Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Trading Symbol | FISI | |
Entity Registrant Name | Financial Institutions, Inc. | |
Entity Central Index Key | 0000862831 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity File Number | 000-26481 | |
Entity Tax Identification Number | 16-0816610 | |
Entity Incorporation, State or Country Code | NY | |
Entity Address, Address Line One | 220 LIBERTY STREET | |
Entity Address, City or Town | WARSAW | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14569 | |
City Area Code | 585 | |
Local Phone Number | 786-1100 | |
Entity Common Stock, Shares Outstanding | 15,828,899 | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Security Exchange Name | NASDAQ |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 344,790 | $ 93,878 |
Securities available for sale, at fair value | 753,489 | 628,059 |
Securities held to maturity, at amortized cost (net of allowance for credit losses of $7 and $7, respectively) (fair value of $264,329 and $282,035, respectively) | 256,127 | 271,966 |
Loans held for sale | 5,685 | 4,305 |
Loans (net of allowance for credit losses of $49,828 and $52,420, respectively) | 3,604,558 | 3,542,718 |
Company owned life insurance | 101,564 | 100,895 |
Premises and equipment, net | 39,820 | 40,610 |
Goodwill and other intangible assets, net | 74,528 | 73,789 |
Other assets | 148,495 | 156,086 |
Total assets | 5,329,056 | 4,912,306 |
Deposits: | ||
Noninterest-bearing demand | 1,099,608 | 1,018,549 |
Interest-bearing demand | 873,390 | 731,885 |
Savings and money market | 1,826,621 | 1,642,340 |
Time deposits | 916,395 | 885,593 |
Total deposits | 4,716,014 | 4,278,367 |
Short-term borrowings | 5,300 | |
Long-term borrowings, net of issuance costs of $1,321 and $1,377, respectively | 73,679 | 73,623 |
Other liabilities | 73,079 | 86,653 |
Total liabilities | 4,862,772 | 4,443,943 |
Shareholders’ equity: | ||
Total preferred equity | 17,322 | 17,328 |
Common stock, $0.01 par value; 50,000,000 shares authorized; 16,099,556 shares issued | 161 | 161 |
Additional paid-in capital | 124,891 | 125,118 |
Retained earnings | 340,923 | 324,850 |
Accumulated other comprehensive (loss) income | (10,572) | 2,128 |
Treasury stock, at cost – 270,657 and 57,630 shares, respectively | (6,441) | (1,222) |
Total shareholders’ equity | 466,284 | 468,363 |
Total liabilities and shareholders’ equity | 5,329,056 | 4,912,306 |
Series A 3% Preferred Stock [Member] | ||
Shareholders’ equity: | ||
Total preferred equity | 143 | 143 |
Series B-1 8.48% Preferred Stock [Member] | ||
Shareholders’ equity: | ||
Total preferred equity | $ 17,179 | $ 17,185 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Securities held to maturity, allowance for credit losses | $ 7 | $ 7 |
Securities held to maturity, fair value | 264,329 | 282,035 |
Loans, allowance for credit losses | 49,828 | 52,420 |
Debt issuance costs | $ 1,321 | $ 1,377 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 16,099,556 | 16,099,556 |
Treasury stock, shares | 270,657 | 57,630 |
Series A 3% Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 1,533 | 1,533 |
Preferred stock, shares issued | 1,435 | 1,435 |
Preferred stock, dividend percentage | 3.00% | 3.00% |
Series B-1 8.48% Preferred Stock [Member] | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 171,786 | 171,847 |
Preferred stock, dividend percentage | 8.48% | 8.48% |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income: | ||
Interest and fees on loans | $ 37,059 | $ 36,860 |
Interest and dividends on investment securities | 4,187 | 4,582 |
Other interest income | 27 | 211 |
Total interest income | 41,273 | 41,653 |
Interest expense: | ||
Deposits | 2,235 | 7,019 |
Short-term borrowings | 119 | 892 |
Long-term borrowings | 1,062 | 618 |
Total interest expense | 3,416 | 8,529 |
Net interest income | 37,857 | 33,124 |
Provision (benefit) for credit losses | (1,981) | 13,915 |
Net interest income after provision for credit losses | 39,838 | 19,209 |
Noninterest income: | ||
Service charges on deposits | 1,292 | 1,587 |
Insurance income | 1,396 | 1,349 |
Card interchange income | 1,958 | 1,602 |
Investment advisory | 2,772 | 2,246 |
Company owned life insurance | 657 | 465 |
Investments in limited partnerships | 855 | 213 |
Loan servicing | 97 | 7 |
Income from derivative instruments, net | 1,875 | 746 |
Net gain on sale of loans held for sale | 1,078 | 252 |
Net gain on investment securities | 74 | 221 |
Net (loss) gain on other assets | (5) | 64 |
Loss on tax credit investments | (85) | (40) |
Other | 995 | 1,198 |
Total noninterest income | 12,959 | 9,910 |
Noninterest expense: | ||
Salaries and employee benefits | 14,465 | 15,014 |
Occupancy and equipment | 3,382 | 3,756 |
Professional services | 1,895 | 2,152 |
Computer and data processing | 3,121 | 2,673 |
Supplies and postage | 484 | 553 |
FDIC assessments | 765 | 372 |
Advertising and promotions | 324 | 555 |
Amortization of intangibles | 271 | 294 |
Other | 2,033 | 2,301 |
Total noninterest expense | 26,740 | 27,670 |
Income before income taxes | 26,057 | 1,449 |
Income tax expense | 5,347 | 322 |
Net income | 20,710 | 1,127 |
Preferred stock dividends | 365 | 365 |
Net income available to common shareholders | $ 20,345 | $ 762 |
Earnings per common share (Note 3): | ||
Basic | $ 1.28 | $ 0.05 |
Diluted | 1.27 | 0.05 |
Cash dividends declared per common share | $ 0.27 | $ 0.26 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 20,710 | $ 1,127 |
Other comprehensive (loss) income, net of tax: | ||
Securities available for sale and transferred securities | (14,402) | 12,106 |
Hedging derivative instruments | 1,564 | 91 |
Pension and post-retirement obligations | 138 | 234 |
Total other comprehensive (loss) income, net of tax | (12,700) | 12,431 |
Comprehensive income | $ 8,010 | $ 13,558 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Series A 3% Preferred Stock [Member] | Series B-1 8.48% Preferred Stock [Member] | Cumulative-Effect Adjustment [Member] | Adjusted Balance [Member] | Preferred Equity [Member] | Preferred Equity [Member]Adjusted Balance [Member] | Common Stock [Member] | Common Stock [Member]Adjusted Balance [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Adjusted Balance [Member] | Retained Earnings [Member] | Retained Earnings [Member]Series A 3% Preferred Stock [Member] | Retained Earnings [Member]Series B-1 8.48% Preferred Stock [Member] | Retained Earnings [Member]Cumulative-Effect Adjustment [Member] | Retained Earnings [Member]Adjusted Balance [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Other Comprehensive Loss [Member]Adjusted Balance [Member] | Treasury Stock [Member] | Treasury Stock [Member]Adjusted Balance [Member] |
Balance at Dec. 31, 2019 | $ 438,947 | $ (8,719) | $ 430,228 | $ 17,328 | $ 17,328 | $ 161 | $ 161 | $ 124,582 | $ 124,582 | $ 313,364 | $ (8,719) | $ 304,645 | $ (14,513) | $ (14,513) | $ (1,975) | $ (1,975) | ||||
Comprehensive income: | ||||||||||||||||||||
Net income | 1,127 | 1,127 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | 12,431 | 12,431 | ||||||||||||||||||
Purchases of common stock for treasury | (196) | (196) | ||||||||||||||||||
Share-based compensation plans: | ||||||||||||||||||||
Share-based compensation | 332 | 332 | ||||||||||||||||||
Restricted stock units released | (469) | 469 | ||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||
Preferred stock dividends per share | $ (1) | $ (364) | $ (1) | $ (364) | ||||||||||||||||
Common stock dividends per share | (4,164) | (4,164) | ||||||||||||||||||
Balance at Mar. 31, 2020 | 439,393 | 17,328 | 161 | 124,445 | 301,243 | (2,082) | (1,702) | |||||||||||||
Balance at Dec. 31, 2020 | 468,363 | 17,328 | 161 | 125,118 | 324,850 | 2,128 | (1,222) | |||||||||||||
Comprehensive income: | ||||||||||||||||||||
Net income | 20,710 | 20,710 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | (12,700) | (12,700) | ||||||||||||||||||
Common stock issued | 301 | 3 | 298 | |||||||||||||||||
Purchases of common stock for treasury | (5,963) | (5,963) | ||||||||||||||||||
Purchases of 8.48% preferred stock | (6) | (6) | ||||||||||||||||||
Share-based compensation plans: | ||||||||||||||||||||
Share-based compensation | 216 | 216 | ||||||||||||||||||
Restricted stock units released | (446) | 446 | ||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||
Preferred stock dividends per share | $ (1) | $ (364) | $ (1) | $ (364) | ||||||||||||||||
Common stock dividends per share | (4,272) | (4,272) | ||||||||||||||||||
Balance at Mar. 31, 2021 | $ 466,284 | $ 17,322 | $ 161 | $ 124,891 | $ 340,923 | $ (10,572) | $ (6,441) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Common stock dividends per share, declared | $ 0.27 | $ 0.26 | |
Series A 3% Preferred Stock [Member] | |||
Preferred stock, dividend percentage | 3.00% | 3.00% | 3.00% |
Preferred stock dividends per share, declared | $ 0.75 | $ 0.75 | |
Series B-1 8.48% Preferred Stock [Member] | |||
Preferred stock, dividend percentage | 8.48% | 8.48% | 8.48% |
Preferred stock dividends per share, declared | $ 2.12 | $ 2.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 20,710 | $ 1,127 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,950 | 1,973 |
Net amortization of premiums on securities | 1,206 | 562 |
Provision (benefit) for credit losses | (1,981) | 13,915 |
Share-based compensation | 216 | 332 |
Deferred income tax expense (benefit) | 1,658 | (276) |
Proceeds from sale of loans held for sale | 21,314 | 9,934 |
Originations of loans held for sale | (21,616) | (9,280) |
Income on company owned life insurance | (657) | (465) |
Net gain on sale of loans held for sale | (1,078) | (252) |
Net gain on investment securities | (74) | (221) |
Net loss (gain) on other assets | 5 | (64) |
Noncash restructuring charges against assets | 6 | |
Decrease (increase) in other assets | 12,818 | (31,708) |
(Decrease) increase in other liabilities | (14,172) | 18,745 |
Net cash provided by operating activities | 20,305 | 4,322 |
Cash flows from investing activities: | ||
Purchases of available for sale securities | (204,695) | (44,812) |
Purchases of held to maturity securities | (1,265) | (1,364) |
Proceeds from principal payments, maturities and calls on available for sale securities | 32,416 | 30,947 |
Proceeds from principal payments, maturities and calls on held to maturity securities | 16,783 | 13,827 |
Proceeds from sales of securities available for sale | 26,675 | 3,157 |
Net loan originations | (60,135) | (27,029) |
Purchases of company owned life insurance, net of proceeds received | (12) | (7) |
Proceeds from sales of other assets | 427 | |
Purchases of premises and equipment | (290) | (1,196) |
Cash consideration paid for acquisition, net of cash acquired | (713) | |
Net cash used in investing activities | (191,236) | (26,050) |
Cash flows from financing activities: | ||
Net increase in deposits | 437,647 | 231,510 |
Net decrease in short-term borrowings | (5,300) | (166,000) |
Repurchase of preferred stock | (6) | |
Purchases of common stock for treasury | (5,963) | (196) |
Cash dividends paid to common and preferred shareholders | (4,535) | (4,365) |
Net cash provided by financing activities | 421,843 | 60,949 |
Net increase in cash and cash equivalents | 250,912 | 39,221 |
Cash and cash equivalents, beginning of period | 93,878 | 112,947 |
Cash and cash equivalents, end of period | $ 344,790 | $ 152,168 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | (1.) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Financial Institutions, Inc. (the “Company”) is a financial holding company organized in 1931 under the laws of New York State (“New York”). The Company provides diversified financial services through its subsidiaries, Five Star Bank, SDN Insurance Agency, LLC (“SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”). The Company offers a broad array of deposit, lending and other financial services to individuals, municipalities and businesses in Western and Central New York through its wholly-owned New York chartered banking subsidiary, Five Star Bank (the “Bank”). The Bank also has indirect lending network relationships with franchised automobile dealers in the Capital District of New York and Northern and Central Pennsylvania. SDN provides a broad range of insurance services to personal and business clients. Courier Capital and HNP Capital provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in conformity with GAAP have been condensed or omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated statements of financial condition, income, comprehensive income, changes in shareholders’ equity and cash flows for the periods indicated and contain adequate disclosure to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year. Operational, Accounting and Reporting Impacts Related to the COVID-19 Pandemic The COVID-19 pandemic has negatively impacted the global economy, including our operating footprint of Western and Central New York. In response to this crisis, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provided an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Some of the provisions applicable to the Company include, but are not limited to: • Accounting for Loan Modifications - The CARES Act provided that a financial institution may elect to suspend (1) the application of GAAP for certain loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (“TDR”) and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. • Paycheck Protection Program - The CARES Act established the Paycheck Protection Program (“PPP”), an expansion of the Small Business Administration’s (“SBA”) 7(a) loan program and the Economic Injury Disaster Loan Program (“EIDL”), administered directly by the SBA. On December 27, 2020, the Consolidated Appropriations Act, 2021 provided approximately $284 billion for PPP loans in an additional round of funding under the program and extended the PPP through March 31, 2021. This additional round of PPP loan funding is authorized for first-time borrowers and for second draws by certain borrowers who have previously received PPP loans. On March 30, 2021, the PPP Extension Act of 2021 was signed into law, which extends the program to May 31, 2021. • Mortgage Forbearance - Under the CARES Act, through the earlier of December 31, 2020, or the termination date of the COVID-19 national emergency, a borrower with a federally backed mortgage loan that is experiencing financial hardship due to COVID-19 may request a forbearance. This relief has been extended by executive order through at least June 30, 2021. Also, in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”), and the Consumer Financial Protection Bureau (“CFPB”), in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to: • Accounting for Loan Modifications - Loan modifications that do not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payment. (1.) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) • Past Due Reporting - With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral. • Nonaccrual Status and Charge-offs - During short-term COVID-19 modifications, these loans generally should not be reported as nonaccrual or as classified. Effective March 23, 2020 through July 9, 2020, for consumer customers, the Bank waived early CD penalty fees for withdrawals up to $20,000 (limited to one penalty-free withdrawal per CD account); eliminated all insufficient funds (overdrafts) and returned item fees; eliminated all Pay by Phone fees; waived all late fees; offered the opportunity for monthly mortgage, home equity loan or home equity line payment relief; offered the opportunity to defer unsecured consumer loans or lines of credit and secured consumer loans and lines of credit payments; and offered unsecured personal loans up to $5,000, up to 60 months at 2.95% APR subject to credit approval. ATM access fees were reinitiated on September 19, 2020. As part of the first round of PPP loans we have helped more than 1,700 customers obtain more than $270 million in loans as of December 31, 2020. Of those loans, we have helped customers complete the forgiveness process for approximately $87 million of loans in the first three months of 2021. Also, during the first three months of 2021, we have helped customers obtain approximately $96 million of new PPP loans under the second round of the PPP. Additionally, approximately 4% of our commercial loan and mortgage customers, 1% of our residential real estate loans and lines customers and less than 1% of our indirect loans customers have active payment deferrals, in accordance with the previously noted loan modifications under the CARES Act or agencies guidelines. Reclassifications Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Such reclassifications did not impact net income or shareholders’ equity as previously reported. Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates relate to the determination of the allowance for credit losses, the carrying value of goodwill and deferred tax assets, and assumptions used in the defined benefit pension plan accounting. Cash Flow Reporting Supplemental cash flow information is summarized as follows for the three months ended March 31 (in thousands): 2021 2020 Supplemental information: Cash paid for interest $ 3,173 $ 8,418 Cash paid for income taxes 1,500 1,000 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans — 646 Accrued and declared unpaid dividends 4,637 4,259 Common stock issued for acquisition 301 — Assets acquired and liabilities assumed in business combinations: Fair value of assets acquired 449 — (1.) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recent Accounting Pronouncements In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), who is responsible for regulating the London Interbank Offered Rate (“LIBOR”), announced its intention that it would no longer be necessary to persuade or compel its panel banks to submit LIBOR rates after December 31, 2021. On March 5, 2021, the ICE Benchmark Administration (“IBA”), the administrator of LIBOR, released the results of its consultation on the cessation timeline for certain LIBOR tenors. In coordination with the IBA, the FCA also confirmed when certain LIBOR tenors will cease to exist. The results of the consultation indicated that certain LIBOR tenors (overnight, one-month, three-month, six-month, and twelve-month USD LIBOR) will be extended to June 30, 2023 to allow some legacy contracts that cannot be easily amended to mature on their current terms. Notwithstanding the extension of certain LIBOR tenors to 2023, banks may no longer offer new LIBOR-based contracts after December 31, 2021. Given that LIBOR is a widely used pricing index for loan and derivative contracts, a Company-wide initiative was introduced to assess all LIBOR exposures through the Company’s loan, deposit, borrowing and derivative categories, while developing a plan for the ultimate cessation of the index. In developing the transition plan, the Company has followed best practice recommendations from the Federal Reserve’s Alternative Reference Rate Committee, our third-party derivative advisor and the Internal Swaps and Derivatives Association. To date, the Company has identified the portion of loan notes that reference LIBOR, which are primarily representative of commercial relationships. Additionally, the Company has one designated derivative instrument that is utilized to hedge the LIBOR characteristic of a future dated borrowing (i.e. Federal Home Loan Bank Advance). In 2015, the Company issued $40 million in fixed to floating rate subordinated notes that currently bear a fixed rate of interest at 6.00% until April 2025, when the rate converts to a floating rate equal to three-month LIBOR plus 3.944%; the indenture under which the notes were issued includes language allowing an alternate index to be applied in the event that LIBOR becomes unavailable at the floating rate determination date. At this time, no other borrowing or deposit relationships have been identified that utilize LIBOR as an index. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The ASU clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and applies through December 31, 2022. The Company is in the process of determining which optional expedients to elect, if any, as well as the timing and application of those elections. At this time, the Company does not expect any elections to have a significant impact on its financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | (2.) BUSINESS COMBINATIONS 2021 Activity – Landmark Group Acquisition On February 1, 2021, SDN completed the acquisition of the assets of Landmark Group (“Landmark”), an independent insurance brokerage firm. Consideration for the acquisition included common shares of Company stock and cash. As a result of the acquisition, SDN recorded goodwill of $611 thousand and other intangible assets of $399 thousand. The goodwill and other intangible assets are expected to be deductible for income tax purposes. The allocation of acquisition cost to the assets acquired and liabilities assumed and pro forma results of operations for this acquisition have not been presented because the effect of this acquisition was not material to the Company’s consolidated financial statements. 2020 Activity – No Activity |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | (3 .) RESTRUCTURING CHARGES On July 17, 2020, the Bank announced management’s decision to adapt to a full-service branch model to streamline retail branches to better align with shifting customer needs and preferences. The transformation resulted in six branch closures and a reduction in staffing. The announcement was the result of a nine-month comprehensive assessment of all lines of business and functional areas, conducted in partnership with a leading process improvement organization. The data-driven analysis identified, among other things, overlapping service areas, automation opportunities and streamlining of processes and operations that would enhance customer experiences and facilitate the long-term sustainability of current and future branches. The announced consolidations represented about ten percent of the branch network and impacted approximately six percent of the total Company workforce. Where possible, those impacted were offered alternative roles or the opportunity to apply for open positions in other areas of the Company. Separated associates received a comprehensive severance package based on tenure. In October 2020, the Company announced the planned closure of one additional branch that closed in January 2021. This location was not included in the branch consolidations announced in July, as alternative options were being considered and consolidation was not possible given its significant distance from other Bank branches. The Company incurred total pre-tax expense related to the branch closures of approximately $1.7 million, including approximately $0.2 million in employee severance, $0.5 million in lease termination costs and $1.0 million in valuation adjustments on branch facilities. The Company recognized all of these expenses during 2020. The Company expects $0.9 million of total costs will result in future cash expenditures. The Company anticipates annual expense savings of approximately $2.7 million as a result of these branch closures. The Company incurred no restructuring charges during the three months ended March 31, 2021 and 2020. The following table represents the changes in the restructuring reserve (in thousands): Three months ended March 31, 2021 2020 Balance at beginning of period $ 1,245 $ — Restructuring charges — — Cash payments (77 ) — Charges against assets (6 ) — Balance at end of period $ 1,162 $ — In contemplation of the transactions noted above, certain long-lived assets have met the held for sale criteria as of March 31, 2021. The Company reclassified $867 thousand from premises and equipment, net to other assets on the consolidated statement of financial condition as of March 31, 2021 |
Earnings Per Common Share ("EPS
Earnings Per Common Share ("EPS") | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share ("EPS") | ( 4 .) EARNINGS PER COMMON SHARE (“EPS”) The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts). Three months ended March 31, 2021 2020 Net income available to common shareholders $ 20,345 $ 762 Weighted average common shares outstanding: Total shares issued 16,100 16,100 Unvested restricted stock awards (6 ) (4 ) Treasury shares (205 ) (90 ) Total basic weighted average common shares outstanding 15,889 16,006 Incremental shares from assumed: Exercise of stock options — — Vesting of restricted stock awards 83 63 Total diluted weighted average common shares outstanding 15,972 16,069 Basic earnings per common share $ 1.28 $ 0.05 Diluted earnings per common share $ 1.27 $ 0.05 For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive (in thousands): Stock options — — Restricted stock awards 11 2 Total 11 2 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Investment Securities | ( 5 .) INVESTMENT SECURITIES The amortized cost and fair value of investment securities are summarized below (in thousands): Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2021 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 16,244 $ 348 $ 59 $ 16,533 Mortgage-backed securities: Federal National Mortgage Association 435,287 8,798 4,432 439,653 Federal Home Loan Mortgage Corporation 250,091 1,239 5,760 245,570 Government National Mortgage Association 21,605 495 126 21,974 Collateralized mortgage obligations: Federal National Mortgage Association 22,361 89 43 22,407 Federal Home Loan Mortgage Corporation 6,943 — 22 6,921 Privately issued — 431 — 431 Total mortgage-backed securities 736,287 11,052 10,383 736,956 Total available for sale securities $ 752,531 $ 11,400 $ 10,442 $ 753,489 Securities held to maturity: State and political subdivisions $ 139,264 $ 3,767 $ — $ 143,031 Mortgage-backed securities: Federal National Mortgage Association 10,147 522 — 10,669 Federal Home Loan Mortgage Corporation 5,521 193 — 5,714 Government National Mortgage Association 34,568 1,313 — 35,881 Collateralized mortgage obligations: Federal National Mortgage Association 27,230 920 — 28,150 Federal Home Loan Mortgage Corporation 32,206 1,242 — 33,448 Government National Mortgage Association 7,198 238 — 7,436 Total mortgage-backed securities 116,870 4,428 — 121,298 Total held to maturity securities 256,134 $ 8,195 $ — $ 264,329 Allowance for credit losses - securities (7 ) Total held to maturity securities, net $ 256,127 December 31, 2020 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 6,239 $ 396 $ — $ 6,635 Mortgage-backed securities: Federal National Mortgage Association 350,627 15,549 44 366,132 Federal Home Loan Mortgage Corporation 225,645 3,155 24 228,776 Government National Mortgage Association 22,107 830 — 22,937 Collateralized mortgage obligations: Federal National Mortgage Association 3,047 97 — 3,144 Federal Home Loan Mortgage Corporation — — — - Privately issued — 435 — 435 Total mortgage-backed securities 601,426 20,066 68 621,424 Total available for sale securities $ 607,665 $ 20,462 $ 68 $ 628,059 ( 5 .) INVESTMENT SECURITIES (Continued) Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2020 (continued) Securities held to maturity: State and political subdivisions $ 144,506 $ 4,478 $ — $ 148,984 Mortgage-backed securities: Federal National Mortgage Association 10,776 703 — 11,479 Federal Home Loan Mortgage Corporation 5,858 382 — 6,240 Government National Mortgage Association 37,084 1,578 — 38,662 Collateralized mortgage obligations: Federal National Mortgage Association 29,988 1,075 — 31,063 Federal Home Loan Mortgage Corporation 35,897 1,581 — 37,478 Government National Mortgage Association 7,864 265 — 8,129 Total mortgage-backed securities 127,467 5,584 — 133,051 Total held to maturity securities 271,973 $ 10,062 $ — $ 282,035 Allowance for credit losses - securities (7 ) Total held to maturity securities, net $ 271,966 The Company elected to exclude accrued interest receivable (“AIR”) from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS debt securities, AIR totaled $1.4 million and $1.2 million as of March 31, 2021 and December 31, 2020. For HTM debt securities, AIR totaled $1.3 million and $905 thousand as of March 31, 2021 and December 31, 2020, respectively. AIR is included in other assets on the Company’s consolidated statements of financial condition. For each of the three months ended March 31, 2021 and 2020, credit loss expense (credit) for HTM investment securities was less than $ (1) Investment securities with a total fair value of $660.1 million and $567.4 million at March 31, 2021 and December 31, 2020, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. Sales of securities available for sale were as follows (in thousands): Three months ended March 31, 2021 2020 Proceeds from sales $ 26,675 $ 3,157 Gross realized gains 89 — Gross realized losses 15 9 The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2021 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Amortized Fair Cost Value Debt securities available for sale: Due in one year or less $ 4,887 $ 4,946 Due from one to five years 57,462 60,632 Due after five years through ten years 148,739 153,492 Due after ten years 541,443 534,419 Total available for sale securities $ 752,531 $ 753,489 Debt securities held to maturity: Due in one year or less $ 46,389 $ 46,684 Due from one to five years 92,903 96,303 Due after five years through ten years 20,252 21,018 Due after ten years 96,590 100,324 Total held to maturity securities $ 256,134 $ 264,329 ( 5 .) INVESTMENT SECURITIES (Continued) Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands): Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2021 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 9,941 $ 59 $ — $ — $ 9,941 $ 59 Mortgage-backed securities: Federal National Mortgage Association 224,499 4,432 13 — 224,512 4,432 Federal Home Loan Mortgage Corporation 209,482 5,760 — — 209,482 5,760 Government National Mortgage Association 5,165 126 — — 5,165 126 Collateralized mortgage obligations: Federal National Mortgage Association 9,665 43 — — 9,665 43 Federal Home Loan Mortgage Corporation 6,921 22 — — 6,921 22 Total mortgage-backed securities 455,732 10,383 13 — 455,745 10,383 Total available for sale securities 465,673 10,442 13 — 465,686 10,442 Total temporarily impaired securities $ 465,673 $ 10,442 $ 13 $ — $ 465,686 $ 10,442 December 31, 2020 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ — $ — $ — $ — $ — $ — Mortgage-backed securities: Federal National Mortgage Association 18,155 44 — — 18,155 44 Federal Home Loan Mortgage Corporation 10,932 24 — — 10,932 24 Government National Mortgage Association — — — — — — Collateralized mortgage obligations: Federal National Mortgage Association — — 8 — 8 — Federal Home Loan Mortgage Corporation — — — — — — Total mortgage-backed securities 29,087 68 8 — 29,095 68 Total available for sale securities 29,087 68 8 — 29,095 68 Total temporarily impaired securities $ 29,087 $ 68 $ 8 $ — $ 29,095 $ 68 ( 5 .) INVESTMENT SECURITIES (Continued) The total number of securities positions in the investment portfolio in an unrealized loss position at March 31, 2021 was 62 compared to eight at December 31, 2020. At March 31, 2021, the Company had a position in one investment security with a fair value of $13 thousand and a total unrealized loss of less than one thousand dollars that has been in a continuous unrealized loss position for more than 12 months. At March 31, 2021, there were a total of 61 securities positions in the Company’s investment portfolio with a fair value of $465.7 million and a total unrealized loss of $10.4 million that had been in a continuous unrealized loss position for less than 12 months. At December 31, 2020, the Company had a position in one investment security with a fair value of eight thousand dollars and a total unrealized loss of less than one thousand dollars that had been in a continuous unrealized loss position for more than 12 months. At December 31, 2020, there were a total of seven securities positions in the Company’s investment portfolio with a fair value of $29.1 million and a total unrealized loss of $68 thousand that had been in a continuous unrealized loss position for less than 12 months. The unrealized loss on investment securities was predominantly caused by changes in market interest rates subsequent to purchase. The fair value of most of the investment securities in the Company’s portfolio fluctuates as market interest rates change. Securities Available for Sale As of March 31, 2021 and December 31, 2020, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities were impaired due to reasons of credit quality. This is based upon our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our available for sale securities and in consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Securities Held to Maturity The Company’s HTM investment securities include debt securities that are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. In addition, the Company’s HTM investment securities include debt securities that are issued by state and local government agencies, or municipal bonds. The Company monitors the credit quality of our municipal bonds through the use of a credit rating agency or by ratings that are derived by an internal scoring model. The scoring methodology for the internally derived ratings is based on a series of financial ratios for the municipality being reviewed as compared to typical industry figures. This information is used to determine the financial strengths and weaknesses of the municipality, which is indicated with a numeric rating. This number is then converted into a letter rating to better match the system used by the credit rating agencies. As of March 31, 2021, $131.4 million of our municipal bonds were rated as an equivalent to Standard & Poor’s A/AA/AAA, with $7.6 million internally rated to be the equivalent of Standard & Poor’s A/AA/AAA rating. Additionally, one municipal bond was rated below investment grade, with a BB+ Standard & Poor’s equivalent rating. The below investment grade bond represented exposure of $280 thousand, or 0.20% of the municipal bond portfolio and has been closely monitored for repayment. As of December 31, 2020, $135.7 million of our municipal bonds were rated as an equivalent to Standard & Poor’s A/AA/AAA, with $8.5 million internally rated to be the equivalent of Standard & Poor’s A/AA/AAA rating. Additionally, one municipal bond was rated below investment grade, with a BB+ Standard & Poor’s equivalent rating. The below investment grade bond represented exposure of $279 thousand, or 0.19% of the municipal bond portfolio and has been closely monitored for repayment. As of March 31, 2021 and December 31, 2020, the Company had no past due or nonaccrual held to maturity investment securities. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2021 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loans | (6 .) LOANS The Company’s loan portfolio consisted of the following as of the dates indicated (in thousands): Principal Amount Outstanding Net Deferred Loan (Fees) Costs Loans, Net March 31, 2021 Commercial business $ 822,499 $ (5,563 ) $ 816,936 Commercial mortgage 1,279,317 (2,476 ) 1,276,841 Residential real estate loans 588,002 13,607 601,609 Residential real estate lines 82,319 3,043 85,362 Consumer indirect 829,362 28,442 857,804 Other consumer 15,695 139 15,834 Total $ 3,617,194 $ 37,192 3,654,386 Allowance for credit losses - loans (49,828 ) Total loans, net $ 3,604,558 December 31, 2020 Commercial business $ 798,409 $ (4,261 ) $ 794,148 Commercial mortgage 1,256,525 (2,624 ) 1,253,901 Residential real estate loans 586,537 13,263 599,800 Residential real estate lines 86,708 3,097 89,805 Consumer indirect 812,816 27,605 840,421 Other consumer 16,913 150 17,063 Total $ 3,557,908 $ 37,230 3,595,138 Allowance for credit losses - loans (52,420 ) Total loans, net $ 3,542,718 Loans held for sale (not included above) were comprised entirely of residential real estate mortgages and totaled $5.7 million and $4.3 million as of March 31, 2021 and December 31, 2020, respectively. The CARES Act was passed by Congress and signed into law on March 27, 2020. The CARES Act established the PPP, an expansion of the SBA’s 7(a) loan program and the EIDL, administered directly by the SBA. The Company had $262.1 million and $253.1 million of PPP loans (included in Commercial business above) as of March 31, 2021 and December 31, 2020, respectively. In addition, the CARES Act provides that a financial institution may elect to suspend (1) the application of GAAP for certain loan modifications related to COVID-19 that would otherwise be categorized as a TDR and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. Accordingly, the Company had $532.4 million of loans with modifications related to COVID-19 during 2020, with $89.1 million and $113.0 million still on deferral as of March 31, 2021 and December 31, 2020, respectively. The Company elected to exclude AIR from the amortized cost basis of loans disclosed throughout this footnote. As of March 31, 2021 and December 31, 2020, AIR for loans totaled $13.7 million and $13.6 million, respectively, and is included in other assets on the Company’s consolidated statements of financial condition. (6 .) LOANS (Continued) Past Due Loans Aging The Company’s recorded investment, by loan class, in current and nonaccrual loans, as well as an analysis of accruing delinquent loans is set forth as of the dates indicated (in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Nonaccrual Current Total Loans Nonaccrual with no allowance March 31, 2021 Commercial business $ 75 $ — $ — $ 75 $ 1,742 $ 820,682 $ 822,499 $ 1,238 Commercial mortgage 24 — — 24 3,402 1,275,891 1,279,317 2,867 Residential real estate loans 168 20 — 188 2,519 585,295 588,002 2,519 Residential real estate lines 27 25 — 52 256 82,011 82,319 256 Consumer indirect 1,427 253 — 1,680 1,482 826,200 829,362 1,482 Other consumer 98 53 284 435 3 15,257 15,695 3 Total loans, gross $ 1,819 $ 351 $ 284 $ 2,454 $ 9,404 $ 3,605,336 $ 3,617,194 $ 8,365 December 31, 2020 Commercial business $ 264 $ 87 $ — $ 351 $ 1,975 $ 796,083 $ 798,409 $ 1,502 Commercial mortgage 822 26 — 848 2,906 1,252,771 1,256,525 2,709 Residential real estate loans 984 60 — 1,044 2,587 582,906 586,537 2,587 Residential real estate lines 40 15 — 55 323 86,330 86,708 323 Consumer indirect 3,966 1,348 — 5,314 1,495 806,007 812,816 1,495 Other consumer 133 18 231 382 — 16,531 16,913 — Total loans, gross $ 6,209 $ 1,554 $ 231 $ 7,994 $ 9,286 $ 3,540,628 $ 3,557,908 $ 8,616 There were no loans past due greater than 90 days and still accruing interest as of March 31, 2021 and December 31, 2020. There were $284 thousand and $231 thousand in consumer overdrafts which were past due greater than 90 days as of March 31, 2021 and December 31, 2020, respectively. Consumer overdrafts are overdrawn deposit accounts which have been reclassified as loans but by their terms do not accrue interest. The Company recognized no interest income on nonaccrual loans during the three months ended March 31, 2021 and 2020. Troubled Debt Restructurings A modification of a loan constitutes a TDR when a borrower is experiencing financial difficulty and the modification constitutes a concession. Commercial loans modified in a TDR may involve temporary interest-only payments, term extensions, reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, collateral concessions, forgiveness of principal, forbearance agreements, or substituting or adding a new borrower or guarantor. There were no loans modified as a TDR during the three months ended March 31, 2021 and 2020. There were no loans modified as a TDR within the previous 12 months that defaulted during the three months ended March 31, 2021 and 2020. For purposes of this disclosure, a loan modified as a TDR is considered to have defaulted when the borrower becomes 90 days (6 .) LOANS (Continued) Collateral Dependent Loans Management has determined that specific commercial loans on nonaccrual status, all loans that have had their terms restructured in a troubled debt restructuring and other loans deemed appropriate by management where repayment is expected to be provided substantially through the operation or sale of the collateral to be collateral dependent loans. Collateral dependent loans at March 31, 2021 and December 31, 2020 included certain criticized COVID-19 bridge loans not otherwise classified as nonaccrual. The following table presents the amortized cost basis of collateral dependent loans by collateral type as of March 31, 2021 and December 31, 2020 (in thousands): Collateral type Business assets Real property Total Specific Reserve March 31, 2021 Commercial business $ 804 $ 1,148 $ 1,952 $ 1,346 Commercial mortgage — 60,156 60,156 12,157 Total $ 804 $ 61,304 $ 62,108 $ 13,503 December 31, 2020 Commercial business $ 2,379 $ — $ 2,379 $ 1,383 Commercial mortgage — 36,625 36,625 8,187 Total $ 2,379 $ 36,625 $ 39,004 $ 9,570 Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors such as the fair value of collateral. The Company analyzes commercial business and commercial mortgage loans individually by classifying the loans as to credit risk. Risk ratings are updated any time the situation warrants. The Company uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or 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 the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans that do not meet the criteria above that are analyzed individually as part of the process described above are considered “uncriticized” or pass-rated loans and are included in groups of homogeneous loans with similar risk and loss characteristics. ( 6 .) LOANS (Continued) The following tables set forth the Company’s commercial loan portfolio, categorized by internally assigned asset classification, as of the dates indicated (in thousands): Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total March 31, 2021 Commercial Business Uncriticized $ 34,725 $ 282,996 $ 106,625 $ 65,350 $ 23,823 $ 24,702 $ 268,143 $ — $ 806,364 Special mention — — 1 42 566 1,002 2,795 — 4,406 Substandard — 247 225 1,119 153 234 4,188 — 6,166 Doubtful — — — — — — — — — Total $ 34,725 $ 283,243 $ 106,851 $ 66,511 $ 24,542 $ 25,938 $ 275,126 $ — $ 816,936 Commercial Mortgage Uncriticized $ 47,489 $ 332,420 $ 220,441 $ 146,250 $ 159,788 $ 208,781 $ 895 $ — $ 1,116,064 Special mention 500 14,067 39,480 19,511 27,305 40,518 — — 141,381 Substandard — 331 5,350 1,881 1,761 9,875 198 — 19,396 Doubtful — — — — — — — — — Total $ 47,989 $ 346,818 $ 265,271 $ 167,642 $ 188,854 $ 259,174 $ 1,093 $ — $ 1,276,841 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total December 31, 2020 Commercial Business Uncriticized $ 350,992 $ 112,469 $ 82,029 $ 31,990 $ 8,195 $ 16,600 $ 179,770 $ — $ 782,045 Special mention — 360 21 709 41 1,025 2,995 — 5,151 Substandard 193 211 1,183 464 202 309 4,390 — 6,952 Doubtful — — — — — — — — — Total $ 351,185 $ 113,040 $ 83,233 $ 33,163 $ 8,438 $ 17,934 $ 187,155 $ — $ 794,148 Commercial Mortgage Uncriticized $ 310,364 $ 227,406 $ 163,839 $ 161,771 $ 74,915 $ 154,399 $ 731 $ — $ 1,093,425 Special mention 14,299 42,305 19,505 27,530 12,256 28,744 43 — 144,682 Substandard 189 2,521 1,890 1,648 3 9,344 199 — 15,794 Doubtful — — — — — — — — — Total $ 324,852 $ 272,232 $ 185,234 $ 190,949 $ 87,174 $ 192,487 $ 973 $ — $ 1,253,901 ( 6 .) LOANS (Continued) The Company utilizes payment status as a means of identifying and reporting problem and potential problem retail loans. The Company considers nonaccrual loans and loans past due greater than 90 days and still accruing interest to be non-performing. The following tables set forth the Company’s retail loan portfolio, categorized by performance status, as of the dates indicated (in thousands): Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total March 31, 2021 Residential Real Estate Loans Performing $ 32,920 $ 136,773 $ 97,640 $ 80,962 $ 62,906 $ 187,889 $ — $ — $ 599,090 Nonperforming — — 198 661 754 906 — — 2,519 Total $ 32,920 $ 136,773 $ 97,838 $ 81,623 $ 63,660 $ 188,795 $ — $ — $ 601,609 Residential Real Estate Lines Performing $ — $ — $ — $ — $ — $ — $ 75,606 $ 9,500 $ 85,106 Nonperforming — — — — — — 64 192 256 Total $ — $ — $ — $ — $ — $ — $ 75,670 $ 9,692 $ 85,362 Consumer Indirect Performing $ 105,985 $ 278,315 $ 182,163 $ 146,363 $ 94,067 $ 49,429 $ — $ — $ 856,322 Nonperforming — 394 421 387 195 85 — — 1,482 Total $ 105,985 $ 278,709 $ 182,584 $ 146,750 $ 94,262 $ 49,514 $ — $ — $ 857,804 Other Consumer Performing $ 1,311 $ 5,419 $ 2,782 $ 1,439 $ 688 $ 962 $ 3,230 $ — $ 15,831 Nonperforming — — 3 — — — — — 3 Total $ 1,311 $ 5,419 $ 2,785 $ 1,439 $ 688 $ 962 $ 3,230 $ — $ 15,834 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total December 31, 2020 Residential Real Estate Loans Performing $ 137,926 $ 103,923 $ 87,153 $ 66,446 $ 67,473 $ 134,292 $ — $ — $ 597,213 Nonperforming — 199 765 665 233 725 — — 2,587 Total $ 137,926 $ 104,122 $ 87,918 $ 67,111 $ 67,706 $ 135,017 $ — $ — $ 599,800 Residential Real Estate Lines Performing $ — $ — $ — $ — $ — $ — $ 79,257 $ 10,225 $ 89,482 Nonperforming — — — — — — 65 258 323 Total $ — $ — $ — $ — $ — $ — $ 79,322 $ 10,483 $ 89,805 Consumer Indirect Performing $ 295,216 $ 202,187 $ 166,773 $ 111,008 $ 47,793 $ 15,949 $ — $ — $ 838,926 Nonperforming 70 652 319 287 132 35 — — 1,495 Total $ 295,286 $ 202,839 $ 167,092 $ 111,295 $ 47,925 $ 15,984 $ — $ — $ 840,421 Other Consumer Performing $ 6,774 $ 3,177 $ 1,765 $ 907 $ 369 $ 508 $ 3,563 $ — $ 17,063 Nonperforming — — — — — — — — — Total $ 6,774 $ 3,177 $ 1,765 $ 907 $ 369 $ 508 $ 3,563 $ — $ 17,063 (6.) Allowance for Credit Losses - Loans On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments The Company adopted ASU 2016-13 using the modified retrospective approach. Results for the periods beginning after January 1, 2020 are presented under Accounting Standards Codification (“ASC”) 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net reduction of retained earnings of $8.7 million upon adoption. The transition adjustment includes an increase in credit-related reserves of $9.6 million, $14 thousand, and $2.1 million for loans, held to maturity investment securities and unfunded commitments, respectively, net of the corresponding increase in deferred tax assets of $3.0 million. The following table sets forth the changes in the allowance for credit losses - loans for the three-month periods ended as of the dates indicated (in thousands): Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total March 31, 2021 Allowance for credit losses - loans: Beginning balance $ 13,580 $ 21,763 $ 3,924 $ 674 $ 12,165 $ 314 $ 52,420 Charge-offs (86 ) (203 ) (11 ) (70 ) (2,413 ) (81 ) (2,864 ) Recoveries 238 — 5 — 1,670 64 1,977 Provision (benefit) (1,062 ) 1,112 (809 ) (122 ) (865 ) 41 (1,705 ) Ending balance $ 12,670 $ 22,672 $ 3,109 $ 482 $ 10,557 $ 338 $ 49,828 March 31, 2020 Allowance for credit losses - loans: Beginning balance, prior to adoption of ASC 326 $ 11,358 $ 5,681 $ 1,059 $ 118 $ 11,852 $ 414 $ 30,482 Impact of adopting ASC 326 (246 ) 7,310 3,290 607 (1,234 ) (133 ) 9,594 Beginning balance, after adoption of ASC 326 11,112 12,991 4,349 725 10,618 281 40,076 Charge-offs (8,241 ) — (98 ) — (3,424 ) (269 ) (12,032 ) Recoveries 58 — 10 3 1,668 150 1,889 Provision 7,294 2,163 1,909 171 1,783 103 13,423 Ending balance $ 10,223 $ 15,154 $ 6,170 $ 899 $ 10,645 $ 265 $ 43,356 (6 .) LOANS (Continued) Risk Characteristics Commercial business loans primarily consist of loans to small to mid-sized businesses in our market area in a diverse range of industries. These loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. Further, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value. The credit risk related to commercial loans is largely influenced by general economic conditions, including the impact of the COVID-19 pandemic on small to mid-sized business in our market area, and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any. Commercial mortgage loans generally have larger balances and involve a greater degree of risk than residential mortgage loans, potentially resulting in higher potential losses on an individual customer basis. Loan repayment is often dependent on the successful operation and management of the properties, as well as on the collateral securing the loan. Economic events, including the impact of the COVID-19 pandemic on the ability of the tenants to pay rent at these properties, or conditions in the real estate market could have an adverse impact on the cash flows generated by properties securing the Company’s commercial real estate loans and on the value of such properties. Residential real estate loans (comprised of conventional mortgages and home equity loans) and residential real estate lines (comprised of home equity lines) are generally made based on the borrower’s ability to make repayment from his or her employment and other income but are secured by real property whose value tends to be more easily ascertainable. Credit risk for these types of loans is generally influenced by general economic conditions, including the impact of the COVID-19 pandemic on the employment income of these borrowers, the characteristics of individual borrowers, and the nature of the loan collateral. Consumer indirect and other consumer loans may entail greater credit risk than residential mortgage loans and home equities, particularly in the case of other consumer loans which are unsecured or, in the case of indirect consumer loans, secured by depreciable assets, such as automobiles. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances such as job loss, illness or personal bankruptcy, including the heightened risk that such circumstances may arise as a result of the COVID-19 pandemic. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | (7 .) LEASES ASC 842, Leases (“ASC 842”), establishes a right of use model that requires a lessee to record a right of use asset and a lease liability for all leases with terms longer than 12 months. The Company is obligated under a number of non-cancellable operating lease agreements for land, buildings and equipment with terms, including renewal options reasonably certain to be exercised, extending through 2047. One building lease is subleased for terms extending through 2021. The following table represents the consolidated statements of financial condition classification of the Company’s right of use assets and lease liabilities: March 31, December 31, Balance Sheet Location 2021 2020 Operating Lease Right of Use Assets: Gross carrying amount Other assets $ 24,557 $ 23,697 Accumulated amortization Other assets (4,241 ) (3,741 ) Net book value $ 20,316 $ 19,956 Operating Lease Liabilities: Right of use lease obligations Other liabilities $ 21,908 $ 21,507 The weighted average remaining lease term for operating leases was 21.1 years at March 31, 2021 and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.78%. The Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term for the discount rate. The following table represents lease costs and other lease information: Three months ended March 31, 2021 2020 Lease costs: Operating lease costs $ 680 $ 677 Variable lease costs (1) 98 101 Sublease income (11 ) (11 ) Net lease costs $ 767 $ 767 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 661 $ 648 Right of use assets obtained in exchange for new operating lease liabilities $ 864 $ 334 (1) Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. Future minimum payments under non-cancellable operating leases with initial or remaining terms of one year or more, are as follows at March 31, 2021 (in thousands): Twelve months ended March 31, 2022 $ 2,372 2023 1,979 2024 1,514 2025 1,308 2026 1,233 Thereafter 24,858 Total future minimum operating lease payments 33,264 Amounts representing interest (11,356 ) Present value of net future minimum operating lease payments $ 21,908 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | (8 .) Goodwill The carrying amount of goodwill totaled $66.7 million and $66.1 million as of both March 31, 2021 and December 31, 2020. The Company performs a goodwill impairment test on an annual basis as of October 1st or more frequently if events and circumstances warrant. Banking All Other (1) Total Balance, December 31, 2020 $ 48,536 $ 17,526 $ 66,062 Acquisition — 611 611 Balance, March 31, 2021 $ 48,536 $ 18,137 $ 66,673 (1) All Other includes the SDN, Courier Capital and HNP Capital reporting units Goodwill and other intangible assets added during the period relates to the acquisition of assets of Landmark Group, which was completed on February 1, 2021. See Note 2 – Business Combinations for additional information. Other Intangible Assets The Company has other intangible assets that are amortized, consisting of core deposit intangibles and other intangibles (primarily related to customer relationships). Gross carrying amount, accumulated amortization and net book value, were as follows (in thousands): March 31, December 31, 2021 2020 Other intangibles assets: Gross carrying amount $ 16,324 $ 15,925 Accumulated amortization (8,469 ) (8,198 ) Net book value $ 7,855 $ 7,727 Amortization expense for total other intangible assets was $271 thousand and $294 thousand for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the estimated amortization expense of other intangible assets for the remainder of 2021 and each of the next five years is as follows (in thousands): 2021 (remainder of year) $ 779 2022 960 2023 887 2024 816 2025 745 2026 675 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | ( 9 .) A summary of other assets as of the dates indicated are as follows (in thousands): March 31, December 31, 2021 2020 Operating lease right of use assets $ 20,316 $ 19,956 Tax credit investments 38,632 34,370 Derivative instruments 18,391 20,120 Collateral on derivative instruments 4,270 19,630 Other 66,886 62,010 Total other assets $ 148,495 $ 156,086 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | ( 10 .) Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities, and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate caps and interest rate swaps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. During the first three months of 2021 and in 2020, such derivatives were used to hedge the variable cash flows associated with short-term borrowings. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a period of approximately 60 months. As of March 31, 2021, the Company had one outstanding forward starting interest rate derivative with a notional value of $50.0 million that was designated as a cash flow hedge of interest rate risk. The derivative becomes effective in April 2022. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings. During the next twelve months, the Company estimates that $0 will be reclassified into interest expense. Interest Rate Swaps The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain one or more of the following provisions: (a) if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, the Company could also be declared in default on its derivative obligations, and (b) if the Company fails to maintain its status as a well-capitalized institution, the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. ( 10 .) DERIVATIVE INSTRUMENT AND HEDGING ACTIVITIES (Continued) Mortgage Banking Derivatives The Company extends rate lock agreements to borrowers related to the origination of residential mortgage loans. To mitigate the interest rate risk inherent in these rate lock agreements when the Company intends to sell the related loan, once originated, as well as closed residential mortgage loans held for sale, the Company enters into forward commitments to sell individual residential mortgages. Rate lock agreements and forward commitments are considered derivatives and are recorded at fair value. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of March 31, 2021 and December 31, 2020 (in thousands): Asset derivatives Liability derivatives Gross notional amount Balance Fair value Balance Fair value Mar. 31, 2021 Dec. 31, 2020 sheet line item Mar. 31, 2021 Dec. 31, 2020 sheet line item Mar. 31, 2021 Dec. 31, 2020 Derivatives designated as hedging instruments Cash flow hedges $ 50,000 $ 50,000 Other $ 1,677 $ — Other liabilities $ — $ 311 Total derivatives $ 50,000 $ 50,000 $ 1,677 $ — $ — $ 311 Derivatives not designated as hedging instruments Cash flow hedges $ — $ 100,000 Other assets $ — $ — Other liabilities $ — $ — Interest rate swaps (1) 706,115 631,907 Other assets 16,176 19,626 Other liabilities 15,580 19,837 Credit contracts 115,833 113,434 Other assets 12 23 Other liabilities 39 86 Mortgage banking 28,025 28,225 Other assets 526 471 Other liabilities — 1 Total derivatives $ 849,973 $ 873,566 $ 16,714 $ 20,120 $ 15,619 $ 19,924 (1) The Company secured its obligations under these contracts with $4.3 million and $19.6 million in cash at March 31, 2021 and December 31, 2020, respectively. Effect of Derivative Instruments on the Income Statement The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three months ended March 31, 2021 and 2020 (in thousands): Gain (loss) recognized in income Line item of gain (loss) Three months ended March 31, Undesignated derivatives recognized in income 2021 2020 Cash flow hedges Income from derivative instruments, net $ — $ — Interest rate swaps Income from derivative instruments, net 1,772 724 Credit contracts Income from derivative instruments, net 48 (5 ) Mortgage banking Income from derivative instruments, net 55 27 Total undesignated $ 1,875 $ 746 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | ( 11 .) SHAREHOLDERS’ EQUITY Common Stock The changes in shares of common stock were as follows for the three months ended March 31, 2021 and 2020: Outstanding Treasury Issued 2021 Shares at December 31, 2020 16,041,926 57,630 16,099,556 Shares issued for Landmark Group acquisition 12,831 (12,831 ) — Restricted stock units released 18,819 (18,819 ) — Treasury stock purchases (244,677 ) 244,677 — Shares at March 31, 2021 15,828,899 270,657 16,099,556 2020 Shares at December 31, 2019 16,002,899 96,657 16,099,556 Restricted stock units released 22,921 (22,921 ) — Treasury stock purchases (6,436 ) 6,436 — Shares at March 31, 2020 16,019,384 80,172 16,099,556 Share Repurchase Program In November 2020, the Company’s Board of Directors authorized a share repurchase program for up to 801,879 shares of common stock. Repurchased shares are recorded in treasury stock, at cost, which includes any applicable transaction costs. 238,439 shares were repurchased at an average price of $24.30 during the three months ended March 31, 2021. No shares were repurchased under this program during the year ended December 31, 2020. As of March 31, 2021, the remaining amount of shares authorized for repurchase under the repurchase program was 563,440. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ( 12 .) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables present the components of other comprehensive income (loss) for the three months ended March 31, 2021 and 2020 (in thousands): Pre-tax Amount Tax Effect Net-of-tax Amount March 31, 2021 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (19,362 ) $ (4,961 ) $ (14,401 ) Reclassification adjustment for net gains included in net income (1) (1 ) — (1 ) Total securities available for sale and transferred securities (19,363 ) (4,961 ) (14,402 ) Hedging derivative instruments: Change in unrealized gain/loss during the period 2,103 539 1,564 Pension and post-retirement obligations: Amortization of prior service credit included in income (1 ) — (1 ) Amortization of net actuarial loss included in income 186 47 139 Total pension and post-retirement obligations 185 47 138 Other comprehensive loss $ (17,075 ) $ (4,375 ) $ (12,700 ) (1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. March 31, 2020 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 16,451 $ 4,215 $ 12,236 Reclassification adjustment for net gains included in net income (1) (175 ) (45 ) (130 ) Total securities available for sale and transferred securities 16,276 4,170 12,106 Hedging derivative instruments: Change in unrealized gain/loss during the period 123 32 91 Pension and post-retirement obligations: Amortization of prior service credit included in income (9 ) (2 ) (7 ) Amortization of net actuarial loss included in income 323 82 241 Total pension and post-retirement obligations 314 80 234 Other comprehensive income $ 16,713 $ 4,282 $ 12,431 (1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. ( 12 .) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued) Activity in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2021 and 2020 was as follows (in thousands): Hedging Derivative Instruments Securities Available for Sale and Transferred Securities Pension and Post- retirement Obligations Accumulated Other Comprehensive Income (Loss) March 31, 2021 Balance at beginning of period $ (316 ) $ 14,743 $ (12,299 ) $ 2,128 Other comprehensive income before reclassifications 1,564 (14,401 ) — (12,837 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) 138 137 Net current period other comprehensive income (loss) 1,564 (14,402 ) 138 (12,700 ) Balance at end of period $ 1,248 $ 341 $ (12,161 ) $ (10,572 ) March 31, 2020 Balance at beginning of period $ (518 ) $ 873 $ (14,868 ) $ (14,513 ) Other comprehensive income before reclassifications 91 12,236 — 12,327 Amounts reclassified from accumulated other comprehensive income (loss) — (130 ) 234 104 Net current period other comprehensive income (loss) 91 12,106 234 12,431 Balance at end of period $ (427 ) $ 12,979 $ (14,634 ) $ (2,082 ) The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2021 and 2020 (in thousands): Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statement of Income Three months ended March 31, 2021 2020 Realized gain on sale of investment securities $ 74 $ 221 Net gain on investment securities Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity (73 ) (46 ) Interest income 1 175 Total before tax — (45 ) Income tax expense 1 130 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 1 9 Salaries and employee benefits Net actuarial losses (1) (186 ) (323 ) Salaries and employee benefits (185 ) (314 ) Total before tax 47 80 Income tax benefit (138 ) (234 ) Net of tax Total reclassified for the period $ (137 ) $ (104 ) (1) These items are included in the computation of net periodic pension expense. See Note 14 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2021 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation Plans | (1 3 .) SHARE-BASED COMPENSATION PLANS The Company maintains certain share-based compensation plans, approved by the Company’s shareholders, that are administered by the Management Development and Compensation Committee (the “MD&C Committee”) of the Board. The share-based compensation plans were established to allow for the grant of compensation awards to attract, motivate and retain employees, executive officers and non-employee directors who contribute to the long-term growth and profitability of the Company and to give such persons a proprietary interest in the Company, thereby enhancing their personal interest in the Company’s success. The MD&C Committee approved the grant of restricted stock units (“RSUs”) and performance share units (“PSUs”) shown in the table below to certain members of management during the three months ended March 31, 2021. Number of Underlying Shares Weighted Average Per Share Grant Date Fair Value RSUs 58,924 $ 27.46 PSUs 22,178 27.58 The grant-date fair value for the RSUs granted during the three months ended March 31, 2021 is equal to the closing market price of our common stock on the date of grant reduced by the present value of the dividends expected to be paid on the underlying shares. Fifty percent of the PSUs that ultimately vest is contingent on achieving specified return on average equity (“ROAE”) targets relative to the SNL Small Cap Bank & Thrift Index, a market index the MD&C Committee has selected as a peer group for this purpose. These shares will be earned based on the Company’s achievement of a relative ROAE performance requirement, on a percentile basis, compared to the SNL Small Cap Bank & Thrift Index over a three-year three-year The grant-date fair values for both the ROAE and the ROAA portions of PSUs granted during the three months ended March 31, 2021 are equal to the closing market price of our common stock on the date of grant reduced by the present value of the dividends expected to be paid on the underlying shares. The Company previously granted restricted stock awards to certain members of management and non-employee directors. There were no restricted stock awards granted during the three months ended March 31, 2021. The following is a summary of restricted stock awards and restricted stock units activity for the three months ended March 31, 2021: Number of Shares Weighted Average Market Price at Grant Date Outstanding at beginning of year 168,513 $ 25.65 Granted 81,102 27.50 Vested (18,819 ) 28.38 Forfeited (18,487 ) 26.67 Outstanding at end of period 212,309 $ 26.03 At March 31, 2021, there was $3.8 million of unrecognized compensation expense related to unvested restricted stock awards and restricted stock units that is expected to be recognized over a weighted average period of 2.40 years. (1 3 .) SHARE-BASED COMPENSATION PLANS (Continued) The Company amortizes the expense related to share-based compensation awards over the vesting period. Share-based compensation expense is recorded as a component of salaries and employee benefits in the consolidated statements of income for awards granted to management and as a component of other noninterest expense for awards granted to directors. The share-based compensation expense included in the consolidated statements of income, is as follows (in thousands): Three months ended March 31, 2021 2020 Salaries and employee benefits $ 188 $ 304 Other noninterest expense 28 28 Total share-based compensation expense $ 216 $ 332 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | (1 4 .) EMPLOYEE BENEFIT PLANS The components of the Company’s net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands): Three months ended March 31, 2021 2020 Service cost $ 1,049 $ 923 Interest cost on projected benefit obligation 551 635 Expected return on plan assets (1,306 ) (1,284 ) Amortization of unrecognized prior service credit (1 ) (9 ) Amortization of unrecognized net actuarial loss 186 323 Net periodic benefit expense $ 479 $ 588 The net periodic benefit expense is recorded as a component of salaries and employee benefits in the consolidated statements of income. The Company’s funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2021 fiscal year. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (1 5 .) COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk The Company has financial instruments with off-balance sheet risk established in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk extending beyond amounts recognized in the financial statements. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is essentially the same as that involved with extending loans to customers. The Company uses the same credit underwriting policies in making commitments and conditional obligations as for on-balance sheet instruments. Off-balance sheet commitments consist of the following (in thousands): March 31, 2021 December 31, 2020 Commitments to extend credit $ 993,324 $ 1,012,810 Standby letters of credit 22,970 22,393 (1 5 .) COMMITMENTS AND CONTINGENCIES (Continued) Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. Commitments generally have fixed expiration dates or other termination clauses which may require payment of a fee. Commitments may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Standby letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support private borrowing arrangements. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. Unfunded Commitments At March 31, 2021 and December 31, 2020, the allowance for credit losses for unfunded commitments totaled $2.9 million and $3.1 million, respectively, and was included in other liabilities on the Company's consolidated statements of financial condition. For the three months ended March 31, 2021 and 2020, credit loss (credit) expense for unfunded commitments was $(276) thousand and $1.0 million, respectively. Contingent Liabilities and Litigation In the ordinary course of business, there are various threatened and pending legal proceedings against the Company. Management believes that the aggregate liability, if any, arising from such litigation, except for the matter described below, would not have a material adverse effect on the Company’s consolidated financial statements. As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on March 15, 2021 and as disclosed in Part II, Item 1 of this Quarterly Report on Form 10-Q, we are party to an action filed against us on May 16, 2017 by Matthew L. Chipego, Charlene Mowry, Constance C. Churchill and Joseph W. Ewing in the Court of Common Pleas in Philadelphia, Pennsylvania. Plaintiffs seek class certification to represent classes of consumers in New York and Pennsylvania along with statutory damages, interest and declaratory relief. The plaintiffs seek to represent a putative class of consumers who are alleged to have obtained direct or indirect financing from us for the purchase of vehicles that we later repossessed. The plaintiffs specifically claim that the notices the Bank sent to defaulting consumers after their vehicles were repossessed did not comply with the relevant portions of the Uniform Commercial Code in New York and Pennsylvania. We dispute and believe we have meritorious defenses against these claims and plan to vigorously defend ourselves. In February 2020, we agreed to engage in mediation with the plaintiffs and mediation is expected to commence during May 2021. On October 19, 2020, the Court granted plaintiffs’ motion for judgment on the pleadings dismissing our affirmative defense against one named New York plaintiff that his claim was time-barred under New York law, applying a six-year If we settle these claims or the action is not resolved in our favor, we may suffer reputational damage and incur legal costs, settlements or judgments that exceed the amounts covered by our existing insurance policies. We can provide no assurances that our insurer will insure the legal costs, settlements or judgments we incur in excess of our deductible. If we are unsuccessful in defending ourselves from these claims or if our insurer does not insure us against legal costs we incur in excess of our deductible, the result may materially adversely affect our business, results of operations and financial condition. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (1 6 .) FAIR VALUE MEASUREMENTS Determination of Fair Value – Assets Measured at Fair Value on a Recurring and Nonrecurring Basis Valuation Hierarchy The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. There have been no changes in the valuation techniques used during the current period. The fair value hierarchy is as follows: • Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. (1 6 .) FAIR VALUE MEASUREMENTS (Continued) • Level 3 - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Transfers between levels of the fair value hierarchy are recorded as of the end of the reporting period. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Securities available for sale: Securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Derivative instruments: The fair value of derivative instruments is determined using quoted secondary market prices for similar financial instruments and are classified as Level 2 in the fair value hierarchy. Loans held for sale: The fair value of loans held for sale is determined using quoted secondary market prices and investor commitments. Loans held for sale are classified as Level 2 in the fair value hierarchy. Collateral dependent loans: Fair value of collateral dependent loans with specific allocations of the allowance for credit losses – loans is measured based on the value of the collateral securing these loans and is classified as Level 3 in the fair value hierarchy. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable and collateral value is determined based on appraisals performed by qualified licensed appraisers hired by the Company. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and the client’s business. Such discounts are typically significant and result in a Level 3 classification of the inputs for determining fair value. Collateral dependent loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified above. Long-lived assets held for sale: The fair value of the long-lived assets held for sale was based on estimated market prices from independently prepared current appraisals and are classified as Level 2 in the fair value hierarchy. Loan servicing rights: Loan servicing rights do not trade in an active market with readily observable market data. As a result, the Company estimates the fair value of loan servicing rights by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The assumptions used in the discounted cash flow model are those that we believe market participants would use in estimating future net servicing income, including estimates of loan prepayment rates, servicing costs, ancillary income, impound account balances, and discount rates. The significant unobservable inputs used in the fair value measurement of the Company’s loan servicing rights are the constant prepayment rates and weighted average discount rate. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. Although the constant prepayment rate and the discount rate are not directly interrelated, they will generally move in opposite directions. Loan servicing rights are classified as Level 3 measurements due to the use of significant unobservable inputs, as well as significant management judgment and estimation. Other real estate owned (foreclosed assets): Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned are measured at the lower of carrying amount or fair value, less costs to sell. Fair values are generally based on third party appraisals of the property, resulting in a Level 3 classification. The appraisals are sometimes further discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Such discounts are typically significant and result in a Level 3 classification of the inputs for determining fair value. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. Commitments to extend credit and letters of credit: Commitments to extend credit and fund letters of credit are principally at current interest rates, and, therefore, the carrying amount approximates fair value. The fair value of commitments is not material. (1 6 .) FAIR VALUE MEASUREMENTS (Continued) Assets Measured at Fair Value The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and nonrecurring basis as of the dates indicated (in thousands). Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2021 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 16,533 $ — $ 16,533 Mortgage-backed securities — 736,956 — 736,956 Other assets: Hedging derivative instruments — 1,677 — 1,677 Fair value adjusted through comprehensive income $ — $ 755,166 $ — $ 755,166 Other assets: Derivative instruments - interest rate swaps — 16,176 — 16,176 Derivative instruments - credit contracts — 12 — 12 Derivative instruments - mortgage banking — 526 — 526 Other liabilities: Derivative instruments - interest rate swaps — (15,580 ) — (15,580 ) Derivative instruments - credit contracts — (39 ) — (39 ) Derivative instruments - mortgage banking — - — - Fair value adjusted through net income $ — $ 1,095 $ — $ 1,095 Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 5,685 $ — $ 5,685 Collateral dependent loans — — 48,605 48,605 Other assets: Long-lived assets held for sale — 867 — 867 Loan servicing rights — — 1,392 1,392 Other real estate owned — — 2,966 2,966 Total $ — $ 6,552 $ 52,963 $ 59,515 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2021. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2021. (1 6 .) FAIR VALUE MEASUREMENTS (Continued) Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2020 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 6,635 $ — $ 6,635 Mortgage-backed securities — 621,424 — 621,424 Other liabilities: Hedging derivative instruments — (311 ) — (311 ) Fair value adjusted through comprehensive income $ — $ 627,748 $ — $ 627,748 Other assets: Derivative instruments - cash flow hedges $ — $ — $ — $ - Derivative instruments - interest rate swaps — 19,626 — 19,626 Derivative instruments - credit contracts — 23 — 23 Derivative instruments - mortgage banking — 471 — 471 Other liabilities: Derivative instruments - interest rate swaps — (19,837 ) — (19,837 ) Derivative instruments - credit contracts — (86 ) — (86 ) Derivative instruments - mortgage banking — (1 ) — (1 ) Fair value adjusted through net income $ — $ 196 $ — $ 196 Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 4,305 $ — $ 4,305 Collateral dependent loans — — 29,434 29,434 Other assets: Loan servicing rights — — 1,320 1,320 Other real estate owned — — 2,966 2,966 Total $ — $ 4,305 $ 33,720 $ 38,025 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2020. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2020. The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value as of March 31, 2021 (dollars in thousands). Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Value or Range Collateral dependent loans $ 48,605 Appraisal of collateral (1) Appraisal adjustments (2) 28.6% (3) Loan servicing rights 1,392 Discounted cash flow Discount rate 10.3% (3) Constant prepayment rate 16.7% (3) Other real estate owned 2,966 Appraisal of collateral (1) Appraisal adjustments (2) 27.7% (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages. (1 6 .) FAIR VALUE MEASUREMENTS (Continued) Changes in Level 3 Fair Value Measurements There were no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the three months ended March 31, 2021 and 2020. Disclosures about Fair Value of Financial Instruments The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. The estimated fair value approximates carrying value for cash and cash equivalents, Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, accrued interest receivable, non-maturity deposits, short-term borrowings and accrued interest payable. The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated. Level in March 31, 2021 December 31, 2020 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 344,790 $ 344,790 $ 93,878 $ 93,878 Securities available for sale Level 2 753,489 753,489 628,059 628,059 Securities held to maturity, net Level 2 256,127 264,329 271,973 282,035 Loans held for sale Level 2 5,685 5,685 4,305 4,305 Loans Level 2 3,555,953 3,609,735 3,513,284 3,549,770 Loans (1) Level 3 48,605 48,605 29,434 29,434 Long-lived assets held for sale Level 2 867 867 — — Accrued interest receivable Level 1 16,422 16,422 15,635 15,635 Derivative instruments – cash flow hedges Level 2 1,677 1,677 — — Derivative instruments – interest rate products Level 2 16,176 16,176 19,626 19,626 Derivative instruments – credit contracts Level 2 12 12 23 23 Derivative instruments – mortgage banking Level 2 526 526 471 471 FHLB and FRB stock Level 2 8,729 8,729 8,619 8,619 Financial liabilities: Non-maturity deposits Level 1 3,799,619 3,799,619 3,392,774 3,392,774 Time deposits Level 2 916,395 916,809 885,593 887,113 Short-term borrowings Level 1 — — 5,300 5,300 Long-term borrowings Level 2 73,679 79,299 73,623 83,953 Accrued interest payable Level 1 4,624 4,624 4,381 4,381 Derivative instruments – cash flow hedges Level 2 — — 311 311 Derivative instruments – interest rate products Level 2 15,580 15,580 19,837 19,837 Derivative instruments – credit contracts Level 2 39 39 86 86 Derivative instruments – mortgage banking Level 2 — — 1 1 (1) Comprised of collateral dependent loans. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | (1 7 .) The Company has one reportable segment, Banking, which includes all of the company’s retail and commercial banking operations. This reportable segment has been identified and organized based on the nature of the underlying products and services applicable to the segment, the type of customers to whom those products and services are offered and the distribution channel through which those products and services are made available. All other segments that do not meet the quantitative threshold for separate reporting have been grouped as “All Other.” This “All Other” grouping includes the activities of SDN, a full-service insurance agency that provides a broad range of insurance services to both personal and business clients, and Courier Capital and HNP Capital, our investment advisor and wealth management firms that provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans, and Holding Company amounts, which are the primary differences between segment amounts and consolidated totals, along with amounts to eliminate balances and transactions between segments. The following tables present information regarding our business segments as of and for the periods indicated (in thousands). Banking All Other Consolidated Totals March 31, 2021 Goodwill $ 48,536 $ 18,137 $ 66,673 Other intangible assets, net 18 7,837 7,855 Total assets 5,291,625 37,431 5,329,056 December 31, 2020 Goodwill $ 48,536 $ 17,526 $ 66,062 Other intangible assets, net 28 7,699 7,727 Total assets 4,875,673 36,633 4,912,306 Banking All Other (1) Consolidated Totals Three months ended March 31, 2021 Net interest income (expense) $ 38,918 $ (1,061 ) $ 37,857 (Provision) benefit for credit losses 1,981 — 1,981 Noninterest income 9,275 3,684 12,959 Noninterest expense (22,633 ) (4,107 ) (26,740 ) Income (loss) before income taxes 27,541 (1,484 ) 26,057 Income tax (expense) benefit (6,035 ) 688 (5,347 ) Net income (loss) $ 21,506 $ (796 ) $ 20,710 (1) Reflects activity from the acquisition of assets of Landmark Group since February 1, 2021 (the date of acquisition). Banking All Other Consolidated Totals Three months ended March 31, 2020 Net interest income (expense) $ 33,742 $ (618 ) $ 33,124 Provision for credit losses (13,915 ) — (13,915 ) Noninterest income 6,815 3,095 9,910 Noninterest expense (23,726 ) (3,944 ) (27,670 ) Income (loss) before income taxes 2,916 (1,467 ) 1,449 Income tax (expense) benefit 141 (463 ) (322 ) Net income (loss) $ 3,057 $ (1,930 ) $ 1,127 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Financial Institutions, Inc. (the “Company”) is a financial holding company organized in 1931 under the laws of New York State (“New York”). The Company provides diversified financial services through its subsidiaries, Five Star Bank, SDN Insurance Agency, LLC (“SDN”), Courier Capital, LLC (“Courier Capital”) and HNP Capital, LLC (“HNP Capital”). The Company offers a broad array of deposit, lending and other financial services to individuals, municipalities and businesses in Western and Central New York through its wholly-owned New York chartered banking subsidiary, Five Star Bank (the “Bank”). The Bank also has indirect lending network relationships with franchised automobile dealers in the Capital District of New York and Northern and Central Pennsylvania. SDN provides a broad range of insurance services to personal and business clients. Courier Capital and HNP Capital provide customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in conformity with GAAP have been condensed or omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying consolidated financial statements reflect all adjustments of a normal and recurring nature necessary for a fair presentation of the consolidated statements of financial condition, income, comprehensive income, changes in shareholders’ equity and cash flows for the periods indicated and contain adequate disclosure to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the Company’s 2020 Annual Report on Form 10-K for the year ended December 31, 2020. The results of operations for any interim periods are not necessarily indicative of the results which may be expected for the entire year. |
Operational, Accounting and Reporting Impacts Related to the COVID-19 Pandemic | Operational, Accounting and Reporting Impacts Related to the COVID-19 Pandemic The COVID-19 pandemic has negatively impacted the global economy, including our operating footprint of Western and Central New York. In response to this crisis, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was passed by Congress and signed into law on March 27, 2020. The CARES Act provided an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the economy by supporting individuals and businesses through loans, grants, tax changes, and other types of relief. Some of the provisions applicable to the Company include, but are not limited to: • Accounting for Loan Modifications - The CARES Act provided that a financial institution may elect to suspend (1) the application of GAAP for certain loan modifications related to COVID-19 that would otherwise be categorized as a troubled debt restructuring (“TDR”) and (2) any determination that such loan modifications would be considered a TDR, including the related impairment for accounting purposes. • Paycheck Protection Program - The CARES Act established the Paycheck Protection Program (“PPP”), an expansion of the Small Business Administration’s (“SBA”) 7(a) loan program and the Economic Injury Disaster Loan Program (“EIDL”), administered directly by the SBA. On December 27, 2020, the Consolidated Appropriations Act, 2021 provided approximately $284 billion for PPP loans in an additional round of funding under the program and extended the PPP through March 31, 2021. This additional round of PPP loan funding is authorized for first-time borrowers and for second draws by certain borrowers who have previously received PPP loans. On March 30, 2021, the PPP Extension Act of 2021 was signed into law, which extends the program to May 31, 2021. • Mortgage Forbearance - Under the CARES Act, through the earlier of December 31, 2020, or the termination date of the COVID-19 national emergency, a borrower with a federally backed mortgage loan that is experiencing financial hardship due to COVID-19 may request a forbearance. This relief has been extended by executive order through at least June 30, 2021. Also, in response to the COVID-19 pandemic, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”), and the Consumer Financial Protection Bureau (“CFPB”), in consultation with the state financial regulators (collectively, the “agencies”) issued a joint interagency statement (issued March 22, 2020; revised statement issued April 7, 2020). Some of the provisions applicable to the Company include, but are not limited to: • Accounting for Loan Modifications - Loan modifications that do not meet the conditions of the CARES Act may still qualify as a modification that does not need to be accounted for as a TDR. The agencies confirmed with FASB staff that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or insignificant delays in payment. (1.) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) • Past Due Reporting - With regard to loans not otherwise reportable as past due, financial institutions are not expected to designate loans with deferrals granted due to COVID-19 as past due because of the deferral. A loan’s payment date is governed by the due date stipulated in the legal agreement. If a financial institution agrees to a payment deferral, these loans would not be considered past due during the period of the deferral. • Nonaccrual Status and Charge-offs - During short-term COVID-19 modifications, these loans generally should not be reported as nonaccrual or as classified. Effective March 23, 2020 through July 9, 2020, for consumer customers, the Bank waived early CD penalty fees for withdrawals up to $20,000 (limited to one penalty-free withdrawal per CD account); eliminated all insufficient funds (overdrafts) and returned item fees; eliminated all Pay by Phone fees; waived all late fees; offered the opportunity for monthly mortgage, home equity loan or home equity line payment relief; offered the opportunity to defer unsecured consumer loans or lines of credit and secured consumer loans and lines of credit payments; and offered unsecured personal loans up to $5,000, up to 60 months at 2.95% APR subject to credit approval. ATM access fees were reinitiated on September 19, 2020. As part of the first round of PPP loans we have helped more than 1,700 customers obtain more than $270 million in loans as of December 31, 2020. Of those loans, we have helped customers complete the forgiveness process for approximately $87 million of loans in the first three months of 2021. Also, during the first three months of 2021, we have helped customers obtain approximately $96 million of new PPP loans under the second round of the PPP. Additionally, approximately 4% of our commercial loan and mortgage customers, 1% of our residential real estate loans and lines customers and less than 1% of our indirect loans customers have active payment deferrals, in accordance with the previously noted loan modifications under the CARES Act or agencies guidelines. |
Reclassifications | Reclassifications Certain reclassifications of previously reported amounts have been made to conform to the current year presentation. Such reclassifications did not impact net income or shareholders’ equity as previously reported. |
Use of Estimates | Use of Estimates The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates relate to the determination of the allowance for credit losses, the carrying value of goodwill and deferred tax assets, and assumptions used in the defined benefit pension plan accounting. |
Cash Flow Reporting | Cash Flow Reporting Supplemental cash flow information is summarized as follows for the three months ended March 31 (in thousands): 2021 2020 Supplemental information: Cash paid for interest $ 3,173 $ 8,418 Cash paid for income taxes 1,500 1,000 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans — 646 Accrued and declared unpaid dividends 4,637 4,259 Common stock issued for acquisition 301 — Assets acquired and liabilities assumed in business combinations: Fair value of assets acquired 449 — |
Recent Accounting Pronouncements | (1.) BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Recent Accounting Pronouncements In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), who is responsible for regulating the London Interbank Offered Rate (“LIBOR”), announced its intention that it would no longer be necessary to persuade or compel its panel banks to submit LIBOR rates after December 31, 2021. On March 5, 2021, the ICE Benchmark Administration (“IBA”), the administrator of LIBOR, released the results of its consultation on the cessation timeline for certain LIBOR tenors. In coordination with the IBA, the FCA also confirmed when certain LIBOR tenors will cease to exist. The results of the consultation indicated that certain LIBOR tenors (overnight, one-month, three-month, six-month, and twelve-month USD LIBOR) will be extended to June 30, 2023 to allow some legacy contracts that cannot be easily amended to mature on their current terms. Notwithstanding the extension of certain LIBOR tenors to 2023, banks may no longer offer new LIBOR-based contracts after December 31, 2021. Given that LIBOR is a widely used pricing index for loan and derivative contracts, a Company-wide initiative was introduced to assess all LIBOR exposures through the Company’s loan, deposit, borrowing and derivative categories, while developing a plan for the ultimate cessation of the index. In developing the transition plan, the Company has followed best practice recommendations from the Federal Reserve’s Alternative Reference Rate Committee, our third-party derivative advisor and the Internal Swaps and Derivatives Association. To date, the Company has identified the portion of loan notes that reference LIBOR, which are primarily representative of commercial relationships. Additionally, the Company has one designated derivative instrument that is utilized to hedge the LIBOR characteristic of a future dated borrowing (i.e. Federal Home Loan Bank Advance). In 2015, the Company issued $40 million in fixed to floating rate subordinated notes that currently bear a fixed rate of interest at 6.00% until April 2025, when the rate converts to a floating rate equal to three-month LIBOR plus 3.944%; the indenture under which the notes were issued includes language allowing an alternate index to be applied in the event that LIBOR becomes unavailable at the floating rate determination date. At this time, no other borrowing or deposit relationships have been identified that utilize LIBOR as an index. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The ASU clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and applies through December 31, 2022. The Company is in the process of determining which optional expedients to elect, if any, as well as the timing and application of those elections. At this time, the Company does not expect any elections to have a significant impact on its financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Supplemental Cash Flow Information | Supplemental cash flow information is summarized as follows for the three months ended March 31 (in thousands): 2021 2020 Supplemental information: Cash paid for interest $ 3,173 $ 8,418 Cash paid for income taxes 1,500 1,000 Noncash investing and financing activities: Real estate and other assets acquired in settlement of loans — 646 Accrued and declared unpaid dividends 4,637 4,259 Common stock issued for acquisition 301 — Assets acquired and liabilities assumed in business combinations: Fair value of assets acquired 449 — |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Restructuring And Related Activities [Abstract] | |
Summary of Changes in Restructuring Reserve | The following table represents the changes in the restructuring reserve (in thousands): Three months ended March 31, 2021 2020 Balance at beginning of period $ 1,245 $ — Restructuring charges — — Cash payments (77 ) — Charges against assets (6 ) — Balance at end of period $ 1,162 $ — |
Earnings Per Common Share ("E_2
Earnings Per Common Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings and Shares Used in Calculating Basic and Diluted EPS | The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts). Three months ended March 31, 2021 2020 Net income available to common shareholders $ 20,345 $ 762 Weighted average common shares outstanding: Total shares issued 16,100 16,100 Unvested restricted stock awards (6 ) (4 ) Treasury shares (205 ) (90 ) Total basic weighted average common shares outstanding 15,889 16,006 Incremental shares from assumed: Exercise of stock options — — Vesting of restricted stock awards 83 63 Total diluted weighted average common shares outstanding 15,972 16,069 Basic earnings per common share $ 1.28 $ 0.05 Diluted earnings per common share $ 1.27 $ 0.05 |
Shares Excluded from Computation of Diluted EPS | For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive (in thousands): Stock options — — Restricted stock awards 11 2 Total 11 2 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments [Abstract] | |
Amortized Cost and Fair Value of Investment Securities | The amortized cost and fair value of investment securities are summarized below (in thousands): Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2021 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 16,244 $ 348 $ 59 $ 16,533 Mortgage-backed securities: Federal National Mortgage Association 435,287 8,798 4,432 439,653 Federal Home Loan Mortgage Corporation 250,091 1,239 5,760 245,570 Government National Mortgage Association 21,605 495 126 21,974 Collateralized mortgage obligations: Federal National Mortgage Association 22,361 89 43 22,407 Federal Home Loan Mortgage Corporation 6,943 — 22 6,921 Privately issued — 431 — 431 Total mortgage-backed securities 736,287 11,052 10,383 736,956 Total available for sale securities $ 752,531 $ 11,400 $ 10,442 $ 753,489 Securities held to maturity: State and political subdivisions $ 139,264 $ 3,767 $ — $ 143,031 Mortgage-backed securities: Federal National Mortgage Association 10,147 522 — 10,669 Federal Home Loan Mortgage Corporation 5,521 193 — 5,714 Government National Mortgage Association 34,568 1,313 — 35,881 Collateralized mortgage obligations: Federal National Mortgage Association 27,230 920 — 28,150 Federal Home Loan Mortgage Corporation 32,206 1,242 — 33,448 Government National Mortgage Association 7,198 238 — 7,436 Total mortgage-backed securities 116,870 4,428 — 121,298 Total held to maturity securities 256,134 $ 8,195 $ — $ 264,329 Allowance for credit losses - securities (7 ) Total held to maturity securities, net $ 256,127 December 31, 2020 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 6,239 $ 396 $ — $ 6,635 Mortgage-backed securities: Federal National Mortgage Association 350,627 15,549 44 366,132 Federal Home Loan Mortgage Corporation 225,645 3,155 24 228,776 Government National Mortgage Association 22,107 830 — 22,937 Collateralized mortgage obligations: Federal National Mortgage Association 3,047 97 — 3,144 Federal Home Loan Mortgage Corporation — — — - Privately issued — 435 — 435 Total mortgage-backed securities 601,426 20,066 68 621,424 Total available for sale securities $ 607,665 $ 20,462 $ 68 $ 628,059 ( 5 .) INVESTMENT SECURITIES (Continued) Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2020 (continued) Securities held to maturity: State and political subdivisions $ 144,506 $ 4,478 $ — $ 148,984 Mortgage-backed securities: Federal National Mortgage Association 10,776 703 — 11,479 Federal Home Loan Mortgage Corporation 5,858 382 — 6,240 Government National Mortgage Association 37,084 1,578 — 38,662 Collateralized mortgage obligations: Federal National Mortgage Association 29,988 1,075 — 31,063 Federal Home Loan Mortgage Corporation 35,897 1,581 — 37,478 Government National Mortgage Association 7,864 265 — 8,129 Total mortgage-backed securities 127,467 5,584 — 133,051 Total held to maturity securities 271,973 $ 10,062 $ — $ 282,035 Allowance for credit losses - securities (7 ) Total held to maturity securities, net $ 271,966 |
Sales of Securities Available for Sale | Sales of securities available for sale were as follows (in thousands): Three months ended March 31, 2021 2020 Proceeds from sales $ 26,675 $ 3,157 Gross realized gains 89 — Gross realized losses 15 9 |
Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity | The scheduled maturities of securities available for sale and securities held to maturity at March 31, 2021 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Amortized Fair Cost Value Debt securities available for sale: Due in one year or less $ 4,887 $ 4,946 Due from one to five years 57,462 60,632 Due after five years through ten years 148,739 153,492 Due after ten years 541,443 534,419 Total available for sale securities $ 752,531 $ 753,489 Debt securities held to maturity: Due in one year or less $ 46,389 $ 46,684 Due from one to five years 92,903 96,303 Due after five years through ten years 20,252 21,018 Due after ten years 96,590 100,324 Total held to maturity securities $ 256,134 $ 264,329 |
Investments Gross Unrealized Losses and Fair Value | Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows (in thousands): Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses March 31, 2021 Securities available for sale: U.S. Government agency and government sponsored enterprises $ 9,941 $ 59 $ — $ — $ 9,941 $ 59 Mortgage-backed securities: Federal National Mortgage Association 224,499 4,432 13 — 224,512 4,432 Federal Home Loan Mortgage Corporation 209,482 5,760 — — 209,482 5,760 Government National Mortgage Association 5,165 126 — — 5,165 126 Collateralized mortgage obligations: Federal National Mortgage Association 9,665 43 — — 9,665 43 Federal Home Loan Mortgage Corporation 6,921 22 — — 6,921 22 Total mortgage-backed securities 455,732 10,383 13 — 455,745 10,383 Total available for sale securities 465,673 10,442 13 — 465,686 10,442 Total temporarily impaired securities $ 465,673 $ 10,442 $ 13 $ — $ 465,686 $ 10,442 December 31, 2020 Securities available for sale: U.S. Government agencies and government sponsored enterprises $ — $ — $ — $ — $ — $ — Mortgage-backed securities: Federal National Mortgage Association 18,155 44 — — 18,155 44 Federal Home Loan Mortgage Corporation 10,932 24 — — 10,932 24 Government National Mortgage Association — — — — — — Collateralized mortgage obligations: Federal National Mortgage Association — — 8 — 8 — Federal Home Loan Mortgage Corporation — — — — — — Total mortgage-backed securities 29,087 68 8 — 29,095 68 Total available for sale securities 29,087 68 8 — 29,095 68 Total temporarily impaired securities $ 29,087 $ 68 $ 8 $ — $ 29,095 $ 68 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Loan Portfolio | The Company’s loan portfolio consisted of the following as of the dates indicated (in thousands): Principal Amount Outstanding Net Deferred Loan (Fees) Costs Loans, Net March 31, 2021 Commercial business $ 822,499 $ (5,563 ) $ 816,936 Commercial mortgage 1,279,317 (2,476 ) 1,276,841 Residential real estate loans 588,002 13,607 601,609 Residential real estate lines 82,319 3,043 85,362 Consumer indirect 829,362 28,442 857,804 Other consumer 15,695 139 15,834 Total $ 3,617,194 $ 37,192 3,654,386 Allowance for credit losses - loans (49,828 ) Total loans, net $ 3,604,558 December 31, 2020 Commercial business $ 798,409 $ (4,261 ) $ 794,148 Commercial mortgage 1,256,525 (2,624 ) 1,253,901 Residential real estate loans 586,537 13,263 599,800 Residential real estate lines 86,708 3,097 89,805 Consumer indirect 812,816 27,605 840,421 Other consumer 16,913 150 17,063 Total $ 3,557,908 $ 37,230 3,595,138 Allowance for credit losses - loans (52,420 ) Total loans, net $ 3,542,718 |
Recorded Investment by Loan Class in Current and Nonaccrual Loans | The Company’s recorded investment, by loan class, in current and nonaccrual loans, as well as an analysis of accruing delinquent loans is set forth as of the dates indicated (in thousands): 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Total Past Due Nonaccrual Current Total Loans Nonaccrual with no allowance March 31, 2021 Commercial business $ 75 $ — $ — $ 75 $ 1,742 $ 820,682 $ 822,499 $ 1,238 Commercial mortgage 24 — — 24 3,402 1,275,891 1,279,317 2,867 Residential real estate loans 168 20 — 188 2,519 585,295 588,002 2,519 Residential real estate lines 27 25 — 52 256 82,011 82,319 256 Consumer indirect 1,427 253 — 1,680 1,482 826,200 829,362 1,482 Other consumer 98 53 284 435 3 15,257 15,695 3 Total loans, gross $ 1,819 $ 351 $ 284 $ 2,454 $ 9,404 $ 3,605,336 $ 3,617,194 $ 8,365 December 31, 2020 Commercial business $ 264 $ 87 $ — $ 351 $ 1,975 $ 796,083 $ 798,409 $ 1,502 Commercial mortgage 822 26 — 848 2,906 1,252,771 1,256,525 2,709 Residential real estate loans 984 60 — 1,044 2,587 582,906 586,537 2,587 Residential real estate lines 40 15 — 55 323 86,330 86,708 323 Consumer indirect 3,966 1,348 — 5,314 1,495 806,007 812,816 1,495 Other consumer 133 18 231 382 — 16,531 16,913 — Total loans, gross $ 6,209 $ 1,554 $ 231 $ 7,994 $ 9,286 $ 3,540,628 $ 3,557,908 $ 8,616 |
Summary of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans by collateral type as of March 31, 2021 and December 31, 2020 (in thousands): Collateral type Business assets Real property Total Specific Reserve March 31, 2021 Commercial business $ 804 $ 1,148 $ 1,952 $ 1,346 Commercial mortgage — 60,156 60,156 12,157 Total $ 804 $ 61,304 $ 62,108 $ 13,503 December 31, 2020 Commercial business $ 2,379 $ — $ 2,379 $ 1,383 Commercial mortgage — 36,625 36,625 8,187 Total $ 2,379 $ 36,625 $ 39,004 $ 9,570 |
Commercial Loan Portfolio Categorized by Internally Assigned Asset Classification | The following tables set forth the Company’s commercial loan portfolio, categorized by internally assigned asset classification, as of the dates indicated (in thousands): Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total March 31, 2021 Commercial Business Uncriticized $ 34,725 $ 282,996 $ 106,625 $ 65,350 $ 23,823 $ 24,702 $ 268,143 $ — $ 806,364 Special mention — — 1 42 566 1,002 2,795 — 4,406 Substandard — 247 225 1,119 153 234 4,188 — 6,166 Doubtful — — — — — — — — — Total $ 34,725 $ 283,243 $ 106,851 $ 66,511 $ 24,542 $ 25,938 $ 275,126 $ — $ 816,936 Commercial Mortgage Uncriticized $ 47,489 $ 332,420 $ 220,441 $ 146,250 $ 159,788 $ 208,781 $ 895 $ — $ 1,116,064 Special mention 500 14,067 39,480 19,511 27,305 40,518 — — 141,381 Substandard — 331 5,350 1,881 1,761 9,875 198 — 19,396 Doubtful — — — — — — — — — Total $ 47,989 $ 346,818 $ 265,271 $ 167,642 $ 188,854 $ 259,174 $ 1,093 $ — $ 1,276,841 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total December 31, 2020 Commercial Business Uncriticized $ 350,992 $ 112,469 $ 82,029 $ 31,990 $ 8,195 $ 16,600 $ 179,770 $ — $ 782,045 Special mention — 360 21 709 41 1,025 2,995 — 5,151 Substandard 193 211 1,183 464 202 309 4,390 — 6,952 Doubtful — — — — — — — — — Total $ 351,185 $ 113,040 $ 83,233 $ 33,163 $ 8,438 $ 17,934 $ 187,155 $ — $ 794,148 Commercial Mortgage Uncriticized $ 310,364 $ 227,406 $ 163,839 $ 161,771 $ 74,915 $ 154,399 $ 731 $ — $ 1,093,425 Special mention 14,299 42,305 19,505 27,530 12,256 28,744 43 — 144,682 Substandard 189 2,521 1,890 1,648 3 9,344 199 — 15,794 Doubtful — — — — — — — — — Total $ 324,852 $ 272,232 $ 185,234 $ 190,949 $ 87,174 $ 192,487 $ 973 $ — $ 1,253,901 |
Retail Loan Portfolio Categorized by Performance Status | The following tables set forth the Company’s retail loan portfolio, categorized by performance status, as of the dates indicated (in thousands): Term Loans Amortized Cost Basis by Origination Year 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total March 31, 2021 Residential Real Estate Loans Performing $ 32,920 $ 136,773 $ 97,640 $ 80,962 $ 62,906 $ 187,889 $ — $ — $ 599,090 Nonperforming — — 198 661 754 906 — — 2,519 Total $ 32,920 $ 136,773 $ 97,838 $ 81,623 $ 63,660 $ 188,795 $ — $ — $ 601,609 Residential Real Estate Lines Performing $ — $ — $ — $ — $ — $ — $ 75,606 $ 9,500 $ 85,106 Nonperforming — — — — — — 64 192 256 Total $ — $ — $ — $ — $ — $ — $ 75,670 $ 9,692 $ 85,362 Consumer Indirect Performing $ 105,985 $ 278,315 $ 182,163 $ 146,363 $ 94,067 $ 49,429 $ — $ — $ 856,322 Nonperforming — 394 421 387 195 85 — — 1,482 Total $ 105,985 $ 278,709 $ 182,584 $ 146,750 $ 94,262 $ 49,514 $ — $ — $ 857,804 Other Consumer Performing $ 1,311 $ 5,419 $ 2,782 $ 1,439 $ 688 $ 962 $ 3,230 $ — $ 15,831 Nonperforming — — 3 — — — — — 3 Total $ 1,311 $ 5,419 $ 2,785 $ 1,439 $ 688 $ 962 $ 3,230 $ — $ 15,834 Term Loans Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total December 31, 2020 Residential Real Estate Loans Performing $ 137,926 $ 103,923 $ 87,153 $ 66,446 $ 67,473 $ 134,292 $ — $ — $ 597,213 Nonperforming — 199 765 665 233 725 — — 2,587 Total $ 137,926 $ 104,122 $ 87,918 $ 67,111 $ 67,706 $ 135,017 $ — $ — $ 599,800 Residential Real Estate Lines Performing $ — $ — $ — $ — $ — $ — $ 79,257 $ 10,225 $ 89,482 Nonperforming — — — — — — 65 258 323 Total $ — $ — $ — $ — $ — $ — $ 79,322 $ 10,483 $ 89,805 Consumer Indirect Performing $ 295,216 $ 202,187 $ 166,773 $ 111,008 $ 47,793 $ 15,949 $ — $ — $ 838,926 Nonperforming 70 652 319 287 132 35 — — 1,495 Total $ 295,286 $ 202,839 $ 167,092 $ 111,295 $ 47,925 $ 15,984 $ — $ — $ 840,421 Other Consumer Performing $ 6,774 $ 3,177 $ 1,765 $ 907 $ 369 $ 508 $ 3,563 $ — $ 17,063 Nonperforming — — — — — — — — — Total $ 6,774 $ 3,177 $ 1,765 $ 907 $ 369 $ 508 $ 3,563 $ — $ 17,063 |
Changes in the Allowance for Loan Losses | The following table sets forth the changes in the allowance for credit losses - loans for the three-month periods ended as of the dates indicated (in thousands): Commercial Business Commercial Mortgage Residential Real Estate Loans Residential Real Estate Lines Consumer Indirect Other Consumer Total March 31, 2021 Allowance for credit losses - loans: Beginning balance $ 13,580 $ 21,763 $ 3,924 $ 674 $ 12,165 $ 314 $ 52,420 Charge-offs (86 ) (203 ) (11 ) (70 ) (2,413 ) (81 ) (2,864 ) Recoveries 238 — 5 — 1,670 64 1,977 Provision (benefit) (1,062 ) 1,112 (809 ) (122 ) (865 ) 41 (1,705 ) Ending balance $ 12,670 $ 22,672 $ 3,109 $ 482 $ 10,557 $ 338 $ 49,828 March 31, 2020 Allowance for credit losses - loans: Beginning balance, prior to adoption of ASC 326 $ 11,358 $ 5,681 $ 1,059 $ 118 $ 11,852 $ 414 $ 30,482 Impact of adopting ASC 326 (246 ) 7,310 3,290 607 (1,234 ) (133 ) 9,594 Beginning balance, after adoption of ASC 326 11,112 12,991 4,349 725 10,618 281 40,076 Charge-offs (8,241 ) — (98 ) — (3,424 ) (269 ) (12,032 ) Recoveries 58 — 10 3 1,668 150 1,889 Provision 7,294 2,163 1,909 171 1,783 103 13,423 Ending balance $ 10,223 $ 15,154 $ 6,170 $ 899 $ 10,645 $ 265 $ 43,356 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Summary of Classification of Right of Use Assets and Lease Liabilities | The following table represents the consolidated statements of financial condition classification of the Company’s right of use assets and lease liabilities: March 31, December 31, Balance Sheet Location 2021 2020 Operating Lease Right of Use Assets: Gross carrying amount Other assets $ 24,557 $ 23,697 Accumulated amortization Other assets (4,241 ) (3,741 ) Net book value $ 20,316 $ 19,956 Operating Lease Liabilities: Right of use lease obligations Other liabilities $ 21,908 $ 21,507 |
Summary of Lease Costs and Other Lease Information | The following table represents lease costs and other lease information: Three months ended March 31, 2021 2020 Lease costs: Operating lease costs $ 680 $ 677 Variable lease costs (1) 98 101 Sublease income (11 ) (11 ) Net lease costs $ 767 $ 767 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 661 $ 648 Right of use assets obtained in exchange for new operating lease liabilities $ 864 $ 334 (1) Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. |
Summary of Future Minimum Payments Under Non-cancellable Operating Leases | Future minimum payments under non-cancellable operating leases with initial or remaining terms of one year or more, are as follows at March 31, 2021 (in thousands): Twelve months ended March 31, 2022 $ 2,372 2023 1,979 2024 1,514 2025 1,308 2026 1,233 Thereafter 24,858 Total future minimum operating lease payments 33,264 Amounts representing interest (11,356 ) Present value of net future minimum operating lease payments $ 21,908 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Banking All Other (1) Total Balance, December 31, 2020 $ 48,536 $ 17,526 $ 66,062 Acquisition — 611 611 Balance, March 31, 2021 $ 48,536 $ 18,137 $ 66,673 |
Gross Carrying Amount Accumulated Amortization and Net Book Value | Gross carrying amount, accumulated amortization and net book value, were as follows (in thousands): March 31, December 31, 2021 2020 Other intangibles assets: Gross carrying amount $ 16,324 $ 15,925 Accumulated amortization (8,469 ) (8,198 ) Net book value $ 7,855 $ 7,727 |
Estimated Amortization Expense of Other Intangible Assets | Amortization expense for total other intangible assets was $271 thousand and $294 thousand for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the estimated amortization expense of other intangible assets for the remainder of 2021 and each of the next five years is as follows (in thousands): 2021 (remainder of year) $ 779 2022 960 2023 887 2024 816 2025 745 2026 675 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Summary of Other Assets | A summary of other assets as of the dates indicated are as follows (in thousands): March 31, December 31, 2021 2020 Operating lease right of use assets $ 20,316 $ 19,956 Tax credit investments 38,632 34,370 Derivative instruments 18,391 20,120 Collateral on derivative instruments 4,270 19,630 Other 66,886 62,010 Total other assets $ 148,495 $ 156,086 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Instruments on the Balance Sheet | The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of March 31, 2021 and December 31, 2020 (in thousands): Asset derivatives Liability derivatives Gross notional amount Balance Fair value Balance Fair value Mar. 31, 2021 Dec. 31, 2020 sheet line item Mar. 31, 2021 Dec. 31, 2020 sheet line item Mar. 31, 2021 Dec. 31, 2020 Derivatives designated as hedging instruments Cash flow hedges $ 50,000 $ 50,000 Other $ 1,677 $ — Other liabilities $ — $ 311 Total derivatives $ 50,000 $ 50,000 $ 1,677 $ — $ — $ 311 Derivatives not designated as hedging instruments Cash flow hedges $ — $ 100,000 Other assets $ — $ — Other liabilities $ — $ — Interest rate swaps (1) 706,115 631,907 Other assets 16,176 19,626 Other liabilities 15,580 19,837 Credit contracts 115,833 113,434 Other assets 12 23 Other liabilities 39 86 Mortgage banking 28,025 28,225 Other assets 526 471 Other liabilities — 1 Total derivatives $ 849,973 $ 873,566 $ 16,714 $ 20,120 $ 15,619 $ 19,924 (1) The Company secured its obligations under these contracts with $4.3 million and $19.6 million in cash at March 31, 2021 and December 31, 2020, respectively. |
Effect of Derivative Instruments on the Income Statement | The table below presents the effect of the Company’s derivative financial instruments on the income statement for the three months ended March 31, 2021 and 2020 (in thousands): Gain (loss) recognized in income Line item of gain (loss) Three months ended March 31, Undesignated derivatives recognized in income 2021 2020 Cash flow hedges Income from derivative instruments, net $ — $ — Interest rate swaps Income from derivative instruments, net 1,772 724 Credit contracts Income from derivative instruments, net 48 (5 ) Mortgage banking Income from derivative instruments, net 55 27 Total undesignated $ 1,875 $ 746 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity Note [Abstract] | |
Changes in Shares of Common Stock | The changes in shares of common stock were as follows for the three months ended March 31, 2021 and 2020: Outstanding Treasury Issued 2021 Shares at December 31, 2020 16,041,926 57,630 16,099,556 Shares issued for Landmark Group acquisition 12,831 (12,831 ) — Restricted stock units released 18,819 (18,819 ) — Treasury stock purchases (244,677 ) 244,677 — Shares at March 31, 2021 15,828,899 270,657 16,099,556 2020 Shares at December 31, 2019 16,002,899 96,657 16,099,556 Restricted stock units released 22,921 (22,921 ) — Treasury stock purchases (6,436 ) 6,436 — Shares at March 31, 2020 16,019,384 80,172 16,099,556 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following tables present the components of other comprehensive income (loss) for the three months ended March 31, 2021 and 2020 (in thousands): Pre-tax Amount Tax Effect Net-of-tax Amount March 31, 2021 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ (19,362 ) $ (4,961 ) $ (14,401 ) Reclassification adjustment for net gains included in net income (1) (1 ) — (1 ) Total securities available for sale and transferred securities (19,363 ) (4,961 ) (14,402 ) Hedging derivative instruments: Change in unrealized gain/loss during the period 2,103 539 1,564 Pension and post-retirement obligations: Amortization of prior service credit included in income (1 ) — (1 ) Amortization of net actuarial loss included in income 186 47 139 Total pension and post-retirement obligations 185 47 138 Other comprehensive loss $ (17,075 ) $ (4,375 ) $ (12,700 ) (1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. March 31, 2020 Securities available for sale and transferred securities: Change in unrealized gain/loss during the period $ 16,451 $ 4,215 $ 12,236 Reclassification adjustment for net gains included in net income (1) (175 ) (45 ) (130 ) Total securities available for sale and transferred securities 16,276 4,170 12,106 Hedging derivative instruments: Change in unrealized gain/loss during the period 123 32 91 Pension and post-retirement obligations: Amortization of prior service credit included in income (9 ) (2 ) (7 ) Amortization of net actuarial loss included in income 323 82 241 Total pension and post-retirement obligations 314 80 234 Other comprehensive income $ 16,713 $ 4,282 $ 12,431 (1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. |
Components of Accumulated Other Comprehensive Income (Loss) | Activity in accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2021 and 2020 was as follows (in thousands): Hedging Derivative Instruments Securities Available for Sale and Transferred Securities Pension and Post- retirement Obligations Accumulated Other Comprehensive Income (Loss) March 31, 2021 Balance at beginning of period $ (316 ) $ 14,743 $ (12,299 ) $ 2,128 Other comprehensive income before reclassifications 1,564 (14,401 ) — (12,837 ) Amounts reclassified from accumulated other comprehensive income (loss) — (1 ) 138 137 Net current period other comprehensive income (loss) 1,564 (14,402 ) 138 (12,700 ) Balance at end of period $ 1,248 $ 341 $ (12,161 ) $ (10,572 ) March 31, 2020 Balance at beginning of period $ (518 ) $ 873 $ (14,868 ) $ (14,513 ) Other comprehensive income before reclassifications 91 12,236 — 12,327 Amounts reclassified from accumulated other comprehensive income (loss) — (130 ) 234 104 Net current period other comprehensive income (loss) 91 12,106 234 12,431 Balance at end of period $ (427 ) $ 12,979 $ (14,634 ) $ (2,082 ) |
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the three months ended March 31, 2021 and 2020 (in thousands): Details About Accumulated Other Comprehensive Income (Loss) Components Amount Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statement of Income Three months ended March 31, 2021 2020 Realized gain on sale of investment securities $ 74 $ 221 Net gain on investment securities Amortization of unrealized holding losses on investment securities transferred from available for sale to held to maturity (73 ) (46 ) Interest income 1 175 Total before tax — (45 ) Income tax expense 1 130 Net of tax Amortization of pension and post-retirement items: Prior service credit (1) 1 9 Salaries and employee benefits Net actuarial losses (1) (186 ) (323 ) Salaries and employee benefits (185 ) (314 ) Total before tax 47 80 Income tax benefit (138 ) (234 ) Net of tax Total reclassified for the period $ (137 ) $ (104 ) (1) These items are included in the computation of net periodic pension expense. See Note 14 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share Based Compensation [Abstract] | |
Summary of Restricted Stock Units and Performance Share Units Activity | The MD&C Committee approved the grant of restricted stock units (“RSUs”) and performance share units (“PSUs”) shown in the table below to certain members of management during the three months ended March 31, 2021. Number of Underlying Shares Weighted Average Per Share Grant Date Fair Value RSUs 58,924 $ 27.46 PSUs 22,178 27.58 |
Summary of Restricted Stock Awards and Restricted Stock Units Activity | The following is a summary of restricted stock awards and restricted stock units activity for the three months ended March 31, 2021: Number of Shares Weighted Average Market Price at Grant Date Outstanding at beginning of year 168,513 $ 25.65 Granted 81,102 27.50 Vested (18,819 ) 28.38 Forfeited (18,487 ) 26.67 Outstanding at end of period 212,309 $ 26.03 |
Share-Based Compensation Expense Included in Consolidated Statements of Income | The share-based compensation expense included in the consolidated statements of income, is as follows (in thousands): Three months ended March 31, 2021 2020 Salaries and employee benefits $ 188 $ 304 Other noninterest expense 28 28 Total share-based compensation expense $ 216 $ 332 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Expense | The components of the Company’s net periodic benefit expense for its pension and post-retirement obligations were as follows (in thousands): Three months ended March 31, 2021 2020 Service cost $ 1,049 $ 923 Interest cost on projected benefit obligation 551 635 Expected return on plan assets (1,306 ) (1,284 ) Amortization of unrecognized prior service credit (1 ) (9 ) Amortization of unrecognized net actuarial loss 186 323 Net periodic benefit expense $ 479 $ 588 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Commitments | Off-balance sheet commitments consist of the following (in thousands): March 31, 2021 December 31, 2020 Commitments to extend credit $ 993,324 $ 1,012,810 Standby letters of credit 22,970 22,393 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets Measured at Fair Value on a Recurring and Non-Recurring Basis | The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and nonrecurring basis as of the dates indicated (in thousands). Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2021 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 16,533 $ — $ 16,533 Mortgage-backed securities — 736,956 — 736,956 Other assets: Hedging derivative instruments — 1,677 — 1,677 Fair value adjusted through comprehensive income $ — $ 755,166 $ — $ 755,166 Other assets: Derivative instruments - interest rate swaps — 16,176 — 16,176 Derivative instruments - credit contracts — 12 — 12 Derivative instruments - mortgage banking — 526 — 526 Other liabilities: Derivative instruments - interest rate swaps — (15,580 ) — (15,580 ) Derivative instruments - credit contracts — (39 ) — (39 ) Derivative instruments - mortgage banking — - — - Fair value adjusted through net income $ — $ 1,095 $ — $ 1,095 Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 5,685 $ — $ 5,685 Collateral dependent loans — — 48,605 48,605 Other assets: Long-lived assets held for sale — 867 — 867 Loan servicing rights — — 1,392 1,392 Other real estate owned — — 2,966 2,966 Total $ — $ 6,552 $ 52,963 $ 59,515 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2021. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2021. Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total December 31, 2020 Measured on a recurring basis: Securities available for sale: U.S. Government agency and government sponsored enterprises $ — $ 6,635 $ — $ 6,635 Mortgage-backed securities — 621,424 — 621,424 Other liabilities: Hedging derivative instruments — (311 ) — (311 ) Fair value adjusted through comprehensive income $ — $ 627,748 $ — $ 627,748 Other assets: Derivative instruments - cash flow hedges $ — $ — $ — $ - Derivative instruments - interest rate swaps — 19,626 — 19,626 Derivative instruments - credit contracts — 23 — 23 Derivative instruments - mortgage banking — 471 — 471 Other liabilities: Derivative instruments - interest rate swaps — (19,837 ) — (19,837 ) Derivative instruments - credit contracts — (86 ) — (86 ) Derivative instruments - mortgage banking — (1 ) — (1 ) Fair value adjusted through net income $ — $ 196 $ — $ 196 Measured on a nonrecurring basis: Loans: Loans held for sale $ — $ 4,305 $ — $ 4,305 Collateral dependent loans — — 29,434 29,434 Other assets: Loan servicing rights — — 1,320 1,320 Other real estate owned — — 2,966 2,966 Total $ — $ 4,305 $ 33,720 $ 38,025 There were no transfers between Levels 1 and 2 during the three months ended March 31, 2020. There were no liabilities measured at fair value on a nonrecurring basis during the three months ended March 31, 2020. |
Additional Quantitative Information about Assets Measured at Fair Value on Recurring and Non-Recurring Basis | The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value as of March 31, 2021 (dollars in thousands). Asset Fair Value Valuation Technique Unobservable Input Unobservable Input Value or Range Collateral dependent loans $ 48,605 Appraisal of collateral (1) Appraisal adjustments (2) 28.6% (3) Loan servicing rights 1,392 Discounted cash flow Discount rate 10.3% (3) Constant prepayment rate 16.7% (3) Other real estate owned 2,966 Appraisal of collateral (1) Appraisal adjustments (2) 27.7% (3) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages. |
Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments | The following presents (in thousands) the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of the dates indicated. Level in March 31, 2021 December 31, 2020 Fair Value Estimated Estimated Measurement Carrying Fair Carrying Fair Hierarchy Amount Value Amount Value Financial assets: Cash and cash equivalents Level 1 $ 344,790 $ 344,790 $ 93,878 $ 93,878 Securities available for sale Level 2 753,489 753,489 628,059 628,059 Securities held to maturity, net Level 2 256,127 264,329 271,973 282,035 Loans held for sale Level 2 5,685 5,685 4,305 4,305 Loans Level 2 3,555,953 3,609,735 3,513,284 3,549,770 Loans (1) Level 3 48,605 48,605 29,434 29,434 Long-lived assets held for sale Level 2 867 867 — — Accrued interest receivable Level 1 16,422 16,422 15,635 15,635 Derivative instruments – cash flow hedges Level 2 1,677 1,677 — — Derivative instruments – interest rate products Level 2 16,176 16,176 19,626 19,626 Derivative instruments – credit contracts Level 2 12 12 23 23 Derivative instruments – mortgage banking Level 2 526 526 471 471 FHLB and FRB stock Level 2 8,729 8,729 8,619 8,619 Financial liabilities: Non-maturity deposits Level 1 3,799,619 3,799,619 3,392,774 3,392,774 Time deposits Level 2 916,395 916,809 885,593 887,113 Short-term borrowings Level 1 — — 5,300 5,300 Long-term borrowings Level 2 73,679 79,299 73,623 83,953 Accrued interest payable Level 1 4,624 4,624 4,381 4,381 Derivative instruments – cash flow hedges Level 2 — — 311 311 Derivative instruments – interest rate products Level 2 15,580 15,580 19,837 19,837 Derivative instruments – credit contracts Level 2 39 39 86 86 Derivative instruments – mortgage banking Level 2 — — 1 1 (1) Comprised of collateral dependent loans. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segment Assets | Banking All Other Consolidated Totals March 31, 2021 Goodwill $ 48,536 $ 18,137 $ 66,673 Other intangible assets, net 18 7,837 7,855 Total assets 5,291,625 37,431 5,329,056 December 31, 2020 Goodwill $ 48,536 $ 17,526 $ 66,062 Other intangible assets, net 28 7,699 7,727 Total assets 4,875,673 36,633 4,912,306 |
Business Segment Profit (Loss) | Banking All Other (1) Consolidated Totals Three months ended March 31, 2021 Net interest income (expense) $ 38,918 $ (1,061 ) $ 37,857 (Provision) benefit for credit losses 1,981 — 1,981 Noninterest income 9,275 3,684 12,959 Noninterest expense (22,633 ) (4,107 ) (26,740 ) Income (loss) before income taxes 27,541 (1,484 ) 26,057 Income tax (expense) benefit (6,035 ) 688 (5,347 ) Net income (loss) $ 21,506 $ (796 ) $ 20,710 (1) Reflects activity from the acquisition of assets of Landmark Group since February 1, 2021 (the date of acquisition). Banking All Other Consolidated Totals Three months ended March 31, 2020 Net interest income (expense) $ 33,742 $ (618 ) $ 33,124 Provision for credit losses (13,915 ) — (13,915 ) Noninterest income 6,815 3,095 9,910 Noninterest expense (23,726 ) (3,944 ) (27,670 ) Income (loss) before income taxes 2,916 (1,467 ) 1,449 Income tax (expense) benefit 141 (463 ) (322 ) Net income (loss) $ 3,057 $ (1,930 ) $ 1,127 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | Mar. 27, 2020USD ($) | Mar. 31, 2021USD ($)DerivativeInstrument | Jul. 09, 2020USD ($) | Dec. 31, 2020USD ($)Customer | Dec. 27, 2020USD ($) | Dec. 31, 2015USD ($) |
Significant Accounting Policies [Line Items] | ||||||
Loans | $ 3,604,558 | $ 3,542,718 | ||||
Offering unsecured personal loans, percentage | 2.95% | |||||
Subordinated Notes [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of designated derivative instrument | DerivativeInstrument | 1 | |||||
Debt instrument issued amount | $ 40,000 | |||||
Subordinated Notes [Member] | LIBOR [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Debt instrument, fixed rate of interest | 6.00% | |||||
Debt instrument, interest rate terms | three-month LIBOR plus 3.944% | |||||
Debt instrument, basis spread on variable rate | 3.944% | |||||
Commercial Loan and Mortgage Loans [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of loans with active payment deferrals | 4.00% | |||||
Residential Real Estate Loans and Lines [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of loans with active payment deferrals | 1.00% | |||||
Maximum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Certificate of deposit penalty fees for withdrawals | $ 20,000 | |||||
Offering unsecured personal loans, amount | $ 5,000 | |||||
Offering unsecured personal loans, period | 60 months | |||||
Maximum [Member] | Consumer Indirect [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of loans with active payment deferrals | 1.00% | |||||
CARES Act [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated amount of relief fund | $ 2,200,000,000 | |||||
Paycheck Protection Program [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Loans | $ 262,100 | 253,100 | $ 284,000,000 | |||
Loans forgiveness amount | 87,000 | |||||
Paycheck Protection Program [Member] | Minimum [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Loans | $ 270,000 | |||||
Number of customers | Customer | 1,700 | |||||
New Paycheck Protection Program [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Loans | $ 96,000 |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies (Summary of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Supplemental information: | ||
Cash paid for interest | $ 3,173 | $ 8,418 |
Cash paid for income taxes | 1,500 | 1,000 |
Noncash investing and financing activities: | ||
Real estate and other assets acquired in settlement of loans | 646 | |
Accrued and declared unpaid dividends | 4,637 | $ 4,259 |
Common stock issued for acquisition | 301 | |
Assets acquired and liabilities assumed in business combinations: | ||
Fair value of assets acquired | $ 449 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ in Thousands | Feb. 01, 2021 | Mar. 31, 2021 |
Business Acquisition [Line Items] | ||
Goodwill | $ 611 | |
Landmark Group [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 611 | |
Identified intangible assets | $ 399 |
Restructuring Charges (Narrativ
Restructuring Charges (Narrative) (Details) | Jul. 17, 2020Branch | Oct. 31, 2020Branch | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Restructuring Cost And Reserve [Line Items] | |||||
Number of bank branch closure | Branch | 6 | ||||
Percentage of branch network | 10.00% | ||||
Percentage of branch network impact | 6.00% | ||||
Number of additional branches planned to close | Branch | 1 | ||||
Pre tax expense related branch closures | $ 1,700,000 | ||||
Total costs result in future cash expenditures | 900,000 | ||||
Anticipates annual expense savings branch closures | 2,700,000 | ||||
Restructuring charges | $ 0 | $ 0 | |||
Other Assets [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Reclassification of long-lived assets to held for sale | $ 867,000 | 0 | |||
Employee Severance [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Pre tax expense related branch closures | 200,000 | ||||
Lease Termination Costs [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Pre tax expense related branch closures | 500,000 | ||||
Valuation Adjustments On Branch Facilities [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Pre tax expense related branch closures | $ 1,000,000 |
Restructuring Charges (Summary
Restructuring Charges (Summary of Changes in Restructuring Reserve) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring And Related Activities [Abstract] | ||
Beginning Balance | $ 1,245,000 | |
Restructuring charges | 0 | $ 0 |
Cash payments | (77,000) | |
Charges against assets | (6,000) | |
Ending balance | $ 1,162,000 |
Earnings Per Common Share ("E_3
Earnings Per Common Share ("EPS") (Reconciliation of Earnings and Shares Used in Calculating Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 20,345 | $ 762 |
Weighted average common shares outstanding: | ||
Total shares issued | 16,100 | 16,100 |
Unvested restricted stock awards | (6) | (4) |
Treasury shares | (205) | (90) |
Total basic weighted average common shares outstanding | 15,889 | 16,006 |
Incremental shares from assumed: | ||
Vesting of restricted stock awards | 83 | 63 |
Total diluted weighted average common shares outstanding | 15,972 | 16,069 |
Basic earnings per common share | $ 1.28 | $ 0.05 |
Diluted earnings per common share | $ 1.27 | $ 0.05 |
Earnings Per Common Share ("E_4
Earnings Per Common Share ("EPS") (Shares Excluded from Computation of Diluted EPS) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of diluted EPS | 11 | 2 |
Restricted Stock Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of diluted EPS | 11 | 2 |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Fair Value of Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Amortized Cost | $ 752,531 | $ 607,665 |
Securities available for sale, Unrealized Gains | 11,400 | 20,462 |
Securities available for sale, Unrealized Losses | 10,442 | 68 |
Securities available for sale | 753,489 | 628,059 |
Securities held to maturity, Amortized Cost | 256,134 | 271,973 |
Securities held to maturity, Unrealized Gains | 8,195 | 10,062 |
Securities held to maturity, fair value | 264,329 | 282,035 |
Allowance for credit losses, Amortized Cost | (7) | (7) |
Held-to-maturity securities, net , Amortized Cost | 256,127 | 271,966 |
U.S. Government Agency And Government Sponsored Enterprises [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Amortized Cost | 16,244 | 6,239 |
Securities available for sale, Unrealized Gains | 348 | 396 |
Securities available for sale, Unrealized Losses | 59 | |
Securities available for sale | 16,533 | 6,635 |
State And Political Subdivisions [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities held to maturity, Amortized Cost | 139,264 | 144,506 |
Securities held to maturity, Unrealized Gains | 3,767 | 4,478 |
Securities held to maturity, fair value | 143,031 | 148,984 |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Amortized Cost | 22,361 | 3,047 |
Securities available for sale, Unrealized Gains | 89 | 97 |
Securities available for sale, Unrealized Losses | 43 | |
Securities available for sale | 22,407 | 3,144 |
Securities held to maturity, Amortized Cost | 27,230 | 29,988 |
Securities held to maturity, Unrealized Gains | 920 | 1,075 |
Securities held to maturity, fair value | 28,150 | 31,063 |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Amortized Cost | 6,943 | |
Securities available for sale, Unrealized Losses | 22 | |
Securities available for sale | 6,921 | |
Securities held to maturity, Amortized Cost | 32,206 | 35,897 |
Securities held to maturity, Unrealized Gains | 1,242 | 1,581 |
Securities held to maturity, fair value | 33,448 | 37,478 |
Collateralized Mortgage Obligations [Member] | Government National Mortgage Association [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities held to maturity, Amortized Cost | 7,198 | 7,864 |
Securities held to maturity, Unrealized Gains | 238 | 265 |
Securities held to maturity, fair value | 7,436 | 8,129 |
Collateralized Mortgage Obligations [Member] | Privately Issued [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Unrealized Gains | 431 | 435 |
Securities available for sale | 431 | 435 |
Mortgage-Backed Securities [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Amortized Cost | 736,287 | 601,426 |
Securities available for sale, Unrealized Gains | 11,052 | 20,066 |
Securities available for sale, Unrealized Losses | 10,383 | 68 |
Securities available for sale | 736,956 | 621,424 |
Securities held to maturity, Amortized Cost | 116,870 | 127,467 |
Securities held to maturity, Unrealized Gains | 4,428 | 5,584 |
Securities held to maturity, fair value | 121,298 | 133,051 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Amortized Cost | 435,287 | 350,627 |
Securities available for sale, Unrealized Gains | 8,798 | 15,549 |
Securities available for sale, Unrealized Losses | 4,432 | 44 |
Securities available for sale | 439,653 | 366,132 |
Securities held to maturity, Amortized Cost | 10,147 | 10,776 |
Securities held to maturity, Unrealized Gains | 522 | 703 |
Securities held to maturity, fair value | 10,669 | 11,479 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Amortized Cost | 250,091 | 225,645 |
Securities available for sale, Unrealized Gains | 1,239 | 3,155 |
Securities available for sale, Unrealized Losses | 5,760 | 24 |
Securities available for sale | 245,570 | 228,776 |
Securities held to maturity, Amortized Cost | 5,521 | 5,858 |
Securities held to maturity, Unrealized Gains | 193 | 382 |
Securities held to maturity, fair value | 5,714 | 6,240 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Amortized Cost | 21,605 | 22,107 |
Securities available for sale, Unrealized Gains | 495 | 830 |
Securities available for sale, Unrealized Losses | 126 | |
Securities available for sale | 21,974 | 22,937 |
Securities held to maturity, Amortized Cost | 34,568 | 37,084 |
Securities held to maturity, Unrealized Gains | 1,313 | 1,578 |
Securities held to maturity, fair value | $ 35,881 | $ 38,662 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)Security | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)Security | |
Schedule Of Investments [Line Items] | |||
Securities pledged as collateral | $ 660,100,000 | $ 567,400,000 | |
Number of security positions, unrealized loss position | Security | 62 | 8 | |
Number of security positions, unrealized loss position for more than 12 months | Security | 1 | 1 | |
Securities, 12 months or longer, Fair Value | $ 13,000 | $ 8,000 | |
Number of security positions, unrealized loss position for less than 12 months | Security | 61 | 7 | |
Securities, less than 12 months, Fair Value | $ 465,673,000 | $ 29,087,000 | |
Securities, less than 12 months, Unrealized Losses | 10,442,000 | 68,000 | |
Available for sale securities, allowance for credit loss | 0 | 0 | |
Debt securities, held-to-maturity | 256,134,000 | 271,973,000 | |
Investment securities, past due | 2,454,000 | 7,994,000 | |
Investment securities, nonaccrual | 9,404,000 | 9,286,000 | |
Municipal Bonds [Member] | |||
Schedule Of Investments [Line Items] | |||
Debt securities, held-to-maturity | 131,400,000 | 135,700,000 | |
Internally rated held-to-maturity securities | 7,600,000 | 8,500,000 | |
Municipal Bonds [Member] | Below Investment Grade [Member] | |||
Schedule Of Investments [Line Items] | |||
Investment grade rating exposure | $ 280,000 | $ 279,000 | |
Investment grade rating exposure percentage | 0.20% | 0.19% | |
Maximum [Member] | |||
Schedule Of Investments [Line Items] | |||
Securities, 12 months or longer, Unrealized Losses | $ 1,000 | $ 1,000 | |
Available for Sale Securities [Member] | |||
Schedule Of Investments [Line Items] | |||
Accrued interest receivable | 1,400,000 | 1,200,000 | |
Held To Maturity Investment Securities [Member] | |||
Schedule Of Investments [Line Items] | |||
Accrued interest receivable | 1,300,000 | 905,000 | |
Investment securities, past due | 0 | 0 | |
Investment securities, nonaccrual | 0 | $ 0 | |
Held To Maturity Investment Securities [Member] | Maximum [Member] | |||
Schedule Of Investments [Line Items] | |||
Credit loss expense | $ (1,000) | $ (1,000) |
Investment Securities (Sales of
Investment Securities (Sales of Securities Available for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments [Abstract] | ||
Proceeds from sales | $ 26,675 | $ 3,157 |
Gross realized gains | 89 | |
Gross realized losses | $ 15 | $ 9 |
Investment Securities (Schedule
Investment Securities (Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investments [Abstract] | ||
Debt securities available for sale, Due in one year or less, Amortized Cost | $ 4,887 | |
Debt securities available for sale, Due from one to five years, Amortized Cost | 57,462 | |
Debt securities available for sale, Due after five years through ten years, Amortized Cost | 148,739 | |
Debt securities available for sale, Due after ten years, Amortized Cost | 541,443 | |
Securities available for sale, Amortized Cost | 752,531 | $ 607,665 |
Debt securities available for sale, Due in one year or less, Fair Value | 4,946 | |
Debt securities available for sale, Due from one to five years, Fair Value | 60,632 | |
Debt securities available for sale, Due after five years through ten years, Fair Value | 153,492 | |
Debt securities available for sale, Due after ten years, Fair Value | 534,419 | |
Debt securities available for sale, Fair Value | 753,489 | 628,059 |
Debt securities held to maturity, Due in one year or less, Amortized Cost | 46,389 | |
Debt securities held to maturity, Due from one to five years, Amortized Cost | 92,903 | |
Debt securities held to maturity, Due after five years through ten years, Amortized Cost | 20,252 | |
Debt securities held to maturity, Due after ten years, Amortized Cost | 96,590 | |
Securities held to maturity, Amortized Cost | 256,134 | 271,973 |
Debt securities held to maturity, Due in one year or less, Fair Value | 46,684 | |
Debt securities held to maturity, Due from one to five years, Fair Value | 96,303 | |
Debt securities held to maturity, Due after five years through ten years, Fair Value | 21,018 | |
Debt securities held to maturity, Due after ten years, Fair Value | 100,324 | |
Securities held to maturity, Fair Value | $ 264,329 | $ 282,035 |
Investment Securities (Investme
Investment Securities (Investments Gross Unrealized Losses and Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Less than 12 months, Fair Value | $ 465,673 | $ 29,087 |
Securities available for sale, Less than 12 months, Unrealized Losses | 10,442 | 68 |
Securities available for sale, 12 months or longer, Fair Value | 13 | 8 |
Securities available for sale, Fair Value, Total | 465,686 | 29,095 |
Securities available for sale, Unrealized Losses, Total | 10,442 | 68 |
Total Securities, Less than 12 months, Fair Value | 465,673 | 29,087 |
Total Securities, Less than 12 months, Unrealized Losses | 10,442 | 68 |
Total Securities, 12 months or longer, Fair Value | 13 | 8 |
Total Securities, Fair Value | 465,686 | 29,095 |
Total Securities, Unrealized Losses | 10,442 | 68 |
U.S. Government Agency And Government Sponsored Enterprises [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Less than 12 months, Fair Value | 9,941 | |
Securities available for sale, Less than 12 months, Unrealized Losses | 59 | |
Securities available for sale, Fair Value, Total | 9,941 | |
Securities available for sale, Unrealized Losses, Total | 59 | |
Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Less than 12 months, Fair Value | 9,665 | |
Securities available for sale, Less than 12 months, Unrealized Losses | 43 | |
Securities available for sale, 12 months or longer, Fair Value | 8 | |
Securities available for sale, Fair Value, Total | 9,665 | 8 |
Securities available for sale, Unrealized Losses, Total | 43 | |
Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Less than 12 months, Fair Value | 6,921 | |
Securities available for sale, Less than 12 months, Unrealized Losses | 22 | |
Securities available for sale, Fair Value, Total | 6,921 | |
Securities available for sale, Unrealized Losses, Total | 22 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Less than 12 months, Fair Value | 455,732 | 29,087 |
Securities available for sale, Less than 12 months, Unrealized Losses | 10,383 | 68 |
Securities available for sale, 12 months or longer, Fair Value | 13 | 8 |
Securities available for sale, Fair Value, Total | 455,745 | 29,095 |
Securities available for sale, Unrealized Losses, Total | 10,383 | 68 |
Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Less than 12 months, Fair Value | 224,499 | 18,155 |
Securities available for sale, Less than 12 months, Unrealized Losses | 4,432 | 44 |
Securities available for sale, 12 months or longer, Fair Value | 13 | |
Securities available for sale, Fair Value, Total | 224,512 | 18,155 |
Securities available for sale, Unrealized Losses, Total | 4,432 | 44 |
Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Less than 12 months, Fair Value | 209,482 | 10,932 |
Securities available for sale, Less than 12 months, Unrealized Losses | 5,760 | 24 |
Securities available for sale, Fair Value, Total | 209,482 | 10,932 |
Securities available for sale, Unrealized Losses, Total | 5,760 | $ 24 |
Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
Securities available for sale, Less than 12 months, Fair Value | 5,165 | |
Securities available for sale, Less than 12 months, Unrealized Losses | 126 | |
Securities available for sale, Fair Value, Total | 5,165 | |
Securities available for sale, Unrealized Losses, Total | $ 126 |
Loans (Loan Portfolio) (Details
Loans (Loan Portfolio) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | $ 3,617,194 | $ 3,557,908 |
Net Deferred Loan (Fees) Costs | 37,192 | 37,230 |
Loans, Net | 3,654,386 | 3,595,138 |
Allowance for credit losses - loans | (49,828) | (52,420) |
Total loans, net | 3,604,558 | 3,542,718 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 822,499 | 798,409 |
Net Deferred Loan (Fees) Costs | (5,563) | (4,261) |
Loans, Net | 816,936 | 794,148 |
Commercial Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 1,279,317 | 1,256,525 |
Net Deferred Loan (Fees) Costs | (2,476) | (2,624) |
Loans, Net | 1,276,841 | 1,253,901 |
Residential Real Estate Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 588,002 | 586,537 |
Net Deferred Loan (Fees) Costs | 13,607 | 13,263 |
Loans, Net | 601,609 | 599,800 |
Residential Real Estate Lines [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 82,319 | 86,708 |
Net Deferred Loan (Fees) Costs | 3,043 | 3,097 |
Loans, Net | 85,362 | 89,805 |
Consumer Indirect [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 829,362 | 812,816 |
Net Deferred Loan (Fees) Costs | 28,442 | 27,605 |
Loans, Net | 857,804 | 840,421 |
Other Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal Amount Outstanding | 15,695 | 16,913 |
Net Deferred Loan (Fees) Costs | 139 | 150 |
Loans, Net | $ 15,834 | $ 17,063 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | 15 Months Ended | ||
Mar. 31, 2021USD ($)contract | Mar. 31, 2020contract | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Dec. 27, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale | $ 5,685,000 | $ 4,305,000 | $ 5,685,000 | ||
Loans | 3,604,558,000 | 3,542,718,000 | 3,604,558,000 | ||
Past due greater than 90 days and still accruing interest | 0 | 0 | $ 0 | ||
Interest income on nonaccrual loans | $ 0 | 0 | |||
Number of loans modified as TDR | contract | 0 | 0 | |||
Number of loans modified as TDR that defaulted within the previous 12 months | contract | 0 | 0 | |||
Days past due when loans are generally placed on nonaccrual status, in days | 90 days | 90 days | |||
ASU 2016-13 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Adopted | true | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | Jan. 1, 2020 | |||
Change in retained earnings | $ 8,700,000 | ||||
Increase (decrease) in deferred tax assets | 3,000,000 | ||||
ASU 2016-13 [Member] | Held To Maturity Investment Securities [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Increase in the allowance for credit losses on loans | 14,000 | ||||
Other Assets [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accrued interest receivable | $ 13,700,000 | 13,600,000 | 13,700,000 | ||
Deferral [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 89,100,000 | 113,000,000 | 89,100,000 | ||
Paycheck Protection Program [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 262,100,000 | 253,100,000 | 262,100,000 | $ 284,000,000,000 | |
COVID-19 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans | 532,400,000 | ||||
Residential Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans held for sale | 5,700,000 | 4,300,000 | 5,700,000 | ||
Consumer Overdrafts [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Past due greater than 90 days and still accruing interest | $ 284,000 | $ 231,000 | 284,000 | ||
Loans [Member] | ASU 2016-13 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Increase in the allowance for credit losses on loans | 9,600,000 | ||||
Unfunded Commitments [Member] | ASU 2016-13 [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Increase in the allowance for credit losses on loans | $ 2,100,000 |
Loans (Recorded Investment by L
Loans (Recorded Investment by Loan Class in Current and Nonaccrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | $ 2,454 | $ 7,994 |
Investment securities, nonaccrual | 9,404 | 9,286 |
Current | 3,605,336 | 3,540,628 |
Total Loans | 3,617,194 | 3,557,908 |
Nonaccrual with no allowance | 8,365 | 8,616 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 1,819 | 6,209 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 351 | 1,554 |
Greater than 90 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 284 | 231 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 75 | 351 |
Investment securities, nonaccrual | 1,742 | 1,975 |
Current | 820,682 | 796,083 |
Total Loans | 822,499 | 798,409 |
Nonaccrual with no allowance | 1,238 | 1,502 |
Commercial Business [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 75 | 264 |
Commercial Business [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 87 | |
Commercial Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 24 | 848 |
Investment securities, nonaccrual | 3,402 | 2,906 |
Current | 1,275,891 | 1,252,771 |
Total Loans | 1,279,317 | 1,256,525 |
Nonaccrual with no allowance | 2,867 | 2,709 |
Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 24 | 822 |
Commercial Mortgage [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 26 | |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 188 | 1,044 |
Investment securities, nonaccrual | 2,519 | 2,587 |
Current | 585,295 | 582,906 |
Total Loans | 588,002 | 586,537 |
Nonaccrual with no allowance | 2,519 | 2,587 |
Residential Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 168 | 984 |
Residential Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 20 | 60 |
Residential Real Estate Lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 52 | 55 |
Investment securities, nonaccrual | 256 | 323 |
Current | 82,011 | 86,330 |
Total Loans | 82,319 | 86,708 |
Nonaccrual with no allowance | 256 | 323 |
Residential Real Estate Lines [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 27 | 40 |
Residential Real Estate Lines [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 25 | 15 |
Consumer Indirect [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 1,680 | 5,314 |
Investment securities, nonaccrual | 1,482 | 1,495 |
Current | 826,200 | 806,007 |
Total Loans | 829,362 | 812,816 |
Nonaccrual with no allowance | 1,482 | 1,495 |
Consumer Indirect [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 1,427 | 3,966 |
Consumer Indirect [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 253 | 1,348 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 435 | 382 |
Investment securities, nonaccrual | 3 | |
Current | 15,257 | 16,531 |
Total Loans | 15,695 | 16,913 |
Nonaccrual with no allowance | 3 | |
Other Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 98 | 133 |
Other Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | 53 | 18 |
Other Consumer [Member] | Greater than 90 Days [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Past Due Loans | $ 284 | $ 231 |
Loans (Summary of Collateral De
Loans (Summary of Collateral Dependent Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans on business assets | $ 804 | $ 2,379 |
Collateral dependent loans on real property | 61,304 | 36,625 |
Collateral dependent loans | 62,108 | 39,004 |
Collateral dependent loan with specific reserve | 13,503 | 9,570 |
Commercial Business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans on business assets | 804 | 2,379 |
Collateral dependent loans on real property | 1,148 | |
Collateral dependent loans | 1,952 | 2,379 |
Collateral dependent loan with specific reserve | 1,346 | 1,383 |
Commercial Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans on real property | 60,156 | 36,625 |
Collateral dependent loans | 60,156 | 36,625 |
Collateral dependent loan with specific reserve | $ 12,157 | $ 8,187 |
Loans (Commercial Loan Portfoli
Loans (Commercial Loan Portfolio Categorized by Internally Assigned Asset Classification) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commercial Business [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | $ 34,725 | $ 351,185 |
Prior Fiscal Year 1 | 283,243 | 113,040 |
Prior Fiscal Year 2 | 106,851 | 83,233 |
Prior Fiscal Year 3 | 66,511 | 33,163 |
Prior Fiscal Year 4 | 24,542 | 8,438 |
Prior | 25,938 | 17,934 |
Revolving Loans Amortized Cost Basis | 275,126 | 187,155 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 816,936 | 794,148 |
Commercial Business [Member] | Uncriticized [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 34,725 | 350,992 |
Prior Fiscal Year 1 | 282,996 | 112,469 |
Prior Fiscal Year 2 | 106,625 | 82,029 |
Prior Fiscal Year 3 | 65,350 | 31,990 |
Prior Fiscal Year 4 | 23,823 | 8,195 |
Prior | 24,702 | 16,600 |
Revolving Loans Amortized Cost Basis | 268,143 | 179,770 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 806,364 | 782,045 |
Commercial Business [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Prior Fiscal Year 1 | 0 | 360 |
Prior Fiscal Year 2 | 1 | 21 |
Prior Fiscal Year 3 | 42 | 709 |
Prior Fiscal Year 4 | 566 | 41 |
Prior | 1,002 | 1,025 |
Revolving Loans Amortized Cost Basis | 2,795 | 2,995 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 4,406 | 5,151 |
Commercial Business [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 193 |
Prior Fiscal Year 1 | 247 | 211 |
Prior Fiscal Year 2 | 225 | 1,183 |
Prior Fiscal Year 3 | 1,119 | 464 |
Prior Fiscal Year 4 | 153 | 202 |
Prior | 234 | 309 |
Revolving Loans Amortized Cost Basis | 4,188 | 4,390 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 6,166 | 6,952 |
Commercial Business [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Prior Fiscal Year 1 | 0 | 0 |
Prior Fiscal Year 2 | 0 | 0 |
Prior Fiscal Year 3 | 0 | 0 |
Prior Fiscal Year 4 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 0 | 0 |
Commercial Mortgage [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 47,989 | 324,852 |
Prior Fiscal Year 1 | 346,818 | 272,232 |
Prior Fiscal Year 2 | 265,271 | 185,234 |
Prior Fiscal Year 3 | 167,642 | 190,949 |
Prior Fiscal Year 4 | 188,854 | 87,174 |
Prior | 259,174 | 192,487 |
Revolving Loans Amortized Cost Basis | 1,093 | 973 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,276,841 | 1,253,901 |
Commercial Mortgage [Member] | Uncriticized [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 47,489 | 310,364 |
Prior Fiscal Year 1 | 332,420 | 227,406 |
Prior Fiscal Year 2 | 220,441 | 163,839 |
Prior Fiscal Year 3 | 146,250 | 161,771 |
Prior Fiscal Year 4 | 159,788 | 74,915 |
Prior | 208,781 | 154,399 |
Revolving Loans Amortized Cost Basis | 895 | 731 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,116,064 | 1,093,425 |
Commercial Mortgage [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 500 | 14,299 |
Prior Fiscal Year 1 | 14,067 | 42,305 |
Prior Fiscal Year 2 | 39,480 | 19,505 |
Prior Fiscal Year 3 | 19,511 | 27,530 |
Prior Fiscal Year 4 | 27,305 | 12,256 |
Prior | 40,518 | 28,744 |
Revolving Loans Amortized Cost Basis | 0 | 43 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 141,381 | 144,682 |
Commercial Mortgage [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 189 |
Prior Fiscal Year 1 | 331 | 2,521 |
Prior Fiscal Year 2 | 5,350 | 1,890 |
Prior Fiscal Year 3 | 1,881 | 1,648 |
Prior Fiscal Year 4 | 1,761 | 3 |
Prior | 9,875 | 9,344 |
Revolving Loans Amortized Cost Basis | 198 | 199 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 19,396 | 15,794 |
Commercial Mortgage [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Prior Fiscal Year 1 | 0 | 0 |
Prior Fiscal Year 2 | 0 | 0 |
Prior Fiscal Year 3 | 0 | 0 |
Prior Fiscal Year 4 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | $ 0 | $ 0 |
Loans (Retail Loan Portfolio Ca
Loans (Retail Loan Portfolio Categorized by Performance Status) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Residential Real Estate Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | $ 32,920 | $ 137,926 |
Prior Fiscal Year 1 | 136,773 | 104,122 |
Prior Fiscal Year 2 | 97,838 | 87,918 |
Prior Fiscal Year 3 | 81,623 | 67,111 |
Prior Fiscal Year 4 | 63,660 | 67,706 |
Prior | 188,795 | 135,017 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 601,609 | 599,800 |
Residential Real Estate Loans [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 32,920 | 137,926 |
Prior Fiscal Year 1 | 136,773 | 103,923 |
Prior Fiscal Year 2 | 97,640 | 87,153 |
Prior Fiscal Year 3 | 80,962 | 66,446 |
Prior Fiscal Year 4 | 62,906 | 67,473 |
Prior | 187,889 | 134,292 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 599,090 | 597,213 |
Residential Real Estate Loans [Member] | Non-Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Prior Fiscal Year 1 | 0 | 199 |
Prior Fiscal Year 2 | 198 | 765 |
Prior Fiscal Year 3 | 661 | 665 |
Prior Fiscal Year 4 | 754 | 233 |
Prior | 906 | 725 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 2,519 | 2,587 |
Residential Real Estate Lines [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Prior Fiscal Year 1 | 0 | 0 |
Prior Fiscal Year 2 | 0 | 0 |
Prior Fiscal Year 3 | 0 | 0 |
Prior Fiscal Year 4 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 75,670 | 79,322 |
Revolving Loans Converted to Term | 9,692 | 10,483 |
Total | 85,362 | 89,805 |
Residential Real Estate Lines [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Prior Fiscal Year 1 | 0 | 0 |
Prior Fiscal Year 2 | 0 | 0 |
Prior Fiscal Year 3 | 0 | 0 |
Prior Fiscal Year 4 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 75,606 | 79,257 |
Revolving Loans Converted to Term | 9,500 | 10,225 |
Total | 85,106 | 89,482 |
Residential Real Estate Lines [Member] | Non-Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Prior Fiscal Year 1 | 0 | 0 |
Prior Fiscal Year 2 | 0 | 0 |
Prior Fiscal Year 3 | 0 | 0 |
Prior Fiscal Year 4 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 64 | 65 |
Revolving Loans Converted to Term | 192 | 258 |
Total | 256 | 323 |
Consumer Indirect [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 105,985 | 295,286 |
Prior Fiscal Year 1 | 278,709 | 202,839 |
Prior Fiscal Year 2 | 182,584 | 167,092 |
Prior Fiscal Year 3 | 146,750 | 111,295 |
Prior Fiscal Year 4 | 94,262 | 47,925 |
Prior | 49,514 | 15,984 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 857,804 | 840,421 |
Consumer Indirect [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 105,985 | 295,216 |
Prior Fiscal Year 1 | 278,315 | 202,187 |
Prior Fiscal Year 2 | 182,163 | 166,773 |
Prior Fiscal Year 3 | 146,363 | 111,008 |
Prior Fiscal Year 4 | 94,067 | 47,793 |
Prior | 49,429 | 15,949 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 856,322 | 838,926 |
Consumer Indirect [Member] | Non-Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 70 |
Prior Fiscal Year 1 | 394 | 652 |
Prior Fiscal Year 2 | 421 | 319 |
Prior Fiscal Year 3 | 387 | 287 |
Prior Fiscal Year 4 | 195 | 132 |
Prior | 85 | 35 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 1,482 | 1,495 |
Other Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 1,311 | 6,774 |
Prior Fiscal Year 1 | 5,419 | 3,177 |
Prior Fiscal Year 2 | 2,785 | 1,765 |
Prior Fiscal Year 3 | 1,439 | 907 |
Prior Fiscal Year 4 | 688 | 369 |
Prior | 962 | 508 |
Revolving Loans Amortized Cost Basis | 3,230 | 3,563 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 15,834 | 17,063 |
Other Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 1,311 | 6,774 |
Prior Fiscal Year 1 | 5,419 | 3,177 |
Prior Fiscal Year 2 | 2,782 | 1,765 |
Prior Fiscal Year 3 | 1,439 | 907 |
Prior Fiscal Year 4 | 688 | 369 |
Prior | 962 | 508 |
Revolving Loans Amortized Cost Basis | 3,230 | 3,563 |
Revolving Loans Converted to Term | 0 | 0 |
Total | 15,831 | 17,063 |
Other Consumer [Member] | Non-Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Current Fiscal Year | 0 | 0 |
Prior Fiscal Year 1 | 0 | 0 |
Prior Fiscal Year 2 | 3 | 0 |
Prior Fiscal Year 3 | 0 | 0 |
Prior Fiscal Year 4 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total | $ 3 | $ 0 |
Loans (Changes in the Allowance
Loans (Changes in the Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | $ 52,420 | $ 30,482 |
Allowance for loan losses, Charge-offs | (2,864) | (12,032) |
Allowance for loan losses, Recoveries | 1,977 | 1,889 |
Allowance for loan losses, Provision (benefit) | (1,705) | 13,423 |
Allowance for loan losses, Ending balance | 49,828 | 43,356 |
Cumulative-Effect Adjustment [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 9,594 | |
Adjusted Balance [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 40,076 | |
Commercial Business [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 13,580 | 11,358 |
Allowance for loan losses, Charge-offs | (86) | (8,241) |
Allowance for loan losses, Recoveries | 238 | 58 |
Allowance for loan losses, Provision (benefit) | (1,062) | 7,294 |
Allowance for loan losses, Ending balance | 12,670 | 10,223 |
Commercial Business [Member] | Cumulative-Effect Adjustment [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | (246) | |
Commercial Business [Member] | Adjusted Balance [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 11,112 | |
Commercial Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 21,763 | 5,681 |
Allowance for loan losses, Charge-offs | (203) | 0 |
Allowance for loan losses, Recoveries | 0 | 0 |
Allowance for loan losses, Provision (benefit) | 1,112 | 2,163 |
Allowance for loan losses, Ending balance | 22,672 | 15,154 |
Commercial Mortgage [Member] | Cumulative-Effect Adjustment [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 7,310 | |
Commercial Mortgage [Member] | Adjusted Balance [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 12,991 | |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 3,924 | 1,059 |
Allowance for loan losses, Charge-offs | (11) | (98) |
Allowance for loan losses, Recoveries | 5 | 10 |
Allowance for loan losses, Provision (benefit) | (809) | 1,909 |
Allowance for loan losses, Ending balance | 3,109 | 6,170 |
Residential Real Estate Loans [Member] | Cumulative-Effect Adjustment [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 3,290 | |
Residential Real Estate Loans [Member] | Adjusted Balance [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 4,349 | |
Residential Real Estate Lines [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 674 | 118 |
Allowance for loan losses, Charge-offs | (70) | 0 |
Allowance for loan losses, Recoveries | 0 | 3 |
Allowance for loan losses, Provision (benefit) | (122) | 171 |
Allowance for loan losses, Ending balance | 482 | 899 |
Residential Real Estate Lines [Member] | Cumulative-Effect Adjustment [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 607 | |
Residential Real Estate Lines [Member] | Adjusted Balance [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 725 | |
Consumer Indirect [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 12,165 | 11,852 |
Allowance for loan losses, Charge-offs | (2,413) | (3,424) |
Allowance for loan losses, Recoveries | 1,670 | 1,668 |
Allowance for loan losses, Provision (benefit) | (865) | 1,783 |
Allowance for loan losses, Ending balance | 10,557 | 10,645 |
Consumer Indirect [Member] | Cumulative-Effect Adjustment [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | (1,234) | |
Consumer Indirect [Member] | Adjusted Balance [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 10,618 | |
Other Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | 314 | 414 |
Allowance for loan losses, Charge-offs | (81) | (269) |
Allowance for loan losses, Recoveries | 64 | 150 |
Allowance for loan losses, Provision (benefit) | 41 | 103 |
Allowance for loan losses, Ending balance | $ 338 | 265 |
Other Consumer [Member] | Cumulative-Effect Adjustment [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | (133) | |
Other Consumer [Member] | Adjusted Balance [Member] | ASU 2016-13 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for loan losses, Beginning balance | $ 281 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021BuildingLease | |
Leases [Abstract] | |
Operating leases term description | The Company is obligated under a number of non-cancellable operating lease agreements for land, buildings and equipment with terms, including renewal options reasonably certain to be exercised, extending through 2047 |
Sublease extension terms | One building lease is subleased for terms extending through 2021 |
Number of buildings subleased | 1 |
Operating leases, weighted average remaining lease term | 21 years 1 month 6 days |
Operating leases, weighted-average discount rate | 3.78% |
Leases (Summary of Classificati
Leases (Summary of Classification of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Lease Right of Use Assets: | ||
Gross carrying amount | $ 24,557 | $ 23,697 |
Accumulated amortization | (4,241) | (3,741) |
Net book value | $ 20,316 | $ 19,956 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating Lease Liabilities: | ||
Right of use lease obligations | $ 21,908 | $ 21,507 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Leases (Summary of Lease Costs
Leases (Summary of Lease Costs and Other Lease Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Lease costs: | |||
Operating lease costs | $ 680 | $ 677 | |
Variable lease costs | [1] | 98 | 101 |
Sublease income | (11) | (11) | |
Net lease costs | 767 | 767 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | 661 | 648 | |
Right of use assets obtained in exchange for new operating lease liabilities | $ 864 | $ 334 | |
[1] | Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. |
Leases (Summary of Future Minim
Leases (Summary of Future Minimum Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 2,372 | |
2023 | 1,979 | |
2024 | 1,514 | |
2025 | 1,308 | |
2026 | 1,233 | |
Thereafter | 24,858 | |
Total future minimum operating lease payments | 33,264 | |
Amounts representing interest | (11,356) | |
Present value of net future minimum operating lease payments | $ 21,908 | $ 21,507 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Carrying amount of goodwill | $ 66,673 | $ 66,062 | |
Amortization expense during the year | $ 271 | $ 294 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Goodwill [Line Items] | |
Goodwill, beginning balance | $ 66,062 |
Goodwill | 611 |
Goodwill, ending balance | 66,673 |
Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 48,536 |
Goodwill, ending balance | 48,536 |
All Other [Member] | |
Goodwill [Line Items] | |
Goodwill, beginning balance | 17,526 |
Goodwill | 611 |
Goodwill, ending balance | $ 18,137 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Gross Carrying Amount Accumulated Amortization and Net Book Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount | $ 16,324 | $ 15,925 |
Accumulated amortization | (8,469) | (8,198) |
Net book value | $ 7,855 | $ 7,727 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Estimated Amortization Expense of Other Intangible Assets) (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2021 (remainder of year) | $ 779 |
2022 | 960 |
2023 | 887 |
2024 | 816 |
2025 | 745 |
2026 | $ 675 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Operating lease right of use assets | $ 20,316 | $ 19,956 |
Tax credit investments | 38,632 | 34,370 |
Derivative instruments | 18,391 | 20,120 |
Collateral on derivative instruments | 4,270 | 19,630 |
Other | 66,886 | 62,010 |
Total other assets | $ 148,495 | $ 156,086 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021USD ($)InterestRateDerivative | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | ||
Estimated reclassification to interest expense during next twelve months | $ 0 | |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000,000 | $ 50,000,000 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge of Interest Rate Risk [Member] | ||
Derivative [Line Items] | ||
Number of months hedging exposure to variability in future cash flows for forecasted transactions | 60 months | |
Number of outstanding forward starting interest rate Derivative | InterestRateDerivative | 1 | |
Notional amount | $ 50,000,000 | |
Derivative effective date | 2022-04 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Fair Values of Derivative Instruments on the Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 18,391 | $ 20,120 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 50,000 | 50,000 |
Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 1,677 | |
Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 311 | |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 849,973 | 873,566 |
Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 16,714 | 20,120 |
Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 15,619 | 19,924 |
Cash Flow Hedge of Interest Rate Risk [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 50,000 | 50,000 |
Cash Flow Hedge of Interest Rate Risk [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 1,677 | |
Cash Flow Hedge of Interest Rate Risk [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 311 | |
Cash Flow Hedge of Interest Rate Risk [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 100,000 | |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 706,115 | 631,907 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 16,176 | 19,626 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 15,580 | 19,837 |
Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 115,833 | 113,434 |
Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 12 | 23 |
Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 39 | 86 |
Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross notional amount | 28,025 | 28,225 |
Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 526 | 471 |
Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 1 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Fair Values of Derivative Instruments on the Balance Sheet) (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Obligations secured with cash | $ 4.3 | $ 19.6 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Effect of Derivative Instruments on the Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 1,875 | $ 746 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 1,875 | 746 |
Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Income from Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 1,772 | 724 |
Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Income from Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | 48 | (5) |
Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Income from Derivative Instruments, Net [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in income | $ 55 | $ 27 |
Shareholders' Equity (Changes i
Shareholders' Equity (Changes in Shares of Common Stock) (Details) - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Shareholders Equity [Line Items] | |||
Treasury stock, beginning balance | 57,630 | ||
Shares issued, beginning balance | 16,099,556 | 16,099,556 | 16,099,556 |
Treasury stock purchases | 238,439 | 0 | |
Treasury stock, ending balance | 270,657 | 57,630 | |
Shares issued, ending balance | 16,099,556 | 16,099,556 | 16,099,556 |
Common Stock [Member] | |||
Shareholders Equity [Line Items] | |||
Shares outstanding, beginning balance | 16,041,926 | 16,002,899 | 16,002,899 |
Shares issued for Landmark Group acquisition | 12,831 | ||
Restricted stock units released | 18,819 | 22,921 | |
Treasury stock purchases | (244,677) | (6,436) | |
Shares outstanding, ending balance | 15,828,899 | 16,019,384 | 16,041,926 |
Treasury Stock [Member] | |||
Shareholders Equity [Line Items] | |||
Treasury stock, beginning balance | 57,630 | 96,657 | 96,657 |
Shares issued for Landmark Group acquisition | (12,831) | ||
Restricted stock units released | (18,819) | (22,921) | |
Treasury stock purchases | 244,677 | 6,436 | |
Treasury stock, ending balance | 270,657 | 80,172 | 57,630 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | |
Stockholders Equity Note [Abstract] | |||
Shares of common stock authorized to be repurchased | 801,879 | ||
Number of shares repurchased | 238,439 | 0 | |
Stock repurchased average price | $ 24.30 | ||
Remaining shares of common stock authorized to be repurchased | 563,440 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Other comprehensive income (loss), Pre-tax Amount | $ (17,075) | $ 16,713 | |
Other comprehensive income (loss), Tax Effect | (4,375) | 4,282 | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (12,837) | 12,327 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 137 | 104 | |
Total other comprehensive (loss) income, net of tax | (12,700) | 12,431 | |
Securities Available for Sale and Transferred Securities [Member] | |||
Other comprehensive income (loss), before Reclassifications, Pre-tax Amount | (19,362) | 16,451 | |
Reclassification, Pre-tax Amount | [1] | (1) | (175) |
Other comprehensive income (loss), Pre-tax Amount | (19,363) | 16,276 | |
Other comprehensive income (loss), before Reclassifications, Tax Effect | (4,961) | 4,215 | |
Reclassification, Tax Effect | [1] | (45) | |
Other comprehensive income (loss), Tax Effect | (4,961) | 4,170 | |
Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (14,401) | 12,236 | |
Amounts reclassified from accumulated other comprehensive income (loss) | [1] | (1) | (130) |
Total other comprehensive (loss) income, net of tax | (14,402) | 12,106 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | 2,103 | 123 | |
Other comprehensive income (loss), Tax Effect | 539 | 32 | |
Total other comprehensive (loss) income, net of tax | 1,564 | 91 | |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | (1) | (9) | |
Other comprehensive income (loss), Tax Effect | (2) | ||
Total other comprehensive (loss) income, net of tax | (1) | (7) | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | 186 | 323 | |
Other comprehensive income (loss), Tax Effect | 47 | 82 | |
Total other comprehensive (loss) income, net of tax | 139 | 241 | |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||
Other comprehensive income (loss), Pre-tax Amount | 185 | 314 | |
Other comprehensive income (loss), Tax Effect | 47 | 80 | |
Total other comprehensive (loss) income, net of tax | $ 138 | $ 234 | |
[1] | Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 468,363 | $ 438,947 |
Other comprehensive income before reclassifications | (12,837) | 12,327 |
Amounts reclassified from accumulated other comprehensive income (loss) | 137 | 104 |
Total other comprehensive (loss) income, net of tax | (12,700) | 12,431 |
Balance | 466,284 | 439,393 |
Hedging Derivative Instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (316) | (518) |
Other comprehensive income before reclassifications | 1,564 | 91 |
Total other comprehensive (loss) income, net of tax | 1,564 | 91 |
Balance | 1,248 | (427) |
Securities Available-For-Sale and Transferred Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 14,743 | 873 |
Other comprehensive income before reclassifications | (14,401) | 12,236 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | (130) |
Total other comprehensive (loss) income, net of tax | (14,402) | 12,106 |
Balance | 341 | 12,979 |
Pension And Post-Retirement Obligations [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (12,299) | (14,868) |
Amounts reclassified from accumulated other comprehensive income (loss) | 138 | 234 |
Total other comprehensive (loss) income, net of tax | 138 | 234 |
Balance | (12,161) | (14,634) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | 2,128 | (14,513) |
Total other comprehensive (loss) income, net of tax | (12,700) | 12,431 |
Balance | $ (10,572) | $ (2,082) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gain on investment securities | $ 74 | $ 221 | |
Interest income | 37,857 | 33,124 | |
Income before income taxes | 26,057 | 1,449 | |
Income tax (expense) benefit | (5,347) | (322) | |
Net income | 20,710 | 1,127 | |
Total reclassified for the period | (137) | (104) | |
Securities Available for Sale and Transferred Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [1] | 1 | 175 |
Reclassification tax | [1] | (45) | |
Total reclassified for the period | [1] | 1 | 130 |
Prior Service Credit [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [2] | 1 | 9 |
Net Actuarial Losses [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | [2] | (186) | (323) |
Pension And Post-Retirement Obligations [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification before tax | (185) | (314) | |
Reclassification tax | 47 | 80 | |
Total reclassified for the period | (138) | (234) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Available for Sale and Transferred Securities [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net gain on investment securities | 74 | 221 | |
Interest income | (73) | (46) | |
Income before income taxes | 1 | 175 | |
Income tax (expense) benefit | (45) | ||
Net income | $ 1 | $ 130 | |
[1] | Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. | ||
[2] | These items are included in the computation of net periodic pension expense. See Note 14 – Employee Benefit Plans for additional information. |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Summary of Restricted Stock Units and Performance Share Units Activity) (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
RSUs [Member] | |
Granted, Number of Shares | shares | 58,924 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | $ 27.46 |
PSUs [Member] | |
Granted, Number of Shares | shares | 22,178 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | $ 27.58 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)shares | |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options awarded granted | 0 |
Unrecognized compensation expense | $ | $ 3.8 |
Expected recognition expense period, weighted average period in years | 2 years 4 months 24 days |
PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options awarded granted | 22,178 |
Management Stock Incentive Plan [Member] | ROAE Return on Average Equity [Member] | PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage upon achievement of targets | 50.00% |
Required service period | 3 years |
Share-based vesting description | The shares earned based on the achievement of the ROAE performance requirement, if any, will vest on the third anniversary of the grant date assuming the recipient’s continuous service to the Company. |
Management Stock Incentive Plan [Member] | ROAA Performance Requirement [Member] | PSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting percentage upon achievement of targets | 50.00% |
Required service period | 3 years |
Share-based vesting description | The shares earned based on the achievement of the ROAA performance requirement, if any, will vest on the third anniversary of the grant date assuming the recipient’s continuous service to the Company. |
Share-Based Compensation Plan_4
Share-Based Compensation Plans (Summary of Restricted Stock Awards and Restricted Stock Units Activity) (Details) - Restricted Stock Awards and Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of year, Number of Shares | shares | 168,513 |
Granted, Number of Shares | shares | 81,102 |
Vested, Number of Shares | shares | (18,819) |
Forfeited, number of shares | shares | (18,487) |
Outstanding at end of period, Number of Shares | shares | 212,309 |
Outstanding at beginning of year, Weighted Average Market Price at Grant Date | $ / shares | $ 25.65 |
Granted, Weighted Average Market Price at Grant Date | $ / shares | 27.50 |
Vested, Weighted Average Market Price at Grant Date | $ / shares | 28.38 |
Forfeited, Weighted Average Market Price at Grant Date | $ / shares | 26.67 |
Outstanding at end of period, Weighted Average Market Price at Grant Date | $ / shares | $ 26.03 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans (Share-Based Compensation Expense Included in Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 216 | $ 332 |
Salaries and Employee Benefits [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | 188 | 304 |
Other Noninterest Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 28 | $ 28 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | ||
Service cost | $ 1,049 | $ 923 |
Interest cost on projected benefit obligation | 551 | 635 |
Expected return on plan assets | (1,306) | (1,284) |
Amortization of unrecognized prior service credit | (1) | (9) |
Amortization of unrecognized net actuarial loss | 186 | 323 |
Net periodic benefit expense | $ 479 | $ 588 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Minimum [Member] | Scenario Forecast [Member] | |
Defined Contribution Plan Disclosure [Line Items] | |
Employer contribution | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments To Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 993,324 | $ 1,012,810 |
Standby Letters Of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Off-balance sheet commitments | $ 22,970 | $ 22,393 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Oct. 19, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies [Line Items] | |||||
Allowance for credit loss | $ 49,828 | $ 43,356 | $ 52,420 | $ 30,482 | |
Statute of limitations period | 3 years | ||||
New York [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Statute of limitations period | 6 years | ||||
Unfunded Commitments [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Credit loss expense | (276) | $ 1,000 | |||
Unfunded Commitments [Member] | Other Liabilities [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Allowance for credit loss | $ 2,900 | $ 3,100 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured at Fair Value on a Recurring and Non-Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | $ 753,489 | $ 628,059 | |
Loan Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,392 | ||
Collateral Dependent Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 48,605 | ||
Other Real Estate Owned [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 2,966 | ||
Measured On A Recurring Basis [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 755,166 | 627,748 | |
Liabilities at fair value | 1,095 | 196 | |
Measured On A Recurring Basis [Member] | Derivative Instruments, Liabilities [Member] | Cash Flow Hedge of Interest Rate Risk [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | (311) | ||
Measured On A Recurring Basis [Member] | Derivative Instruments, Liabilities [Member] | Interest Rate Swaps [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | (15,580) | (19,837) | |
Measured On A Recurring Basis [Member] | Derivative Instruments, Liabilities [Member] | Credit Contract [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | (39) | (86) | |
Measured On A Recurring Basis [Member] | Derivative Instruments, Liabilities [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | (1) | ||
Measured On A Recurring Basis [Member] | U.S. Government Agency And Government Sponsored Enterprises [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | 16,533 | 6,635 | |
Measured On A Recurring Basis [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | 736,956 | 621,424 | |
Measured On A Recurring Basis [Member] | Derivative Instruments, Assets [Member] | Cash Flow Hedge of Interest Rate Risk [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,677 | ||
Measured On A Recurring Basis [Member] | Derivative Instruments, Assets [Member] | Interest Rate Swaps [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 16,176 | 19,626 | |
Measured On A Recurring Basis [Member] | Derivative Instruments, Assets [Member] | Credit Contract [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 12 | 23 | |
Measured On A Recurring Basis [Member] | Derivative Instruments, Assets [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 526 | 471 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 755,166 | 627,748 | |
Liabilities at fair value | 1,095 | 196 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Liabilities [Member] | Cash Flow Hedge of Interest Rate Risk [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | (311) | ||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Liabilities [Member] | Interest Rate Swaps [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | (15,580) | (19,837) | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Liabilities [Member] | Credit Contract [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | (39) | (86) | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Liabilities [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Liabilities at fair value | (1) | ||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | U.S. Government Agency And Government Sponsored Enterprises [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | 16,533 | 6,635 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Mortgage-Backed Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Securities available for sale | 736,956 | 621,424 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Assets [Member] | Cash Flow Hedge of Interest Rate Risk [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,677 | ||
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Assets [Member] | Interest Rate Swaps [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 16,176 | 19,626 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Assets [Member] | Credit Contract [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 12 | 23 | |
Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Assets [Member] | Mortgage Banking [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 526 | 471 | |
Measured On A Nonrecurring Basis [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 59,515 | 38,025 | |
Liabilities at fair value | 0 | $ 0 | |
Measured On A Nonrecurring Basis [Member] | Loans Held For Sale [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 5,685 | 4,305 | |
Measured On A Nonrecurring Basis [Member] | Loan Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,392 | 1,320 | |
Measured On A Nonrecurring Basis [Member] | Collateral Dependent Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 48,605 | 29,434 | |
Measured On A Nonrecurring Basis [Member] | Other Real Estate Owned [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 2,966 | 2,966 | |
Measured On A Nonrecurring Basis [Member] | Long-lived Assets Held for Sale [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 867 | ||
Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 6,552 | 4,305 | |
Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Loans Held For Sale [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 5,685 | 4,305 | |
Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Long-lived Assets Held for Sale [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 867 | ||
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 52,963 | 33,720 | |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Loan Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 1,392 | 1,320 | |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Collateral Dependent Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | 48,605 | 29,434 | |
Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Other Real Estate Owned [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets at fair value | $ 2,966 | $ 2,966 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Level 1 to Level 2 transfers, assets amount | $ 0 | $ 0 |
Level 2 to Level 1 transfers, assets amount | 0 | 0 |
Level 2 to Level 1 transfers, liabilities amount | 0 | 0 |
Assets measured at fair value on recurring basis using significant unobservable inputs | 0 | 0 |
Measured On A Nonrecurring Basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liabilities measured at fair value on nonrecurring basis | $ 0 | $ 0 |
Fair Value Measurements (Additi
Fair Value Measurements (Additional Quantitative Information about Assets Measured at Fair Value on a Recurring and Non-Recurring Basis) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Collateral Dependent Loans [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 48,605 | |
Collateral Dependent Loans [Member] | Weighted Average [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input Value or Range | 28.60% | [1],[2],[3] |
Collateral Dependent Loans [Member] | Minimum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input Value or Range | 0.00% | |
Collateral Dependent Loans [Member] | Maximum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input Value or Range | 35.00% | |
Loan Servicing Rights [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 1,392 | |
Loan Servicing Rights [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input Value or Range | 10.30% | [3] |
Loan Servicing Rights [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Constant Prepayment Rate [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input Value or Range | 16.70% | [3] |
Other Real Estate Owned [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Assets at fair value | $ 2,966 | |
Other Real Estate Owned [Member] | Weighted Average [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input Value or Range | 27.70% | [1],[2],[3] |
Other Real Estate Owned [Member] | Minimum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input Value or Range | 20.00% | |
Other Real Estate Owned [Member] | Maximum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Unobservable Input Value or Range | 46.00% | |
[1] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. | |
[2] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. | |
[3] | Weighted averages. |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Securities available for sale | $ 753,489 | $ 628,059 | |
Securities held to maturity, fair value | 264,329 | 282,035 | |
Carrying Amount [Member] | Level 1 Inputs [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 344,790 | 93,878 | |
Accrued interest receivable | 16,422 | 15,635 | |
Non-maturity deposits | 3,799,619 | 3,392,774 | |
Short-term borrowings | 5,300 | ||
Accrued interest payable | 4,624 | 4,381 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Securities available for sale | 753,489 | 628,059 | |
Securities held to maturity, fair value | 256,127 | 271,973 | |
Loans held for sale | 5,685 | 4,305 | |
Loans | 3,555,953 | 3,513,284 | |
Long-lived assets held for sale | 867 | ||
FHLB and FRB stock | 8,729 | 8,619 | |
Time deposits | 916,395 | 885,593 | |
Long-term borrowings | 73,679 | 73,623 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | Cash Flow Hedge of Interest Rate Risk [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative instruments, assets | 1,677 | ||
Derivative instruments, liabilities | 311 | ||
Carrying Amount [Member] | Level 2 Inputs [Member] | Interest Rate Products [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative instruments, assets | 16,176 | 19,626 | |
Derivative instruments, liabilities | 15,580 | 19,837 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | Credit Contract [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative instruments, assets | 12 | 23 | |
Derivative instruments, liabilities | 39 | 86 | |
Carrying Amount [Member] | Level 2 Inputs [Member] | Mortgage Banking [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative instruments, assets | 526 | 471 | |
Derivative instruments, liabilities | 1 | ||
Carrying Amount [Member] | Level 3 Inputs [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Loans | [1] | 48,605 | 29,434 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Cash and cash equivalents | 344,790 | 93,878 | |
Accrued interest receivable | 16,422 | 15,635 | |
Non-maturity deposits | 3,799,619 | 3,392,774 | |
Short-term borrowings | 5,300 | ||
Accrued interest payable | 4,624 | 4,381 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Securities available for sale | 753,489 | 628,059 | |
Securities held to maturity, fair value | 264,329 | 282,035 | |
Loans held for sale | 5,685 | 4,305 | |
Loans | 3,609,735 | 3,549,770 | |
Long-lived assets held for sale | 867 | ||
FHLB and FRB stock | 8,729 | 8,619 | |
Time deposits | 916,809 | 887,113 | |
Long-term borrowings | 79,299 | 83,953 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Cash Flow Hedge of Interest Rate Risk [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative instruments, assets | 1,677 | ||
Derivative instruments, liabilities | 311 | ||
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Interest Rate Products [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative instruments, assets | 16,176 | 19,626 | |
Derivative instruments, liabilities | 15,580 | 19,837 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Credit Contract [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative instruments, assets | 12 | 23 | |
Derivative instruments, liabilities | 39 | 86 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Mortgage Banking [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Derivative instruments, assets | 526 | 471 | |
Derivative instruments, liabilities | 1 | ||
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Loans | [1] | $ 48,605 | $ 29,434 |
[1] | Comprised of collateral dependent loans. |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Segment Reporting (Business Seg
Segment Reporting (Business Segment Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 66,673 | $ 66,062 |
Other intangible assets, net | 7,855 | 7,727 |
Total assets | 5,329,056 | 4,912,306 |
Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 48,536 | 48,536 |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 18,137 | 17,526 |
Operating Segment [Member] | Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 48,536 | 48,536 |
Other intangible assets, net | 18 | 28 |
Total assets | 5,291,625 | 4,875,673 |
Operating Segment [Member] | All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 18,137 | 17,526 |
Other intangible assets, net | 7,837 | 7,699 |
Total assets | $ 37,431 | $ 36,633 |
Segment Reporting (Business S_2
Segment Reporting (Business Segment Profit (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | $ 37,857 | $ 33,124 |
(Provision) benefit for credit losses | 1,981 | (13,915) |
Noninterest income | 12,959 | 9,910 |
Noninterest expense | (26,740) | (27,670) |
Income before income taxes | 26,057 | 1,449 |
Income tax (expense) benefit | (5,347) | (322) |
Net income | 20,710 | 1,127 |
Operating Segment [Member] | Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | 38,918 | 33,742 |
(Provision) benefit for credit losses | 1,981 | (13,915) |
Noninterest income | 9,275 | 6,815 |
Noninterest expense | (22,633) | (23,726) |
Income before income taxes | 27,541 | 2,916 |
Income tax (expense) benefit | (6,035) | 141 |
Net income | 21,506 | 3,057 |
Operating Segment [Member] | All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income (expense) | (1,061) | (618) |
Noninterest income | 3,684 | 3,095 |
Noninterest expense | (4,107) | (3,944) |
Income before income taxes | (1,484) | (1,467) |
Income tax (expense) benefit | 688 | (463) |
Net income | $ (796) | $ (1,930) |