Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 03, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-13006 | |
Entity Registrant Name | PARK NATIONAL CORPORATION | |
Entity Address, State or Province | OH | |
Entity Tax Identification Number | 31-1179518 | |
Entity Address, Address Line One | 50 North Third Street, | |
Entity Address, Address Line Two | P.O. Box 3500 | |
Entity Address, City or Town | Newark, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 43058-3500 | |
City Area Code | (740) | |
Local Phone Number | 349-8451 | |
Title of 12(b) Security | Common shares, without par value | |
Trading Symbol | PRK | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 16,314,205 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000805676 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Amortized Cost | $ 980,047,000 | $ 1,187,499,000 |
Preferred Stock, Shares Authorized | 200,000 | 200,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Shares Authorized | 20,000,000 | |
Common Stock, Shares, Issued | 17,623,179 | 17,623,199 |
Treasury Stock, Shares | 1,322,416 | 1,276,757 |
Assets: | ||
Cash and due from banks | $ 110,774,000 | $ 135,567,000 |
Money market instruments | 135,935,000 | 24,389,000 |
Cash and cash equivalents | 246,709,000 | 159,956,000 |
Marketable Securities [Abstract] | ||
Debt Securities, Available-for-sale, Current | 1,032,814,000 | 1,209,701,000 |
Other Investments and Securities, at Cost | 64,784,000 | 69,806,000 |
Total investment securities | 1,097,598,000 | 1,279,507,000 |
Loan balance | 7,278,546,000 | 6,501,404,000 |
Allowance for loan losses | (87,038,000) | (56,679,000) |
Net loans | 7,191,508,000 | 6,444,725,000 |
Bank owned life insurance | 215,214,000 | 212,529,000 |
Prepaid assets | 114,548,000 | 101,990,000 |
Goodwill | 159,595,000 | 159,595,000 |
Other intangible assets | 9,785,000 | 11,523,000 |
Premises and equipment, net | 85,287,000 | 73,322,000 |
Affordable housing tax credit investments | 57,583,000 | 53,070,000 |
Other real estate owned | 836,000 | 4,029,000 |
Interest Receivable | 26,492,000 | 24,217,000 |
Operating Lease, Right-of-Use Asset | 18,011,000 | 13,714,000 |
Mortgage loan servicing rights | 11,040,000 | 10,070,000 |
Other | 5,800,000 | 10,130,000 |
Total assets | 9,240,006,000 | 8,558,377,000 |
Liabilities and Shareholders' Equity: | ||
Noninterest bearing | 2,579,335,000 | 1,959,935,000 |
Interest bearing | 4,896,494,000 | 5,092,677,000 |
Total deposits | 7,475,829,000 | 7,052,612,000 |
Short-term borrowings | 320,435,000 | 230,657,000 |
Long-term debt | 135,000,000 | 192,500,000 |
Subordinated debentures and notes | 187,668,000 | 15,000,000 |
Unfunded commitments in affordable housing tax credit investments | 31,593,000 | 25,894,000 |
Operating Lease, Liability | 19,127,000 | 14,482,000 |
Accrued interest payable | 2,938,000 | 2,927,000 |
Other | 50,420,000 | 55,291,000 |
Total liabilities | 8,223,010,000 | 7,589,363,000 |
Shareholders' equity: | ||
Preferred shares (200,000 shares authorized; 0 shares issued) | 0 | 0 |
Common shares (No par value; 20,000,000 shares authorized; 17,623,179 shares issued at September 30, 2020 and 17,623,199 shares issued at December 31, 2019) | 458,440,000 | 459,389,000 |
Retained earnings | 676,465,000 | 646,847,000 |
Treasury shares (1,322,416 shares at September 30, 2020 and 1,276,757 shares at December 31, 2019) | (132,109,000) | (127,633,000) |
Accumulated other comprehensive income (loss), net of taxes | 14,200,000 | (9,589,000) |
Total shareholders' equity | 1,016,996,000 | 969,014,000 |
Total liabilities and shareholders' equity | $ 9,240,006,000 | $ 8,558,377,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements Of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 82,617,000 | $ 84,213,000 | $ 243,459,000 | $ 238,687,000 |
Interest and dividends on: | ||||
Obligations of U.S. Government, its agencies and other securities | 4,841,000 | 6,326,000 | 15,398,000 | 20,240,000 |
Interest Income, Securities, State and Municipal | 2,045,000 | 2,225,000 | 6,396,000 | 6,750,000 |
Other interest income | 63,000 | 1,825,000 | 667,000 | 2,994,000 |
Total interest and dividend income | 89,566,000 | 94,589,000 | 265,920,000 | 268,671,000 |
Interest on deposits: | ||||
Demand and savings deposits | 803,000 | 9,649,000 | 8,652,000 | 25,553,000 |
Time deposits | 2,662,000 | 4,694,000 | 10,293,000 | 12,828,000 |
Interest on borrowings: | ||||
Short-term borrowings | 217,000 | 478,000 | 912,000 | 1,977,000 |
Long-term debt | 2,044,000 | 2,667,000 | 4,754,000 | 7,585,000 |
Total interest expense | 5,726,000 | 17,488,000 | 24,611,000 | 47,943,000 |
Net interest income | 83,840,000 | 77,101,000 | 241,309,000 | 220,728,000 |
Provision for loan losses | 13,836,000 | 1,967,000 | 31,213,000 | 6,384,000 |
Net interest income after provision for loan losses | 70,004,000 | 75,134,000 | 210,096,000 | 214,344,000 |
Noninterest Income [Abstract] | ||||
Debit card fee income | 5,853,000 | 5,313,000 | 16,373,000 | 14,909,000 |
Bank owned life insurance income | 1,192,000 | 1,107,000 | 3,619,000 | 3,399,000 |
ATM Fees | 491,000 | 482,000 | 1,341,000 | 1,382,000 |
Gains (Losses) on Sales of Other Real Estate | 569,000 | (53,000) | 1,214,000 | (224,000) |
Debt Securities, Available-for-sale, Realized Gain (Loss) | (27,000) | 186,000 | 3,286,000 | (421,000) |
Loss (gain) on equity securities, net | 1,201,000 | 3,335,000 | (749,000) | 5,309,000 |
Other components of net periodic benefit income | 1,988,000 | 1,183,000 | 5,964,000 | 3,549,000 |
Other | 2,791,000 | 2,617,000 | 5,826,000 | 5,370,000 |
Total other income | 36,558,000 | 28,136,000 | 90,008,000 | 72,969,000 |
Other expense: | ||||
Salaries and employee benefits | 31,632,000 | 30,713,000 | 90,760,000 | 88,611,000 |
Employee Benefits and Share-based Compensation | 10,676,000 | 10,389,000 | 29,799,000 | 27,833,000 |
Occupancy expense | 3,835,000 | 3,226,000 | 10,571,000 | 9,460,000 |
Furniture and equipment expense | 4,687,000 | 4,177,000 | 13,856,000 | 12,713,000 |
Data processing fees | 3,275,000 | 2,935,000 | 8,344,000 | 7,973,000 |
Professional fees and services | 7,977,000 | 6,702,000 | 21,944,000 | 22,814,000 |
Marketing | 1,454,000 | 1,604,000 | 4,076,000 | 4,285,000 |
Insurance | 1,541,000 | 276,000 | 4,568,000 | 2,813,000 |
Communication | 958,000 | 1,387,000 | 2,987,000 | 4,095,000 |
Excise and Sales Taxes | 1,125,000 | 746,000 | 3,386,000 | 2,805,000 |
Amortization of Intangible Assets | 525,000 | 741,000 | 1,738,000 | 1,732,000 |
Other expense | 2,174,000 | 2,842,000 | 8,905,000 | 7,623,000 |
Total other expense | 69,859,000 | 65,738,000 | 200,934,000 | 192,757,000 |
Income before income taxes | 36,703,000 | 37,532,000 | 99,170,000 | 94,556,000 |
Income taxes | 5,857,000 | 6,386,000 | 16,447,000 | 15,792,000 |
Net income | $ 30,846,000 | $ 31,146,000 | $ 82,723,000 | $ 78,764,000 |
Net income available to common shareholders | ||||
Basic | $ 1.89 | $ 1.90 | $ 5.07 | $ 4.86 |
Diluted | $ 1.88 | $ 1.89 | $ 5.04 | $ 4.84 |
Weighted average common shares outstanding | ||||
Basic | 16,300,720 | 16,382,798 | 16,300,250 | 16,198,294 |
Diluted | 16,393,792 | 16,475,741 | 16,398,350 | 16,287,695 |
Cash dividends declared | $ 1.02 | $ 1.01 | $ 3.26 | $ 3.23 |
Fiduciary and Trust [Member] | ||||
Noninterest Income [Abstract] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 7,335,000 | $ 6,842,000 | $ 21,241,000 | $ 20,500,000 |
Deposit Account [Member] | ||||
Noninterest Income [Abstract] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,118,000 | 2,864,000 | 6,322,000 | 8,078,000 |
Bank Servicing [Member] | ||||
Noninterest Income [Abstract] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 13,047,000 | $ 4,260,000 | $ 25,571,000 | $ 11,118,000 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Income | $ 30,846 | $ 31,146 | $ 82,723 | $ 78,764 |
Other comprehensive income, net of tax: | ||||
Unrealized net holding gain (loss) on debt securities available-for-sale, net of income tax effect of $55 and $(1,385) for the three months ended September 30, 2020 and 2019, respectively, and $7,109 and $4,864 for the nine months ended September 30, 2020 and 2019, respectively. | 207 | (5,206) | 26,742 | 18,302 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 111 | (49) | (357) | (556) |
Other comprehensive income (loss) | 339 | 13,693 | 23,789 | 37,174 |
Comprehensive income | 31,185 | 44,839 | 106,512 | 115,938 |
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 228 | 13,742 | 24,146 | 37,730 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 21 | (147) | (2,596) | 333 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 6 | (39) | (690) | 88 |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | 0 | 19,095 | 0 | 19,095 |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, Tax | 5,076 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 30 | (13) | (94) | (148) |
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | 55 | (1,385) | $ 7,109 | $ 4,864 |
Accumulated Other Comprehensive Income (loss) [Member] | ||||
Other comprehensive income, net of tax: | ||||
Other comprehensive income (loss) | $ 339 | $ 13,693 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, Tax | $ 55 | $ (1,385) | $ 7,109 | $ 4,864 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 30 | (13) | (94) | (148) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $ 6 | $ (39) | $ (690) | $ 88 |
Consolidated Condensed Statem_4
Consolidated Condensed Statements Of Changes In Stockholders' Equity - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock At Cost [Member] | Accumulated Other Comprehensive Income (loss) [Member] |
Balance at Dec. 31, 2018 | $ 0 | $ 358,598,000 | $ 614,069,000 | $ (90,373,000) | $ (49,788,000) | ||
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | 613,926,000 | $ (143,000) | |||||
Net Income | 25,455,000 | ||||||
Other comprehensive income (loss) | 14,335,000 | ||||||
Dividends on common shares | (19,137,000) | ||||||
Cash payment for fractional shares in dividend reinvestment plan | (1,000) | ||||||
Stock issued during period, shares, withheld for tax, tax restricted stock | 8,736 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (2,480,000) | (273,000) | (1,926,000) | ||||
Treasury Stock, Value, Acquired, Cost Method | 8,502,000 | ||||||
Share-based Payment Arrangement, Expense | 1,358,000 | ||||||
Balance at Mar. 31, 2019 | 0 | 357,475,000 | 619,971,000 | (96,949,000) | (35,453,000) | ||
Treasury Stock, Shares, Acquired | 86,650 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.21 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 27,719 | ||||||
Balance at Dec. 31, 2018 | 0 | 358,598,000 | 614,069,000 | (90,373,000) | (49,788,000) | ||
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | 613,926,000 | $ (143,000) | |||||
Net Income | $ 78,764,000 | ||||||
Other comprehensive income (loss) | 37,174,000 | ||||||
Share-based Payment Arrangement, Expense | $ 3,800,000 | ||||||
Balance at Sep. 30, 2019 | 0 | $ 458,142,000 | 639,594,000 | (128,982,000) | (12,614,000) | ||
Treasury Stock, Shares, Acquired | 421,253 | ||||||
Stock Issued During Period, Shares, Acquisitions | 1,037,205 | ||||||
Balance at Mar. 31, 2019 | 0 | $ 357,475,000 | 619,971,000 | (96,949,000) | (35,453,000) | ||
Net Income | 22,163,000 | ||||||
Other comprehensive income (loss) | 9,146,000 | ||||||
Dividends on common shares | (16,907,000) | ||||||
Cash payment for fractional shares in dividend reinvestment plan | (1,000) | ||||||
Treasury Stock, Value, Acquired, Cost Method | 24,450,000 | ||||||
Share-based Payment Arrangement, Expense | 1,162,000 | ||||||
Balance at Jun. 30, 2019 | 0 | 456,911,000 | 625,227,000 | (121,399,000) | (26,307,000) | ||
Proceeds from Issuance of Common Stock | 98,275,000 | ||||||
Treasury Stock, Shares, Acquired | 250,000 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.01 | ||||||
Stock Issued During Period, Shares, Acquisitions | 1,037,205 | ||||||
Net Income | $ 31,146,000 | 31,146,000 | |||||
Other comprehensive income (loss) | 13,693,000 | 13,693,000 | |||||
Dividends on common shares | (16,779,000) | ||||||
Cash payment for fractional shares in dividend reinvestment plan | (1,000) | ||||||
Treasury Stock, Value, Acquired, Cost Method | 7,583,000 | ||||||
Share-based Payment Arrangement, Expense | $ 1,200,000 | 1,232,000 | |||||
Balance at Sep. 30, 2019 | 0 | $ 458,142,000 | 639,594,000 | (128,982,000) | (12,614,000) | ||
Treasury Stock, Shares, Acquired | 84,603 | 84,603 | |||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.01 | ||||||
Balance at Dec. 31, 2019 | $ 969,014,000 | 0 | $ 459,389,000 | 646,847,000 | (127,633,000) | (9,589,000) | |
Net Income | 22,372,000 | ||||||
Other comprehensive income (loss) | 17,693,000 | ||||||
Dividends on common shares | (20,111,000) | ||||||
Cash payment for fractional shares in dividend reinvestment plan | (1,000) | ||||||
Stock issued during period, shares, withheld for tax, tax restricted stock | 11,646 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (3,865,000) | (528,000) | (2,500,000) | ||||
Treasury Stock, Value, Acquired, Cost Method | 7,507,000 | ||||||
Share-based Payment Arrangement, Expense | 1,254,000 | ||||||
Balance at Mar. 31, 2020 | 0 | 456,777,000 | 649,636,000 | (132,640,000) | 8,104,000 | ||
Treasury Stock, Shares, Acquired | 76,000 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.22 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 25,028 | ||||||
Balance at Dec. 31, 2019 | $ 969,014,000 | 0 | 459,389,000 | 646,847,000 | (127,633,000) | (9,589,000) | |
Net Income | 82,723,000 | ||||||
Other comprehensive income (loss) | 23,789,000 | ||||||
Share-based Payment Arrangement, Expense | 3,700,000 | ||||||
Balance at Sep. 30, 2020 | $ 1,016,996,000 | 0 | $ 458,440,000 | 676,465,000 | (132,109,000) | 14,200,000 | |
Treasury Stock, Shares, Acquired | 76,000 | ||||||
Balance at Mar. 31, 2020 | 0 | $ 456,777,000 | 649,636,000 | (132,640,000) | 8,104,000 | ||
Net Income | 29,505,000 | ||||||
Other comprehensive income (loss) | 5,757,000 | ||||||
Dividends on common shares | (16,837,000) | ||||||
Stock issued during period, shares, withheld for tax, tax restricted stock | 530 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (142,000) | (7,000) | (96,000) | ||||
Share-based Payment Arrangement, Expense | 1,331,000 | ||||||
Balance at Jun. 30, 2020 | 0 | 457,966,000 | 662,311,000 | (132,544,000) | 13,861,000 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.02 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 970 | ||||||
Net Income | $ 30,846,000 | 30,846,000 | |||||
Other comprehensive income (loss) | $ 339,000 | 339,000 | |||||
Dividends on common shares | (16,821,000) | ||||||
Stock issued during period, shares, withheld for tax, tax restricted stock | 1,860 | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (690,000) | (129,000) | (435,000) | ||||
Share-based Payment Arrangement, Expense | $ 1,200,000 | 1,164,000 | |||||
Balance at Sep. 30, 2020 | $ 1,016,996,000 | $ 0 | $ 458,440,000 | $ 676,465,000 | $ (132,109,000) | $ 14,200,000 | |
Treasury Stock, Shares, Acquired | 0 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.02 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 4,345 |
Consolidated Condensed Statem_5
Consolidated Condensed Statements Of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 1.02 | $ 1.02 | $ 1.22 | $ 1.01 | $ 1.01 | $ 1.21 | |
Stock Issued During Period, Shares, Acquisitions | 1,037,205 | 1,037,205 | |||||
Treasury Stock, Shares, Acquired | 76,000 | 84,603 | 250,000 | 86,650 | |||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 4,345 | 970 | 25,028 | 27,719 |
Consolidated Condensed Statem_6
Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | $ 31,213 | $ 6,384 |
Amortization of Deferred Loan Origination Fees, Net | (12,191) | (5,077) |
Gain (Loss) on Sale of Investments | (3,286) | 421 |
Depreciation | 7,888 | 6,676 |
Amortization of investment securities, net | 1,064 | 1,102 |
Depreciation, Amortization and Accretion, Net | (2,005) | 2,052 |
Loss (gain) on equity securities, net | (749) | 5,309 |
Loan originations to be sold in secondary market | (697,555) | (224,314) |
Proceeds from sale of loans in secondary market | 676,275 | 214,266 |
Share-based compensation expense | 3,749 | 3,752 |
(Gain) loss on sale of OREO, net | (1,214) | 224 |
Bank owned life insurance income | (3,619) | (3,399) |
Investment in qualified affordable housing tax credits amortization | 5,487 | 5,438 |
Changes in assets and liabilities: | ||
(Increase) decrease in other assets | (5,794) | 5,250 |
(Decrease) increase in other liabilities | (8,452) | 1,128 |
Net cash provided by operating activities | 52,436 | 73,971 |
Investing activities: | ||
Payments for (Proceeds from) Federal Home Loan Bank Stock | 7,639 | 9,964 |
Proceeds from Sale of Debt Securities, Available-for-sale | 312,159 | 91,110 |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||
Available-for-sale securities | 164,725 | 145,851 |
Held-to-maturity securities | 0 | 475 |
Payments to Acquire Investments [Abstract] | ||
Payments to Acquire Debt Securities, Available-for-sale | (267,210) | 0 |
Equity securities | (3,567) | 0 |
Payments to Acquire Federal Reserve Bank Stock | 0 | (5,180) |
Payments to Acquire Other Investments | 201 | 6,145 |
Net loan originations, portfolio loans | 727,387 | 112,767 |
Payments for Affordable Housing Programs | (4,301) | (3,843) |
Proceeds from the sale of OREO | 5,595 | 1,098 |
Life insurance death benefits | 1,196 | 1,344 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | (4,831) |
Purchases of premises and equipment | (20,820) | (11,641) |
Net cash (used in) provided by investing activities | (531,770) | 117,725 |
Financing activities: | ||
Net increase in deposits | 423,411 | 275,207 |
Net increase (decrease) in short-term borrowings | 89,778 | (64,891) |
Proceeds from issuance of long-term debt | 0 | 50,000 |
Proceeds from Issuance of Subordinated Long-term Debt | 172,620 | 0 |
Repayments of Long-term Debt | (57,500) | (152,500) |
Payment, Tax Withholding, Share-based Payment Arrangement | (1,002) | (827) |
Repurchase of common shares to be held as treasury shares | (7,507) | (40,535) |
Cash dividends paid | (53,713) | (52,638) |
Net cash provided by financing activities | 566,087 | 13,816 |
Increase in cash and cash equivalents | 86,753 | 205,512 |
Cash and cash equivalents at beginning of year | 159,956 | 167,214 |
Cash and cash equivalents at end of period | 246,709 | 372,726 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 24,600 | 47,891 |
Income Taxes Paid | 17,400 | 9,261 |
Non cash activities: | ||
Debt Securities, Held-to-maturity, Transfer, Unrealized Gain (Loss) | 0 | 349,773 |
Real Estate Owned, Transfer to Real Estate Owned | 1,124 | 951 |
Other Significant Noncash Transaction, Value of Consideration Received | 7,794 | 11,351 |
Affordable Housing Program Obligation, Period Increase (Decrease) | 10,000 | 10,000 |
Consumer Portfolio Segment [Member] | ||
Changes in assets and liabilities: | ||
Increase in prepaid dealer premiums | (7,889) | (4,625) |
Mortgage Loans on Real Estate [Member] | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sale of loans in secondary market | $ 14,707 | $ 4,658 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Other comprehensive income (loss) components, net of income tax, are shown in the following table for the three-month and nine-month periods ended September 30, 2020 and 2019: Changes in pension plan assets and benefit obligations Unrealized net holding gain (loss) on cash flow hedge Unrealized gains (losses) on AFS debt securities Total Beginning balance at July 1, 2020 $ (26,674) $ (922) $ 41,457 $ 13,861 Other comprehensive income before reclassifications — 111 207 318 Amounts reclassified from accumulated other comprehensive income — — 21 21 Net current period other comprehensive income — 111 228 339 Ending balance at September 30, 2020 $ (26,674) $ (811) $ 41,685 $ 14,200 Beginning balance at July 1, 2019 $ (29,672) $ (507) $ 3,872 $ (26,307) Other comprehensive (loss) income before reclassifications (1) — (49) 13,889 13,840 Amounts reclassified from accumulated other comprehensive loss — — (147) (147) Net current period other comprehensive (loss) income — (49) 13,742 13,693 Ending balance at September 30, 2019 $ (29,672) $ (556) $ 17,614 $ (12,614) Changes in pension plan assets and benefit obligations Unrealized net holding gain (loss) on cash flow hedge Unrealized gains (losses) on AFS debt securities Total Beginning balance at January 1, 2020 $ (26,674) $ (454) $ 17,539 $ (9,589) Other comprehensive (loss) income before reclassifications — (357) 26,742 26,385 Amounts reclassified from accumulated other comprehensive income — — (2,596) (2,596) Net current period other comprehensive (loss) income — (357) 24,146 23,789 Ending balance at September 30, 2020 $ (26,674) $ (811) $ 41,685 $ 14,200 Beginning balance at January 1, 2019 $ (29,672) $ — $ (20,116) $ (49,788) Other comprehensive (loss) income before reclassifications (1) — (556) 37,397 36,841 Amounts reclassified from accumulated other comprehensive loss — — 333 333 Net current period other comprehensive (loss) income — (556) 37,730 37,174 Ending balance at September 30, 2019 $ (29,672) $ (556) $ 17,614 $ (12,614) (1) During the three-month and nine-month periods ended September 30, 2019, Park transferred HTM securities with a fair value of $373.9 million to AFS classification. The transfer occurred at fair value and had a related unrealized gain of $24.2 million ($19.1 million net of taxes), recorded in other comprehensive income. |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) Net of Tax (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) [Table Text Block] | Other comprehensive income (loss) components, net of income tax, are shown in the following table for the three-month and nine-month periods ended September 30, 2020 and 2019: Changes in pension plan assets and benefit obligations Unrealized net holding gain (loss) on cash flow hedge Unrealized gains (losses) on AFS debt securities Total Beginning balance at July 1, 2020 $ (26,674) $ (922) $ 41,457 $ 13,861 Other comprehensive income before reclassifications — 111 207 318 Amounts reclassified from accumulated other comprehensive income — — 21 21 Net current period other comprehensive income — 111 228 339 Ending balance at September 30, 2020 $ (26,674) $ (811) $ 41,685 $ 14,200 Beginning balance at July 1, 2019 $ (29,672) $ (507) $ 3,872 $ (26,307) Other comprehensive (loss) income before reclassifications (1) — (49) 13,889 13,840 Amounts reclassified from accumulated other comprehensive loss — — (147) (147) Net current period other comprehensive (loss) income — (49) 13,742 13,693 Ending balance at September 30, 2019 $ (29,672) $ (556) $ 17,614 $ (12,614) Changes in pension plan assets and benefit obligations Unrealized net holding gain (loss) on cash flow hedge Unrealized gains (losses) on AFS debt securities Total Beginning balance at January 1, 2020 $ (26,674) $ (454) $ 17,539 $ (9,589) Other comprehensive (loss) income before reclassifications — (357) 26,742 26,385 Amounts reclassified from accumulated other comprehensive income — — (2,596) (2,596) Net current period other comprehensive (loss) income — (357) 24,146 23,789 Ending balance at September 30, 2020 $ (26,674) $ (811) $ 41,685 $ 14,200 Beginning balance at January 1, 2019 $ (29,672) $ — $ (20,116) $ (49,788) Other comprehensive (loss) income before reclassifications (1) — (556) 37,397 36,841 Amounts reclassified from accumulated other comprehensive loss — — 333 333 Net current period other comprehensive (loss) income — (556) 37,730 37,174 Ending balance at September 30, 2019 $ (29,672) $ (556) $ 17,614 $ (12,614) (1) During the three-month and nine-month periods ended September 30, 2019, Park transferred HTM securities with a fair value of $373.9 million to AFS classification. The transfer occurred at fair value and had a related unrealized gain of $24.2 million ($19.1 million net of taxes), recorded in other comprehensive income. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying unaudited consolidated condensed financial statements included in this report have been prepared for Park National Corporation (sometimes also referred to as the “Registrant”) and its subsidiaries. Unless the context otherwise requires, references to "Park", the "Corporation" or the "Company" and similar terms mean Park National Corporation and its subsidiaries. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the interim periods included herein have been made. The results of operations for the three-month and nine-month periods ended September 30, 2020 are not necessarily indicative of the operating results to be anticipated for the year ending December 31, 2020. The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes necessary for a fair presentation of the condensed balance sheets, condensed statements of income, condensed statements of comprehensive income, condensed statements of changes in shareholders’ equity and condensed statements of cash flows in conformity with U.S. GAAP. These financial statements should be read in conjunction with the consolidated financial statements included in Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA in the Annual Report on Form 10-K of Park for the fiscal year ended December 31, 2019 ("Park's 2019 Form 10-K"). Certain prior period amounts have been reclassified to conform to the current period presentation. Park’s significant accounting policies are described in Note 1 Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Park’s 2019 Form 10-K. For interim reporting purposes, Park follows the same basic accounting policies, as updated by the information contained in this report, and considers each interim period an integral part of an annual period. The COVID-19 pandemic has caused significant, unprecedented disruption around the world that has affected daily living and negatively impacted the global economy. The effects of the COVID-19 pandemic may meaningfully impact significant estimates such as the allowance for loan losses, goodwill, mortgage servicing rights, and pension plan obligations and related expenses. Additionally, the pandemic may particularly impact certain loan concentrations in the hotel and accommodations, restaurant and food service, and strip shopping center industries. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Adoption of New Accounting Pronouncements and Issued But Not Yet Effective Accounting Standards The following is a summary of new accounting pronouncements impacting Park's consolidated financial statements, and issued accounting standards not yet effective for Park: Adoption of New Accounting Pronouncements ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement: In August 2018, the FASB issued ASU 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . This ASU modifies the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement by removing, modifying and adding certain requirements. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The adoption of this guidance on January 1, 2020 did not have an impact on Park’s consolidated financial statements, but did impact disclosures. ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting: In March 2020, the FASB issued ASU 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This ASU provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in this ASU are effective from March 12, 2020 through December 31, 2022. The adoption of this guidance did not have a material impact on Park's consolidated financial statements, but Park will consider this guidance as contracts are transitioned from LIBOR to another reference rate. Issued But Not Yet Effective Accounting Standards ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments: In June 2016, the FASB issued ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new accounting guidance in this ASU replaces the incurred loss model with an expected loss model, which is referred to as the current expected credit loss ("CECL") model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables, HTM debt securities, and reinsurance receivables. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor. The CECL model requires an entity to estimate credit losses over the life of an asset or off-balance sheet credit exposure. The new accounting guidance was to have been effective for Park for annual reporting periods and interim reporting periods within those annual periods, beginning after December 15, 2019. Section 4014 of the CARES Act provides financial institutions with optional temporary relief from having to comply with ASU 2016-13 including the CECL methodology for estimating the allowance for credit losses. This temporary relief will expire on the earlier of the date on which the national emergency concerning the COVID-19 outbreak terminates or December 31, 2020, with adoption being effective retrospectively as of January 1, 2020. Park elected to delay the implementation of CECL following the effectiveness of the CARES Act. The CECL standard requires financial institutions to calculate an allowance utilizing a reasonable and supportable forecast period which Park has established as a one-year period. Much is still unknown about the economic impact of COVID-19 including the duration of the pandemic, future government programs that may be established as a result of the pandemic, and the resiliency of the U.S. economy, making any forecast subject to large fluctuations in the coming months. In this unprecedented situation, Park believes that adoption of the CECL model in the first quarter 2020 would have added an unnecessary level of subjectivity and volatility to the calculation of the allowance for credit losses. With the delay, management is currently evaluating the impact of adoption of this new accounting guidance on Park’s consolidated financial statements. Adoption will be applied through a one-time cumulative-effect adjustment to retained earnings as of January 1, 2020. Management has developed a quantitative credit model and is completing the process of validation. Management is still finalizing the analysis of qualitative factors, to capture inherent risks, which are not included within the quantitative credit model. Management, along with Park’s CECL Committee, is in the process of implementing the accounting, processes, controls and governance required to comply with the new accounting guidance. The Company is using an economic forecast model to estimate expected credit losses over a one-year reasonable and supportable forecast period and then revert, over a one-year period, to longer term historical loss experience to arrive at lifetime expected credit losses. The estimated change in the allowance for credit losses as compared to Park's historical ALLL is primarily due to required increases for residential mortgage, home equity, and installment loans to address the requirement to estimate lifetime expected credit losses and the remaining length of time to maturity for these loans as well as an increase in reserves on acquired non-impaired loans which have low reserve levels under the incurred loss accounting guidance. Offsetting declines in the allowance are expected for commercial and commercial real estate loans due to their short-term nature. Additionally, management expects an increase in the allowance for credit losses for unfunded commitments. While it is expected that the adoption of this ASU could increase the allowance for credit losses, many factors will determine the ultimate calculation at December 31, 2020. The adoption of this ASU will not, however, change the overall credit risk in the Company's loan, lease and investment securities portfolios or the ultimate losses therein. The transition adjustment to increase the allowance will primarily result in a decrease to shareholders' equity, net of income taxes. The ultimate impact of the adoption of this ASU will depend on the composition of the loan, lease and investment securities portfolios, finalization of credit loss models, and macroeconomic conditions and forecasts that exist at the adoption date. ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans: In August 2018, the FASB issued ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in this ASU modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that are no longer considered cost beneficial, clarifying the specific requirements of disclosures and adding disclosure requirements identified as relevant. The amendments in this ASU are effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The adoption of this guidance will not have an impact on Park’s consolidated financial statements, but will impact disclosures. ASU 2018-19 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses: In November 2018, the FASB issued ASU 2018-19 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The amendment in this ASU clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Impairment of receivables arising from operating leases are to be accounted for in accordance with Topic 842, Leases. Park will consider this clarification in determining the appropriate adoption of ASU 2016-13. ASU 2019-04 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments: In April 2019, the FASB issued ASU 2018-19 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This ASU includes amendments that clarify or address specific issues about certain aspects of the amendments in ASU 2016-01, Financial Instruments - Overall (Subtopic 925-10): Recognition and Measurement of Financial Assets and Financial Liabilities , ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Park has already adopted ASU 2016-01. As a result, certain provisions in the amendments within ASU 2019-04 related to the same topics as ASU 2016-01 are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of the provisions related to the same topics as ASU 2016-01 on January 1, 2020 did not have a material effect on Park’s consolidated financial statements. For the amendments related to Topic 326 that clarify or address specific aspects of ASU 2016-13, Park will consider these clarifications in determining the appropriate adoption of ASU 2016-13. Park has already adopted ASU 2017-12. As a result, the amendments within ASU 2019-04 related to the same topics as ASU 2017-12 were effective as of January 1, 2020. This ASU allows entities, like Park, that did not reclassify debt securities from HTM to AFS upon the adoption of ASU 2017-12 to reclassify these securities as of the adoption of ASU 2019-04. Park considered this option and, effective September 1, 2019, reclassified all HTM debt securities to AFS. The transfer occurred at fair value and resulted in an unrealized gain, net of taxes, of $19.1 million being recorded in other comprehensive income. ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326): In May 2019, the FASB issued ASU 2019-05 - Financial Instruments - Credit Losses (Topic 326). The amendments in this ASU provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments - Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. Park will consider this amendment in determining the appropriate adoption of ASU 2016-13. ASU 2019-11 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses: In November 2019, the FASB issued ASU 2019-11 - Codification Improvements to Topic 326, Financial Instruments - Credit Losses . This ASU represents changes to clarify, correct errors in, or improve the ASC related to five topics. The amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Park will consider these clarifications and improvements in determining the appropriate adoption of ASU 2016-13. ASU 2019-20 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes: In December 2019, the FASB issued ASU 2019-20 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This ASU includes amendments to simplify accounting for income taxes by removing certain exceptions and adding requirements with the intention of simplifying and clarifying existing guidance. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. The adoption of this guidance will not have a material impact on Park's consolidated financial statements. ASU 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815: In January 2020, the FASB issued ASU 2020-01 - Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 . This ASU represents changes to clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815. These amendments improve current U.S. GAAP by reducing diversity in practice and increasing comparability of the accounting for these transactions. The amendments in this ASU are effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance will not have a material impact on Park's consolidated financial statements. ASU 2020-02 - Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842): In February 2020, the FASB issued ASU 2020-02 - Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) . This ASU represents changes to clarify or improve the ASC. The amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. It also addresses transition and open effective date information for Topic 842. Park will consider these clarifications and improvements in determining the appropriate adoption of ASU 2016-13. ASU 2020-03 - Codification Improvements to Financial Instruments: In March 2020, the FASB issued ASU 2020-03 - Codification Improvements to Financial Instruments . This ASU represents changes to clarify or improve the ASC related to seven topics. The amendments make the ASC easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. Issues 1, 2, 3, 4 and 5 are conforming amendments and for public entities were effective upon the issuance of the standard. Issues 6 and 7 are amendments that affect the guidance in ASU 2016-13. Park will consider these clarifications and improvements in determining the appropriate adoption of ASU 2016-13. ASU 2020-08 - Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs: In October 2020, the FASB issued ASU 2020-08 - Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs. This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. The adoption of this guidance will not have a material impact on Park's consolidated financial statements. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combinations CAB Financial Corporation On April 1, 2019, CAB Financial Corporation, a South Carolina corporation, merged with and into Park, with Park continuing as the surviving entity pursuant to the Agreement and Plan of Merger and Reorganization (the "CABF Merger Agreement"), dated as of September 12, 2018, by and between Park and CABF. Immediately following the CABF merger into Park, Carolina Alliance Bank, a South Carolina state-chartered bank and a wholly-owned subsidiary of CABF, was merged with and into PNB, with PNB as the surviving bank. In accordance with the transactions completed by the CABF Merger Agreement (the "Carolina Alliance acquisition"), CABF shareholders received for each share of their CABF common stock (i) $3.80 in cash (the cash consideration) and (ii) 0.1378 of a Park common share (the stock consideration). CABF stock options and restricted stock awards were fully vested (with any performance-based vesting condition deemed satisfied) and canceled and converted automatically into the right to receive merger consideration. Purchase consideration consisted of 1,037,205 Park common shares, valued at $98.3 million, and $28.6 million in cash to acquire 100% of CABF's outstanding shares of common stock. Carolina Alliance's results of operations were included in Park's results beginning April 1, 2019. For the three months ended September 30, 2020 and 2019, Park recorded merger-related expenses of $158,000 and $654,000, respectively, and for the nine months ended September 30, 2020 and 2019, Park recorded merger-related expenses of $602,000 and $6.9 million associated with the Carolina Alliance acquisition. Goodwill of $46.9 million arising from the Carolina Alliance acquisition consisted largely of synergies and the cost savings resulting from the combining of the operations of PNB and Carolina Alliance. The goodwill is not deductible for income tax purposes as the transaction was accounted for as a tax-free exchange. The following table summarizes the consideration paid in the Carolina Alliance acquisition and the amounts of the assets acquired and liabilities assumed at their fair value: (in thousands) Consideration Cash $ 28,630 Park common shares 98,275 Fair value of total consideration transferred $ 126,905 Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents $ 23,799 Securities 97,606 Loans 578,577 Premises and equipment 8,337 Core deposit intangibles 8,207 Other assets 32,123 Total assets acquired 748,649 Deposits 632,649 Other liabilities 35,951 Total liabilities assumed 668,600 Net identifiable assets 80,049 Goodwill $ 46,856 Park accounted for the Carolina Alliance acquisition using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date, in accordance with FASB ASC Topic 805, Business Combinations. The fair value of net assets acquired includes fair value adjustments to loans that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, Park believed that all contractual cash flows related to these loans would be collected. As such, these loans were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans which have shown evidence of credit deterioration since origination. Loans acquired that were not subject to these requirements included non-impaired loans with a fair value and gross contractual amounts receivable of $560.2 million and $572.6 million, respectively, on the date of acquisition. The table below presents information with respect to the fair value of acquired loans as well as their book balance at the acquisition date. (in thousands) Book Balance Fair Value Commercial, financial and agricultural $ 80,895 $ 80,580 Commercial real estate 281,425 273,855 Construction real estate: Commercial 43,106 42,176 Mortgage 11,130 10,633 Residential real estate: Commercial 48,546 48,684 Mortgage 30,519 30,969 HELOC 40,825 39,853 Consumer 4,813 4,647 Leases 28,589 28,781 PCI 19,850 18,399 Total loans $ 589,698 $ 578,577 The following table presents supplemental pro forma information as if the Carolina Alliance acquisition had occurred as of January 1, 2019. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, depreciation expense on property acquired, interest expense on deposits acquired, and the related tax effects. The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. Nine months ended September 30, (dollars in thousands, except per share data) 2020 2019 Net interest income $ 241,253 $ 227,974 Net income $ 83,178 $ 86,227 Basic earnings per share $ 5.10 $ 5.21 Diluted earnings per share $ 5.07 $ 5.18 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost and fair value of investment securities are shown in the following tables. Management performs a quarterly evaluation of investment securities for any other-than-temporary impairment. For the three-month and nine-month periods ended September 30, 2020 and 2019, there were no investment securities deemed to be other-than-temporarily impaired. Investment securities at September 30, 2020, were as follows: Debt securities AFS (In thousands) Amortized Gross Gross Fair Value Obligations of states and political subdivisions $ 279,810 $ 24,696 $ — $ 304,506 U.S. Government sponsored entities' asset-backed securities 698,237 28,092 32 726,297 Corporate debt securities 2,000 11 — 2,011 Total $ 980,047 $ 52,799 $ 32 $ 1,032,814 Investment securities in an unrealized loss position at September 30, 2020, were as follows: Unrealized loss position for less than 12 months Unrealized loss position for 12 months or longer Total (In thousands) Fair value Unrealized Fair value Unrealized Fair Unrealized Debt securities AFS U.S. Government sponsored entities' asset-backed securities $ — $ — $ 5,330 $ 32 $ 5,330 $ 32 Total $ — $ — $ 5,330 $ 32 $ 5,330 $ 32 Investment securities at December 31, 2019, were as follows: Debt securities AFS (In thousands) Amortized Gross Gross Fair Value Obligations of states and political subdivisions $ 302,928 $ 17,563 $ — $ 320,491 U.S. Government sponsored entities' asset-backed securities 884,571 10,862 6,223 889,210 Total $ 1,187,499 $ 28,425 $ 6,223 $ 1,209,701 Investment securities in an unrealized loss position at December 31, 2019, were as follows: Unrealized loss position for less than 12 months Unrealized loss position for 12 months or longer Total (In thousands) Fair value Unrealized Fair value Unrealized Fair Unrealized Debt securities AFS U.S. Government sponsored entities' asset-backed securities $ 237,613 $ 1,106 $ 171,805 $ 5,117 $ 409,418 $ 6,223 Total $ 237,613 $ 1,106 $ 171,805 $ 5,117 $ 409,418 $ 6,223 Management does not believe any of the unrealized losses at September 30, 2020 or December 31, 2019 represented other-than-temporary impairment. The unrealized losses are primarily the result of interest rate changes. These conditions will not prohibit Park from receiving its contractual principal and interest payments on these debt securities. The fair value of these debt securities is expected to recover as payments are received on these debt securities and they approach maturity. Should the impairment of any of these debt securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss attributable to credit will be recognized in net income in the period the other-than-temporary impairment is identified. Park’s U.S. Government sponsored entities' asset-backed securities consist primarily of 15-year residential mortgage-backed securities and collateralized mortgage obligations. The amortized cost and estimated fair value of investments in debt securities at September 30, 2020, are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing of principal repayments. Debt securities AFS (In thousands) Amortized Fair value Tax equivalent yield (1) U.S. Government sponsored entities' asset-backed securities $ 698,237 $ 726,297 2.37 % Corporate debt securities Due five through ten years $ 2,000 $ 2,011 4.00 % Obligations of state and political subdivisions: Due five through ten years $ 58,800 $ 64,264 3.81 % Due over ten years 221,010 240,242 3.67 % Total (1) $ 279,810 $ 304,506 3.70 % (1) The tax equivalent yield for certain obligations of state and political subdivisions includes the effects of a taxable equivalent adjustment using a 21% federal corporate income tax rate. During the three months ended September 30, 2020, Park sold certain AFS debt securities with a book value of $140.9 million at a gross gain of $37,000, and sold certain AFS debt securities with a book value of $112.5 million at a gross loss of $64,000. During the nine months ended September 30, 2020, Park sold certain AFS debt securities with a book value of $196.4 million at a gross gain of $3.4 million and sold certain AFS debit securities with a book value of $112.5 million at a gross loss of $64,000. During the three months ended September 30, 2019, Park sold certain AFS debt securities with a book value of $10.7 million at a gross loss of $67,000 and sold certain AFS debt securities with a book value of $23.8 million at a gross gain of $253,000. During the nine months ended September 30, 2019, Park sold certain AFS debt securities with a book value of $62.4 million at a gross loss of $692,000 and sold certain AFS debt securities with a book value of $29.1 million at a gross gain of $271,000. On September 1, 2019, Park adopted the portion of ASU 2019-04 which allowed for a one-time reclassification of securities from HTM to AFS. On this date, Park transferred HTM securities with a fair value of $373.9 million to AFS classification. The transfer occurred at fair value and had a related unrealized gain, net of taxes, of $19.1 million recorded in other comprehensive income. Investment securities having an amortized cost of $688 million and $585 million at September 30, 2020 and December 31, 2019, respectively, were pledged to collateralize government and trust department deposits in accordance with federal and state requirements, to secure repurchase agreements sold and as collateral for FHLB advance borrowings. |
Other Investment Securities
Other Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Other Investment Securities [Abstract] | |
Other Investment Securities, | Other Investment Securities Other investment securities consist of stock investments in the FHLB, the FRB, and equity securities. The FHLB and FRB stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820. The carrying amounts of other investment securities at September 30, 2020 and December 31, 2019 were as follows: (In thousands) September 30, 2020 December 31, 2019 FHLB stock $ 22,421 $ 30,060 FRB stock 14,653 14,653 Equity investments carried at fair value 2,042 1,993 Equity investments carried at modified cost (1) 4,689 2,689 Equity investments carried at NAV 20,979 20,411 Total other investment securities $ 64,784 $ 69,806 (1) There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost. During the three months ended September 30, 2020 and 2019, the FHLB repurchased 13,971 and 18,567 shares, respectively, of FHLB stock with a book value of $1.4 million and $1.9 million, respectively. During the nine months ended September 30, 2020 and 2019, the FHLB repurchased 76,394 and 99,646 shares, respectively, of FHLB stock with a book value of $7.6 million and $10.0 million, respectively. Additionally, during 2019, Park acquired Carolina Alliance's FHLB shares which were subsequently repurchased by the FHLB. During the three and nine months ended September 30, 2019, Park purchased 76,831 and 128,553 shares, respectively, of FRB stock, with a book value of $3.8 million and $6.4 million, respectively. No shares of FRB stock were purchased during the three and nine months ended September 30, 2020. During the three months ended September 30, 2020 and 2019, $(89,000) and $58,000, respectively, of unrealized (losses) gains on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2020 and 2019, $(708,000) and $241,000, respectively, of unrealized (losses) gains on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. During the three months ended September 30, 2020 and 2019, $1.3 million and $3.3 million, respectively, of gains on equity investments carried at NAV were recorded within “Gain (loss) on equity securities, net” on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2020 and 2019, $(41,000) and $5.1 million, respectively, of (losses) gains on equity investments carried at NAV were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans | Loans The composition of the loan portfolio, by class of loan, at September 30, 2020 and December 31, 2019 was as follows: September 30, 2020 December 31, 2019 (In thousands) Loan Accrued Recorded Loan Accrued Recorded Commercial, financial and agricultural * $ 1,727,016 $ 6,934 $ 1,733,950 $ 1,185,110 $ 4,393 $ 1,189,503 Commercial real estate * 1,689,477 6,811 1,696,288 1,609,413 5,571 1,614,984 Construction real estate: Commercial 245,288 710 245,998 233,637 826 234,463 Mortgage 112,648 249 112,897 96,574 228 96,802 Installment 1,060 5 1,065 1,488 4 1,492 Residential real estate: Commercial 501,608 1,173 502,781 479,081 1,339 480,420 Mortgage 1,117,534 1,519 1,119,053 1,176,316 1,381 1,177,697 HELOC 194,342 671 195,013 224,766 1,113 225,879 Installment 9,425 26 9,451 12,563 32 12,595 Consumer 1,652,638 4,515 1,657,153 1,452,375 4,314 1,456,689 Leases 27,510 22 27,532 30,081 20 30,101 Total loans $ 7,278,546 $ 22,635 $ 7,301,181 $ 6,501,404 $ 19,221 $ 6,520,625 * Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. In order to support customers, Park participated in the CARES Act Paycheck Protection Program ("PPP"). Included within commercial, financial and agricultural loans are $542.8 million of PPP loans. For its assistance in originating and retaining these loans, Park received an aggregate of $20.2 million in fees from the SBA. Of this $20.2 million of PPP fees, Park recognized $3.8 million and $6.6 million during the three months and nine months ended September 30, 2020, respectively. Loans are shown net of deferred origination fees, costs and unearned income of $30.8 million and $16.3 million at September 30, 2020 and December 31, 2019, respectively, which represented a net deferred income position at each date. At September 30, 2020, included in the net deferred origination fees, costs and unearned income of $30.8 million were $13.6 million in net origination fees related to PPP loans. At September 30, 2020 and December 31, 2019, loans included purchase accounting adjustments of $8.1 million and $11.7 million, respectively, which represented a net deferred income position at each date. This fair market value purchase accounting adjustment related to loans which are not PCI, is expected to be recognized into interest income on a level yield basis over the remaining expected life of the loans. Overdrawn deposit accounts of $4.8 million and $2.2 million had been reclassified to loans at September 30, 2020 and December 31, 2019, respectively, and are included in the commercial, financial and agricultural loan class above. Credit Quality The following tables present the recorded investment in nonaccrual loans, accruing TDRs, and loans past due 90 days or more and still accruing by class of loan at September 30, 2020 and December 31, 2019: September 30, 2020 (In thousands) Nonaccrual Accruing Loans Past Due Total Commercial, financial and agricultural $ 25,582 $ 7,516 $ 63 $ 33,161 Commercial real estate 68,134 4,385 654 73,173 Construction real estate: Commercial 3,142 — — 3,142 Mortgage — 17 — 17 Installment 14 1 — 15 Residential real estate: Commercial 4,862 35 — 4,897 Mortgage 14,933 8,097 476 23,506 HELOC 1,358 895 65 2,318 Installment 312 1,813 — 2,125 Consumer 2,189 1,108 445 3,742 Leases 2,524 — — 2,524 Total loans $ 123,050 $ 23,867 $ 1,703 $ 148,620 December 31, 2019 (In thousands) Nonaccrual Accruing Loans Past Due Total Commercial, financial and agricultural $ 26,776 $ 6,349 $ 28 $ 33,153 Commercial real estate 39,711 2,080 625 42,416 Construction real estate: Commercial 453 — — 453 Mortgage 25 84 — 109 Installment 72 5 — 77 Residential real estate: Commercial 2,025 — — 2,025 Mortgage 15,271 8,826 1,209 25,306 HELOC 2,062 1,010 44 3,116 Installment 462 1,964 — 2,426 Consumer 3,089 980 645 4,714 Leases 134 — 186 320 Total loans $ 90,080 $ 21,298 $ 2,737 $ 114,115 The following table provides additional information regarding those nonaccrual and accruing TDR loans that are individually evaluated for impairment and those collectively evaluated for impairment at September 30, 2020 and December 31, 2019. September 30, 2020 December 31, 2019 Nonaccrual and Accruing TDRs Loans Individually Evaluated for Impairment Loans Collectively Evaluated for Impairment Nonaccrual and Accruing TDRs Loans Individually Evaluated for Impairment Loans Collectively Evaluated for Impairment Commercial, financial and agricultural $ 33,098 $ 33,098 $ — $ 33,125 $ 33,088 $ 37 Commercial real estate 72,519 72,519 — 41,791 41,791 — Construction real estate: Commercial 3,142 3,142 — 453 453 — Mortgage 17 — 17 109 — 109 Installment 15 — 15 77 — 77 Residential real estate: Commercial 4,897 4,897 — 2,025 2,025 — Mortgage 23,030 — 23,030 24,097 — 24,097 HELOC 2,253 — 2,253 3,072 — 3,072 Installment 2,125 — 2,125 2,426 — 2,426 Consumer 3,297 — 3,297 4,069 — 4,069 Leases 2,524 2,524 — 134 134 — Total loans $ 146,917 $ 116,180 $ 30,737 $ 111,378 $ 77,491 $ 33,887 All of the loans individually evaluated for impairment were evaluated using the fair value of the collateral or the present value of expected future cash flows as the measurement method. The following table presents loans individually evaluated for impairment by class of loan at September 30, 2020 and December 31, 2019. September 30, 2020 December 31, 2019 (In thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded Commercial, financial and agricultural $ 19,020 $ 18,923 $ — $ 21,194 $ 21,010 $ — Commercial real estate 54,824 54,650 — 41,696 41,471 — Construction real estate: Commercial 3,142 3,142 — 453 453 — Residential real estate: Commercial 4,677 4,623 — 1,921 1,854 — Leases 784 784 — — — — With an allowance recorded Commercial, financial and agricultural 14,371 14,175 5,033 12,289 12,078 5,104 Commercial real estate 17,869 17,869 3,014 320 320 35 Construction real estate: Commercial — — — — — — Residential real estate: Commercial 274 274 155 171 171 42 Leases 1,740 1,740 464 134 134 49 Total $ 116,701 $ 116,180 $ 8,666 $ 78,178 $ 77,491 $ 5,230 Management’s general practice is to proactively charge down loans individually evaluated for impairment to the fair value of the underlying collateral. At September 30, 2020 and December 31, 2019, there were $0.4 million and $0.5 million, respectively, of partial charge-offs on loans individually evaluated for impairment with no related allowance recorded and $197,000 and $210,000, respectively, of partial charge-offs on loans individually evaluated for impairment that also had a specific reserve allocated. The allowance for loan losses included specific reserves related to loans individually evaluated for impairment at September 30, 2020 and December 31, 2019, of $8.7 million and $5.2 million, respectively. These loans with specific reserves had a recorded investment of $34.1 million and $12.7 million at September 30, 2020 and December 31, 2019, respectively. Interest income on nonaccrual loans individually evaluated for impairment is recognized on a cash basis only when Park expects to receive the entire recorded investment in the loans. Interest income on accruing TDRs individually evaluated for impairment continues to be recorded on an accrual basis. The following table presents the average recorded investment and interest income recognized subsequent to impairment on loans individually evaluated for impairment as of and for the three-month and nine-month periods ended September 30, 2020 and September 30, 2019: Three Months Ended Three Months Ended (In thousands) Recorded Investment at September 30, 2020 Average Interest Recorded Investment at September 30, 2019 Average Interest Commercial, financial and agricultural $ 33,098 $ 29,481 $ 159 $ 31,485 $ 23,468 $ 107 Commercial real estate 72,519 58,195 526 38,799 29,779 277 Construction real estate: Commercial 3,142 1,212 6 1,868 1,922 1 Residential real estate: Commercial 4,897 5,061 65 2,238 1,977 27 Leases 2,524 2,079 — 88 90 — Total $ 116,180 $ 96,028 $ 756 $ 74,478 $ 57,236 $ 412 Nine Months Ended Nine Months Ended (In thousands) Recorded Investment at September 30, 2020 Average Interest Recorded Investment at September 30, 2019 Average Interest Commercial, financial and agricultural $ 33,098 $ 30,426 $ 543 $ 31,485 $ 18,368 $ 244 Commercial real estate 72,519 50,479 1,416 38,799 29,712 803 Construction real estate: Commercial 3,142 743 14 1,868 2,176 23 Residential real estate: Commercial 4,897 4,271 166 2,238 2,198 72 Leases 2,524 909 — 88 36 — Total $ 116,180 $ 86,828 $ 2,139 $ 74,478 $ 52,490 $ 1,142 The following tables present the aging of the recorded investment in past due loans at September 30, 2020 and December 31, 2019 by class of loan. September 30, 2020 (In thousands) Accruing Loans Past Due Nonaccrual Loans and Loans Past Due 90 Days or More and Accruing (1) Total Past Due Total Current (2) Total Recorded Commercial, financial and agricultural $ 9 $ 11,949 $ 11,958 $ 1,721,992 $ 1,733,950 Commercial real estate 717 947 1,664 1,694,624 1,696,288 Construction real estate: Commercial — 38 38 245,960 245,998 Mortgage 68 — 68 112,829 112,897 Installment — — — 1,065 1,065 Residential real estate: Commercial 119 514 633 502,148 502,781 Mortgage 6,246 8,023 14,269 1,104,784 1,119,053 HELOC 725 627 1,352 193,661 195,013 Installment 118 89 207 9,244 9,451 Consumer 4,499 947 5,446 1,651,707 1,657,153 Leases — 66 66 27,466 27,532 Total loans $ 12,501 $ 23,200 $ 35,701 $ 7,265,480 $ 7,301,181 (1) Includes an aggregate of $1.7 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans. (2) Includes an aggregate of $101.6 million of nonaccrual loans which were current in regards to contractual principal and interest payments. December 31, 2019 (in thousands) Accruing Loans Past Due Nonaccrual Loans and Loans Past Due 90 Days or More and Accruing (1) Total Past Due Total Current (2) Total Recorded Commercial, financial and agricultural $ 582 $ 12,407 $ 12,989 $ 1,176,514 $ 1,189,503 Commercial real estate 160 1,143 1,303 1,613,681 1,614,984 Construction real estate: Commercial — — — 234,463 234,463 Mortgage 397 — 397 96,405 96,802 Installment 24 — 24 1,468 1,492 Residential real estate: Commercial — 908 908 479,512 480,420 Mortgage 12,841 9,153 21,994 1,155,703 1,177,697 HELOC 652 779 1,431 224,448 225,879 Installment 164 338 502 12,093 12,595 Consumer 6,561 1,621 8,182 1,448,507 1,456,689 Leases 368 186 554 29,547 30,101 Total loans $ 21,749 $ 26,535 $ 48,284 $ 6,472,341 $ 6,520,625 (1) Includes an aggregate of $2.7 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans. (2) Includes an aggregate of $66.3 million of nonaccrual loans which were current in regards to contractual principal and interest payments. Credit Quality Indicators Management utilizes past due information as a credit quality indicator across the loan portfolio. Past due information at September 30, 2020 and December 31, 2019 is included in the previous tables. The past due information is the primary credit quality indicator within the following classes of loans: (1) mortgage loans and installment loans in the construction real estate segment; (2) mortgage loans, HELOC and installment loans in the residential real estate segment; and (3) consumer loans. The primary credit indicator for commercial loans is based on an internal grading system that grades all commercial loans on a scale from 1 to 8. Credit grades are continuously monitored by the responsible loan officer and adjustments are made when appropriate. A grade of 1 indicates little or no credit risk and a grade of 8 is considered a loss. Commercial loans that are pass-rated (graded a 1 through a 4) are considered to be of acceptable credit risk. Commercial loans graded a 5 (special mention) are considered to be watch list credits and a higher loan loss reserve percentage is allocated to these loans. Loans classified as special mention have potential weaknesses that require management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of Park’s credit position at some future date. Commercial loans graded a 6 (substandard), also considered watch list credits, are considered to represent higher credit risk and, as a result, a higher loan loss reserve percentage is allocated to these loans. Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or the value of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that Park will sustain some loss if the deficiencies are not corrected. Commercial loans graded a 7 (doubtful) are shown as nonaccrual and Park generally charges these loans down to their fair value by taking a partial charge-off or recording a specific reserve. 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. Certain 6-rated loans and all 7-rated loans are placed on nonaccrual status and included within the impaired category. A loan is deemed impaired when management determines the borrower's ability to perform in accordance with the contractual loan agreement is in doubt. Any commercial loan graded an 8 (loss) is completely charged off. The tables below present the recorded investment by loan grade at September 30, 2020 and December 31, 2019 for all commercial loans: September 30, 2020 (In thousands) 5 Rated 6 Rated Nonaccrual and Accruing TDRs PCI (1) Pass-Rated Recorded Commercial, financial and agricultural * $ 15,091 $ 60 $ 33,098 $ 375 $ 1,685,326 $ 1,733,950 Commercial real estate * 88,618 1,060 72,519 8,084 1,526,007 1,696,288 Construction real estate: Commercial — — 3,142 1,012 241,844 245,998 Residential real estate: Commercial 353 24 4,897 1,530 495,977 502,781 Leases 349 — 2,524 127 24,532 27,532 Total commercial loans $ 104,411 $ 1,144 $ 116,180 $ 11,128 $ 3,973,686 $ 4,206,549 * Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. (1) There were no loans acquired with deteriorated credit quality which were nonaccrual or TDRs at September 30, 2020 . December 31, 2019 (In thousands) 5 Rated 6 Rated Nonaccrual and Accruing TDRs PCI (1) Pass-Rated Recorded Commercial, financial and agricultural * $ 11,981 $ 3 $ 33,125 $ 966 $ 1,143,428 $ 1,189,503 Commercial real estate * 6,796 945 41,791 9,182 1,556,270 1,614,984 Construction real estate: Commercial 4,857 1 453 1,044 228,108 234,463 Residential real estate: Commercial 3,839 30 2,025 1,754 472,772 480,420 Leases — — 134 523 29,444 30,101 Total Commercial Loans $ 27,473 $ 979 $ 77,528 $ 13,469 $ 3,430,022 $ 3,549,471 * Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. (1) Excludes loans acquired with deteriorated credit quality which are nonaccrual or TDRs due to additional credit deterioration or modification post acquisition. These loans had a recorded investment of $6,000 at December 31, 2019. Loans and Leases Acquired with Deteriorated Credit Quality In conjunction with the NewDominion acquisition, Park acquired loans with a book value of $277.9 million as of the July 1, 2018 acquisition date. These loans were recorded at the initial fair value of $272.8 million. Loans acquired with deteriorated credit quality with a book value of $5.1 million were recorded at the initial fair value of $4.9 million. The carrying amount of loans acquired with deteriorated credit quality at September 30, 2020 and December 31, 2019 was $1.7 million and $3.0 million, respectively, while the outstanding customer balance was $1.8 million and $3.2 million, respectively. At September 30, 2020 and December 31, 2019, an allowance for loan losses of $2,000 and $101,000, respectively, had been recognized related to the acquired impaired loans. In conjunction with the Carolina Alliance acquisition, Park acquired loans and leases with a book value of $589.7 million as of the April 1, 2019 acquisition date. These loans and leases were recorded at the initial fair value of $578.6 million. Loans and leases acquired with deteriorated credit quality with a book value of $19.9 million were recorded at the initial fair value of $18.4 million. The carrying amount of loans and leases acquired with deteriorated credit quality at September 30, 2020 and December 31, 2019 was $10.2 million and $11.3 million, respectively, while the outstanding customer balance was $12.5 million and $13.8 million, respectively. At September 30, 2020 and December 31, 2019, an allowance for loan losses of $101,000 and $167,000, respectively, had been recognized related to the acquired impaired loans and leases. Troubled Debt Restructurings Management typically classifies loans as TDRs when a borrower is experiencing financial difficulties and Park has granted a concession to the borrower as part of a modification or in the loan renewal process. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of the borrower's debt in the foreseeable future without the modification. This evaluation is performed in accordance with the Company’s internal underwriting policy. Management’s policy is to modify loans by extending the term or by granting a temporary or permanent contractual interest rate below the market rate, not by forgiving debt. A court's discharge of a borrower's debt in a Chapter 7 bankruptcy is considered a concession when the borrower does not reaffirm the discharged debt. Additionally, Park is working with borrowers impacted by the COVID-19 pandemic and providing modifications to include either interest only deferral or principal and interest deferral, in each case, for initial periods up to 90 days. As necessary, Park is making available a second 90-day interest only deferral or principal and interest deferral bringing the total potential deferral period to six months. A majority of these modifications are excluded from TDR classification under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators. In accordance with this guidance, such modified loans will be considered current and will continue to accrue interest during the deferral period. Certain other loans which were modified during the three-month and nine-month periods ended September 30, 2020 and September 30, 2019 did not meet the definition of a TDR as the modification was a delay in a payment that was considered to be insignificant. Management considers a forbearance period of up to three months or a delay in payment of up to 30 days to be insignificant. TDRs may be classified as accruing if the borrower has been current for a period of at least six months with respect to loan payments and management expects that the borrower will be able to continue to make payments in accordance with the terms of the restructured note. Management reviews all accruing TDRs quarterly to ensure payments continue to be made in accordance with the modified terms. At September 30, 2020 and December 31, 2019, there were $22.9 million and $34.3 million, respectively, of TDRs included in the nonaccrual loan totals. At September 30, 2020 and December 31, 2019, $12.5 million and $23.2 million, respectively, of these nonaccrual TDRs were performing in accordance with the terms of the restructured notes. At September 30, 2020 and December 31, 2019, loans with a recorded investment of $23.9 million and $21.3 million, respectively, were included in accruing TDR loan totals. Management will continue to review the restructured loans and may determine it is appropriate to move certain nonaccrual TDRs to accrual status in the future. At September 30, 2020 and December 31, 2019, Park had commitments to lend $4.7 million and $7.9 million, respectively, of additional funds to borrowers whose outstanding loan terms had been modified in a TDR. At September 30, 2020 and December 31, 2019, there were $2.0 million and $2.2 million, respectively, of specific reserves related to TDRs. Modifications made in 2020 and 2019 were largely the result of renewals and extending the maturity date of the loans at terms consistent with the original notes. These modifications were deemed to be TDRs primarily due to Park’s conclusion that the borrower would likely not have qualified for similar terms through another lender. Many of the modifications deemed to be TDRs were previously identified as impaired loans, and thus were also previously evaluated for impairment under ASC 310. There were no additional specific reserves recorded during either of the three-month or nine-month periods ended September 30, 2020 or 2019 as a result of TDRs identified in the period. Quarterly, management reviews renewals/modifications of loans previously identified as TDRs to consider if it is appropriate to remove the TDR classification. If the borrower is no longer experiencing financial difficulty and the renewal/modification did not contain a concessionary interest rate or other concessionary terms and the terms of the renewal/modification are considered to be market terms based on the current risk characteristics of the borrower, management considers the potential removal of the TDR classification. If deemed appropriate, the TDR classification is removed if the borrower has complied with the terms of the loan at the date of the renewal/modification and there was a reasonable expectation that the borrower would continue to comply with the terms of the loan subsequent to the date of the renewal/modification. The majority of these TDRs were originally considered restructurings in a prior year as a result of a renewal/modification with an interest rate that was not commensurate with the risk of the underlying loan at the time of the renewal/modification. The TDR classification was removed on $709,000 and $1.6 million of loans during the three-month and nine-month periods ended September 30, 2020, respectively. The TDR classification was removed on $15,000 and $38,000 of loans during the three-month and nine-month periods ended September 30, 2019, respectively. The terms of certain other loans were modified during the three-month and nine-month periods ended September 30, 2020 and September 30, 2019 that did not meet the definition of a TDR. Excluding COVID-19 related modifications, there were no substandard commercial loans modified during either the three-month period ended September 30, 2020 or the nine-month period ended September 30, 2020 which did not meet the definition of a TDR. There were $0.4 million and $0.6 million of substandard commercial loans modified during the three-month and nine-month periods ended September 30, 2019, respectively, which did not meet the definition of a TDR. Excluding COVID-19 related modifications, consumer loans modified during the three-month and nine-month periods ended September 30, 2020 which did not meet the definition of a TDR had a total recorded investment of $16.7 million and $58.2 million, respectively. Consumer loans modified during the three-month and nine-month periods ended September 30, 2019 which did not meet the d efinition of a TDR had a total recorded investment of $11.9 million and $21.4 million, respectively. Many of these loans were to borrowers who were not experiencing financial difficulties but who were looking to reduce their cost of funds. During the nine months ended September 30, 2020, Park modified 4,810 consumer loans, with an aggregate balance of $111.0 million , and modified 1,386 commercial loans, with an aggregate balance of $583.7 million , in each case related to a hardship caused by the COVID-19 pandemic and responses thereto. Of the $111.0 million in consumer COVID-19 related modifications, $2.3 million were already classified as TDRs due to previous modifications and $818,000 were classified as TDRs due to the COVID-19 modification. Of the $583.7 million in commercial COVID-19 related modifications, $6.0 million were already classified as TDRs due to previous modifications and $112,000 were classified as TDRs due to the COVID-19 modification. The remaining loans met the exclusion criteria for TDR accounting either in Section 4013 of the CARES Act or in applicable interagency guidance. The following tables detail the number of contracts modified as TDRs during the three-month periods ended September 30, 2020 and September 30, 2019, as well as the recorded investment of these contracts at September 30, 2020 and September 30, 2019. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically forgive principal. Three Months Ended (In thousands) Number of Accruing Nonaccrual Total Commercial, financial and agricultural 3 $ 35 $ 117 $ 152 Commercial real estate 4 — 359 359 Construction real estate: Commercial — — — — Mortgage — — — — Installment — — — — Residential real estate: Commercial — — — — Mortgage 5 258 109 367 HELOC 1 21 — 21 Installment 3 12 7 19 Consumer 64 109 479 588 Total loans 80 $ 435 $ 1,071 $ 1,506 Three Months Ended (In thousands) Number of Accruing Nonaccrual Total Commercial, financial and agricultural 8 $ 752 $ 5,002 $ 5,754 Commercial real estate 1 — 241 241 Construction real estate: Commercial 1 82 — 82 Mortgage — — — — Installment — — — — Residential real estate: Commercial 1 13 — 13 Mortgage 4 286 215 501 HELOC 6 31 107 138 Installment 9 407 14 421 Consumer 77 174 542 716 Total loans 107 $ 1,745 $ 6,121 $ 7,866 Of those loans which were modified and determined to be a TDR during the three-month period ended September 30, 2020, $0.1 million were on nonaccrual status at December 31, 2019. Of those loans which were modified and determined to be a TDR during the three-month period ended September 30, 2019, $0.6 million were on nonaccrual status at December 31, 2018. The following tables detail the number of contracts modified as TDRs during the nine-month periods ended September 30, 2020 and September 30, 2019, as well as the recorded investment of these contracts at September 30, 2020 and September 30, 2019. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically forgive principal. Nine Months Ended (In thousands) Number of Accruing Nonaccrual Total Commercial, financial and agricultural 10 $ 117 $ 1,110 $ 1,227 Commercial real estate 8 1,136 2,068 3,204 Construction real estate: Commercial — — — — Mortgage 1 10 — 10 Installment 1 — 14 14 Residential real estate: Commercial 1 — 8 8 Mortgage 24 735 1,005 1,740 HELOC 6 25 18 43 Installment 16 191 63 254 Consumer 177 235 655 890 Total loans 244 $ 2,449 $ 4,941 $ 7,390 Nine Months Ended (In thousands) Number of Accruing Nonaccrual Total Commercial, financial and agricultural 24 $ 3,237 $ 6,059 $ 9,296 Commercial real estate 5 — 3,236 3,236 Construction real estate: Commercial 2 82 — 82 Mortgage 1 — — — Installment — — — — Residential real estate: Commercial 2 13 36 49 Mortgage 18 340 673 1,013 HELOC 14 121 243 364 Installment 25 951 52 1,003 Consumer 251 199 987 1,186 Total loans 342 $ 4,943 $ 11,286 $ 16,229 Of those loans which were modified and determined to be a TDR during the nine-month period ended September 30, 2020, $0.4 million were on nonaccrual status at December 31, 2019. Of those loans which were modified and determined to be a TDR during the nine-month period ended September 30, 2019, $1.8 million were on nonaccrual status at December 31, 2018. The following tables present the recorded investment in loans which were modified as TDRs within the previous 12 months and for which there was a payment default during the three-month and nine-month periods ended September 30, 2020 and September 30, 2019, respectively. For these tables, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial. Three Months Ended Three Months Ended (In thousands) Number of Recorded Number of Recorded Commercial, financial and agricultural — $ — 2 $ 2 Commercial real estate 1 50 — — Construction real estate: Commercial — — — — Mortgage — — — — Installment 1 14 — — Residential real estate: Commercial — — — — Mortgage 4 365 4 257 HELOC 1 16 5 135 Installment 1 16 2 66 Consumer 26 263 51 477 Leases — — — — Total loans 34 $ 724 64 $ 937 Of the $0.7 million in modified TDRs which defaulted during the three-month period ended September 30, 2020, $65,000 were accruing loans and $0.7 million were nonaccrual loans. Of the $0.9 million in modified TDRs which defaulted during the three-month period ended September 30, 2019, $48,000 were accruing loans and $0.9 million were nonaccrual loans. Nine Months Ended Nine Months Ended (In thousands) Number of Recorded Number of Recorded Commercial, financial and agricultural 2 $ 89 3 $ 65 Commercial real estate 2 278 — — Construction real estate: Commercial — — — — Mortgage — — — — Installment 1 14 — — Residential real estate: Commercial 1 8 1 13 Mortgage 8 768 7 370 HELOC 1 16 7 165 Installment 2 28 2 66 Consumer 32 365 58 530 Leases — — — — Total loans 49 $ 1,566 78 $ 1,209 Of the $1.6 million in modified TDRs which defaulted during the nine-month period ended September 30, 2020, $621,000 were accruing loans and $0.9 million were nonaccrual loans. Of the $1.2 million in modified TDRs which defaulted during the nine-month period ended September 30, 2019, $87,000 were accruing loans and $1.1 million were nonaccrual loans. |
Allowance For Loan Losses
Allowance For Loan Losses | 9 Months Ended |
Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract] | |
Allowance For Loan Losses | Allowance for Loan Losses The allowance for loan losses is that amount management believes is adequate to absorb probable incurred credit losses in the loan portfolio based on management’s evaluation of various factors including the overall growth in the loan portfolio, an analysis of individual loans, prior and current loss experience, and current economic conditions. A provision for loan losses is charged to operations based on management’s periodic evaluation of these and other pertinent factors as discussed within Note 1 - Summary of Significant Accounting Policies of the Notes to the Consolidated Financial Statements included in Park's 2019 Form 10-K. Loss factors are reviewed quarterly and updated at least annually to reflect recent loan loss history and incorporate current risks and trends which may not be recognized in historical data. Management updated the historical loss calculation during the fourth quarter of 2019, incorporating annualized net charge-offs plus changes in specific reserves through December 31, 2019. With the addition of 2019 historical losses, management extended the historical loss period to 120 months from 108 months. The 120-month historical loss period captures all annual periods subsequent to June 2009, the end of the most recent recession, thus encompassing the full economic cycle to date. For all loan types, management considers the following factors in determining loan collectability and the appropriate level of the allowance: • Changes in the nature and volume of the portfolio and in the terms of loans, including: ◦ Trends (e.g., growth, reduction) in specific categories of the loan portfolio, as well as adjustments to the types of loans offered by PNB and GFSC. ◦ Level of and trend in loan delinquencies, troubled loans, commercial watch list and impaired loans. ◦ Level of and trend in new nonaccrual loans. ◦ Level of and trend in loan charge-offs and recoveries. • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices. • Changes in national and local economic and business conditions and developments that affect the collectability of the portfolio. • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated losses in Park's existing portfolio. The following are factors management reviews specifically for commercial loans on a quarterly or annual basis. • Loss Emergence Period Factor: At least annually, management calculates the loss emergence period for each commercial loan segment. The loss emergence period is calculated based upon the average period of time it takes from the probable occurrence of a loss event to the credit being moved to nonaccrual. If the loss emergence period for any commercial loan segment is greater than one year, management applies additional general reserves to all performing loans within that segment of the commercial loan portfolio. The calculation of the loss emergence period was last updated in the fourth quarter of 2019. During the third quarter of 2020, Park made the decision to extend the loss emergence period on all commercial loan types by six months. Management believes that the start of the COVID-19 pandemic in March 2020 represents the loss event. Management continues to refine estimated losses as a result of this March 2020 loss event. Approximately six months following the start of the pandemic, Park has experienced very little, if any, increase in delinquencies and charge-offs. Management believes that this is due to the unprecedented level of economic stimulus and CARES Act accommodations provided by the U.S. government which has delayed loan defaults and losses. • Loss Migration Factor: Park’s commercial loans are individually risk graded. If loan downgrades occur, the probability of default increases, and accordingly, management allocates a higher percentage reserve to those accruing commercial loans graded special mention and substandard. Annually, management calculates a loss migration factor for each commercial loan segment for special mention and substandard credits based on a review of losses over the period of time a loan takes to migrate from pass-rated to impaired. The loss migration factor was last updated in the fourth quarter of 2019. • Environmental Loss Factor: Management has identified certain macroeconomic factors that trend in accordance with losses in Park’s commercial loan portfolio. Certain environmental loss factors have been determined to correlate with higher charge-offs while other adjustments are based on a subjective evaluation of other environmental loss factors. Environmental factors applicable to the commercial loan portfolio include: the Ohio unemployment rate, percent change in Ohio GDP, the consumer confidence index, the prevalence of fixed rate loans in the portfolio, and other environmental factors. In evaluating the ongoing relevance and amount of the other environmental factors, management considers: changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off and recovery practices, changes in national and local economic and business conditions, and developments that affect the collectability of the portfolio, and the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated losses in Park's existing portfolio. All of these factors are evaluated in relation to the historical look back period. At September 30, 2020 and December 31, 2019, such subjective environmental loss factor inputs accounted for 39% and 42%, respectively, of the allowance for loan losses driven by environmental loss factors. These macroeconomic factors are reviewed quarterly and the adjustments made to the environmental loss factor impacting each segment in the performing commercial loan portfolio correlate to changes in the macroeconomic environment. The environmental loss factors were updated in the first, second, and third quarters of 2020 to consider the economic impact of the COVID-19 pandemic. These factors were increased from 0.60% of applicable loans at December 31, 2019 to 0.675% of applicable loans at March 31, 2020, to 0.75% of applicable loans at June 30, 2020, and to 0.825% at September 30, 2020. The increase in the first and second quarters of 2020 was the result of upward adjustments to the factors for Ohio unemployment, percent change in Ohio GDP and consumer confidence. The increase in the third quarter of 2020 was due to the increased uncertainty in the overall economic environment, the unknown length and severity of the pandemic and the limitations in the incurred loss model to capture all probable incurred losses during such uncertain times. Management will continue to evaluate this estimate of incurred losses as new information becomes available. In addition to the increases in the environmental loss factor, in the second quarter, Park added additional reserves for three industries at particularly high risk due to the pandemic: hotels and accommodations, restaurants and food service, and strip shopping centers. These industries have had high levels of deferrals and have been particularly impacted by shut downs of non-essential businesses, increased health department regulations, and changes in consumer behavior. Management expects that a high percentage of the 4-rated credits in these portfolios will eventually migrate to special mention, substandard, or impaired status. As a result, additional reserves totaling $3.9 million were added for these portfolios on top of that already calculated. This amount was calculated by applying the loss factor for special mention credits to all 4-rated loans in these portfolios. A breakout of the 4-rated balances and additional reserve related to these portfolios is detailed in the following table. September 30, 2020 (in thousands) 4-Rated Balance 4-Rated Balance - Originated 4-Rated Balance - Purchased Additional Reserve Hotels and accommodations $ 86,041 $ 85,050 $ 991 $ 1,435 Restaurants and food service 34,263 28,291 5,972 658 Strip shopping centers 181,517 158,790 22,727 1,789 Total $ 301,821 $ 272,131 $ 29,690 $ 3,882 Additionally, management applied a 1% reserve to all hotels and accommodations loans in the general reserve population to account for increased valuation risk. At September 30, 2020, Park's originated hotels and accommodation loans had a balance of $178.8 million with an additional reserve related to valuation risks of $1.8 million. For the consumer portfolio, a specific COVID-19 factor was added to each segment equal to 50% of the 120-month historical loss factor. This increase considers the payment deferrals being provided to consumer loan customers as well as the likely delays in delinquencies and charge-offs as a result. Much is still unknown about the economic impact of COVID-19, including the duration of the pandemic, future government programs that may be established as a result of the pandemic, and the resiliency of the U.S. economy. Management will continue to evaluate this estimate of incurred losses as new information becomes available. Given uncertainty about the magnitude and length of the COVID-19 pandemic and related economic shutdown, additional loan loss provisions may be required that would adversely impact earnings in future periods. As of September 30, 2020, Park had $542.8 million of PPP loans which are included in the commercial, financial and agricultural portfolio segment. These loans are guaranteed by the SBA and thus have not been reserved for using the same methodology as the rest of Park’s loan portfolio. A 10 basis point reserve was calculated for these loans to reflect minimal credit risk. The activity in the allowance for loan losses for the three-month and nine-month periods ended September 30, 2020 and September 30, 2019 is summarized in the following tables. Three Months Ended (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Beginning balance $ 23,476 $ 16,469 $ 6,828 $ 10,507 $ 15,624 $ 572 $ 73,476 Charge-offs 241 45 — 34 1,208 1 1,529 Recoveries 181 47 35 189 803 — 1,255 Net charge-offs/(recoveries) 60 (2) (35) (155) 405 1 274 Provision 3,571 6,417 1,544 546 1,750 8 13,836 Ending balance $ 26,987 $ 22,888 $ 8,407 $ 11,208 $ 16,969 $ 579 $ 87,038 Three Months Ended (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Beginning balance $ 17,370 $ 10,377 $ 5,065 $ 8,869 $ 12,265 $ 57 $ 54,003 Charge-offs 585 8 — 85 1,801 — 2,479 Recoveries 403 246 432 98 1,183 — 2,362 Net charge-offs/(recoveries) 182 (238) (432) (13) 618 — 117 Provision/(recovery) 1,238 (177) (65) 49 908 14 1,967 Ending balance $ 18,426 $ 10,438 $ 5,432 $ 8,931 $ 12,555 $ 71 $ 55,853 Nine Months Ended (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Beginning balance $ 20,203 $ 10,229 $ 5,311 $ 8,610 $ 12,211 $ 115 $ 56,679 Charge-offs 1,041 45 6 176 5,060 16 6,344 Recoveries 1,061 690 628 457 2,654 — 5,490 Net (recoveries)/charge-offs (20) (645) (622) (281) 2,406 16 854 Provision 6,764 12,014 2,474 2,317 7,164 480 31,213 Ending balance $ 26,987 $ 22,888 $ 8,407 $ 11,208 $ 16,969 $ 579 $ 87,038 Nine Months Ended (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Beginning balance $ 16,777 $ 9,768 $ 4,463 $ 8,731 $ 11,773 $ — $ 51,512 Charge-offs 1,498 401 — 176 6,319 — 8,394 Recoveries 983 360 543 640 3,824 1 6,351 Net charge-offs/(recoveries) 515 41 (543) (464) 2,495 (1) 2,043 Provision/(recovery) 2,164 711 426 (264) 3,277 70 6,384 Ending balance $ 18,426 $ 10,438 $ 5,432 $ 8,931 $ 12,555 $ 71 $ 55,853 Loans collectively evaluated for impairment in the following tables include all performing loans at September 30, 2020 and December 31, 2019, as well as nonperforming loans internally classified as consumer loans. Nonperforming consumer loans are not typically individually evaluated for impairment, but receive a portion of the statistical allocation of the allowance for loan losses. Loans individually evaluated for impairment include all impaired loans internally classified as commercial loans at September 30, 2020 and December 31, 2019, which are evaluated for impairment in accordance with U.S. GAAP (see Note 1 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Park’s 2019 Form 10-K). The composition of the allowance for loan losses at September 30, 2020 and December 31, 2019 was as follows: September 30, 2020 (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 5,033 $ 3,014 $ — $ 155 $ — $ 464 $ 8,666 Collectively evaluated for impairment 21,913 19,872 8,407 10,993 16,969 115 78,269 Acquired with deteriorated credit quality 41 2 — 60 — — 103 Total ending allowance balance $ 26,987 $ 22,888 $ 8,407 $ 11,208 $ 16,969 $ 579 $ 87,038 Loan balance: Loans individually evaluated for impairment $ 33,075 $ 72,499 $ 3,142 $ 4,898 $ — $ 2,524 $ 116,138 Loans collectively evaluated for impairment 1,693,568 1,608,993 354,845 1,815,628 1,652,638 24,859 7,150,531 Loans acquired with deteriorated credit quality 373 7,985 1,009 2,383 — 127 11,877 Total ending loan balance $ 1,727,016 $ 1,689,477 $ 358,996 $ 1,822,909 $ 1,652,638 $ 27,510 $ 7,278,546 Allowance for loan losses as a percentage of loan balance: Loans individually evaluated for impairment 15.22 % 4.16 % — % 3.16 % — % 18.38 % 7.46 % Loans collectively evaluated for impairment 1.29 % 1.24 % 2.37 % 0.61 % 1.03 % 0.46 % 1.09 % Loans acquired with deteriorated credit quality 10.99 % 0.03 % — % 2.52 % — % — % 0.87 % Total 1.56 % 1.35 % 2.34 % 0.61 % 1.03 % 2.10 % 1.20 % Recorded investment: Loans individually evaluated for impairment $ 33,098 $ 72,519 $ 3,142 $ 4,897 $ — $ 2,524 $ 116,180 Loans collectively evaluated for impairment 1,700,477 1,615,685 355,806 1,819,008 1,657,153 24,881 7,173,010 Loans acquired with deteriorated credit quality 375 8,084 1,012 2,393 — 127 11,991 Total ending recorded investment $ 1,733,950 $ 1,696,288 $ 359,960 $ 1,826,298 $ 1,657,153 $ 27,532 $ 7,301,181 December 31, 2019 (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 5,104 $ 35 $ — $ 42 $ — $ 49 $ 5,230 Collectively evaluated for impairment 14,948 10,187 5,311 8,458 12,211 66 51,181 Acquired with deteriorated credit quality 151 7 — 110 — — 268 Total ending allowance balance $ 20,203 $ 10,229 $ 5,311 $ 8,610 $ 12,211 $ 115 $ 56,679 Loan balance: Loans individually evaluated for impairment $ 33,077 $ 41,770 $ 453 $ 2,025 $ — $ 134 $ 77,459 Loans collectively evaluated for impairment 1,151,073 1,558,550 330,106 1,888,088 1,452,373 29,424 6,409,614 Loans acquired with deteriorated credit quality (1) 960 9,093 1,140 2,613 2 523 14,331 Total ending loan balance $ 1,185,110 $ 1,609,413 $ 331,699 $ 1,892,726 $ 1,452,375 $ 30,081 $ 6,501,404 Allowance for loan losses as a percentage of loan balance: Loans individually evaluated for impairment 15.43 % 0.08 % — % 2.07 % — % 36.57 % 6.75 % Loans collectively evaluated for impairment 1.30 % 0.65 % 1.61 % 0.45 % 0.84 % 0.22 % 0.80 % Loans acquired with deteriorated credit quality 15.73 % 0.08 % — % 4.21 % — % — % 1.87 % Total 1.70 % 0.64 % 1.60 % 0.45 % 0.84 % 0.38 % 0.87 % Recorded investment: Loans individually evaluated for impairment $ 33,088 $ 41,791 $ 453 $ 2,025 $ — $ 134 $ 77,491 Loans collectively evaluated for impairment 1,155,449 1,564,011 331,161 1,891,941 1,456,687 29,444 6,428,693 Loans acquired with deteriorated credit quality (1) 966 9,182 1,143 2,625 2 523 14,441 Total ending recorded investment $ 1,189,503 $ 1,614,984 $ 332,757 $ 1,896,591 $ 1,456,689 $ 30,101 $ 6,520,625 (1) Excludes loans acquired with deteriorated credit quality which were individually evaluated for impairment due to additional credit deterioration or modification post acquisition. These loans had a balance of $5,000, a recorded investment of $6,000, and no allowance as of December 31, 2019. |
Mortgage Loans Held for Sale
Mortgage Loans Held for Sale | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Mortgage Loans Held For Sale | Loans Held For Sale Mortgage loans held for sale are carried at their fair value. At September 30, 2020 and December 31, 2019, respectively, Park had $48.3 million and $12.3 million in mortgage loans held for sale. These amounts are included in loans on the Consolidated Condensed Balance Sheets and in the residential real estate loan segments in Note 6 - Loans, and Note 7 - Allowance for Loan Losses. The contractual balance was $47.4 million and $12.1 million at September 30, 2020 and December 31, 2019, respectively. The gain expected upon sale was $878,000 and $153,000 at September 30, 2020 and December 31, 2019, respectively. None of these loans were 90 days or more past due or on nonaccrual status as of September 30, 2020 or December 31, 2019. |
Goodwill and other intangibles
Goodwill and other intangibles | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and Other Intangible Assets The following tables show the activity in goodwill and other intangible assets for the three-month and nine-month periods ended September 30, 2020 and 2019. (in thousands) Goodwill Other Total July 1, 2019 $ 158,057 $ 16,231 $ 174,288 Acquired goodwill and other intangible assets (58) — (58) Amortization — 741 741 September 30, 2019 $ 157,999 $ 15,490 $ 173,489 July 1, 2020 $ 159,595 $ 10,310 $ 169,905 Acquired goodwill and other intangible assets — — — Amortization — 525 525 September 30, 2020 $ 159,595 $ 9,785 $ 169,380 (in thousands) Goodwill Other Total December 31, 2018 $ 112,739 $ 6,971 $ 119,710 Acquired goodwill and other intangible assets 45,260 10,251 55,511 Amortization — 1,732 1,732 September 30, 2019 $ 157,999 $ 15,490 $ 173,489 December 31, 2019 $ 159,595 $ 11,523 $ 171,118 Acquired goodwill and other intangible assets — — — Amortization — 1,738 1,738 September 30, 2020 $ 159,595 $ 9,785 $ 169,380 Park evaluates goodwill for impairment during the second quarter of each year, with financial data as of March 31. Based on the analysis performed as of April 1, 2020, the Company determined that goodwill for Park's reporting unit, PNB, was not impaired. During each of the second and third quarters of 2020, management determined that the deterioration in general economic conditions as a result of the COVID-19 pandemic and responses thereto represented a triggering event prompting an evaluation of goodwill impairment. Based on the analysis performed during each of the second and third quarters of 2020, the Company determined that goodwill was not impaired. Management continues to monitor economic factors to evaluate goodwill impairment. Acquired Intangible Assets The following table shows the balance of acquired intangible assets as of September 30, 2020 and December 31, 2019. September 30, 2020 December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Other intangible assets: Core deposit intangible assets $ 14,456 $ 4,671 $ 14,456 $ 2,933 Trade name intangible assets 1,300 1,300 1,300 1,300 Total $ 15,756 $ 5,971 $ 15,756 $ 4,233 During 2019, Park announced its 2020 rebranding initiative to operate all 12 banking divisions of PNB under one name. The NewDominion trade name intangible was initially recorded assuming an indefinite useful life. Considering Park's rebranding initiative, Park concluded that the trade name intangible represented a definite useful life asset, and impairment of $1.3 million was recorded during the fourth quarter of 2019. Core deposit intangible assets are being amortized, on an accelerated basis, over a period of ten years. Aggregate amortization expense was $525,000 and $741,000 for the three months ended September 30, 2020 and 2019, respectively, and was $1.7 million for each of the nine months ended September 30, 2020 and 2019. Estimated amortization expense related to core deposit intangible assets for each of the next five years follows: (in thousands) Total Three months ending December 31, 2020 $ 525 2021 1,798 2022 1,487 2023 1,323 2024 1,215 |
Investment in Qualified Afforda
Investment in Qualified Affordable Housing | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Qualified Affordable Housing | Investment in Qualified Affordable Housing Park makes certain equity investments in various limited partnerships that sponsor affordable housing projects. The purposes of these investments are to achieve a satisfactory return on capital, help create affordable housing opportunities, and assist the Company to achieve its goals associated with the Community Reinvestment Act. The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments at September 30, 2020 and December 31, 2019. (in thousands) September 30, 2020 December 31, 2019 Affordable housing tax credit investments $ 57,583 $ 53,070 Unfunded commitments 31,593 25,894 Commitments are funded when capital calls are made by the general partner. Park expects that the current commitments will be funded between 2020 and 2030. |
Other Real Estate Owned
Other Real Estate Owned | 9 Months Ended |
Sep. 30, 2020 | |
Other Real Estate Owned [Abstract] | |
Other Real Estate Owned | Foreclosed and Repossessed Assets Park typically transfers a loan to OREO at the time that Park takes deed/title to the real estate property asset. The carrying amounts of foreclosed real estate properties held at September 30, 2020 and December 31, 2019 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates. (in thousands) September 30, 2020 December 31, 2019 OREO: Commercial real estate $ 31 $ 2,295 Construction real estate — 879 Residential real estate 805 855 Total OREO $ 836 $ 4,029 Loans in process of foreclosure: Residential real estate $ 2,679 $ 3,959 |
Loan Servicing
Loan Servicing | 9 Months Ended |
Sep. 30, 2020 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Loan Servicing | Loan Servicing Park serviced sold mortgage loans of $1.79 billion at September 30, 2020, $1.45 billion at December 31, 2019 and $1.41 billion at September 30, 2019. At September 30, 2020, $2.0 million of the sold mortgage loans were sold with recourse, compared to $2.3 million at December 31, 2019 and $2.4 million at September 30, 2019. Management closely monitors the delinquency rates on the mortgage loans sold with recourse. At September 30, 2020 and December 31, 2019, management had established reserves of $44,000 and $25,000, respectively, to account for expected losses on loan repurchases. When Park sells mortgage loans with servicing rights retained, these servicing rights are initially recorded at fair value. Park has selected the “amortization method” as permissible within U.S. GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income with respect to the underlying loan. At the end of each reporting period, the carrying value of MSRs is assessed for impairment with a comparison to fair value. MSRs are carried at the lower of their amortized cost or fair value. The amortization of MSRs is included within "Other service income" in the Consolidated Condensed Statements of Income. Activity for MSRs and the related valuation allowance follows: Three Months Ended Nine Months Ended (In thousands) 2020 2019 2020 2019 Mortgage servicing rights: Carrying amount, net, beginning of period $ 9,505 $ 10,104 $ 10,070 $ 10,178 Additions 2,987 722 5,796 1,462 Amortization (1,254) (534) (2,853) (1,259) Changes in valuation allowance (198) (332) (1,973) (421) Carrying amount, net, end of period $ 11,040 $ 9,960 $ 11,040 $ 9,960 Valuation allowance: Beginning of period $ 2,600 $ 321 $ 825 $ 232 Changes in valuation allowance 198 332 1,973 421 End of period $ 2,798 $ 653 $ 2,798 $ 653 Servicing fees included in other service income were $1.0 million and $0.9 million for the three months ended September 30, 2020 and 2019, respectively, and $2.9 million and $2.7 million for the nine months ended September 30, 2020 and 2019, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases Park is a lessee in several noncancellable operating lease arrangements, primarily for retail branches, administrative and warehouse buildings, ATMs, and certain office equipment within its Ohio, North Carolina, South Carolina, and Kentucky markets. Certain of these leases contain renewal options for periods ranging from one to five years. Park’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. Payments due under the lease contracts include fixed payments plus, for many of Park’s real estate leases, variable payments such as Park's proportionate share of property taxes, insurance, and common area maintenance. The Company adopted ASU 2016-02, Leases (ASC 842), using the modified retrospective method as of the date of adoption, January 1, 2019, as permitted by the amendments in ASU 2018-11. As a result, the Company was not required to adjust its comparative period financial information for effects of the adoption of the standard or make the new required lease disclosures for periods prior to the effective date. Upon adoption of this accounting guidance on January 1, 2019, Park recorded an initial ROU asset of $11.0 million, and a lease liability of $11.8 million, and reclassified an existing deferred rent liability of $0.6 million. The impact to the Company's retained earnings, net of the tax impact, was $143,000. Management elected to adopt the package of transition practical expedients and, therefore, has not reassessed (1) whether existing or expired contracts contain a lease, (2) the lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. The Company did not elect the practical expedient to use hindsight for leases existing at the adoption date. Park elected the practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease components. Additionally, Park has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. The Company recognizes the lease payments associated with its short-term leases as an expense on a cash basis. Management determines if an arrangement is or contains a lease at contract inception. If an arrangement is determined to be or contain a lease, Park recognizes a ROU asset and a lease liability at the lease commencement date. Leases are classified as operating or finance leases at the lease commencement date. At September 30, 2020 and December 31, 2019, all of Park's leases were classified as operating leases. Park’s lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments related to the lease liability include how management determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) the lease term, and (3) lease payments. • ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, management cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, Park utilizes its incremental borrowing rate as the discount rate for leases. Park’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. To manage its capital and liquidity needs, Park periodically obtains wholesale funding from the FHLB on an over-collateralized basis. The impact of utilizing an interest rate on an over-collateralized borrowing versus a fully collateralized borrowing is not material. Therefore, the FHLB yield curve was selected by management as a baseline to determine Park’s discount rates for leases. • The lease term for all of the Company’s leases includes the noncancellable period of the lease plus any additional periods covered by either Park's option to extend (or not to terminate) the lease that the Company is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. If a lease contract contains multiple renewal options, management generally models lease cash flows through the first renewal option period unless the contract contains economic incentives or other conditions that increase the likelihood that additional renewals are reasonably certain to be exercised. • Lease payments included in the measurement of the lease liability are comprised of the following: – Fixed payments, including in-substance fixed payments, owed over the lease term; – For certain of Park's gross real estate leases, non-lease components such as real estate taxes, insurance, and common area maintenance; and – Variable lease payments that depend on an index or rate, initially measured using the index or rate at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Park's operating lease ROU asset and lease liability are presented in “Operating lease right-of-use asset" and "Operating lease liability," respectively, on Park's Consolidated Condensed Balance Sheets. The carrying amount of Park's ROU asset and lease liability at September 30, 2020 was $18.0 million and $19.1 million, respectively. At December 31, 2019, the carrying amounts of Park's ROU asset and lease liability was $13.7 million and $14.5 million, respectively. Park's operating lease expense is recorded in "Occupancy expense" on the Company's Consolidated Condensed Statements of Income. Other information related to operating leases for the three and nine months ended September 30, 2020 and 2019 was as follows: Three Months Ended Nine Months Ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Lease cost Operating lease cost $ 905 $ 831 $ 2,671 $ 2,320 Sublease income (95) (97) (289) (285) Total lease cost $ 810 $ 734 $ 2,382 $ 2,035 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 906 $ 843 $ 2,710 $ 2,336 ROU assets obtained in exchange for new operating lease liabilities $ 25 $ 342 $ 7,794 $ 381 Reductions to ROU assets resulting from reductions to lease obligations $ (789) $ (726) $ (2,347) $ (2,021) At September 30, 2020 and December 31, 2019, Park's operating leases had a weighted average remaining term of 7.7 years and 7.2 years, respectively. The weighted average discount rate of Park's operating leases was 2.4% and 3.1% at September 30, 2020 and December 31, 2019, respectively. Undiscounted cash flows included in lease liabilities have expected contractual payments as follows: (in thousands) September 30, 2020 3 months ending December 31, 2020 $ 880 2021 3,357 2022 3,210 2023 3,110 2024 2,025 Thereafter 8,395 Total undiscounted minimum lease payments $ 20,977 Present value adjustment (1,850) Total lease liabilities $ 19,127 |
Repurchase Agreement Borrowings
Repurchase Agreement Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Transfers and Servicing [Abstract] | |
Repurchase Agreement Borrowings | Repurchase Agreement Borrowings Securities sold under agreements to repurchase ("repurchase agreements") with customers represent funds deposited by customers, generally on an overnight basis, that are collateralized by investment securities owned by Park. Repurchase agreements with customers are included in "Short-term borrowings" on the Consolidated Condensed Balance Sheets. All repurchase agreements are subject to terms and conditions of repurchase/security agreements between Park and the client and are accounted for as secured borrowings. Park's repurchase agreements consisted of customer accounts and securities which are pledged on an individual security basis. At September 30, 2020 and December 31, 2019, Park's repurchase agreement borrowings totaled $295 million and $176 million, respectively. These borrowings were collateralized with U.S. government and agency securities with a fair value of $322 million and $200 million at September 30, 2020 and December 31, 2019, respectively. Declines in the value of the collateral would require Park to pledge additional securities. As of September 30, 2020 and December 31, 2019, Park had $421 million and $756 million, respectively, of available unpledged securities. The table below shows the remaining contractual maturity of repurchase agreements by collateral pledged at September 30, 2020 and December 31, 2019: September 30, 2020 (in thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total U.S. government and agency securities $ 295,435 $ — $ — $ — $ 295,435 December 31, 2019 (in thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total U.S. government and agency securities $ 175,657 $ — $ — $ — $ 175,657 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Derivatives Park uses certain derivative financial instruments (or "derivatives") to meet the needs of its clients while managing the interest rate risk associated with certain transactions. Park does not use derivatives for speculative purposes. A summary of derivative instruments utilized by Park follows. Interest Rate Swaps Park utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position and as a means to meet the financing, interest rate and other risk management needs of qualifying commercial banking customers. The notional amount of the interest rate swaps does not represent the amount exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Borrowing Derivatives : Interest rate swaps with notional amounts totaling $25.0 million at both September 30, 2020 and December 31, 2019 were designated as cash flow hedges of certain FHLB advances. Loan Derivatives : In conjunction with the Carolina Alliance acquisition, Park acquired interest rate swaps related to certain commercial loans. These interest rate swaps were simultaneously hedged by offsetting interest rate swaps that Carolina Alliance executed with a third party, such that Carolina Alliance minimized its net interest rate risk exposure resulting from such transactions. These interest rate swaps had a notional amount totaling $33.8 million and $35.5 million at September 30, 2020 and December 31, 2019, respectively. All of the Company's interest rate swaps were determined to be fully effective during the three-month and nine- month periods ended September 30, 2020 and September 30, 2019. As such, no amount of ineffectiveness has been included in net income. Therefore, the aggregate fair value of the swaps is recorded in other assets and other liabilities with changes in fair value recorded in other comprehensive income. The amount included in accumulated other comprehensive income would be reclassified to current earnings should the hedges no longer be considered effective. Park expects the hedges to remain fully effective during the remaining respective terms of the swaps. Summary information about Park's interest rate swaps as of September 30, 2020 and December 31, 2019 follows: September 30, 2020 December 31, 2019 (In thousands, except weighted average data) Borrowing Derivatives Loan Derivatives Borrowing Derivatives Loan Derivatives Notional amounts $ 25,000 $ 33,783 $ 25,000 $ 35,503 Weighted average pay rates 2.595 % 4.691 % 2.595 % 4.695 % Weighted average receive rates 0.273 % 4.691 % 2.002 % 4.695 % Weighted average maturity (years) 1.7 9.6 2.5 10.2 Unrealized losses $ 1,026 $ — $ 575 $ — Interest expense recorded on swap transactions was $140,000 and $16,000 for the three -month periods ended September 30, 2020 and 2019, respectively, and was $272,000 and $7,000 for the nine -month periods ended September 30, 2020 and 2019, respectively . Interest Rate Swaps The following table presents the net gains (losses), net of income taxes, recorded in AOCI and the Consolidated Condensed Statements of Income related to interest rate swaps for the three -month and nine -month periods ended September 30, 2020 and 2019. Three Months Ended (In thousands) Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Income Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) Interest rate contracts $ 111 $ — $ — Three Months Ended (In thousands) Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Income Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) Interest rate contracts $ (49) $ — $ — Nine Months Ended (In thousands) Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Income Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) Interest rate contracts $ (357) $ — $ — Nine Months Ended (In thousands) Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Income Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) Interest rate contracts $ (556) $ — $ — The following tables reflect the interest rate swaps included in the Consolidated Condensed Balance Sheets as of September 30, 2020 and December 31, 2019. (In thousands) September 30, 2020 Notional Amount Fair Value Included in other assets: Borrowing derivatives - interest rate swaps related to FHLB advances $ — $ — Loan derivatives - instruments associated with loans Matched interest rate swaps with borrower 33,783 4,503 Matched interest rate swaps with counterparty — — Total included in other assets $ 33,783 $ 4,503 Included in other liabilities: Borrowing derivatives - interest rate swaps related to FHLB advances $ 25,000 $ (1,026) Loan derivatives - instruments associated with loans Matched interest rate swaps with borrower — — Matched interest rate swaps with counterparty 33,783 (4,503) Total included in other liabilities $ 58,783 $ (5,529) (In thousands) December 31, 2019 Notional Amount Fair Value Included in other assets: Borrowing derivatives - interest rate swaps related to FHLB advances $ — $ — Loan derivatives - instruments associated with loans Matched interest rate swaps with borrower 24,421 1,781 Matched interest rate swaps with counterparty 11,083 89 Total included in other assets $ 35,504 $ 1,870 Included in other liabilities: Borrowing derivatives - interest rate swaps related to FHLB advances $ 25,000 $ (575) Loan derivatives - instruments associated with loans Matched interest rate swaps with borrower 11,083 (89) Matched interest rate swaps with counterparty 24,421 (1,781) Total included in other liabilities $ 60,504 $ (2,445) Mortgage Banking Derivatives Commitments to fund mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of these mortgage loans are accounted for as free standing derivatives. In order to hedge the change in interest rates resulting from its commitments to fund the loans, the Company enters into forward commitments for the future delivery of mortgage loans when interest rate locks are entered into. These mortgage banking derivatives are not designated in hedge relationships. The fair value of the interest rate lock is recorded at the time the commitment to fund the mortgage loan is executed and is adjusted for the expected exercise of the commitment before the loan is funded. Fair values of these mortgage banking derivatives are estimated based on changes in mortgage interest rates from the date the interest on the loan is locked. Changes in the fair values of these derivatives are included in "Other service income" in the Condensed Consolidated Statements of Income. At September 30, 2020 and December 31, 2019 , Park had $136.8 million and $15.9 million, respectively, of interest rate lock commitments. The fair value of these mortgage banking derivatives was reflected by a derivative asset of $2.9 million and $221,000 at September 30, 2020 and December 31, 2019 , respectively. Other Derivatives In connection with the sale of Park’s Class B Visa shares during 2009, Park entered into a swap agreement with the purchaser of the shares. The swap agreement adjusts for dilution in the conversion ratio of Class B Visa shares resulting from certain Visa litigation. At September 30, 2020, the fair value of the swap liability of $226,000 was an estimate of the exposure based upon probability-weighted potential Visa litigation losses. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2020 and 2019. Three Months Ended Nine Months Ended (In thousands, except share and per common share data) 2020 2019 2020 2019 Numerator: Net income $ 30,846 $ 31,146 $ 82,723 $ 78,764 Denominator: Weighted-average common shares outstanding 16,300,720 16,382,798 16,300,250 16,198,294 Effect of dilutive PBRSUs and TBRSUs 93,072 92,943 98,100 89,401 Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs 16,393,792 16,475,741 16,398,350 16,287,695 Earnings per common share: Basic earnings per common share $ 1.89 $ 1.90 $ 5.07 $ 4.86 Diluted earnings per common share $ 1.88 $ 1.89 $ 5.04 $ 4.84 Park awarded 62,265 and 58,740 PBRSUs to certain employees during the nine months ended September 30, 2020 and 2019, respectively. No PBRSUs were awarded during either of the three months ended September 30, 2020 or 2019. On April 1, 2019, Park issued 1,037,205 common shares to complete the Carolina Alliance acquisition and granted 15,700 TBRSUs to Carolina Alliance Division employees. These common shares have been included in average common shares outstanding beginning on that date. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Corporation is a financial holding company headquartered in Newark, Ohio. The reportable segments for the Corporation are its chartered national bank subsidiary, PNB (headquartered in Newark, Ohio), and GFSC. "All Other", which primarily consists of Park as the "Parent Company" and SEPH, is shown to reconcile the segment totals to the Consolidated Condensed Statements of Income. Management is required to disclose information about the different types of business activities in which a company engages and also information on the different economic environments in which a company operates, so that the users of the financial statements can better understand the company’s performance, better understand the potential for future cash flows, and make more informed judgments about the company as a whole. Park has two reportable segments, as: (i) discrete financial information is available for each reportable segment and (ii) the segments are aligned with internal reporting to Park’s Chief Executive Officer, who is the chief operating decision maker. Operating Results for the three months ended (In thousands) PNB GFSC All Other Total Net interest income (expense) $ 83,795 $ 893 $ (848) $ 83,840 Provision for (recovery of) loan losses 13,839 34 (37) 13,836 Other income 35,430 60 1,068 36,558 Other expense 65,590 499 3,770 69,859 Income (loss) before income taxes $ 39,796 $ 420 $ (3,513) $ 36,703 Income tax expense (benefit) 6,908 88 (1,139) 5,857 Net income (loss) $ 32,888 $ 332 $ (2,374) $ 30,846 Assets (at September 30, 2020) $ 9,195,911 $ 16,045 $ 28,050 $ 9,240,006 Operating Results for the three months ended (In thousands) PNB GFSC All Other Total Net interest income (expense) $ 76,180 $ 1,244 $ (323) $ 77,101 Provision for (recovery of) loan losses 2,320 143 (496) 1,967 Other income 24,842 59 3,235 28,136 Other expense 60,943 902 3,893 65,738 Income (loss) before income taxes $ 37,759 $ 258 $ (485) $ 37,532 Income tax expense (benefit) 6,811 55 (480) 6,386 Net income (loss) $ 30,948 $ 203 $ (5) $ 31,146 Assets (at September 30, 2019) $ 8,673,919 $ 27,481 $ 22,210 $ 8,723,610 Operating Results for the nine months ended (In thousands) PNB GFSC All Other Total Net interest income (expense) $ 238,900 $ 3,070 $ (661) $ 241,309 Provision for (recovery of) loan losses 32,256 338 (1,381) 31,213 Other income (loss) 89,920 154 (66) 90,008 Other expense 187,661 1,915 11,358 200,934 Income (loss) before income taxes $ 108,903 $ 971 $ (10,704) $ 99,170 Income tax expense (benefit) 19,357 204 (3,114) 16,447 Net income (loss) $ 89,546 $ 767 $ (7,590) $ 82,723 Operating Results for the nine months ended (In thousands) PNB GFSC All Other Total Net interest income (expense) $ 217,355 $ 3,786 $ (413) $ 220,728 Provision for (recovery of) loan losses 6,563 458 (637) 6,384 Other income 68,224 142 4,603 72,969 Other expense 172,931 2,638 17,188 192,757 Income (loss) before income taxes $ 106,085 $ 832 $ (12,361) $ 94,556 Income tax expense (benefit) 19,063 179 (3,450) 15,792 Net income (loss) $ 87,022 $ 653 $ (8,911) $ 78,764 |
Share Based Compensation
Share Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | Share-Based Compensation The Park National Corporation 2013 Long-Term Incentive Plan (the "2013 Incentive Plan") was adopted by the Board of Directors of Park on January 28, 2013 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 22, 2013. The 2013 Incentive Plan made equity-based awards and cash-based awards available for grant to participants (who could have been employees or non-employee directors) in the form of incentive stock options, nonqualified stock options, SARs, restricted common shares (“Restricted Stock”), restricted stock unit awards that may be settled in common shares, cash or a combination of the two (“Restricted Stock Units”), unrestricted common shares (“Other Stock-Based Awards”) and cash-based awards. Under the 2013 Incentive Plan, 600,000 common shares were authorized to be delivered in connection with grants under the 2013 Incentive Plan. The common shares to be delivered under the 2013 Incentive Plan are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. As of September 30, 2020, there were 18,695 common shares subject to PBRSUs issued under the 2013 Incentive Plan, which represented the only awards outstanding under the 2013 Incentive Plan. The Park National Corporation 2017 Long-Term Incentive Plan for Employees (the "2017 Employees LTIP") was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Employees LTIP makes equity-based awards and cash-based awards available for grant to employee participants in the form of incentive stock options, nonqualified stock options, SARs, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards and cash-based awards. Under the 2017 Employees LTIP, 750,000 common shares are authorized to be delivered in connection with grants under the 2017 Employees LTIP. The common shares to be delivered under the 2017 Employees LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At September 30, 2020, 537,735 common shares were available for future grants under the 2017 Employees LTIP. The Park National Corporation 2017 Long-Term Incentive Plan for Non-Employee Directors (the "2017 Non-Employee Directors LTIP") was adopted by the Board of Directors of Park on January 23, 2017 and was approved by Park's shareholders at the Annual Meeting of Shareholders on April 24, 2017. The 2017 Non-Employee Directors LTIP makes equity-based awards and cash-based awards available for grant to non-employee director participants in the form of nonqualified stock options, SARs, Restricted Stock, Restricted Stock Units, Other Stock-Based Awards, and cash-based awards. Under the 2017 Non-Employee Directors LTIP, 150,000 common shares are authorized to be delivered in connection with grants under the 2017 Non-Employee Directors LTIP. The common shares to be delivered under the 2017 Non-Employee Directors LTIP are to consist of either common shares currently held or common shares subsequently acquired by Park as treasury shares, including common shares purchased in the open market or in private transactions. At September 30, 2020, 113,700 common shares were available for future grants under the 2017 Non-Employee Directors LTIP. The 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP have replaced the provisions of the 2013 Incentive Plan with respect to the grant of future awards. As a result of the approval of the 2017 Employees LTIP and the 2017 Non-Employee Directors LTIP, Park has not granted and will not grant any additional awards under the 2013 Incentive Plan after April 24, 2017. Awards made under the 2013 Incentive Plan prior to April 24, 2017 will remain in effect in accordance with their respective terms. No awards were granted during the three months ended September 30, 2020 and 2019. During the nine months ended September 30, 2020, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs, under the 2017 Employees LTIP, covering an aggregate of 62,265 common shares to certain employees of Park and its subsidiaries. During the nine months ended September 30, 2019, the Compensation Committee of the Board of Directors of Park granted awards of PBRSUs, under the 2017 Employees LTIP, covering an aggregate of 58,740 common shares to certain employees of Park and its subsidiaries and granted awards of TBRSU, under the 2017 Employees LTIP, covering an aggregate of 15,700 shares to Carolina Alliance Bank Division employees. As of September 30, 2020, Park has nonvested PBRSUs as well as TBRSUs. The number of PBRSUs earned or settled will depend on the level of achievement with respect to certain performance criteria and are also subject to subsequent service-based vesting. The number of TBRSUs earned or settled are subject to service-based vesting. A summary of changes in the common shares subject to nonvested PBRSUs and TBRSUs for the nine months ended September 30, 2020 follows: Common shares subject to PBRSUs and TBRSUs Nonvested at January 1, 2020 194,722 Granted 62,265 Vested (44,379) Forfeited (3,101) Adjustment for performance conditions of PBRSUs (1) (5,399) Nonvested at September 30, 2020 (2) 204,108 (1) The number of PBRSUs earned depends on the level of achievement with respect to certain performance criteria. Adjustment herein represents the difference between the maximum number of common shares which could be earned and the actual number earned for those PBRSUs as to which the performance period was completed. (2) Nonvested amount herein represents the maximum number of nonvested PBRSUs and TBRSUs. As of September 30, 2020, an aggregate of 174,087 PBRSUs and TBRSUs are expected to vest. During the three months ended September 30, 2020, an aggregate of 6,205 of the TBRSUs granted in 2018 vested in full due to the satisfaction of the service-based vesting requirement. A total of 1,860 common shares were withheld to satisfy employee income tax obligations. This resulted in a net number of 4,345 common shares being issued to employees of Park. During the three months ended June 30, 2020, an aggregate of 1,500 of the TBRSUs granted in 2019 vested in full due to the satisfaction of the service-based vesting requirement. A total of 530 common shares were withheld to satisfy employee income tax withholding obligations. This resulted in a net number of 970 common shares being issued to employees of Park. During the three months ended March 31, 2020, an aggregate of 36,674 of the PBRSUs granted in 2016 and 2017 vested in full due to the level of achievement with respect to certain performance criteria and the satisfaction of the service-based vesting requirement. A total of 11,646 common shares were withheld to satisfy employee income tax withholding obligations. This resulted in a net number of 25,028 common shares being issued to employees of Park. During the three months ended March 31, 2019, 27,719 of the PBRSUs granted in 2015 and 2016 vested in full due to the level of achievement with respect to certain performance criteria and the satisfaction of the service-based vesting requirement. A total of 8,736 common shares were withheld to satisfy employee income tax withholding obligations. This resulted in a net number of 18,983 common shares being issued to employees of Park. Share-based compensation expense of $1.2 million was recognized for each of the three-month periods ended September 30, 2020 and 2019, respectively, and share-based compensation expense of $3.7 million and $3.8 million was recognized for the nine-month periods ended September 30, 2020 and 2019, respectively. The following table details expected additional share-based compensation expense related to PBRSUs and TBRSUs outstanding at September 30, 2020: (In thousands) Three months ending December 31, 2020 $ 1,198 2021 3,644 2022 2,401 2023 997 2024 161 Total $ 8,401 |
Benefit Plan
Benefit Plan | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Benefit Plan | Benefit Plans Park has a noncontributory defined benefit pension plan (the "Pension Plan") covering substantially all of its employees. The Pension Plan provides benefits based on an employee’s years of service and compensation. There were no Pension Plan contributions for either of the three-month or nine-month periods ended September 30, 2020 and 2019. The following table shows the components of net periodic pension benefit expense: Three Months Ended Nine Months Ended Affected Line Item in the Consolidated (In thousands) 2020 2019 2020 2019 Service cost $ 2,080 $ 1,468 $ 6,240 $ 4,404 Employee benefits Interest cost 1,320 1,373 3,960 4,119 Other components of net Expected return on plan assets (3,602) (3,026) (10,806) (9,078) Other components of net Recognized net actuarial loss and prior service costs 294 470 882 1,410 Other components of net Net periodic pension benefit expense $ 92 $ 285 $ 276 $ 855 Park has entered into Supplemental Executive Retirement Plan Agreements (the “SERP Agreements”) with certain key officers of the Corporation and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The expense for the Corporation related to the SERP Agreements for the three and nine months ended September 30, 2020 and 2019 was as follows: Three Months Ended Nine Months Ended Affected Line Item in the Consolidated (In thousands) 2020 2019 2020 2019 Service cost $ 218 $ 202 $ 801 $ 604 Employee benefits Interest cost 134 165 401 495 Miscellaneous expense Total SERP expense $ 352 $ 367 $ 1,202 $ 1,099 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that Park uses to measure fair value are as follows: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that Park has the ability to access as of the measurement date. • Level 2: Level 1 inputs for assets or liabilities that are not actively traded. Also consists of an observable market price for a similar asset or liability. This includes the use of “matrix pricing” to value debt securities absent the exclusive use of quoted prices. • Level 3: Consists of unobservable inputs that are used to measure fair value when observable market inputs are not available. This could include the use of internally developed models, financial forecasting and similar inputs. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the balance sheet date. When possible, the Company looks to active and observable markets to price identical assets or liabilities. When identical assets and liabilities are not traded in active markets, the Company looks to observable market data for similar assets and liabilities. However, certain assets and liabilities are not traded in observable markets and Park must use other valuation methods to develop a fair value. The fair value of impaired loans is typically based on the fair value of the underlying collateral, which is estimated through third-party appraisals in accordance with Park's valuation requirements under its commercial and real estate loan policies. Assets and Liabilities Measured at Fair Value on a Recurring Basis : The following table presents assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements at September 30, 2020 using: (In thousands) Level 1 Level 2 Level 3 Balance at September 30, 2020 Assets Investment securities: Obligations of states and political subdivisions — 304,506 304,506 U.S. Government sponsored entities’ asset-backed securities — 726,297 — 726,297 Corporate debt securities — 2,011 — 2,011 Equity securities 1,558 — 484 2,042 Mortgage loans held for sale — 48,265 — 48,265 Mortgage IRLCs — 2,878 — 2,878 Loan interest rate swaps — 4,503 — 4,503 Liabilities Fair value swap $ — $ — $ 226 $ 226 Borrowing interest rate swap — 1,026 — 1,026 Loan interest rate swaps — 4,503 — 4,503 Fair Value Measurements at December 31, 2019 using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2019 Assets Investment securities: Obligations of states and political subdivisions $ — $ 320,491 $ — $ 320,491 U.S. Government sponsored entities’ asset-backed securities — 889,210 — 889,210 Equity securities 1,537 — 456 1,993 Mortgage loans held for sale — 12,278 — 12,278 Mortgage IRLCs — 221 — 221 Loan interest rate swaps — 1,870 — 1,870 Liabilities Fair value swap $ — $ — $ 226 $ 226 Borrowing interest rate swap — 575 — 575 Loan interest rate swaps — 1,870 — 1,870 The following methods and assumptions were used by the Company in determining the fair value of the financial assets and liabilities discussed above: Interest rate swaps: The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date (Level 2). Investment securities: Fair values for investment securities are based on quoted market prices, where available (Level 1). If quoted market prices are not available, fair values are based on quoted market prices of comparable instruments (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows (Level 3). Fair value swap: The fair value of the swap agreement entered into with the purchaser of the Visa Class B shares represents an internally developed estimate of the exposure based upon probability-weighted potential Visa litigation losses. Mortgage Interest Rate Lock Commitments: Mortgage IRLCs are based on current secondary market pricing and are classified as Level 2. Mortgage loans held for sale: Mortgage loans held for sale are carried at their fair value. Mortgage loans held for sale are estimated using market prices for similar product types and, therefore, are classified in Level 2. The tables below present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three months and nine months ended September 30, 2020 and 2019, for financial instruments measured on a recurring basis and classified as Level 3: Level 3 Fair Value Measurements Three months ended September 30, 2020 and 2019 (In thousands) Equity Fair value Balance at July 1, 2020 $ 471 $ (226) Total gains Included in other income 13 — Balance at September 30, 2020 $ 484 $ (226) Balance at July 1, 2019 $ 433 $ (226) Total gains Included in other income 5 — Balance at September 30, 2019 $ 438 $ (226) Level 3 Fair Value Measurements Nine months ended September 30, 2020 and 2019 (In thousands) Equity Fair value Balance at January 1, 2020 $ 456 $ (226) Total gains Included in other income 28 — Balance at September 30, 2020 $ 484 $ (226) Balance at January 1, 2019 $ 424 $ (226) Total gains Included in other income 14 — Balance at September 30, 2019 $ 438 $ (226) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis: The following methods and assumptions were used by the Company in determining the fair value of assets and liabilities measured at fair value on a nonrecurring basis described below: Impaired Loans: At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Collateral dependent impaired loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for loan losses. For collateral dependent loans, fair value is generally based on real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and the client’s business, resulting in a Level 3 fair value classification. Impaired loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly. Additionally, updated independent valuations are obtained annually for all impaired loans in accordance with Company policy. OREO: Assets acquired through or in lieu of loan foreclosure are initially recorded at fair value less costs to sell when acquired. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments result in a Level 3 classification of the inputs for determining fair value. Appraisals for both collateral dependent impaired loans and OREO are performed by licensed appraisers. Appraisals are generally obtained to support the fair value of collateral. In general, there are three types of appraisals received by the Company: real estate appraisals, income approach appraisals, and lot development loan appraisals. These are discussed below: • Real estate appraisals typically incorporate measures such as recent sales prices for comparable properties. Appraisers may make adjustments to the sales prices of the comparable properties as deemed appropriate based on the age, condition or general characteristics of the subject property. Management generally applies a 15% discount to real estate appraised values which management expects will cover all disposition costs (including selling costs). This 15% discount is based on historical discounts to appraised values on sold OREO properties. • Income approach appraisals typically incorporate the annual net operating income of the business divided by an appropriate capitalization rate, as determined by the appraiser. Management generally applies a 15% discount to income approach appraised values which management expects will cover all disposition costs (including selling costs). • Lot development loan appraisals are typically performed using a discounted cash flow analysis. Appraisers determine an anticipated absorption period and a discount rate that takes into account an investor’s required rate of return based on recent comparable sales. Management generally applies a 6% discount to lot development appraised values, which is an additional discount above the net present value calculation included in the appraisal, to account for selling costs. Other repossessed assets: Other repossessed assets are initially recorded at fair value less costs to sell when acquired. The carrying value of other repossessed assets is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value exceeds the fair value, less estimated selling costs. As of September 30, 2020 and December 31, 2019, other repossessed assets primarily consisted of aircraft acquired as part of a loan workout. Fair value is based on Aircraft Bluebook and VREF Aircraft Value Reference values based on the model of aircraft and adjustments for flight hours, features and other variables. Such adjustments result in a Level 3 classification of the inputs for determining fair value. MSRs: MSRs are carried at the lower of cost or fair value. MSRs do not trade in active, open markets with readily observable prices. For example, sales of MSRs do occur, but precise terms and conditions typically are not readily available. As such, management, with the assistance of a third-party specialist, determines fair value based on the discounted value of the future cash flows estimated to be received. Significant inputs include the discount rate and assumed prepayment speeds. The calculated fair value is then compared to market values where possible to ascertain the reasonableness of the valuation in relation to current market expectations for similar products. Accordingly, MSRs are classified as Level 2. The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. As of September 30, 2020, there were no PCI loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement. Fair Value Measurements at September 30, 2020 using: (In thousands) Level 1 Level 2 Level 3 Balance at September 30, 2020 Impaired loans recorded at fair value: Commercial real estate $ — $ — $ 16,054 $ 16,054 Residential real estate — — 172 172 Total impaired loans recorded at fair value $ — $ — $ 16,226 $ 16,226 MSRs $ — $ 11,029 $ — $ 11,029 OREO recorded at fair value: Residential real estate — — 767 767 Total OREO recorded at fair value $ — $ — $ 767 $ 767 Other repossessed assets $ — $ — $ 3,392 $ 3,392 Fair Value Measurements at December 31, 2019 using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2019 Impaired loans recorded at fair value: Commercial real estate $ — $ — $ 1,873 $ 1,873 Residential real estate — — 217 217 Total impaired loans recorded at fair value $ — $ — $ 2,090 $ 2,090 MSRs $ — $ 5,797 $ — $ 5,797 OREO recorded at fair value: Commercial real estate — — 2,295 2,295 Residential real estate — — 738 738 Total OREO recorded at fair value $ — $ — $ 3,033 $ 3,033 Other repossessed assets $ — $ — $ 3,599 $ 3,599 The table below provides additional detail on those impaired loans which are recorded at fair value as well as the remaining impaired loan portfolio not included above. The remaining impaired loans consist of loans which are not collateral dependent as well as loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit. September 30, 2020 (In thousands) Recorded Investment Prior Charge-Offs Specific Valuation Allowance Carrying Balance Impaired loans recorded at fair value $ 19,395 $ 247 $ 3,169 $ 16,226 Remaining impaired loans 96,785 316 5,497 91,288 Total impaired loans $ 116,180 $ 563 $ 8,666 $ 107,514 December 31, 2019 (In thousands) Recorded Investment Prior Charge-Offs Specific Valuation Allowance Carrying Balance Impaired loans recorded at fair value $ 2,167 $ 313 $ 77 $ 2,090 Remaining impaired loans 75,324 406 5,153 70,171 Total impaired loans $ 77,491 $ 719 $ 5,230 $ 72,261 The expense from credit adjustments related to impaired loans carried at fair value was $3.1 million and $135,000 for the three-month periods ended September 30, 2020 and 2019, respectively, and was $3.5 million and $174,000 for the nine-month periods ended September 30, 2020 and 2019, respectively. MSRs totaled $11.0 million at September 30, 2020. Of this $11.0 million MSR carrying balance, $11.0 million was recorded at fair value and included a valuation allowance of $2.8 million. The remaining $11,000 was recorded at cost, as the fair value exceeded cost at September 30, 2020. At December 31, 2019, MSRs totaled $10.1 million. Of this $10.1 million MSR carrying balance, $5.8 million was recorded at fair value and included a valuation allowance of $825,000. The remaining $4.3 million was recorded at cost, as the fair value exceeded cost at December 31, 2019. The expense related to MSRs carried at fair value during the three months ended September 30, 2020 and 2019 was $198,000 and $332,000, respectively, and was $2.0 million and $421,000 for the nine months ended September 30, 2020 and 2019, respectively. Total OREO held by Park at September 30, 2020 and December 31, 2019 was $836,000 and $4.0 million, respectively. Approximately 92% and 75% of OREO held by Park at September 30, 2020 and December 31, 2019, respectively, was carried at fair value due to fair value adjustments made subsequent to the initial OREO measurement. At September 30, 2020 and December 31, 2019, OREO held at fair value, less estimated selling costs, amounted to $767,000 and $3.0 million, respectively. The net income (expense) related to OREO fair value adjustments was $115,000 and $(41,000) for the three-month periods ended September 30, 2020 and 2019, respectively, and was $80,000 and $(123,000) for the nine-month periods ended September 30, 2020 and 2019, respectively. Other repossessed assets totaled $3.6 million at September 30, 2020, of which $3.4 million was recorded at fair value. Other repossessed assets totaled $4.2 million at December 31, 2019, of which $3.6 million was recorded at fair value. Expense related to fair value adjustments on other repossessed assets for each of the three-month periods and nine-month periods ended September 30, 2020 was $207,000. There was no expense related to fair value adjustments on other repossessed assets for either of the three-month periods or nine-month periods ended September 30, 2019. The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at September 30, 2020 and December 31, 2019: September 30, 2020 (In thousands) Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (1) Impaired loans: Commercial real estate $ 16,054 Sales comparison approach Adj to comparables 0.0% - 139.0% (20.6%) Income approach Capitalization rate 9.0% - 20.0% (9.6%) Residential real estate $ 172 Sales comparison approach Adj to comparables 2.7% - 47.8% (10.6%) Other real estate owned: Residential real estate $ 767 Sales comparison approach Adj to comparables 7.6% - 11.2% (8.9%) Balance at December 31, 2019 (In thousands) Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (1) Impaired loans: Commercial real estate $ 1,873 Sales comparison approach Adj to comparables 0.0% - 56.0% (26.5%) Cost approach Accumulated depreciation 93.1% (93.1%) Residential real estate $ 217 Sales comparison approach Adj to comparables 0.0% - 53.5% (10.8%) Other real estate owned: Commercial real estate $ 2,295 Sales comparison approach Adj to comparables 0.9% - 68.4% (34.7%) Income approach Capitalization rate 13.0% (13.0%) Residential real estate $ 738 Sales comparison approach Adj to comparables 4.6% - 54.6% (39.2%) (1) Unobservable inputs were weighted by the relative fair value of the instruments. Assets Measured at Net Asset Value: Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820. At September 30, 2020 and December 31, 2019, Park had Partnership Investments with a NAV of $14.0 million and $11.9 million, respectively. At September 30, 2020 and December 31, 2019, Park had $7.0 million and $8.5 million, respectively, in unfunded commitments related to these Partnership Investments. For the three-month periods ended September 30, 2020 and 2019, Park recognized income of $1.3 million and $3.3 million, respectively, and for the nine-month periods ended September 30, 2020 and 2019, Park recognized a loss of $41,000 and income of $5.1 million, respectively, related to these Partnership Investments. The fair value of certain financial instruments at September 30, 2020 and December 31, 2019, was as follows: September 30, 2020 Fair Value Measurements (In thousands) Carrying value Level 1 Level 2 Level 3 Total fair value Financial assets: Cash and money market instruments $ 246,709 $ 246,709 $ — $ — $ 246,709 Investment securities (1) 1,032,814 — 1,032,814 — 1,032,814 Other investment securities (2) 2,042 1,558 — 484 2,042 Loans held for sale 48,265 — 48,265 — 48,265 Mortgage IRLCs 2,878 — 2,878 — 2,878 Impaired loans carried at fair value 16,226 — — 16,226 16,226 Other loans, net 7,124,139 — — 7,168,180 7,168,180 Loans receivable, net $ 7,191,508 $ — $ 51,143 $ 7,184,406 $ 7,235,549 Financial liabilities: Time deposits $ 931,201 $ — $ 938,492 $ — $ 938,492 Other 5,374 5,374 — — 5,374 Deposits (excluding demand deposits) $ 936,575 $ 5,374 $ 938,492 $ — $ 943,866 Short-term borrowings $ 320,435 $ — $ 320,435 $ — $ 320,435 Long-term debt 135,000 — 142,849 — 142,849 Subordinated notes 187,668 — 180,209 — 180,209 Derivative financial instruments - assets: Loan interest rate swaps $ 4,503 $ — $ 4,503 $ — $ 4,503 Derivative financial instruments - liabilities: Fair value swap $ 226 $ — $ — $ 226 $ 226 Borrowing interest rate swap 1,026 — 1,026 — 1,026 Loan interest rate swaps 4,503 — 4,503 — 4,503 (1) Includes AFS debt securities. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient. December 31, 2019 Fair Value Measurements (In thousands) Carrying value Level 1 Level 2 Level 3 Total fair value Financial assets: Cash and money market instruments $ 159,956 $ 159,956 $ — $ — $ 159,956 Investment securities (1) 1,209,701 — 1,209,701 — 1,209,701 Other investment securities (2) 1,993 1,537 — 456 1,993 Loans held for sale 12,278 — 12,278 — 12,278 Mortgage IRLCs 221 — 221 — 221 Impaired loans carried at fair value 2,090 — — 2,090 2,090 Other loans, net 6,430,136 — — 6,426,869 6,426,869 Loans receivable, net $ 6,444,725 $ — $ 12,499 $ 6,428,959 $ 6,441,458 Financial liabilities: Time deposits $ 1,139,131 $ — $ 1,145,537 — $ 1,145,537 Other 1,273 1,273 — — 1,273 Deposits (excluding demand deposits) $ 1,140,404 $ 1,273 $ 1,145,537 $ — $ 1,146,810 Short-term borrowings $ 230,657 $ — $ 230,657 $ — $ 230,657 Long-term debt 192,500 — 200,726 — 200,726 Subordinated notes 15,000 — 14,372 — 14,372 Derivative financial instruments - assets: Loan interest rate swaps 1,870 — 1,870 — 1,870 Derivative financial instruments - liabilities: Fair value swap $ 226 $ — $ — $ 226 $ 226 Borrowing interest rate swap 575 — 575 — 575 Loan interest rate swaps 1,870 — 1,870 — 1,870 (1) Includes AFS debt securities and HTM debt securities. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers All of Park's revenue from contracts with customers within the scope of ASC 606 is recognized within "Other income" in the Consolidated Condensed Statements of Income. The following table presents the Corporation's sources of other income by revenue stream and operating segment for the three-month and nine-month periods ended September 30, 2020 and September 30, 2019. Three Months Ended Revenue by Operating Segment (in thousands) PNB GFSC All Other Total Income from fiduciary activities Personal trust and agency accounts $ 2,290 $ — $ — $ 2,290 Employee benefit and retirement-related accounts 1,967 — — 1,967 Investment management and investment advisory agency accounts 2,695 — — 2,695 Other 383 — — 383 Service charges on deposit accounts Non-sufficient funds (NSF) fees 1,201 — — 1,201 Demand deposit account (DDA) charges 787 — — 787 Other 130 — — 130 Other service income (1) Credit card 487 1 — 488 HELOC 108 — — 108 Installment 43 — — 43 Real estate 11,806 — — 11,806 Commercial 567 — 35 602 Debit card fee income 5,853 — — 5,853 Bank owned life insurance income (2) 1,109 — 83 1,192 ATM fees 491 — — 491 Gain on sale of OREO, net 198 — 371 569 Net loss on the sale of investment securities (2) (27) — — (27) Gain on equity securities, net (2) 739 — 462 1,201 Other components of net periodic pension benefit income (2) 1,940 24 24 1,988 Miscellaneous (3) 2,663 35 93 2,791 Total other income $ 35,430 $ 60 $ 1,068 $ 36,558 (1) Of the $13.0 million of aggregate revenue included within "Other service income", approximately $1.3 million is within the scope of ASC 606, with the remaining $11.7 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $2.8 million, all of which are within scope of ASC 606. Three Months Ended Revenue by Operating Segment (in thousands) PNB GFSC All Other Total Income from fiduciary activities Personal trust and agency accounts $ 2,151 $ — $ — $ 2,151 Employee benefit and retirement-related accounts 1,753 — — 1,753 Investment management and investment advisory agency accounts 2,547 — — 2,547 Other 391 — — 391 Service charges on deposit accounts Non-sufficient funds (NSF) fees 1,911 — — 1,911 Demand deposit account (DDA) charges 784 — — 784 Other 169 — — 169 Other service income (1) Credit card 586 1 — 587 HELOC 71 — 1 72 Installment 62 — (88) (26) Real estate 3,226 — (1) 3,225 Commercial 262 — 140 402 Debit card fee income 5,313 — — 5,313 Bank owned life insurance income (2) 1,021 — 86 1,107 ATM fees 482 — — 482 Loss on sale of OREO, net (53) — — (53) Net gain on the sale of investment securities (2) 186 — — 186 Gain on equity securities, net (2) 240 — 3,095 3,335 Other components of net periodic pension benefit income (2) 1,147 13 23 1,183 Miscellaneous (3) 2,593 45 (21) 2,617 Total other income $ 24,842 $ 59 $ 3,235 $ 28,136 (1) Of the $4.3 million of aggregate revenue included within "Other service income", approximately $1.3 million is within the scope of ASC 606, with the remaining $3.0 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $2.6 million, all of which are within scope of ASC 606. Nine Months Ended Revenue by Operating Segment (in thousands) PNB GFSC All Other Total Income from fiduciary activities Personal trust and agency accounts $ 6,550 $ — $ — $ 6,550 Employee benefit and retirement-related accounts 5,702 — — 5,702 Investment management and investment advisory agency accounts 7,852 — — 7,852 Other 1,137 — — 1,137 Service charges on deposit accounts Non-sufficient funds (NSF) fees 3,644 — — 3,644 Demand deposit account (DDA) charges 2,289 — — 2,289 Other 389 — — 389 Other service income (1) Credit card 1,544 4 — 1,548 HELOC 319 — — 319 Installment 144 — — 144 Real estate 22,228 — — 22,228 Commercial 1,245 — 87 1,332 Debit card fee income 16,373 — — 16,373 Bank owned life insurance income (2) 3,452 — 167 3,619 ATM fees 1,341 — — 1,341 Gain on sale of OREO, net 843 — 371 1,214 Net gain on the sale of investment securities (2) 3,286 — — 3,286 Gain (loss) on equity securities, net (2) 113 — (862) (749) Other components of net periodic pension benefit income (2) 5,820 71 73 5,964 Miscellaneous (3) 5,649 79 98 5,826 Total other income $ 89,920 $ 154 $ (66) $ 90,008 (1) Of the $25.6 million of aggregate revenue included within "Other service income", approximately $3.7 million is within the scope of ASC 606, with the remaining $21.9 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $5.8 million, all of which are within scope of ASC 606. Nine Months Ended Revenue by Operating Segment (in thousands) PNB GFSC All Other Total Income from fiduciary activities Personal trust and agency accounts $ 6,757 $ — $ — $ 6,757 Employee benefit and retirement-related accounts 5,185 — — 5,185 Investment management and investment advisory agency accounts 7,421 — — 7,421 Other 1,137 — — 1,137 Service charges on deposit accounts Non-sufficient funds (NSF) fees 5,241 — — 5,241 Demand deposit account (DDA) charges 2,336 — — 2,336 Other 501 — — 501 Other service income (1) Credit card 1,785 5 — 1,790 HELOC 282 — 4 286 Installment 203 — (83) 120 Real estate 7,890 — (10) 7,880 Commercial 901 — 141 1,042 Debit card fee income 14,909 — — 14,909 Bank owned life insurance income (2) 3,116 — 283 3,399 ATM fees 1,382 — — 1,382 Loss on sale of OREO, net (84) — (140) (224) Net loss on the sale of investment securities (2) (421) — — (421) Gain on equity securities, net (2) 972 — 4,337 5,309 Other components of net periodic pension benefit income (2) 3,440 40 69 3,549 Miscellaneous (3) 5,271 97 2 5,370 Total other income $ 68,224 $ 142 $ 4,603 $ 72,969 (1) Of the $11.1 million of aggregate revenue included within "Other service income", approximately $4.0 million is within the scope of ASC 606, with the remaining $7.1 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $5.4 million, all of which are within scope of ASC 606. A description of Park's revenue streams accounted for under ASC 606 follows: Income from fiduciary activities (gross) : Park earns fiduciary fee income and investment brokerage fees from its contracts with trust customers for various fiduciary and investment-related services. These fees are earned over time as the Company provides the contracted monthly and quarterly services and are generally assessed based on the market value of the trust assets. Service charges on deposit accounts and ATM fees : 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 generally recognized at the end of the 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. Other service income : Other service income includes income from (1) the sale and servicing of loans sold to the secondary market, (2) incentive income from third-party credit card issuers, and (3) loan customers for various loan-related activities and services. Income related to the sale and servicing of loans sold to the secondary market is included within Other service income, but is not within the scope of ASC 606. Debit card fee income : Park earns interchange fees from debit cardholder transactions conducted primarily through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, net of card network fees, concurrently with the transaction processing services provided to the cardholder. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Subordinated Borrowings Disclosure | Note 23 - Subordinated Debt On August 20, 2020, Park completed the issuance and sale of $175.0 million aggregate principal amount of its 4.50% Fixed-to-Floating Rate Subordinated Notes due 2030. The Subordinated Debt initially bears a fixed interest rate of 4.50% per year, payable semi-annually in arrears on March 1 and September 1 of each year, commencing on March 1, 2021. Commencing on September 1, 2025, the Notes will bear interest at a floating rate per annum equal to the Benchmark rate, which is expected to be Three-Month Term SOFR, plus a spread of 439 basis points for each quarterly interest period during the floating rate period, payable quarterly in arrears; provided, however, that if the Benchmark rate is less than zero, then the Benchmark rate shall be deemed to be zero. The Company may, at its option, beginning with the interest payment date of September 1, 2025 and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining the prior approval of the holders of the Company’s senior indebtedness and of the Board of Governors of the Federal Reserve System to the extent the approval of the Federal Reserve is then required under the capital adequacy rules of the Federal Reserve, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to but excluding the date of redemption. The issuance costs of the Subordinated Debt totaled $2.4 million, which is being amortized through the Subordinated Debt call date. The Subordinated Debt, net of unamortized issuance costs, totaled $172.7 million at September 30, 2020, and qualifies as Tier 2 capital for Park under the guidelines by the Federal Reserve Bank. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the consideration paid in the Carolina Alliance acquisition and the amounts of the assets acquired and liabilities assumed at their fair value: (in thousands) Consideration Cash $ 28,630 Park common shares 98,275 Fair value of total consideration transferred $ 126,905 Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents $ 23,799 Securities 97,606 Loans 578,577 Premises and equipment 8,337 Core deposit intangibles 8,207 Other assets 32,123 Total assets acquired 748,649 Deposits 632,649 Other liabilities 35,951 Total liabilities assumed 668,600 Net identifiable assets 80,049 Goodwill $ 46,856 The table below presents information with respect to the fair value of acquired loans as well as their book balance at the acquisition date. (in thousands) Book Balance Fair Value Commercial, financial and agricultural $ 80,895 $ 80,580 Commercial real estate 281,425 273,855 Construction real estate: Commercial 43,106 42,176 Mortgage 11,130 10,633 Residential real estate: Commercial 48,546 48,684 Mortgage 30,519 30,969 HELOC 40,825 39,853 Consumer 4,813 4,647 Leases 28,589 28,781 PCI 19,850 18,399 Total loans $ 589,698 $ 578,577 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents supplemental pro forma information as if the Carolina Alliance acquisition had occurred as of January 1, 2019. The unaudited pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction, depreciation expense on property acquired, interest expense on deposits acquired, and the related tax effects. The pro forma information is not necessarily indicative of the results of operations that would have occurred had the transaction been effected on the assumed date. Nine months ended September 30, (dollars in thousands, except per share data) 2020 2019 Net interest income $ 241,253 $ 227,974 Net income $ 83,178 $ 86,227 Basic earnings per share $ 5.10 $ 5.21 Diluted earnings per share $ 5.07 $ 5.18 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Investment Securities | Investment securities at September 30, 2020, were as follows: Debt securities AFS (In thousands) Amortized Gross Gross Fair Value Obligations of states and political subdivisions $ 279,810 $ 24,696 $ — $ 304,506 U.S. Government sponsored entities' asset-backed securities 698,237 28,092 32 726,297 Corporate debt securities 2,000 11 — 2,011 Total $ 980,047 $ 52,799 $ 32 $ 1,032,814 Investment securities at December 31, 2019, were as follows: Debt securities AFS (In thousands) Amortized Gross Gross Fair Value Obligations of states and political subdivisions $ 302,928 $ 17,563 $ — $ 320,491 U.S. Government sponsored entities' asset-backed securities 884,571 10,862 6,223 889,210 Total $ 1,187,499 $ 28,425 $ 6,223 $ 1,209,701 |
Schedule Of Unrealized Loss On Securities | Investment securities in an unrealized loss position at September 30, 2020, were as follows: Unrealized loss position for less than 12 months Unrealized loss position for 12 months or longer Total (In thousands) Fair value Unrealized Fair value Unrealized Fair Unrealized Debt securities AFS U.S. Government sponsored entities' asset-backed securities $ — $ — $ 5,330 $ 32 $ 5,330 $ 32 Total $ — $ — $ 5,330 $ 32 $ 5,330 $ 32 Investment securities in an unrealized loss position at December 31, 2019, were as follows: Unrealized loss position for less than 12 months Unrealized loss position for 12 months or longer Total (In thousands) Fair value Unrealized Fair value Unrealized Fair Unrealized Debt securities AFS U.S. Government sponsored entities' asset-backed securities $ 237,613 $ 1,106 $ 171,805 $ 5,117 $ 409,418 $ 6,223 Total $ 237,613 $ 1,106 $ 171,805 $ 5,117 $ 409,418 $ 6,223 |
Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity | The amortized cost and estimated fair value of investments in debt securities at September 30, 2020, are shown in the following table by contractual maturity, except for asset-backed securities, which are shown as a single total, due to the unpredictability of the timing of principal repayments. Debt securities AFS (In thousands) Amortized Fair value Tax equivalent yield (1) U.S. Government sponsored entities' asset-backed securities $ 698,237 $ 726,297 2.37 % Corporate debt securities Due five through ten years $ 2,000 $ 2,011 4.00 % Obligations of state and political subdivisions: Due five through ten years $ 58,800 $ 64,264 3.81 % Due over ten years 221,010 240,242 3.67 % Total (1) $ 279,810 $ 304,506 3.70 % |
Other Investment Securities (Ta
Other Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Investment Securities [Abstract] | |
Schedule Of Other Investment Securities | The carrying amounts of other investment securities at September 30, 2020 and December 31, 2019 were as follows: (In thousands) September 30, 2020 December 31, 2019 FHLB stock $ 22,421 $ 30,060 FRB stock 14,653 14,653 Equity investments carried at fair value 2,042 1,993 Equity investments carried at modified cost (1) 4,689 2,689 Equity investments carried at NAV 20,979 20,411 Total other investment securities $ 64,784 $ 69,806 (1) There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost. |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Composition Of Loan Portfolio By Class Of Loan | The composition of the loan portfolio, by class of loan, at September 30, 2020 and December 31, 2019 was as follows: September 30, 2020 December 31, 2019 (In thousands) Loan Accrued Recorded Loan Accrued Recorded Commercial, financial and agricultural * $ 1,727,016 $ 6,934 $ 1,733,950 $ 1,185,110 $ 4,393 $ 1,189,503 Commercial real estate * 1,689,477 6,811 1,696,288 1,609,413 5,571 1,614,984 Construction real estate: Commercial 245,288 710 245,998 233,637 826 234,463 Mortgage 112,648 249 112,897 96,574 228 96,802 Installment 1,060 5 1,065 1,488 4 1,492 Residential real estate: Commercial 501,608 1,173 502,781 479,081 1,339 480,420 Mortgage 1,117,534 1,519 1,119,053 1,176,316 1,381 1,177,697 HELOC 194,342 671 195,013 224,766 1,113 225,879 Installment 9,425 26 9,451 12,563 32 12,595 Consumer 1,652,638 4,515 1,657,153 1,452,375 4,314 1,456,689 Leases 27,510 22 27,532 30,081 20 30,101 Total loans $ 7,278,546 $ 22,635 $ 7,301,181 $ 6,501,404 $ 19,221 $ 6,520,625 * Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. |
Recorded Investment In Nonaccrual Restructured And Loans Past Due 90 Days Or More And Accruing | The following tables present the recorded investment in nonaccrual loans, accruing TDRs, and loans past due 90 days or more and still accruing by class of loan at September 30, 2020 and December 31, 2019: September 30, 2020 (In thousands) Nonaccrual Accruing Loans Past Due Total Commercial, financial and agricultural $ 25,582 $ 7,516 $ 63 $ 33,161 Commercial real estate 68,134 4,385 654 73,173 Construction real estate: Commercial 3,142 — — 3,142 Mortgage — 17 — 17 Installment 14 1 — 15 Residential real estate: Commercial 4,862 35 — 4,897 Mortgage 14,933 8,097 476 23,506 HELOC 1,358 895 65 2,318 Installment 312 1,813 — 2,125 Consumer 2,189 1,108 445 3,742 Leases 2,524 — — 2,524 Total loans $ 123,050 $ 23,867 $ 1,703 $ 148,620 December 31, 2019 (In thousands) Nonaccrual Accruing Loans Past Due Total Commercial, financial and agricultural $ 26,776 $ 6,349 $ 28 $ 33,153 Commercial real estate 39,711 2,080 625 42,416 Construction real estate: Commercial 453 — — 453 Mortgage 25 84 — 109 Installment 72 5 — 77 Residential real estate: Commercial 2,025 — — 2,025 Mortgage 15,271 8,826 1,209 25,306 HELOC 2,062 1,010 44 3,116 Installment 462 1,964 — 2,426 Consumer 3,089 980 645 4,714 Leases 134 — 186 320 Total loans $ 90,080 $ 21,298 $ 2,737 $ 114,115 |
Loans Individually And Collectively Evaluated For Impairment | The following table provides additional information regarding those nonaccrual and accruing TDR loans that are individually evaluated for impairment and those collectively evaluated for impairment at September 30, 2020 and December 31, 2019. September 30, 2020 December 31, 2019 Nonaccrual and Accruing TDRs Loans Individually Evaluated for Impairment Loans Collectively Evaluated for Impairment Nonaccrual and Accruing TDRs Loans Individually Evaluated for Impairment Loans Collectively Evaluated for Impairment Commercial, financial and agricultural $ 33,098 $ 33,098 $ — $ 33,125 $ 33,088 $ 37 Commercial real estate 72,519 72,519 — 41,791 41,791 — Construction real estate: Commercial 3,142 3,142 — 453 453 — Mortgage 17 — 17 109 — 109 Installment 15 — 15 77 — 77 Residential real estate: Commercial 4,897 4,897 — 2,025 2,025 — Mortgage 23,030 — 23,030 24,097 — 24,097 HELOC 2,253 — 2,253 3,072 — 3,072 Installment 2,125 — 2,125 2,426 — 2,426 Consumer 3,297 — 3,297 4,069 — 4,069 Leases 2,524 2,524 — 134 134 — Total loans $ 146,917 $ 116,180 $ 30,737 $ 111,378 $ 77,491 $ 33,887 |
Loans Individually Evaluated For Impairment By Class Of Loans | The following table presents loans individually evaluated for impairment by class of loan at September 30, 2020 and December 31, 2019. September 30, 2020 December 31, 2019 (In thousands) Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded Commercial, financial and agricultural $ 19,020 $ 18,923 $ — $ 21,194 $ 21,010 $ — Commercial real estate 54,824 54,650 — 41,696 41,471 — Construction real estate: Commercial 3,142 3,142 — 453 453 — Residential real estate: Commercial 4,677 4,623 — 1,921 1,854 — Leases 784 784 — — — — With an allowance recorded Commercial, financial and agricultural 14,371 14,175 5,033 12,289 12,078 5,104 Commercial real estate 17,869 17,869 3,014 320 320 35 Construction real estate: Commercial — — — — — — Residential real estate: Commercial 274 274 155 171 171 42 Leases 1,740 1,740 464 134 134 49 Total $ 116,701 $ 116,180 $ 8,666 $ 78,178 $ 77,491 $ 5,230 |
Average Recorded Investment And Interest Income Recognized On Loans Individually Evaluated For Impairment | The following table presents the average recorded investment and interest income recognized subsequent to impairment on loans individually evaluated for impairment as of and for the three-month and nine-month periods ended September 30, 2020 and September 30, 2019: Three Months Ended Three Months Ended (In thousands) Recorded Investment at September 30, 2020 Average Interest Recorded Investment at September 30, 2019 Average Interest Commercial, financial and agricultural $ 33,098 $ 29,481 $ 159 $ 31,485 $ 23,468 $ 107 Commercial real estate 72,519 58,195 526 38,799 29,779 277 Construction real estate: Commercial 3,142 1,212 6 1,868 1,922 1 Residential real estate: Commercial 4,897 5,061 65 2,238 1,977 27 Leases 2,524 2,079 — 88 90 — Total $ 116,180 $ 96,028 $ 756 $ 74,478 $ 57,236 $ 412 Nine Months Ended Nine Months Ended (In thousands) Recorded Investment at September 30, 2020 Average Interest Recorded Investment at September 30, 2019 Average Interest Commercial, financial and agricultural $ 33,098 $ 30,426 $ 543 $ 31,485 $ 18,368 $ 244 Commercial real estate 72,519 50,479 1,416 38,799 29,712 803 Construction real estate: Commercial 3,142 743 14 1,868 2,176 23 Residential real estate: Commercial 4,897 4,271 166 2,238 2,198 72 Leases 2,524 909 — 88 36 — Total $ 116,180 $ 86,828 $ 2,139 $ 74,478 $ 52,490 $ 1,142 |
Aging Of Recorded Investment In Past Due Loans | The following tables present the aging of the recorded investment in past due loans at September 30, 2020 and December 31, 2019 by class of loan. September 30, 2020 (In thousands) Accruing Loans Past Due Nonaccrual Loans and Loans Past Due 90 Days or More and Accruing (1) Total Past Due Total Current (2) Total Recorded Commercial, financial and agricultural $ 9 $ 11,949 $ 11,958 $ 1,721,992 $ 1,733,950 Commercial real estate 717 947 1,664 1,694,624 1,696,288 Construction real estate: Commercial — 38 38 245,960 245,998 Mortgage 68 — 68 112,829 112,897 Installment — — — 1,065 1,065 Residential real estate: Commercial 119 514 633 502,148 502,781 Mortgage 6,246 8,023 14,269 1,104,784 1,119,053 HELOC 725 627 1,352 193,661 195,013 Installment 118 89 207 9,244 9,451 Consumer 4,499 947 5,446 1,651,707 1,657,153 Leases — 66 66 27,466 27,532 Total loans $ 12,501 $ 23,200 $ 35,701 $ 7,265,480 $ 7,301,181 (1) Includes an aggregate of $1.7 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans. (2) Includes an aggregate of $101.6 million of nonaccrual loans which were current in regards to contractual principal and interest payments. December 31, 2019 (in thousands) Accruing Loans Past Due Nonaccrual Loans and Loans Past Due 90 Days or More and Accruing (1) Total Past Due Total Current (2) Total Recorded Commercial, financial and agricultural $ 582 $ 12,407 $ 12,989 $ 1,176,514 $ 1,189,503 Commercial real estate 160 1,143 1,303 1,613,681 1,614,984 Construction real estate: Commercial — — — 234,463 234,463 Mortgage 397 — 397 96,405 96,802 Installment 24 — 24 1,468 1,492 Residential real estate: Commercial — 908 908 479,512 480,420 Mortgage 12,841 9,153 21,994 1,155,703 1,177,697 HELOC 652 779 1,431 224,448 225,879 Installment 164 338 502 12,093 12,595 Consumer 6,561 1,621 8,182 1,448,507 1,456,689 Leases 368 186 554 29,547 30,101 Total loans $ 21,749 $ 26,535 $ 48,284 $ 6,472,341 $ 6,520,625 (1) Includes an aggregate of $2.7 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans. (2) Includes an aggregate of $66.3 million of nonaccrual loans which were current in regards to contractual principal and interest payments. |
Recorded Investment By Loan Grade | The tables below present the recorded investment by loan grade at September 30, 2020 and December 31, 2019 for all commercial loans: September 30, 2020 (In thousands) 5 Rated 6 Rated Nonaccrual and Accruing TDRs PCI (1) Pass-Rated Recorded Commercial, financial and agricultural * $ 15,091 $ 60 $ 33,098 $ 375 $ 1,685,326 $ 1,733,950 Commercial real estate * 88,618 1,060 72,519 8,084 1,526,007 1,696,288 Construction real estate: Commercial — — 3,142 1,012 241,844 245,998 Residential real estate: Commercial 353 24 4,897 1,530 495,977 502,781 Leases 349 — 2,524 127 24,532 27,532 Total commercial loans $ 104,411 $ 1,144 $ 116,180 $ 11,128 $ 3,973,686 $ 4,206,549 * Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. (1) There were no loans acquired with deteriorated credit quality which were nonaccrual or TDRs at September 30, 2020 . December 31, 2019 (In thousands) 5 Rated 6 Rated Nonaccrual and Accruing TDRs PCI (1) Pass-Rated Recorded Commercial, financial and agricultural * $ 11,981 $ 3 $ 33,125 $ 966 $ 1,143,428 $ 1,189,503 Commercial real estate * 6,796 945 41,791 9,182 1,556,270 1,614,984 Construction real estate: Commercial 4,857 1 453 1,044 228,108 234,463 Residential real estate: Commercial 3,839 30 2,025 1,754 472,772 480,420 Leases — — 134 523 29,444 30,101 Total Commercial Loans $ 27,473 $ 979 $ 77,528 $ 13,469 $ 3,430,022 $ 3,549,471 * Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. (1) Excludes loans acquired with deteriorated credit quality which are nonaccrual or TDRs due to additional credit deterioration or modification post acquisition. These loans had a recorded investment of $6,000 at December 31, 2019. |
TDR Number Of Contracts Modified And Recorded Investment | The following tables detail the number of contracts modified as TDRs during the three-month periods ended September 30, 2020 and September 30, 2019, as well as the recorded investment of these contracts at September 30, 2020 and September 30, 2019. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically forgive principal. Three Months Ended (In thousands) Number of Accruing Nonaccrual Total Commercial, financial and agricultural 3 $ 35 $ 117 $ 152 Commercial real estate 4 — 359 359 Construction real estate: Commercial — — — — Mortgage — — — — Installment — — — — Residential real estate: Commercial — — — — Mortgage 5 258 109 367 HELOC 1 21 — 21 Installment 3 12 7 19 Consumer 64 109 479 588 Total loans 80 $ 435 $ 1,071 $ 1,506 Three Months Ended (In thousands) Number of Accruing Nonaccrual Total Commercial, financial and agricultural 8 $ 752 $ 5,002 $ 5,754 Commercial real estate 1 — 241 241 Construction real estate: Commercial 1 82 — 82 Mortgage — — — — Installment — — — — Residential real estate: Commercial 1 13 — 13 Mortgage 4 286 215 501 HELOC 6 31 107 138 Installment 9 407 14 421 Consumer 77 174 542 716 Total loans 107 $ 1,745 $ 6,121 $ 7,866 Of those loans which were modified and determined to be a TDR during the three-month period ended September 30, 2020, $0.1 million were on nonaccrual status at December 31, 2019. Of those loans which were modified and determined to be a TDR during the three-month period ended September 30, 2019, $0.6 million were on nonaccrual status at December 31, 2018. The following tables detail the number of contracts modified as TDRs during the nine-month periods ended September 30, 2020 and September 30, 2019, as well as the recorded investment of these contracts at September 30, 2020 and September 30, 2019. The recorded investment pre- and post-modification is generally the same due to the fact that Park does not typically forgive principal. Nine Months Ended (In thousands) Number of Accruing Nonaccrual Total Commercial, financial and agricultural 10 $ 117 $ 1,110 $ 1,227 Commercial real estate 8 1,136 2,068 3,204 Construction real estate: Commercial — — — — Mortgage 1 10 — 10 Installment 1 — 14 14 Residential real estate: Commercial 1 — 8 8 Mortgage 24 735 1,005 1,740 HELOC 6 25 18 43 Installment 16 191 63 254 Consumer 177 235 655 890 Total loans 244 $ 2,449 $ 4,941 $ 7,390 Nine Months Ended (In thousands) Number of Accruing Nonaccrual Total Commercial, financial and agricultural 24 $ 3,237 $ 6,059 $ 9,296 Commercial real estate 5 — 3,236 3,236 Construction real estate: Commercial 2 82 — 82 Mortgage 1 — — — Installment — — — — Residential real estate: Commercial 2 13 36 49 Mortgage 18 340 673 1,013 HELOC 14 121 243 364 Installment 25 951 52 1,003 Consumer 251 199 987 1,186 Total loans 342 $ 4,943 $ 11,286 $ 16,229 Of those loans which were modified and determined to be a TDR during the nine-month period ended September 30, 2020, $0.4 million were on nonaccrual status at December 31, 2019. Of those loans which were modified and determined to be a TDR during the nine-month period ended September 30, 2019, $1.8 million were on nonaccrual status at December 31, 2018. |
Recorded Investment In Financing Receivable Modified As TDR Within 12 Months | The following tables present the recorded investment in loans which were modified as TDRs within the previous 12 months and for which there was a payment default during the three-month and nine-month periods ended September 30, 2020 and September 30, 2019, respectively. For these tables, a loan is considered to be in default when it becomes 30 days contractually past due under the modified terms. The additional allowance for loan loss resulting from the defaults on TDR loans was immaterial. Three Months Ended Three Months Ended (In thousands) Number of Recorded Number of Recorded Commercial, financial and agricultural — $ — 2 $ 2 Commercial real estate 1 50 — — Construction real estate: Commercial — — — — Mortgage — — — — Installment 1 14 — — Residential real estate: Commercial — — — — Mortgage 4 365 4 257 HELOC 1 16 5 135 Installment 1 16 2 66 Consumer 26 263 51 477 Leases — — — — Total loans 34 $ 724 64 $ 937 Of the $0.7 million in modified TDRs which defaulted during the three-month period ended September 30, 2020, $65,000 were accruing loans and $0.7 million were nonaccrual loans. Of the $0.9 million in modified TDRs which defaulted during the three-month period ended September 30, 2019, $48,000 were accruing loans and $0.9 million were nonaccrual loans. Nine Months Ended Nine Months Ended (In thousands) Number of Recorded Number of Recorded Commercial, financial and agricultural 2 $ 89 3 $ 65 Commercial real estate 2 278 — — Construction real estate: Commercial — — — — Mortgage — — — — Installment 1 14 — — Residential real estate: Commercial 1 8 1 13 Mortgage 8 768 7 370 HELOC 1 16 7 165 Installment 2 28 2 66 Consumer 32 365 58 530 Leases — — — — Total loans 49 $ 1,566 78 $ 1,209 Of the $1.6 million in modified TDRs which defaulted during the nine-month period ended September 30, 2020, $621,000 were accruing loans and $0.9 million were nonaccrual loans. Of the $1.2 million in modified TDRs which defaulted during the nine-month period ended September 30, 2019, $87,000 were accruing loans and $1.1 million were nonaccrual loans. |
Allowance For Loan Losses (Tabl
Allowance For Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract] | |
Activity In The Allowance For Loan Losses | The activity in the allowance for loan losses for the three-month and nine-month periods ended September 30, 2020 and September 30, 2019 is summarized in the following tables. Three Months Ended (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Beginning balance $ 23,476 $ 16,469 $ 6,828 $ 10,507 $ 15,624 $ 572 $ 73,476 Charge-offs 241 45 — 34 1,208 1 1,529 Recoveries 181 47 35 189 803 — 1,255 Net charge-offs/(recoveries) 60 (2) (35) (155) 405 1 274 Provision 3,571 6,417 1,544 546 1,750 8 13,836 Ending balance $ 26,987 $ 22,888 $ 8,407 $ 11,208 $ 16,969 $ 579 $ 87,038 Three Months Ended (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Beginning balance $ 17,370 $ 10,377 $ 5,065 $ 8,869 $ 12,265 $ 57 $ 54,003 Charge-offs 585 8 — 85 1,801 — 2,479 Recoveries 403 246 432 98 1,183 — 2,362 Net charge-offs/(recoveries) 182 (238) (432) (13) 618 — 117 Provision/(recovery) 1,238 (177) (65) 49 908 14 1,967 Ending balance $ 18,426 $ 10,438 $ 5,432 $ 8,931 $ 12,555 $ 71 $ 55,853 |
Composition Of The Allowance For Loan Losses | The composition of the allowance for loan losses at September 30, 2020 and December 31, 2019 was as follows: September 30, 2020 (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 5,033 $ 3,014 $ — $ 155 $ — $ 464 $ 8,666 Collectively evaluated for impairment 21,913 19,872 8,407 10,993 16,969 115 78,269 Acquired with deteriorated credit quality 41 2 — 60 — — 103 Total ending allowance balance $ 26,987 $ 22,888 $ 8,407 $ 11,208 $ 16,969 $ 579 $ 87,038 Loan balance: Loans individually evaluated for impairment $ 33,075 $ 72,499 $ 3,142 $ 4,898 $ — $ 2,524 $ 116,138 Loans collectively evaluated for impairment 1,693,568 1,608,993 354,845 1,815,628 1,652,638 24,859 7,150,531 Loans acquired with deteriorated credit quality 373 7,985 1,009 2,383 — 127 11,877 Total ending loan balance $ 1,727,016 $ 1,689,477 $ 358,996 $ 1,822,909 $ 1,652,638 $ 27,510 $ 7,278,546 Allowance for loan losses as a percentage of loan balance: Loans individually evaluated for impairment 15.22 % 4.16 % — % 3.16 % — % 18.38 % 7.46 % Loans collectively evaluated for impairment 1.29 % 1.24 % 2.37 % 0.61 % 1.03 % 0.46 % 1.09 % Loans acquired with deteriorated credit quality 10.99 % 0.03 % — % 2.52 % — % — % 0.87 % Total 1.56 % 1.35 % 2.34 % 0.61 % 1.03 % 2.10 % 1.20 % Recorded investment: Loans individually evaluated for impairment $ 33,098 $ 72,519 $ 3,142 $ 4,897 $ — $ 2,524 $ 116,180 Loans collectively evaluated for impairment 1,700,477 1,615,685 355,806 1,819,008 1,657,153 24,881 7,173,010 Loans acquired with deteriorated credit quality 375 8,084 1,012 2,393 — 127 11,991 Total ending recorded investment $ 1,733,950 $ 1,696,288 $ 359,960 $ 1,826,298 $ 1,657,153 $ 27,532 $ 7,301,181 December 31, 2019 (In thousands) Commercial, Commercial Construction Residential Consumer Leases Total Allowance for loan losses: Ending allowance balance attributed to loans: Individually evaluated for impairment $ 5,104 $ 35 $ — $ 42 $ — $ 49 $ 5,230 Collectively evaluated for impairment 14,948 10,187 5,311 8,458 12,211 66 51,181 Acquired with deteriorated credit quality 151 7 — 110 — — 268 Total ending allowance balance $ 20,203 $ 10,229 $ 5,311 $ 8,610 $ 12,211 $ 115 $ 56,679 Loan balance: Loans individually evaluated for impairment $ 33,077 $ 41,770 $ 453 $ 2,025 $ — $ 134 $ 77,459 Loans collectively evaluated for impairment 1,151,073 1,558,550 330,106 1,888,088 1,452,373 29,424 6,409,614 Loans acquired with deteriorated credit quality (1) 960 9,093 1,140 2,613 2 523 14,331 Total ending loan balance $ 1,185,110 $ 1,609,413 $ 331,699 $ 1,892,726 $ 1,452,375 $ 30,081 $ 6,501,404 Allowance for loan losses as a percentage of loan balance: Loans individually evaluated for impairment 15.43 % 0.08 % — % 2.07 % — % 36.57 % 6.75 % Loans collectively evaluated for impairment 1.30 % 0.65 % 1.61 % 0.45 % 0.84 % 0.22 % 0.80 % Loans acquired with deteriorated credit quality 15.73 % 0.08 % — % 4.21 % — % — % 1.87 % Total 1.70 % 0.64 % 1.60 % 0.45 % 0.84 % 0.38 % 0.87 % Recorded investment: Loans individually evaluated for impairment $ 33,088 $ 41,791 $ 453 $ 2,025 $ — $ 134 $ 77,491 Loans collectively evaluated for impairment 1,155,449 1,564,011 331,161 1,891,941 1,456,687 29,444 6,428,693 Loans acquired with deteriorated credit quality (1) 966 9,182 1,143 2,625 2 523 14,441 Total ending recorded investment $ 1,189,503 $ 1,614,984 $ 332,757 $ 1,896,591 $ 1,456,689 $ 30,101 $ 6,520,625 (1) Excludes loans acquired with deteriorated credit quality which were individually evaluated for impairment due to additional credit deterioration or modification post acquisition. These loans had a balance of $5,000, a recorded investment of $6,000, and no allowance as of December 31, 2019. |
Schedule of High Risk Industries Additional Reserves | A breakout of the 4-rated balances and additional reserve related to these portfolios is detailed in the following table. September 30, 2020 (in thousands) 4-Rated Balance 4-Rated Balance - Originated 4-Rated Balance - Purchased Additional Reserve Hotels and accommodations $ 86,041 $ 85,050 $ 991 $ 1,435 Restaurants and food service 34,263 28,291 5,972 658 Strip shopping centers 181,517 158,790 22,727 1,789 Total $ 301,821 $ 272,131 $ 29,690 $ 3,882 Additionally, management applied a 1% reserve to all hotels and accommodations loans in the general reserve population to account for increased valuation risk. At September 30, 2020, Park's originated hotels and accommodation loans had a balance of $178.8 million with an additional reserve related to valuation risks of $1.8 million. |
Goodwill and other intangibles
Goodwill and other intangibles (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The following tables show the activity in goodwill and other intangible assets for the three-month and nine-month periods ended September 30, 2020 and 2019. (in thousands) Goodwill Other Total July 1, 2019 $ 158,057 $ 16,231 $ 174,288 Acquired goodwill and other intangible assets (58) — (58) Amortization — 741 741 September 30, 2019 $ 157,999 $ 15,490 $ 173,489 July 1, 2020 $ 159,595 $ 10,310 $ 169,905 Acquired goodwill and other intangible assets — — — Amortization — 525 525 September 30, 2020 $ 159,595 $ 9,785 $ 169,380 (in thousands) Goodwill Other Total December 31, 2018 $ 112,739 $ 6,971 $ 119,710 Acquired goodwill and other intangible assets 45,260 10,251 55,511 Amortization — 1,732 1,732 September 30, 2019 $ 157,999 $ 15,490 $ 173,489 December 31, 2019 $ 159,595 $ 11,523 $ 171,118 Acquired goodwill and other intangible assets — — — Amortization — 1,738 1,738 September 30, 2020 $ 159,595 $ 9,785 $ 169,380 |
Intangible Assets Disclosure [Text Block] | The following table shows the balance of acquired intangible assets as of September 30, 2020 and December 31, 2019. September 30, 2020 December 31, 2019 (in thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Other intangible assets: Core deposit intangible assets $ 14,456 $ 4,671 $ 14,456 $ 2,933 Trade name intangible assets 1,300 1,300 1,300 1,300 Total $ 15,756 $ 5,971 $ 15,756 $ 4,233 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated amortization expense related to core deposit intangible assets for each of the next five years follows: (in thousands) Total Three months ending December 31, 2020 $ 525 2021 1,798 2022 1,487 2023 1,323 2024 1,215 |
Investment in Qualified Affor_2
Investment in Qualified Affordable Housing (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Activity in Affordable Housing Program Obligation [Table Text Block] | The table below details the balances of Park’s affordable housing tax credit investments and related unfunded commitments at September 30, 2020 and December 31, 2019. (in thousands) September 30, 2020 December 31, 2019 Affordable housing tax credit investments $ 57,583 $ 53,070 Unfunded commitments 31,593 25,894 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Real Estate Owned [Abstract] | |
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Table Text Block] [Text Block] | Park typically transfers a loan to OREO at the time that Park takes deed/title to the real estate property asset. The carrying amounts of foreclosed real estate properties held at September 30, 2020 and December 31, 2019 are listed below, as well as the recorded investment of loans secured by residential real estate properties for which formal foreclosure proceedings were in process at those dates. (in thousands) September 30, 2020 December 31, 2019 OREO: Commercial real estate $ 31 $ 2,295 Construction real estate — 879 Residential real estate 805 855 Total OREO $ 836 $ 4,029 Loans in process of foreclosure: Residential real estate $ 2,679 $ 3,959 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Activity For MSRs And Related Valuation Allowance | Activity for MSRs and the related valuation allowance follows: Three Months Ended Nine Months Ended (In thousands) 2020 2019 2020 2019 Mortgage servicing rights: Carrying amount, net, beginning of period $ 9,505 $ 10,104 $ 10,070 $ 10,178 Additions 2,987 722 5,796 1,462 Amortization (1,254) (534) (2,853) (1,259) Changes in valuation allowance (198) (332) (1,973) (421) Carrying amount, net, end of period $ 11,040 $ 9,960 $ 11,040 $ 9,960 Valuation allowance: Beginning of period $ 2,600 $ 321 $ 825 $ 232 Changes in valuation allowance 198 332 1,973 421 End of period $ 2,798 $ 653 $ 2,798 $ 653 |
Leases Leases (Tables)
Leases Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Other information related to operating leases for the three and nine months ended September 30, 2020 and 2019 was as follows: Three Months Ended Nine Months Ended (in thousands) September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Lease cost Operating lease cost $ 905 $ 831 $ 2,671 $ 2,320 Sublease income (95) (97) (289) (285) Total lease cost $ 810 $ 734 $ 2,382 $ 2,035 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 906 $ 843 $ 2,710 $ 2,336 ROU assets obtained in exchange for new operating lease liabilities $ 25 $ 342 $ 7,794 $ 381 Reductions to ROU assets resulting from reductions to lease obligations $ (789) $ (726) $ (2,347) $ (2,021) |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Undiscounted cash flows included in lease liabilities have expected contractual payments as follows: (in thousands) September 30, 2020 3 months ending December 31, 2020 $ 880 2021 3,357 2022 3,210 2023 3,110 2024 2,025 Thereafter 8,395 Total undiscounted minimum lease payments $ 20,977 Present value adjustment (1,850) Total lease liabilities $ 19,127 |
Repurchase Agreement Borrowin_2
Repurchase Agreement Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Transfers and Servicing [Abstract] | |
Schedule of Assets and Associated Liabilities Accounted for as Secured Borrowings [Table Text Block] | The table below shows the remaining contractual maturity of repurchase agreements by collateral pledged at September 30, 2020 and December 31, 2019: September 30, 2020 (in thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total U.S. government and agency securities $ 295,435 $ — $ — $ — $ 295,435 December 31, 2019 (in thousands) Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 days 30 - 90 days Greater than 90 days Total U.S. government and agency securities $ 175,657 $ — $ — $ — $ 175,657 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative [Line Items] | |
Schedule of Derivative Instruments [Table Text Block] | Summary information about Park's interest rate swaps as of September 30, 2020 and December 31, 2019 follows: September 30, 2020 December 31, 2019 (In thousands, except weighted average data) Borrowing Derivatives Loan Derivatives Borrowing Derivatives Loan Derivatives Notional amounts $ 25,000 $ 33,783 $ 25,000 $ 35,503 Weighted average pay rates 2.595 % 4.691 % 2.595 % 4.695 % Weighted average receive rates 0.273 % 4.691 % 2.002 % 4.695 % Weighted average maturity (years) 1.7 9.6 2.5 10.2 Unrealized losses $ 1,026 $ — $ 575 $ — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the net gains (losses), net of income taxes, recorded in AOCI and the Consolidated Condensed Statements of Income related to interest rate swaps for the three -month and nine -month periods ended September 30, 2020 and 2019. Three Months Ended (In thousands) Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Income Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) Interest rate contracts $ 111 $ — $ — Three Months Ended (In thousands) Amount of Gain (Loss) Recognized in OCI (Effective Portion) Amount of Gain (Loss) Reclassified from OCI to Interest Income Amount of Gain (Loss) Recognized in Other Non-interest Income (Ineffective Portion) Interest rate contracts $ (49) $ — $ — |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The following tables reflect the interest rate swaps included in the Consolidated Condensed Balance Sheets as of September 30, 2020 and December 31, 2019. (In thousands) September 30, 2020 Notional Amount Fair Value Included in other assets: Borrowing derivatives - interest rate swaps related to FHLB advances $ — $ — Loan derivatives - instruments associated with loans Matched interest rate swaps with borrower 33,783 4,503 Matched interest rate swaps with counterparty — — Total included in other assets $ 33,783 $ 4,503 Included in other liabilities: Borrowing derivatives - interest rate swaps related to FHLB advances $ 25,000 $ (1,026) Loan derivatives - instruments associated with loans Matched interest rate swaps with borrower — — Matched interest rate swaps with counterparty 33,783 (4,503) Total included in other liabilities $ 58,783 $ (5,529) (In thousands) December 31, 2019 Notional Amount Fair Value Included in other assets: Borrowing derivatives - interest rate swaps related to FHLB advances $ — $ — Loan derivatives - instruments associated with loans Matched interest rate swaps with borrower 24,421 1,781 Matched interest rate swaps with counterparty 11,083 89 Total included in other assets $ 35,504 $ 1,870 Included in other liabilities: Borrowing derivatives - interest rate swaps related to FHLB advances $ 25,000 $ (575) Loan derivatives - instruments associated with loans Matched interest rate swaps with borrower 11,083 (89) Matched interest rate swaps with counterparty 24,421 (1,781) Total included in other liabilities $ 60,504 $ (2,445) |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary Of Computation Of Basic And Diluted Earnings Per Common Share | The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended September 30, 2020 and 2019. Three Months Ended Nine Months Ended (In thousands, except share and per common share data) 2020 2019 2020 2019 Numerator: Net income $ 30,846 $ 31,146 $ 82,723 $ 78,764 Denominator: Weighted-average common shares outstanding 16,300,720 16,382,798 16,300,250 16,198,294 Effect of dilutive PBRSUs and TBRSUs 93,072 92,943 98,100 89,401 Weighted-average common shares outstanding adjusted for the effect of dilutive PBRSUs and TBRSUs 16,393,792 16,475,741 16,398,350 16,287,695 Earnings per common share: Basic earnings per common share $ 1.89 $ 1.90 $ 5.07 $ 4.86 Diluted earnings per common share $ 1.88 $ 1.89 $ 5.04 $ 4.84 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Results By Segment | Operating Results for the three months ended (In thousands) PNB GFSC All Other Total Net interest income (expense) $ 83,795 $ 893 $ (848) $ 83,840 Provision for (recovery of) loan losses 13,839 34 (37) 13,836 Other income 35,430 60 1,068 36,558 Other expense 65,590 499 3,770 69,859 Income (loss) before income taxes $ 39,796 $ 420 $ (3,513) $ 36,703 Income tax expense (benefit) 6,908 88 (1,139) 5,857 Net income (loss) $ 32,888 $ 332 $ (2,374) $ 30,846 Assets (at September 30, 2020) $ 9,195,911 $ 16,045 $ 28,050 $ 9,240,006 Operating Results for the three months ended (In thousands) PNB GFSC All Other Total Net interest income (expense) $ 76,180 $ 1,244 $ (323) $ 77,101 Provision for (recovery of) loan losses 2,320 143 (496) 1,967 Other income 24,842 59 3,235 28,136 Other expense 60,943 902 3,893 65,738 Income (loss) before income taxes $ 37,759 $ 258 $ (485) $ 37,532 Income tax expense (benefit) 6,811 55 (480) 6,386 Net income (loss) $ 30,948 $ 203 $ (5) $ 31,146 Assets (at September 30, 2019) $ 8,673,919 $ 27,481 $ 22,210 $ 8,723,610 Operating Results for the nine months ended (In thousands) PNB GFSC All Other Total Net interest income (expense) $ 238,900 $ 3,070 $ (661) $ 241,309 Provision for (recovery of) loan losses 32,256 338 (1,381) 31,213 Other income (loss) 89,920 154 (66) 90,008 Other expense 187,661 1,915 11,358 200,934 Income (loss) before income taxes $ 108,903 $ 971 $ (10,704) $ 99,170 Income tax expense (benefit) 19,357 204 (3,114) 16,447 Net income (loss) $ 89,546 $ 767 $ (7,590) $ 82,723 Operating Results for the nine months ended (In thousands) PNB GFSC All Other Total Net interest income (expense) $ 217,355 $ 3,786 $ (413) $ 220,728 Provision for (recovery of) loan losses 6,563 458 (637) 6,384 Other income 68,224 142 4,603 72,969 Other expense 172,931 2,638 17,188 192,757 Income (loss) before income taxes $ 106,085 $ 832 $ (12,361) $ 94,556 Income tax expense (benefit) 19,063 179 (3,450) 15,792 Net income (loss) $ 87,022 $ 653 $ (8,911) $ 78,764 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | A summary of changes in the common shares subject to nonvested PBRSUs and TBRSUs for the nine months ended September 30, 2020 follows: Common shares subject to PBRSUs and TBRSUs Nonvested at January 1, 2020 194,722 Granted 62,265 Vested (44,379) Forfeited (3,101) Adjustment for performance conditions of PBRSUs (1) (5,399) Nonvested at September 30, 2020 (2) 204,108 |
Share-based Payment Arrangement, Nonvested Award, Cost [Table Text Block] | The following table details expected additional share-based compensation expense related to PBRSUs and TBRSUs outstanding at September 30, 2020: (In thousands) Three months ending December 31, 2020 $ 1,198 2021 3,644 2022 2,401 2023 997 2024 161 Total $ 8,401 |
Benefit Plan (Tables)
Benefit Plan (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Components Of Net Periodic Benefit Expense | The following table shows the components of net periodic pension benefit expense: Three Months Ended Nine Months Ended Affected Line Item in the Consolidated (In thousands) 2020 2019 2020 2019 Service cost $ 2,080 $ 1,468 $ 6,240 $ 4,404 Employee benefits Interest cost 1,320 1,373 3,960 4,119 Other components of net Expected return on plan assets (3,602) (3,026) (10,806) (9,078) Other components of net Recognized net actuarial loss and prior service costs 294 470 882 1,410 Other components of net Net periodic pension benefit expense $ 92 $ 285 $ 276 $ 855 Park has entered into Supplemental Executive Retirement Plan Agreements (the “SERP Agreements”) with certain key officers of the Corporation and its subsidiaries which provide defined pension benefits in excess of limits imposed by federal tax law. The expense for the Corporation related to the SERP Agreements for the three and nine months ended September 30, 2020 and 2019 was as follows: Three Months Ended Nine Months Ended Affected Line Item in the Consolidated (In thousands) 2020 2019 2020 2019 Service cost $ 218 $ 202 $ 801 $ 604 Employee benefits Interest cost 134 165 401 495 Miscellaneous expense Total SERP expense $ 352 $ 367 $ 1,202 $ 1,099 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents assets and liabilities measured at fair value on a recurring basis: Fair Value Measurements at September 30, 2020 using: (In thousands) Level 1 Level 2 Level 3 Balance at September 30, 2020 Assets Investment securities: Obligations of states and political subdivisions — 304,506 304,506 U.S. Government sponsored entities’ asset-backed securities — 726,297 — 726,297 Corporate debt securities — 2,011 — 2,011 Equity securities 1,558 — 484 2,042 Mortgage loans held for sale — 48,265 — 48,265 Mortgage IRLCs — 2,878 — 2,878 Loan interest rate swaps — 4,503 — 4,503 Liabilities Fair value swap $ — $ — $ 226 $ 226 Borrowing interest rate swap — 1,026 — 1,026 Loan interest rate swaps — 4,503 — 4,503 Fair Value Measurements at December 31, 2019 using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2019 Assets Investment securities: Obligations of states and political subdivisions $ — $ 320,491 $ — $ 320,491 U.S. Government sponsored entities’ asset-backed securities — 889,210 — 889,210 Equity securities 1,537 — 456 1,993 Mortgage loans held for sale — 12,278 — 12,278 Mortgage IRLCs — 221 — 221 Loan interest rate swaps — 1,870 — 1,870 Liabilities Fair value swap $ — $ — $ 226 $ 226 Borrowing interest rate swap — 575 — 575 Loan interest rate swaps — 1,870 — 1,870 |
Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis | The tables below present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three months and nine months ended September 30, 2020 and 2019, for financial instruments measured on a recurring basis and classified as Level 3: Level 3 Fair Value Measurements Three months ended September 30, 2020 and 2019 (In thousands) Equity Fair value Balance at July 1, 2020 $ 471 $ (226) Total gains Included in other income 13 — Balance at September 30, 2020 $ 484 $ (226) Balance at July 1, 2019 $ 433 $ (226) Total gains Included in other income 5 — Balance at September 30, 2019 $ 438 $ (226) Level 3 Fair Value Measurements Nine months ended September 30, 2020 and 2019 (In thousands) Equity Fair value Balance at January 1, 2020 $ 456 $ (226) Total gains Included in other income 28 — Balance at September 30, 2020 $ 484 $ (226) Balance at January 1, 2019 $ 424 $ (226) Total gains Included in other income 14 — Balance at September 30, 2019 $ 438 $ (226) |
Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis | The following tables present assets and liabilities measured at fair value on a nonrecurring basis. Collateral dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. As of September 30, 2020, there were no PCI loans carried at fair value. A new cost basis is established at the time a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken with respect to the property's value subsequent to the initial measurement. Fair Value Measurements at September 30, 2020 using: (In thousands) Level 1 Level 2 Level 3 Balance at September 30, 2020 Impaired loans recorded at fair value: Commercial real estate $ — $ — $ 16,054 $ 16,054 Residential real estate — — 172 172 Total impaired loans recorded at fair value $ — $ — $ 16,226 $ 16,226 MSRs $ — $ 11,029 $ — $ 11,029 OREO recorded at fair value: Residential real estate — — 767 767 Total OREO recorded at fair value $ — $ — $ 767 $ 767 Other repossessed assets $ — $ — $ 3,392 $ 3,392 Fair Value Measurements at December 31, 2019 using: (In thousands) Level 1 Level 2 Level 3 Balance at December 31, 2019 Impaired loans recorded at fair value: Commercial real estate $ — $ — $ 1,873 $ 1,873 Residential real estate — — 217 217 Total impaired loans recorded at fair value $ — $ — $ 2,090 $ 2,090 MSRs $ — $ 5,797 $ — $ 5,797 OREO recorded at fair value: Commercial real estate — — 2,295 2,295 Residential real estate — — 738 738 Total OREO recorded at fair value $ — $ — $ 3,033 $ 3,033 Other repossessed assets $ — $ — $ 3,599 $ 3,599 |
Schedule of impaired financing receivables additional info | The table below provides additional detail on those impaired loans which are recorded at fair value as well as the remaining impaired loan portfolio not included above. The remaining impaired loans consist of loans which are not collateral dependent as well as loans carried at cost as the fair value of the underlying collateral or the present value of expected future cash flows on each of the loans exceeded the book value for each respective credit. September 30, 2020 (In thousands) Recorded Investment Prior Charge-Offs Specific Valuation Allowance Carrying Balance Impaired loans recorded at fair value $ 19,395 $ 247 $ 3,169 $ 16,226 Remaining impaired loans 96,785 316 5,497 91,288 Total impaired loans $ 116,180 $ 563 $ 8,666 $ 107,514 December 31, 2019 (In thousands) Recorded Investment Prior Charge-Offs Specific Valuation Allowance Carrying Balance Impaired loans recorded at fair value $ 2,167 $ 313 $ 77 $ 2,090 Remaining impaired loans 75,324 406 5,153 70,171 Total impaired loans $ 77,491 $ 719 $ 5,230 $ 72,261 |
Qualitative Information about Level 3 Fair Value Measurements Measured on Non-Recurring Basis | The following tables present qualitative information about Level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at September 30, 2020 and December 31, 2019: September 30, 2020 (In thousands) Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (1) Impaired loans: Commercial real estate $ 16,054 Sales comparison approach Adj to comparables 0.0% - 139.0% (20.6%) Income approach Capitalization rate 9.0% - 20.0% (9.6%) Residential real estate $ 172 Sales comparison approach Adj to comparables 2.7% - 47.8% (10.6%) Other real estate owned: Residential real estate $ 767 Sales comparison approach Adj to comparables 7.6% - 11.2% (8.9%) Balance at December 31, 2019 (In thousands) Fair Value Valuation Technique Unobservable Input(s) Range (Weighted Average) (1) Impaired loans: Commercial real estate $ 1,873 Sales comparison approach Adj to comparables 0.0% - 56.0% (26.5%) Cost approach Accumulated depreciation 93.1% (93.1%) Residential real estate $ 217 Sales comparison approach Adj to comparables 0.0% - 53.5% (10.8%) Other real estate owned: Commercial real estate $ 2,295 Sales comparison approach Adj to comparables 0.9% - 68.4% (34.7%) Income approach Capitalization rate 13.0% (13.0%) Residential real estate $ 738 Sales comparison approach Adj to comparables 4.6% - 54.6% (39.2%) |
Fair Value, by Balance Sheet Grouping | The fair value of certain financial instruments at September 30, 2020 and December 31, 2019, was as follows: September 30, 2020 Fair Value Measurements (In thousands) Carrying value Level 1 Level 2 Level 3 Total fair value Financial assets: Cash and money market instruments $ 246,709 $ 246,709 $ — $ — $ 246,709 Investment securities (1) 1,032,814 — 1,032,814 — 1,032,814 Other investment securities (2) 2,042 1,558 — 484 2,042 Loans held for sale 48,265 — 48,265 — 48,265 Mortgage IRLCs 2,878 — 2,878 — 2,878 Impaired loans carried at fair value 16,226 — — 16,226 16,226 Other loans, net 7,124,139 — — 7,168,180 7,168,180 Loans receivable, net $ 7,191,508 $ — $ 51,143 $ 7,184,406 $ 7,235,549 Financial liabilities: Time deposits $ 931,201 $ — $ 938,492 $ — $ 938,492 Other 5,374 5,374 — — 5,374 Deposits (excluding demand deposits) $ 936,575 $ 5,374 $ 938,492 $ — $ 943,866 Short-term borrowings $ 320,435 $ — $ 320,435 $ — $ 320,435 Long-term debt 135,000 — 142,849 — 142,849 Subordinated notes 187,668 — 180,209 — 180,209 Derivative financial instruments - assets: Loan interest rate swaps $ 4,503 $ — $ 4,503 $ — $ 4,503 Derivative financial instruments - liabilities: Fair value swap $ 226 $ — $ — $ 226 $ 226 Borrowing interest rate swap 1,026 — 1,026 — 1,026 Loan interest rate swaps 4,503 — 4,503 — 4,503 (1) Includes AFS debt securities. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient. December 31, 2019 Fair Value Measurements (In thousands) Carrying value Level 1 Level 2 Level 3 Total fair value Financial assets: Cash and money market instruments $ 159,956 $ 159,956 $ — $ — $ 159,956 Investment securities (1) 1,209,701 — 1,209,701 — 1,209,701 Other investment securities (2) 1,993 1,537 — 456 1,993 Loans held for sale 12,278 — 12,278 — 12,278 Mortgage IRLCs 221 — 221 — 221 Impaired loans carried at fair value 2,090 — — 2,090 2,090 Other loans, net 6,430,136 — — 6,426,869 6,426,869 Loans receivable, net $ 6,444,725 $ — $ 12,499 $ 6,428,959 $ 6,441,458 Financial liabilities: Time deposits $ 1,139,131 $ — $ 1,145,537 — $ 1,145,537 Other 1,273 1,273 — — 1,273 Deposits (excluding demand deposits) $ 1,140,404 $ 1,273 $ 1,145,537 $ — $ 1,146,810 Short-term borrowings $ 230,657 $ — $ 230,657 $ — $ 230,657 Long-term debt 192,500 — 200,726 — 200,726 Subordinated notes 15,000 — 14,372 — 14,372 Derivative financial instruments - assets: Loan interest rate swaps 1,870 — 1,870 — 1,870 Derivative financial instruments - liabilities: Fair value swap $ 226 $ — $ — $ 226 $ 226 Borrowing interest rate swap 575 — 575 — 575 Loan interest rate swaps 1,870 — 1,870 — 1,870 (1) Includes AFS debt securities and HTM debt securities. (2) Excludes FHLB stock and FRB stock which are carried at their respective redemption values, investment securities accounted for at modified cost as these investments do not have a readily determinable fair value, and Partnership Investments valued using the NAV practical expedient. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability [Table Text Block] | Three Months Ended Revenue by Operating Segment (in thousands) PNB GFSC All Other Total Income from fiduciary activities Personal trust and agency accounts $ 2,290 $ — $ — $ 2,290 Employee benefit and retirement-related accounts 1,967 — — 1,967 Investment management and investment advisory agency accounts 2,695 — — 2,695 Other 383 — — 383 Service charges on deposit accounts Non-sufficient funds (NSF) fees 1,201 — — 1,201 Demand deposit account (DDA) charges 787 — — 787 Other 130 — — 130 Other service income (1) Credit card 487 1 — 488 HELOC 108 — — 108 Installment 43 — — 43 Real estate 11,806 — — 11,806 Commercial 567 — 35 602 Debit card fee income 5,853 — — 5,853 Bank owned life insurance income (2) 1,109 — 83 1,192 ATM fees 491 — — 491 Gain on sale of OREO, net 198 — 371 569 Net loss on the sale of investment securities (2) (27) — — (27) Gain on equity securities, net (2) 739 — 462 1,201 Other components of net periodic pension benefit income (2) 1,940 24 24 1,988 Miscellaneous (3) 2,663 35 93 2,791 Total other income $ 35,430 $ 60 $ 1,068 $ 36,558 (1) Of the $13.0 million of aggregate revenue included within "Other service income", approximately $1.3 million is within the scope of ASC 606, with the remaining $11.7 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $2.8 million, all of which are within scope of ASC 606. Three Months Ended Revenue by Operating Segment (in thousands) PNB GFSC All Other Total Income from fiduciary activities Personal trust and agency accounts $ 2,151 $ — $ — $ 2,151 Employee benefit and retirement-related accounts 1,753 — — 1,753 Investment management and investment advisory agency accounts 2,547 — — 2,547 Other 391 — — 391 Service charges on deposit accounts Non-sufficient funds (NSF) fees 1,911 — — 1,911 Demand deposit account (DDA) charges 784 — — 784 Other 169 — — 169 Other service income (1) Credit card 586 1 — 587 HELOC 71 — 1 72 Installment 62 — (88) (26) Real estate 3,226 — (1) 3,225 Commercial 262 — 140 402 Debit card fee income 5,313 — — 5,313 Bank owned life insurance income (2) 1,021 — 86 1,107 ATM fees 482 — — 482 Loss on sale of OREO, net (53) — — (53) Net gain on the sale of investment securities (2) 186 — — 186 Gain on equity securities, net (2) 240 — 3,095 3,335 Other components of net periodic pension benefit income (2) 1,147 13 23 1,183 Miscellaneous (3) 2,593 45 (21) 2,617 Total other income $ 24,842 $ 59 $ 3,235 $ 28,136 (1) Of the $4.3 million of aggregate revenue included within "Other service income", approximately $1.3 million is within the scope of ASC 606, with the remaining $3.0 million consisting primarily of residential real estate loan fees which are out of scope. (2) Not within the scope of ASC 606. (3) "Miscellaneous" income includes brokerage income, safe deposit box rentals, and miscellaneous bank fees totaling $2.6 million, all of which are within scope of ASC 606. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | ||||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | $ 0 | $ 19,095 | $ 0 | $ 19,095 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Apr. 01, 2019 | Jul. 01, 2018 | |
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | $ 578,577,000 | |||||
Business Acquisition, Share Price | $ 3.80 | |||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Payments to Acquire Businesses, Gross | $ 28,630,000 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 98,275,000 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Fair Value Method | 126,905,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 23,799,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | 97,606,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 578,577,000 | $ 272,800,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment [Abstract] | 8,337,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,207,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 32,123,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 748,649,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | 632,649,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | 35,951,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 668,600,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 80,049,000 | |||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 589,698,000 | $ 277,900,000 | ||||
Goodwill, Acquired During Period | $ 0 | $ 0 | 45,260,000 | |||
Carolina Alliance [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Cost Expensed | $ 158,000 | $ 654,000 | $ 602,000 | 6,900,000 | ||
Goodwill, Acquired During Period | $ 46,856,000 | |||||
Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Share Price | $ 0.1378 | |||||
Commercial, Financial, and Agricultural [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | $ 80,580,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 80,895,000 | |||||
Commercial Real Estate [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 273,855,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 281,425,000 | |||||
Construction Real Estate Commercial [Domain] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 42,176,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 43,106,000 | |||||
Construction Real Estate - Mortgage [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 10,633,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 11,130,000 | |||||
Residential Real Estate Commercial [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 48,684,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 48,546,000 | |||||
Residential Real Estate - Mortgage [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 30,969,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 30,519,000 | |||||
Residential Real Estate Home Equity Line Of Credit [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 39,853,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 40,825,000 | |||||
Consumer Loan [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 4,647,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 4,813,000 | |||||
Finance Leases Portfolio Segment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 28,781,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 28,589,000 | |||||
Purchased credit impaired [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 18,399,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 19,850,000 | |||||
Performing Financial Instruments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivable, Fair Value | 560,200,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 572,600,000 |
Business Combinations Business
Business Combinations Business Combination Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 241,253 | $ 227,974 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 83,178 | $ 86,227 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 5.10 | $ 5.21 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 5.07 | $ 5.18 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||||
Other than Temporary Impairment Losses, Investments | $ 0 | $ 0 | |||
Asset backed securities mortgage portfolio, term | 15 years | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Debt Securities, Available-for-sale, Amortized Cost | $ 980,047,000 | $ 980,047,000 | $ 1,187,499,000 | ||
Debt Securities, Available-for-sale, Realized Gain (Loss) | (27,000) | $ 186,000 | 3,286,000 | (421,000) | |
Debt Securities, Available-for-sale, Realized Gain | 37,000 | 253,000 | 3,400,000 | 271,000 | |
Debt Securities, Available-for-sale, Realized Loss | 64,000 | 67,000 | 64,000 | 692,000 | |
Debt Securities, Held-to-maturity, Transfer, Amount | 373,900,000 | ||||
Debt Securities, Available for Sale, Sold at Gain, Amortized Cost Amount | 140,900,000 | 23,800,000 | 196,400,000 | 29,100,000 | |
Debt Securities, Available for Sale, Sold at Loss, Amortized Cost Amount | 112,500,000 | $ 10,700,000 | 112,500,000 | $ 62,400,000 | |
U.S. Government Sponsored Entities Asset-Backed Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Debt Securities, Available-for-sale, Amortized Cost | 698,237,000 | 698,237,000 | 884,571,000 | ||
Collateral Pledged [Member] | |||||
Schedule of Investments [Line Items] | |||||
Debt Securities, Available-for-sale, Restricted | $ 688,000,000 | $ 688,000,000 | $ 585,000,000 |
Investment Securities (Schedule
Investment Securities (Schedule Of Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 980,047 | $ 1,187,499 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 52,799 | 28,425 |
Securities Available-for-Sale, Gross Unrealized Holding Losses | 32 | 6,223 |
Debt Securities, Available-for-sale | 1,032,814 | 1,209,701 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 279,810 | 302,928 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 24,696 | 17,563 |
Debt Securities, Available-for-sale | 304,506 | 320,491 |
U.S. Government Sponsored Entities Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 698,237 | 884,571 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 28,092 | 10,862 |
Securities Available-for-Sale, Gross Unrealized Holding Losses | 32 | 6,223 |
Debt Securities, Available-for-sale | 726,297 | $ 889,210 |
Corporate Debt Securities | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 2,000 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 11 | |
Debt Securities, Available-for-sale | $ 2,011 |
Investment Securities (Schedu_2
Investment Securities (Schedule Of Unrealized Loss On Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Securities Available-for-Sale, Less than 12 months, Fair value | $ 237,613 | |
Securities Available-for-Sale, Less than 12 months, Unrealized losses | 1,106 | |
Securities Available-for-Sale, 12 months or longer, Fair value | $ 5,330 | 171,805 |
Securities Available-for-Sale, 12 months or longer, Unrealized losses | 32 | 5,117 |
Securities Available-for-Sale, Fair value, Total | 5,330 | 409,418 |
Securities Available-for-Sale, Unrealized losses, Total | 32 | 6,223 |
U.S. Government Sponsored Entities Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Securities Available-for-Sale, Less than 12 months, Fair value | 237,613 | |
Securities Available-for-Sale, Less than 12 months, Unrealized losses | 1,106 | |
Securities Available-for-Sale, 12 months or longer, Fair value | 5,330 | 171,805 |
Securities Available-for-Sale, 12 months or longer, Unrealized losses | 32 | 5,117 |
Securities Available-for-Sale, Fair value, Total | 5,330 | 409,418 |
Securities Available-for-Sale, Unrealized losses, Total | $ 32 | $ 6,223 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Estimated Fair Value Of Investments In Debt Securities By Contractual Maturity) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 980,047 | $ 1,187,499 |
Securities Available-for-Sale, Total Fair value | 1,032,814 | 1,209,701 |
U.S. Government Sponsored Entities Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 698,237 | 884,571 |
Securities Available-for-Sale, Total Fair value | $ 726,297 | 889,210 |
Available for Sale Securities Weighted Avg Yield | 2.37% | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | $ 58,800 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | $ 64,264 | |
Debt Securities, Available-for-sale, Maturity, after Five Through Ten Years, Weighted Average Yield | 3.81% | |
Debt Securities, Available-for-sale, Allocated and Single Maturity Date, Maturity, after 10 Years, Amortized Cost | $ 221,010 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after 10 Years, Fair Value | $ 240,242 | |
Debt Securities, Available-for-sale, Maturity, after 10 Years, Weighted Average Yield | 3.67% | |
Debt Securities, Available-for-sale, Amortized Cost | $ 279,810 | 302,928 |
Securities Available-for-Sale, Total Fair value | $ 304,506 | $ 320,491 |
Available for Sale Securities Weighted Avg Yield | 3.70% | |
Corporate Debt Securities | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Amortized Cost | $ 2,000 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, after Five Through Ten Years, Fair Value | $ 2,011 | |
Debt Securities, Available-for-sale, Maturity, after Five Through Ten Years, Weighted Average Yield | 4.00% | |
Debt Securities, Available-for-sale, Amortized Cost | $ 2,000 | |
Securities Available-for-Sale, Total Fair value | $ 2,011 |
Other Investment Securities (Sc
Other Investment Securities (Schedule Of Other Investment Securities) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | |||||
Other Investment Securities, | Other Investment Securities Other investment securities consist of stock investments in the FHLB, the FRB, and equity securities. The FHLB and FRB stock investments are carried at their redemption value. Equity securities with a readily determinable fair value are carried at fair value. Equity securities without a readily determinable fair value are recorded at cost, minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions ("modified cost"). Park's portfolio of equity investments in limited partnerships which provide mezzanine funding ("Partnership Investments") are valued using the NAV practical expedient in accordance with ASC 820. The carrying amounts of other investment securities at September 30, 2020 and December 31, 2019 were as follows: (In thousands) September 30, 2020 December 31, 2019 FHLB stock $ 22,421 $ 30,060 FRB stock 14,653 14,653 Equity investments carried at fair value 2,042 1,993 Equity investments carried at modified cost (1) 4,689 2,689 Equity investments carried at NAV 20,979 20,411 Total other investment securities $ 64,784 $ 69,806 (1) There have been no impairments, downward adjustments, or upward adjustments made to equity investments carried at modified cost. During the three months ended September 30, 2020 and 2019, the FHLB repurchased 13,971 and 18,567 shares, respectively, of FHLB stock with a book value of $1.4 million and $1.9 million, respectively. During the nine months ended September 30, 2020 and 2019, the FHLB repurchased 76,394 and 99,646 shares, respectively, of FHLB stock with a book value of $7.6 million and $10.0 million, respectively. Additionally, during 2019, Park acquired Carolina Alliance's FHLB shares which were subsequently repurchased by the FHLB. During the three and nine months ended September 30, 2019, Park purchased 76,831 and 128,553 shares, respectively, of FRB stock, with a book value of $3.8 million and $6.4 million, respectively. No shares of FRB stock were purchased during the three and nine months ended September 30, 2020. During the three months ended September 30, 2020 and 2019, $(89,000) and $58,000, respectively, of unrealized (losses) gains on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2020 and 2019, $(708,000) and $241,000, respectively, of unrealized (losses) gains on equity investments carried at fair value were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. During the three months ended September 30, 2020 and 2019, $1.3 million and $3.3 million, respectively, of gains on equity investments carried at NAV were recorded within “Gain (loss) on equity securities, net” on the Consolidated Condensed Statements of Income. During the nine months ended September 30, 2020 and 2019, $(41,000) and $5.1 million, respectively, of (losses) gains on equity investments carried at NAV were recorded within "Gain (loss) on equity securities, net" on the Consolidated Condensed Statements of Income. | ||||
Federal Home Loan Bank Stock | $ 22,421,000 | $ 22,421,000 | $ 30,060,000 | ||
Federal Reserve Bank Stock | 14,653,000 | 14,653,000 | 14,653,000 | ||
Equity investments carried at fair value | 2,042,000 | 2,042,000 | 1,993,000 | ||
Equity Method Investments | 4,689,000 | 4,689,000 | 2,689,000 | ||
Alternative Investment | 20,979,000 | 20,979,000 | 20,411,000 | ||
Other investment securities | $ 64,784,000 | $ 64,784,000 | $ 69,806,000 | ||
equity investment shares sold | 13,971 | 18,567 | 76,394 | 99,646 | |
Payments for (Proceeds from) Federal Home Loan Bank Stock | $ (1,400,000) | $ (1,900,000) | $ (7,639,000) | $ (9,964,000) | |
equity investment purchased, shares | 76,831 | 128,553 | |||
Payments to Acquire Federal Reserve Bank Stock | $ 3,800,000 | 0 | $ 5,180,000 | ||
Loss (gain) on equity securities, net | 1,201,000 | 3,335,000 | (749,000) | 5,309,000 | |
Alternative Investment, income recognized | 1,300,000 | 3,300,000 | (41,000) | 5,100,000 | |
PNB [Member] | |||||
Schedule of Investments [Line Items] | |||||
Payments for (Proceeds from) Federal Home Loan Bank Stock | (10,000,000) | ||||
Payments to Acquire Federal Reserve Bank Stock | 6,400,000 | ||||
Loss (gain) on equity securities, net | 739,000 | 240,000 | 113,000 | 972,000 | |
Equity Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Loss (gain) on equity securities, net | $ (89,000) | $ 58,000 | $ (708,000) | $ 241,000 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Apr. 01, 2019 | Jul. 01, 2018 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Business Combination, Acquired Receivable, Fair Value | $ 578,577,000 | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | 589,698,000 | $ 277,900,000 | |||||
Loans and Leases Receivable, Deferred Income | $ 30,800,000 | $ 30,800,000 | $ 16,300,000 | ||||
Goodwill, Purchase Accounting Adjustments | 8,100,000 | 11,700,000 | |||||
Troubled Debt Restructuring, Classification removed | 709,000 | $ 15,000 | 1,600,000 | $ 38,000 | |||
Partial Charge-Offs On Impaired Loans | 563,000 | 719,000 | |||||
Impaired Financing Receivable, Related Allowance | 8,666,000 | 8,666,000 | 5,230,000 | ||||
Recorded investment, related to loans | 34,100,000 | 34,100,000 | 12,700,000 | ||||
Troubled Debt Restructuring Included In Nonaccrual Loans | 22,900,000 | 22,900,000 | 34,300,000 | ||||
TDRs included in accruing loan totals | 23,900,000 | 23,900,000 | 21,300,000 | ||||
Nonaccrual Trouble Debt Restructuring Current | 12,500,000 | 12,500,000 | 23,200,000 | ||||
Commitments to lend additional funds to borrowers whose terms had been modified in a TDR | 4,700,000 | 4,700,000 | 7,900,000 | ||||
Specific reserves related to troubled debt restructuring | 2,000,000 | 2,000,000 | 2,200,000 | ||||
Additional Specific Reserves Related To Troubled Debt Restructuring | 0 | 0 | |||||
Financing Receivable, Modifications, Recorded Investment, During Period | 1,506,000 | 7,866,000 | 7,390,000 | 16,229,000 | |||
Loan Modifications on Nonacrrual status | 100,000 | 600,000 | $ 400,000 | 1,800,000 | |||
Loan past due period before entering default status | 30 days | ||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment, During Period | 700,000 | 900,000 | $ 1,600,000 | 1,200,000 | |||
Deposit Liabilities Reclassified as Loans Receivable | 4,800,000 | 4,800,000 | 2,200,000 | ||||
PPP loans originated [Line Items] | 542,800,000 | ||||||
SBA Fees received | 20,200,000 | ||||||
SBA PPP Fees recognized | 3,800,000 | 6,600,000 | |||||
PPP loans receivable [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Loans and Leases Receivable, Deferred Income | 13,600,000 | 13,600,000 | |||||
Financing Receivable With No Related Allowance Recorded [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Partial Charge-Offs On Impaired Loans | 400,000 | 500,000 | |||||
Financing Receivable With A Related Allowance Recorded [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Partial Charge-Offs On Impaired Loans | 197,000 | 210,000 | |||||
Commercial Real Estate [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment, During Period | 359,000 | 241,000 | 3,204,000 | 3,236,000 | |||
Commercial Real Estate [Member] | Financing Receivable With No Related Allowance Recorded [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | ||||
Commercial Real Estate [Member] | Financing Receivable With A Related Allowance Recorded [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Impaired Financing Receivable, Related Allowance | 3,014,000 | 3,014,000 | 35,000 | ||||
Accruing [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment, During Period | 435,000 | 1,745,000 | 2,449,000 | 4,943,000 | |||
Loans modified during period | 65,000 | 48,000 | 621,000 | 87,000 | |||
Accruing [Member] | Commercial Real Estate [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment, During Period | 1,136,000 | ||||||
Nonaccrual [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment, During Period | 1,071,000 | 6,121,000 | 4,941,000 | 11,286,000 | |||
Loans modified during period | 700,000 | 900,000 | 900,000 | 1,100,000 | |||
Nonaccrual [Member] | Commercial Real Estate [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment, During Period | 359,000 | 241,000 | 2,068,000 | 3,236,000 | |||
Consumer [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment, During Period | 16,700,000 | 11,900,000 | 58,200,000 | 21,400,000 | |||
Commercial Portfolio Segment [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivable, Modifications, Recorded Investment, During Period | $ 400,000 | 0 | $ 600,000 | ||||
Financing Receivables, COVID Modifications, Recorded Investment, During Period | 583,700,000 | ||||||
Commercial Portfolio Segment [Member] | Covid Restructuring [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivables, COVID Modifications, Recorded Investment, During Period | 112,000 | ||||||
Commercial Portfolio Segment [Member] | Other Restructuring [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivables, COVID Modifications, Recorded Investment, During Period | 6,000,000 | ||||||
Consumer Loan [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivables, COVID Modifications, Recorded Investment, During Period | 111,000,000 | ||||||
Consumer Loan [Member] | Covid Restructuring [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivables, COVID Modifications, Recorded Investment, During Period | 818,000 | ||||||
Consumer Loan [Member] | Other Restructuring [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Financing Receivables, COVID Modifications, Recorded Investment, During Period | 2,300,000 | ||||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Business Combination, Acquired Receivable, Fair Value | 1,700,000 | 1,700,000 | 3,000,000 | 18,400,000 | 4,900,000 | ||
Business Combination, Acquired Receivables, Gross Contractual Amount | 1,800,000 | 1,800,000 | 3,200,000 | $ 19,900,000 | $ 5,100,000 | ||
NewDominion [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Allowance for Loan and Lease Losses, Loans Acquired | 2,000 | 101,000 | |||||
Carolina Alliance [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||||
Business Combination, Acquired Receivable, Fair Value | 10,200,000 | 10,200,000 | 11,300,000 | ||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 12,500,000 | 12,500,000 | 13,800,000 | ||||
Allowance for Loan and Lease Losses, Loans Acquired | $ 101,000 | $ 167,000 |
Loans (Composition Of Loan Port
Loans (Composition Of Loan Portfolio By Class Of Loan) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | $ 7,278,546 | $ 6,501,404 | |
Accrued interest receivable | 26,492 | 24,217 | |
Recorded Investment | 7,301,181 | 6,520,625 | |
Construction Real Estate Commercial [Domain] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 245,288 | 233,637 | |
Accrued interest receivable | 710 | 826 | |
Recorded Investment | 245,998 | 234,463 | |
Construction Real Estate - Mortgage [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 112,648 | 96,574 | |
Accrued interest receivable | 249 | 228 | |
Recorded Investment | 112,897 | 96,802 | |
Construction Real Estate - Installment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 1,060 | 1,488 | |
Accrued interest receivable | 5 | 4 | |
Recorded Investment | 1,065 | 1,492 | |
Residential Real Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 501,608 | 479,081 | |
Accrued interest receivable | 1,173 | 1,339 | |
Recorded Investment | 502,781 | 480,420 | |
Residential Real Estate - Mortgage [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 1,117,534 | 1,176,316 | |
Accrued interest receivable | 1,519 | 1,381 | |
Recorded Investment | 1,119,053 | 1,177,697 | |
Residential Real Estate - HELOC [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 194,342 | 224,766 | |
Accrued interest receivable | 671 | 1,113 | |
Recorded Investment | 195,013 | 225,879 | |
Residential Real Estate - Installment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 9,425 | 12,563 | |
Accrued interest receivable | 26 | 32 | |
Recorded Investment | 9,451 | 12,595 | |
Loans Receivable [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Accrued interest receivable | 22,635 | 19,221 | |
Commercial Financial And Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | [1] | 1,727,016 | 1,185,110 |
Accrued interest receivable | [1] | 6,934 | 4,393 |
Recorded Investment | [1] | 1,733,950 | 1,189,503 |
Commercial Real Estate [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | [1] | 1,689,477 | 1,609,413 |
Accrued interest receivable | [1] | 6,811 | 5,571 |
Recorded Investment | [1] | 1,696,288 | 1,614,984 |
Consumer [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 1,652,638 | 1,452,375 | |
Accrued interest receivable | 4,515 | 4,314 | |
Recorded Investment | 1,657,153 | 1,456,689 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loan balance | 27,510 | 30,081 | |
Accrued interest receivable | 22 | 20 | |
Recorded Investment | $ 27,532 | $ 30,101 | |
[1] | Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. |
Loans (Recorded Investment In N
Loans (Recorded Investment In Nonaccrual Restructured And Loans Past Due 90 Days Or More And Accruing) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | $ 123,050 | $ 90,080 |
Accruing restructured loans | 23,867 | 21,298 |
Loans past due 90 days or more and accruing | 1,703 | 2,737 |
Total nonperforming loans | 148,620 | 114,115 |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 25,582 | 26,776 |
Accruing restructured loans | 7,516 | 6,349 |
Loans past due 90 days or more and accruing | 63 | 28 |
Total nonperforming loans | 33,161 | 33,153 |
Construction Real Estate Commercial [Domain] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 3,142 | 453 |
Accruing restructured loans | 0 | 0 |
Loans past due 90 days or more and accruing | 0 | 0 |
Total nonperforming loans | 3,142 | 453 |
Construction Real Estate - Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 0 | 25 |
Accruing restructured loans | 17 | 84 |
Loans past due 90 days or more and accruing | 0 | 0 |
Total nonperforming loans | 17 | 109 |
Construction Real Estate - Installment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 14 | 72 |
Accruing restructured loans | 1 | 5 |
Loans past due 90 days or more and accruing | 0 | 0 |
Total nonperforming loans | 15 | 77 |
Residential Real Estate Commercial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 4,862 | 2,025 |
Accruing restructured loans | 35 | 0 |
Loans past due 90 days or more and accruing | 0 | |
Total nonperforming loans | 4,897 | 2,025 |
Residential Real Estate - Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 14,933 | 15,271 |
Accruing restructured loans | 8,097 | 8,826 |
Loans past due 90 days or more and accruing | 476 | 1,209 |
Total nonperforming loans | 23,506 | 25,306 |
Residential Real Estate - HELOC [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 1,358 | 2,062 |
Accruing restructured loans | 895 | 1,010 |
Loans past due 90 days or more and accruing | 65 | 44 |
Total nonperforming loans | 2,318 | 3,116 |
Residential Real Estate - Installment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 312 | 462 |
Accruing restructured loans | 1,813 | 1,964 |
Loans past due 90 days or more and accruing | 0 | |
Total nonperforming loans | 2,125 | 2,426 |
Commercial Real Estate [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 68,134 | 39,711 |
Accruing restructured loans | 4,385 | 2,080 |
Loans past due 90 days or more and accruing | 654 | 625 |
Total nonperforming loans | 73,173 | 42,416 |
Consumer [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 2,189 | 3,089 |
Accruing restructured loans | 1,108 | 980 |
Loans past due 90 days or more and accruing | 445 | 645 |
Total nonperforming loans | 3,742 | 4,714 |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Nonaccrual loans | 2,524 | 134 |
Accruing restructured loans | 0 | 0 |
Loans past due 90 days or more and accruing | 0 | 186 |
Total nonperforming loans | $ 2,524 | $ 320 |
Loans (Loans Individually And C
Loans (Loans Individually And Collectively Evaluated For Impairment) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | $ 146,917 | $ 111,378 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 116,180 | 77,491 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 30,737 | 33,887 |
Commercial Financial And Agricultural [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 33,098 | 33,125 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 33,098 | 33,088 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 37 | |
Construction Real Estate Commercial [Domain] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 3,142 | 453 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 3,142 | 453 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 0 | 0 |
Construction Real Estate - Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 17 | 109 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 0 | 0 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 17 | 109 |
Construction Real Estate - Installment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 15 | 77 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 0 | 0 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 15 | 77 |
Residential Real Estate Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 4,897 | 2,025 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 4,897 | 2,025 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 0 | 0 |
Residential Real Estate - Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 23,030 | 24,097 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 0 | 0 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 23,030 | 24,097 |
Residential Real Estate - HELOC [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 2,253 | 3,072 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 0 | 0 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 2,253 | 3,072 |
Residential Real Estate - Installment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 2,125 | 2,426 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 0 | 0 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 2,125 | 2,426 |
Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 72,519 | 41,791 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | 72,519 | 41,791 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 0 | 0 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 3,297 | 4,069 |
Nonaccrual and accruing restructured loans, loans collectively evaluated for impairment | 3,297 | 4,069 |
Finance Leases Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual and accruing restructured loans | 2,524 | 134 |
Nonaccrual and accruing restructured loans, loans individually evaluated for impairment | $ 2,524 | $ 134 |
Loans (Loans Individually Evalu
Loans (Loans Individually Evaluated For Impairment By Class Of Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | $ 116,701 | $ 116,701 | $ 78,178 | ||
Recorded investment | 116,180 | $ 74,478 | 116,180 | $ 74,478 | 77,491 |
Allowance for loan losses allocated | 8,666 | 8,666 | 5,230 | ||
Average recorded investment | 96,028 | 57,236 | 86,828 | 52,490 | |
Interest income recognized | 756 | 412 | 2,139 | 1,142 | |
Commercial Financial And Agricultural [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 33,098 | 31,485 | 33,098 | 31,485 | |
Average recorded investment | 29,481 | 23,468 | 30,426 | 18,368 | |
Interest income recognized | 159 | 107 | 543 | 244 | |
Commercial Financial And Agricultural [Member] | Financing Receivable With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 19,020 | 19,020 | 21,194 | ||
Recorded investment | 18,923 | 18,923 | 21,010 | ||
Allowance for loan losses allocated | 0 | 0 | 0 | ||
Commercial Financial And Agricultural [Member] | Financing Receivable With A Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 14,371 | 14,371 | 12,289 | ||
Recorded investment | 14,175 | 14,175 | 12,078 | ||
Allowance for loan losses allocated | 5,033 | 5,033 | 5,104 | ||
Construction Real Estate Commercial [Domain] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 3,142 | 1,868 | 3,142 | 1,868 | |
Average recorded investment | 1,212 | 1,922 | 743 | 2,176 | |
Interest income recognized | 6 | 1 | 14 | 23 | |
Construction Real Estate Commercial [Domain] | Financing Receivable With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 3,142 | 3,142 | 453 | ||
Recorded investment | 3,142 | 3,142 | 453 | ||
Allowance for loan losses allocated | 0 | 0 | 0 | ||
Residential Real Estate Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 4,897 | 2,238 | 4,897 | 2,238 | |
Average recorded investment | 5,061 | 1,977 | 4,271 | 2,198 | |
Interest income recognized | 65 | 27 | 166 | 72 | |
Residential Real Estate Commercial [Member] | Financing Receivable With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 4,677 | 4,677 | 1,921 | ||
Recorded investment | 4,623 | 4,623 | 1,854 | ||
Allowance for loan losses allocated | 0 | 0 | 0 | ||
Residential Real Estate Commercial [Member] | Financing Receivable With A Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 274 | 274 | 171 | ||
Recorded investment | 274 | 274 | 171 | ||
Allowance for loan losses allocated | 155 | 155 | 42 | ||
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 72,519 | 38,799 | 72,519 | 38,799 | |
Average recorded investment | 58,195 | 29,779 | 50,479 | 29,712 | |
Interest income recognized | 526 | 277 | 1,416 | 803 | |
Commercial Real Estate [Member] | Financing Receivable With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 54,824 | 54,824 | 41,696 | ||
Recorded investment | 54,650 | 54,650 | 41,471 | ||
Allowance for loan losses allocated | 0 | 0 | 0 | ||
Commercial Real Estate [Member] | Financing Receivable With A Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 17,869 | 17,869 | 320 | ||
Recorded investment | 17,869 | 17,869 | 320 | ||
Allowance for loan losses allocated | 3,014 | 3,014 | 35 | ||
Finance Leases Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 2,524 | 88 | 2,524 | 88 | |
Average recorded investment | 2,079 | $ 90 | 909 | $ 36 | |
Finance Leases Portfolio Segment [Member] | Financing Receivable With No Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 784 | 784 | |||
Recorded investment | 784 | 784 | |||
Allowance for loan losses allocated | 0 | 0 | 0 | ||
Finance Leases Portfolio Segment [Member] | Financing Receivable With A Related Allowance Recorded [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Unpaid principal balance | 1,740 | 1,740 | 134 | ||
Recorded investment | 1,740 | 1,740 | 134 | ||
Allowance for loan losses allocated | $ 464 | $ 464 | $ 49 |
Loans (Average Recorded Investm
Loans (Average Recorded Investment And Interest Income Recognized On Loans Individually Evaluated For Impairment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | $ 116,180 | $ 74,478 | $ 116,180 | $ 74,478 | $ 77,491 |
Average recorded investment | 96,028 | 57,236 | 86,828 | 52,490 | |
Interest income recognized | 756 | 412 | 2,139 | 1,142 | |
Commercial Financial And Agricultural [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 33,098 | 31,485 | 33,098 | 31,485 | |
Average recorded investment | 29,481 | 23,468 | 30,426 | 18,368 | |
Interest income recognized | 159 | 107 | 543 | 244 | |
Construction Real Estate Commercial [Domain] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 3,142 | 1,868 | 3,142 | 1,868 | |
Average recorded investment | 1,212 | 1,922 | 743 | 2,176 | |
Interest income recognized | 6 | 1 | 14 | 23 | |
Residential Real Estate Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 4,897 | 2,238 | 4,897 | 2,238 | |
Average recorded investment | 5,061 | 1,977 | 4,271 | 2,198 | |
Interest income recognized | 65 | 27 | 166 | 72 | |
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 72,519 | 38,799 | 72,519 | 38,799 | |
Average recorded investment | 58,195 | 29,779 | 50,479 | 29,712 | |
Interest income recognized | 526 | 277 | 1,416 | 803 | |
Finance Leases Portfolio Segment [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded investment | 2,524 | 88 | 2,524 | 88 | |
Average recorded investment | $ 2,079 | $ 90 | $ 909 | $ 36 |
Loans (Aging Of Recorded Invest
Loans (Aging Of Recorded Investment In Past Due Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | $ 12,501 | $ 21,749 | |||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 23,200 | [1] | 26,535 | [2] | |
Total loans past due | 35,701 | 48,284 | |||
Total current | 7,265,480 | 6,472,341 | |||
Recorded Investment | 7,301,181 | 6,520,625 | |||
Loans past due 90 days or more and accruing | 1,703 | 2,737 | |||
Impaired Financing Receivable, Recorded Investment, Nonaccrual loans which are current in regards to contractual P&I payments | 101,600 | 66,300 | |||
Construction Real Estate Commercial [Domain] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past due nonaccrual loans and loans past due 90 days or more and accruing | [1] | 38 | |||
Total loans past due | 38 | ||||
Total current | 245,960 | 234,463 | |||
Recorded Investment | 245,998 | 234,463 | |||
Loans past due 90 days or more and accruing | 0 | 0 | |||
Commercial Financial And Agricultural [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 9 | 582 | |||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 11,949 | [1] | 12,407 | [2] | |
Total loans past due | 11,958 | 12,989 | |||
Total current | 1,721,992 | 1,176,514 | |||
Loans past due 90 days or more and accruing | 63 | 28 | |||
Construction Real Estate - Mortgage [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 68 | 397 | |||
Total loans past due | 68 | 397 | |||
Total current | 112,829 | 96,405 | |||
Recorded Investment | 112,897 | 96,802 | |||
Loans past due 90 days or more and accruing | 0 | 0 | |||
Construction Real Estate - Installment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 24 | ||||
Total loans past due | 24 | ||||
Total current | 1,065 | 1,468 | |||
Recorded Investment | 1,065 | 1,492 | |||
Loans past due 90 days or more and accruing | 0 | 0 | |||
Residential Real Estate Commercial [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 119 | ||||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 514 | [1] | 908 | [2] | |
Total loans past due | 633 | 908 | |||
Total current | 502,148 | 479,512 | |||
Recorded Investment | 502,781 | 480,420 | |||
Loans past due 90 days or more and accruing | 0 | ||||
Residential Real Estate - Mortgage [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 6,246 | 12,841 | |||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 8,023 | [1] | 9,153 | [2] | |
Total loans past due | 14,269 | 21,994 | |||
Total current | 1,104,784 | 1,155,703 | |||
Recorded Investment | 1,119,053 | 1,177,697 | |||
Loans past due 90 days or more and accruing | 476 | 1,209 | |||
Residential Real Estate - HELOC [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 725 | 652 | |||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 627 | [1] | 779 | [2] | |
Total loans past due | 1,352 | 1,431 | |||
Total current | 193,661 | 224,448 | |||
Recorded Investment | 195,013 | 225,879 | |||
Loans past due 90 days or more and accruing | 65 | 44 | |||
Residential Real Estate - Installment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 118 | 164 | |||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 89 | [1] | 338 | [2] | |
Total loans past due | 207 | 502 | |||
Total current | 9,244 | 12,093 | |||
Recorded Investment | 9,451 | 12,595 | |||
Loans past due 90 days or more and accruing | 0 | ||||
Commercial Financial And Agricultural [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Recorded Investment | [3] | 1,733,950 | 1,189,503 | ||
Commercial Real Estate [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 717 | 160 | |||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 947 | [1] | 1,143 | [2] | |
Total loans past due | 1,664 | 1,303 | |||
Total current | 1,694,624 | 1,613,681 | |||
Recorded Investment | [3] | 1,696,288 | 1,614,984 | ||
Loans past due 90 days or more and accruing | 654 | 625 | |||
Consumer [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 4,499 | 6,561 | |||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 947 | [1] | 1,621 | [2] | |
Total loans past due | 5,446 | 8,182 | |||
Total current | 1,651,707 | 1,448,507 | |||
Recorded Investment | 1,657,153 | 1,456,689 | |||
Loans past due 90 days or more and accruing | 445 | 645 | |||
Finance Leases Portfolio Segment [Member] | |||||
Financing Receivable, Past Due [Line Items] | |||||
Accruing loans past due 30-89 days | 0 | 368 | |||
Past due nonaccrual loans and loans past due 90 days or more and accruing | 66 | [1] | 186 | [2] | |
Total loans past due | 66 | 554 | |||
Total current | 27,466 | 29,547 | |||
Recorded Investment | 27,532 | 30,101 | |||
Loans past due 90 days or more and accruing | $ 0 | $ 186 | |||
[1] | 1) Includes an aggregate of $1.7 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans.(2) Includes an aggregate of $101.6 million of nonaccrual loans which were current in regards to contractual principal and interest payments | ||||
[2] | 1) Includes an aggregate of $2.7 million of loans past due 90 days or more and accruing. The remaining loans were past due nonaccrual loans. (2) Includes an aggregate of $66.3 million of nonaccrual loans which were current in regards to contractual principal and interest payments. | ||||
[3] | Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. |
Loans (Recorded Investment By L
Loans (Recorded Investment By Loan Grade) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and Leases Receivable, Recorded Investment | $ 7,301,181,000 | $ 6,520,625,000 | |
Recorded Investment | 7,278,546,000 | 6,501,404,000 | |
Construction Real Estate Commercial [Domain] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and Leases Receivable, Recorded Investment | 245,998,000 | 234,463,000 | |
Recorded Investment | 245,288,000 | 233,637,000 | |
Residential Real Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and Leases Receivable, Recorded Investment | 502,781,000 | 480,420,000 | |
Recorded Investment | 501,608,000 | 479,081,000 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and Leases Receivable, Recorded Investment | [1] | 1,696,288,000 | 1,614,984,000 |
Recorded Investment | [1] | 1,689,477,000 | 1,609,413,000 |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and Leases Receivable, Recorded Investment | 27,532,000 | 30,101,000 | |
Recorded Investment | 27,510,000 | 30,081,000 | |
5 Rated [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 104,411,000 | 27,473,000 | |
5 Rated [Member] | Construction Real Estate Commercial [Domain] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 4,857,000 | ||
5 Rated [Member] | Residential Real Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 353,000 | 3,839,000 | |
5 Rated [Member] | Commercial, Financial, and Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 15,091,000 | 11,981,000 | |
5 Rated [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 88,618,000 | 6,796,000 | |
5 Rated [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 349,000 | 0 | |
6 Rated [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 1,144,000 | 979,000 | |
6 Rated [Member] | Construction Real Estate Commercial [Domain] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 1,000 | ||
6 Rated [Member] | Residential Real Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 24,000 | 30,000 | |
6 Rated [Member] | Commercial, Financial, and Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 60,000 | 3,000 | |
6 Rated [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 1,060,000 | 945,000 | |
6 Rated [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 0 | 0 | |
Impaired [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 116,180,000 | 77,528,000 | |
Impaired [Member] | Construction Real Estate Commercial [Domain] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 3,142,000 | 453,000 | |
Impaired [Member] | Residential Real Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 4,897,000 | 2,025,000 | |
Impaired [Member] | Commercial, Financial, and Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 33,098,000 | 33,125,000 | |
Impaired [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 72,519,000 | 41,791,000 | |
Impaired [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 2,524,000 | 134,000 | |
Purchased credit impaired [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 11,128,000 | 13,469,000 | |
Purchased credit impaired [Member] | Construction Real Estate Commercial [Domain] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 1,012,000 | 1,044,000 | |
Purchased credit impaired [Member] | Residential Real Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 1,530,000 | 1,754,000 | |
Purchased credit impaired [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 127,000 | 523,000 | |
Purchased credit impaired [Member] | Commercial, Financial, and Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 375,000 | 966,000 | |
Purchased credit impaired [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 8,084,000 | 9,182,000 | |
Pass Rated [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 3,973,686,000 | 3,430,022,000 | |
Pass Rated [Member] | Construction Real Estate Commercial [Domain] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 241,844,000 | 228,108,000 | |
Pass Rated [Member] | Residential Real Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 495,977,000 | 472,772,000 | |
Pass Rated [Member] | Commercial, Financial, and Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 1,685,326,000 | 1,143,428,000 | |
Pass Rated [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 1,526,007,000 | 1,556,270,000 | |
Pass Rated [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total ending loan balance, recorded investment | 24,532,000 | 29,444,000 | |
Recorded Investment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Recorded Investment | 4,206,549,000 | 3,549,471,000 | |
Recorded Investment [Member] | Construction Real Estate Commercial [Domain] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Recorded Investment | 245,998,000 | 234,463,000 | |
Recorded Investment [Member] | Residential Real Estate Commercial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Recorded Investment | 502,781,000 | 480,420,000 | |
Recorded Investment [Member] | Commercial, Financial, and Agricultural [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Recorded Investment | 1,733,950,000 | 1,189,503,000 | |
Recorded Investment [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Recorded Investment | 1,696,288,000 | 1,614,984,000 | |
Recorded Investment [Member] | Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Recorded Investment | $ 27,532,000 | 30,101,000 | |
Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | Purchased credit impaired [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and Leases Receivable, Recorded Investment | 6,000 | ||
Total ending loan balance, recorded investment | $ 5,000 | ||
[1] | Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. |
Loans (TDR Number Of Contracts
Loans (TDR Number Of Contracts Modified And Recorded Investment) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)contracts | Sep. 30, 2019USD ($)contracts | Sep. 30, 2020USD ($)contracts | Sep. 30, 2019USD ($)contracts | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 80 | 107 | 244 | 342 |
Total Recorded Investment | $ 1,506 | $ 7,866 | $ 7,390 | $ 16,229 |
Loan Modifications on Nonacrrual status | $ 100 | $ 600 | $ 400 | $ 1,800 |
Construction Real Estate - Mortgage [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 0 | 1 | 1 |
Total Recorded Investment | $ 10 | |||
Commercial Financial And Agricultural [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 3 | 8 | 10 | 24 |
Total Recorded Investment | $ 152 | $ 5,754 | $ 1,227 | $ 9,296 |
Residential Real Estate Commercial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 1 | 1 | 2 |
Total Recorded Investment | $ 13 | $ 8 | $ 49 | |
Residential Real Estate - Mortgage [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 5 | 4 | 24 | 18 |
Total Recorded Investment | $ 367 | $ 501 | $ 1,740 | $ 1,013 |
Construction Real Estate - Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 0 | 1 | 0 |
Total Recorded Investment | $ 14 | |||
Residential Real Estate Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | $ 19 | $ 421 | $ 254 | $ 1,003 |
Residential Real Estate Home Equity Line Of Credit [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 1 | 6 | 6 | 14 |
Total Recorded Investment | $ 21 | $ 138 | $ 43 | $ 364 |
Construction Real Estate Commercial [Domain] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 1 | 0 | 2 |
Total Recorded Investment | $ 82 | $ 82 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 4 | 1 | 8 | 5 |
Total Recorded Investment | $ 359 | $ 241 | $ 3,204 | $ 3,236 |
Residential Real Estate Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 3 | 9 | 16 | 25 |
Consumer [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 64 | 77 | 177 | 251 |
Total Recorded Investment | $ 588 | $ 716 | $ 890 | $ 1,186 |
Accruing [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 435 | 1,745 | 2,449 | 4,943 |
Accruing [Member] | Construction Real Estate - Mortgage [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 0 | 0 | 10 | 0 |
Accruing [Member] | Commercial Financial And Agricultural [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 35 | 752 | 117 | 3,237 |
Accruing [Member] | Residential Real Estate Commercial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 13 | 13 | ||
Accruing [Member] | Residential Real Estate - Mortgage [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 258 | 286 | 735 | 340 |
Accruing [Member] | Construction Real Estate - Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 0 | 0 | 0 | 0 |
Accruing [Member] | Residential Real Estate Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 12 | 407 | 191 | 951 |
Accruing [Member] | Residential Real Estate Home Equity Line Of Credit [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 21 | 31 | 25 | 121 |
Accruing [Member] | Construction Real Estate Commercial [Domain] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 82 | 82 | ||
Accruing [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 1,136 | |||
Accruing [Member] | Consumer [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 109 | 174 | 235 | 199 |
Nonaccrual [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 1,071 | 6,121 | 4,941 | 11,286 |
Nonaccrual [Member] | Commercial Financial And Agricultural [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 117 | 5,002 | 1,110 | 6,059 |
Nonaccrual [Member] | Residential Real Estate Commercial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 8 | 36 | ||
Nonaccrual [Member] | Residential Real Estate - Mortgage [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 109 | 215 | 1,005 | 673 |
Nonaccrual [Member] | Construction Real Estate - Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 14 | |||
Nonaccrual [Member] | Residential Real Estate Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 7 | 14 | 63 | 52 |
Nonaccrual [Member] | Residential Real Estate Home Equity Line Of Credit [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 0 | 107 | 18 | 243 |
Nonaccrual [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | 359 | 241 | 2,068 | 3,236 |
Nonaccrual [Member] | Consumer [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Total Recorded Investment | $ 479 | $ 542 | $ 655 | $ 987 |
Loans (Recorded Investment In F
Loans (Recorded Investment In Financing Receivable Modified As TDR Within 12 Months) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)contracts | Sep. 30, 2019USD ($)contracts | Sep. 30, 2020USD ($)contracts | Sep. 30, 2019USD ($)contracts | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 34 | 64 | 49 | 78 |
Recorded Investment | $ 724,000 | $ 937,000 | $ 1,566,000 | $ 1,209,000 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment, During Period | $ 700,000 | $ 900,000 | $ 1,600,000 | $ 1,200,000 |
Commercial Financial And Agricultural [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 2 | 2 | 3 |
Recorded Investment | $ 2,000 | $ 89,000 | $ 65,000 | |
Residential Real Estate Commercial [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 0 | 1 | 1 |
Recorded Investment | $ 8,000 | $ 13,000 | ||
Residential Real Estate - Mortgage [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 4 | 4 | 8 | 7 |
Recorded Investment | $ 365,000 | $ 257,000 | $ 768,000 | $ 370,000 |
Residential Real Estate - HELOC [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 1 | 5 | 1 | 7 |
Recorded Investment | $ 16,000 | $ 135,000 | $ 16,000 | $ 165,000 |
Construction Real Estate Commercial [Domain] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 0 | 0 | 0 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 1 | 0 | 2 | 0 |
Recorded Investment | $ 50,000 | $ 278,000 | ||
Construction Real Estate - Mortgage [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 0 | 0 | 0 |
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Construction Real Estate - Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 1 | 0 | 1 | 0 |
Recorded Investment | $ 14,000 | $ 0 | $ 14,000 | $ 0 |
Residential Real Estate - Installment [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 1 | 2 | 2 | 2 |
Recorded Investment | $ 16,000 | $ 66,000 | $ 28,000 | $ 66,000 |
Consumer Loan [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 26 | 51 | 32 | 58 |
Recorded Investment | $ 263,000 | $ 477,000 | $ 365,000 | $ 530,000 |
Finance Leases Financing Receivable [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Number of Contracts | contracts | 0 | 0 | 0 | 0 |
Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Accruing Financing Receivable Modifications [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans modified during period | 65,000 | 48,000 | 621,000 | 87,000 |
Nonaccruing Financing Receivable Modifications [Member] | ||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||
Loans modified during period | $ 700,000 | $ 900,000 | $ 900,000 | $ 1,100,000 |
Allowance For Loan Losses (Acti
Allowance For Loan Losses (Activity In The Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Loan and Lease Losses, Reserve Estimate Methodology, Historical Loss Period Factor | 120 years | 108 years | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 1,529 | $ 2,479 | $ 6,344 | $ 8,394 |
Financing Receivable, Allowance for Credit Loss, Recovery | 1,255 | 2,362 | 5,490 | 6,351 |
Financing Receivables Allowance For Credit Losses Net Charge Offs | 274 | 117 | 854 | 2,043 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 73,476 | 54,003 | 56,679 | 51,512 |
Ending balance | 87,038 | 55,853 | 87,038 | 55,853 |
Provision for Loan, Lease, and Other Losses | 13,836 | 1,967 | 31,213 | 6,384 |
Commercial Financial And Agricultural [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 241 | 585 | 1,041 | 1,498 |
Financing Receivable, Allowance for Credit Loss, Recovery | 181 | 403 | 1,061 | 983 |
Financing Receivables Allowance For Credit Losses Net Charge Offs | 60 | 182 | (20) | 515 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 23,476 | 17,370 | 20,203 | 16,777 |
Ending balance | 26,987 | 18,426 | 26,987 | 18,426 |
Provision for Loan, Lease, and Other Losses | 3,571 | 1,238 | 6,764 | 2,164 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 45 | 8 | 45 | 401 |
Financing Receivable, Allowance for Credit Loss, Recovery | 47 | 246 | 690 | 360 |
Financing Receivables Allowance For Credit Losses Net Charge Offs | (2) | (238) | (645) | 41 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 16,469 | 10,377 | 10,229 | 9,768 |
Ending balance | 22,888 | 10,438 | 22,888 | 10,438 |
Provision for Loan, Lease, and Other Losses | 6,417 | (177) | 12,014 | 711 |
Construction Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | 6 | 0 |
Financing Receivable, Allowance for Credit Loss, Recovery | 35 | 432 | 628 | 543 |
Financing Receivables Allowance For Credit Losses Net Charge Offs | (35) | (432) | (622) | (543) |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 6,828 | 5,065 | 5,311 | 4,463 |
Ending balance | 8,407 | 5,432 | 8,407 | 5,432 |
Provision for Loan, Lease, and Other Losses | 1,544 | (65) | 2,474 | 426 |
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 34 | 85 | 176 | 176 |
Financing Receivable, Allowance for Credit Loss, Recovery | 189 | 98 | 457 | 640 |
Financing Receivables Allowance For Credit Losses Net Charge Offs | (155) | (13) | (281) | (464) |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 10,507 | 8,869 | 8,610 | 8,731 |
Ending balance | 11,208 | 8,931 | 11,208 | 8,931 |
Provision for Loan, Lease, and Other Losses | 546 | 49 | 2,317 | (264) |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1,208 | 1,801 | 5,060 | 6,319 |
Financing Receivable, Allowance for Credit Loss, Recovery | 803 | 1,183 | 2,654 | 3,824 |
Financing Receivables Allowance For Credit Losses Net Charge Offs | 405 | 618 | 2,406 | 2,495 |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 15,624 | 12,265 | 12,211 | 11,773 |
Ending balance | 16,969 | 12,555 | 16,969 | 12,555 |
Provision for Loan, Lease, and Other Losses | 1,750 | 908 | 7,164 | 3,277 |
Finance Leases Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1 | 0 | 16 | 0 |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | 1 |
Financing Receivables Allowance For Credit Losses Net Charge Offs | 1 | 0 | 16 | (1) |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 572 | 57 | 115 | 0 |
Ending balance | 579 | 71 | 579 | 71 |
Provision for Loan, Lease, and Other Losses | $ 8 | $ 14 | $ 480 | $ 70 |
Allowance For Loan Losses (Comp
Allowance For Loan Losses (Composition Of The Allowance For Loan Losses) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | $ 8,666,000 | $ 5,230,000 | |
Allowance for loan losses collectively evaluated for impairment | 78,269,000 | 51,181,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 103,000 | 268,000 | |
Total ending allowance balance | 87,038,000 | 56,679,000 | |
Loans individually evaluated for impairment | 116,138,000 | 77,459,000 | |
Loans collectively evaluated for impairment | 7,150,531,000 | 6,409,614,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 11,877,000 | 14,331,000 | |
Total ending loan balance, net of accrued interest receivable | $ 7,278,546,000 | $ 6,501,404,000 | |
Allowance for loan losses as a percentage of loan balance individually evaluated for impairment | 7.46% | 6.75% | |
Allowance for loan losses as a percentage of loan balance collectively evaluated for impairment | 1.09% | 0.80% | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance as a percentage of loan balance | 0.87% | 1.87% | |
Total ending allowance for loan losses balance as a percentage of loan balance | 1.20% | 0.87% | |
Loans And Leases Receivable, Recorded Investment, Individually Evaluated for Impairment | $ 116,180,000 | $ 77,491,000 | |
Recorded investment collectively evaluated for impairment | 7,173,010,000 | 6,428,693,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 11,991,000 | 14,441,000 | |
Recorded Investment | 7,301,181,000 | 6,520,625,000 | |
Commercial Financial And Agricultural [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | 5,033,000 | 5,104,000 | |
Allowance for loan losses collectively evaluated for impairment | 21,913,000 | 14,948,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 41,000 | 151,000 | |
Total ending allowance balance | 26,987,000 | 20,203,000 | |
Loans individually evaluated for impairment | 33,075,000 | 33,077,000 | |
Loans collectively evaluated for impairment | 1,693,568,000 | 1,151,073,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 373,000 | 960,000 | |
Total ending loan balance, net of accrued interest receivable | [1] | $ 1,727,016,000 | $ 1,185,110,000 |
Allowance for loan losses as a percentage of loan balance individually evaluated for impairment | 15.22% | 15.43% | |
Allowance for loan losses as a percentage of loan balance collectively evaluated for impairment | 1.29% | 1.30% | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance as a percentage of loan balance | 10.99% | 15.73% | |
Total ending allowance for loan losses balance as a percentage of loan balance | 1.56% | 1.70% | |
Loans And Leases Receivable, Recorded Investment, Individually Evaluated for Impairment | $ 33,098,000 | $ 33,088,000 | |
Recorded investment collectively evaluated for impairment | 1,700,477,000 | 1,155,449,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 375,000 | 966,000 | |
Recorded Investment | [1] | 1,733,950,000 | 1,189,503,000 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | 3,014,000 | 35,000 | |
Allowance for loan losses collectively evaluated for impairment | 19,872,000 | 10,187,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,000 | 7,000 | |
Total ending allowance balance | 22,888,000 | 10,229,000 | |
Loans individually evaluated for impairment | 72,499,000 | 41,770,000 | |
Loans collectively evaluated for impairment | 1,608,993,000 | 1,558,550,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 7,985,000 | 9,093,000 | |
Total ending loan balance, net of accrued interest receivable | [1] | $ 1,689,477,000 | $ 1,609,413,000 |
Allowance for loan losses as a percentage of loan balance individually evaluated for impairment | 4.16% | 0.08% | |
Allowance for loan losses as a percentage of loan balance collectively evaluated for impairment | 1.24% | 0.65% | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance as a percentage of loan balance | 0.03% | 0.08% | |
Total ending allowance for loan losses balance as a percentage of loan balance | 1.35% | 0.64% | |
Loans And Leases Receivable, Recorded Investment, Individually Evaluated for Impairment | $ 72,519,000 | $ 41,791,000 | |
Recorded investment collectively evaluated for impairment | 1,615,685,000 | 1,564,011,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 8,084,000 | 9,182,000 | |
Recorded Investment | [1] | 1,696,288,000 | 1,614,984,000 |
Construction Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses collectively evaluated for impairment | 8,407,000 | 5,311,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | 0 | |
Total ending allowance balance | 8,407,000 | 5,311,000 | |
Loans individually evaluated for impairment | 3,142,000 | 453,000 | |
Loans collectively evaluated for impairment | 354,845,000 | 330,106,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 1,009,000 | 1,140,000 | |
Total ending loan balance, net of accrued interest receivable | $ 358,996,000 | $ 331,699,000 | |
Allowance for loan losses as a percentage of loan balance individually evaluated for impairment | 0.00% | 0.00% | |
Allowance for loan losses as a percentage of loan balance collectively evaluated for impairment | 2.37% | 1.61% | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance as a percentage of loan balance | 0.00% | 0.00% | |
Total ending allowance for loan losses balance as a percentage of loan balance | 2.34% | 1.60% | |
Loans And Leases Receivable, Recorded Investment, Individually Evaluated for Impairment | $ 3,142,000 | $ 453,000 | |
Recorded investment collectively evaluated for impairment | 355,806,000 | 331,161,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 1,012,000 | 1,143,000 | |
Recorded Investment | 359,960,000 | 332,757,000 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | 155,000 | 42,000 | |
Allowance for loan losses collectively evaluated for impairment | 10,993,000 | 8,458,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 60,000 | 110,000 | |
Total ending allowance balance | 11,208,000 | 8,610,000 | |
Loans individually evaluated for impairment | 4,898,000 | 2,025,000 | |
Loans collectively evaluated for impairment | 1,815,628,000 | 1,888,088,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 2,383,000 | 2,613,000 | |
Total ending loan balance, net of accrued interest receivable | $ 1,822,909,000 | $ 1,892,726,000 | |
Allowance for loan losses as a percentage of loan balance individually evaluated for impairment | 3.16% | 2.07% | |
Allowance for loan losses as a percentage of loan balance collectively evaluated for impairment | 0.61% | 0.45% | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance as a percentage of loan balance | 2.52% | 4.21% | |
Total ending allowance for loan losses balance as a percentage of loan balance | 0.61% | 0.45% | |
Loans And Leases Receivable, Recorded Investment, Individually Evaluated for Impairment | $ 4,897,000 | $ 2,025,000 | |
Recorded investment collectively evaluated for impairment | 1,819,008,000 | 1,891,941,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,393,000 | 2,625,000 | |
Recorded Investment | 1,826,298,000 | 1,896,591,000 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses collectively evaluated for impairment | 16,969,000 | 12,211,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | 0 | |
Total ending allowance balance | 16,969,000 | 12,211,000 | |
Loans individually evaluated for impairment | 0 | 0 | |
Loans collectively evaluated for impairment | 1,652,638,000 | 1,452,373,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 0 | 2,000 | |
Total ending loan balance, net of accrued interest receivable | $ 1,652,638,000 | $ 1,452,375,000 | |
Allowance for loan losses as a percentage of loan balance individually evaluated for impairment | 0.00% | 0.00% | |
Allowance for loan losses as a percentage of loan balance collectively evaluated for impairment | 1.03% | 0.84% | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance as a percentage of loan balance | 0.00% | 0.00% | |
Total ending allowance for loan losses balance as a percentage of loan balance | 1.03% | 0.84% | |
Loans And Leases Receivable, Recorded Investment, Individually Evaluated for Impairment | $ 0 | $ 0 | |
Recorded investment collectively evaluated for impairment | 1,657,153,000 | 1,456,687,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | 2,000 | |
Recorded Investment | 1,657,153,000 | 1,456,689,000 | |
Finance Leases Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | 464,000 | 49,000 | |
Allowance for loan losses collectively evaluated for impairment | 115,000 | 66,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | 0 | |
Total ending allowance balance | 579,000 | 115,000 | |
Loans individually evaluated for impairment | 2,524,000 | 134,000 | |
Loans collectively evaluated for impairment | 24,859,000 | 29,424,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Outstanding Balance | 127,000 | 523,000 | |
Total ending loan balance, net of accrued interest receivable | $ 27,510,000 | $ 30,081,000 | |
Allowance for loan losses as a percentage of loan balance individually evaluated for impairment | 18.38% | 36.57% | |
Allowance for loan losses as a percentage of loan balance collectively evaluated for impairment | 0.46% | 0.22% | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance as a percentage of loan balance | 0.00% | 0.00% | |
Total ending allowance for loan losses balance as a percentage of loan balance | 2.10% | 0.38% | |
Loans And Leases Receivable, Recorded Investment, Individually Evaluated for Impairment | $ 2,524,000 | $ 134,000 | |
Recorded investment collectively evaluated for impairment | 24,881,000 | 29,444,000 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 127,000 | 523,000 | |
Recorded Investment | 27,532,000 | 30,101,000 | |
Purchased credit impaired [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Gross | 11,128,000 | 13,469,000 | |
Purchased credit impaired [Member] | Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Gross | $ 8,084,000 | 9,182,000 | |
Purchased credit impaired [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Nonperforming Financial Instruments [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Allowance for loan losses individually evaluated for impairment | 0 | ||
Recorded Investment | 6,000 | ||
Loans and Leases Receivable, Gross | $ 5,000 | ||
[1] | Included within each of commercial, financial and agricultural loans and commercial real estate loans is an immaterial amount of consumer loans that are not broken out by class. |
Allowance For Loan Losses (Deta
Allowance For Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss, Writeoff, after Recovery [Abstract] | |||
PPP loans originated [Line Items] | $ 542,800 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 7,150,531 | $ 7,150,531 | $ 6,409,614 |
Loan balance | 7,278,546 | 7,278,546 | $ 6,501,404 |
7000 Hotels, Rooming Houses, Camps and Other Lodging Places | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 86,041 | 86,041 | |
Additional Reserve Pandemic Risk | 1,435 | ||
Loan balance | 178,800 | 178,800 | |
7000 Hotels, Rooming Houses, Camps and Other Lodging Places | Financial Asset Originated | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 85,050 | 85,050 | |
Additional Reserve Pandemic Risk | 1,800 | ||
7000 Hotels, Rooming Houses, Camps and Other Lodging Places | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 991 | 991 | |
722110 Full-Service Restaurants | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 34,263 | 34,263 | |
Additional Reserve Pandemic Risk | 658 | ||
722110 Full-Service Restaurants | Financial Asset Originated | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 28,291 | 28,291 | |
722110 Full-Service Restaurants | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 5,972 | 5,972 | |
5331 Retail, Variety Stores | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 181,517 | 181,517 | |
Additional Reserve Pandemic Risk | 1,789 | ||
5331 Retail, Variety Stores | Financial Asset Originated | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 158,790 | 158,790 | |
5331 Retail, Variety Stores | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 22,727 | 22,727 | |
Hotels, Restaurants, Strip Shopping Total | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 301,821 | 301,821 | |
Additional Reserve Pandemic Risk | 3,882 | ||
Hotels, Restaurants, Strip Shopping Total | Financial Asset Originated | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | 272,131 | 272,131 | |
Hotels, Restaurants, Strip Shopping Total | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans collectively evaluated for impairment | $ 29,690 | $ 29,690 |
Mortgage Loans Held For Sale (D
Mortgage Loans Held For Sale (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gain (Loss) on Sale of Mortgage Loans | $ 878,000 | $ 153,000 |
Mortgages Held-for-sale, Fair Value Disclosure | 48,300,000 | 12,300,000 |
Real Estate Loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group | $ 47,400,000 | $ 12,100,000 |
Goodwill and other intangible_2
Goodwill and other intangibles (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill | $ 159,595,000 | $ 157,999,000 | $ 159,595,000 | $ 157,999,000 | $ 159,595,000 | $ 159,595,000 | $ 158,057,000 | $ 112,739,000 |
Other Intangible Assets, Net | 9,785,000 | 15,490,000 | 9,785,000 | 15,490,000 | 10,310,000 | 11,523,000 | 16,231,000 | 6,971,000 |
Goodwill, Acquired During Period | 0 | 0 | 45,260,000 | |||||
Indefinite-lived Intangible Assets Acquired | 0 | 0 | 0 | 10,251,000 | ||||
Acquired goodwill and intangibles | 0 | 0 | 55,511,000 | |||||
Amortization of Intangible Assets | 525,000 | 741,000 | 1,738,000 | 1,732,000 | ||||
Finite-lived Intangible Assets Acquired | 14,456,000 | 14,456,000 | 14,456,000 | |||||
Indefinite-lived Intangible Assets Acquired | 1,300,000 | 1,300,000 | 1,300,000 | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 5,971,000 | 5,971,000 | 4,233,000 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 525,000 | 525,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,798,000 | 1,798,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,487,000 | 1,487,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,323,000 | 1,323,000 | ||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,215,000 | 1,215,000 | ||||||
Intangible Assets, Gross (Excluding Goodwill) | 15,756,000 | 15,756,000 | 15,756,000 | |||||
Intangible Assets, Net (Including Goodwill) | 169,380,000 | 173,489,000 | 169,380,000 | $ 173,489,000 | $ 169,905,000 | 171,118,000 | $ 174,288,000 | $ 119,710,000 |
Goodwill, Other Increase (Decrease) | $ (58,000) | |||||||
Core Deposits [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 4,671,000 | 4,671,000 | 2,933,000 | |||||
Trade Names [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,300,000 | $ 1,300,000 | $ 1,300,000 |
Investment in Qualified Affor_3
Investment in Qualified Affordable Housing (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |||||
Investment in qualified affordable housing tax credits amortization | $ 1,800 | $ 1,800 | $ 5,487 | $ 5,438 | |
Affordable housing tax credit investments | 57,583 | 57,583 | $ 53,070 | ||
Affordable Housing Program Obligation | 31,593 | 31,593 | $ 25,894 | ||
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 2,300 | $ 2,600 | $ 6,900 | $ 6,900 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other Repossessed Assets | $ 3,600,000 | $ 4,200,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 836,000 | 4,029,000 |
Commercial Real Estate [Member] | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 31,000 | 2,295,000 |
Construction Real Estate [Member] | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 0 | 879,000 |
Residential Real Estate [Member] | ||
Schedule of Assets Repossessed or Foreclosed, or loans in process of foreclosure [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 805,000 | 855,000 |
Mortgage Loans in Process of Foreclosure, Amount | $ 2,679,000 | $ 3,959,000 |
Loan Servicing (Narrative) (Det
Loan Servicing (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Transfers and Servicing of Financial Assets [Abstract] | |||||
Serviced sold mortgage loans | $ 1,790,000,000 | $ 1,410,000,000 | $ 1,790,000,000 | $ 1,410,000,000 | $ 1,450,000,000 |
Serviced sold mortgage loans with recourse | 2,000,000 | 2,400,000 | 2,000,000 | 2,400,000 | 2,300,000 |
Servicing fees included in other service income | 1,000,000 | $ 900,000 | 2,900,000 | $ 2,700,000 | |
Mortgage Loans Sold with Recourse, Reserve | $ 44,000 | $ 44,000 | $ 25,000 |
Loan Servicing (Activity For MS
Loan Servicing (Activity For MSRs And Related Valuation Allowance) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Servicing Asset at Amortized Value, Balance [Roll Forward] | ||||
Carrying amount, net, beginning of period | $ 9,505,000 | $ 10,104,000 | $ 10,070,000 | $ 10,178,000 |
Additions | 2,987,000 | 722,000 | 5,796,000 | 1,462,000 |
Amortization | (1,254,000) | (534,000) | (2,853,000) | (1,259,000) |
Changes in valuation inputs & assumptions | (198,000) | (332,000) | (1,973,000) | (421,000) |
Carrying amount, net, end of period | 11,040,000 | 9,960,000 | 11,040,000 | 9,960,000 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||||
Valuation allowance, beginning of period | 2,600,000 | 321,000 | 825,000 | 232,000 |
Changes in valuation allowance | (198,000) | (332,000) | (1,973,000) | (421,000) |
Valuation allowance, end of period | $ 2,798,000 | $ 653,000 | $ 2,798,000 | $ 653,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 18,011,000 | $ 13,714,000 | ||||||
Operating Lease, Liability | $ 19,127,000 | $ 14,482,000 | ||||||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 8 months 12 days | 7 years 2 months 12 days | ||||||
Operating Lease, Weighted Average Discount Rate, Percent | 2.40% | 3.10% | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,016,996,000 | $ 969,014,000 | ||||||
Deferred Rent Credit | $ 600,000 | |||||||
Other Assets [Member] | ||||||||
Operating Lease, Right-of-Use Asset | 18,000,000 | 13,700,000 | 11,000,000 | |||||
Other Liabilities [Member] | ||||||||
Operating Lease, Liability | 19,127,000 | 14,500,000 | 11,800,000 | |||||
Retained Earnings [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 676,465,000 | $ 662,311,000 | $ 649,636,000 | $ 646,847,000 | $ 639,594,000 | $ 625,227,000 | $ 619,971,000 | 614,069,000 |
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 613,926,000 | |||||||
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (143,000) |
Leases - Cost and Other informa
Leases - Cost and Other information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | $ 905 | $ 831 | $ 2,671 | $ 2,320 |
Sublease Income | (95) | (97) | (289) | (285) |
Lease, Cost | 810 | 734 | 2,382 | 2,035 |
Operating Lease, Payments | 906 | 843 | 2,710 | 2,336 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 25 | 342 | 7,794 | 381 |
reductions to right of use assets resulting from reduction in lease obligations | $ (789) | $ (726) | $ (2,347) | $ (2,021) |
Leases - Operating Lease Liabil
Leases - Operating Lease Liabilities Payments Due (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 880 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3,357 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 3,210 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 3,110 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,025 | ||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 8,395 | ||
Lessee, Operating Lease, Liability, Payments, Due | 20,977 | ||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (1,850) | ||
Operating Lease, Liability | 19,127 | $ 14,482 | |
Other Liabilities [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Liability | $ 19,127 | $ 14,500 | $ 11,800 |
Repurchase Agreement Borrowin_3
Repurchase Agreement Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | $ 295,435 | $ 175,657 |
Pledged Assets Separately Reported, Securities Pledged for Repurchase Agreements, at Fair Value | 322,000 | 200,000 |
Available unpledged securities | 421,000 | 756,000 |
Maturity Overnight [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 295,435 | 175,657 |
Maturity up to 30 days [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 0 | 0 |
Maturity 30 to 90 Days [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 0 | 0 |
Maturity over 90 days [Member] | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ||
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | $ 0 | $ 0 |
Derivatives Narrative (Details)
Derivatives Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Derivative [Line Items] | |||||
Derivative Assets | $ 2,900,000 | $ 2,900,000 | $ 221,000 | ||
Interest Income on Interest-rate Swap | 140,000 | $ 16,000 | 272,000 | $ 7,000 | |
Borrowing Derivative [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 25,000,000 | 25,000,000 | 25,000,000 | ||
Loan Derivative [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | 33,783,000 | 33,783,000 | 35,503,000 | ||
Interest Rate Lock Commitment [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 136,800,000 | $ 136,800,000 | $ 15,900,000 |
Derivatives Schedule of Derivat
Derivatives Schedule of Derivative Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 575 | $ 1,026 | $ 575 |
Loan Derivative [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 33,783 | $ 35,503 | |
Derivative, Average Fixed Interest Rate | 4.691% | 4.695% | |
Derivative, Average Variable Interest Rate | 4.691% | 4.695% | |
Derivative, Average Remaining Maturity | 9 years 7 months 6 days | 10 years 2 months 12 days | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 0 | $ 0 | |
Borrowing Derivative [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 25,000 | $ 25,000 | |
Derivative, Average Fixed Interest Rate | 2.595% | 2.595% | |
Derivative, Average Variable Interest Rate | 0.273% | 2.002% | |
Derivative, Average Remaining Maturity | 1 year 8 months 12 days | 2 years 6 months | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 1,026 | $ 575 |
Derivatives Schedule of Cash Fl
Derivatives Schedule of Cash Flow Hedges in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ 111 | $ (49) | $ (357) | $ (556) |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0 | 0 | 0 | 0 |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives Schedule of Cash _2
Derivatives Schedule of Cash Flow Hedge, Statements of Financial Performance and Position, Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ (575) | $ (1,026) | $ (575) |
Borrowing Derivative [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (1,026) | (575) | |
Derivative, Notional Amount | 25,000 | 25,000 | |
Loan Derivative [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 0 | |
Derivative, Notional Amount | 33,783 | 35,503 | |
Other Assets [Member] | Borrowing Derivative [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 0 | |
Derivative, Notional Amount | 0 | 0 | |
Other Assets [Member] | Loan Derivative [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 4,503 | 1,781 | |
Derivative, Notional Amount | 33,783 | 24,421 | |
Other Assets [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 4,503 | 1,870 | |
Derivative, Notional Amount | 33,783 | 35,504 | |
Other Liabilities [Member] | Borrowing Derivative [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (1,026) | (575) | |
Derivative, Notional Amount | 25,000 | 25,000 | |
Other Liabilities [Member] | Loan Derivative [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | (89) | |
Derivative, Notional Amount | 0 | 11,083 | |
Other Liabilities [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (5,529) | (2,445) | |
Derivative, Notional Amount | 58,783 | 60,504 | |
Individually Immaterial Counterparties [Member] | Other Assets [Member] | Loan Derivative [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 89 | |
Derivative, Notional Amount | 0 | 11,083 | |
Individually Immaterial Counterparties [Member] | Other Liabilities [Member] | Loan Derivative [Member] | |||
Derivative [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (4,503) | (1,781) | |
Derivative, Notional Amount | $ 33,783 | $ 24,421 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) (Component Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other comprehensive loss before reclassifications | $ 318,000 | $ 13,840,000 | $ 26,385,000 | $ 36,841,000 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 0 | 0 | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 111,000 | (49,000) | (357,000) | (556,000) | ||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, after Tax | 228,000 | 13,742,000 | 24,146,000 | 37,730,000 | ||||
Other comprehensive income (loss) | 339,000 | 13,693,000 | 23,789,000 | 37,174,000 | ||||
Other Comprehensive Income (Loss), Securities, Available-for-sale, Adjustment, before Reclassification Adjustments, after Tax | 207,000 | 13,889,000 | 26,742,000 | 37,397,000 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 0 | 0 | 0 | 0 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 111,000 | (49,000) | (357,000) | (556,000) | ||||
Changes in pension plan assets and benefit obligations, Net-of-tax amount | (26,674,000) | (29,672,000) | (26,674,000) | (29,672,000) | $ 26,674,000 | $ 26,674,000 | $ 29,672,000 | $ 29,672,000 |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | (811,000) | (556,000) | (811,000) | (556,000) | (922,000) | (454,000) | (507,000) | 0 |
Unrealized gains on available-for-sale securities, Net-of-tax amount | 41,685,000 | 17,614,000 | 41,685,000 | 17,614,000 | 41,457,000 | 17,539,000 | 3,872,000 | (20,116,000) |
Total accumulated other comprehensive income (loss), Net-of-tax amount | 14,200,000 | (12,614,000) | 14,200,000 | (12,614,000) | $ 13,861,000 | $ (9,589,000) | $ (26,307,000) | $ (49,788,000) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 21,000 | (147,000) | (2,596,000) | 333,000 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (21,000) | (147,000) | 2,596,000 | (333,000) | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | $ 27,000 | $ 186,000 | $ (3,300,000) | 421,000 | ||||
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment and Tax | $ 24,200,000 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 76,000 | 84,603 | 250,000 | 86,650 | |||
Stock Issued During Period, Shares, Acquisitions | 1,037,205 | 1,037,205 | |||||
Common Stock [Member] | |||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 0 | 84,603 | 76,000 | 421,253 | |||
Performance Shares [Member] | Common Stock [Member] | |||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 | 0 | 62,265 | 58,740 | |||
Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | |||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 15,700 |
Earnings Per Common Share (Summ
Earnings Per Common Share (Summary Of Computation Of Basic And Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Income available to common shareholders | $ 30,846 | $ 31,146 | $ 82,723 | $ 78,764 |
Denominator for basic earnings per share (weighted average common shares outstanding) | 16,300,720 | 16,382,798 | 16,300,250 | 16,198,294 |
Effect of dilutive options and warrants | 93,072 | 92,943 | 98,100 | 89,401 |
Denominator for diluted earnings per share (weighted average common shares outstanding adjusted for the effect of dilutive options and warrants) | 16,393,792 | 16,475,741 | 16,398,350 | 16,287,695 |
Basic earnings per common share | $ 1.89 | $ 1.90 | $ 5.07 | $ 4.86 |
Diluted earnings per common share | $ 1.88 | $ 1.89 | $ 5.04 | $ 4.84 |
Segment Information (Schedule O
Segment Information (Schedule Of Operating Results By Segment) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)segments | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segments | 2 | ||||
Net interest income | $ 83,840 | $ 77,101 | $ 241,309 | $ 220,728 | |
Provision for (recovery of) loan losses | 13,836 | 1,967 | 31,213 | 6,384 | |
Other income and security gains | 36,558 | 28,136 | 90,008 | 72,969 | |
Total other expense | 69,859 | 65,738 | 200,934 | 192,757 | |
Income (loss) before income taxes | 36,703 | 37,532 | 99,170 | 94,556 | |
Income Tax Expense (Benefit) | 5,857 | 6,386 | 16,447 | 15,792 | |
Net Income | 30,846 | 31,146 | 82,723 | 78,764 | |
Assets | 9,240,006 | 8,723,610 | 9,240,006 | 8,723,610 | $ 8,558,377 |
PNB [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 83,795 | 76,180 | 238,900 | 217,355 | |
Provision for (recovery of) loan losses | 13,839 | 2,320 | 32,256 | 6,563 | |
Other income and security gains | 35,430 | 24,842 | 89,920 | 68,224 | |
Total other expense | 65,590 | 60,943 | 187,661 | 172,931 | |
Income (loss) before income taxes | 39,796 | 37,759 | 108,903 | 106,085 | |
Income Tax Expense (Benefit) | 6,908 | 6,811 | 19,357 | 19,063 | |
Net Income | 32,888 | 30,948 | 89,546 | 87,022 | |
Assets | 9,195,911 | 8,673,919 | 9,195,911 | 8,673,919 | |
GFSC [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 893 | 1,244 | 3,070 | 3,786 | |
Provision for (recovery of) loan losses | 34 | 143 | 338 | 458 | |
Other income and security gains | 60 | 59 | 154 | 142 | |
Total other expense | 499 | 902 | 1,915 | 2,638 | |
Income (loss) before income taxes | 420 | 258 | 971 | 832 | |
Income Tax Expense (Benefit) | 88 | 55 | 204 | 179 | |
Net Income | 332 | 203 | 767 | 653 | |
Assets | 16,045 | 27,481 | 16,045 | 27,481 | |
All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | (848) | (323) | (661) | (413) | |
Provision for (recovery of) loan losses | (37) | (496) | (1,381) | (637) | |
Other income and security gains | 1,068 | 3,235 | (66) | 4,603 | |
Total other expense | 3,770 | 3,893 | 11,358 | 17,188 | |
Income (loss) before income taxes | (3,513) | (485) | (10,704) | (12,361) | |
Income Tax Expense (Benefit) | (1,139) | (480) | (3,114) | (3,450) | |
Net Income | (2,374) | (5) | (7,590) | (8,911) | |
Assets | $ 28,050 | $ 22,210 | $ 28,050 | $ 22,210 |
Share Based Compensation (Detai
Share Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 204,108 | 204,108 | 194,722 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (6,205) | (1,500) | (36,674) | (27,719) | (44,379) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (3,101) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Period Increase (Decrease) | (5,399) | |||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 1,860 | 530 | 11,646 | 8,736 | ||||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | 4,345 | 970 | 25,028 | 18,983 | ||||
Share-based Payment Arrangement, Expense | $ 1,200 | $ 1,200 | $ 3,700 | $ 3,800 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 8,401 | $ 8,401 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 174,087 | 174,087 | ||||||
Expense to be paid next twelve months [Domain] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,198 | $ 1,198 | ||||||
Expense to be paid Year Two [Domain] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 3,644 | 3,644 | ||||||
Expense to be paid Year Three [Domain] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 2,401 | 2,401 | ||||||
Expense to be paid Year Four [Domain] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 997 | 997 | ||||||
Expense to be paid Year Five [Domain] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 161 | $ 161 | ||||||
2017 Employees Long Term Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 750,000 | 750,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 537,735 | 537,735 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 62,265 | |||||||
2017 Non Employee Directors LTIP [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 150,000 | 150,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 113,700 | 113,700 | ||||||
2013 Long Term Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | 600,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 18,695 | 18,695 | ||||||
Performance Shares [Member] | 2017 Employees Long Term Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 62,265 | 58,740 | ||||||
Restricted Stock Units (RSUs) [Member] | 2017 Employees Long Term Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,700 |
Benefit Plan (Components Of Net
Benefit Plan (Components Of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension plan contributions | $ 0 | $ 0 | ||
Service cost | $ 2,080 | $ 1,468 | 6,240 | 4,404 |
Interest cost | 1,320 | 1,373 | 3,960 | 4,119 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 92 | 285 | 276 | 855 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 2,080 | 1,468 | 6,240 | 4,404 |
Interest cost | 1,320 | 1,373 | 3,960 | 4,119 |
Expected return on plan assets | (3,602) | (3,026) | (10,806) | (9,078) |
Recognized net actuarial loss | 294 | 470 | 882 | 1,410 |
Benefit expense | 92 | 285 | 276 | 855 |
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 218 | 202 | 801 | 604 |
Interest cost | 134 | 165 | 401 | 495 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 352 | 367 | 1,202 | 1,099 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 218 | 202 | 801 | 604 |
Interest cost | 134 | 165 | 401 | 495 |
Benefit expense | $ 352 | $ 367 | $ 1,202 | $ 1,099 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Loans Receivable, Fair Value Disclosure | $ 7,235,549,000 | $ 7,235,549,000 | $ 6,441,458,000 | |||||
expense related to other repossessed assets | 207,000 | $ 0 | ||||||
Alternative Investment | 20,979,000 | 20,979,000 | 20,411,000 | |||||
Loans Held-for-sale, Fair Value Disclosure | 48,265,000 | 48,265,000 | 12,278,000 | |||||
Impaired Financing Receivable, Carrying Value | 107,514,000 | $ 107,514,000 | 72,261,000 | |||||
Discount percentage applied to real estate appraised values | 15.00% | |||||||
Discount percentage applied to lot development appraised values | 6.00% | |||||||
Partial Charge-Offs On Impaired Loans | $ 563,000 | 719,000 | ||||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 8,666,000 | 8,666,000 | 5,230,000 | |||||
Impaired Financing Receivable, Related Allowance | 8,666,000 | 8,666,000 | 5,230,000 | |||||
Impaired Loan Fair Value | 16,226,000 | 16,226,000 | 2,090,000 | |||||
Partial Charge-Offs On Impaired Loans carried at Fair Value | 247,000 | 313,000 | ||||||
Book Value Of Impaired Loans Carried At Fair Value | 19,395,000 | 19,395,000 | 2,167,000 | |||||
Impaired Financing Receivable, carried at fair value, related expense | 3,100,000 | $ 135,000 | 3,500,000 | 174,000 | ||||
MSR recorded at lower of cost or fair value | 11,040,000 | 9,960,000 | 11,040,000 | 9,960,000 | 10,070,000 | $ 9,505,000 | $ 10,104,000 | $ 10,178,000 |
Mortgage Servicing Rights Fair Value | 11,000,000 | 11,000,000 | 5,800,000 | |||||
Valuation allowance of MSR | 2,798,000 | 653,000 | 2,798,000 | 653,000 | 825,000 | $ 2,600,000 | $ 321,000 | $ 232,000 |
MSRs recorded at cost | 11,000 | 11,000 | 4,300,000 | |||||
Changes due to fair value adjustments | (198,000) | (332,000) | (1,973,000) | (421,000) | ||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 836,000 | $ 836,000 | $ 4,029,000 | |||||
Percent of OREO held at fair value | 92.00% | 92.00% | 75.00% | |||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Fair Value | $ 767,000 | $ 767,000 | $ 3,000,000 | |||||
OREO valuation adjustments | 115,000 | (41,000) | 80,000 | (123,000) | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 7,000,000 | 7,000,000 | 8,500,000 | |||||
Alternative Investment, income recognized | 1,300,000 | $ 3,300,000 | (41,000) | $ 5,100,000 | ||||
Fair Value Measured at Net Asset Value Per Share [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Alternative Investment | 14,000,000 | 14,000,000 | 11,900,000 | |||||
Commercial Receivables, excluding Commercial, Financial, and Agricultural [Domain] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | 3,169,000 | 3,169,000 | 77,000 | |||||
Financing Receivable, not collateral dependent [Domain] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | 5,497,000 | 5,497,000 | 5,153,000 | |||||
Fair Value, Nonrecurring [Member] | ||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||||
Loans Receivable, Fair Value Disclosure | $ 16,226,000 | $ 16,226,000 | $ 2,090,000 |
Fair Value (Assets And Liabilit
Fair Value (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | $ 246,709,000 | $ 159,956,000 | |
Investments, Fair Value Disclosure | 0 | ||
Mortgage loans held for sale | 48,300,000 | 12,300,000 | |
Mortgage IRLCs | 2,900,000 | 221,000 | |
Investment securities | 1,032,814,000 | 1,209,701,000 | |
Loans Held-for-sale, Fair Value Disclosure | 48,265,000 | 12,278,000 | |
Impaired Loan Fair Value | 16,226,000 | 2,090,000 | |
Other Assets, Fair Value Disclosure | 7,168,180,000 | 6,426,869,000 | |
Loans Receivable, Fair Value Disclosure | 7,235,549,000 | 6,441,458,000 | |
Time deposits | 938,492,000 | 1,145,537,000 | |
Other Liabilities, Fair Value Disclosure | 5,374,000 | 1,273,000 | |
Deposits, Fair Value Disclosure | 943,866,000 | 1,146,810,000 | |
Short Term Borrowings Fair Value | 320,435,000 | 230,657,000 | |
Long-term debt | 142,849,000 | 200,726,000 | |
Subordinated Debt Obligations, Fair Value Disclosure | 180,209,000 | 14,372,000 | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 575,000 | 1,026,000 | 575,000 |
Debt Securities, Available-for-sale | 1,032,814,000 | 1,209,701,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 246,709,000 | 159,956,000 | |
Mortgage IRLCs | 0 | 0 | |
Other Liabilities, Fair Value Disclosure | 5,374,000 | 1,273,000 | |
Deposits, Fair Value Disclosure | 5,374,000 | 1,273,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage IRLCs | 2,878,000 | 221,000 | |
Investment securities | 1,032,814,000 | 1,209,701,000 | |
Loans Held-for-sale, Fair Value Disclosure | 48,265,000 | 12,278,000 | |
Loans Receivable, Fair Value Disclosure | 51,143,000 | 12,499,000 | |
Time deposits | 938,492,000 | 1,145,537,000 | |
Deposits, Fair Value Disclosure | 938,492,000 | 1,145,537,000 | |
Short Term Borrowings Fair Value | 320,435,000 | 230,657,000 | |
Long-term debt | 142,849,000 | 200,726,000 | |
Subordinated Debt Obligations, Fair Value Disclosure | 180,209,000 | 14,372,000 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage IRLCs | 0 | 0 | |
Impaired Loan Fair Value | 16,226,000 | 2,090,000 | |
Other Assets, Fair Value Disclosure | 7,168,180,000 | 6,426,869,000 | |
Loans Receivable, Fair Value Disclosure | 7,184,406,000 | 6,428,959,000 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage loans held for sale | 48,265,000 | 12,278,000 | |
Mortgage IRLCs | 2,878,000 | 221,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage loans held for sale | 48,265,000 | 12,278,000 | |
Mortgage IRLCs | 2,878,000 | 221,000 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Debt Securities, Available-for-sale | 304,506,000 | 320,491,000 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 304,506,000 | 320,491,000 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 304,506,000 | 320,491,000 | |
U S Government Sponsored Entities Asset Backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 726,297,000 | 889,210,000 | |
U S Government Sponsored Entities Asset Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 726,297,000 | 889,210,000 | |
Loans Receivable [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Swap | 4,503,000 | 1,870,000 | |
Loans Receivable [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage IRLCs | 0 | 0 | |
Loans Receivable [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage IRLCs | 4,503,000 | 1,870,000 | |
Swap | 4,503,000 | 1,870,000 | |
Loans Receivable [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage IRLCs | 0 | 0 | |
Loans Receivable [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage IRLCs | 4,503,000 | 1,870,000 | |
Swap | 4,503,000 | 1,870,000 | |
Loans Receivable [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage IRLCs | 4,503,000 | 1,870,000 | |
Swap | 4,503,000 | 1,870,000 | |
Equity Securities [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investment securities | 2,042,000 | 1,993,000 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investment securities | 1,558,000 | 1,537,000 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investment securities | 484,000 | 456,000 | |
Equity Securities [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 2,042,000 | 1,993,000 | |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 1,558,000 | 1,537,000 | |
Equity Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 484,000 | 456,000 | |
Swap [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Swap | 226,000 | 226,000 | |
Swap [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 575,000 | 1,026,000 | 575,000 |
Swap [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Swap | 226,000 | 226,000 | |
Swap [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Swap | 226,000 | 226,000 | |
Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Swap | 226,000 | 226,000 | |
Corporate Debt Securities | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 2,011,000 | ||
Debt Securities, Available-for-sale | 2,011,000 | ||
Corporate Debt Securities | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investments, Fair Value Disclosure | 2,011,000 | ||
Reported Value Measurement [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value Disclosure | 246,709,000 | 159,956,000 | |
Mortgage IRLCs | 2,878,000 | 221,000 | |
Investment securities | 1,032,814,000 | 1,209,701,000 | |
Loans Held-for-sale, Fair Value Disclosure | 48,265,000 | 12,278,000 | |
Impaired Loan Fair Value | 16,226,000 | 2,090,000 | |
Other Assets, Fair Value Disclosure | 7,124,139,000 | 6,430,136,000 | |
Loans Receivable, Fair Value Disclosure | 7,191,508,000 | 6,444,725,000 | |
Time deposits | 931,201,000 | 1,139,131,000 | |
Other Liabilities, Fair Value Disclosure | 5,374,000 | 1,273,000 | |
Deposits, Fair Value Disclosure | 936,575,000 | 1,140,404,000 | |
Short Term Borrowings Fair Value | 320,435,000 | 230,657,000 | |
Long-term debt | 135,000,000 | 192,500,000 | |
Subordinated Debt Obligations, Fair Value Disclosure | 187,668,000 | 15,000,000 | |
Reported Value Measurement [Member] | Loans Receivable [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Mortgage IRLCs | 4,503,000 | 1,870,000 | |
Swap | 4,503,000 | 1,870,000 | |
Reported Value Measurement [Member] | Equity Securities [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Investment securities | 2,042,000 | 1,993,000 | |
Reported Value Measurement [Member] | Swap [Member] | |||
Fair Value, Assets And Liabilities Measured On Recurring Basis [Line Items] | |||
Swap | $ 226,000 | $ 226,000 |
Fair Value (Reconciliation Of L
Fair Value (Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | $ 0 | $ 0 | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Included in other comprehensive income | 13 | $ 5 | $ 28 | $ 14 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Reconciliation Of Level 3 Input For Financial Instruments Measured On Recurring Basis | The tables below present a reconciliation of the beginning and ending balances of the Level 3 inputs for the three months and nine months ended September 30, 2020 and 2019, for financial instruments measured on a recurring basis and classified as Level 3: Level 3 Fair Value Measurements Three months ended September 30, 2020 and 2019 (In thousands) Equity Fair value Balance at July 1, 2020 $ 471 $ (226) Total gains Included in other income 13 — Balance at September 30, 2020 $ 484 $ (226) Balance at July 1, 2019 $ 433 $ (226) Total gains Included in other income 5 — Balance at September 30, 2019 $ 438 $ (226) Level 3 Fair Value Measurements Nine months ended September 30, 2020 and 2019 (In thousands) Equity Fair value Balance at January 1, 2020 $ 456 $ (226) Total gains Included in other income 28 — Balance at September 30, 2020 $ 484 $ (226) Balance at January 1, 2019 $ 424 $ (226) Total gains Included in other income 14 — Balance at September 30, 2019 $ 438 $ (226) | |||||||
Fair Value, Recurring [Member] | Equity Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | 2,042 | $ 2,042 | $ 1,993 | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Equity Securities [Member] | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Investments, Fair Value Disclosure | 484 | 484 | 456 | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Balance, beginning | 484 | 438 | 484 | 438 | $ 471 | 456 | $ 433 | $ 424 |
Balance, ending | 484 | 438 | 484 | 438 | 471 | 456 | 433 | 424 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Swap [Member] | ||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Balance, beginning | (226) | (226) | (226) | (226) | (226) | (226) | (226) | (226) |
Included in other comprehensive income | 0 | 0 | ||||||
Balance, ending | $ (226) | $ (226) | $ (226) | $ (226) | $ (226) | $ (226) | $ (226) | $ (226) |
Fair Value Fair Value (Assets a
Fair Value Fair Value (Assets and liabilities measured at fair value on a nonrecurring basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 7,235,549 | $ 6,441,458 |
Other Assets, Fair Value Disclosure | 7,168,180 | 6,426,869 |
Other Repossessed Assets | 3,600 | 4,200 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 51,143 | 12,499 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 7,184,406 | 6,428,959 |
Other Assets, Fair Value Disclosure | 7,168,180 | 6,426,869 |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 16,226 | 2,090 |
Servicing Asset at Fair Value, Amount | 11,029 | 5,797 |
Other Assets, Fair Value Disclosure | 767 | 3,033 |
Other Repossessed Assets | 3,392 | 3,599 |
Fair Value, Nonrecurring [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 172 | 217 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Servicing Asset at Fair Value, Amount | 11,029 | 5,797 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 16,226 | 2,090 |
Other Assets, Fair Value Disclosure | 767 | 3,033 |
Other Repossessed Assets | 3,392 | 3,599 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 172 | 217 |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 16,054 | 1,873 |
Commercial Real Estate Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 16,054 | 1,873 |
Residential Real Estate [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 767 | 738 |
Residential Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 767 | 738 |
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 2,295 | |
Commercial Real Estate [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Fair Value Disclosure | 2,295 | |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 7,191,508 | 6,444,725 |
Other Assets, Fair Value Disclosure | $ 7,124,139 | $ 6,430,136 |
Fair Value Qualitative informat
Fair Value Qualitative information about Level 3 fair value measurements (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loan Fair Value | $ 16,226 | $ 2,090 |
Other Assets, Fair Value Disclosure | 7,168,180 | 6,426,869 |
Loans Held-for-sale, Fair Value Disclosure | 48,265 | 12,278 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loan Fair Value | 16,226 | 2,090 |
Other Assets, Fair Value Disclosure | 7,168,180 | 6,426,869 |
Fair Value, Nonrecurring [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Assets, Fair Value Disclosure | 767 | 3,033 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Assets, Fair Value Disclosure | 767 | 3,033 |
Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loan Fair Value | 1,873 | |
Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Real Estate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Assets, Fair Value Disclosure | 2,295 | |
Fair Value, Nonrecurring [Member] | Residential Real Estate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Assets, Fair Value Disclosure | 767 | 738 |
Fair Value, Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Assets, Fair Value Disclosure | 767 | 738 |
Fair Value, Nonrecurring [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loan Fair Value | 217 | |
Fair Value, Nonrecurring [Member] | Residential Real Estate [Member] | Real Estate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Assets, Fair Value Disclosure | 767 | 738 |
Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Assets, Fair Value Disclosure | 2,295 | |
Fair Value, Nonrecurring [Member] | Commercial Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Assets, Fair Value Disclosure | 2,295 | |
Estimate of Fair Value Measurement [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loan Fair Value | $ 2,090 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loan Fair Value | 16,054 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Nonrecurring [Member] | Residential Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loan Fair Value | $ 172 | |
Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Minimum [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0 | 0 |
Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Maximum [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 1.390 | 0.560 |
Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Maximum [Member] | Valuation, Cost Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.931 | |
Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.206 | 0.265 |
Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Weighted Average [Member] | Valuation, Cost Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.931 | |
Measurement Input, Comparability Adjustment [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Minimum [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.027 | 0 |
Measurement Input, Comparability Adjustment [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Maximum [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.478 | 0.535 |
Measurement Input, Comparability Adjustment [Member] | Residential Real Estate [Member] | Loans Receivable [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.106 | 0.108 |
Measurement Input, Comparability Adjustment [Member] | Residential Real Estate [Member] | Real Estate [Member] | Minimum [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned, Measurement Input | 0.076 | 0.046 |
Measurement Input, Comparability Adjustment [Member] | Residential Real Estate [Member] | Real Estate [Member] | Maximum [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned, Measurement Input | 0.112 | 0.546 |
Measurement Input, Comparability Adjustment [Member] | Residential Real Estate [Member] | Real Estate [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned, Measurement Input | 0.089 | 0.392 |
Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate [Member] | Real Estate [Member] | Minimum [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned, Measurement Input | 0.009 | |
Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate [Member] | Real Estate [Member] | Maximum [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned, Measurement Input | 0.684 | |
Measurement Input, Comparability Adjustment [Member] | Commercial Real Estate [Member] | Real Estate [Member] | Weighted Average [Member] | Valuation, Market Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned, Measurement Input | 0.347 | |
Measurement Input, Cap Rate [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Minimum [Member] | Valuation, Income Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.090 | |
Measurement Input, Cap Rate [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Maximum [Member] | Valuation, Income Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.200 | |
Measurement Input, Cap Rate [Member] | Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Impaired Loans Receivable, Measurement Input | 0.096 | |
Measurement Input, Cap Rate [Member] | Commercial Real Estate [Member] | Real Estate [Member] | Maximum [Member] | Valuation, Income Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned, Measurement Input | 0.130 | |
Measurement Input, Cap Rate [Member] | Commercial Real Estate [Member] | Real Estate [Member] | Weighted Average [Member] | Valuation, Income Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other Real Estate Owned, Measurement Input | 0.130 |
Fair Value Fair Value (Impaired
Fair Value Fair Value (Impaired Financing Receivables Additional Information) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Schedule of Impaired Financing Receivables Additional Information [Line Items] | |||
Book Value Of Impaired Loans Carried At Fair Value | $ 19,395 | $ 2,167 | |
Partial Charge-Offs On Impaired Loans carried at Fair Value | 247 | 313 | |
Impaired Financing Receivable, Related Allowance | 8,666 | 5,230 | |
impaired Financing Receivable, loans not held at Fair Value, Carrying Amount | 91,288 | 70,171 | |
Impaired Financing Receivable, Recorded Investment | 116,180 | 77,491 | $ 74,478 |
Impaired Loan Fair Value | 16,226 | 2,090 | |
Impaired Financing Receivable, loans not held at Fair Value, Recorded Investment | 96,785 | 75,324 | |
Partial Charge-offs on Impaired Loans carried at Cost | 316 | 406 | |
Impaired Financing Receivable, Carrying Value | 107,514 | 72,261 | |
Partial Charge-Offs On Impaired Loans | 563 | 719 | |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 8,666 | 5,230 | |
Financing Receivable, not collateral dependent [Domain] | |||
Schedule of Impaired Financing Receivables Additional Information [Line Items] | |||
Impaired Financing Receivable, Related Allowance | 5,497 | 5,153 | |
Commercial Receivables, excluding Commercial, Financial, and Agricultural [Domain] | |||
Schedule of Impaired Financing Receivables Additional Information [Line Items] | |||
Impaired Financing Receivable, Related Allowance | $ 3,169 | $ 77 |
Fair Value (Fair Value Of Finan
Fair Value (Fair Value Of Financial Instruments) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and money market instruments | $ 246,709,000 | $ 159,956,000 | |
Investment securities | 1,032,814,000 | 1,209,701,000 | |
Loans Held-for-sale, Fair Value Disclosure | 48,265,000 | 12,278,000 | |
Derivative Assets | 2,900,000 | 221,000 | |
Impaired Loan Fair Value | 16,226,000 | 2,090,000 | |
Other loans | 7,168,180,000 | 6,426,869,000 | |
Loans receivable, net | 7,235,549,000 | 6,441,458,000 | |
Time deposits | 938,492,000 | 1,145,537,000 | |
Other | 5,374,000 | 1,273,000 | |
Total deposits | 943,866,000 | 1,146,810,000 | |
Short-term borrowings | 320,435,000 | 230,657,000 | |
Long-term debt | 142,849,000 | 200,726,000 | |
Subordinated debentures/notes | 180,209,000 | 14,372,000 | |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 575,000 | 1,026,000 | 575,000 |
Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets | 2,878,000 | 221,000 | |
Impaired Loan Fair Value | 2,090,000 | ||
Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Swap | 4,503,000 | 1,870,000 | |
Loans [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets | 4,503,000 | 1,870,000 | |
Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities | 2,042,000 | 1,993,000 | |
Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Swap | 226,000 | 226,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and money market instruments | 246,709,000 | 159,956,000 | |
Derivative Assets | 0 | 0 | |
Other | 5,374,000 | 1,273,000 | |
Total deposits | 5,374,000 | 1,273,000 | |
Fair Value, Inputs, Level 1 [Member] | Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities | 1,558,000 | 1,537,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities | 1,032,814,000 | 1,209,701,000 | |
Loans Held-for-sale, Fair Value Disclosure | 48,265,000 | 12,278,000 | |
Derivative Assets | 2,878,000 | 221,000 | |
Loans receivable, net | 51,143,000 | 12,499,000 | |
Time deposits | 938,492,000 | 1,145,537,000 | |
Total deposits | 938,492,000 | 1,145,537,000 | |
Short-term borrowings | 320,435,000 | 230,657,000 | |
Long-term debt | 142,849,000 | 200,726,000 | |
Subordinated debentures/notes | 180,209,000 | 14,372,000 | |
Fair Value, Inputs, Level 2 [Member] | Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets | 4,503,000 | 1,870,000 | |
Swap | 4,503,000 | 1,870,000 | |
Fair Value, Inputs, Level 2 [Member] | Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ 575,000 | 1,026,000 | 575,000 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets | 0 | 0 | |
Impaired Loan Fair Value | 16,226,000 | 2,090,000 | |
Other loans | 7,168,180,000 | 6,426,869,000 | |
Loans receivable, net | 7,184,406,000 | 6,428,959,000 | |
Fair Value, Inputs, Level 3 [Member] | Loans [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment securities | 484,000 | 456,000 | |
Fair Value, Inputs, Level 3 [Member] | Swap [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Swap | $ 226,000 | $ 226,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Personal trust and agency accounts | $ 2,290 | $ 2,151 | $ 6,550 | $ 6,757 |
Employee benefit and retirement-related accounts | 1,967 | 1,753 | 5,702 | 5,185 |
Investment management and investment advisory agency accounts | 2,695 | 2,547 | 7,852 | 7,421 |
Other | 383 | 391 | 1,137 | 1,137 |
Non-sufficient funds (NSF) fees | 1,201 | 1,911 | 3,644 | 5,241 |
Demand deposit account (DDA) charges | 787 | 784 | 2,289 | 2,336 |
Other | 130 | 169 | 389 | 501 |
Credit card | 488 | 587 | 1,548 | 1,790 |
HELOC | 108 | 72 | 319 | 286 |
Installment | 43 | (26) | 144 | 120 |
Real estate | 11,806 | 3,225 | 22,228 | 7,880 |
Commercial | 602 | 402 | 1,332 | 1,042 |
Debit card fee income | 5,853 | 5,313 | 16,373 | 14,909 |
Bank owned life insurance income | 1,192 | 1,107 | 3,619 | 3,399 |
ATM Fees | 491 | 482 | 1,341 | 1,382 |
Gains (Losses) on Sales of Other Real Estate | 569 | (53) | 1,214 | (224) |
Loss (gain) on equity securities, net | 1,201 | 3,335 | (749) | 5,309 |
Other components of net periodic benefit income | 1,988 | 1,183 | 5,964 | 3,549 |
Other | 2,791 | 2,617 | 5,826 | 5,370 |
Total other income | 36,558 | 28,136 | 90,008 | 72,969 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | (27) | 186 | 3,286 | (421) |
Bank Servicing [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 13,047 | 4,260 | 25,571 | 11,118 |
Within Scope [Domain] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,300 | 1,300 | 3,700 | 4,000 |
Out of Scope [Domain] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 11,700 | 3,000 | 21,900 | 7,100 |
PNB [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Personal trust and agency accounts | 2,290 | 2,151 | 6,550 | 6,757 |
Employee benefit and retirement-related accounts | 1,967 | 1,753 | 5,702 | 5,185 |
Investment management and investment advisory agency accounts | 2,695 | 2,547 | 7,852 | 7,421 |
Other | 383 | 391 | 1,137 | 1,137 |
Non-sufficient funds (NSF) fees | 1,201 | 1,911 | 3,644 | 5,241 |
Demand deposit account (DDA) charges | 787 | 784 | 2,289 | 2,336 |
Other | 130 | 169 | 389 | 501 |
Credit card | 487 | 586 | 1,544 | 1,785 |
HELOC | 108 | 71 | 319 | 282 |
Installment | 43 | 62 | 144 | 203 |
Real estate | 11,806 | 3,226 | 22,228 | 7,890 |
Commercial | 567 | 262 | 1,245 | 901 |
Debit card fee income | 5,853 | 5,313 | 16,373 | 14,909 |
Bank owned life insurance income | 1,109 | 1,021 | 3,452 | 3,116 |
ATM Fees | 491 | 482 | 1,341 | 1,382 |
Gains (Losses) on Sales of Other Real Estate | 198 | (53) | 843 | (84) |
Loss (gain) on equity securities, net | 739 | 240 | 113 | 972 |
Other components of net periodic benefit income | 1,940 | 1,147 | 5,820 | 3,440 |
Other | 2,663 | 2,593 | 5,649 | 5,271 |
Total other income | 35,430 | 24,842 | 89,920 | 68,224 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | (27) | 186 | 3,286 | (421) |
GFSC [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Personal trust and agency accounts | 0 | 0 | 0 | 0 |
Employee benefit and retirement-related accounts | 0 | 0 | 0 | 0 |
Investment management and investment advisory agency accounts | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Non-sufficient funds (NSF) fees | 0 | 0 | 0 | 0 |
Demand deposit account (DDA) charges | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Credit card | 1 | 1 | 4 | 5 |
HELOC | 0 | 0 | 0 | 0 |
Installment | 0 | 0 | 0 | 0 |
Real estate | 0 | 0 | 0 | 0 |
Commercial | 0 | 0 | 0 | 0 |
Debit card fee income | 0 | 0 | 0 | 0 |
Bank owned life insurance income | 0 | 0 | 0 | 0 |
ATM Fees | 0 | 0 | 0 | 0 |
Gains (Losses) on Sales of Other Real Estate | 0 | 0 | 0 | 0 |
Loss (gain) on equity securities, net | 0 | 0 | 0 | 0 |
Other components of net periodic benefit income | 24 | 13 | 71 | 40 |
Other | 35 | 45 | 79 | 97 |
Total other income | 60 | 59 | 154 | 142 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | 0 | 0 | 0 | 0 |
All Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Personal trust and agency accounts | 0 | 0 | 0 | 0 |
Employee benefit and retirement-related accounts | 0 | 0 | 0 | 0 |
Investment management and investment advisory agency accounts | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Non-sufficient funds (NSF) fees | 0 | 0 | 0 | 0 |
Demand deposit account (DDA) charges | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Credit card | 0 | 0 | 0 | 0 |
HELOC | 0 | 1 | 0 | 4 |
Installment | 0 | (88) | 0 | (83) |
Real estate | 0 | (1) | 0 | (10) |
Commercial | 35 | 140 | 87 | 141 |
Debit card fee income | 0 | 0 | 0 | 0 |
Bank owned life insurance income | 83 | 86 | 167 | 283 |
ATM Fees | 0 | 0 | 0 | 0 |
Gains (Losses) on Sales of Other Real Estate | 371 | 0 | 371 | (140) |
Loss (gain) on equity securities, net | 462 | 3,095 | (862) | 4,337 |
Other components of net periodic benefit income | 24 | 23 | 73 | 69 |
Other | 93 | (21) | 98 | 2 |
Total other income | 1,068 | 3,235 | (66) | 4,603 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Aug. 20, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 175,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | ||
Debt Instrument, Basis Spread on Variable Rate | 4.39% | ||
Debt Issuance Costs, Gross | $ 2,400 | ||
Long-term debt | $ 135,000 | $ 192,500 | |
Subordinated Debt [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 172,700 |