFS, in a 100% stock-consideration transaction with a fixed exchange ratio of 0.90 shares of WSFS common stock for each share of BMBC common stock outstanding. Simultaneously with the merger, the Bank will merge into WSFS Bank, a wholly-owned subsidiary of WSFS. Closing of the transaction is subject to customary regulatory approvals. The Corporation recorded $18 thousand and $1.9 million of due diligence and merger-related expenses for the three and nine months ended September 30, 2021, respectively, related to the pending merger with WSFS. These expenses primarily consisted of legal fees and investment banker fees. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and December 31, 2020 are as follows: As of September 30, 2021 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 100 $ — $ — $ 100 Obligations of the U.S. government and agencies 97,944 132 (1,479) 96,597 Mortgage-backed securities 431,860 9,124 (1,802) 439,182 Collateralized mortgage obligations 13,192 374 — 13,566 Collateralized loan obligations 94,500 151 — 94,651 Corporate bonds 11,000 755 — 11,755 Other investment securities 650 — — 650 Total $ 649,246 $ 10,536 $ (3,281) $ 656,501 As of December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 500,095 $ 5 $ — $ 500,100 Obligations of the U.S. government and agencies 92,449 868 (219) 93,098 Obligations of state and political subdivisions 2,149 22 — 2,171 Mortgage-backed securities 441,575 12,739 (457) 453,857 Collateralized mortgage obligations 18,680 583 — 19,263 Collateralized loan obligations 94,500 1 (97) 94,404 Corporate bonds 11,000 421 — 11,421 Other investment securities 650 — — 650 Total $ 1,161,098 $ 14,639 $ (773) $ 1,174,964 The following tables present the aggregate amount of gross unrealized losses as of September 30, 2021 and December 31, 2020 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, 2021 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 $ 65,812 $ (1,145) $ 17,662 $ (334) $ 83,474 $ (1,479) Mortgage-backed securities 155,530 (1,744) 12,640 (58) 168,170 (1,802) Total $ 221,342 $ (2,889) $ 30,302 $ (392) $ 251,644 $ (3,281) As of December 31, 2020 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 $ 19,777 $ (219) $ — $ — $ 19,777 $ (219) Mortgage-backed securities 79,990 (457) — — 79,990 (457) Collateralized loan obligations 31,903 (97) — — 31,903 (97) Total $ 131,670 $ (773) $ — $ — $ 131,670 $ (773) As of September 30, 2021, the Corporation’s available for sale investment securities consisted of 391 securities, 87 of which were in an unrealized loss position. As of September 30, 2021, management had not made a decision to sell any of the Corporation’s available for sale investment securities in an unrealized loss position, nor did management consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis. Management has evaluated available for sale debt securities that are in an unrealized loss position and has determined that the decline in value is unrelated to credit loss and is related to the change in market interest rates since purchase. Factors considered in this evaluation included the extent to which fair value is less than amortized cost, any explicit or implicit guarantees by the U.S. government, any changes to the rating of the security by the rating agency, and adverse conditions specifically related to the security, among other factors. As of September 30, 2021, approximately 83.7% of the Corporation’s available for sale investment securities were U.S. Treasuries or mortgage-backed securities or collateral mortgage obligations which were issued or guaranteed by U.S. government-sponsored entities and agencies. In addition, none of the available for sale debt securities held by the Corporation are past due as of September 30, 2021. Accrued interest receivable on available for sale debt securities, which is reported in Accrued interest receivable on the Consolidated Balance Sheet, totaled $1.9 million at September 30, 2021 and is excluded from the estimate of credit losses. As of September 30, 2021 and December 31, 2020, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of shareholders’ equity. As of September 30, 2021 and December 31, 2020, securities having a fair value of $124.2 million and $282.3 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, collateral requirements in derivative contracts, 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, 2021 and December 31, 2020, 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 $ 884 $ 884 $ 502,465 $ 502,489 Due after one year through five years 26,498 27,162 18,679 19,167 Due after five years through ten years 87,812 86,561 77,433 77,681 Due after ten years 89,000 89,146 102,266 102,507 Subtotal 204,194 203,753 700,843 701,844 Mortgage-related securities (1) 445,052 452,748 460,255 473,120 Total $ 649,246 $ 656,501 $ 1,161,098 $ 1,174,964 (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, 2021 and December 31, 2020 are as follows: As of September 30, 2021 (dollars in thousands) Amortized Gross Gross Fair Value Mortgage-backed securities $ 11,542 $ 344 $ (153) $ 11,733 As of December 31, 2020 (dollars in thousands) Amortized Gross Gross Fair Value Mortgage-backed securities $ 14,759 $ 451 $ (24) $ 15,186 The following table presents the aggregate amount of gross unrealized losses as of September 30, 2021 and December 31, 2020 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, 2021 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-backed securities $ 400 $ (153) $ — $ — $ 400 $ (153) As of December 31, 2020 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-backed securities $ 4,224 $ (24) $ — $ — $ 4,224 $ (24) As of September 30, 2021, two of the Corporation’s held to maturity investment securities were in an unrealized loss position. The Corporation’s held to maturity debt securities consist of mortgage-backed securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. With respect to these securities, the bank considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to default. The bank does not record expected credit losses for these securities. Accrued interest receivable on held to maturity debt securities totaled $28 thousand at September 30, 2021 and is excluded from the estimate of credit losses. The amortized cost and fair value of held to maturity investment securities as of September 30, 2021 and December 31, 2020, by contractual maturity, are shown below: September 30, December 31, (dollars in thousands) Amortized Fair Value Amortized Fair Value Mortgage-backed securities (1) $ 11,542 $ 11,733 $ 14,759 $ 15,186 (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, 2021 and December 31, 2020, the Corporation’s investment securities held in trading accounts totaled $8.1 million and $8.6 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 rabbi trust accounts 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, 2021 | |
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 the amortized cost of loans and leases as of the dates indicated: Loans and Leases September 30, 2021 December 31, 2020 (dollars in thousands) Originated Acquired Total Loans and Leases Originated Acquired Total Loans and Leases Loans held for sale $ 634 $ — $ 634 $ 6,000 $ — $ 6,000 Real estate loans: Commercial real estate (CRE) - nonowner-occupied 1,385,284 79,250 1,464,534 1,330,947 104,628 1,435,575 Commercial real estate (CRE) - owner-occupied 517,855 19,633 537,488 544,782 33,727 578,509 Home equity lines of credit 137,329 9,423 146,752 157,385 11,952 169,337 Residential mortgage - 1st liens 495,771 64,175 559,946 540,307 81,062 621,369 Residential mortgage - junior liens 23,473 951 24,424 22,375 1,420 23,795 Construction 226,927 8,491 235,418 153,131 8,177 161,308 Total real estate loans 2,786,639 181,923 2,968,562 2,748,927 240,966 2,989,893 Commercial & Industrial 464,741 3,238 467,979 442,283 4,155 446,438 Consumer 46,399 29 46,428 39,603 80 39,683 Leases 134,124 822 134,946 149,914 2,483 152,397 Total portfolio loans and leases 3,431,903 186,012 3,617,915 3,380,727 247,684 3,628,411 Total loans and leases $ 3,432,537 $ 186,012 $ 3,618,549 $ 3,386,727 $ 247,684 $ 3,634,411 Loans with fixed rates $ 1,093,806 $ 96,833 $ 1,190,639 $ 1,198,908 $ 134,084 $ 1,332,992 Loans with adjustable or floating rates 2,338,731 89,179 2,427,910 2,187,819 113,600 2,301,419 Total loans and leases $ 3,432,537 $ 186,012 $ 3,618,549 $ 3,386,727 $ 247,684 $ 3,634,411 Net deferred loan origination fees (costs) included in the above loan table $ 1,337 $ — $ 1,337 $ 673 $ — $ 673 B. The following table details the components of net investment in leases: Components of Net Investment in Leases September 30, 2021 December 31, 2020 (dollars in thousands) Originated Acquired Total Leases Originated Acquired Total Leases Minimum lease payments receivable $ 146,225 $ 842 $ 147,067 $ 164,556 $ 2,583 $ 167,139 Unearned lease income (17,894) (32) (17,926) (20,746) (138) (20,884) Initial direct costs and deferred fees 5,793 12 5,805 6,104 38 6,142 Total Leases $ 134,124 $ 822 $ 134,946 $ 149,914 $ 2,483 $ 152,397 C. The following table details the amortized cost of nonperforming loans and leases as of the dates indicated: Nonperforming Loans and Leases September 30, 2021 December 31, 2020 (dollars in thousands) Originated Acquired Total Loans and Leases Originated Acquired Total Loans and Leases CRE - nonowner-occupied $ — $ — $ — $ 57 $ — $ 57 CRE - owner-occupied 559 — 559 823 836 1,659 Home equity lines of credit 747 165 912 515 214 729 Residential mortgage - 1st liens 2,922 113 3,035 26 73 99 Residential mortgage - junior liens 33 31 64 50 35 85 Construction 216 — 216 — — — Commercial & Industrial 2,708 — 2,708 1,657 118 1,775 Consumer 31 — 31 30 — 30 Leases 464 58 522 791 81 872 Total non-performing loans and leases $ 7,680 $ 367 $ 8,047 $ 3,949 $ 1,357 $ 5,306 D. 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, 2021 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 1,464,534 $ 1,464,534 $ — $ 1,464,534 CRE - owner-occupied — — — — 536,929 536,929 559 537,488 Home equity lines of credit — — — — 145,840 145,840 912 146,752 Residential mortgage - 1st liens 2,663 152 — 2,815 554,096 556,911 3,035 559,946 Residential mortgage - junior liens 79 — — 79 24,281 24,360 64 24,424 Construction — — — — 235,202 235,202 216 235,418 Commercial & Industrial — — — — 465,271 465,271 2,708 467,979 Consumer 9 18 — 27 46,370 46,397 31 46,428 Leases 341 98 — 439 133,985 134,424 522 134,946 Total portfolio loans and leases $ 3,092 $ 268 $ — $ 3,360 $ 3,606,508 $ 3,609,868 $ 8,047 $ 3,617,915 Payment Status of All Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2020 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 1,435,518 $ 1,435,518 $ 57 $ 1,435,575 CRE - owner-occupied 1,907 416 — 2,323 574,527 576,850 1,659 578,509 Home equity lines of credit 87 — — 87 168,521 168,608 729 169,337 Residential mortgage - 1st liens 6,020 217 — 6,237 615,033 621,270 99 621,369 Residential mortgage - junior liens 88 58 — 146 23,564 23,710 85 23,795 Construction — — — — 161,308 161,308 — 161,308 Commercial & Industrial — — — — 444,663 444,663 1,775 446,438 Consumer 32 16 — 48 39,605 39,653 30 39,683 Leases 1,196 810 — 2,006 149,519 151,525 872 152,397 Total portfolio loans and leases $ 9,330 $ 1,517 $ — $ 10,847 $ 3,612,258 $ 3,623,105 $ 5,306 $ 3,628,411 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, 2021 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 1,385,284 $ 1,385,284 $ — $ 1,385,284 CRE - owner-occupied — — — — 517,296 517,296 559 517,855 Home equity lines of credit — — — — 136,582 136,582 747 137,329 Residential mortgage - 1st liens 1,957 152 — 2,109 490,740 492,849 2,922 495,771 Residential mortgage - junior liens 79 — — 79 23,361 23,440 33 23,473 Construction — — — — 226,711 226,711 216 226,927 Commercial & Industrial — — — — 462,033 462,033 2,708 464,741 Consumer 9 18 — 27 46,341 46,368 31 46,399 Leases 341 98 — 439 133,221 133,660 464 134,124 Total portfolio loans and leases $ 2,386 $ 268 $ — $ 2,654 $ 3,421,569 $ 3,424,223 $ 7,680 $ 3,431,903 Payment Status of Originated Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2020 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 1,330,890 $ 1,330,890 $ 57 $ 1,330,947 CRE - owner-occupied 1,907 416 — 2,323 541,636 543,959 823 544,782 Home equity lines of credit 87 — — 87 156,783 156,870 515 157,385 Residential mortgage - 1st liens 4,109 217 — 4,326 535,955 540,281 26 540,307 Residential mortgage - junior liens 84 56 — 140 22,185 22,325 50 22,375 Construction — — — — 153,131 153,131 — 153,131 Commercial & Industrial — — — — 440,626 440,626 1,657 442,283 Consumer 32 16 — 48 39,525 39,573 30 39,603 Leases 1,196 735 — 1,931 147,192 149,123 791 149,914 Total portfolio loans and leases $ 7,415 $ 1,440 $ — $ 8,855 $ 3,367,923 $ 3,376,778 $ 3,949 $ 3,380,727 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, 2021 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 79,250 $ 79,250 $ — $ 79,250 CRE - owner-occupied — — — — 19,633 19,633 — 19,633 Home equity lines of credit — — — — 9,258 9,258 165 9,423 Residential mortgage - 1st liens 706 — — 706 63,356 64,062 113 64,175 Residential mortgage - junior liens — — — — 920 920 31 951 Construction — — — — 8,491 8,491 — 8,491 Commercial & Industrial — — — — 3,238 3,238 — 3,238 Consumer — — — — 29 29 — 29 Leases — — — — 764 764 58 822 Total portfolio loans and leases $ 706 $ — $ — $ 706 $ 184,939 $ 185,645 $ 367 $ 186,012 Payment Status of Acquired Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2020 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 104,628 $ 104,628 $ — $ 104,628 CRE - owner-occupied — — — — 32,891 32,891 836 33,727 Home equity lines of credit — — — — 11,738 11,738 214 11,952 Residential mortgage - 1st liens 1,911 — — 1,911 79,078 80,989 73 81,062 Residential mortgage - junior liens 4 2 — 6 1,379 1,385 35 1,420 Construction — — — — 8,177 8,177 — 8,177 Commercial & Industrial — — — — 4,037 4,037 118 4,155 Consumer — — — — 80 80 — 80 Leases — 75 — 75 2,327 2,402 81 2,483 Total portfolio loans and leases $ 1,915 $ 77 $ — $ 1,992 $ 244,335 $ 246,327 $ 1,357 $ 247,684 E. Allowance for Credit Losses (“ACL”) on Loans and Leases The ACL on loans and leases represents management’s estimate of all expected credit losses over the expected contractual life of our existing portfolio loans and leases. Determining the appropriateness of the ACL on loans and leases is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the then-existing loan portfolio, in light of the factors then prevailing, may result in significant changes in the ACL on loans and leases in those future periods. The expense for credit loss recorded through earnings is the amount necessary to maintain the ACL on loans and leases at the amount of expected credit losses inherent within the loans and leases portfolio. The amount of expense and the corresponding level of ACL on loans and leases are based on management’s evaluation of the collectability of the loan and lease portfolio based on historical loss experience, reasonable and supportable forecasts, and other significant qualitative and quantitative factors. The ACL on loans and leases, as reported in our Consolidated Statements of Financial Condition, is adjusted by an expense for credit losses, which is recognized in earnings, and reduced by the charge-off of loan and lease amounts, net of recoveries. Management employs a disciplined process and methodology to establish the ACL on loans and leases that has two basic components: first, an asset-specific component involving individual loans and leases that do not share risk characteristics with other loans and leases and the measurement of expected credit losses for such individual loans; and second, a collective (pooled) component for estimated expected credit losses for pools of loans and leases that share similar risk characteristics. Based upon this methodology, management establishes an asset-specific ACL on loans and leases that do not share risk characteristics with other loans and leases based on the amount of expected credit losses calculated on those loans and leases and charges off amounts determined to be uncollectible. Factors we consider in measuring the extent of expected credit loss include payment status, collateral value, borrower financial condition, guarantor support and the probability of collecting scheduled principal and interest payments when due. When a loan or lease does not share risk characteristics with other loans or leases, management measures expected credit loss as the difference between the amortized cost basis in the loan and the present value of expected future cash flows discounted at the loan’s effective interest rate except that, for collateral dependent loans, credit loss is measured as the difference between the amortized cost basis in the loan and the fair value of the underlying collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. If the calculated expected credit loss is determined to be permanent, fixed or nonrecoverable, the credit loss portion of the loan will be charged off against the ACL on loans and leases. Loans and leases designated as having significantly increased credit risk are generally placed on nonaccrual and remain in that status until all principal and interest payments are current and the prospects for future payments in accordance with the loan agreement are reasonably assured, at which point the loan is returned to accrual status. In estimating the component of the ACL on loans and leases that share common risk characteristics, loans and leases are segregated into portfolio segments based on federal call report codes which classify loans and leases based on the primary collateral supporting the loan or lease. Methods utilized by management to estimate expected credit losses include 1) a discounted cash flow (“DCF”) methodology that discounts instrument-level contractual cash flows, adjusted for prepayments and curtailments, incorporating loss expectations, and 2) a weighted average remaining maturity (“WARM”) methodology which contemplates expected losses at a pool-level, utilizing historic loss information. Under both methodologies, management estimates the ACL on loans and leases using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. After the end of the reasonable and supportable forecast period, the loss rates revert to the long-term mean loss rate, or in the case of an input-driven predictive method, the long-term mean of the input, using a reversion period where applicable. Historical credit loss experience, including examination of loss experience at representative peer institutions when the Corporation’s first-party loss history does not result in estimations that are meaningful to users of the Corporation’s Consolidated Financial Statements, provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are considered for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The DCF methodology uses inputs of current and forecasted macroeconomic indicators to predict future loss rates. The current macroeconomic indicator utilized by the bank is the Pennsylvania unemployment rate. In building the Current Expected Credit Loss (“CECL”) model utilized in the DCF methodology, a correlation between this indicator and historic loss levels was developed, enabling a prediction of future loss rates related to future Pennsylvania unemployment rates. The portfolio segments utilizing the DCF methodology as of September 30, 2021 included: CRE - owner-occupied and nonowner-occupied loans, home equity lines of credit, residential mortgages (first and junior liens), construction loans and consumer loans. The WARM methodology uses combined historic loss rates for the Bank and peer institutions, if necessary, gathered from Call Report filings. The selected period for which historic loss rates are used is dependent on management's evaluation of current conditions and expectations of future loss conditions. The portfolio segments utilizing the WARM methodology as of September 30, 2021 included commercial and industrial loans and leases. For the three months ended September 30, 2021, the economic outlook impacting the ACL on loans and leases continued to improve. Our CECL model, which is largely driven by rates of Pennsylvania unemployment, which is correlated to expected loss rates, included an improving four-quarter projection of the unemployment rate followed by a reversion to the long-term 15-year average. In addition to these assumptions, management applied additional qualitative factors related to the continued stress, brought on by the COVID-19 pandemic, on certain segments of the loan portfolio. In particular, the retail and hospitality sectors of the nonowner-occupied CRE segment were directly impacted by the many shutdowns and curtailments of consumer activity during most of 2020. The following tables present the activity in the ACL on loans and leases, by portfolio segment, for the three and nine months ended September 30, 2021 and 2020: Roll-Forward of ACL on Loans and Leases (dollars in thousands) CRE - nonowner-occupied CRE - Home equity lines of credit Residential mortgage - 1st liens Residential mortgage - junior liens Construction Commercial & Industrial Consumer Leases Total Balance, June 30, 2021 $ 11,902 $ 4,546 $ 1,030 $ 4,620 $ 380 $ 2,275 $ 8,870 $ 367 $ 5,173 $ 39,163 Loans and leases charged-off — — — — — — — (109) (254) (363) Recoveries collected — 22 — 1 — 1 337 22 120 503 PCL on loans and leases (520) (709) (75) (246) (19) 39 (852) 153 (528) (2,757) Balance, September 30, 2021 $ 11,382 $ 3,859 $ 955 $ 4,375 $ 361 $ 2,315 $ 8,355 $ 433 $ 4,511 $ 36,546 Roll-Forward of ACL on Loans and Leases (dollars in thousands) CRE - nonowner-occupied CRE - Home equity lines of credit Residential mortgage - 1st liens Residential mortgage - junior liens Construction Commercial & Industrial Consumer Leases Total Balance, December 31, 2020 $ 19,382 $ 6,982 $ 1,406 $ 7,782 $ 382 $ 2,707 $ 8,087 $ 325 $ 6,656 $ 53,709 Loans and leases charged-off — (193) (46) (25) — (116) (2,721) (387) (1,328) (4,816) Recoveries collected — 496 — 2 — 3 789 48 585 1,923 PCL on loans and leases (8,000) (3,426) (405) (3,384) (21) (279) 2,200 447 (1,402) (14,270) Balance, September 30, 2021 $ 11,382 $ 3,859 $ 955 $ 4,375 $ 361 $ 2,315 $ 8,355 $ 433 $ 4,511 $ 36,546 Roll-Forward of ACL on Loans and Leases (dollars in thousands) CRE - nonowner-occupied CRE - Home equity lines of credit Residential mortgage - 1st liens Residential mortgage - junior liens Construction Commercial & Industrial Consumer Leases Total Balance, June 30, 2020 $ 15,331 $ 5,083 $ 1,627 $ 8,198 $ 521 $ 6,061 $ 7,988 $ 440 $ 9,725 $ 54,974 Loans and leases charged-off — (508) — (15) — — (1,630) (152) (588) (2,893) Recoveries collected 2 14 — 27 — 1 109 19 534 706 PCL on loans and leases 1,209 1,419 180 192 (70) (1,090) 1,906 232 (337) 3,641 Balance, September 30, 2020 $ 16,542 $ 6,008 $ 1,807 $ 8,402 $ 451 $ 4,972 $ 8,373 $ 539 $ 9,334 $ 56,428 Roll-Forward of ACL on Loans and Leases (dollars in thousands) CRE - nonowner-occupied CRE - Home equity lines of credit Residential mortgage - 1st liens Residential mortgage - junior liens Construction Commercial & Industrial Consumer Leases Total Balance, December 31, 2019 Prior to Adoption of ASC 326 $ 7,960 $ 2,825 $ 1,114 $ 2,501 $ 338 $ 1,230 $ 3,835 $ 438 $ 2,361 $ 22,602 Impact of Adopting ASC 326 (467) 16 (46) 2,408 79 (359) (159) 140 1,594 3,206 Loans and leases charged-off — (1,742) (114) (1,298) — — (2,779) (741) (4,658) (11,332) Recoveries collected 8 14 4 164 — 3 146 109 1,226 1,674 PCL on loans and leases 9,041 4,895 849 4,627 34 4,098 7,330 593 8,811 40,278 Balance, September 30, 2020 $ 16,542 $ 6,008 $ 1,807 $ 8,402 $ 451 $ 4,972 $ 8,373 $ 539 $ 9,334 $ 56,428 As part of the process of determining the ACL for the different segments of the loan and lease portfolio, management considers certain credit quality indicators. Periodic reviews of 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. • Pass-Watch – Loans that are performing, but which may have a potential deficiency which the borrower appears to be managing or a possible deficiency in the future. • 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 table details the amortized cost of portfolio loans and leases, by year of origination (for term loans) and by risk grade within each portfolio segment as of September 30, 2021: Term Loans Revolving Loans Amortized Cost Basis by Origination Year (1) Amortized Cost Basis (dollars in thousands) Risk Rating 2021 2020 2019 2018 2017 2016 and Prior Revolving Lines of Credit Revolving Lines of Credit Converted to Term Loans Total CRE - nonowner-occupied Pass $ 202,943 $ 254,988 $ 413,001 $ 153,717 $ 94,932 $ 148,245 $ 32,473 $ — $ 1,300,299 Pass-Watch 13,934 19,466 12,831 12,423 12,303 8,080 — — 79,037 Special Mention 1,248 — 7,871 18,881 2,728 25,687 — — 56,415 Substandard 902 6,987 13,721 827 — 6,346 — — 28,783 Total $ 219,027 $ 281,441 $ 447,424 $ 185,848 $ 109,963 $ 188,358 $ 32,473 $ — $ 1,464,534 CRE - owner-occupied Pass $ 45,955 $ 127,089 $ 109,980 $ 77,710 $ 60,037 $ 63,510 $ 13,618 $ — $ 497,899 Pass-Watch 4,740 3,344 3,013 11,280 147 1,290 25 — 23,839 Special Mention — 1,384 270 1,473 — 897 78 — 4,102 Substandard 463 2,941 2,834 3,971 — 1,340 99 — 11,648 Total $ 51,158 $ 134,758 $ 116,097 $ 94,434 $ 60,184 $ 67,037 $ 13,820 $ — $ 537,488 Home equity lines of credit Pass $ — $ 151 $ 614 $ — $ 79 $ 1,333 $ 142,738 $ 678 $ 145,593 Pass-Watch — — — — — — 99 — 99 Special Mention — — — — — — 148 — 148 Substandard 392 — — 258 152 110 — — 912 Total $ 392 $ 151 $ 614 $ 258 $ 231 $ 1,443 $ 142,985 $ 678 $ 146,752 Residential mortgage - 1st liens Pass $ 116,552 $ 104,801 $ 86,871 $ 44,845 $ 52,559 $ 146,872 $ 1,227 $ — $ 553,727 Pass-Watch — — 457 — — 612 — — 1,069 Special Mention 1,687 — — 340 — — — — 2,027 Substandard 1,949 — 171 128 88 787 — — 3,123 Total $ 120,188 $ 104,801 $ 87,499 $ 45,313 $ 52,647 $ 148,271 $ 1,227 $ — $ 559,946 Residential mortgage - junior liens Pass $ 8,209 $ 2,232 $ 3,570 $ 2,576 $ 2,000 $ 5,671 $ 67 $ — $ 24,325 Special Mention — — — 35 — — — — 35 Substandard — — — — — 64 — — 64 Total $ 8,209 $ 2,232 $ 3,570 $ 2,611 $ 2,000 $ 5,735 $ 67 $ — $ 24,424 Construction Pass $ 92,060 $ 75,703 $ 38,399 $ 3,850 $ 814 $ 5,350 $ 15,501 $ — $ 231,677 Pass-Watch — — 1,767 1,758 — — — — 3,525 Substandard 216 — — — — — — — 216 Total $ 92,276 $ 75,703 $ 40,166 $ 5,608 $ 814 $ 5,350 $ 15,501 $ — $ 235,418 Commercial & Industrial Pass $ 81,382 $ 92,523 $ 31,576 $ 56,497 $ 5,896 $ 28,623 $ 103,022 $ — $ 399,519 Pass-Watch 20 9,197 5,965 383 1,143 302 4,681 — 21,691 Special Mention 9,039 14,376 701 4,448 — — 458 — 29,022 Substandard 1,922 10,250 384 3,162 1,267 737 25 — 17,747 Total $ 92,363 $ 126,346 $ 38,626 $ 64,490 $ 8,306 $ 29,662 $ 108,186 $ — $ 467,979 Consumer Pass $ 581 $ 762 $ 1,845 $ 705 $ 73 $ 133 $ 41,042 $ — $ 45,141 Substandard — 1,264 15 8 — — — — 1,287 Total $ 581 $ 2,026 $ 1,860 $ 713 $ 73 $ 133 $ 41,042 $ — $ 46,428 Leases Pass $ 32,773 $ 38,864 $ 39,528 $ 19,958 $ 3,245 $ 55 $ — $ — $ 134,423 Substandard — 38 163 260 61 1 — — 523 Total $ 32,773 $ 38,902 $ 39,691 $ 20,218 $ 3,306 $ 56 $ — $ — $ 134,946 Total portfolio loans and leases $ 616,967 $ 766,360 $ 775,547 $ 419,493 $ 237,524 $ 446,045 $ 355,301 $ 678 $ 3,617,915 (1) Year originated or renewed, whichever is more recent. The following tables present the amortized cost basis of loans and leases on nonaccrual status and loans and leases past due over 89 days still accruing as of the dates indicated: As of September 30, 2021 (dollars in thousands) Nonaccrual with No ACL Nonaccrual with ACL Loans Past Due Over 89 Days Still Accruing CRE - nonowner-occupied $ — $ — $ — CRE - owner-occupied 559 — — Home equity lines of credit 392 520 — Residential mortgage - 1st liens 1,992 1,043 — Residential mortgage - junior liens 31 33 — Construction 216 — — Commercial & Industrial 2,708 — — Consumer — 31 — Leases — 522 — Total non-performing loans and leases $ 5,898 $ 2,149 $ — As of December 31, 2020 (dollars in thousands) Nonaccrual with No ACL Nonaccrual with ACL Loans Past Due Over 89 Days Still Accruing CRE - nonowner-occupied $ 57 $ — $ — CRE - owner-occupied 1,659 — — Home equity lines of credit 729 — — Residential mortgage - 1st liens 99 — — Residential mortgage - junior liens 85 — — Construction — — — Commercial & Industrial 1,775 — — Consumer — 30 — Leases — 872 — Total non-performing loans and leases $ 4,404 $ 902 $ — For the nine months ended September 30, 2021, $158 thousand of interest income was recognized on nonaccrual loans and leases. Collateral-dependent loans and leases for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral are, in general, individually evaluated for credit losses. Identified shortfalls between the amortized cost of the individually evaluated loan or lease and the value, less selling costs, of the underlying collateral are charged against the ACL. In certain cases, when the loan or lease is serviced by a third-party, and management is unable to process a timely charge-down of the loan or lease, it will assess a specific ACL to the individual loan or lease. This ACL represents the shortfall between the amortized cost and realizable value of the collateral. The following tables present the amortized cost basis of collateral-dependent loans and leases, indicating the type of collateral and the ACL determined through individual evaluation for credit loss, as of the dates indicated: As of September 30, 2021 (dollars in thousands) Real Estate Collateral Non-Real Estate Collateral Individually Evaluated ACL CRE - nonowner-occupied $ — $ — $ — CRE - owner-occupied 559 — — Home equity lines of credit 912 — — Residential mortgage - 1st liens 3,035 — 26 Residential mortgage - junior liens 64 — — Construction 216 — — Commercial & Industrial — 2,708 — Consumer — 31 31 Leases — 522 522 Total collateral-dependent loans and leases $ 4,786 $ 3,261 $ 579 As of December 31, 2020 (dollars in thousands) Real Estate Collateral Non-Real Estate Collateral Individually Evaluated ACL CRE - nonowner-occupied $ 57 $ — $ — CRE - owner-occupied 1,659 — — Home equity lines of credit 729 — — Residential mortgage - 1st liens 99 — — Residential mortgage - junior liens 85 — — Construction — — — Commercial & Industrial — 1,775 — Consumer — 30 30 Leases — 872 814 Total collateral-dependent loans and leases $ 2,629 $ 2,677 $ 844 F. 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 Corporation has implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of COVID-19. In accordance with the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), loans to borrowers experiencing financial difficulty related to the COVID-19 pandemic which were granted short-term modifications after March 1, 2020 and which were not more than 30 days past due as of December 31, 2019 are exempt from TDR classification. In addition, for loans modified in response to the COVID-19 pandemic that do not meet the above delinquency criteria (e.g., not more than 30 days past due as of December 31, 2019), the Corporation applies the guidance included in an interagency statement issued by the bank regulatory agencies. This guidance states that loan modifications performed in light of the COVID-19 pandemic, including loan payment deferrals that are up to six months in duration, that were granted to borrowers who were less than 30 days past due as of the implementation date of a loan modification program or modifications granted under government mandated modification programs, are also exempt from TDR classification. For loan modifications that include a payment deferral and are not TDRs, the borrower’s past due and nonaccrual status will not be impacted during the deferral period. Interest income will continue to be recognized over the contractual life of the loan. As of September 30, 2021, 4 consumer loans and leases in the amount of $462 thousand and 5 commercial loans in the amount of $13.1 million were within a deferral period under the Bank's modification programs, the total comprising 0.4% of the Bank’s portfolio loans and leases as of that date. As of December 31, 2020, 66 consumer loans and leases in the amount of $7.3 million and 37 commercial loans in the amount of $67.7 million were within a deferral period under the Bank's COVID-19 modification programs, the total comprising 2.1% of the Bank’s portfolio loans and leases as of that date. 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 $ 4,753 $ 1,737 TDRs in compliance with modified terms 4,532 7,046 Total TDRs $ 9,285 $ 8,783 The following tables present information regarding the types of loan and lease modifications made for the three months ended September 30, 2021: Troubled Debt Restructurings For the Three Months Ended September 30, 2021 (dollars in thousands) Number of Contracts Pre-Modification Outstanding Post-Modification Outstanding Home equity lines of credit 1 $ 392 $ 392 Residential mortgage - first liens 2 1,949 1,949 Construction 1 216 216 Commercial & Industrial 2 1,403 1,403 Total 6 $ 3,960 $ 3,960 Troubled Debt Restructurings Number of Contracts for the Three Months Ended September 30, 2021 Loan Term Extension Interest Rate Change and Term Extension Interest Rate Change and/or Interest-Only Period Contractual Temporary Payment Deferral Home equity lines of credit 1 — — — — Residential mortgage - first liens 2 — — — — Construction 1 — — — — Commercial & Industrial 2 — — — — Total 6 — — — — The following tables present information regarding loan and lease modifications categorized as TDRs for the nine months ended September 30, 2021: Troubled Debt Restructurings For the Nine Months Ended September 30, 2021 (dollars in thousands) Number of Contracts Pre-Modification Outstanding Post-Modification Outstanding Home equity lines of credit 1 $ 392 $ 392 Residential mortgage - first liens 2 1,949 1,949 Residential mortgage - junior liens 1 101 101 Construction 1 216 216 Commercial & Industrial 2 1,403 1,403 Leases 6 204 204 Total 13 $ 4,265 $ 4,265 Troubled Debt Restructurings Number of Contracts for the Nine Months Ended September 30, 2021 Loan Term Extension Interest Rate Change and Term Extension Interest Rate Change and/or Interest-Only Period Contractual Temporary Payment Deferral Home equity lines of credit 1 — — — — Residential mortgage - first liens 2 — — — — Residential mortgage - junior liens — — 1 — — Construction 1 — — — — Commercial & Industrial 2 — — — — Leases — — — 6 — Total 6 — 1 6 — For the nine months ended September 30, 2021, two commercial & industrial loans, in the aggregate amount of $120 thousand and one lease in the amount of $27 thousand that were modified as TDRs during the past 12 m |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020: Three Months Ended (dollars in thousands) 2021 2020 Balance, beginning of period $ 2,173 $ 3,440 Additions — — Amortization (116) (413) Impairment — (146) Balance, end of period $ 2,057 $ 2,881 Fair value $ 2,057 $ 2,881 Residential mortgage loans serviced for others $ 277,380 $ 407,781 Nine Months Ended (dollars in thousands) 2021 2020 Balance, beginning of period $ 2,626 $ 4,450 Additions — — Amortization (521) (970) Impairment (48) (599) Balance, end of period $ 2,057 $ 2,881 As of September 30, 2021, and December 31, 2020, 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 $ 2,057 $ 2,632 Weighted average life (in years) 4.6 4.9 Prepayment speeds (constant prepayment rate) (1) 13.9 % 13.1 % Impact on fair value: 10% adverse change $ (106) $ (141) 20% adverse change (205) (273) Discount rate 9.06 % 9.56 % Impact on fair value: 10% adverse change $ (58) $ (81) 20% adverse change (113) (156) (1) Represents the weighted average prepayment rate for the life of the MSR asset. At September 30, 2021 and December 31, 2020, the fair value of the MSRs was $2.1 million and $2.6 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. |
Goodwill and Intangibles Assets
Goodwill and Intangibles Assets | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021: (dollars in thousands) Balance 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 3,488 (694) 2,794 10 years Customer relationships 10,012 (1,347) 8,665 5 to 20 years Non-compete agreements 722 (142) 580 5 to 10 years Trade name 1,191 (325) 866 3 to 5 years Domain name 151 — 151 Indefinite Total Intangible Assets 15,564 (2,508) 13,056 Total Goodwill and Intangible Assets $ 199,576 $ (2,508) $ 197,068 Management conducted its annual impairment tests for goodwill and indefinite-lived intangible assets as of October 31, 2020 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, 2021, 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, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits The following table details the components of deposits: (dollars in thousands) September 30, December 31, Interest-bearing demand $ 681,560 $ 885,802 Money market 1,121,155 1,163,620 Savings 284,875 282,406 Retail time deposits 238,597 331,527 Wholesale non-maturity deposits 39,538 275,011 Wholesale time deposits 6,146 36,045 Total interest-bearing deposits 2,371,871 2,974,411 Noninterest-bearing deposits 1,443,661 1,401,843 Total deposits $ 3,815,532 $ 4,376,254 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term FHLB Advances | 9 Months Ended |
Sep. 30, 2021 | |
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 $ 16,965 $ 38,836 Short-term FHLB advances 80,000 33,325 Total short-term borrowings $ 96,965 $ 72,161 (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) 2021 2020 2021 2020 Balance at period-end $ 96,965 $ 23,456 $ 96,965 $ 23,456 Maximum amount outstanding at any month end 96,965 123,629 96,965 174,431 Average balance outstanding during the period 35,166 29,913 29,051 102,173 Weighted-average interest rate: As of the period-end 0.29 % 0.10 % 0.29 % 0.10 % Paid during the period 0.18 % 0.11 % 0.14 % 0.91 % 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, 2021 and December 31, 2020, the Corporation had $25.0 million and $39.9 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 $ 25,000 $ 39,906 Over one year through five years — — Total $ 25,000 $ 39,906 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 11/12/2021 11/12/2021 1.85 % 1.85 % 1.85 % $ 25,000 $ 39,906 (1) Maturity range, weighted average rate and coupon rate range refers to September 30, 2021 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 $7.2 million at September 30, 2021, and $12.7 million at December 31, 2020. 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 $1.75 billion as of September 30, 2021 of which the unused capacity was $1.64 billion. In addition, there were $74.0 million in the overnight federal funds line available and $117.8 million of FRB discount window capacity. |
Subordinated Notes
Subordinated Notes | 9 Months Ended |
Sep. 30, 2021 | |
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 subordinated notes qualify as Tier 2 capital for regulatory capital purposes, subject to applicable limitations. The following tables detail the subordinated notes, including debt issuance costs, as of September 30, 2021, and December 31, 2020: September 30, December 31, (dollars in thousands) Balance Rate (1)(2) Balance Rate (1)(2) Subordinated notes – due 2027 $ 69,226 4.25 % $ 69,133 4.25 % Subordinated notes – due 2025 29,791 3.13 29,750 3.29 Total subordinated notes $ 99,017 $ 98,883 (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 were bearing interest at an annual fixed rate of 4.75% from the date of issuance until and including August 14, 2020, and thereafter bear interest at a variable rate that resets 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, 2021 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract] | |
Junior Subordinated Debentures | Junior Subordinated Debentures In connection with the RBPI Merger, the Corporation 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 $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 BMBC assumed as a result of the RBPI Merger, junior subordinated debentures to the Trusts of $10.7 million each, totaling $21.4 million. The junior subordinated debentures incur interest at a coupon rate of 2.27% as of September 30, 2021. 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 BMBC. As a result of the RBPI Merger, BMBC 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, and may be called at par by BMBC any time. The Corporation records its investments in the Trusts’ common securities of $387 thousand each as investments in unconsolidated entities and records dividend income upon declaration by Trust I and Trust II. |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The Corporation’s operating leases consist of various retail branch locations and corporate offices. As of September 30, 2021, the Corporation’s leases have remaining lease terms ranging from eight 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 right-of-use assets (“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, 2021, the Corporation’s ROU assets and related lease liabilities were $33.1 million and $38.7 million, respectively. The components of lease expense were as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (dollars in thousands) Operating lease expense $ 1,014 $ 1,199 $ 3,130 $ 3,595 Short term lease expense 15 15 44 44 Variable lease expense 259 323 880 988 Sublease income (5) (11) (15) (28) Total lease expense $ 1,283 $ 1,526 $ 4,039 $ 4,599 Supplemental cash flow information related to leases was as follows: Nine Months Ended 2021 2020 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,233 $ 3,532 ROU assets obtained in exchange for lease liabilities 575 — Maturities of operating lease liabilities under FASB ASC 842 “Leases” as of September 30, 2021 are as follows: September 30, (dollars in thousands) 2021 $ 1,079 2022 4,212 2023 3,918 2024 3,793 2025 3,859 2026 and thereafter 32,629 Total lease payments 49,490 Less: imputed interest 10,771 Present value of operating lease liabilities $ 38,719 As of September 30, 2021, the weighted-average remaining lease term, including extension options that the Corporation is reasonably certain will be exercised, for all operating leases is 13.32 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, 2021 is 3.58%. As of September 30, 2021, the Corporation had not entered into any material leases that have not yet commenced. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities A. Derivatives not designated as hedging instruments 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 Corporation enters into derivative transactions as an economic hedge of 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, 2021, 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, 2021, 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 table details the derivatives not designated as hedging instruments as of September 30, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives (dollars in thousands) Notional Fair Value (1) Notional Fair Value (2) Derivatives not designated as hedging instruments As of September 30, 2021: Customer derivatives – interest rate swaps $ 1,272,009 $ 80,626 $ 1,272,009 $ 80,626 FX forwards 747 23 — — RPAs sold — — 45,202 16 RPAs purchased 71,127 270 — — Total derivatives $ 1,343,883 $ 80,919 $ 1,317,211 $ 80,642 As of December 31, 2020: Customer derivatives – interest rate swaps $ 1,102,753 $ 113,848 $ 1,102,753 $ 113,848 FX forwards 9,146 52 9,856 70 RPAs sold — — 33,111 30 RPAs purchased 55,415 342 — — Total derivatives $ 1,167,314 $ 114,242 $ 1,145,720 $ 113,948 (1) Included within Other Assets on the Unaudited Consolidated Balance Sheet. (2) Included within Other Liabilities on the Unaudited Consolidated Balance Sheet. B. Derivatives designated as hedging instruments Management's objectives in using interest rate derivative financial instruments are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Corporation has entered into interest rate swaps designated as cash flow hedges that involve the receipt of fixed rate amounts from a counterparty in exchange for the Corporation making variable rate payments. As of September 30, 2021, the Corporation had entered into three interest rate swaps with an aggregate notional value of $150.0 million. The Corporation will pay a floating rate component of interest equal to the one-month LIBOR rate for up to ten years while receiving a fixed rate of interest. The interest paid on the variable rate component is intended to offset the interest received on variable rate commercial mortgages within the Corporation's loan portfolio. The notional amount of the interest rate swap does not represent the amount exchanged by the parties. The exchange of cash flows is determined by reference to the notional amount and the other terms of the interest rate swap agreement. The following table summarizes information about the interest rate swaps designated as cash flow hedges as of September 30, 2021: (dollars in thousands) Notional Amount $ 150,000 Weighted average fixed-receive rate 1.19 % Weighted average pay-float rate 0.09 % Weighted average maturity in years 8.74 The following table details the derivatives designated as hedging instruments as of September 30, 2021. The Corporation did not have derivatives designated as hedging instruments as of December 31, 2020: Asset Derivatives Liability Derivatives (dollars in thousands) Notional Fair Value (1) Notional Fair Value (2) Derivatives designated as hedging instruments As of September 30, 2021: Interest rate swaps $ — $ — $ 150,000 $ 1,730 (1) Included within Other Assets on the Unaudited Consolidated Balance Sheet. (2) Included within Other Liabilities on the Unaudited Consolidated Balance Sheet. The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended September 30, 2021: (dollars in thousands) Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from OCI into Income Amount of Gain (Loss) Reclassified from OCI into Income Interest rate swaps $ (885) Interest Income $ 422 The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income for the nine months ended September 30, 2021: (dollars in thousands) Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from OCI into Income Amount of Gain (Loss) Reclassified from OCI into Income Interest rate swaps $ (709) Interest Income $ 1,021 During the next twelve months, the Corporation estimates that $398 thousand will be reclassified from OCI as an increase to interest income. Gains and losses on interest rate swaps related to funding liabilities are recorded in interest income. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value will not be included in current earnings but are reported as a component of OCI in the Unaudited Consolidated Statement of Changes in Shareholders’ Equity. These changes in fair value will be included in earnings of future periods when earnings are also affected by the changes in the hedged cash flows. To the extent these derivatives are not effective, changes in their fair values are immediately included in other income or expense. C. Pledged Collateral 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, 2021 and December 31, 2020 was $67.9 million and $124.8 million, respectively, and is comprised of a combination of cash and investment securities. 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 $70.1 million and $113.2 million as of September 30, 2021 and December 31, 2020, respectively. |
Accounting for Uncertainty in I
Accounting for Uncertainty in Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
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 2017. 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, 2021 or 2020. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Dividend On October 21, 2021, BMBC’s Board of Directors declared a regular quarterly dividend of $0.28 per share payable December 1, 2021 to shareholders of record as of November 1, 2021. During the third quarter of 2021, the Corporation paid or accrued, as applicable, a regular quarterly dividend of $0.28 per share. This dividend totaled $5.7 million, based on outstanding shares and restricted stock units as of August 2, 2021 of 20,226,599 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”), which expired in May 2021. While active, the Shelf Registration Statement allowed 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 was allowed to 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, 2021, 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, 2021. No sales of equity securities were executed under the Shelf Registration Statement during the three and nine months ended September 30, 2021 and prior to its expiration. 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, 2021, no shares were issued pursuant to the exercise of stock options. 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 $778 thousand and $1.8 million for the three and nine months ended September 30, 2021, respectively. Stock Repurchases On April 18, 2019, BMBC announced a 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. During the three months ended March 31, 2021, 80,788 shares were repurchased under the 2019 Program at an average price of $31.77. No shares were repurchased during the three months ended June 30, 2021 or three months ended September 30, 2021. During the three months ended March 31, 2020, 207,201 shares were repurchased under the 2019 Program at an average price of $34.99. No shares were repurchased during the three months ended June 30, 2020 or three months ended September 30, 2021. All share repurchases were accomplished in open market transactions. As of September 30, 2021, the maximum number of shares remaining authorized for repurchase under the 2019 Program was 629,244, at an aggregate purchase price not to exceed $32.2 million. In addition to the 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 | 9 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table details the components of accumulated other comprehensive income for the three and nine months ended September 30, 2021 and 2020: (dollars in thousands) Net Change in Net Change in Fair Value of Derivative Used for Cash Flow Hedge Net Change in Accumulated Other Comprehensive Income Balance, June 30, 2021 $ 7,058 $ (333) $ (1,927) $ 4,798 Other comprehensive (loss) income (1,327) (1,033) 107 (2,253) Balance, September 30, 2021 $ 5,731 $ (1,366) $ (1,820) $ 2,545 Balance, June 30, 2020 $ 10,696 $ — $ (1,677) $ 9,019 Other comprehensive income 1,097 — 23 1,120 Balance, September 30, 2020 $ 11,793 $ — $ (1,654) $ 10,139 (dollars in thousands) Net Change in Net Change in Fair Value of Derivative Used for Cash Flow Hedge Net Change in Accumulated Other Comprehensive Income Balance, December 31, 2020 $ 10,954 $ — $ (2,006) $ 8,948 Other comprehensive (loss) income (5,223) (1,366) 186 (6,403) Balance, September 30, 2021 $ 5,731 $ (1,366) $ (1,820) $ 2,545 Balance, December 31, 2019 $ 3,910 $ — $ (1,723) $ 2,187 Other comprehensive income 7,883 — 69 7,952 Balance, September 30, 2020 $ 11,793 $ — $ (1,654) $ 10,139 The following table details the amounts reclassified from each component of accumulated other comprehensive income to each component’s applicable income statement line, for the three and nine months ended September 30, 2021 and 2020: Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Description of Accumulated Other Three Months Ended Affected Income Statement Category 2021 2020 Net unrealized gain on investment securities available for sale: Realization of gain on sale of investment securities available for sale $ 512 $ — Net gain on sale of available for sale investment securities Income tax effect (108) — Income tax expense Net of income tax $ 404 $ — Net income Net unrealized losses on interest rate swaps used in cash flow hedges: Reclassification adjustment for gains included in net income $ (422) $ — Interest income Income tax effect 88 — Income tax expense Net of income tax $ (334) $ — Net income Unfunded pension liability: Amortization of net loss included in net periodic pension costs (1) $ 35 $ 18 Other operating expenses Recognition of actuarial loss at termination of postretirement benefit plan 131 — Other operating expenses Total 166 18 Income tax effect (35) (4) Income tax expense Net of income tax $ 131 $ 14 Net income Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Description of Accumulated Other Nine Months Ended Affected Income Statement Category 2021 2020 Net unrealized gain on investment securities available for sale: Realization of gain on sale of investment securities available for sale $ 512 $ — Net gain on sale of available for sale investment securities Income tax effect (108) — Income tax expense Net of income tax $ 404 $ — Net income Net unrealized losses on interest rate swaps used in cash flow hedges: Reclassification adjustment for gains included in net income $ (1,021) $ — Interest income Income tax effect 214 — Income tax expense Net of income tax $ (807) $ — Net income Unfunded pension liability: Amortization of net loss included in net periodic pension costs (1) $ 104 $ 53 Other operating expenses Recognition of actuarial loss at termination of postretirement benefit plan 131 — Other operating expenses Total 235 53 Income tax effect (49) (11) Income tax expense Net of income tax $ 186 $ 42 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, 2021 | |
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) 2021 2020 2021 2020 Numerator: Net income available to common shareholders $ 18,382 $ 13,164 $ 56,807 $ 17,036 Denominator for basic earnings per share – weighted average shares outstanding 19,891,618 19,945,634 19,892,764 19,975,069 Effect of dilutive common shares 170,400 75,983 163,651 87,039 Denominator for diluted earnings per share – adjusted weighted average shares outstanding 20,062,018 20,021,617 20,056,415 20,062,108 Basic earnings per share $ 0.92 $ 0.66 $ 2.86 $ 0.85 Diluted earnings per share 0.92 0.66 2.83 0.85 Antidilutive shares excluded from computation of average dilutive earnings per share — 90,518 — 85,723 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020. 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 $ — $ 13,618 $ 13,618 $ — $ 11,707 $ 11,707 Insurance commissions — 1,524 1,524 — 1,682 1,682 Capital markets revenue (1) 2,823 — 2,823 3,314 — 3,314 Service charges on deposit accounts 751 — 751 663 — 663 Loan servicing and other fees (1) 327 — 327 373 — 373 Net gain on sale of loans (1) 671 — 671 1,021 — 1,021 Net gain on sale of investment securities available for sale (1) 512 — 512 — — — Dividends on FHLB and FRB stock (1) 202 — 202 127 — 127 Other operating income (2) 2,113 46 2,159 2,198 14 2,212 Total noninterest income $ 7,399 $ 15,188 $ 22,587 $ 7,696 $ 13,403 $ 21,099 (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 $821 thousand and $870 thousand for the three months ended September 30, 2021 and 2020, 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 $ — $ 40,485 $ 40,485 $ — $ 31,944 $ 31,944 Insurance commissions — 4,237 4,237 — 4,518 4,518 Capital markets revenue (1) 5,709 — 5,709 8,650 — 8,650 Service charges on deposit accounts 2,180 — 2,180 2,112 — 2,112 Loan servicing and other fees (1) 1,028 — 1,028 1,286 — 1,286 Net gain on sale of loans (1) 1,446 — 1,446 4,937 — 4,937 Net gain on sale of investment securities available for sale (1) 512 — 512 — — — Net gain on sale of OREO — — — 148 — 148 Dividends on FHLB and FRB stock (1) 663 — 663 814 — 814 Other operating income (2) 6,941 193 7,134 5,441 115 5,556 Total noninterest income $ 18,479 $ 44,915 $ 63,394 $ 23,388 $ 36,577 $ 59,965 (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 $2.4 million and $2.2 million for the nine months ended September 30, 2021 and 2020, 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, 2021 | |
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, compound annual growth rate of earnings per share, or return on average tangible equity relative to a 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 tables provide information about options outstanding for the three and nine months ended September 30, 2021: Shares Weighted Weighted Options outstanding, June 30, 2021 225 $ 18.33 $ 12.93 Forfeited — — — Expired — — — Exercised (225) 18.33 12.93 Options outstanding, September 30, 2021 — — — Shares Weighted Weighted Options outstanding, December 31, 2020 225 $ 18.33 $ 12.93 Forfeited — — — Expired — — — Exercised (225) 18.33 12.93 Options outstanding, September 30, 2021 — — — As of September 30, 2021 there were no unvested options. 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) 2021 2020 2021 2020 Proceeds from exercise of stock options $ 4 $ 7 $ 4 $ 12 Related tax benefit recognized — — — 2 Net proceeds of options exercised $ 4 $ 7 $ 4 $ 14 Intrinsic value of options exercised $ 5 $ 4 $ 5 $ 12 As of September 30, 2021 there were no options outstanding and exercisable. C. Restricted Stock Units and Performance Stock Units The Corporation has granted RSUs and PSUs under the 2007 LTIP and 2010 LTIP and in accordance with Rule 5635(c)(4) of the NASDAQ listing standards. RSUs The compensation expense for the RSUs is measured based on the market price of the stock on the day prior to the grant date and is recognized on a straight-line basis over the vesting period. For the three and nine months ended September 30, 2021, the Corporation recognized $415 thousand and $1.4 million, respectively, of expense related to the Corporation’s RSUs. As of September 30, 2021, there was $1.8 million of unrecognized compensation cost related to RSUs. This cost will be recognized over a weighted average period of 1.6 years. The following table details the RSUs for the three and nine months ended September 30, 2021: Three Months Ended Nine Months Ended Number of Shares Weighted Number of Shares Weighted Beginning balance 150,070 $ 37.25 114,846 $ 38.00 Granted — — 36,791 35.09 Vested (21,445) 44.79 (22,245) 44.76 Forfeited (2,088) 39.49 (2,855) 39.24 Ending balance 126,537 35.93 126,537 35.93 PSUs For the three and nine months ended September 30, 2021, the Corporation recognized $363 thousand and $415 thousand, respectively, of expense related to the Corporation's PSUs. As of September 30, 2021, there was $2.5 million of unrecognized compensation cost related to PSUs. This cost will be recognized over a weighted average period of 1.9 years. The following table details the PSUs for the three and nine months ended September 30, 2021: Three Months Ended Nine Months Ended Number of Shares Weighted Number of Shares Weighted Beginning balance 205,065 $ 36.88 149,911 $ 37.60 Granted — — 56,144 34.99 Vested (12,871) 41.13 (12,871) 41.13 Non-vesting (market-based criteria) (1) (6,976) 41.15 (6,976) 41.15 Non-vesting (non-market based criteria) (2) (18,691) 44.93 (18,691) 44.93 Forfeited (4,229) 38.99 (5,219) 39.12 Ending balance 162,298 35.37 162,298 35.37 (1)Non-vesting PSUs (market-based criteria) are PSUs whose performance measurement is based on TSR, which did not meet their performance target, were cancelled and are available for future grant. (2)Non-vesting PSUs (non-market-based criteria) are PSUs whose performance measurement is based on return on average equity, which did not meet their performance target, were cancelled and are available for future grant. |
Fair Value Measurement
Fair Value Measurement | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and December 31, 2020: As of September 30, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 Investment securities available for sale: U.S. Treasury securities $ 100 $ 100 $ — $ — Obligations of U.S. government & agencies 96,597 — 96,597 — Mortgage-backed securities 439,182 — 439,182 — Collateralized mortgage obligations 13,566 — 13,566 — Collateralized loan obligations 94,651 — 94,651 — Corporate bonds 11,755 — 11,755 — Other investment securities 650 — 650 — Total investment securities available for sale 656,501 100 656,401 — Investment securities trading: Mutual funds 8,128 8,128 — — Derivatives: Interest rate swaps 80,626 — 80,626 — RPAs purchased 270 — 270 — FX forwards 23 — 23 — Total derivatives 80,919 — 80,919 — Total recurring fair value measurements $ 745,548 $ 8,228 $ 737,320 $ — As of December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Investment securities available for sale: U.S. Treasury securities $ 500,100 $ 500,100 $ — $ — Obligations of U.S. government & agencies 93,098 — 93,098 — Obligations of state & political subdivisions 2,171 — 2,171 — Mortgage-backed securities 453,857 — 453,857 — Collateralized mortgage obligations 19,263 — 19,263 — Collateralized loan obligations 94,404 — 94,404 — Corporate bonds 11,421 — 11,421 — Other investment securities 650 — 650 — Total investment securities available for sale 1,174,964 500,100 674,864 — Investment securities trading: Mutual funds 8,623 8,623 — — Derivatives: Interest rate swaps 113,848 — 113,848 — RPAs purchased 342 — 342 — FX forwards 52 — 52 — Total derivatives 114,242 — 114,242 — Total recurring fair value measurements $ 1,297,829 $ 508,723 $ 789,106 $ — There have been no transfers between levels during the three and nine months ended September 30, 2021. 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. Loans and Leases Individually Evaluated for Credit Losses Collateral-dependent loans and leases for which the repayment is expected to be provided substantially through the sale of the collateral and the borrower is experiencing financial difficulty are, in general, individually evaluated for credit losses. Management evaluates and values collateral-dependent loans and leases when management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, and the fair values of such loans and leases 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 loan or lease. 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. For loans and leases that are not collateral-dependent, management measures expected credit loss as the difference between the amortized cost basis of the loan and the present value of expected future cash flows discounted at the loan’s effective interest rate. 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. The Corporation did not have any OREO at September 30, 2021 or December 31, 2020. 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, 2021 and December 31, 2020: As of September 30, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 MSRs $ 2,057 $ — $ — $ 2,057 Loans and leases individually evaluated for credit losses 12,118 — — 12,118 Total non-recurring fair value measurements $ 14,175 $ — $ — $ 14,175 As of December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 MSRs $ 2,632 $ — $ — $ 2,632 Loans and leases individually evaluated for credit losses 11,142 — — 11,142 Total non-recurring fair value measurements $ 13,774 $ — $ — $ 13,774 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
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 $ 48,671 $ 48,671 $ 96,313 $ 96,313 Investment securities - available for sale See Note 20 656,501 656,501 1,174,964 1,174,964 Investment securities - trading See Note 20 8,128 8,128 8,623 8,623 Investment securities – held to maturity Level 2 11,542 11,733 14,759 15,186 Loans held for sale Level 2 634 634 6,000 6,000 Net portfolio loans and leases Level 3 3,581,369 3,470,749 3,574,702 3,489,322 MSRs Level 3 2,057 2,057 2,626 2,632 Interest rate swaps Level 2 80,626 80,626 113,848 113,848 FX forwards Level 2 23 23 52 52 RPAs purchased Level 2 270 270 342 342 Other assets Level 3 38,383 38,383 45,847 45,847 Total financial assets $ 4,428,204 $ 4,317,775 $ 5,038,076 $ 4,953,129 Financial liabilities: Deposits Level 2 $ 3,815,532 $ 3,815,796 $ 4,376,254 $ 4,379,021 Short-term borrowings Level 2 96,965 96,965 72,161 72,161 Long-term FHLB advances Level 2 25,000 25,046 39,906 40,441 Subordinated notes Level 2 99,017 92,118 98,883 90,735 Junior subordinated debentures Level 2 22,079 19,454 21,935 27,812 Interest rate swaps Level 2 82,356 82,356 113,848 113,848 FX forwards Level 2 — — 70 70 RPAs sold Level 2 16 16 30 30 Other liabilities Level 3 44,640 44,640 45,734 45,734 Total financial liabilities $ 4,185,605 $ 4,176,391 $ 4,768,821 $ 4,769,852 (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, 2021 | |
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, 2021 and December 31, 2020 were $955.8 million and $924.5 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, 2021 and December 31, 2020 were $22.0 million and $21.1 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. On May 1, 2019, the Court rendered a decision in favor of Snyder and ordered Crusader to pay Snyder the amount of $2,190,000 plus interest at the rate of 6% from December 1, 2006. The matter was appealed, and on March 18, 2020, the Superior Court of the Commonwealth of Pennsylvania returned an opinion reversing in part and affirming in part the trial court's judgment. The effect of this was to vacate the initial judgment awarded by the trial court, and instead to require an appraisal process in accordance with Crusader's Shareholders' Agreement to determine the value of Mr. Snyder's shares. The parties anticipate the appraisal to commence within the coming months. 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 was one such repurchase of approximately $200 thousand during the nine months ended September 30, 2021. 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, 2021 | |
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 is included in the Wealth Management segment of the Corporation since it has similar economic characteristics, products and services to those of the Wealth Management Division of the Bank. BMT Investment Advisers, formed in May 2017, which served as investment adviser to BMT Investment Funds, a Delaware statutory trust, prior to its wind-down in the second quarter of 2020, was 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, 2021 and 2020: Three Months Ended Three Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Net interest income $ 34,886 $ 1 $ 34,887 $ 35,031 $ 1 $ 35,032 (Recovery of) provision for credit losses (3,186) — (3,186) 4,101 — 4,101 Net interest income after PCL 38,072 1 38,073 30,930 1 30,931 Noninterest income: Fees for wealth management services — 13,618 13,618 — 11,707 11,707 Insurance commissions — 1,524 1,524 — 1,682 1,682 Capital markets revenue 2,823 — 2,823 3,314 — 3,314 Service charges on deposit accounts 751 — 751 663 — 663 Loan servicing and other fees 327 — 327 373 — 373 Net gain on sale of loans 671 — 671 1,021 — 1,021 Net gain on sale of investment securities available for sale 512 — 512 — — — Other operating income 2,315 46 2,361 2,325 14 2,339 Total noninterest income 7,399 15,188 22,587 7,696 13,403 21,099 Noninterest expenses: Salaries & wages 11,324 5,427 16,751 11,883 5,318 17,201 Employee benefits 2,270 880 3,150 2,200 826 3,026 Occupancy and bank premises 1,997 517 2,514 2,559 496 3,055 Amortization of intangible assets 232 603 835 263 607 870 Professional fees 2,241 182 2,423 1,549 169 1,718 Other operating expenses 9,702 1,465 11,167 8,127 1,200 9,327 Total noninterest expenses 27,766 9,074 36,840 26,581 8,616 35,197 Segment profit 17,705 6,115 23,820 12,045 4,788 16,833 Intersegment (revenues) expenses (1) (161) 161 — (133) 133 — Pre-tax segment profit after eliminations $ 17,544 $ 6,276 $ 23,820 $ 11,912 $ 4,921 $ 16,833 % of segment pre-tax profit after eliminations 73.7 % 26.3 % 100.0 % 70.8 % 29.2 % 100.0 % Segment assets (dollars in millions) $ 4,829.2 $ 49.9 $ 4,879.1 $ 4,996.7 $ 50.2 $ 5,046.9 Nine Months Ended Nine Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Net interest income $ 104,906 $ 1 $ 104,907 $ 108,747 $ 3 $ 108,750 (Recovery of) provision for credit losses (15,013) — (15,013) 42,886 — 42,886 Net interest income after PCL 119,919 1 119,920 65,861 3 65,864 Noninterest income: Fees for wealth management services — 40,485 40,485 — 31,944 31,944 Insurance commissions — 4,237 4,237 — 4,518 4,518 Capital markets revenue 5,709 — 5,709 8,650 — 8,650 Service charges on deposit accounts 2,180 — 2,180 2,112 — 2,112 Loan servicing and other fees 1,028 — 1,028 1,286 — 1,286 Net gain on sale of loans 1,446 — 1,446 4,937 — 4,937 Net gain on sale of investment securities available for sale 512 — 512 — — — Net gain on sale of OREO — — — 148 — 148 Other operating income 7,604 193 7,797 6,255 115 6,370 Total noninterest income 18,479 44,915 63,394 23,388 36,577 59,965 Noninterest expenses: Salaries & wages 34,027 16,254 50,281 35,441 15,675 51,116 Employee benefits 7,121 2,940 10,061 7,098 2,649 9,747 Occupancy and bank premises 6,476 1,559 8,035 7,610 1,493 9,103 Amortization of intangible assets 694 1,814 2,508 846 1,852 2,698 Professional fees 5,035 450 5,485 4,003 658 4,661 Other operating expenses 29,494 4,146 33,640 22,711 4,067 26,778 Total noninterest expenses 82,847 27,163 110,010 77,709 26,394 104,103 Segment profit 55,551 17,753 73,304 11,540 10,186 21,726 Intersegment (revenues) expenses (1) (482) 482 — (488) 488 — Pre-tax segment profit after eliminations $ 55,069 $ 18,235 $ 73,304 $ 11,052 $ 10,674 $ 21,726 % of segment pre-tax profit after eliminations 75.1 % 24.9 % 100.0 % 50.9 % 49.1 % 100.0 % Segment assets (dollars in millions) $ 4,829.2 $ 49.9 $ 4,879.1 $ 4,996.7 $ 50.2 $ 5,046.9 (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 $ 21,386.7 $ 18,976.5 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Adopted Pronouncements and Pronouncements Not Yet Effective | Adopted Pronouncements: 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 became effective for the Corporation on January 1, 2021 and the adoption of this ASU did not have a material impact on our Consolidated Financial Statements and related disclosures. FASB ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” Issued in December 2019, ASU 2019-12 adds new guidance to simplify accounting for income taxes, changes the accounting for certain income tax transactions and makes minor improvements to the codification. The guidance became effective for the Corporation on January 1, 2021 and the adoption of this ASU did not have a material impact on our Consolidated Financial Statements and related disclosures. Pronouncements Not Yet Effective: FASB ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Available-for-sale Securities | The amortized cost and fair value of investment securities available for sale as of September 30, 2021 and December 31, 2020 are as follows: As of September 30, 2021 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 100 $ — $ — $ 100 Obligations of the U.S. government and agencies 97,944 132 (1,479) 96,597 Mortgage-backed securities 431,860 9,124 (1,802) 439,182 Collateralized mortgage obligations 13,192 374 — 13,566 Collateralized loan obligations 94,500 151 — 94,651 Corporate bonds 11,000 755 — 11,755 Other investment securities 650 — — 650 Total $ 649,246 $ 10,536 $ (3,281) $ 656,501 As of December 31, 2020 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. Treasury securities $ 500,095 $ 5 $ — $ 500,100 Obligations of the U.S. government and agencies 92,449 868 (219) 93,098 Obligations of state and political subdivisions 2,149 22 — 2,171 Mortgage-backed securities 441,575 12,739 (457) 453,857 Collateralized mortgage obligations 18,680 583 — 19,263 Collateralized loan obligations 94,500 1 (97) 94,404 Corporate bonds 11,000 421 — 11,421 Other investment securities 650 — — 650 Total $ 1,161,098 $ 14,639 $ (773) $ 1,174,964 |
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, 2021 and December 31, 2020 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, 2021 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 $ 65,812 $ (1,145) $ 17,662 $ (334) $ 83,474 $ (1,479) Mortgage-backed securities 155,530 (1,744) 12,640 (58) 168,170 (1,802) Total $ 221,342 $ (2,889) $ 30,302 $ (392) $ 251,644 $ (3,281) As of December 31, 2020 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 $ 19,777 $ (219) $ — $ — $ 19,777 $ (219) Mortgage-backed securities 79,990 (457) — — 79,990 (457) Collateralized loan obligations 31,903 (97) — — 31,903 (97) Total $ 131,670 $ (773) $ — $ — $ 131,670 $ (773) |
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, 2021 and December 31, 2020, 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 $ 884 $ 884 $ 502,465 $ 502,489 Due after one year through five years 26,498 27,162 18,679 19,167 Due after five years through ten years 87,812 86,561 77,433 77,681 Due after ten years 89,000 89,146 102,266 102,507 Subtotal 204,194 203,753 700,843 701,844 Mortgage-related securities (1) 445,052 452,748 460,255 473,120 Total $ 649,246 $ 656,501 $ 1,161,098 $ 1,174,964 (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 held to maturity investment securities as of September 30, 2021 and December 31, 2020, by contractual maturity, are shown below: September 30, December 31, (dollars in thousands) Amortized Fair Value Amortized Fair Value Mortgage-backed securities (1) $ 11,542 $ 11,733 $ 14,759 $ 15,186 (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. |
Summary of Held-to-maturity Debt Securities | The amortized cost and fair value of investment securities held to maturity as of September 30, 2021 and December 31, 2020 are as follows: As of September 30, 2021 (dollars in thousands) Amortized Gross Gross Fair Value Mortgage-backed securities $ 11,542 $ 344 $ (153) $ 11,733 As of December 31, 2020 (dollars in thousands) Amortized Gross Gross Fair Value Mortgage-backed securities $ 14,759 $ 451 $ (24) $ 15,186 |
Summary of Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | The following table presents the aggregate amount of gross unrealized losses as of September 30, 2021 and December 31, 2020 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, 2021 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-backed securities $ 400 $ (153) $ — $ — $ 400 $ (153) As of December 31, 2020 Less than 12 12 Months Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Mortgage-backed securities $ 4,224 $ (24) $ — $ — $ 4,224 $ (24) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table details the amortized cost of loans and leases as of the dates indicated: Loans and Leases September 30, 2021 December 31, 2020 (dollars in thousands) Originated Acquired Total Loans and Leases Originated Acquired Total Loans and Leases Loans held for sale $ 634 $ — $ 634 $ 6,000 $ — $ 6,000 Real estate loans: Commercial real estate (CRE) - nonowner-occupied 1,385,284 79,250 1,464,534 1,330,947 104,628 1,435,575 Commercial real estate (CRE) - owner-occupied 517,855 19,633 537,488 544,782 33,727 578,509 Home equity lines of credit 137,329 9,423 146,752 157,385 11,952 169,337 Residential mortgage - 1st liens 495,771 64,175 559,946 540,307 81,062 621,369 Residential mortgage - junior liens 23,473 951 24,424 22,375 1,420 23,795 Construction 226,927 8,491 235,418 153,131 8,177 161,308 Total real estate loans 2,786,639 181,923 2,968,562 2,748,927 240,966 2,989,893 Commercial & Industrial 464,741 3,238 467,979 442,283 4,155 446,438 Consumer 46,399 29 46,428 39,603 80 39,683 Leases 134,124 822 134,946 149,914 2,483 152,397 Total portfolio loans and leases 3,431,903 186,012 3,617,915 3,380,727 247,684 3,628,411 Total loans and leases $ 3,432,537 $ 186,012 $ 3,618,549 $ 3,386,727 $ 247,684 $ 3,634,411 Loans with fixed rates $ 1,093,806 $ 96,833 $ 1,190,639 $ 1,198,908 $ 134,084 $ 1,332,992 Loans with adjustable or floating rates 2,338,731 89,179 2,427,910 2,187,819 113,600 2,301,419 Total loans and leases $ 3,432,537 $ 186,012 $ 3,618,549 $ 3,386,727 $ 247,684 $ 3,634,411 Net deferred loan origination fees (costs) included in the above loan table $ 1,337 $ — $ 1,337 $ 673 $ — $ 673 |
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, 2021 December 31, 2020 (dollars in thousands) Originated Acquired Total Leases Originated Acquired Total Leases Minimum lease payments receivable $ 146,225 $ 842 $ 147,067 $ 164,556 $ 2,583 $ 167,139 Unearned lease income (17,894) (32) (17,926) (20,746) (138) (20,884) Initial direct costs and deferred fees 5,793 12 5,805 6,104 38 6,142 Total Leases $ 134,124 $ 822 $ 134,946 $ 149,914 $ 2,483 $ 152,397 |
Schedule of Financing Receivables, Non Accrual Status | The following table details the amortized cost of nonperforming loans and leases as of the dates indicated: Nonperforming Loans and Leases September 30, 2021 December 31, 2020 (dollars in thousands) Originated Acquired Total Loans and Leases Originated Acquired Total Loans and Leases CRE - nonowner-occupied $ — $ — $ — $ 57 $ — $ 57 CRE - owner-occupied 559 — 559 823 836 1,659 Home equity lines of credit 747 165 912 515 214 729 Residential mortgage - 1st liens 2,922 113 3,035 26 73 99 Residential mortgage - junior liens 33 31 64 50 35 85 Construction 216 — 216 — — — Commercial & Industrial 2,708 — 2,708 1,657 118 1,775 Consumer 31 — 31 30 — 30 Leases 464 58 522 791 81 872 Total non-performing loans and leases $ 7,680 $ 367 $ 8,047 $ 3,949 $ 1,357 $ 5,306 The following tables present the amortized cost basis of loans and leases on nonaccrual status and loans and leases past due over 89 days still accruing as of the dates indicated: As of September 30, 2021 (dollars in thousands) Nonaccrual with No ACL Nonaccrual with ACL Loans Past Due Over 89 Days Still Accruing CRE - nonowner-occupied $ — $ — $ — CRE - owner-occupied 559 — — Home equity lines of credit 392 520 — Residential mortgage - 1st liens 1,992 1,043 — Residential mortgage - junior liens 31 33 — Construction 216 — — Commercial & Industrial 2,708 — — Consumer — 31 — Leases — 522 — Total non-performing loans and leases $ 5,898 $ 2,149 $ — As of December 31, 2020 (dollars in thousands) Nonaccrual with No ACL Nonaccrual with ACL Loans Past Due Over 89 Days Still Accruing CRE - nonowner-occupied $ 57 $ — $ — CRE - owner-occupied 1,659 — — Home equity lines of credit 729 — — Residential mortgage - 1st liens 99 — — Residential mortgage - junior liens 85 — — Construction — — — Commercial & Industrial 1,775 — — Consumer — 30 — Leases — 872 — Total non-performing loans and leases $ 4,404 $ 902 $ — The following tables present the amortized cost basis of collateral-dependent loans and leases, indicating the type of collateral and the ACL determined through individual evaluation for credit loss, as of the dates indicated: As of September 30, 2021 (dollars in thousands) Real Estate Collateral Non-Real Estate Collateral Individually Evaluated ACL CRE - nonowner-occupied $ — $ — $ — CRE - owner-occupied 559 — — Home equity lines of credit 912 — — Residential mortgage - 1st liens 3,035 — 26 Residential mortgage - junior liens 64 — — Construction 216 — — Commercial & Industrial — 2,708 — Consumer — 31 31 Leases — 522 522 Total collateral-dependent loans and leases $ 4,786 $ 3,261 $ 579 As of December 31, 2020 (dollars in thousands) Real Estate Collateral Non-Real Estate Collateral Individually Evaluated ACL CRE - nonowner-occupied $ 57 $ — $ — CRE - owner-occupied 1,659 — — Home equity lines of credit 729 — — Residential mortgage - 1st liens 99 — — Residential mortgage - junior liens 85 — — Construction — — — Commercial & Industrial — 1,775 — Consumer — 30 30 Leases — 872 814 Total collateral-dependent loans and leases $ 2,629 $ 2,677 $ 844 |
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, 2021 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 1,464,534 $ 1,464,534 $ — $ 1,464,534 CRE - owner-occupied — — — — 536,929 536,929 559 537,488 Home equity lines of credit — — — — 145,840 145,840 912 146,752 Residential mortgage - 1st liens 2,663 152 — 2,815 554,096 556,911 3,035 559,946 Residential mortgage - junior liens 79 — — 79 24,281 24,360 64 24,424 Construction — — — — 235,202 235,202 216 235,418 Commercial & Industrial — — — — 465,271 465,271 2,708 467,979 Consumer 9 18 — 27 46,370 46,397 31 46,428 Leases 341 98 — 439 133,985 134,424 522 134,946 Total portfolio loans and leases $ 3,092 $ 268 $ — $ 3,360 $ 3,606,508 $ 3,609,868 $ 8,047 $ 3,617,915 Payment Status of All Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2020 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 1,435,518 $ 1,435,518 $ 57 $ 1,435,575 CRE - owner-occupied 1,907 416 — 2,323 574,527 576,850 1,659 578,509 Home equity lines of credit 87 — — 87 168,521 168,608 729 169,337 Residential mortgage - 1st liens 6,020 217 — 6,237 615,033 621,270 99 621,369 Residential mortgage - junior liens 88 58 — 146 23,564 23,710 85 23,795 Construction — — — — 161,308 161,308 — 161,308 Commercial & Industrial — — — — 444,663 444,663 1,775 446,438 Consumer 32 16 — 48 39,605 39,653 30 39,683 Leases 1,196 810 — 2,006 149,519 151,525 872 152,397 Total portfolio loans and leases $ 9,330 $ 1,517 $ — $ 10,847 $ 3,612,258 $ 3,623,105 $ 5,306 $ 3,628,411 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, 2021 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 1,385,284 $ 1,385,284 $ — $ 1,385,284 CRE - owner-occupied — — — — 517,296 517,296 559 517,855 Home equity lines of credit — — — — 136,582 136,582 747 137,329 Residential mortgage - 1st liens 1,957 152 — 2,109 490,740 492,849 2,922 495,771 Residential mortgage - junior liens 79 — — 79 23,361 23,440 33 23,473 Construction — — — — 226,711 226,711 216 226,927 Commercial & Industrial — — — — 462,033 462,033 2,708 464,741 Consumer 9 18 — 27 46,341 46,368 31 46,399 Leases 341 98 — 439 133,221 133,660 464 134,124 Total portfolio loans and leases $ 2,386 $ 268 $ — $ 2,654 $ 3,421,569 $ 3,424,223 $ 7,680 $ 3,431,903 Payment Status of Originated Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2020 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 1,330,890 $ 1,330,890 $ 57 $ 1,330,947 CRE - owner-occupied 1,907 416 — 2,323 541,636 543,959 823 544,782 Home equity lines of credit 87 — — 87 156,783 156,870 515 157,385 Residential mortgage - 1st liens 4,109 217 — 4,326 535,955 540,281 26 540,307 Residential mortgage - junior liens 84 56 — 140 22,185 22,325 50 22,375 Construction — — — — 153,131 153,131 — 153,131 Commercial & Industrial — — — — 440,626 440,626 1,657 442,283 Consumer 32 16 — 48 39,525 39,573 30 39,603 Leases 1,196 735 — 1,931 147,192 149,123 791 149,914 Total portfolio loans and leases $ 7,415 $ 1,440 $ — $ 8,855 $ 3,367,923 $ 3,376,778 $ 3,949 $ 3,380,727 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, 2021 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 79,250 $ 79,250 $ — $ 79,250 CRE - owner-occupied — — — — 19,633 19,633 — 19,633 Home equity lines of credit — — — — 9,258 9,258 165 9,423 Residential mortgage - 1st liens 706 — — 706 63,356 64,062 113 64,175 Residential mortgage - junior liens — — — — 920 920 31 951 Construction — — — — 8,491 8,491 — 8,491 Commercial & Industrial — — — — 3,238 3,238 — 3,238 Consumer — — — — 29 29 — 29 Leases — — — — 764 764 58 822 Total portfolio loans and leases $ 706 $ — $ — $ 706 $ 184,939 $ 185,645 $ 367 $ 186,012 Payment Status of Acquired Portfolio Loans and Leases Accruing Loans and Leases As of December 31, 2020 30 – 59 60 – 89 Over 89 Total Past Current Total Accruing Nonaccrual Total (dollars in thousands) CRE - nonowner-occupied $ — $ — $ — $ — $ 104,628 $ 104,628 $ — $ 104,628 CRE - owner-occupied — — — — 32,891 32,891 836 33,727 Home equity lines of credit — — — — 11,738 11,738 214 11,952 Residential mortgage - 1st liens 1,911 — — 1,911 79,078 80,989 73 81,062 Residential mortgage - junior liens 4 2 — 6 1,379 1,385 35 1,420 Construction — — — — 8,177 8,177 — 8,177 Commercial & Industrial — — — — 4,037 4,037 118 4,155 Consumer — — — — 80 80 — 80 Leases — 75 — 75 2,327 2,402 81 2,483 Total portfolio loans and leases $ 1,915 $ 77 $ — $ 1,992 $ 244,335 $ 246,327 $ 1,357 $ 247,684 |
Allowance for Credit Losses on Financing Receivables | The following tables present the activity in the ACL on loans and leases, by portfolio segment, for the three and nine months ended September 30, 2021 and 2020: Roll-Forward of ACL on Loans and Leases (dollars in thousands) CRE - nonowner-occupied CRE - Home equity lines of credit Residential mortgage - 1st liens Residential mortgage - junior liens Construction Commercial & Industrial Consumer Leases Total Balance, June 30, 2021 $ 11,902 $ 4,546 $ 1,030 $ 4,620 $ 380 $ 2,275 $ 8,870 $ 367 $ 5,173 $ 39,163 Loans and leases charged-off — — — — — — — (109) (254) (363) Recoveries collected — 22 — 1 — 1 337 22 120 503 PCL on loans and leases (520) (709) (75) (246) (19) 39 (852) 153 (528) (2,757) Balance, September 30, 2021 $ 11,382 $ 3,859 $ 955 $ 4,375 $ 361 $ 2,315 $ 8,355 $ 433 $ 4,511 $ 36,546 Roll-Forward of ACL on Loans and Leases (dollars in thousands) CRE - nonowner-occupied CRE - Home equity lines of credit Residential mortgage - 1st liens Residential mortgage - junior liens Construction Commercial & Industrial Consumer Leases Total Balance, December 31, 2020 $ 19,382 $ 6,982 $ 1,406 $ 7,782 $ 382 $ 2,707 $ 8,087 $ 325 $ 6,656 $ 53,709 Loans and leases charged-off — (193) (46) (25) — (116) (2,721) (387) (1,328) (4,816) Recoveries collected — 496 — 2 — 3 789 48 585 1,923 PCL on loans and leases (8,000) (3,426) (405) (3,384) (21) (279) 2,200 447 (1,402) (14,270) Balance, September 30, 2021 $ 11,382 $ 3,859 $ 955 $ 4,375 $ 361 $ 2,315 $ 8,355 $ 433 $ 4,511 $ 36,546 Roll-Forward of ACL on Loans and Leases (dollars in thousands) CRE - nonowner-occupied CRE - Home equity lines of credit Residential mortgage - 1st liens Residential mortgage - junior liens Construction Commercial & Industrial Consumer Leases Total Balance, June 30, 2020 $ 15,331 $ 5,083 $ 1,627 $ 8,198 $ 521 $ 6,061 $ 7,988 $ 440 $ 9,725 $ 54,974 Loans and leases charged-off — (508) — (15) — — (1,630) (152) (588) (2,893) Recoveries collected 2 14 — 27 — 1 109 19 534 706 PCL on loans and leases 1,209 1,419 180 192 (70) (1,090) 1,906 232 (337) 3,641 Balance, September 30, 2020 $ 16,542 $ 6,008 $ 1,807 $ 8,402 $ 451 $ 4,972 $ 8,373 $ 539 $ 9,334 $ 56,428 Roll-Forward of ACL on Loans and Leases (dollars in thousands) CRE - nonowner-occupied CRE - Home equity lines of credit Residential mortgage - 1st liens Residential mortgage - junior liens Construction Commercial & Industrial Consumer Leases Total Balance, December 31, 2019 Prior to Adoption of ASC 326 $ 7,960 $ 2,825 $ 1,114 $ 2,501 $ 338 $ 1,230 $ 3,835 $ 438 $ 2,361 $ 22,602 Impact of Adopting ASC 326 (467) 16 (46) 2,408 79 (359) (159) 140 1,594 3,206 Loans and leases charged-off — (1,742) (114) (1,298) — — (2,779) (741) (4,658) (11,332) Recoveries collected 8 14 4 164 — 3 146 109 1,226 1,674 PCL on loans and leases 9,041 4,895 849 4,627 34 4,098 7,330 593 8,811 40,278 Balance, September 30, 2020 $ 16,542 $ 6,008 $ 1,807 $ 8,402 $ 451 $ 4,972 $ 8,373 $ 539 $ 9,334 $ 56,428 |
Financing Receivable Credit Quality Indicators | The following table details the amortized cost of portfolio loans and leases, by year of origination (for term loans) and by risk grade within each portfolio segment as of September 30, 2021: Term Loans Revolving Loans Amortized Cost Basis by Origination Year (1) Amortized Cost Basis (dollars in thousands) Risk Rating 2021 2020 2019 2018 2017 2016 and Prior Revolving Lines of Credit Revolving Lines of Credit Converted to Term Loans Total CRE - nonowner-occupied Pass $ 202,943 $ 254,988 $ 413,001 $ 153,717 $ 94,932 $ 148,245 $ 32,473 $ — $ 1,300,299 Pass-Watch 13,934 19,466 12,831 12,423 12,303 8,080 — — 79,037 Special Mention 1,248 — 7,871 18,881 2,728 25,687 — — 56,415 Substandard 902 6,987 13,721 827 — 6,346 — — 28,783 Total $ 219,027 $ 281,441 $ 447,424 $ 185,848 $ 109,963 $ 188,358 $ 32,473 $ — $ 1,464,534 CRE - owner-occupied Pass $ 45,955 $ 127,089 $ 109,980 $ 77,710 $ 60,037 $ 63,510 $ 13,618 $ — $ 497,899 Pass-Watch 4,740 3,344 3,013 11,280 147 1,290 25 — 23,839 Special Mention — 1,384 270 1,473 — 897 78 — 4,102 Substandard 463 2,941 2,834 3,971 — 1,340 99 — 11,648 Total $ 51,158 $ 134,758 $ 116,097 $ 94,434 $ 60,184 $ 67,037 $ 13,820 $ — $ 537,488 Home equity lines of credit Pass $ — $ 151 $ 614 $ — $ 79 $ 1,333 $ 142,738 $ 678 $ 145,593 Pass-Watch — — — — — — 99 — 99 Special Mention — — — — — — 148 — 148 Substandard 392 — — 258 152 110 — — 912 Total $ 392 $ 151 $ 614 $ 258 $ 231 $ 1,443 $ 142,985 $ 678 $ 146,752 Residential mortgage - 1st liens Pass $ 116,552 $ 104,801 $ 86,871 $ 44,845 $ 52,559 $ 146,872 $ 1,227 $ — $ 553,727 Pass-Watch — — 457 — — 612 — — 1,069 Special Mention 1,687 — — 340 — — — — 2,027 Substandard 1,949 — 171 128 88 787 — — 3,123 Total $ 120,188 $ 104,801 $ 87,499 $ 45,313 $ 52,647 $ 148,271 $ 1,227 $ — $ 559,946 Residential mortgage - junior liens Pass $ 8,209 $ 2,232 $ 3,570 $ 2,576 $ 2,000 $ 5,671 $ 67 $ — $ 24,325 Special Mention — — — 35 — — — — 35 Substandard — — — — — 64 — — 64 Total $ 8,209 $ 2,232 $ 3,570 $ 2,611 $ 2,000 $ 5,735 $ 67 $ — $ 24,424 Construction Pass $ 92,060 $ 75,703 $ 38,399 $ 3,850 $ 814 $ 5,350 $ 15,501 $ — $ 231,677 Pass-Watch — — 1,767 1,758 — — — — 3,525 Substandard 216 — — — — — — — 216 Total $ 92,276 $ 75,703 $ 40,166 $ 5,608 $ 814 $ 5,350 $ 15,501 $ — $ 235,418 Commercial & Industrial Pass $ 81,382 $ 92,523 $ 31,576 $ 56,497 $ 5,896 $ 28,623 $ 103,022 $ — $ 399,519 Pass-Watch 20 9,197 5,965 383 1,143 302 4,681 — 21,691 Special Mention 9,039 14,376 701 4,448 — — 458 — 29,022 Substandard 1,922 10,250 384 3,162 1,267 737 25 — 17,747 Total $ 92,363 $ 126,346 $ 38,626 $ 64,490 $ 8,306 $ 29,662 $ 108,186 $ — $ 467,979 Consumer Pass $ 581 $ 762 $ 1,845 $ 705 $ 73 $ 133 $ 41,042 $ — $ 45,141 Substandard — 1,264 15 8 — — — — 1,287 Total $ 581 $ 2,026 $ 1,860 $ 713 $ 73 $ 133 $ 41,042 $ — $ 46,428 Leases Pass $ 32,773 $ 38,864 $ 39,528 $ 19,958 $ 3,245 $ 55 $ — $ — $ 134,423 Substandard — 38 163 260 61 1 — — 523 Total $ 32,773 $ 38,902 $ 39,691 $ 20,218 $ 3,306 $ 56 $ — $ — $ 134,946 Total portfolio loans and leases $ 616,967 $ 766,360 $ 775,547 $ 419,493 $ 237,524 $ 446,045 $ 355,301 $ 678 $ 3,617,915 (1) Year originated or renewed, whichever is more recent. |
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 $ 4,753 $ 1,737 TDRs in compliance with modified terms 4,532 7,046 Total TDRs $ 9,285 $ 8,783 The following tables present information regarding the types of loan and lease modifications made for the three months ended September 30, 2021: Troubled Debt Restructurings For the Three Months Ended September 30, 2021 (dollars in thousands) Number of Contracts Pre-Modification Outstanding Post-Modification Outstanding Home equity lines of credit 1 $ 392 $ 392 Residential mortgage - first liens 2 1,949 1,949 Construction 1 216 216 Commercial & Industrial 2 1,403 1,403 Total 6 $ 3,960 $ 3,960 Troubled Debt Restructurings Number of Contracts for the Three Months Ended September 30, 2021 Loan Term Extension Interest Rate Change and Term Extension Interest Rate Change and/or Interest-Only Period Contractual Temporary Payment Deferral Home equity lines of credit 1 — — — — Residential mortgage - first liens 2 — — — — Construction 1 — — — — Commercial & Industrial 2 — — — — Total 6 — — — — The following tables present information regarding loan and lease modifications categorized as TDRs for the nine months ended September 30, 2021: Troubled Debt Restructurings For the Nine Months Ended September 30, 2021 (dollars in thousands) Number of Contracts Pre-Modification Outstanding Post-Modification Outstanding Home equity lines of credit 1 $ 392 $ 392 Residential mortgage - first liens 2 1,949 1,949 Residential mortgage - junior liens 1 101 101 Construction 1 216 216 Commercial & Industrial 2 1,403 1,403 Leases 6 204 204 Total 13 $ 4,265 $ 4,265 Troubled Debt Restructurings Number of Contracts for the Nine Months Ended September 30, 2021 Loan Term Extension Interest Rate Change and Term Extension Interest Rate Change and/or Interest-Only Period Contractual Temporary Payment Deferral Home equity lines of credit 1 — — — — Residential mortgage - first liens 2 — — — — Residential mortgage - junior liens — — 1 — — Construction 1 — — — — Commercial & Industrial 2 — — — — Leases — — — 6 — Total 6 — 1 6 — |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020: Three Months Ended (dollars in thousands) 2021 2020 Balance, beginning of period $ 2,173 $ 3,440 Additions — — Amortization (116) (413) Impairment — (146) Balance, end of period $ 2,057 $ 2,881 Fair value $ 2,057 $ 2,881 Residential mortgage loans serviced for others $ 277,380 $ 407,781 Nine Months Ended (dollars in thousands) 2021 2020 Balance, beginning of period $ 2,626 $ 4,450 Additions — — Amortization (521) (970) Impairment (48) (599) Balance, end of period $ 2,057 $ 2,881 |
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | As of September 30, 2021, and December 31, 2020, 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 $ 2,057 $ 2,632 Weighted average life (in years) 4.6 4.9 Prepayment speeds (constant prepayment rate) (1) 13.9 % 13.1 % Impact on fair value: 10% adverse change $ (106) $ (141) 20% adverse change (205) (273) Discount rate 9.06 % 9.56 % Impact on fair value: 10% adverse change $ (58) $ (81) 20% adverse change (113) (156) (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, 2021 | |
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, 2021: (dollars in thousands) Balance 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 3,488 (694) 2,794 10 years Customer relationships 10,012 (1,347) 8,665 5 to 20 years Non-compete agreements 722 (142) 580 5 to 10 years Trade name 1,191 (325) 866 3 to 5 years Domain name 151 — 151 Indefinite Total Intangible Assets 15,564 (2,508) 13,056 Total Goodwill and Intangible Assets $ 199,576 $ (2,508) $ 197,068 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deposits [Abstract] | |
Summary of Deposits | The following table details the components of deposits: (dollars in thousands) September 30, December 31, Interest-bearing demand $ 681,560 $ 885,802 Money market 1,121,155 1,163,620 Savings 284,875 282,406 Retail time deposits 238,597 331,527 Wholesale non-maturity deposits 39,538 275,011 Wholesale time deposits 6,146 36,045 Total interest-bearing deposits 2,371,871 2,974,411 Noninterest-bearing deposits 1,443,661 1,401,843 Total deposits $ 3,815,532 $ 4,376,254 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term FHLB Advances (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 $ 16,965 $ 38,836 Short-term FHLB advances 80,000 33,325 Total short-term borrowings $ 96,965 $ 72,161 (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) 2021 2020 2021 2020 Balance at period-end $ 96,965 $ 23,456 $ 96,965 $ 23,456 Maximum amount outstanding at any month end 96,965 123,629 96,965 174,431 Average balance outstanding during the period 35,166 29,913 29,051 102,173 Weighted-average interest rate: As of the period-end 0.29 % 0.10 % 0.29 % 0.10 % Paid during the period 0.18 % 0.11 % 0.14 % 0.91 % |
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 $ 25,000 $ 39,906 Over one year through five years — — Total $ 25,000 $ 39,906 |
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 11/12/2021 11/12/2021 1.85 % 1.85 % 1.85 % $ 25,000 $ 39,906 (1) Maturity range, weighted average rate and coupon rate range refers to September 30, 2021 balances. |
Subordinated Notes (Tables)
Subordinated Notes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Subordinated Debt [Abstract] | |
Schedule of Long-term Debt Instruments | The following tables detail the subordinated notes, including debt issuance costs, as of September 30, 2021, and December 31, 2020: September 30, December 31, (dollars in thousands) Balance Rate (1)(2) Balance Rate (1)(2) Subordinated notes – due 2027 $ 69,226 4.25 % $ 69,133 4.25 % Subordinated notes – due 2025 29,791 3.13 29,750 3.29 Total subordinated notes $ 99,017 $ 98,883 (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 were bearing interest at an annual fixed rate of 4.75% from the date of issuance until and including August 14, 2020, and thereafter bear interest at a variable rate that resets 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, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Cost | The components of lease expense were as follows: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (dollars in thousands) Operating lease expense $ 1,014 $ 1,199 $ 3,130 $ 3,595 Short term lease expense 15 15 44 44 Variable lease expense 259 323 880 988 Sublease income (5) (11) (15) (28) Total lease expense $ 1,283 $ 1,526 $ 4,039 $ 4,599 Supplemental cash flow information related to leases was as follows: Nine Months Ended 2021 2020 (dollars in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,233 $ 3,532 ROU assets obtained in exchange for lease liabilities 575 — |
Lessee, Operating Lease, Liability, Maturity | Maturities of operating lease liabilities under FASB ASC 842 “Leases” as of September 30, 2021 are as follows: September 30, (dollars in thousands) 2021 $ 1,079 2022 4,212 2023 3,918 2024 3,793 2025 3,859 2026 and thereafter 32,629 Total lease payments 49,490 Less: imputed interest 10,771 Present value of operating lease liabilities $ 38,719 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table details the derivatives not designated as hedging instruments as of September 30, 2021 and December 31, 2020: Asset Derivatives Liability Derivatives (dollars in thousands) Notional Fair Value (1) Notional Fair Value (2) Derivatives not designated as hedging instruments As of September 30, 2021: Customer derivatives – interest rate swaps $ 1,272,009 $ 80,626 $ 1,272,009 $ 80,626 FX forwards 747 23 — — RPAs sold — — 45,202 16 RPAs purchased 71,127 270 — — Total derivatives $ 1,343,883 $ 80,919 $ 1,317,211 $ 80,642 As of December 31, 2020: Customer derivatives – interest rate swaps $ 1,102,753 $ 113,848 $ 1,102,753 $ 113,848 FX forwards 9,146 52 9,856 70 RPAs sold — — 33,111 30 RPAs purchased 55,415 342 — — Total derivatives $ 1,167,314 $ 114,242 $ 1,145,720 $ 113,948 (1) Included within Other Assets on the Unaudited Consolidated Balance Sheet. (2) Included within Other Liabilities on the Unaudited Consolidated Balance Sheet. The following table details the derivatives designated as hedging instruments as of September 30, 2021. The Corporation did not have derivatives designated as hedging instruments as of December 31, 2020: Asset Derivatives Liability Derivatives (dollars in thousands) Notional Fair Value (1) Notional Fair Value (2) Derivatives designated as hedging instruments As of September 30, 2021: Interest rate swaps $ — $ — $ 150,000 $ 1,730 (1) Included within Other Assets on the Unaudited Consolidated Balance Sheet. (2) Included within Other Liabilities on the Unaudited Consolidated Balance Sheet. The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended September 30, 2021: (dollars in thousands) Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from OCI into Income Amount of Gain (Loss) Reclassified from OCI into Income Interest rate swaps $ (885) Interest Income $ 422 The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income for the nine months ended September 30, 2021: (dollars in thousands) Amount of Gain (Loss) Recognized in OCI on Derivative Location of Gain (Loss) Reclassified from OCI into Income Amount of Gain (Loss) Reclassified from OCI into Income Interest rate swaps $ (709) Interest Income $ 1,021 |
Schedule of Interest Rate Derivatives | The following table summarizes information about the interest rate swaps designated as cash flow hedges as of September 30, 2021: (dollars in thousands) Notional Amount $ 150,000 Weighted average fixed-receive rate 1.19 % Weighted average pay-float rate 0.09 % Weighted average maturity in years 8.74 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 for the three and nine months ended September 30, 2021 and 2020: (dollars in thousands) Net Change in Net Change in Fair Value of Derivative Used for Cash Flow Hedge Net Change in Accumulated Other Comprehensive Income Balance, June 30, 2021 $ 7,058 $ (333) $ (1,927) $ 4,798 Other comprehensive (loss) income (1,327) (1,033) 107 (2,253) Balance, September 30, 2021 $ 5,731 $ (1,366) $ (1,820) $ 2,545 Balance, June 30, 2020 $ 10,696 $ — $ (1,677) $ 9,019 Other comprehensive income 1,097 — 23 1,120 Balance, September 30, 2020 $ 11,793 $ — $ (1,654) $ 10,139 (dollars in thousands) Net Change in Net Change in Fair Value of Derivative Used for Cash Flow Hedge Net Change in Accumulated Other Comprehensive Income Balance, December 31, 2020 $ 10,954 $ — $ (2,006) $ 8,948 Other comprehensive (loss) income (5,223) (1,366) 186 (6,403) Balance, September 30, 2021 $ 5,731 $ (1,366) $ (1,820) $ 2,545 Balance, December 31, 2019 $ 3,910 $ — $ (1,723) $ 2,187 Other comprehensive income 7,883 — 69 7,952 Balance, September 30, 2020 $ 11,793 $ — $ (1,654) $ 10,139 |
Reclassification out of Accumulated Other Comprehensive Income | The following table details the amounts reclassified from each component of accumulated other comprehensive income to each component’s applicable income statement line, for the three and nine months ended September 30, 2021 and 2020: Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Description of Accumulated Other Three Months Ended Affected Income Statement Category 2021 2020 Net unrealized gain on investment securities available for sale: Realization of gain on sale of investment securities available for sale $ 512 $ — Net gain on sale of available for sale investment securities Income tax effect (108) — Income tax expense Net of income tax $ 404 $ — Net income Net unrealized losses on interest rate swaps used in cash flow hedges: Reclassification adjustment for gains included in net income $ (422) $ — Interest income Income tax effect 88 — Income tax expense Net of income tax $ (334) $ — Net income Unfunded pension liability: Amortization of net loss included in net periodic pension costs (1) $ 35 $ 18 Other operating expenses Recognition of actuarial loss at termination of postretirement benefit plan 131 — Other operating expenses Total 166 18 Income tax effect (35) (4) Income tax expense Net of income tax $ 131 $ 14 Net income Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Description of Accumulated Other Nine Months Ended Affected Income Statement Category 2021 2020 Net unrealized gain on investment securities available for sale: Realization of gain on sale of investment securities available for sale $ 512 $ — Net gain on sale of available for sale investment securities Income tax effect (108) — Income tax expense Net of income tax $ 404 $ — Net income Net unrealized losses on interest rate swaps used in cash flow hedges: Reclassification adjustment for gains included in net income $ (1,021) $ — Interest income Income tax effect 214 — Income tax expense Net of income tax $ (807) $ — Net income Unfunded pension liability: Amortization of net loss included in net periodic pension costs (1) $ 104 $ 53 Other operating expenses Recognition of actuarial loss at termination of postretirement benefit plan 131 — Other operating expenses Total 235 53 Income tax effect (49) (11) Income tax expense Net of income tax $ 186 $ 42 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, 2021 | |
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) 2021 2020 2021 2020 Numerator: Net income available to common shareholders $ 18,382 $ 13,164 $ 56,807 $ 17,036 Denominator for basic earnings per share – weighted average shares outstanding 19,891,618 19,945,634 19,892,764 19,975,069 Effect of dilutive common shares 170,400 75,983 163,651 87,039 Denominator for diluted earnings per share – adjusted weighted average shares outstanding 20,062,018 20,021,617 20,056,415 20,062,108 Basic earnings per share $ 0.92 $ 0.66 $ 2.86 $ 0.85 Diluted earnings per share 0.92 0.66 2.83 0.85 Antidilutive shares excluded from computation of average dilutive earnings per share — 90,518 — 85,723 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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, 2021 and 2020. 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 $ — $ 13,618 $ 13,618 $ — $ 11,707 $ 11,707 Insurance commissions — 1,524 1,524 — 1,682 1,682 Capital markets revenue (1) 2,823 — 2,823 3,314 — 3,314 Service charges on deposit accounts 751 — 751 663 — 663 Loan servicing and other fees (1) 327 — 327 373 — 373 Net gain on sale of loans (1) 671 — 671 1,021 — 1,021 Net gain on sale of investment securities available for sale (1) 512 — 512 — — — Dividends on FHLB and FRB stock (1) 202 — 202 127 — 127 Other operating income (2) 2,113 46 2,159 2,198 14 2,212 Total noninterest income $ 7,399 $ 15,188 $ 22,587 $ 7,696 $ 13,403 $ 21,099 (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 $821 thousand and $870 thousand for the three months ended September 30, 2021 and 2020, 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 $ — $ 40,485 $ 40,485 $ — $ 31,944 $ 31,944 Insurance commissions — 4,237 4,237 — 4,518 4,518 Capital markets revenue (1) 5,709 — 5,709 8,650 — 8,650 Service charges on deposit accounts 2,180 — 2,180 2,112 — 2,112 Loan servicing and other fees (1) 1,028 — 1,028 1,286 — 1,286 Net gain on sale of loans (1) 1,446 — 1,446 4,937 — 4,937 Net gain on sale of investment securities available for sale (1) 512 — 512 — — — Net gain on sale of OREO — — — 148 — 148 Dividends on FHLB and FRB stock (1) 663 — 663 814 — 814 Other operating income (2) 6,941 193 7,134 5,441 115 5,556 Total noninterest income $ 18,479 $ 44,915 $ 63,394 $ 23,388 $ 36,577 $ 59,965 (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 $2.4 million and $2.2 million for the nine months ended September 30, 2021 and 2020, respectively, which are within the scope of ASC 606. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Compensation, Stock Options, Activity | The following tables provide information about options outstanding for the three and nine months ended September 30, 2021: Shares Weighted Weighted Options outstanding, June 30, 2021 225 $ 18.33 $ 12.93 Forfeited — — — Expired — — — Exercised (225) 18.33 12.93 Options outstanding, September 30, 2021 — — — Shares Weighted Weighted Options outstanding, December 31, 2020 225 $ 18.33 $ 12.93 Forfeited — — — Expired — — — Exercised (225) 18.33 12.93 Options outstanding, September 30, 2021 — — — |
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) 2021 2020 2021 2020 Proceeds from exercise of stock options $ 4 $ 7 $ 4 $ 12 Related tax benefit recognized — — — 2 Net proceeds of options exercised $ 4 $ 7 $ 4 $ 14 Intrinsic value of options exercised $ 5 $ 4 $ 5 $ 12 |
Schedule of Nonvested Restricted Stock Units Activity | The following table details the RSUs for the three and nine months ended September 30, 2021: Three Months Ended Nine Months Ended Number of Shares Weighted Number of Shares Weighted Beginning balance 150,070 $ 37.25 114,846 $ 38.00 Granted — — 36,791 35.09 Vested (21,445) 44.79 (22,245) 44.76 Forfeited (2,088) 39.49 (2,855) 39.24 Ending balance 126,537 35.93 126,537 35.93 |
Schedule of Nonvested Performance-based Units Activity | The following table details the PSUs for the three and nine months ended September 30, 2021: Three Months Ended Nine Months Ended Number of Shares Weighted Number of Shares Weighted Beginning balance 205,065 $ 36.88 149,911 $ 37.60 Granted — — 56,144 34.99 Vested (12,871) 41.13 (12,871) 41.13 Non-vesting (market-based criteria) (1) (6,976) 41.15 (6,976) 41.15 Non-vesting (non-market based criteria) (2) (18,691) 44.93 (18,691) 44.93 Forfeited (4,229) 38.99 (5,219) 39.12 Ending balance 162,298 35.37 162,298 35.37 (1)Non-vesting PSUs (market-based criteria) are PSUs whose performance measurement is based on TSR, which did not meet their performance target, were cancelled and are available for future grant. (2)Non-vesting PSUs (non-market-based criteria) are PSUs whose performance measurement is based on return on average equity, which did not meet their performance target, were cancelled and are available for future grant. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
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, 2021 and December 31, 2020: As of September 30, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 Investment securities available for sale: U.S. Treasury securities $ 100 $ 100 $ — $ — Obligations of U.S. government & agencies 96,597 — 96,597 — Mortgage-backed securities 439,182 — 439,182 — Collateralized mortgage obligations 13,566 — 13,566 — Collateralized loan obligations 94,651 — 94,651 — Corporate bonds 11,755 — 11,755 — Other investment securities 650 — 650 — Total investment securities available for sale 656,501 100 656,401 — Investment securities trading: Mutual funds 8,128 8,128 — — Derivatives: Interest rate swaps 80,626 — 80,626 — RPAs purchased 270 — 270 — FX forwards 23 — 23 — Total derivatives 80,919 — 80,919 — Total recurring fair value measurements $ 745,548 $ 8,228 $ 737,320 $ — As of December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 Investment securities available for sale: U.S. Treasury securities $ 500,100 $ 500,100 $ — $ — Obligations of U.S. government & agencies 93,098 — 93,098 — Obligations of state & political subdivisions 2,171 — 2,171 — Mortgage-backed securities 453,857 — 453,857 — Collateralized mortgage obligations 19,263 — 19,263 — Collateralized loan obligations 94,404 — 94,404 — Corporate bonds 11,421 — 11,421 — Other investment securities 650 — 650 — Total investment securities available for sale 1,174,964 500,100 674,864 — Investment securities trading: Mutual funds 8,623 8,623 — — Derivatives: Interest rate swaps 113,848 — 113,848 — RPAs purchased 342 — 342 — FX forwards 52 — 52 — Total derivatives 114,242 — 114,242 — Total recurring fair value measurements $ 1,297,829 $ 508,723 $ 789,106 $ — The following tables present the Corporation’s assets measured at fair value on a non-recurring basis as of September 30, 2021 and December 31, 2020: As of September 30, 2021 (dollars in thousands) Total Level 1 Level 2 Level 3 MSRs $ 2,057 $ — $ — $ 2,057 Loans and leases individually evaluated for credit losses 12,118 — — 12,118 Total non-recurring fair value measurements $ 14,175 $ — $ — $ 14,175 As of December 31, 2020 (dollars in thousands) Total Level 1 Level 2 Level 3 MSRs $ 2,632 $ — $ — $ 2,632 Loans and leases individually evaluated for credit losses 11,142 — — 11,142 Total non-recurring fair value measurements $ 13,774 $ — $ — $ 13,774 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 $ 48,671 $ 48,671 $ 96,313 $ 96,313 Investment securities - available for sale See Note 20 656,501 656,501 1,174,964 1,174,964 Investment securities - trading See Note 20 8,128 8,128 8,623 8,623 Investment securities – held to maturity Level 2 11,542 11,733 14,759 15,186 Loans held for sale Level 2 634 634 6,000 6,000 Net portfolio loans and leases Level 3 3,581,369 3,470,749 3,574,702 3,489,322 MSRs Level 3 2,057 2,057 2,626 2,632 Interest rate swaps Level 2 80,626 80,626 113,848 113,848 FX forwards Level 2 23 23 52 52 RPAs purchased Level 2 270 270 342 342 Other assets Level 3 38,383 38,383 45,847 45,847 Total financial assets $ 4,428,204 $ 4,317,775 $ 5,038,076 $ 4,953,129 Financial liabilities: Deposits Level 2 $ 3,815,532 $ 3,815,796 $ 4,376,254 $ 4,379,021 Short-term borrowings Level 2 96,965 96,965 72,161 72,161 Long-term FHLB advances Level 2 25,000 25,046 39,906 40,441 Subordinated notes Level 2 99,017 92,118 98,883 90,735 Junior subordinated debentures Level 2 22,079 19,454 21,935 27,812 Interest rate swaps Level 2 82,356 82,356 113,848 113,848 FX forwards Level 2 — — 70 70 RPAs sold Level 2 16 16 30 30 Other liabilities Level 3 44,640 44,640 45,734 45,734 Total financial liabilities $ 4,185,605 $ 4,176,391 $ 4,768,821 $ 4,769,852 (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, 2021 | |
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, 2021 and 2020: Three Months Ended Three Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Net interest income $ 34,886 $ 1 $ 34,887 $ 35,031 $ 1 $ 35,032 (Recovery of) provision for credit losses (3,186) — (3,186) 4,101 — 4,101 Net interest income after PCL 38,072 1 38,073 30,930 1 30,931 Noninterest income: Fees for wealth management services — 13,618 13,618 — 11,707 11,707 Insurance commissions — 1,524 1,524 — 1,682 1,682 Capital markets revenue 2,823 — 2,823 3,314 — 3,314 Service charges on deposit accounts 751 — 751 663 — 663 Loan servicing and other fees 327 — 327 373 — 373 Net gain on sale of loans 671 — 671 1,021 — 1,021 Net gain on sale of investment securities available for sale 512 — 512 — — — Other operating income 2,315 46 2,361 2,325 14 2,339 Total noninterest income 7,399 15,188 22,587 7,696 13,403 21,099 Noninterest expenses: Salaries & wages 11,324 5,427 16,751 11,883 5,318 17,201 Employee benefits 2,270 880 3,150 2,200 826 3,026 Occupancy and bank premises 1,997 517 2,514 2,559 496 3,055 Amortization of intangible assets 232 603 835 263 607 870 Professional fees 2,241 182 2,423 1,549 169 1,718 Other operating expenses 9,702 1,465 11,167 8,127 1,200 9,327 Total noninterest expenses 27,766 9,074 36,840 26,581 8,616 35,197 Segment profit 17,705 6,115 23,820 12,045 4,788 16,833 Intersegment (revenues) expenses (1) (161) 161 — (133) 133 — Pre-tax segment profit after eliminations $ 17,544 $ 6,276 $ 23,820 $ 11,912 $ 4,921 $ 16,833 % of segment pre-tax profit after eliminations 73.7 % 26.3 % 100.0 % 70.8 % 29.2 % 100.0 % Segment assets (dollars in millions) $ 4,829.2 $ 49.9 $ 4,879.1 $ 4,996.7 $ 50.2 $ 5,046.9 Nine Months Ended Nine Months Ended (dollars in thousands) Banking Wealth Consolidated Banking Wealth Consolidated Net interest income $ 104,906 $ 1 $ 104,907 $ 108,747 $ 3 $ 108,750 (Recovery of) provision for credit losses (15,013) — (15,013) 42,886 — 42,886 Net interest income after PCL 119,919 1 119,920 65,861 3 65,864 Noninterest income: Fees for wealth management services — 40,485 40,485 — 31,944 31,944 Insurance commissions — 4,237 4,237 — 4,518 4,518 Capital markets revenue 5,709 — 5,709 8,650 — 8,650 Service charges on deposit accounts 2,180 — 2,180 2,112 — 2,112 Loan servicing and other fees 1,028 — 1,028 1,286 — 1,286 Net gain on sale of loans 1,446 — 1,446 4,937 — 4,937 Net gain on sale of investment securities available for sale 512 — 512 — — — Net gain on sale of OREO — — — 148 — 148 Other operating income 7,604 193 7,797 6,255 115 6,370 Total noninterest income 18,479 44,915 63,394 23,388 36,577 59,965 Noninterest expenses: Salaries & wages 34,027 16,254 50,281 35,441 15,675 51,116 Employee benefits 7,121 2,940 10,061 7,098 2,649 9,747 Occupancy and bank premises 6,476 1,559 8,035 7,610 1,493 9,103 Amortization of intangible assets 694 1,814 2,508 846 1,852 2,698 Professional fees 5,035 450 5,485 4,003 658 4,661 Other operating expenses 29,494 4,146 33,640 22,711 4,067 26,778 Total noninterest expenses 82,847 27,163 110,010 77,709 26,394 104,103 Segment profit 55,551 17,753 73,304 11,540 10,186 21,726 Intersegment (revenues) expenses (1) (482) 482 — (488) 488 — Pre-tax segment profit after eliminations $ 55,069 $ 18,235 $ 73,304 $ 11,052 $ 10,674 $ 21,726 % of segment pre-tax profit after eliminations 75.1 % 24.9 % 100.0 % 50.9 % 49.1 % 100.0 % Segment assets (dollars in millions) $ 4,829.2 $ 49.9 $ 4,879.1 $ 4,996.7 $ 50.2 $ 5,046.9 (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 $ 21,386.7 $ 18,976.5 |
Basis of Presentation, Princi_2
Basis of Presentation, Principles of Consolidation, and Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2021trust | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of trusts acquired | 2 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | Mar. 10, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Business Acquisition [Line Items] | |||||
Due diligence, merger-related and merger integration expenses | $ 18 | $ 0 | $ 1,930 | $ 0 | |
WSFS | |||||
Business Acquisition [Line Items] | |||||
Voting interests acquired (as a percent) | 100.00% | ||||
Shares of acquiree stock received per share (in shares) | 0.90 | ||||
Due diligence, merger-related and merger integration expenses | $ 18 | $ 1,900 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Securities Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 649,246 | $ 1,161,098 |
Gross Unrealized Gains | 10,536 | 14,639 |
Gross Unrealized Losses | (3,281) | (773) |
Fair Value | 656,501 | 1,174,964 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 100 | 500,095 |
Gross Unrealized Gains | 0 | 5 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 100 | 500,100 |
Obligations of the U.S. government and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 97,944 | 92,449 |
Gross Unrealized Gains | 132 | 868 |
Gross Unrealized Losses | (1,479) | (219) |
Fair Value | 96,597 | 93,098 |
Obligations of state and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,149 | |
Gross Unrealized Gains | 22 | |
Gross Unrealized Losses | 0 | |
Fair Value | 2,171 | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 431,860 | 441,575 |
Gross Unrealized Gains | 9,124 | 12,739 |
Gross Unrealized Losses | (1,802) | (457) |
Fair Value | 439,182 | 453,857 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,192 | 18,680 |
Gross Unrealized Gains | 374 | 583 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 13,566 | 19,263 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 94,500 | 94,500 |
Gross Unrealized Gains | 151 | 1 |
Gross Unrealized Losses | 0 | (97) |
Fair Value | 94,651 | 94,404 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 11,000 | 11,000 |
Gross Unrealized Gains | 755 | 421 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 11,755 | 11,421 |
Other investment securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 650 | 650 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 650 | $ 650 |
Investment Securities - Securit
Investment Securities - Securities Available for Sale in an Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Securities available for sale, less than 12 months, fair value | $ 221,342 | $ 131,670 |
Securities available for sale, 12 months or longer, fair value | 30,302 | 0 |
Securities available for sale, fair value | 251,644 | 131,670 |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (2,889) | (773) |
Securities available for sale, 12 months or longer, unrealized losses | (392) | 0 |
Securities available for sale, unrealized losses | (3,281) | (773) |
Obligations of the U.S. government and agencies | ||
Fair Value | ||
Securities available for sale, less than 12 months, fair value | 65,812 | 19,777 |
Securities available for sale, 12 months or longer, fair value | 17,662 | 0 |
Securities available for sale, fair value | 83,474 | 19,777 |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (1,145) | (219) |
Securities available for sale, 12 months or longer, unrealized losses | (334) | 0 |
Securities available for sale, unrealized losses | (1,479) | (219) |
Mortgage-backed securities | ||
Fair Value | ||
Securities available for sale, less than 12 months, fair value | 155,530 | 79,990 |
Securities available for sale, 12 months or longer, fair value | 12,640 | 0 |
Securities available for sale, fair value | 168,170 | 79,990 |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (1,744) | (457) |
Securities available for sale, 12 months or longer, unrealized losses | (58) | 0 |
Securities available for sale, unrealized losses | $ (1,802) | (457) |
Collateralized loan obligations | ||
Fair Value | ||
Securities available for sale, less than 12 months, fair value | 31,903 | |
Securities available for sale, 12 months or longer, fair value | 0 | |
Securities available for sale, fair value | 31,903 | |
Unrealized Losses | ||
Securities available for sale, less than 12 months, unrealized losses | (97) | |
Securities available for sale, 12 months or longer, unrealized losses | 0 | |
Securities available for sale, unrealized losses | $ (97) |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||
Number of available-for-sale investments | security | 391 | |
Number of securities in an unrealized loss position | security | 87 | |
Percentage of available-for-sale securities | 83.70% | |
Accrued interest receivable | $ 1,900 | |
Securities pledged as collateral | $ 124,200 | $ 282,300 |
Number of held-to-maturity securities in an unrealized loss position | security | 2 | |
Accrued interest receivable on held to maturity debt securities | $ 28 | |
Investment securities held in trading accounts | $ 8,128 | $ 8,623 |
Investment Securities - Secur_2
Investment Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Available for sale securities, due in one year or less, amortized cost | $ 884 | $ 502,465 |
Available for sale securities, due after one year through five years, amortized cost | 26,498 | 18,679 |
Available for sale securities, due after five years through ten years, amortized cost | 87,812 | 77,433 |
Available for sale securities, due after ten years, amortized cost | 89,000 | 102,266 |
Available for sale securities, subtotal, amortized cost | 204,194 | 700,843 |
Amortized Cost | 649,246 | 1,161,098 |
Fair Value | ||
Available for sale securities, due in one year or less, fair value | 884 | 502,489 |
Available for sale securities, due after one year through five years, fair value | 27,162 | 19,167 |
Available for sale securities, due after five years through ten years, fair value | 86,561 | 77,681 |
Available for sale securities, due after ten years, fair value | 89,146 | 102,507 |
Available for sale securities, subtotal, fair value | 203,753 | 701,844 |
Fair Value | 656,501 | 1,174,964 |
Mortgage-related securities | ||
Amortized Cost | ||
Available for sale securities, no stated maturity, amortized cost | 445,052 | 460,255 |
Amortized Cost | 431,860 | 441,575 |
Fair Value | ||
Available for sale securities, no stated maturity, fair value | 452,748 | 473,120 |
Fair Value | $ 439,182 | $ 453,857 |
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, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity securities, amortized cost | $ 11,542 | $ 14,759 |
Held to maturity securities, gross unrealized gains | 344 | 451 |
Held to maturity securities, gross unrealized losses | (153) | (24) |
Held to maturity securities, fair value | $ 11,733 | $ 15,186 |
Investment Securities - Secur_3
Investment Securities - Securities Held to Maturity in an Unrealized Loss Position (Details) - Mortgage-backed securities - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Held to maturity securities, less than 12 months, fair value | $ 400 | $ 4,224 |
Held to maturity securities, 12 months or longer, fair value | 0 | 0 |
Held to maturity securities, fair value | 400 | 4,224 |
Unrealized Losses | ||
Held to maturity securities, less than 12 months, unrealized losses | (153) | (24) |
Held to maturity securities, 12 months or longer, unrealized losses | 0 | 0 |
Held to maturity securities, unrealized losses | $ (153) | $ (24) |
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, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 11,542 | $ 14,759 |
Fair Value | $ 11,733 | $ 15,186 |
Loans and Leases - Portfolio Lo
Loans and Leases - Portfolio Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for sale | $ 634 | $ 6,000 |
Total portfolio loans and leases | 3,617,915 | 3,628,411 |
Total Accruing Loans and Leases | 3,618,549 | 3,634,411 |
Loans with fixed rates | 1,190,639 | 1,332,992 |
Loans with adjustable or floating rates | 2,427,910 | 2,301,419 |
Net deferred loan origination fees included in the above loan table | 1,337 | 673 |
Real estate loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 2,968,562 | 2,989,893 |
Real estate loans | CRE - nonowner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 1,464,534 | 1,435,575 |
Real estate loans | CRE - owner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 537,488 | 578,509 |
Real estate loans | Home equity lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 146,752 | 169,337 |
Real estate loans | Residential mortgage | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 559,946 | 621,369 |
Real estate loans | Residential mortgage | Junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 24,424 | 23,795 |
Real estate loans | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 235,418 | 161,308 |
Commercial & Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 467,979 | 446,438 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 46,428 | 39,683 |
Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 134,946 | 152,397 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for sale | 634 | 6,000 |
Total portfolio loans and leases | 3,431,903 | 3,380,727 |
Total Accruing Loans and Leases | 3,432,537 | 3,386,727 |
Loans with fixed rates | 1,093,806 | 1,198,908 |
Loans with adjustable or floating rates | 2,338,731 | 2,187,819 |
Net deferred loan origination fees included in the above loan table | 1,337 | 673 |
Originated | Real estate loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 2,786,639 | 2,748,927 |
Originated | Real estate loans | CRE - nonowner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 1,385,284 | 1,330,947 |
Originated | Real estate loans | CRE - owner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 517,855 | 544,782 |
Originated | Real estate loans | Home equity lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 137,329 | 157,385 |
Originated | Real estate loans | Residential mortgage | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 495,771 | 540,307 |
Originated | Real estate loans | Residential mortgage | Junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 23,473 | 22,375 |
Originated | Real estate loans | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 226,927 | 153,131 |
Originated | Commercial & Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 464,741 | 442,283 |
Originated | Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 46,399 | 39,603 |
Originated | Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 134,124 | 149,914 |
Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans held for sale | 0 | 0 |
Total portfolio loans and leases | 186,012 | 247,684 |
Total Accruing Loans and Leases | 186,012 | 247,684 |
Loans with fixed rates | 96,833 | 134,084 |
Loans with adjustable or floating rates | 89,179 | 113,600 |
Net deferred loan origination fees included in the above loan table | 0 | 0 |
Acquired | Real estate loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 181,923 | 240,966 |
Acquired | Real estate loans | CRE - nonowner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 79,250 | 104,628 |
Acquired | Real estate loans | CRE - owner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 19,633 | 33,727 |
Acquired | Real estate loans | Home equity lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 9,423 | 11,952 |
Acquired | Real estate loans | Residential mortgage | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 64,175 | 81,062 |
Acquired | Real estate loans | Residential mortgage | Junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 951 | 1,420 |
Acquired | Real estate loans | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 8,491 | 8,177 |
Acquired | Commercial & Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 3,238 | 4,155 |
Acquired | Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | 29 | 80 |
Acquired | Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total portfolio loans and leases | $ 822 | $ 2,483 |
Loans and Leases - Net Investme
Loans and Leases - Net Investments in Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | $ 147,067 | $ 167,139 |
Unearned lease income | (17,926) | (20,884) |
Initial direct costs and deferred fees | 5,805 | 6,142 |
Total Leases | 134,946 | 152,397 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | 146,225 | 164,556 |
Unearned lease income | (17,894) | (20,746) |
Initial direct costs and deferred fees | 5,793 | 6,104 |
Total Leases | 134,124 | 149,914 |
Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Minimum lease payments receivable | 842 | 2,583 |
Unearned lease income | (32) | (138) |
Initial direct costs and deferred fees | 12 | 38 |
Total Leases | $ 822 | $ 2,483 |
Loans and Leases - Non-performi
Loans and Leases - Non-performing Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | $ 3,618,549 | $ 3,634,411 |
Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 3,432,537 | 3,386,727 |
Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 186,012 | 247,684 |
Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 8,047 | 5,306 |
Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 7,680 | 3,949 |
Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 367 | 1,357 |
Real estate loans | CRE - nonowner-occupied | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 0 | 57 |
Real estate loans | CRE - nonowner-occupied | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 0 | 57 |
Real estate loans | CRE - nonowner-occupied | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Real estate loans | CRE - owner-occupied | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 559 | 1,659 |
Real estate loans | CRE - owner-occupied | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 559 | 823 |
Real estate loans | CRE - owner-occupied | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 0 | 836 |
Real estate loans | Home equity lines of credit | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 912 | 729 |
Real estate loans | Home equity lines of credit | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 747 | 515 |
Real estate loans | Home equity lines of credit | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 165 | 214 |
Real estate loans | Residential mortgage | 1st liens | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 3,035 | 99 |
Real estate loans | Residential mortgage | 1st liens | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 2,922 | 26 |
Real estate loans | Residential mortgage | 1st liens | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 113 | 73 |
Real estate loans | Residential mortgage | Junior liens | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 64 | 85 |
Real estate loans | Residential mortgage | Junior liens | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 33 | 50 |
Real estate loans | Residential mortgage | Junior liens | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 31 | 35 |
Real estate loans | Construction | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 216 | 0 |
Real estate loans | Construction | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 216 | 0 |
Real estate loans | Construction | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Commercial & Industrial | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 2,708 | 1,775 |
Commercial & Industrial | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 2,708 | 1,657 |
Commercial & Industrial | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 0 | 118 |
Consumer | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 31 | 30 |
Consumer | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 31 | 30 |
Consumer | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Leases | Nonperforming Loans and Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 522 | 872 |
Leases | Nonperforming Loans and Leases | Originated | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | 464 | 791 |
Leases | Nonperforming Loans and Leases | Acquired | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total Accruing Loans and Leases | $ 58 | $ 81 |
Loans and Leases - Age Analysis
Loans and Leases - Age Analysis of Past Due Loans and Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | $ 3,618,549 | $ 3,634,411 |
Total Accruing Loans and Leases | 3,609,868 | 3,623,105 |
Nonaccrual Loans and Leases | 8,047 | 5,306 |
Total Loans and Leases | 3,617,915 | 3,628,411 |
Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 3,432,537 | 3,386,727 |
Total Accruing Loans and Leases | 3,424,223 | 3,376,778 |
Nonaccrual Loans and Leases | 7,680 | 3,949 |
Total Loans and Leases | 3,431,903 | 3,380,727 |
Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 186,012 | 247,684 |
Total Accruing Loans and Leases | 185,645 | 246,327 |
Nonaccrual Loans and Leases | 367 | 1,357 |
Total Loans and Leases | 186,012 | 247,684 |
Real estate loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 2,968,562 | 2,989,893 |
Real estate loans | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 2,786,639 | 2,748,927 |
Real estate loans | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans and Leases | 181,923 | 240,966 |
Real estate loans | CRE - nonowner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 1,464,534 | 1,435,518 |
Nonaccrual Loans and Leases | 0 | 57 |
Total Loans and Leases | 1,464,534 | 1,435,575 |
Real estate loans | CRE - nonowner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 1,385,284 | 1,330,890 |
Nonaccrual Loans and Leases | 0 | 57 |
Total Loans and Leases | 1,385,284 | 1,330,947 |
Real estate loans | CRE - nonowner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 79,250 | 104,628 |
Nonaccrual Loans and Leases | 0 | 0 |
Total Loans and Leases | 79,250 | 104,628 |
Real estate loans | CRE - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 536,929 | 576,850 |
Nonaccrual Loans and Leases | 559 | 1,659 |
Total Loans and Leases | 537,488 | 578,509 |
Real estate loans | CRE - owner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 517,296 | 543,959 |
Nonaccrual Loans and Leases | 559 | 823 |
Total Loans and Leases | 517,855 | 544,782 |
Real estate loans | CRE - owner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 19,633 | 32,891 |
Nonaccrual Loans and Leases | 0 | 836 |
Total Loans and Leases | 19,633 | 33,727 |
Real estate loans | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 145,840 | 168,608 |
Nonaccrual Loans and Leases | 912 | 729 |
Total Loans and Leases | 146,752 | 169,337 |
Real estate loans | Home equity lines of credit | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 136,582 | 156,870 |
Nonaccrual Loans and Leases | 747 | 515 |
Total Loans and Leases | 137,329 | 157,385 |
Real estate loans | Home equity lines of credit | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 9,258 | 11,738 |
Nonaccrual Loans and Leases | 165 | 214 |
Total Loans and Leases | 9,423 | 11,952 |
Real estate loans | Residential mortgage | 1st liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 556,911 | 621,270 |
Nonaccrual Loans and Leases | 3,035 | 99 |
Total Loans and Leases | 559,946 | 621,369 |
Real estate loans | Residential mortgage | 1st liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 492,849 | 540,281 |
Nonaccrual Loans and Leases | 2,922 | 26 |
Total Loans and Leases | 495,771 | 540,307 |
Real estate loans | Residential mortgage | 1st liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 64,062 | 80,989 |
Nonaccrual Loans and Leases | 113 | 73 |
Total Loans and Leases | 64,175 | 81,062 |
Real estate loans | Residential mortgage | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 24,360 | 23,710 |
Nonaccrual Loans and Leases | 64 | 85 |
Total Loans and Leases | 24,424 | 23,795 |
Real estate loans | Residential mortgage | Junior liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 23,440 | 22,325 |
Nonaccrual Loans and Leases | 33 | 50 |
Total Loans and Leases | 23,473 | 22,375 |
Real estate loans | Residential mortgage | Junior liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 920 | 1,385 |
Nonaccrual Loans and Leases | 31 | 35 |
Total Loans and Leases | 951 | 1,420 |
Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 235,202 | 161,308 |
Nonaccrual Loans and Leases | 216 | 0 |
Total Loans and Leases | 235,418 | 161,308 |
Real estate loans | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 226,711 | 153,131 |
Nonaccrual Loans and Leases | 216 | 0 |
Total Loans and Leases | 226,927 | 153,131 |
Real estate loans | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 8,491 | 8,177 |
Nonaccrual Loans and Leases | 0 | 0 |
Total Loans and Leases | 8,491 | 8,177 |
Commercial & Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 465,271 | 444,663 |
Nonaccrual Loans and Leases | 2,708 | 1,775 |
Total Loans and Leases | 467,979 | 446,438 |
Commercial & Industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 462,033 | 440,626 |
Nonaccrual Loans and Leases | 2,708 | 1,657 |
Total Loans and Leases | 464,741 | 442,283 |
Commercial & Industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 3,238 | 4,037 |
Nonaccrual Loans and Leases | 0 | 118 |
Total Loans and Leases | 3,238 | 4,155 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 46,397 | 39,653 |
Nonaccrual Loans and Leases | 31 | 30 |
Total Loans and Leases | 46,428 | 39,683 |
Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 46,368 | 39,573 |
Nonaccrual Loans and Leases | 31 | 30 |
Total Loans and Leases | 46,399 | 39,603 |
Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 29 | 80 |
Nonaccrual Loans and Leases | 0 | 0 |
Total Loans and Leases | 29 | 80 |
Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 134,424 | 151,525 |
Nonaccrual Loans and Leases | 522 | 872 |
Total Loans and Leases | 134,946 | 152,397 |
Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 133,660 | 149,123 |
Nonaccrual Loans and Leases | 464 | 791 |
Total Loans and Leases | 134,124 | 149,914 |
Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 764 | 2,402 |
Nonaccrual Loans and Leases | 58 | 81 |
Total Loans and Leases | 822 | 2,483 |
30 – 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 3,092 | 9,330 |
30 – 59 Days Past Due | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 2,386 | 7,415 |
30 – 59 Days Past Due | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 706 | 1,915 |
30 – 59 Days Past Due | Real estate loans | CRE - nonowner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Real estate loans | CRE - nonowner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Real estate loans | CRE - nonowner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Real estate loans | CRE - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 1,907 |
30 – 59 Days Past Due | Real estate loans | CRE - owner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 1,907 |
30 – 59 Days Past Due | Real estate loans | CRE - owner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Real estate loans | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 87 |
30 – 59 Days Past Due | Real estate loans | Home equity lines of credit | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 87 |
30 – 59 Days Past Due | Real estate loans | Home equity lines of credit | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Real estate loans | Residential mortgage | 1st liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 2,663 | 6,020 |
30 – 59 Days Past Due | Real estate loans | Residential mortgage | 1st liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 1,957 | 4,109 |
30 – 59 Days Past Due | Real estate loans | Residential mortgage | 1st liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 706 | 1,911 |
30 – 59 Days Past Due | Real estate loans | Residential mortgage | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 79 | 88 |
30 – 59 Days Past Due | Real estate loans | Residential mortgage | Junior liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 79 | 84 |
30 – 59 Days Past Due | Real estate loans | Residential mortgage | Junior liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 4 |
30 – 59 Days Past Due | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Real estate loans | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Real estate loans | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Commercial & Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Commercial & Industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Commercial & Industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 9 | 32 |
30 – 59 Days Past Due | Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 9 | 32 |
30 – 59 Days Past Due | Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
30 – 59 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 341 | 1,196 |
30 – 59 Days Past Due | Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 341 | 1,196 |
30 – 59 Days Past Due | Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 268 | 1,517 |
60 – 89 Days Past Due | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 268 | 1,440 |
60 – 89 Days Past Due | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 77 |
60 – 89 Days Past Due | Real estate loans | CRE - nonowner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | CRE - nonowner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | CRE - nonowner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | CRE - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 416 |
60 – 89 Days Past Due | Real estate loans | CRE - owner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 416 |
60 – 89 Days Past Due | Real estate loans | CRE - owner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | Home equity lines of credit | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | Home equity lines of credit | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | Residential mortgage | 1st liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 152 | 217 |
60 – 89 Days Past Due | Real estate loans | Residential mortgage | 1st liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 152 | 217 |
60 – 89 Days Past Due | Real estate loans | Residential mortgage | 1st liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | Residential mortgage | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 58 |
60 – 89 Days Past Due | Real estate loans | Residential mortgage | Junior liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 56 |
60 – 89 Days Past Due | Real estate loans | Residential mortgage | Junior liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 2 |
60 – 89 Days Past Due | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Real estate loans | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Commercial & Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Commercial & Industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Commercial & Industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 18 | 16 |
60 – 89 Days Past Due | Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 18 | 16 |
60 – 89 Days Past Due | Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
60 – 89 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 98 | 810 |
60 – 89 Days Past Due | Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 98 | 735 |
60 – 89 Days Past Due | Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 75 |
Over 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | CRE - nonowner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | CRE - nonowner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | CRE - nonowner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | CRE - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | CRE - owner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | CRE - owner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Home equity lines of credit | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Home equity lines of credit | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Residential mortgage | 1st liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Residential mortgage | 1st liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Residential mortgage | 1st liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Residential mortgage | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Residential mortgage | Junior liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Residential mortgage | Junior liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Real estate loans | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Commercial & Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Commercial & Industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Commercial & Industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Over 89 Days Past Due | Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 3,360 | 10,847 |
Total Past Due | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 2,654 | 8,855 |
Total Past Due | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 706 | 1,992 |
Total Past Due | Real estate loans | CRE - nonowner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Real estate loans | CRE - nonowner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Real estate loans | CRE - nonowner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Real estate loans | CRE - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 2,323 |
Total Past Due | Real estate loans | CRE - owner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 2,323 |
Total Past Due | Real estate loans | CRE - owner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Real estate loans | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 87 |
Total Past Due | Real estate loans | Home equity lines of credit | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 87 |
Total Past Due | Real estate loans | Home equity lines of credit | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Real estate loans | Residential mortgage | 1st liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 2,815 | 6,237 |
Total Past Due | Real estate loans | Residential mortgage | 1st liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 2,109 | 4,326 |
Total Past Due | Real estate loans | Residential mortgage | 1st liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 706 | 1,911 |
Total Past Due | Real estate loans | Residential mortgage | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 79 | 146 |
Total Past Due | Real estate loans | Residential mortgage | Junior liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 79 | 140 |
Total Past Due | Real estate loans | Residential mortgage | Junior liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 6 |
Total Past Due | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Real estate loans | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Real estate loans | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Commercial & Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Commercial & Industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Commercial & Industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 27 | 48 |
Total Past Due | Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 27 | 48 |
Total Past Due | Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 0 |
Total Past Due | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 439 | 2,006 |
Total Past Due | Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 439 | 1,931 |
Total Past Due | Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 0 | 75 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 3,606,508 | 3,612,258 |
Current | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 3,421,569 | 3,367,923 |
Current | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 184,939 | 244,335 |
Current | Real estate loans | CRE - nonowner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 1,464,534 | 1,435,518 |
Current | Real estate loans | CRE - nonowner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 1,385,284 | 1,330,890 |
Current | Real estate loans | CRE - nonowner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 79,250 | 104,628 |
Current | Real estate loans | CRE - owner-occupied | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 536,929 | 574,527 |
Current | Real estate loans | CRE - owner-occupied | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 517,296 | 541,636 |
Current | Real estate loans | CRE - owner-occupied | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 19,633 | 32,891 |
Current | Real estate loans | Home equity lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 145,840 | 168,521 |
Current | Real estate loans | Home equity lines of credit | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 136,582 | 156,783 |
Current | Real estate loans | Home equity lines of credit | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 9,258 | 11,738 |
Current | Real estate loans | Residential mortgage | 1st liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 554,096 | 615,033 |
Current | Real estate loans | Residential mortgage | 1st liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 490,740 | 535,955 |
Current | Real estate loans | Residential mortgage | 1st liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 63,356 | 79,078 |
Current | Real estate loans | Residential mortgage | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 24,281 | 23,564 |
Current | Real estate loans | Residential mortgage | Junior liens | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 23,361 | 22,185 |
Current | Real estate loans | Residential mortgage | Junior liens | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 920 | 1,379 |
Current | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 235,202 | 161,308 |
Current | Real estate loans | Construction | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 226,711 | 153,131 |
Current | Real estate loans | Construction | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 8,491 | 8,177 |
Current | Commercial & Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 465,271 | 444,663 |
Current | Commercial & Industrial | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 462,033 | 440,626 |
Current | Commercial & Industrial | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 3,238 | 4,037 |
Current | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 46,370 | 39,605 |
Current | Consumer | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 46,341 | 39,525 |
Current | Consumer | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 29 | 80 |
Current | Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 133,985 | 149,519 |
Current | Leases | Originated | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | 133,221 | 147,192 |
Current | Leases | Acquired | ||
Financing Receivable, Past Due [Line Items] | ||
Total Accruing Loans and Leases | $ 764 | $ 2,327 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Payment deferral offering period | 15 years | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 39,163 | $ 54,974 | $ 53,709 | $ 22,602 |
Loans and leases charged-off | (363) | (2,893) | (4,816) | (11,332) |
Recoveries collected | 503 | 706 | 1,923 | 1,674 |
PCL on loans and leases | (2,757) | 3,641 | (14,270) | 40,278 |
Ending balance | 36,546 | 56,428 | 36,546 | 56,428 |
Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,206 | |||
Real estate loans | CRE - nonowner-occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 11,902 | 15,331 | 19,382 | 7,960 |
Loans and leases charged-off | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 2 | 0 | 8 |
PCL on loans and leases | (520) | 1,209 | (8,000) | 9,041 |
Ending balance | 11,382 | 16,542 | 11,382 | 16,542 |
Real estate loans | CRE - nonowner-occupied | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (467) | |||
Real estate loans | CRE - owner-occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,546 | 5,083 | 6,982 | 2,825 |
Loans and leases charged-off | 0 | (508) | (193) | (1,742) |
Recoveries collected | 22 | 14 | 496 | 14 |
PCL on loans and leases | (709) | 1,419 | (3,426) | 4,895 |
Ending balance | 3,859 | 6,008 | 3,859 | 6,008 |
Real estate loans | CRE - owner-occupied | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 16 | |||
Real estate loans | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,030 | 1,627 | 1,406 | 1,114 |
Loans and leases charged-off | 0 | 0 | (46) | (114) |
Recoveries collected | 0 | 0 | 0 | 4 |
PCL on loans and leases | (75) | 180 | (405) | 849 |
Ending balance | 955 | 1,807 | 955 | 1,807 |
Real estate loans | Home equity lines of credit | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (46) | |||
Real estate loans | Residential mortgage | 1st liens | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,620 | 8,198 | 7,782 | 2,501 |
Loans and leases charged-off | 0 | (15) | (25) | (1,298) |
Recoveries collected | 1 | 27 | 2 | 164 |
PCL on loans and leases | (246) | 192 | (3,384) | 4,627 |
Ending balance | 4,375 | 8,402 | 4,375 | 8,402 |
Real estate loans | Residential mortgage | 1st liens | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,408 | |||
Real estate loans | Residential mortgage | Junior liens | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 380 | 521 | 382 | 338 |
Loans and leases charged-off | 0 | 0 | 0 | 0 |
Recoveries collected | 0 | 0 | 0 | 0 |
PCL on loans and leases | (19) | (70) | (21) | 34 |
Ending balance | 361 | 451 | 361 | 451 |
Real estate loans | Residential mortgage | Junior liens | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 79 | |||
Real estate loans | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,275 | 6,061 | 2,707 | 1,230 |
Loans and leases charged-off | 0 | 0 | (116) | 0 |
Recoveries collected | 1 | 1 | 3 | 3 |
PCL on loans and leases | 39 | (1,090) | (279) | 4,098 |
Ending balance | 2,315 | 4,972 | 2,315 | 4,972 |
Real estate loans | Construction | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (359) | |||
Commercial & Industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,870 | 7,988 | 8,087 | 3,835 |
Loans and leases charged-off | 0 | (1,630) | (2,721) | (2,779) |
Recoveries collected | 337 | 109 | 789 | 146 |
PCL on loans and leases | (852) | 1,906 | 2,200 | 7,330 |
Ending balance | 8,355 | 8,373 | 8,355 | 8,373 |
Commercial & Industrial | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (159) | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 367 | 440 | 325 | 438 |
Loans and leases charged-off | (109) | (152) | (387) | (741) |
Recoveries collected | 22 | 19 | 48 | 109 |
PCL on loans and leases | 153 | 232 | 447 | 593 |
Ending balance | 433 | 539 | 433 | 539 |
Consumer | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 140 | |||
Leases | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,173 | 9,725 | 6,656 | 2,361 |
Loans and leases charged-off | (254) | (588) | (1,328) | (4,658) |
Recoveries collected | 120 | 534 | 585 | 1,226 |
PCL on loans and leases | (528) | (337) | (1,402) | 8,811 |
Ending balance | $ 4,511 | $ 9,334 | $ 4,511 | 9,334 |
Leases | Cumulative-effect adjustment due to the adoption of ASU No. 2016-13 | Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 1,594 |
Loans and Leases - Credit Risk
Loans and Leases - Credit Risk Profile by Internally Assigned Grade (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | $ 616,967 | |
2020 | 766,360 | |
2019 | 775,547 | |
2018 | 419,493 | |
2017 | 237,524 | |
2016 and Prior | 446,045 | |
Revolving Lines of Credit | 355,301 | |
Revolving Lines of Credit Converted to Term Loans | 678 | |
Total loans and leases | 3,617,915 | $ 3,628,411 |
Real estate loans | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Total loans and leases | 2,968,562 | 2,989,893 |
Real estate loans | CRE - nonowner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 219,027 | |
2020 | 281,441 | |
2019 | 447,424 | |
2018 | 185,848 | |
2017 | 109,963 | |
2016 and Prior | 188,358 | |
Revolving Lines of Credit | 32,473 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 1,464,534 | 1,435,575 |
Real estate loans | CRE - nonowner-occupied | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 202,943 | |
2020 | 254,988 | |
2019 | 413,001 | |
2018 | 153,717 | |
2017 | 94,932 | |
2016 and Prior | 148,245 | |
Revolving Lines of Credit | 32,473 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 1,300,299 | |
Real estate loans | CRE - nonowner-occupied | Pass - Watch | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 13,934 | |
2020 | 19,466 | |
2019 | 12,831 | |
2018 | 12,423 | |
2017 | 12,303 | |
2016 and Prior | 8,080 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 79,037 | |
Real estate loans | CRE - nonowner-occupied | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 1,248 | |
2020 | 0 | |
2019 | 7,871 | |
2018 | 18,881 | |
2017 | 2,728 | |
2016 and Prior | 25,687 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 56,415 | |
Real estate loans | CRE - nonowner-occupied | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 902 | |
2020 | 6,987 | |
2019 | 13,721 | |
2018 | 827 | |
2017 | 0 | |
2016 and Prior | 6,346 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 28,783 | |
Real estate loans | CRE - owner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 51,158 | |
2020 | 134,758 | |
2019 | 116,097 | |
2018 | 94,434 | |
2017 | 60,184 | |
2016 and Prior | 67,037 | |
Revolving Lines of Credit | 13,820 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 537,488 | 578,509 |
Real estate loans | CRE - owner-occupied | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 45,955 | |
2020 | 127,089 | |
2019 | 109,980 | |
2018 | 77,710 | |
2017 | 60,037 | |
2016 and Prior | 63,510 | |
Revolving Lines of Credit | 13,618 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 497,899 | |
Real estate loans | CRE - owner-occupied | Pass - Watch | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 4,740 | |
2020 | 3,344 | |
2019 | 3,013 | |
2018 | 11,280 | |
2017 | 147 | |
2016 and Prior | 1,290 | |
Revolving Lines of Credit | 25 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 23,839 | |
Real estate loans | CRE - owner-occupied | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 1,384 | |
2019 | 270 | |
2018 | 1,473 | |
2017 | 0 | |
2016 and Prior | 897 | |
Revolving Lines of Credit | 78 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 4,102 | |
Real estate loans | CRE - owner-occupied | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 463 | |
2020 | 2,941 | |
2019 | 2,834 | |
2018 | 3,971 | |
2017 | 0 | |
2016 and Prior | 1,340 | |
Revolving Lines of Credit | 99 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 11,648 | |
Real estate loans | Home equity lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 392 | |
2020 | 151 | |
2019 | 614 | |
2018 | 258 | |
2017 | 231 | |
2016 and Prior | 1,443 | |
Revolving Lines of Credit | 142,985 | |
Revolving Lines of Credit Converted to Term Loans | 678 | |
Total loans and leases | 146,752 | 169,337 |
Real estate loans | Home equity lines of credit | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 151 | |
2019 | 614 | |
2018 | 0 | |
2017 | 79 | |
2016 and Prior | 1,333 | |
Revolving Lines of Credit | 142,738 | |
Revolving Lines of Credit Converted to Term Loans | 678 | |
Total loans and leases | 145,593 | |
Real estate loans | Home equity lines of credit | Pass - Watch | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and Prior | 0 | |
Revolving Lines of Credit | 99 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 99 | |
Real estate loans | Home equity lines of credit | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and Prior | 0 | |
Revolving Lines of Credit | 148 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 148 | |
Real estate loans | Home equity lines of credit | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 392 | |
2020 | 0 | |
2019 | 0 | |
2018 | 258 | |
2017 | 152 | |
2016 and Prior | 110 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 912 | |
Real estate loans | Residential mortgage | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 120,188 | |
2020 | 104,801 | |
2019 | 87,499 | |
2018 | 45,313 | |
2017 | 52,647 | |
2016 and Prior | 148,271 | |
Revolving Lines of Credit | 1,227 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 559,946 | 621,369 |
Real estate loans | Residential mortgage | Junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 8,209 | |
2020 | 2,232 | |
2019 | 3,570 | |
2018 | 2,611 | |
2017 | 2,000 | |
2016 and Prior | 5,735 | |
Revolving Lines of Credit | 67 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 24,424 | 23,795 |
Real estate loans | Residential mortgage | Pass | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 116,552 | |
2020 | 104,801 | |
2019 | 86,871 | |
2018 | 44,845 | |
2017 | 52,559 | |
2016 and Prior | 146,872 | |
Revolving Lines of Credit | 1,227 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 553,727 | |
Real estate loans | Residential mortgage | Pass | Junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 8,209 | |
2020 | 2,232 | |
2019 | 3,570 | |
2018 | 2,576 | |
2017 | 2,000 | |
2016 and Prior | 5,671 | |
Revolving Lines of Credit | 67 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 24,325 | |
Real estate loans | Residential mortgage | Pass - Watch | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 457 | |
2018 | 0 | |
2017 | 0 | |
2016 and Prior | 612 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 1,069 | |
Real estate loans | Residential mortgage | Special Mention | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 1,687 | |
2020 | 0 | |
2019 | 0 | |
2018 | 340 | |
2017 | 0 | |
2016 and Prior | 0 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 2,027 | |
Real estate loans | Residential mortgage | Special Mention | Junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 35 | |
2017 | 0 | |
2016 and Prior | 0 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 35 | |
Real estate loans | Residential mortgage | Substandard | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 1,949 | |
2020 | 0 | |
2019 | 171 | |
2018 | 128 | |
2017 | 88 | |
2016 and Prior | 787 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 3,123 | |
Real estate loans | Residential mortgage | Substandard | Junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and Prior | 64 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 64 | |
Real estate loans | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 92,276 | |
2020 | 75,703 | |
2019 | 40,166 | |
2018 | 5,608 | |
2017 | 814 | |
2016 and Prior | 5,350 | |
Revolving Lines of Credit | 15,501 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 235,418 | 161,308 |
Real estate loans | Construction | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 92,060 | |
2020 | 75,703 | |
2019 | 38,399 | |
2018 | 3,850 | |
2017 | 814 | |
2016 and Prior | 5,350 | |
Revolving Lines of Credit | 15,501 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 231,677 | |
Real estate loans | Construction | Pass - Watch | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 1,767 | |
2018 | 1,758 | |
2017 | 0 | |
2016 and Prior | 0 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 3,525 | |
Real estate loans | Construction | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 216 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 and Prior | 0 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 216 | |
Commercial & Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 92,363 | |
2020 | 126,346 | |
2019 | 38,626 | |
2018 | 64,490 | |
2017 | 8,306 | |
2016 and Prior | 29,662 | |
Revolving Lines of Credit | 108,186 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 467,979 | 446,438 |
Commercial & Industrial | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 81,382 | |
2020 | 92,523 | |
2019 | 31,576 | |
2018 | 56,497 | |
2017 | 5,896 | |
2016 and Prior | 28,623 | |
Revolving Lines of Credit | 103,022 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 399,519 | |
Commercial & Industrial | Pass - Watch | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 20 | |
2020 | 9,197 | |
2019 | 5,965 | |
2018 | 383 | |
2017 | 1,143 | |
2016 and Prior | 302 | |
Revolving Lines of Credit | 4,681 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 21,691 | |
Commercial & Industrial | Special Mention | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 9,039 | |
2020 | 14,376 | |
2019 | 701 | |
2018 | 4,448 | |
2017 | 0 | |
2016 and Prior | 0 | |
Revolving Lines of Credit | 458 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 29,022 | |
Commercial & Industrial | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 1,922 | |
2020 | 10,250 | |
2019 | 384 | |
2018 | 3,162 | |
2017 | 1,267 | |
2016 and Prior | 737 | |
Revolving Lines of Credit | 25 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 17,747 | |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 581 | |
2020 | 2,026 | |
2019 | 1,860 | |
2018 | 713 | |
2017 | 73 | |
2016 and Prior | 133 | |
Revolving Lines of Credit | 41,042 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 46,428 | 39,683 |
Consumer | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 581 | |
2020 | 762 | |
2019 | 1,845 | |
2018 | 705 | |
2017 | 73 | |
2016 and Prior | 133 | |
Revolving Lines of Credit | 41,042 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 45,141 | |
Consumer | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 1,264 | |
2019 | 15 | |
2018 | 8 | |
2017 | 0 | |
2016 and Prior | 0 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 1,287 | |
Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 32,773 | |
2020 | 38,902 | |
2019 | 39,691 | |
2018 | 20,218 | |
2017 | 3,306 | |
2016 and Prior | 56 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 134,946 | $ 152,397 |
Leases | Pass | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 32,773 | |
2020 | 38,864 | |
2019 | 39,528 | |
2018 | 19,958 | |
2017 | 3,245 | |
2016 and Prior | 55 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | 134,423 | |
Leases | Substandard | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
2021 | 0 | |
2020 | 38 | |
2019 | 163 | |
2018 | 260 | |
2017 | 61 | |
2016 and Prior | 1 | |
Revolving Lines of Credit | 0 | |
Revolving Lines of Credit Converted to Term Loans | 0 | |
Total loans and leases | $ 523 |
Loans and Leases - Amortized Co
Loans and Leases - Amortized Cost Basis of Nonaccrual Loans and Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | $ 5,898 | $ 4,404 |
Nonaccrual with ACL | 2,149 | 902 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Interest receivable on nonaccrual loans | 158 | |
Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 4,786 | 2,629 |
Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 3,261 | 2,677 |
Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 579 | 844 |
Real estate loans | CRE - nonowner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 0 | 57 |
Nonaccrual with ACL | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real estate loans | CRE - nonowner-occupied | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 57 |
Real estate loans | CRE - nonowner-occupied | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | CRE - nonowner-occupied | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | CRE - owner-occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 559 | 1,659 |
Nonaccrual with ACL | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real estate loans | CRE - owner-occupied | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 559 | 1,659 |
Real estate loans | CRE - owner-occupied | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | CRE - owner-occupied | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | Home equity lines of credit | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 392 | 729 |
Nonaccrual with ACL | 520 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real estate loans | Home equity lines of credit | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 912 | 729 |
Real estate loans | Home equity lines of credit | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | Home equity lines of credit | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | Residential mortgage | 1st liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 1,992 | 99 |
Nonaccrual with ACL | 1,043 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real estate loans | Residential mortgage | 1st liens | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 3,035 | 99 |
Real estate loans | Residential mortgage | 1st liens | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | Residential mortgage | 1st liens | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 26 | 0 |
Real estate loans | Residential mortgage | Junior liens | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 31 | 85 |
Nonaccrual with ACL | 33 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real estate loans | Residential mortgage | Junior liens | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 64 | 85 |
Real estate loans | Residential mortgage | Junior liens | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | Residential mortgage | Junior liens | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | Construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 216 | 0 |
Nonaccrual with ACL | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Real estate loans | Construction | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 216 | 0 |
Real estate loans | Construction | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Real estate loans | Construction | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Commercial & Industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 2,708 | 1,775 |
Nonaccrual with ACL | 0 | 0 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Commercial & Industrial | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Commercial & Industrial | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 2,708 | 1,775 |
Commercial & Industrial | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 0 | 0 |
Nonaccrual with ACL | 31 | 30 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Consumer | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Consumer | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 31 | 30 |
Consumer | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 31 | 30 |
Leases | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with No ACL | 0 | 0 |
Nonaccrual with ACL | 522 | 872 |
Loans Past Due Over 89 Days Still Accruing | 0 | 0 |
Leases | Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 0 | 0 |
Leases | Non-Real Estate Collateral | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | 522 | 872 |
Leases | Individually Evaluated ACL | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual with ACL | $ 522 | $ 814 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021USD ($)securityloan | Sep. 30, 2021USD ($)securityloan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amount of loans within deferral period, percent of total loans and leases (as a percent) | 0.40% | 0.40% | 2.10% |
Troubled debt restructurings | $ | $ 9,285 | $ 9,285 | $ 8,783 |
Number of Contracts | 6 | 13 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 3,960 | $ 4,265 | |
Post-Modification Outstanding Recorded Investment | $ | 3,960 | 4,265 | |
ACL on OBS credit exposure | $ | 2,200 | 2,200 | 2,900 |
ACL on OBS credit exposure, provision (release) for credit loss | $ | 384 | 695 | |
Accrued interest receivable | $ | 9,600 | 9,600 | 12,100 |
Estimated credit losses for COVID-19 interest deferrals | $ | $ 16 | $ 16 | 64 |
Loan Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 6 | 6 | |
Interest Rate Change and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Interest Rate Change and/or Interest-Only Period | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 1 | |
Contractual Payment Reduction (Leases only) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 6 | |
Temporary Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Leases | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amount of loans within deferral period | $ | $ 462 | $ 462 | $ 7,300 |
Number of loans within deferral period | loan | 4 | 4 | 66 |
Number of Contracts | 6 | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 204 | ||
Post-Modification Outstanding Recorded Investment | $ | $ 204 | ||
Number of loans that were charged off | loan | 1 | ||
Loans that were modified as TDRs | $ | $ 27 | ||
Leases | Loan Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | ||
Leases | Interest Rate Change and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | ||
Leases | Interest Rate Change and/or Interest-Only Period | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | ||
Leases | Contractual Payment Reduction (Leases only) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 6 | ||
Leases | Temporary Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | ||
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Amount of loans within deferral period | $ | $ 13,100 | $ 13,100 | $ 67,700 |
Number of loans within deferral period | loan | 5 | 5 | 37 |
Real estate loans | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 216 | $ 216 | |
Post-Modification Outstanding Recorded Investment | $ | $ 216 | $ 216 | |
Real estate loans | Residential mortgage | 1st liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 2 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 1,949 | $ 1,949 | |
Post-Modification Outstanding Recorded Investment | $ | $ 1,949 | $ 1,949 | |
Real estate loans | Residential mortgage | Junior liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ | $ 101 | ||
Post-Modification Outstanding Recorded Investment | $ | $ 101 | ||
Real estate loans | Home equity lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 392 | $ 392 | |
Post-Modification Outstanding Recorded Investment | $ | $ 392 | $ 392 | |
Real estate loans | Loan Term Extension | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 1 | 1 | |
Real estate loans | Loan Term Extension | Residential mortgage | 1st liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 2 | 2 | |
Real estate loans | Loan Term Extension | Residential mortgage | Junior liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | ||
Real estate loans | Loan Term Extension | Home equity lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 1 | 1 | |
Real estate loans | Interest Rate Change and Term Extension | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Interest Rate Change and Term Extension | Residential mortgage | 1st liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Interest Rate Change and Term Extension | Residential mortgage | Junior liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | ||
Real estate loans | Interest Rate Change and Term Extension | Home equity lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Interest Rate Change and/or Interest-Only Period | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Interest Rate Change and/or Interest-Only Period | Residential mortgage | 1st liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Interest Rate Change and/or Interest-Only Period | Residential mortgage | Junior liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 1 | ||
Real estate loans | Interest Rate Change and/or Interest-Only Period | Home equity lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Contractual Payment Reduction (Leases only) | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Contractual Payment Reduction (Leases only) | Residential mortgage | 1st liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Contractual Payment Reduction (Leases only) | Residential mortgage | Junior liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | ||
Real estate loans | Contractual Payment Reduction (Leases only) | Home equity lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Temporary Payment Deferral | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Temporary Payment Deferral | Residential mortgage | 1st liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Real estate loans | Temporary Payment Deferral | Residential mortgage | Junior liens | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | ||
Real estate loans | Temporary Payment Deferral | Home equity lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Commercial & Industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 2 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ | $ 1,403 | $ 1,403 | |
Post-Modification Outstanding Recorded Investment | $ | $ 1,403 | $ 1,403 | |
Number of loans that were charged off | loan | 2 | ||
Loans that were modified as TDRs | $ | $ 120 | ||
Commercial & Industrial | Loan Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 2 | 2 | |
Commercial & Industrial | Interest Rate Change and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Commercial & Industrial | Interest Rate Change and/or Interest-Only Period | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Commercial & Industrial | Contractual Payment Reduction (Leases only) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Commercial & Industrial | Temporary Payment Deferral | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | 0 | 0 | |
Nonperforming Loans and Leases | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings | $ | $ 4,753 | $ 4,753 | $ 1,737 |
Performing Financial Instruments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructurings | $ | $ 4,532 | $ 4,532 | $ 7,046 |
Mortgage Servicing Rights - Mor
Mortgage Servicing Rights - Mortgage Servicing Rights Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance, beginning of period | $ 2,626 | ||||
Balance, end of period | $ 2,057 | 2,057 | |||
Fair value | 2,100 | 2,100 | $ 2,600 | ||
Residential mortgage | |||||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||||
Balance, beginning of period | 2,173 | $ 3,440 | 2,626 | $ 4,450 | |
Additions | 0 | 0 | 0 | 0 | |
Amortization | (116) | (413) | (521) | (970) | |
Impairment | 0 | (146) | (48) | (599) | |
Balance, end of period | 2,057 | 2,881 | 2,057 | 2,881 | |
Fair value | 2,057 | 2,881 | 2,057 | 2,881 | $ 2,632 |
Residential mortgage loans serviced for others | $ 277,380 | $ 407,781 | $ 277,380 | $ 407,781 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Transfers and Servicing [Abstract] | ||
Sensitivity percent, adverse change in assumption, low | 10.00% | 10.00% |
Sensitivity percent, adverse change in assumption, high | 20.00% | 20.00% |
Fair value | $ 2.1 | $ 2.6 |
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, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Servicing Assets at Fair Value [Line Items] | |||
Fair value | $ 2,100 | $ 2,600 | |
Residential mortgage | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value | $ 2,057 | $ 2,632 | $ 2,881 |
Weighted average life (in years) | 4 years 7 months 6 days | 4 years 10 months 24 days | |
Prepayment speeds (constant prepayment rate) | 13.90% | 13.10% | |
10% adverse change | $ (106) | $ (141) | |
20% adverse change | $ (205) | $ (273) | |
Discount rate (as a percent) | 9.06% | 9.56% | |
10% adverse change | $ (58) | $ (81) | |
20% adverse change | $ (113) | $ (156) |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill [Roll Forward] | ||||
Balance December 31, 2020 | $ 184,012 | |||
Balance September 30, 2021 | $ 184,012 | 184,012 | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets amortization | (835) | $ (870) | (2,508) | $ (2,698) |
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Total Intangible Assets | 15,564 | |||
Intangible assets amortization | (835) | $ (870) | (2,508) | $ (2,698) |
Total Intangible Assets | 13,056 | 13,056 | ||
Total Goodwill and Intangible Assets, beginning balance | 199,576 | |||
Intangible assets amortization | (2,508) | |||
Total Goodwill and Intangible Assets, ending balance | 197,068 | 197,068 | ||
Domain Name | ||||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Indefinite-lived intangible assets, beginning of period | 151 | |||
Indefinite-lived intangible assets, end of period | 151 | 151 | ||
Core deposit intangible | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance December 31, 2020 | 3,488 | |||
Intangible assets amortization | (694) | |||
Balance September 30, 2021 | 2,794 | $ 2,794 | ||
Intangible asset amortization period (Year) | 10 years | |||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets amortization | $ (694) | |||
Customer relationships | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Balance December 31, 2020 | 10,012 | |||
Intangible assets amortization | (1,347) | |||
Balance September 30, 2021 | 8,665 | 8,665 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets amortization | $ (1,347) | |||
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, 2020 | $ 722 | |||
Intangible assets amortization | (142) | |||
Balance September 30, 2021 | 580 | 580 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
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, 2020 | $ 1,191 | |||
Intangible assets amortization | (325) | |||
Balance September 30, 2021 | 866 | 866 | ||
Indefinite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets amortization | $ (325) | |||
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 | |||
Goodwill – Wealth | ||||
Goodwill [Roll Forward] | ||||
Balance December 31, 2020 | $ 20,412 | |||
Balance September 30, 2021 | 20,412 | 20,412 | ||
Goodwill – Banking | ||||
Goodwill [Roll Forward] | ||||
Balance December 31, 2020 | 156,991 | |||
Balance September 30, 2021 | 156,991 | 156,991 | ||
Goodwill – Insurance | ||||
Goodwill [Roll Forward] | ||||
Balance December 31, 2020 | 6,609 | |||
Balance September 30, 2021 | $ 6,609 | $ 6,609 |
Goodwill and Intangibles Asse_4
Goodwill and Intangibles Assets - Narrative (Details) | Oct. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill impairment | $ 0 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Interest-bearing demand | $ 681,560 | $ 885,802 |
Money market | 1,121,155 | 1,163,620 |
Savings | 284,875 | 282,406 |
Retail time deposits | 238,597 | 331,527 |
Wholesale non-maturity deposits | 39,538 | 275,011 |
Wholesale time deposits | 6,146 | 36,045 |
Total interest-bearing deposits | 2,371,871 | 2,974,411 |
Noninterest-bearing deposits | 1,443,661 | 1,401,843 |
Total deposits | $ 3,815,532 | $ 4,376,254 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term FHLB Advances - Short-term Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 96,965 | $ 72,161 | $ 23,456 |
Repurchase agreements – commercial customers | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 16,965 | 38,836 | |
Short-term FHLB advances | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 80,000 | $ 33,325 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Long-term Federal Home Loan Bank Advances [Abstract] | |||||
Balance at period-end | $ 96,965 | $ 23,456 | $ 96,965 | $ 23,456 | $ 72,161 |
Maximum amount outstanding at any month end | 96,965 | 123,629 | 96,965 | 174,431 | |
Average balance outstanding during the period | $ 35,166 | $ 29,913 | $ 29,051 | $ 102,173 | |
Weighted-average interest rate: | |||||
As of the period-end (as a percent) | 0.29% | 0.10% | 0.29% | 0.10% | |
Paid during the period (as a percent) | 0.18% | 0.11% | 0.14% | 0.91% |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term FHLB Advances - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
Long-term FHLB advances | $ 25,000 | $ 39,900 |
Federal Home Loan Bank stock | 7,212 | $ 12,666 |
Federal Home Loan Bank maximum borrowing capacity | 1,750,000 | |
Federal Home Loan Bank, advances, amount available | 1,640,000 | |
Overnight federal funds | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, amount available | 74,000 | |
Federal Reserve Discount Window | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, amount available | $ 117,800 |
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, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
Total | $ 25,000 | $ 39,900 |
Short-term FHLB advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Within one year | 25,000 | 39,906 |
Over one year through five years | 0 | 0 |
Total | $ 25,000 | $ 39,906 |
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, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
Other long-term debt | $ 25,000 | $ 39,900 |
Bullet maturity – fixed rate | Fixed Rate | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Other long-term debt | $ 25,000 | $ 39,906 |
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 | 1.85% | |
Bullet maturity – fixed rate | Fixed Rate | Minimum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, interest rate at period end | 1.85% | |
Bullet maturity – fixed rate | Fixed Rate | Maximum | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Federal Home Loan Bank, advances, interest rate at period end | 1.85% |
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, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Subordinated debt | $ 99,017 | $ 98,883 |
Subordinated notes – due 2027 | ||
Debt Instrument [Line Items] | ||
Subordinated debt | $ 69,226 | $ 69,133 |
Stated interest rate | 4.25% | 4.25% |
Subordinated notes – due 2025 | ||
Debt Instrument [Line Items] | ||
Subordinated debt | $ 29,791 | $ 29,750 |
Stated interest rate | 3.13% | 3.29% |
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, 2021 | Dec. 31, 2020 | Dec. 15, 2017 | |
Investment Holdings [Line Items] | |||
Common securities of Trust I and Trust II owned | $ 18,300,000 | $ 17,742,000 | |
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) | 2.27% | ||
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] | |||
Business combination, junior subordinated debentures assumed | 21,400,000 | ||
Royal Bancshares of Pennsylvania, Inc. | Royal Bancshares Capital Trust II | |||
Investment Holdings [Line Items] | |||
Business combination, junior subordinated debentures assumed | 10,700,000 | ||
Royal Bancshares of Pennsylvania, Inc. | Royal Bancshares Capital Trust I | |||
Investment Holdings [Line Items] | |||
Business combination, junior subordinated debentures assumed | $ 10,700,000 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 33,140 | $ 34,601 |
Operating lease liabilities | $ 38,719 | $ 40,284 |
Weighted average remaining lease term | 13 years 3 months 25 days | |
Weighted average discount rate (as a percent) | 3.58% | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 8 months | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 21 years |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease expense | $ 1,014 | $ 1,199 | $ 3,130 | $ 3,595 |
Short term lease expense | 15 | 15 | 44 | 44 |
Variable lease expense | 259 | 323 | 880 | 988 |
Sublease income | (5) | (11) | (15) | (28) |
Total lease expense | $ 1,283 | $ 1,526 | $ 4,039 | $ 4,599 |
Operating Leases - Supplemental
Operating Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 3,233 | $ 3,532 |
ROU assets obtained in exchange for lease liabilities | $ 575 | $ 0 |
Operating Leases - Maturities o
Operating Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 | $ 1,079 | |
2022 | 4,212 | |
2023 | 3,918 | |
2024 | 3,793 | |
2025 | 3,859 | |
2026 and thereafter | 32,629 | |
Total lease payments | 49,490 | |
Less: imputed interest | 10,771 | |
Operating lease liabilities | $ 38,719 | $ 40,284 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Not Designated as Hedging Instrument | |||
Derivative Asset [Abstract] | |||
Notional Amount | $ 1,343,883 | $ 1,343,883 | $ 1,167,314 |
Fair Value | 80,919 | 80,919 | 114,242 |
Derivative Liability [Abstract] | |||
Notional Amount | 1,317,211 | 1,317,211 | 1,145,720 |
Fair Value | 80,642 | 80,642 | 113,948 |
Not Designated as Hedging Instrument | Interest rate swaps | |||
Derivative Asset [Abstract] | |||
Notional Amount | 1,272,009 | 1,272,009 | 1,102,753 |
Fair Value | 80,626 | 80,626 | 113,848 |
Derivative Liability [Abstract] | |||
Notional Amount | 1,272,009 | 1,272,009 | 1,102,753 |
Fair Value | 80,626 | 80,626 | 113,848 |
Not Designated as Hedging Instrument | FX forwards | |||
Derivative Asset [Abstract] | |||
Notional Amount | 747 | 747 | 9,146 |
Fair Value | 23 | 23 | 52 |
Derivative Liability [Abstract] | |||
Notional Amount | 0 | 0 | 9,856 |
Fair Value | 0 | 0 | 70 |
Not Designated as Hedging Instrument | RPAs sold | |||
Derivative Asset [Abstract] | |||
Notional Amount | 0 | 0 | 0 |
Fair Value | 0 | 0 | 0 |
Derivative Liability [Abstract] | |||
Notional Amount | 45,202 | 45,202 | 33,111 |
Fair Value | 16 | 16 | 30 |
Not Designated as Hedging Instrument | RPAs purchased | |||
Derivative Asset [Abstract] | |||
Notional Amount | 71,127 | 71,127 | 55,415 |
Fair Value | 270 | 270 | 342 |
Derivative Liability [Abstract] | |||
Notional Amount | 0 | 0 | 0 |
Fair Value | 0 | 0 | $ 0 |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative Asset [Abstract] | |||
Notional Amount | 0 | 0 | |
Fair Value | 0 | 0 | |
Derivative Liability [Abstract] | |||
Notional Amount | 150,000 | 150,000 | |
Fair Value | 1,730 | 1,730 | |
Amount of Gain (Loss) Recognized in OCI on Derivative | (885) | (709) | |
Designated as Hedging Instrument | Interest rate swaps | Interest Income | |||
Derivative Liability [Abstract] | |||
Amount of Gain (Loss) Reclassified from OCI into Income | $ 422 | $ 1,021 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Summarized Information on Interest Rate Swaps (Details) - Interest rate swaps - Designated as Hedging Instrument | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Notional Amount | $ 150,000,000 |
Weighted average fixed-receive rate (as a percent) | 1.19% |
Weighted average pay-float rate (as a percent) | 0.09% |
Weighted average maturity in years | 8 years 8 months 26 days |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Narrative (Details) | 9 Months Ended | |
Sep. 30, 2021USD ($)swap | Dec. 31, 2020USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative liability held as collateral | $ 67,900,000 | $ 124,800,000 |
Fair value of net derivatives | $ 70,100,000 | $ 113,200,000 |
Interest rate swaps | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Number of interest rate swap agreements entered into | swap | 3 | |
Notional Amount | $ 150,000,000 | |
Estimated reclassification as increase to interest income | $ 398,000 |
Accounting for Uncertainty in_2
Accounting for Uncertainty in Income Taxes (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Accrued interest and penalties | $ 0 | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) | Oct. 21, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Aug. 02, 2021 | Dec. 31, 2020 | Apr. 18, 2019 |
Class of Stock [Line Items] | ||||||||||
Dividends paid (in dollars per share) | $ 0.28 | |||||||||
Total dividends | $ 5,700,000 | |||||||||
Common stock, outstanding (in shares) | 19,900,823 | 19,900,823 | 20,226,599 | 19,960,294 | ||||||
Maximum investment under stock purchase and dividend reinvestment plan | $ 120,000 | |||||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 1,000,000 | |||||||||
Stock repurchase program, authorized amount | $ 45,000,000 | |||||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Dividends declared per share (in dollars per share) | $ 0.28 | |||||||||
The 2019 Program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares repurchased during period (in shares) | 0 | 0 | 80,788 | 0 | 207,201 | |||||
Shares repurchased during period, price (in dollars per share) | $ 31.77 | $ 34.99 | ||||||||
Shares remaining authorized for repurchase (in shares) | 629,244 | 629,244 | ||||||||
RSU's and PSU's | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share based compensation expense | $ 778,000 | $ 1,800,000 | ||||||||
Maximum | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shelf registration, shares registered (in shares) | 1,500,000 | 1,500,000 | ||||||||
Maximum | The 2019 Program | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 32,200,000 | $ 32,200,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 644,012 | $ 603,674 | $ 622,322 | $ 612,227 |
Other comprehensive income (loss) | (2,253) | 1,120 | (6,403) | 7,952 |
Ending balance | 654,755 | 612,617 | 654,755 | 612,617 |
Net Change in Unrealized Gains on Available-for- Sale Investment Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 7,058 | 10,696 | 10,954 | 3,910 |
Other comprehensive income (loss) | (1,327) | 1,097 | (5,223) | 7,883 |
Ending balance | 5,731 | 11,793 | 5,731 | 11,793 |
Net Change in Fair Value of Derivative Used for Cash Flow Hedge | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (333) | 0 | 0 | 0 |
Other comprehensive income (loss) | (1,033) | 0 | (1,366) | 0 |
Ending balance | (1,366) | 0 | (1,366) | 0 |
Net Change in Unfunded Pension Liability | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,927) | (1,677) | (2,006) | (1,723) |
Other comprehensive income (loss) | 107 | 23 | 186 | 69 |
Ending balance | (1,820) | (1,654) | (1,820) | (1,654) |
AOCI Attributable to Parent | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 4,798 | 9,019 | 8,948 | 2,187 |
Other comprehensive income (loss) | (2,253) | 1,120 | (6,403) | 7,952 |
Ending balance | $ 2,545 | $ 10,139 | $ 2,545 | $ 10,139 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Amounts Reclassified From Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income tax expense | $ 5,562 | $ 3,709 | $ 16,632 | $ 4,762 |
Net income | 18,382 | 13,164 | 56,807 | 17,036 |
Interest income | 37,104 | 39,542 | 112,404 | 129,270 |
Other operating expenses | 6,301 | 4,870 | 17,528 | 14,068 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net Change in Unrealized Gains on Available-for- Sale Investment Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net gain on sale of available for sale investment securities | 512 | 0 | 512 | 0 |
Income tax expense | (108) | 0 | (108) | 0 |
Net income | 404 | 0 | 404 | 0 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net unrealized losses on interest rate swaps used in cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income tax expense | 88 | 0 | 214 | 0 |
Net income | (334) | 0 | (807) | 0 |
Interest income | (422) | 0 | (1,021) | 0 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Amortization of net loss included in net periodic pension costs(1) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other operating expenses | 35 | 18 | 104 | 53 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Recognition of actuarial loss at termination of postretirement benefit plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Other operating expenses | 131 | 0 | 131 | 0 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Net Change in Unfunded Pension Liability | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income tax expense | (35) | (4) | (49) | (11) |
Net income | 131 | 14 | 186 | 42 |
Other operating expenses | $ 166 | $ 18 | $ 235 | $ 53 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Bryn Mawr Bank Corporation | $ 18,382 | $ 13,164 | $ 56,807 | $ 17,036 |
Denominator for basic earnings per share – weighted average shares outstanding (in shares) | 19,891,618 | 19,945,634 | 19,892,764 | 19,975,069 |
Effect of dilutive common shares (in shares) | 170,400 | 75,983 | 163,651 | 87,039 |
Denominator for diluted earnings per share – adjusted weighted average shares outstanding (in shares) | 20,062,018 | 20,021,617 | 20,056,415 | 20,062,108 |
Basic earnings per share (in dollars per share) | $ 0.92 | $ 0.66 | $ 2.86 | $ 0.85 |
Diluted earnings per share (in dollars per share) | $ 0.92 | $ 0.66 | $ 2.83 | $ 0.85 |
Antidilutive shares excluded from computation of average dilutive earnings per share (in shares) | 0 | 90,518 | 0 | 85,723 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Capital markets revenue | $ 2,823 | $ 3,314 | $ 5,709 | $ 8,650 |
Loan servicing and other fees | 327 | 373 | 1,028 | 1,286 |
Net gain on sale of loans | 671 | 1,021 | 1,446 | 4,937 |
Net gain on sale of investment securities available for sale | 512 | 0 | 512 | 0 |
Net gain on sale of OREO | 0 | 0 | 0 | 148 |
Dividends on FHLB and FRB stock | 202 | 127 | 663 | 814 |
Other operating income | 2,159 | 2,212 | 7,134 | 5,556 |
Total noninterest income | 22,587 | 21,099 | 63,394 | 59,965 |
Fees for wealth management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13,618 | 11,707 | 40,485 | 31,944 |
Insurance commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,524 | 1,682 | 4,237 | 4,518 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 751 | 663 | 2,180 | 2,112 |
Merchant interchange fees, safe deposit box rentals, and rent income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 821 | 870 | 2,400 | 2,200 |
Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Capital markets revenue | 2,823 | 3,314 | 5,709 | 8,650 |
Loan servicing and other fees | 327 | 373 | 1,028 | 1,286 |
Net gain on sale of loans | 671 | 1,021 | 1,446 | 4,937 |
Net gain on sale of investment securities available for sale | 512 | 0 | 512 | 0 |
Net gain on sale of OREO | 0 | 148 | ||
Dividends on FHLB and FRB stock | 202 | 127 | 663 | 814 |
Other operating income | 2,113 | 2,198 | 6,941 | 5,441 |
Total noninterest income | 7,399 | 7,696 | 18,479 | 23,388 |
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 | 751 | 663 | 2,180 | 2,112 |
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 | 0 | 0 |
Net gain on sale of OREO | 0 | 0 | ||
Dividends on FHLB and FRB stock | 0 | 0 | 0 | 0 |
Other operating income | 46 | 14 | 193 | 115 |
Total noninterest income | 15,188 | 13,403 | 44,915 | 36,577 |
Wealth Management | Fees for wealth management services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 13,618 | 11,707 | 40,485 | 31,944 |
Wealth Management | Insurance commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,524 | 1,682 | 4,237 | 4,518 |
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, 2021 | Sep. 30, 2021 | 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 | $ 415 | $ 1,400 | ||||
Unrecognized compensation costs | 1,800 | $ 1,800 | ||||
Unrecognized compensation costs, period of recognition | 1 year 7 months 6 days | |||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based compensation expense | 363 | $ 415 | ||||
Unrecognized compensation costs | $ 2,500 | $ 2,500 | ||||
Unrecognized compensation costs, period of recognition | 1 year 10 months 24 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 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Shares | ||
Beginning balance (in shares) | 225 | 225 |
Forfeited (in shares) | 0 | 0 |
Expired (in shares) | 0 | 0 |
Exercised (in shares) | (225) | (225) |
Ending balance (in shares) | 0 | 0 |
Weighted Average Exercise Price | ||
Beginning Balance, weighted average exercise price (in dollars per share) | $ 18.33 | $ 18.33 |
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) | 18.33 | 18.33 |
Ending balance, weighted average exercise price (in dollars per share) | 0 | 0 |
Weighted Average Grant Date Fair Value | ||
Beginning balance, weighted average grant date fair value (in dollars per share) | 12.93 | 12.93 |
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) | 12.93 | 12.93 |
Ending balance, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
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, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | ||||
Proceeds from exercise of stock options | $ 4 | $ 7 | $ 4 | $ 12 |
Related tax benefit recognized | 0 | 0 | 0 | 2 |
Net proceeds of options exercised | 4 | 7 | 4 | 14 |
Intrinsic value of options exercised | $ 5 | $ 4 | $ 5 | $ 12 |
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, 2021 | Sep. 30, 2021 | |
Number of Shares | ||
Balance (in shares) | 150,070 | 114,846 |
Granted (in shares) | 0 | 36,791 |
Vested (in shares) | (21,445) | (22,245) |
Forfeited (in shares) | (2,088) | (2,855) |
Balance (in shares) | 126,537 | 126,537 |
Weighted Average Grant Date Fair Value | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 37.25 | $ 38 |
Granted, weighted average grant date fair value (in dollars per share) | 0 | 35.09 |
Vested, weighted average grant date fair value (in dollars per share) | 44.79 | 44.76 |
Forfeited, weighted average grant date fair value (in dollars per share) | 39.49 | 39.24 |
Balance, weighted average grant date fair value (in dollars per share) | $ 35.93 | $ 35.93 |
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, 2021 | Sep. 30, 2021 | |
Number of Shares | ||
Balance (in shares) | 205,065 | 149,911 |
Granted (in shares) | 0 | 56,144 |
Vested (in shares) | (12,871) | (12,871) |
Forfeited (in shares) | (4,229) | (5,219) |
Balance (in shares) | 162,298 | 162,298 |
Weighted Average Grant Date Fair Value | ||
Balance, weighted average grant date fair value (in dollars per share) | $ 36.88 | $ 37.60 |
Granted, weighted average grant date fair value (in dollars per share) | 0 | 34.99 |
Vested, weighted average grant date fair value (in dollars per share) | 41.13 | 41.13 |
Forfeited, weighted average grant date fair value (in dollars per share) | 38.99 | 39.12 |
Balance, weighted average grant date fair value (in dollars per share) | $ 35.37 | $ 35.37 |
Market Based Criteria | ||
Number of Shares | ||
Non-vesting (in shares) | (6,976) | (6,976) |
Weighted Average Grant Date Fair Value | ||
Non-vesting, weighted average grant date fair value (in dollars per share) | $ 41.15 | $ 41.15 |
Non Market Based Criteria | ||
Number of Shares | ||
Non-vesting (in shares) | (18,691) | (18,691) |
Weighted Average Grant Date Fair Value | ||
Non-vesting, weighted average grant date fair value (in dollars per share) | $ 44.93 | $ 44.93 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Assets Measured on Recurring and Non-recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 656,501 | $ 1,174,964 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 656,501 | 1,174,964 |
Derivatives | 80,919 | 114,242 |
Total financial assets | 745,548 | 1,297,829 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 100 | 500,100 |
Derivatives | 0 | 0 |
Total financial assets | 8,228 | 508,723 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 656,401 | 674,864 |
Derivatives | 80,919 | 114,242 |
Total financial assets | 737,320 | 789,106 |
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 | 100 | 500,100 |
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 | 100 | 500,100 |
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 | 96,597 | 93,098 |
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 | 96,597 | 93,098 |
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 | 2,171 | |
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 | |
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 | 2,171 | |
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 | |
Fair Value, Measurements, Recurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 439,182 | 453,857 |
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 | 439,182 | 453,857 |
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 | 13,566 | 19,263 |
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 | 13,566 | 19,263 |
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 | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 94,651 | 94,404 |
Fair Value, Measurements, Recurring | Collateralized loan 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 loan obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 94,651 | 94,404 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,755 | 11,421 |
Fair Value, Measurements, Recurring | Corporate bonds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate bonds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 11,755 | 11,421 |
Fair Value, Measurements, Recurring | Corporate bonds | 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 | 650 |
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 | 650 |
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 | 8,128 | 8,623 |
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 | 8,128 | 8,623 |
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 | 14,175 | 13,774 |
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 | 14,175 | 13,774 |
Fair Value, Measurements, Nonrecurring | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 2,057 | 2,632 |
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 | 2,057 | 2,632 |
Fair Value, Measurements, Nonrecurring | Loans and leases individually evaluated for credit losses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 12,118 | 11,142 |
Fair Value, Measurements, Nonrecurring | Loans and leases individually evaluated for credit losses | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Loans and leases individually evaluated for credit losses | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Loans and leases individually evaluated for credit losses | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 12,118 | 11,142 |
Interest rate swaps | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 80,626 | 113,848 |
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 | 80,626 | 113,848 |
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 | 270 | 342 |
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 | 270 | 342 |
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 | 23 | 52 |
FX forwards | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
FX forwards | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 23 | 52 |
FX forwards | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | $ 0 | $ 0 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Allowance for Loan and Lease Loss | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Valuation allowance, period increase (decrease) | $ 211 | $ 256 |
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, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Investment securities - available for sale | $ 656,501 | $ 1,174,964 |
Investment securities, trading | 8,128 | 8,623 |
Investment securities – held to maturity | 11,733 | 15,186 |
Carrying Amount | ||
Financial assets: | ||
Investment securities - available for sale | 656,501 | 1,174,964 |
Investment securities, trading | 8,128 | 8,623 |
Total financial assets | 4,428,204 | 5,038,076 |
Financial liabilities: | ||
Total financial liabilities | 4,185,605 | 4,768,821 |
Fair Value | ||
Financial assets: | ||
Investment securities - available for sale | 656,501 | 1,174,964 |
Investment securities, trading | 8,128 | 8,623 |
Total financial assets | 4,317,775 | 4,953,129 |
Financial liabilities: | ||
Total financial liabilities | 4,176,391 | 4,769,852 |
Level 1 | Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 48,671 | 96,313 |
Level 1 | Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 48,671 | 96,313 |
Level 2 | Carrying Amount | ||
Financial assets: | ||
Investment securities – held to maturity | 11,542 | 14,759 |
Loans held for sale | 634 | 6,000 |
Financial liabilities: | ||
Deposits | 3,815,532 | 4,376,254 |
Short-term borrowings | 96,965 | 72,161 |
Long-term FHLB advances | 25,000 | 39,906 |
Subordinated notes | 99,017 | 98,883 |
Junior subordinated debentures | 22,079 | 21,935 |
Level 2 | Carrying Amount | Interest rate swaps | ||
Financial assets: | ||
Derivative assets | 80,626 | 113,848 |
Financial liabilities: | ||
Derivative liabilities | 82,356 | 113,848 |
Level 2 | Carrying Amount | FX forwards | ||
Financial assets: | ||
Derivative assets | 23 | 52 |
Financial liabilities: | ||
Derivative liabilities | 0 | 70 |
Level 2 | Carrying Amount | RPAs purchased | ||
Financial assets: | ||
Derivative assets | 270 | 342 |
Level 2 | Carrying Amount | RPAs sold | ||
Financial liabilities: | ||
Derivative liabilities | 16 | 30 |
Level 2 | Fair Value | ||
Financial assets: | ||
Investment securities – held to maturity | 11,733 | 15,186 |
Loans held for sale | 634 | 6,000 |
Financial liabilities: | ||
Deposits | 3,815,796 | 4,379,021 |
Short-term borrowings | 96,965 | 72,161 |
Long-term FHLB advances | 25,046 | 40,441 |
Subordinated notes | 92,118 | 90,735 |
Junior subordinated debentures | 19,454 | 27,812 |
Level 2 | Fair Value | Interest rate swaps | ||
Financial assets: | ||
Derivative assets | 80,626 | 113,848 |
Financial liabilities: | ||
Derivative liabilities | 82,356 | 113,848 |
Level 2 | Fair Value | FX forwards | ||
Financial assets: | ||
Derivative assets | 23 | 52 |
Financial liabilities: | ||
Derivative liabilities | 0 | 70 |
Level 2 | Fair Value | RPAs purchased | ||
Financial assets: | ||
Derivative assets | 270 | 342 |
Level 2 | Fair Value | RPAs sold | ||
Financial liabilities: | ||
Derivative liabilities | 16 | 30 |
Level 3 | Carrying Amount | ||
Financial assets: | ||
Net portfolio loans and leases | 3,581,369 | 3,574,702 |
MSRs | 2,057 | 2,626 |
Other assets | 38,383 | 45,847 |
Financial liabilities: | ||
Other liabilities | 44,640 | 45,734 |
Level 3 | Fair Value | ||
Financial assets: | ||
Net portfolio loans and leases | 3,470,749 | 3,489,322 |
MSRs | 2,057 | 2,632 |
Other assets | 38,383 | 45,847 |
Financial liabilities: | ||
Other liabilities | $ 44,640 | $ 45,734 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance Sheet Risk, Contingencies and Concentration of Credit Risk (Details) - USD ($) $ in Thousands | May 01, 2019 | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | |||
Repurchase of loans sold with recourse | $ 200 | ||
Standby Letters of Credit | |||
Loss Contingencies [Line Items] | |||
Commitments and obligations, liability outstanding | 22,000 | $ 21,100 | |
Commitments to Extend Credit | |||
Loss Contingencies [Line Items] | |||
Commitments and obligations, liability outstanding | $ 955,800 | $ 924,500 | |
Subsidiary | Snyder v Crusador Servicing Corporation Case | |||
Loss Contingencies [Line Items] | |||
Ownership percentage of subsidiary | 80.00% | ||
Amount paid for contingency loss | $ 2,190 | ||
Interest rate (as a percent) | 6.00% |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 34,887 | $ 35,032 | $ 104,907 | $ 108,750 | |
(Recovery of) provision for credit losses | (3,186) | 4,101 | (15,013) | 42,886 | |
Net interest income after (recovery of) provision for credit losses | 38,073 | 30,931 | 119,920 | 65,864 | |
Fees for wealth management services | 13,618 | 11,707 | 40,485 | 31,944 | |
Insurance commissions | 1,524 | 1,682 | 4,237 | 4,518 | |
Capital markets revenue | 2,823 | 3,314 | 5,709 | 8,650 | |
Service charges on deposit accounts | 751 | 663 | 2,180 | 2,112 | |
Loan servicing and other fees | 327 | 373 | 1,028 | 1,286 | |
Net gain on sale of loans | 671 | 1,021 | 1,446 | 4,937 | |
Net gain on sale of investment securities available for sale | 512 | 0 | 512 | 0 | |
Net gain on sale of OREO | 0 | 0 | 0 | 148 | |
Other operating income | 2,361 | 2,339 | 7,797 | 6,370 | |
Total noninterest income | 22,587 | 21,099 | 63,394 | 59,965 | |
Salaries and wages | 16,751 | 17,201 | 50,281 | 51,116 | |
Employee benefits | 3,150 | 3,026 | 10,061 | 9,747 | |
Occupancy and bank premises | 2,514 | 3,055 | 8,035 | 9,103 | |
Amortization of intangible assets | 835 | 870 | 2,508 | 2,698 | |
Professional fees | 2,423 | 1,718 | 5,485 | 4,661 | |
Other operating expenses | 11,167 | 9,327 | 33,640 | 26,778 | |
Total noninterest expenses | 36,840 | 35,197 | 110,010 | 104,103 | |
Segment profit | 23,820 | 16,833 | 73,304 | 21,726 | |
Intersegment (revenues) expenses | 0 | 0 | 0 | 0 | |
Pre-tax segment profit after eliminations | $ 23,820 | $ 16,833 | $ 73,304 | $ 21,726 | |
% of segment pre-tax profit after eliminations | 100.00% | 100.00% | 100.00% | 100.00% | |
Segment assets | $ 4,879,079 | $ 5,046,900 | $ 4,879,079 | $ 5,046,900 | $ 5,432,022 |
Assets under management, administration, supervision and brokerage | 21,386,700 | 21,386,700 | $ 18,976,500 | ||
Banking | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 34,886 | 35,031 | 104,906 | 108,747 | |
(Recovery of) provision for credit losses | (3,186) | 4,101 | (15,013) | 42,886 | |
Net interest income after (recovery of) provision for credit losses | 38,072 | 30,930 | 119,919 | 65,861 | |
Fees for wealth management services | 0 | 0 | 0 | 0 | |
Insurance commissions | 0 | 0 | 0 | 0 | |
Capital markets revenue | 2,823 | 3,314 | 5,709 | 8,650 | |
Service charges on deposit accounts | 751 | 663 | 2,180 | 2,112 | |
Loan servicing and other fees | 327 | 373 | 1,028 | 1,286 | |
Net gain on sale of loans | 671 | 1,021 | 1,446 | 4,937 | |
Net gain on sale of investment securities available for sale | 512 | 0 | 512 | 0 | |
Net gain on sale of OREO | 0 | 148 | |||
Other operating income | 2,315 | 2,325 | 7,604 | 6,255 | |
Total noninterest income | 7,399 | 7,696 | 18,479 | 23,388 | |
Salaries and wages | 11,324 | 11,883 | 34,027 | 35,441 | |
Employee benefits | 2,270 | 2,200 | 7,121 | 7,098 | |
Occupancy and bank premises | 1,997 | 2,559 | 6,476 | 7,610 | |
Amortization of intangible assets | 232 | 263 | 694 | 846 | |
Professional fees | 2,241 | 1,549 | 5,035 | 4,003 | |
Other operating expenses | 9,702 | 8,127 | 29,494 | 22,711 | |
Total noninterest expenses | 27,766 | 26,581 | 82,847 | 77,709 | |
Segment profit | 17,705 | 12,045 | 55,551 | 11,540 | |
Intersegment (revenues) expenses | (161) | (133) | (482) | (488) | |
Pre-tax segment profit after eliminations | $ 17,544 | $ 11,912 | $ 55,069 | $ 11,052 | |
% of segment pre-tax profit after eliminations | 73.70% | 70.80% | 75.10% | 50.90% | |
Segment assets | $ 4,829,200 | $ 4,996,700 | $ 4,829,200 | $ 4,996,700 | |
Wealth Management | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 1 | 1 | 1 | 3 | |
(Recovery of) provision for credit losses | 0 | 0 | 0 | 0 | |
Net interest income after (recovery of) provision for credit losses | 1 | 1 | 1 | 3 | |
Fees for wealth management services | 13,618 | 11,707 | 40,485 | 31,944 | |
Insurance commissions | 1,524 | 1,682 | 4,237 | 4,518 | |
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 | 0 | 0 | |
Net gain on sale of OREO | 0 | 0 | |||
Other operating income | 46 | 14 | 193 | 115 | |
Total noninterest income | 15,188 | 13,403 | 44,915 | 36,577 | |
Salaries and wages | 5,427 | 5,318 | 16,254 | 15,675 | |
Employee benefits | 880 | 826 | 2,940 | 2,649 | |
Occupancy and bank premises | 517 | 496 | 1,559 | 1,493 | |
Amortization of intangible assets | 603 | 607 | 1,814 | 1,852 | |
Professional fees | 182 | 169 | 450 | 658 | |
Other operating expenses | 1,465 | 1,200 | 4,146 | 4,067 | |
Total noninterest expenses | 9,074 | 8,616 | 27,163 | 26,394 | |
Segment profit | 6,115 | 4,788 | 17,753 | 10,186 | |
Intersegment (revenues) expenses | 161 | 133 | 482 | 488 | |
Pre-tax segment profit after eliminations | $ 6,276 | $ 4,921 | $ 18,235 | $ 10,674 | |
% of segment pre-tax profit after eliminations | 26.30% | 29.20% | 24.90% | 49.10% | |
Segment assets | $ 49,900 | $ 50,200 | $ 49,900 | $ 50,200 |
Uncategorized Items - bmtc-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |