![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
City Holding Company | NASDAQ:CHCO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 114.61 | 45.85 | 182.22 | 0 | 09:09:56 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
West Virginia
|
|
55-0619957
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
||
25 Gatewater Road,
|
Charleston,
|
West Virginia
|
25313
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $2.50 par value
|
CHCO
|
NASDAQ Global Select Market
|
Large Accelerated Filer
|
x
|
Accelerated filer
|
o
|
Non accelerated filer
|
o
|
Smaller reporting company
|
☐
|
|
|
Emerging growth company
|
☐
|
Pages
|
||
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
|
|
|
Part I -
|
FINANCIAL INFORMATION
|
Item 1 -
|
Financial Statements
|
|
(Unaudited)
|
|
|
||||
|
September 30, 2019
|
|
December 31, 2018
|
||||
Assets
|
|
|
|||||
Cash and due from banks
|
$
|
71,332
|
|
|
$
|
55,016
|
|
Interest-bearing deposits in depository institutions
|
44,862
|
|
|
67,975
|
|
||
Cash and Cash Equivalents
|
116,194
|
|
|
122,991
|
|
||
|
|
|
|
||||
Investment securities available for sale, at fair value
|
798,930
|
|
|
721,796
|
|
||
Investment securities held-to-maturity, at amortized cost (approximate fair value at September 30, 2019 and December 31, 2018 - $52,845 and $60,706, respectively)
|
51,211
|
|
|
60,827
|
|
||
Other securities
|
28,070
|
|
|
30,268
|
|
||
Total Investment Securities
|
878,211
|
|
|
812,891
|
|
||
|
|
|
|
||||
Gross loans
|
3,582,571
|
|
|
3,587,608
|
|
||
Allowance for loan losses
|
(13,186
|
)
|
|
(15,966
|
)
|
||
Net Loans
|
3,569,385
|
|
|
3,571,642
|
|
||
|
|
|
|
||||
Bank owned life insurance
|
114,616
|
|
|
113,544
|
|
||
Premises and equipment, net
|
76,929
|
|
|
78,383
|
|
||
Accrued interest receivable
|
12,929
|
|
|
12,424
|
|
||
Net deferred tax asset
|
6,432
|
|
|
17,338
|
|
||
Goodwill and other intangible assets, net
|
120,773
|
|
|
122,848
|
|
||
Other assets
|
62,248
|
|
|
46,951
|
|
||
Total Assets
|
$
|
4,957,717
|
|
|
$
|
4,899,012
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
||
Deposits:
|
|
|
|
|
|
||
Noninterest-bearing
|
$
|
795,548
|
|
|
$
|
789,119
|
|
Interest-bearing:
|
|
|
|
|
|
||
Demand deposits
|
898,704
|
|
|
899,568
|
|
||
Savings deposits
|
980,539
|
|
|
934,218
|
|
||
Time deposits
|
1,354,787
|
|
|
1,352,654
|
|
||
Total Deposits
|
4,029,578
|
|
|
3,975,559
|
|
||
|
|
|
|
||||
Short-term borrowings:
|
|
|
|
||||
Federal funds purchased
|
—
|
|
|
40,000
|
|
||
Customer repurchase agreements
|
202,622
|
|
|
221,911
|
|
||
Long-term debt
|
4,055
|
|
|
4,053
|
|
||
Other liabilities
|
71,859
|
|
|
56,725
|
|
||
Total Liabilities
|
4,308,114
|
|
|
4,298,248
|
|
||
Shareholders’ Equity
|
|
|
|
|
|
||
Preferred stock, par value $25 per share: 500,000 shares authorized; none issued
|
—
|
|
|
—
|
|
||
Common stock, par value $2.50 per share: 50,000,000 shares authorized; 19,047,548 shares issued at September 30, 2019 and December 31, 2018, less 2,745,409 and 2,492,403 shares in treasury, respectively
|
47,619
|
|
|
47,619
|
|
||
Capital surplus
|
169,794
|
|
|
169,555
|
|
||
Retained earnings
|
525,933
|
|
|
485,967
|
|
||
Cost of common stock in treasury
|
(105,138
|
)
|
|
(87,895
|
)
|
||
Accumulated other comprehensive income (loss):
|
|
|
|
|
|
||
Unrealized gain (loss) on securities available-for-sale
|
17,266
|
|
|
(8,611
|
)
|
||
Underfunded pension liability
|
(5,871
|
)
|
|
(5,871
|
)
|
||
Total Accumulated Other Comprehensive Income (Loss)
|
11,395
|
|
|
(14,482
|
)
|
||
Total Shareholders’ Equity
|
649,603
|
|
|
600,764
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
4,957,717
|
|
|
$
|
4,899,012
|
|
Interest Income
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||
2019
|
2018
|
|
2019
|
2018
|
|||||||||
|
|
|
|
|
|||||||||
Interest and fees on loans
|
$
|
42,944
|
|
$
|
36,872
|
|
|
$
|
128,397
|
|
$
|
104,082
|
|
Interest and dividends on investment securities:
|
|
|
|
|
|
|
|
||||||
Taxable
|
6,044
|
|
4,216
|
|
|
17,465
|
|
12,314
|
|
||||
Tax-exempt
|
722
|
|
701
|
|
|
2,257
|
|
2,114
|
|
||||
Interest on deposits in depository institutions
|
271
|
|
940
|
|
|
1,034
|
|
1,043
|
|
||||
Total Interest Income
|
49,981
|
|
42,729
|
|
|
149,153
|
|
119,553
|
|
||||
|
|
|
|
|
|
||||||||
Interest Expense
|
|
|
|
|
|
|
|
||||||
Interest on deposits
|
8,585
|
|
5,497
|
|
|
24,768
|
|
14,741
|
|
||||
Interest on short-term borrowings
|
814
|
|
1,435
|
|
|
2,729
|
|
2,354
|
|
||||
Interest on long-term debt
|
45
|
|
239
|
|
|
140
|
|
680
|
|
||||
Total Interest Expense
|
9,444
|
|
7,171
|
|
|
27,637
|
|
17,775
|
|
||||
Net Interest Income
|
40,537
|
|
35,558
|
|
|
121,516
|
|
101,778
|
|
||||
Provision for (recovery of) loan losses
|
274
|
|
(27
|
)
|
|
(1,175
|
)
|
(1,910
|
)
|
||||
Net Interest Income After Provision for (Recovery of) Loan Losses
|
40,263
|
|
35,585
|
|
|
122,691
|
|
103,688
|
|
||||
|
|
|
|
|
|
||||||||
Non-Interest Income
|
|
|
|
|
|
|
|
||||||
(Losses) gains on sale of investment securities, net
|
(40
|
)
|
—
|
|
|
69
|
|
—
|
|
||||
Unrealized (losses) gains recognized on equity securities still held
|
(214
|
)
|
384
|
|
|
(27
|
)
|
1,155
|
|
||||
Service charges
|
8,183
|
|
7,598
|
|
|
23,281
|
|
21,783
|
|
||||
Bankcard revenue
|
5,440
|
|
4,677
|
|
|
15,931
|
|
13,543
|
|
||||
Trust and investment management fee income
|
1,802
|
|
1,579
|
|
|
5,144
|
|
4,792
|
|
||||
Bank owned life insurance
|
762
|
|
813
|
|
|
2,910
|
|
2,356
|
|
||||
Other income
|
765
|
|
702
|
|
|
3,139
|
|
2,227
|
|
||||
Total Non-Interest Income
|
16,698
|
|
15,753
|
|
|
50,447
|
|
45,856
|
|
||||
|
|
|
|
|
|
||||||||
Non-Interest Expense
|
|
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
15,210
|
|
13,576
|
|
|
46,220
|
|
40,459
|
|
||||
Occupancy related expense
|
2,725
|
|
2,323
|
|
|
8,055
|
|
7,073
|
|
||||
Equipment and software related expense
|
2,248
|
|
1,965
|
|
|
6,662
|
|
5,691
|
|
||||
FDIC insurance expense
|
—
|
|
315
|
|
|
639
|
|
943
|
|
||||
Advertising
|
861
|
|
808
|
|
|
2,650
|
|
2,444
|
|
||||
Bankcard expenses
|
1,554
|
|
1,134
|
|
|
4,270
|
|
3,274
|
|
||||
Postage, delivery, and statement mailings
|
659
|
|
537
|
|
|
1,828
|
|
1,630
|
|
||||
Office supplies
|
382
|
|
364
|
|
|
1,167
|
|
1,006
|
|
||||
Legal and professional fees
|
539
|
|
453
|
|
|
1,665
|
|
1,378
|
|
||||
Telecommunications
|
569
|
|
408
|
|
|
1,892
|
|
1,349
|
|
||||
Repossessed asset (gains) losses, net of expenses
|
(59
|
)
|
156
|
|
|
410
|
|
638
|
|
||||
Merger related costs
|
—
|
|
242
|
|
|
797
|
|
242
|
|
||||
Other expenses
|
3,709
|
|
2,759
|
|
|
12,326
|
|
8,765
|
|
||||
Total Non-Interest Expense
|
28,397
|
|
25,040
|
|
|
88,581
|
|
74,892
|
|
||||
Income Before Income Taxes
|
28,564
|
|
26,298
|
|
|
84,557
|
|
74,652
|
|
||||
Income tax expense
|
6,193
|
|
5,606
|
|
|
17,816
|
|
15,369
|
|
||||
Net Income Available to Common Shareholders
|
$
|
22,371
|
|
$
|
20,692
|
|
|
$
|
66,741
|
|
$
|
59,283
|
|
|
|
|
|
|
|
||||||||
Total Comprehensive Income
|
$
|
28,678
|
|
$
|
16,367
|
|
|
$
|
92,618
|
|
$
|
44,307
|
|
|
|
|
|
|
|
||||||||
Average shares outstanding, basic
|
16,271
|
|
15,340
|
|
|
16,350
|
|
15,360
|
|
||||
Effect of dilutive securities
|
18
|
|
18
|
|
|
18
|
|
20
|
|
||||
Average shares outstanding, diluted
|
16,289
|
|
15,358
|
|
|
16,368
|
|
15,380
|
|
||||
|
|
|
|
|
|
||||||||
Basic earnings per common share
|
$
|
1.36
|
|
$
|
1.34
|
|
|
$
|
4.05
|
|
$
|
3.82
|
|
Diluted earnings per common share
|
$
|
1.36
|
|
$
|
1.33
|
|
|
$
|
4.04
|
|
$
|
3.82
|
|
|
Three Months Ended
|
Nine Months Ended
|
||||||||||
|
September 30,
|
September 30,
|
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
|
|
|
|
|
||||||||
Net income available to common shareholders
|
$
|
22,371
|
|
$
|
20,692
|
|
$
|
66,741
|
|
$
|
59,283
|
|
|
|
|
|
|
||||||||
Available-for-Sale Securities
|
|
|
|
|
||||||||
Unrealized gains (losses) on available-for-sale securities arising during the period
|
8,199
|
|
(5,638
|
)
|
33,870
|
|
(19,520
|
)
|
||||
Reclassification adjustment for gains (losses)
|
40
|
|
—
|
|
(69
|
)
|
—
|
|
||||
Other comprehensive income (loss) before income taxes
|
8,239
|
|
(5,638
|
)
|
33,801
|
|
(19,520
|
)
|
||||
Tax effect
|
(1,932
|
)
|
1,313
|
|
(7,924
|
)
|
4,544
|
|
||||
Other comprehensive income (loss), net of tax
|
6,307
|
|
(4,325
|
)
|
25,877
|
|
(14,976
|
)
|
||||
|
|
|
|
|
||||||||
Comprehensive Income, Net of Tax
|
$
|
28,678
|
|
$
|
16,367
|
|
$
|
92,618
|
|
$
|
44,307
|
|
|
Common Stock
|
Capital Surplus
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Income (Loss)
|
Total Shareholders’ Equity
|
||||||||||||
Balance at June 30, 2018
|
$
|
47,619
|
|
$
|
140,091
|
|
$
|
471,515
|
|
$
|
(136,520
|
)
|
$
|
(18,952
|
)
|
$
|
503,753
|
|
Net income
|
—
|
|
—
|
|
20,692
|
|
—
|
|
—
|
|
20,692
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,325
|
)
|
(4,325
|
)
|
||||||
Cash dividends declared ($0.53 per share)
|
—
|
|
—
|
|
(8,190
|
)
|
—
|
|
—
|
|
(8,190
|
)
|
||||||
Stock-based compensation expense
|
—
|
|
455
|
|
—
|
|
—
|
|
—
|
|
455
|
|
||||||
Exercise of 3,986 stock options
|
—
|
|
(96
|
)
|
—
|
|
277
|
|
—
|
|
181
|
|
||||||
Purchase of 7,000 treasury shares
|
—
|
|
—
|
|
—
|
|
(540
|
)
|
—
|
|
(540
|
)
|
||||||
Balance at September 30, 2018
|
$
|
47,619
|
|
$
|
140,450
|
|
$
|
484,017
|
|
$
|
(136,783
|
)
|
$
|
(23,277
|
)
|
$
|
512,026
|
|
|
Common Stock
|
Capital Surplus
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Income (Loss)
|
Total Shareholders’ Equity
|
||||||||||||
Balance at June 30, 2019
|
$
|
47,619
|
|
$
|
169,374
|
|
$
|
512,911
|
|
$
|
(98,084
|
)
|
$
|
5,088
|
|
$
|
636,908
|
|
Net income
|
—
|
|
—
|
|
22,371
|
|
—
|
|
—
|
|
22,371
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
6,307
|
|
6,307
|
|
||||||
Cash dividends declared ($0.57 per share)
|
—
|
|
—
|
|
(9,349
|
)
|
—
|
|
—
|
|
(9,349
|
)
|
||||||
Stock-based compensation expense
|
—
|
|
527
|
|
—
|
|
—
|
|
—
|
|
527
|
|
||||||
Exercise of 3,581 stock options
|
—
|
|
(107
|
)
|
—
|
|
268
|
|
—
|
|
161
|
|
||||||
Purchase of 98,724 treasury shares
|
—
|
|
—
|
|
—
|
|
(7,322
|
)
|
—
|
|
(7,322
|
)
|
||||||
Balance at September 30, 2019
|
$
|
47,619
|
|
$
|
169,794
|
|
$
|
525,933
|
|
$
|
(105,138
|
)
|
$
|
11,395
|
|
$
|
649,603
|
|
|
Common Stock
|
Capital Surplus
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Income (Loss)
|
Total Shareholders’ Equity
|
||||||||||||
Balance at December 31, 2017
|
$
|
47,619
|
|
$
|
140,960
|
|
$
|
444,481
|
|
$
|
(124,909
|
)
|
$
|
(5,644
|
)
|
$
|
502,507
|
|
Net income
|
—
|
|
—
|
|
59,283
|
|
—
|
|
—
|
|
59,283
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
(14,976
|
)
|
(14,976
|
)
|
||||||
Adoption of ASU No. 2016-01
|
—
|
|
—
|
|
2,657
|
|
—
|
|
(2,657
|
)
|
—
|
|
||||||
Cash dividends declared ($1.45 per share)
|
—
|
|
—
|
|
(22,404
|
)
|
—
|
|
—
|
|
(22,404
|
)
|
||||||
Stock-based compensation expense
|
—
|
|
1,697
|
|
—
|
|
—
|
|
—
|
|
1,697
|
|
||||||
Restricted awards granted
|
—
|
|
(1,494
|
)
|
—
|
|
1,494
|
|
—
|
|
—
|
|
||||||
Exercise of 29,133 stock options
|
—
|
|
(713
|
)
|
—
|
|
1,862
|
|
—
|
|
1,149
|
|
||||||
Purchase of 221,327 treasury shares
|
—
|
|
—
|
|
—
|
|
(15,230
|
)
|
—
|
|
(15,230
|
)
|
||||||
Balance at September 30, 2018
|
$
|
47,619
|
|
$
|
140,450
|
|
$
|
484,017
|
|
$
|
(136,783
|
)
|
$
|
(23,277
|
)
|
$
|
512,026
|
|
|
Common Stock
|
Capital Surplus
|
Retained Earnings
|
Treasury Stock
|
Accumulated Other Comprehensive Income (Loss)
|
Total Shareholders’ Equity
|
||||||||||||
Balance at December 31, 2018
|
$
|
47,619
|
|
$
|
169,555
|
|
$
|
485,967
|
|
$
|
(87,895
|
)
|
$
|
(14,482
|
)
|
$
|
600,764
|
|
Net income
|
—
|
|
—
|
|
66,741
|
|
—
|
|
—
|
|
66,741
|
|
||||||
Other comprehensive income (loss)
|
—
|
|
—
|
|
—
|
|
—
|
|
25,877
|
|
25,877
|
|
||||||
Cash dividends declared ($1.63 per share)
|
—
|
|
—
|
|
(26,775
|
)
|
—
|
|
—
|
|
(26,775
|
)
|
||||||
Stock-based compensation expense
|
—
|
|
1,901
|
|
—
|
|
—
|
|
—
|
|
1,901
|
|
||||||
Restricted awards granted
|
—
|
|
(1,557
|
)
|
—
|
|
1,557
|
|
—
|
|
—
|
|
||||||
Exercise of 11,721 stock options
|
—
|
|
(105
|
)
|
—
|
|
631
|
|
—
|
|
526
|
|
||||||
Purchase of 260,674 treasury shares
|
—
|
|
—
|
|
—
|
|
(19,431
|
)
|
—
|
|
(19,431
|
)
|
||||||
Balance at September 30, 2019
|
$
|
47,619
|
|
$
|
169,794
|
|
$
|
525,933
|
|
$
|
(105,138
|
)
|
$
|
11,395
|
|
$
|
649,603
|
|
|
Nine months ended September 30,
|
||||||
2019
|
|
2018
|
|||||
Net income
|
$
|
66,741
|
|
|
$
|
59,283
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||
Accretion and amortization, net
|
521
|
|
|
1,154
|
|
||
Recovery of loan losses
|
(1,175
|
)
|
|
(1,910
|
)
|
||
Depreciation of premises and equipment
|
3,736
|
|
|
3,819
|
|
||
Deferred income tax expense
|
2,906
|
|
|
921
|
|
||
Net periodic employee benefit cost
|
579
|
|
|
438
|
|
||
Unrealized and realized investment securities gains, net
|
(42
|
)
|
|
(1,155
|
)
|
||
Stock-compensation expense
|
1,901
|
|
|
1,697
|
|
||
Excess tax benefit from stock-compensation expense
|
(461
|
)
|
|
(155
|
)
|
||
Increase in value of bank-owned life insurance
|
(2,909
|
)
|
|
(1,932
|
)
|
||
Loans held for sale
|
|
|
|
||||
Loans originated for sale
|
(14,229
|
)
|
|
(9,286
|
)
|
||
Proceeds from the sale of loans originated for sale
|
15,192
|
|
|
9,601
|
|
||
Gain on sale of loans
|
(421
|
)
|
|
(249
|
)
|
||
Change in accrued interest receivable
|
(505
|
)
|
|
(2,226
|
)
|
||
Change in other assets
|
(16,188
|
)
|
|
(15,709
|
)
|
||
Change in other liabilities
|
14,521
|
|
|
11,543
|
|
||
Net Cash Provided by Operating Activities
|
70,167
|
|
|
55,834
|
|
||
|
|
|
|
||||
Net decrease (increase) in loans
|
5,332
|
|
|
(19,057
|
)
|
||
Securities available-for-sale
|
|
|
|
||||
Purchases
|
(170,396
|
)
|
|
(82,661
|
)
|
||
Proceeds from sales
|
70,241
|
|
|
—
|
|
||
Proceeds from maturities and calls
|
55,237
|
|
|
38,520
|
|
||
Securities held-to-maturity
|
|
|
|
||||
Proceeds from maturities and calls
|
9,554
|
|
|
6,552
|
|
||
Other investments
|
|
|
|
||||
Purchases
|
(10,366
|
)
|
|
(18,566
|
)
|
||
Proceeds from sales
|
12,555
|
|
|
15,397
|
|
||
Purchases of premises and equipment
|
(3,515
|
)
|
|
(4,236
|
)
|
||
Disposals of premises and equipment
|
1,008
|
|
|
772
|
|
||
Proceeds from bank-owned life insurance policies
|
2,211
|
|
|
425
|
|
||
Sale of Virginia Beach branch, net
|
(24,661
|
)
|
|
—
|
|
||
Net Cash Used in Investing Activities
|
(52,800
|
)
|
|
(62,854
|
)
|
||
|
|
|
|
||||
Net increase in non-interest-bearing deposits
|
17,188
|
|
|
5,403
|
|
||
Net increase in interest-bearing deposits
|
63,099
|
|
|
122,594
|
|
||
Net (decrease) increase in short-term borrowings
|
(59,289
|
)
|
|
137,905
|
|
||
Purchases of treasury stock
|
(19,431
|
)
|
|
(15,230
|
)
|
||
Proceeds from exercise of stock options
|
526
|
|
|
1,149
|
|
||
Dividends paid
|
(26,257
|
)
|
|
(21,399
|
)
|
||
Net Cash (Used in) Provided by Financing Activities
|
(24,164
|
)
|
|
230,422
|
|
||
(Decrease) Increase in Cash and Cash Equivalents
|
(6,797
|
)
|
|
223,402
|
|
||
Cash and cash equivalents at beginning of period
|
122,991
|
|
|
82,508
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
116,194
|
|
|
$
|
305,910
|
|
|
Farmers
|
|
|
||||||
|
Deposit
|
Poage
|
Total
|
||||||
Consideration
|
$
|
24,900
|
|
$
|
83,936
|
|
$
|
108,836
|
|
|
|
|
|
||||||
Identifiable assets:
|
|
|
|
||||||
Cash and cash equivalents
|
4,173
|
|
34,325
|
|
38,498
|
|
|||
Investment securities
|
46,235
|
|
72,321
|
|
118,556
|
|
|||
Loans
|
58,485
|
|
304,359
|
|
362,844
|
|
|||
Bank owned life insurance
|
—
|
|
7,439
|
|
7,439
|
|
|||
Premises and equipment
|
568
|
|
4,547
|
|
5,115
|
|
|||
Deferred tax assets, net
|
137
|
|
2,222
|
|
2,359
|
|
|||
Other assets
|
2,302
|
|
8,770
|
|
11,072
|
|
|||
Total identifiable assets
|
111,900
|
|
433,983
|
|
545,883
|
|
|||
|
|
|
|
||||||
Identifiable liabilities:
|
|
|
|
||||||
Deposits
|
92,241
|
|
379,285
|
|
471,526
|
|
|||
Short-term borrowings
|
2,025
|
|
—
|
|
2,025
|
|
|||
Long-term debt
|
—
|
|
4,053
|
|
4,053
|
|
|||
Other liabilities
|
651
|
|
3,032
|
|
3,683
|
|
|||
Total identifiable liabilities
|
94,917
|
|
386,370
|
|
481,287
|
|
|||
|
|
|
|
||||||
Net identifiable assets
|
16,983
|
|
47,613
|
|
64,596
|
|
|||
Goodwill
|
4,583
|
|
28,269
|
|
32,852
|
|
|||
Core deposit intangible
|
3,334
|
|
8,054
|
|
11,388
|
|
|||
|
$
|
24,900
|
|
$
|
83,936
|
|
$
|
108,836
|
|
Acquired Credit-Impaired
|
|
||
Contractually required principal and interest
|
$
|
25,315
|
|
Contractual cash flows not expected to be collected (non-accretable difference)
|
(13,593
|
)
|
|
Expected cash flows
|
11,722
|
|
|
Interest component of expected cash flows (accretable difference)
|
(2,375
|
)
|
|
Carrying value of purchased credit-impaired loans acquired
|
$
|
9,347
|
|
|
|
||
Acquired Noncredit-Impaired
|
|
||
Outstanding balance
|
$
|
354,343
|
|
Less: fair value adjustment
|
(846
|
)
|
|
Carrying value of acquired noncredit-impaired loans
|
$
|
353,497
|
|
|
Goodwill
|
||
|
|
||
Balance at December 31, 2018
|
$
|
109,567
|
|
Adjustment to goodwill acquired in conjunction with the acquisition of Poage
|
(365
|
)
|
|
Adjustment to goodwill acquired in conjunction with the acquisition of Farmers Deposit
|
(154
|
)
|
|
Balance at September 30, 2019
|
$
|
109,048
|
|
|
September 30, 2019
|
December 31, 2018
|
||||||||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Estimated Fair Value
|
|||||||||||||||||
Securities available-for-sale:
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Treasuries and U.S.
|
|
|
|
|
|
|
|
|
||||||||||||||||
government agencies
|
$
|
1,279
|
|
$
|
25
|
|
$
|
—
|
|
$
|
1,304
|
|
$
|
5,713
|
|
$
|
20
|
|
$
|
—
|
|
$
|
5,733
|
|
Obligations of states and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
political subdivisions
|
110,714
|
|
5,232
|
|
7
|
|
115,939
|
|
128,089
|
|
1,033
|
|
1,052
|
|
128,070
|
|
||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
U.S. government agencies
|
613,884
|
|
17,863
|
|
985
|
|
630,762
|
|
561,799
|
|
1,950
|
|
12,991
|
|
550,758
|
|
||||||||
Private label
|
11,132
|
|
718
|
|
—
|
|
11,850
|
|
11,948
|
|
95
|
|
—
|
|
12,043
|
|
||||||||
Trust preferred securities
|
4,779
|
|
35
|
|
595
|
|
4,219
|
|
4,774
|
|
25
|
|
—
|
|
4,799
|
|
||||||||
Corporate securities
|
31,948
|
|
562
|
|
144
|
|
32,366
|
|
16,795
|
|
30
|
|
167
|
|
16,658
|
|
||||||||
Total Debt Securities
|
773,736
|
|
24,435
|
|
1,731
|
|
796,440
|
|
729,118
|
|
3,153
|
|
14,210
|
|
718,061
|
|
||||||||
Certificates of deposit held for investment
|
2,490
|
|
—
|
|
—
|
|
2,490
|
|
3,735
|
|
—
|
|
—
|
|
3,735
|
|
||||||||
Total Securities Available-for-Sale
|
$
|
776,226
|
|
$
|
24,435
|
|
$
|
1,731
|
|
$
|
798,930
|
|
$
|
732,853
|
|
$
|
3,153
|
|
$
|
14,210
|
|
$
|
721,796
|
|
Securities held-to-maturity:
|
|
|
|
|
|
|
|
|
||||||||||||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. government agencies
|
$
|
51,211
|
|
$
|
1,634
|
|
$
|
—
|
|
$
|
52,845
|
|
$
|
56,827
|
|
$
|
173
|
|
$
|
294
|
|
$
|
56,706
|
|
Trust preferred securities
|
—
|
|
—
|
|
—
|
|
—
|
|
4,000
|
|
—
|
|
—
|
|
4,000
|
|
||||||||
Total Securities Held-to-Maturity
|
$
|
51,211
|
|
$
|
1,634
|
|
$
|
—
|
|
$
|
52,845
|
|
$
|
60,827
|
|
$
|
173
|
|
$
|
294
|
|
$
|
60,706
|
|
|
September 30, 2019
|
|||||||||||||||||
Less Than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||
Estimated Fair Value
|
Unrealized Loss
|
Estimated Fair Value
|
Unrealized Loss
|
Estimated Fair Value
|
Unrealized Loss
|
|||||||||||||
Securities available-for-sale:
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
230
|
|
$
|
—
|
|
$
|
1,439
|
|
$
|
7
|
|
$
|
1,669
|
|
$
|
7
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government agencies
|
50,385
|
|
356
|
|
52,311
|
|
629
|
|
102,696
|
|
985
|
|
||||||
Trust preferred securities
|
3,950
|
|
595
|
|
—
|
|
—
|
|
3,950
|
|
595
|
|
||||||
Corporate securities
|
15,035
|
|
144
|
|
—
|
|
—
|
|
15,035
|
|
144
|
|
||||||
Total available-for-sale
|
$
|
69,600
|
|
$
|
1,095
|
|
$
|
53,750
|
|
$
|
636
|
|
$
|
123,350
|
|
$
|
1,731
|
|
|
December 31, 2018
|
|||||||||||||||||
Less Than Twelve Months
|
Twelve Months or Greater
|
Total
|
||||||||||||||||
Estimated Fair Value
|
Unrealized Loss
|
Estimated Fair Value
|
Unrealized Loss
|
Estimated Fair Value
|
Unrealized Loss
|
|||||||||||||
Securities available-for-sale:
|
|
|
|
|
|
|
||||||||||||
Obligations of states and political subdivisions
|
$
|
11,837
|
|
$
|
272
|
|
$
|
22,068
|
|
$
|
780
|
|
$
|
33,905
|
|
$
|
1,052
|
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Government agencies
|
84,975
|
|
1,593
|
|
282,560
|
|
11,398
|
|
367,535
|
|
12,991
|
|
||||||
Corporate securities
|
12,995
|
|
167
|
|
—
|
|
—
|
|
12,995
|
|
167
|
|
||||||
Total available-for-sale
|
$
|
109,807
|
|
$
|
2,032
|
|
$
|
304,628
|
|
$
|
12,178
|
|
$
|
414,435
|
|
$
|
14,210
|
|
|
|
|
|
|
|
|
||||||||||||
Securities held-to-maturity:
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
|
|
|
|
|
|
|
||||||||||||
U.S. Government agencies
|
$
|
28,274
|
|
$
|
126
|
|
$
|
5,960
|
|
$
|
168
|
|
$
|
34,234
|
|
$
|
294
|
|
Total held-to-maturity
|
$
|
28,274
|
|
$
|
126
|
|
$
|
5,960
|
|
$
|
168
|
|
$
|
34,234
|
|
$
|
294
|
|
|
Amortized Cost
|
Estimated Fair Value
|
||||
Available-for-Sale Debt Securities
|
|
|
||||
Due in one year or less
|
$
|
1,344
|
|
$
|
1,355
|
|
Due after one year through five years
|
14,996
|
|
15,361
|
|
||
Due after five years through ten years
|
185,615
|
|
192,622
|
|
||
Due after ten years
|
571,781
|
|
587,102
|
|
||
Total
|
$
|
773,736
|
|
$
|
796,440
|
|
|
|
|
||||
Held-to-Maturity Debt Securities
|
|
|
|
|
||
Due in one year or less
|
$
|
—
|
|
$
|
—
|
|
Due after one year through five years
|
—
|
|
—
|
|
||
Due after five years through ten years
|
4,934
|
|
5,374
|
|
||
Due after ten years
|
46,277
|
|
47,471
|
|
||
Total
|
$
|
51,211
|
|
$
|
52,845
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
Gross realized gains on securities sold
|
$
|
116
|
|
$
|
—
|
|
$
|
226
|
|
$
|
—
|
|
Gross realized losses on securities sold
|
(156
|
)
|
—
|
|
(157
|
)
|
—
|
|
||||
Net investment security (losses) gains
|
$
|
(40
|
)
|
$
|
—
|
|
$
|
69
|
|
$
|
—
|
|
|
|
|
|
|
||||||||
Gross unrealized gains recognized on equity securities still held
|
$
|
14
|
|
$
|
384
|
|
$
|
255
|
|
$
|
1,155
|
|
Gross unrealized losses recognized on equity securities still held
|
(228
|
)
|
—
|
|
(282
|
)
|
—
|
|
||||
Net unrealized (losses) gains recognized on equity securities still held
|
$
|
(214
|
)
|
$
|
384
|
|
$
|
(27
|
)
|
$
|
1,155
|
|
|
September 30, 2019
|
December 31, 2018
|
||||
Residential real estate
|
$
|
1,643,416
|
|
$
|
1,635,338
|
|
Home equity
|
150,808
|
|
153,496
|
|
||
Commercial and industrial
|
296,927
|
|
286,314
|
|
||
Commercial real estate
|
1,431,983
|
|
1,454,942
|
|
||
Consumer
|
54,799
|
|
51,190
|
|
||
DDA overdrafts
|
4,638
|
|
6,328
|
|
||
Gross loans
|
3,582,571
|
|
3,587,608
|
|
||
Allowance for loan losses
|
(13,186
|
)
|
(15,966
|
)
|
||
Net loans
|
$
|
3,569,385
|
|
$
|
3,571,642
|
|
|
|
|
||||
Construction loans included in:
|
|
|
||||
Residential real estate
|
$
|
24,955
|
|
$
|
21,834
|
|
Commercial real estate
|
55,267
|
|
37,869
|
|
|
Commercial and
|
Commercial
|
Residential
|
|
|
DDA
|
|
||||||||||||||
|
Industrial
|
Real Estate
|
Real Estate
|
Home Equity
|
Consumer
|
Overdrafts
|
Total
|
||||||||||||||
Nine months ended September 30, 2019
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses
|
|||||||||||||||||||||
Beginning balance
|
$
|
4,060
|
|
$
|
4,495
|
|
$
|
4,116
|
|
$
|
1,268
|
|
$
|
319
|
|
$
|
1,708
|
|
$
|
15,966
|
|
Charge-offs
|
(68
|
)
|
(394
|
)
|
(922
|
)
|
(160
|
)
|
(478
|
)
|
(1,985
|
)
|
(4,007
|
)
|
|||||||
Recoveries
|
183
|
|
614
|
|
282
|
|
—
|
|
211
|
|
1,112
|
|
2,402
|
|
|||||||
(Recovery of) provision
|
(1,471
|
)
|
(1,619
|
)
|
162
|
|
85
|
|
591
|
|
1,077
|
|
(1,175
|
)
|
|||||||
Ending balance
|
$
|
2,704
|
|
$
|
3,096
|
|
$
|
3,638
|
|
$
|
1,193
|
|
$
|
643
|
|
$
|
1,912
|
|
$
|
13,186
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Nine months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beginning balance
|
$
|
4,571
|
|
$
|
6,183
|
|
$
|
5,212
|
|
$
|
1,138
|
|
$
|
62
|
|
$
|
1,670
|
|
$
|
18,836
|
|
Charge-offs
|
(724
|
)
|
(349
|
)
|
(464
|
)
|
(219
|
)
|
(560
|
)
|
(1,976
|
)
|
(4,292
|
)
|
|||||||
Recoveries
|
1,625
|
|
538
|
|
275
|
|
—
|
|
130
|
|
1,109
|
|
3,677
|
|
|||||||
(Recovery of) provision
|
(1,583
|
)
|
(1,775
|
)
|
(557
|
)
|
385
|
|
709
|
|
911
|
|
(1,910
|
)
|
|||||||
Ending balance
|
$
|
3,889
|
|
$
|
4,597
|
|
$
|
4,466
|
|
$
|
1,304
|
|
$
|
341
|
|
$
|
1,714
|
|
$
|
16,311
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three months ended September 30, 2019
|
|
|
|
|
|
|
|
||||||||||||||
Allowance for loan losses
|
|||||||||||||||||||||
Beginning balance
|
$
|
2,796
|
|
$
|
3,469
|
|
$
|
3,959
|
|
$
|
1,211
|
|
$
|
509
|
|
$
|
1,851
|
|
$
|
13,795
|
|
Charge-offs
|
(17
|
)
|
(216
|
)
|
(291
|
)
|
(43
|
)
|
(182
|
)
|
(772
|
)
|
(1,521
|
)
|
|||||||
Recoveries
|
43
|
|
7
|
|
157
|
|
—
|
|
68
|
|
363
|
|
638
|
|
|||||||
(Recovery of) provision
|
(118
|
)
|
(164
|
)
|
(187
|
)
|
25
|
|
248
|
|
470
|
|
274
|
|
|||||||
Ending balance
|
$
|
2,704
|
|
$
|
3,096
|
|
$
|
3,638
|
|
$
|
1,193
|
|
$
|
643
|
|
$
|
1,912
|
|
$
|
13,186
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Three months ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beginning balance
|
$
|
3,727
|
|
$
|
5,930
|
|
$
|
4,579
|
|
$
|
1,160
|
|
$
|
268
|
|
$
|
1,212
|
|
$
|
16,876
|
|
Charge-offs
|
—
|
|
(74
|
)
|
(237
|
)
|
(115
|
)
|
(206
|
)
|
(704
|
)
|
(1,336
|
)
|
|||||||
Recoveries
|
147
|
|
166
|
|
116
|
|
—
|
|
25
|
|
344
|
|
798
|
|
|||||||
(Recovery of) provision
|
15
|
|
(1,425
|
)
|
8
|
|
259
|
|
254
|
|
862
|
|
(27
|
)
|
|||||||
Ending balance
|
$
|
3,889
|
|
$
|
4,597
|
|
$
|
4,466
|
|
$
|
1,304
|
|
$
|
341
|
|
$
|
1,714
|
|
$
|
16,311
|
|
|
|
|
|
|
|
|
|
||||||||||||||
As of September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Evaluated for impairment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Individually
|
$
|
—
|
|
$
|
884
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
884
|
|
Collectively
|
2,429
|
|
2,156
|
|
3,638
|
|
1,193
|
|
636
|
|
1,912
|
|
11,964
|
|
|||||||
Acquired with deteriorated credit quality
|
275
|
|
56
|
|
—
|
|
—
|
|
7
|
|
—
|
|
338
|
|
|||||||
Total
|
$
|
2,704
|
|
$
|
3,096
|
|
$
|
3,638
|
|
$
|
1,193
|
|
$
|
643
|
|
$
|
1,912
|
|
$
|
13,186
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Evaluated for impairment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Individually
|
$
|
501
|
|
$
|
9,282
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
9,783
|
|
Collectively
|
295,183
|
|
1,413,933
|
|
1,641,254
|
|
150,808
|
|
54,695
|
|
4,638
|
|
3,560,511
|
|
|||||||
Acquired with deteriorated credit quality
|
1,243
|
|
8,768
|
|
2,162
|
|
—
|
|
104
|
|
—
|
|
12,277
|
|
|||||||
Total
|
$
|
296,927
|
|
$
|
1,431,983
|
|
$
|
1,643,416
|
|
$
|
150,808
|
|
$
|
54,799
|
|
$
|
4,638
|
|
$
|
3,582,571
|
|
|
|
|
|
|
|
|
|
||||||||||||||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Allowance for loan losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Evaluated for impairment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Individually
|
$
|
—
|
|
$
|
428
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
428
|
|
Collectively
|
4,059
|
|
4,015
|
|
4,116
|
|
1,268
|
|
312
|
|
1,708
|
|
15,478
|
|
|||||||
Acquired with deteriorated credit quality
|
1
|
|
52
|
|
—
|
|
—
|
|
7
|
|
—
|
|
60
|
|
|||||||
Total
|
$
|
4,060
|
|
$
|
4,495
|
|
$
|
4,116
|
|
$
|
1,268
|
|
$
|
319
|
|
$
|
1,708
|
|
$
|
15,966
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Evaluated for impairment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Individually
|
$
|
651
|
|
$
|
9,855
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
10,506
|
|
Collectively
|
284,018
|
|
1,433,674
|
|
1,633,241
|
|
153,496
|
|
51,077
|
|
6,328
|
|
3,561,834
|
|
|||||||
Acquired with deteriorated credit quality
|
1,645
|
|
11,413
|
|
2,097
|
|
—
|
|
113
|
|
—
|
|
15,268
|
|
|||||||
Total
|
$
|
286,314
|
|
$
|
1,454,942
|
|
$
|
1,635,338
|
|
$
|
153,496
|
|
$
|
51,190
|
|
$
|
6,328
|
|
$
|
3,587,608
|
|
|
Commercial and Industrial
|
Commercial Real Estate
|
Total
|
||||||
September 30, 2019
|
|
|
|
||||||
Pass
|
$
|
262,591
|
|
$
|
1,374,974
|
|
$
|
1,637,565
|
|
Special mention
|
2,373
|
|
13,765
|
|
16,138
|
|
|||
Substandard
|
31,963
|
|
43,244
|
|
75,207
|
|
|||
Doubtful
|
—
|
|
—
|
|
—
|
|
|||
Total
|
$
|
296,927
|
|
$
|
1,431,983
|
|
$
|
1,728,910
|
|
|
|
|
|
||||||
December 31, 2018
|
|
|
|
|
|
|
|||
Pass
|
$
|
250,856
|
|
$
|
1,402,821
|
|
$
|
1,653,677
|
|
Special mention
|
27,886
|
|
5,696
|
|
33,582
|
|
|||
Substandard
|
7,572
|
|
46,425
|
|
53,997
|
|
|||
Doubtful
|
—
|
|
—
|
|
—
|
|
|||
Total
|
$
|
286,314
|
|
$
|
1,454,942
|
|
$
|
1,741,256
|
|
|
Performing
|
Non-Performing
|
Total
|
||||||
September 30, 2019
|
|
|
|
||||||
Residential real estate
|
$
|
1,640,496
|
|
$
|
2,920
|
|
$
|
1,643,416
|
|
Home equity
|
150,298
|
|
510
|
|
150,808
|
|
|||
Consumer
|
54,799
|
|
—
|
|
54,799
|
|
|||
DDA overdrafts
|
4,638
|
|
—
|
|
4,638
|
|
|||
Total
|
$
|
1,850,231
|
|
$
|
3,430
|
|
$
|
1,853,661
|
|
|
|
|
|
||||||
December 31, 2018
|
|
|
|
||||||
Residential real estate
|
$
|
1,630,892
|
|
$
|
4,446
|
|
$
|
1,635,338
|
|
Home equity
|
153,334
|
|
162
|
|
153,496
|
|
|||
Consumer
|
51,188
|
|
2
|
|
51,190
|
|
|||
DDA overdrafts
|
6,322
|
|
6
|
|
6,328
|
|
|||
Total
|
$
|
1,841,736
|
|
$
|
4,616
|
|
$
|
1,846,352
|
|
|
September 30, 2019
|
|||||||||||||||||
|
Accruing
|
|
|
|||||||||||||||
|
Current
|
30-59 days
|
60-89 days
|
Over 90 days
|
Non-accrual
|
Total
|
||||||||||||
Residential real estate
|
$
|
1,633,987
|
|
$
|
5,817
|
|
$
|
692
|
|
$
|
350
|
|
$
|
2,570
|
|
$
|
1,643,416
|
|
Home equity
|
149,544
|
|
749
|
|
6
|
|
40
|
|
469
|
|
150,808
|
|
||||||
Commercial and industrial
|
294,341
|
|
415
|
|
50
|
|
62
|
|
2,059
|
|
296,927
|
|
||||||
Commercial real estate
|
1,420,608
|
|
1,276
|
|
—
|
|
—
|
|
10,099
|
|
1,431,983
|
|
||||||
Consumer
|
54,675
|
|
124
|
|
—
|
|
—
|
|
—
|
|
54,799
|
|
||||||
DDA overdrafts
|
4,012
|
|
613
|
|
13
|
|
—
|
|
—
|
|
4,638
|
|
||||||
Total
|
$
|
3,557,167
|
|
$
|
8,994
|
|
$
|
761
|
|
$
|
452
|
|
$
|
15,197
|
|
$
|
3,582,571
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2018
|
|||||||||||||||||
|
Accruing
|
|
|
|||||||||||||||
|
Current
|
30-59 days
|
60-89 days
|
Over 90 days
|
Non-accrual
|
Total
|
||||||||||||
Residential real estate
|
$
|
1,621,073
|
|
$
|
8,607
|
|
$
|
1,213
|
|
$
|
170
|
|
$
|
4,275
|
|
$
|
1,635,338
|
|
Home equity
|
152,083
|
|
1,240
|
|
11
|
|
24
|
|
138
|
|
153,496
|
|
||||||
Commercial and industrial
|
284,140
|
|
397
|
|
49
|
|
52
|
|
1,676
|
|
286,314
|
|
||||||
Commercial real estate
|
1,445,896
|
|
487
|
|
94
|
|
4
|
|
8,461
|
|
1,454,942
|
|
||||||
Consumer
|
50,894
|
|
253
|
|
41
|
|
1
|
|
1
|
|
51,190
|
|
||||||
DDA overdrafts
|
5,840
|
|
467
|
|
15
|
|
6
|
|
—
|
|
6,328
|
|
||||||
Total
|
$
|
3,559,926
|
|
$
|
11,451
|
|
$
|
1,423
|
|
$
|
257
|
|
$
|
14,551
|
|
$
|
3,587,608
|
|
|
September 30, 2019
|
December 31, 2018
|
||||||||||||||||
|
|
Unpaid
|
|
|
Unpaid
|
|
||||||||||||
|
Recorded
|
Principal
|
Related
|
Recorded
|
Principal
|
Related
|
||||||||||||
|
Investment
|
Balance
|
Allowance
|
Investment
|
Balance
|
Allowance
|
||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
501
|
|
$
|
501
|
|
$
|
—
|
|
$
|
651
|
|
$
|
651
|
|
$
|
—
|
|
Commercial real estate
|
3,534
|
|
3,559
|
|
—
|
|
6,870
|
|
6,895
|
|
—
|
|
||||||
Total
|
$
|
4,035
|
|
$
|
4,060
|
|
$
|
—
|
|
$
|
7,521
|
|
$
|
7,546
|
|
$
|
—
|
|
|
|
|
|
|
|
|
||||||||||||
With an allowance recorded:
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Commercial real estate
|
5,748
|
|
5,748
|
|
884
|
|
2,985
|
|
2,985
|
|
428
|
|
||||||
Total
|
$
|
5,748
|
|
$
|
5,748
|
|
$
|
884
|
|
$
|
2,985
|
|
$
|
2,985
|
|
$
|
428
|
|
|
Nine months ended September 30,
|
|||||||||||
|
2019
|
2018
|
||||||||||
|
Average
|
Interest
|
Average
|
Interest
|
||||||||
|
Recorded
|
Income
|
Recorded
|
Income
|
||||||||
|
Investment
|
Recognized
|
Investment
|
Recognized
|
||||||||
With no related allowance recorded:
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
570
|
|
—
|
|
$
|
910
|
|
$
|
—
|
|
|
Commercial real estate
|
4,558
|
|
41
|
|
3,873
|
|
7
|
|
||||
Total
|
$
|
5,128
|
|
$
|
41
|
|
$
|
4,783
|
|
$
|
7
|
|
|
|
|
|
|
||||||||
With an allowance recorded:
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Commercial real estate
|
4,800
|
|
136
|
|
5,730
|
|
179
|
|
||||
Total
|
$
|
4,800
|
|
$
|
136
|
|
$
|
5,730
|
|
$
|
179
|
|
|
September 30, 2019
|
December 31, 2018
|
||||
|
|
|||||
Total
|
Total
|
|||||
Commercial and industrial
|
$
|
83
|
|
$
|
98
|
|
Commercial real estate
|
8,100
|
|
8,205
|
|
||
Residential real estate
|
21,320
|
|
23,521
|
|
||
Home equity
|
3,034
|
|
3,030
|
|
||
Consumer
|
—
|
|
—
|
|
||
Total
|
$
|
32,537
|
|
$
|
34,854
|
|
|
New TDRs
|
|||||||||||||||
|
Nine months ended September 30,
|
|||||||||||||||
|
2019
|
2018
|
||||||||||||||
|
Pre
|
Post
|
|
Pre
|
Post
|
|||||||||||
|
Modification
|
Modification
|
|
Modification
|
Modification
|
|||||||||||
|
Outstanding
|
Outstanding
|
|
Outstanding
|
Outstanding
|
|||||||||||
Number of
|
Recorded
|
Recorded
|
Number of
|
Recorded
|
Recorded
|
|||||||||||
Contracts
|
Investment
|
Investment
|
Contracts
|
Investment
|
Investment
|
|||||||||||
Commercial and industrial
|
—
|
|
$
|
—
|
|
$
|
—
|
|
—
|
|
$
|
—
|
|
$
|
—
|
|
Commercial real estate
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Residential real estate
|
29
|
|
2,076
|
|
2,076
|
|
22
|
|
1,465
|
|
1,465
|
|
||||
Home equity
|
8
|
|
213
|
|
213
|
|
9
|
|
200
|
|
200
|
|
||||
Consumer
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||
Total
|
37
|
|
$
|
2,289
|
|
$
|
2,289
|
|
31
|
|
$
|
1,665
|
|
$
|
1,665
|
|
|
September 30, 2019
|
December 31, 2018
|
||||||||||
|
Notional Amount
|
Fair Value
|
Notional Amount
|
Fair Value
|
||||||||
|
|
|
|
|
||||||||
Non-hedging interest rate derivatives:
|
|
|
|
|
||||||||
Customer counterparties:
|
|
|
|
|
||||||||
Loan interest rate swap - assets
|
$
|
443,756
|
|
$
|
24,239
|
|
$
|
132,146
|
|
$
|
3,131
|
|
Loan interest rate swap - liabilities
|
52,069
|
|
596
|
|
372,223
|
|
13,774
|
|
||||
|
|
|
|
|
||||||||
Non-hedging interest rate derivatives:
|
|
|
|
|
||||||||
Financial institution counterparties:
|
|
|
|
|
||||||||
Loan interest rate swap - assets
|
52,069
|
|
596
|
|
403,500
|
|
13,902
|
|
||||
Loan interest rate swap - liabilities
|
448,979
|
|
24,304
|
|
132,146
|
|
3,131
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||
Change in Fair Value Non-Hedging Interest Rate Derivatives:
|
|
|
|
|
||||||||
Other income - derivative assets
|
$
|
6,824
|
|
$
|
1,885
|
|
$
|
9,073
|
|
$
|
11,811
|
|
Other income - derivative liabilities
|
(6,824
|
)
|
(1,885
|
)
|
(9,073
|
)
|
(11,811
|
)
|
||||
Other expense - derivative liabilities
|
38
|
|
25
|
|
192
|
|
147
|
|
|
Nine months ended September 30,
|
|||||||||
|
2019
|
2018
|
||||||||
Options
|
Weighted-Average Exercise Price
|
Options
|
Weighted-Average Exercise Price
|
|||||||
Outstanding at January 1
|
57,972
|
|
$
|
51.15
|
|
87,605
|
|
$
|
47.15
|
|
Exercised
|
(11,721
|
)
|
44.87
|
|
(29,133
|
)
|
39.47
|
|
||
Outstanding at September 30
|
46,251
|
|
$
|
52.74
|
|
58,472
|
|
$
|
50.97
|
|
|
|
|
|
|
||||||
Exerciseable at September 30
|
8,063
|
|
$
|
44.48
|
|
3,197
|
|
$
|
42.82
|
|
|
Nine months ended September 30,
|
|||||
|
2019
|
2018
|
||||
Proceeds from stock option exercises
|
$
|
526
|
|
$
|
1,149
|
|
Intrinsic value of stock options exercised
|
368
|
|
944
|
|
||
|
|
|
||||
Stock-based compensation expense associated with stock options
|
$
|
92
|
|
$
|
137
|
|
|
|
|
||||
At period-end:
|
September 30, 2019
|
|
||||
Unrecognized stock-based compensation expense associated with stock options
|
$
|
112
|
|
|
||
Weighted average period (in years) in which the above amount is expected to be
|
|
|
||||
recognized
|
1.6
|
|
|
|
Nine months ended September 30,
|
|||||||||
|
2019
|
2018
|
||||||||
Restricted Awards
|
Average Market Price at Grant
|
Restricted Awards
|
Average Market Price at Grant
|
|||||||
Outstanding at January 1
|
152,692
|
|
$
|
51.85
|
|
170,033
|
|
$
|
44.34
|
|
Granted
|
31,006
|
|
79.86
|
|
28,363
|
|
69.94
|
|
||
Vested
|
(45,007
|
)
|
39.81
|
|
(48,104
|
)
|
37.31
|
|
||
Outstanding at September 30
|
138,691
|
|
$
|
61.98
|
|
150,292
|
|
$
|
51.42
|
|
|
Nine months ended September 30,
|
|||||
|
2019
|
2018
|
||||
Stock-based compensation expense associated with restricted shares
|
$
|
1,434
|
|
$
|
1,201
|
|
|
|
|
||||
At period-end:
|
September 30, 2019
|
|
||||
Unrecognized stock-based compensation expense associated with restricted shares
|
$
|
4,845
|
|
|
||
Weighted average period (in years) in which the above amount is expected to be
|
|
|
||||
recognized
|
3.3
|
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||
Components of net periodic cost:
|
|
|
|
|
||||||||
Interest cost
|
$
|
242
|
|
$
|
147
|
|
$
|
522
|
|
$
|
442
|
|
Expected return on plan assets
|
(370
|
)
|
(270
|
)
|
(798
|
)
|
(810
|
)
|
||||
Net amortization and deferral
|
396
|
|
218
|
|
855
|
|
655
|
|
||||
Settlement
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
151
|
|
Net Periodic Pension Cost
|
$
|
268
|
|
$
|
95
|
|
$
|
579
|
|
$
|
438
|
|
Note I –
|
Commitments and Contingencies
|
|
September 30, 2019
|
December 31, 2018
|
||||
Commitments to extend credit:
|
|
|
||||
Home equity lines
|
$
|
212,031
|
|
$
|
207,509
|
|
Commercial real estate
|
110,950
|
|
68,649
|
|
||
Other commitments
|
211,080
|
|
201,687
|
|
||
Standby letters of credit
|
8,767
|
|
7,183
|
|
||
Commercial letters of credit
|
1,249
|
|
811
|
|
Note J –
|
Accumulated Other Comprehensive Income (Loss)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||
|
|
Unrealized
|
|
|
|
Unrealized
|
|
||||||||||||
|
|
Gains
|
|
|
|
Gains
|
|
||||||||||||
|
Defined
|
(Losses)
|
|
|
Defined
|
(Losses)
|
|
||||||||||||
|
Benefit
|
Securities
|
|
|
Benefit
|
Securities
|
|
||||||||||||
|
Pension
|
Available-
|
|
|
Pension
|
Available-
|
|
||||||||||||
|
Plan
|
-for-Sale
|
Total
|
|
Plan
|
-for-Sale
|
Total
|
||||||||||||
2019
|
|
|
|
|
|
|
|
||||||||||||
Beginning Balance
|
$
|
(5,871
|
)
|
$
|
10,959
|
|
$
|
5,088
|
|
|
$
|
(5,871
|
)
|
$
|
(8,611
|
)
|
$
|
(14,482
|
)
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income before reclassifications
|
—
|
|
6,277
|
|
6,277
|
|
|
—
|
|
25,931
|
|
25,931
|
|
||||||
Amounts reclassified from other comprehensive income (loss)
|
—
|
|
30
|
|
30
|
|
|
—
|
|
(54
|
)
|
(54
|
)
|
||||||
|
—
|
|
6,307
|
|
6,307
|
|
|
—
|
|
25,877
|
|
25,877
|
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Ending Balance
|
$
|
(5,871
|
)
|
$
|
17,266
|
|
$
|
11,395
|
|
|
$
|
(5,871
|
)
|
$
|
17,266
|
|
$
|
11,395
|
|
|
|
|
|
|
|
|
|
||||||||||||
2018
|
|
|
|
|
|
|
|
||||||||||||
Beginning Balance
|
$
|
(5,033
|
)
|
$
|
(13,919
|
)
|
$
|
(18,952
|
)
|
|
$
|
(5,033
|
)
|
$
|
(611
|
)
|
$
|
(5,644
|
)
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive loss before reclassifications
|
—
|
|
(4,325
|
)
|
(4,325
|
)
|
|
—
|
|
(14,976
|
)
|
(14,976
|
)
|
||||||
Amounts reclassified from other comprehensive loss
|
—
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
—
|
|
||||||
|
—
|
|
(4,325
|
)
|
(4,325
|
)
|
|
—
|
|
(14,976
|
)
|
(14,976
|
)
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Adoption of new accounting pronouncement
|
—
|
|
—
|
|
—
|
|
|
—
|
|
(2,657
|
)
|
(2,657
|
)
|
||||||
|
|
|
|
|
|
|
|
||||||||||||
Ending Balance
|
$
|
(5,033
|
)
|
$
|
(18,244
|
)
|
$
|
(23,277
|
)
|
|
$
|
(5,033
|
)
|
$
|
(18,244
|
)
|
$
|
(23,277
|
)
|
|
Amounts reclassified from Other Comprehensive (Income) Loss
|
|
|||||||||||
|
Three months ended
|
Nine months ended
|
Affected line item
|
||||||||||
|
September 30,
|
September 30,
|
in the Consolidated Statements
|
||||||||||
|
2019
|
2018
|
2019
|
2018
|
of Income
|
||||||||
|
|
|
|
|
|
||||||||
Securities available-for-sale:
|
|
|
|
|
|
||||||||
Net securities (losses) gains reclassified into earnings
|
$
|
(40
|
)
|
$
|
—
|
|
$
|
69
|
|
$
|
—
|
|
(Losses) gains on sale of investment securities, net
|
Related income tax benefit (expense)
|
10
|
|
—
|
|
(15
|
)
|
—
|
|
Income tax expense
|
||||
Net effect on accumulated other comprehensive income (loss)
|
$
|
(30
|
)
|
$
|
—
|
|
$
|
54
|
|
$
|
—
|
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||
Net income available to common shareholders
|
$
|
22,371
|
|
$
|
20,692
|
|
$
|
66,741
|
|
$
|
59,283
|
|
Less: earnings allocated to participating securities
|
(192
|
)
|
(201
|
)
|
(567
|
)
|
(575
|
)
|
||||
Net earnings allocated to common shareholders
|
$
|
22,179
|
|
$
|
20,491
|
|
$
|
66,174
|
|
$
|
58,708
|
|
|
|
|
|
|
||||||||
Distributed earnings allocated to common stock
|
$
|
9,213
|
|
$
|
8,109
|
|
$
|
26,346
|
|
$
|
22,186
|
|
Undistributed earnings allocated to common stock
|
12,966
|
|
12,382
|
|
39,828
|
|
36,522
|
|
||||
Net earnings allocated to common shareholders
|
$
|
22,179
|
|
$
|
20,491
|
|
$
|
66,174
|
|
$
|
58,708
|
|
|
|
|
|
|
||||||||
Average shares outstanding
|
16,271
|
|
15,340
|
|
16,350
|
|
15,360
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
||||||
Employee stock awards
|
18
|
|
18
|
|
18
|
|
20
|
|
||||
Shares for diluted earnings per share
|
16,289
|
|
15,358
|
|
16,368
|
|
15,380
|
|
||||
|
|
|
|
|
||||||||
Basic earnings per share
|
$
|
1.36
|
|
$
|
1.34
|
|
$
|
4.05
|
|
$
|
3.82
|
|
Diluted earnings per share
|
$
|
1.36
|
|
$
|
1.33
|
|
$
|
4.04
|
|
$
|
3.82
|
|
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total Gains (Losses)
|
||||||||||
September 30, 2019
|
|
|
|
|
|
||||||||||
Recurring fair value measurements
|
|
|
|
|
|
||||||||||
Financial Assets
|
|
|
|
|
|
||||||||||
U.S. Government agencies
|
$
|
1,304
|
|
$
|
—
|
|
$
|
1,304
|
|
$
|
—
|
|
|
||
Obligations of states and political subdivisions
|
115,939
|
|
—
|
|
115,939
|
|
—
|
|
|
||||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|||||||||
U.S. Government agencies
|
630,762
|
|
—
|
|
630,762
|
|
—
|
|
|
||||||
Private label
|
11,850
|
|
—
|
|
11,850
|
|
—
|
|
|
||||||
Trust preferred securities
|
4,219
|
|
—
|
|
3,958
|
|
261
|
|
|
||||||
Corporate securities
|
32,366
|
|
—
|
|
32,366
|
|
—
|
|
|
||||||
Marketable equity securities
|
11,719
|
|
7,108
|
|
4,611
|
|
—
|
|
|
||||||
Certificates of deposit held for investment
|
2,490
|
|
—
|
|
2,490
|
|
—
|
|
|
||||||
Derivative assets
|
24,835
|
|
—
|
|
24,835
|
|
—
|
|
|
||||||
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
||||||
Derivative liabilities
|
24,954
|
|
—
|
|
24,954
|
|
—
|
|
|
||||||
|
|
|
|
|
|
||||||||||
Nonrecurring fair value measurements
|
|
|
|
|
|
|
|
|
|
||||||
Financial Assets
|
|
|
|
|
|
||||||||||
Impaired loans
|
$
|
8,900
|
|
$
|
—
|
|
$
|
—
|
|
$
|
8,900
|
|
$
|
(455
|
)
|
Non-Financial Assets
|
|
|
|
|
|
||||||||||
Other real estate owned
|
2,326
|
|
—
|
|
—
|
|
2,326
|
|
(470
|
)
|
|||||
Other assets
|
100
|
|
—
|
|
—
|
|
100
|
|
(397
|
)
|
|||||
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|||||
Recurring fair value measurements
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|||||
U.S. Government agencies
|
$
|
5,733
|
|
$
|
—
|
|
$
|
5,733
|
|
$
|
—
|
|
|
|
|
Obligations of states and political subdivisions
|
128,070
|
|
—
|
|
128,070
|
|
—
|
|
|
|
|||||
Mortgage-backed securities:
|
|
|
|
|
|
|
|
||||||||
U.S. Government agencies
|
550,758
|
|
—
|
|
550,758
|
|
—
|
|
|
|
|||||
Private label
|
12,043
|
|
—
|
|
12,043
|
|
—
|
|
|
|
|||||
Trust preferred securities
|
4,799
|
|
—
|
|
4,538
|
|
261
|
|
|
|
|||||
Corporate securities
|
16,658
|
|
—
|
|
16,658
|
|
—
|
|
|
|
|||||
Marketable equity securities
|
11,771
|
|
7,365
|
|
4,406
|
|
—
|
|
|
|
|||||
Certificates of deposit held for investment
|
3,735
|
|
—
|
|
3,735
|
|
—
|
|
|
||||||
Derivative assets
|
17,100
|
|
—
|
|
17,100
|
|
—
|
|
|
|
|||||
Financial Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
|
16,905
|
|
—
|
|
16,905
|
|
—
|
|
|
|
|||||
|
|
|
|
|
|
||||||||||
Nonrecurring fair value measurements
|
|
|
|
|
|
|
|
|
|
|
|||||
Financial Assets
|
|
|
|
|
|
||||||||||
Impaired loans
|
$
|
10,078
|
|
$
|
—
|
|
$
|
—
|
|
$
|
10,078
|
|
$
|
(428
|
)
|
Non-Financial Assets
|
|
|
|
|
|
||||||||||
Other real estate owned
|
4,608
|
|
—
|
|
—
|
|
4,608
|
|
(838
|
)
|
|||||
Other assets
|
600
|
|
—
|
|
—
|
|
600
|
|
(492
|
)
|
|
Carrying Amount
|
Fair Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
September 30, 2019
|
|
|
|
|
|
||||||||||
Assets:
|
|||||||||||||||
Cash and cash equivalents
|
$
|
116,194
|
|
$
|
116,194
|
|
$
|
116,194
|
|
$
|
—
|
|
$
|
—
|
|
Securities available-for-sale
|
798,930
|
|
798,930
|
|
—
|
|
798,669
|
|
261
|
|
|||||
Securities held-to-maturity
|
51,211
|
|
52,845
|
|
—
|
|
52,845
|
|
—
|
|
|||||
Marketable equity securities
|
11,719
|
|
11,719
|
|
7,108
|
|
4,611
|
|
—
|
|
|||||
Net loans
|
3,569,385
|
|
3,570,586
|
|
—
|
|
—
|
|
3,570,586
|
|
|||||
Accrued interest receivable
|
12,929
|
|
12,929
|
|
12,929
|
|
—
|
|
—
|
|
|||||
Derivative assets
|
24,835
|
|
24,835
|
|
—
|
|
24,835
|
|
—
|
|
|||||
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
||||||||||
Deposits
|
4,029,578
|
|
4,049,150
|
|
2,674,791
|
|
1,374,359
|
|
—
|
|
|||||
Short-term debt
|
202,622
|
|
202,622
|
|
—
|
|
202,622
|
|
—
|
|
|||||
Long-term debt
|
4,055
|
|
4,117
|
|
—
|
|
4,117
|
|
—
|
|
|||||
Accrued interest payable
|
2,908
|
|
2,908
|
|
2,908
|
|
—
|
|
—
|
|
|||||
Derivative liabilities
|
24,954
|
|
24,954
|
|
—
|
|
24,954
|
|
—
|
|
|||||
|
|
|
|
|
|
||||||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents
|
122,991
|
|
122,991
|
|
122,991
|
|
—
|
|
—
|
|
|||||
Securities available-for-sale
|
721,796
|
|
721,796
|
|
—
|
|
721,535
|
|
261
|
|
|||||
Securities held-to-maturity
|
60,827
|
|
60,706
|
|
—
|
|
60,706
|
|
—
|
|
|||||
Marketable equity securities
|
11,771
|
|
11,771
|
|
7,365
|
|
4,406
|
|
—
|
|
|||||
Net loans
|
3,571,642
|
|
3,516,557
|
|
—
|
|
—
|
|
3,516,557
|
|
|||||
Accrued interest receivable
|
12,424
|
|
12,424
|
|
12,424
|
|
—
|
|
—
|
|
|||||
Derivative assets
|
17,100
|
|
17,100
|
|
—
|
|
17,100
|
|
—
|
|
|||||
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
||||||||||
Deposits
|
3,975,559
|
|
3,985,534
|
|
2,622,905
|
|
1,362,629
|
|
—
|
|
|||||
Short-term debt
|
261,911
|
|
261,911
|
|
—
|
|
261,911
|
|
—
|
|
|||||
Long-term debt
|
4,053
|
|
4,115
|
|
—
|
|
4,115
|
|
—
|
|
|||||
Accrued interest payable
|
2,117
|
|
2,117
|
|
2,117
|
|
—
|
|
—
|
|
|||||
Derivative liabilities
|
16,905
|
|
16,905
|
|
—
|
|
16,905
|
|
—
|
|
|
Point of Revenue
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||
|
Recognition
|
2019
|
2018
|
2019
|
2018
|
||||||||
Major revenue streams
|
|
|
|
|
|
||||||||
Service charges
|
At a point in time & over time
|
$
|
8,183
|
|
$
|
7,598
|
|
$
|
23,281
|
|
$
|
21,783
|
|
Bankcard revenue
|
At a point in time
|
5,440
|
|
4,677
|
|
15,931
|
|
13,543
|
|
||||
Trust and investment management fee income
|
Over time
|
1,802
|
|
1,579
|
|
5,144
|
|
4,792
|
|
||||
Other income
|
At a point in time & over time
|
765
|
|
702
|
|
3,139
|
|
2,227
|
|
||||
Non-interest income from contracts with customers
|
|
16,190
|
|
14,556
|
|
47,495
|
|
42,345
|
|
||||
Non-interest income within the scope of other GAAP topics
|
|
508
|
|
1,197
|
|
2,952
|
|
3,511
|
|
||||
Total non-interest income
|
|
$
|
16,698
|
|
$
|
15,753
|
|
$
|
50,447
|
|
$
|
45,856
|
|
Item 2 -
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Nine months ended September 30,
|
|||||
|
2019
|
2018
|
||||
|
|
|
||||
Net income available to common shareholders (in thousands)
|
$
|
66,741
|
|
$
|
59,283
|
|
Earnings per common share, basic
|
$
|
4.05
|
|
$
|
3.82
|
|
Earnings per common share, diluted
|
$
|
4.04
|
|
$
|
3.82
|
|
Dividend payout ratio
|
40.3
|
%
|
38.0
|
%
|
||
ROA*
|
1.81
|
%
|
1.86
|
%
|
||
ROE*
|
14.1
|
%
|
15.6
|
%
|
||
ROATCE*
|
17.5
|
%
|
18.5
|
%
|
||
Average equity to average assets ratio
|
12.8
|
%
|
11.9
|
%
|
|
Three months ended September 30,
|
|||||
|
2019
|
2018
|
||||
|
|
|
||||
Net income available to common shareholders (in thousands)
|
$
|
22,371
|
|
$
|
20,692
|
|
Earnings per common share, basic
|
$
|
1.36
|
|
$
|
1.34
|
|
Earnings per common share, diluted
|
$
|
1.36
|
|
$
|
1.33
|
|
Dividend payout ratio
|
41.9
|
%
|
39.7
|
%
|
||
ROA*
|
1.81
|
%
|
1.90
|
%
|
||
ROE*
|
13.8
|
%
|
16.0
|
%
|
||
ROATCE*
|
17.0
|
%
|
18.9
|
%
|
||
Average equity to average assets ratio
|
13.1
|
%
|
11.8
|
%
|
|
September 30,
|
December 31,
|
|
|
||||
|
2019
|
2018
|
$ Change
|
% Change
|
||||
|
|
|
|
|
||||
Investment securities
|
878.2
|
|
812.9
|
|
65.3
|
|
8.0
|
%
|
Gross loans
|
3,582.6
|
|
3,587.6
|
|
(5.0
|
)
|
(0.1
|
)%
|
|
|
|
|
|
||||
Total deposits
|
4,029.6
|
|
3,975.6
|
|
54.0
|
|
1.4
|
%
|
Federal Funds purchased
|
—
|
|
40.0
|
|
(40.0
|
)
|
(100.0
|
)%
|
Assets
|
Nine months ended September 30,
|
|||||||||||||||
2019
|
2018
|
|||||||||||||||
Average
Balance
|
Interest
|
Yield/
Rate
|
Average
Balance
|
Interest
|
Yield/
Rate
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Loan portfolio(1):
|
||||||||||||||||
Residential real estate(2)
|
$
|
1,792,013
|
|
$
|
61,468
|
|
4.59
|
%
|
$
|
1,607,396
|
|
$
|
51,083
|
|
4.25
|
%
|
Commercial, financial, and agriculture(2)
|
1,704,141
|
|
63,796
|
|
5.01
|
|
1,498,612
|
|
50,646
|
|
4.52
|
|
||||
Installment loans to individuals(2),(3)
|
57,263
|
|
2,656
|
|
6.20
|
|
34,472
|
|
1,604
|
|
6.22
|
|
||||
Previously securitized loans(4)
|
***
|
|
477
|
|
***
|
***
|
|
748
|
|
***
|
||||||
Total loans
|
3,553,417
|
|
128,397
|
|
4.83
|
|
3,140,480
|
|
104,081
|
|
4.43
|
|
||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Taxable
|
751,600
|
|
17,464
|
|
3.11
|
|
544,351
|
|
12,314
|
|
3.02
|
|
||||
Tax-exempt(5)
|
99,555
|
|
2,856
|
|
3.84
|
|
91,147
|
|
2,677
|
|
3.93
|
|
||||
Total securities
|
851,155
|
|
20,320
|
|
3.19
|
|
635,498
|
|
14,991
|
|
3.15
|
|
||||
Deposits in depository institutions
|
82,214
|
|
1,038
|
|
1.69
|
|
116,532
|
|
1,043
|
|
1.20
|
|
||||
Total interest-earning assets
|
4,486,786
|
|
149,755
|
|
4.46
|
|
3,892,510
|
|
120,115
|
|
4.13
|
|
||||
Cash and due from banks
|
65,433
|
|
|
|
45,268
|
|
|
|
||||||||
Bank premises and equipment
|
78,475
|
|
|
|
72,780
|
|
|
|
||||||||
Goodwill and intangible assets
|
121,780
|
|
|
|
78,420
|
|
|
|
||||||||
Other assets
|
191,231
|
|
|
|
174,378
|
|
|
|
||||||||
Less: allowance for loan losses
|
(15,000
|
)
|
|
|
(18,286
|
)
|
|
|
||||||||
Total assets
|
$
|
4,928,705
|
|
|
|
|
|
$
|
4,245,070
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest-bearing demand deposits
|
$
|
880,763
|
|
$
|
2,796
|
|
0.42
|
%
|
$
|
782,883
|
|
$
|
1,327
|
|
0.23
|
%
|
Savings deposits
|
968,655
|
|
3,461
|
|
0.48
|
|
811,818
|
|
1,331
|
|
0.22
|
|
||||
Time deposits(2)
|
1,370,934
|
|
18,511
|
|
1.81
|
|
1,120,459
|
|
12,083
|
|
1.44
|
|
||||
Short-term borrowings
|
208,004
|
|
2,729
|
|
1.75
|
|
265,877
|
|
2,355
|
|
1.18
|
|
||||
Long-term debt
|
4,053
|
|
140
|
|
4.62
|
|
16,495
|
|
680
|
|
5.51
|
|
||||
Total interest-bearing liabilities
|
3,432,409
|
|
27,637
|
|
1.08
|
|
2,997,532
|
|
17,776
|
|
0.79
|
|
||||
Noninterest-bearing demand deposits
|
811,411
|
|
|
|
694,453
|
|
|
|
||||||||
Other liabilities
|
54,356
|
|
|
|
47,498
|
|
|
|
||||||||
Stockholders’ equity
|
630,529
|
|
|
|
505,587
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
4,928,705
|
|
|
|
|
|
$
|
4,245,070
|
|
|
|
|
|
||
Net interest income
|
|
|
$
|
122,118
|
|
|
|
|
|
$
|
102,339
|
|
|
|
||
Net yield on earning assets
|
|
|
|
|
3.64
|
%
|
|
|
3.52
|
%
|
|
Nine months ended September 30, 2019 vs. 2018
|
||||||||
Interest-earning assets:
|
Increase (Decrease)
Due to Change In:
|
||||||||
Volume
|
Rate
|
Net
|
|||||||
|
|
|
|||||||
Loan portfolio
|
|||||||||
Residential real estate
|
$
|
5,867
|
|
$
|
4,518
|
|
$
|
10,385
|
|
Commercial, financial, and agriculture
|
6,946
|
|
6,204
|
|
13,150
|
|
|||
Installment loans to individuals
|
1,061
|
|
(9
|
)
|
1,052
|
|
|||
Previously securitized loans
|
—
|
|
(271
|
)
|
(271
|
)
|
|||
Total loans
|
13,874
|
|
10,442
|
|
24,316
|
|
|||
Securities:
|
|
|
|
|
|
|
|||
Taxable
|
4,688
|
|
462
|
|
5,150
|
|
|||
Tax-exempt(1)
|
247
|
|
(68
|
)
|
179
|
|
|||
Total securities
|
4,935
|
|
394
|
|
5,329
|
|
|||
Deposits in depository institutions
|
(307
|
)
|
302
|
|
(5
|
)
|
|||
Total interest-earning assets
|
$
|
18,502
|
|
$
|
11,138
|
|
$
|
29,640
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|||
Interest-bearing demand deposits
|
$
|
166
|
|
$
|
1,303
|
|
$
|
1,469
|
|
Savings deposits
|
257
|
|
1,873
|
|
2,130
|
|
|||
Time deposits
|
2,701
|
|
3,727
|
|
6,428
|
|
|||
Short-term borrowings
|
(513
|
)
|
887
|
|
374
|
|
|||
Long-term debt
|
(513
|
)
|
(27
|
)
|
(540
|
)
|
|||
Total interest-bearing liabilities
|
$
|
2,098
|
|
$
|
7,763
|
|
$
|
9,861
|
|
Net Interest Income
|
$
|
16,404
|
|
$
|
3,375
|
|
$
|
19,779
|
|
(1)
|
Computed on a fully federal tax-equivalent basis assuming a tax rate of approximately 21%.
|
Assets
|
Three months ended September 30,
|
|||||||||||||||
2019
|
2018
|
|||||||||||||||
Average
Balance
|
Interest
|
Yield/
Rate
|
Average
Balance
|
Interest
|
Yield/
Rate
|
|||||||||||
|
|
|
|
|
|
|||||||||||
Loan portfolio(1):
|
||||||||||||||||
Residential real estate(2)
|
$
|
1,794,068
|
|
$
|
20,564
|
|
4.55
|
%
|
$
|
1,618,829
|
|
$
|
17,653
|
|
4.33
|
%
|
Commercial, financial, and agriculture(2)
|
1,692,000
|
|
21,293
|
|
4.99
|
|
1,494,666
|
|
18,460
|
|
4.90
|
|
||||
Installment loans to individuals(2),(3)
|
58,480
|
|
928
|
|
6.30
|
|
35,825
|
|
584
|
|
6.47
|
|
||||
Previously securitized loans(4)
|
***
|
|
159
|
|
***
|
***
|
|
175
|
|
***
|
||||||
Total loans
|
3,544,548
|
|
42,944
|
|
4.81
|
|
3,149,320
|
|
36,872
|
|
4.64
|
|
||||
Securities:
|
|
|
|
|
|
|
|
|
||||||||
Taxable
|
790,207
|
|
6,044
|
|
3.03
|
|
554,157
|
|
4,216
|
|
3.02
|
|
||||
Tax-exempt(5)
|
96,011
|
|
914
|
|
3.78
|
|
90,596
|
|
888
|
|
3.89
|
|
||||
Total securities
|
886,218
|
|
6,958
|
|
3.11
|
|
644,753
|
|
5,104
|
|
3.14
|
|
||||
Deposits in depository institutions
|
72,736
|
|
271
|
|
1.48
|
|
210,994
|
|
940
|
|
1.77
|
|
||||
Total interest-earning assets
|
4,503,502
|
|
50,173
|
|
4.42
|
|
4,005,067
|
|
42,916
|
|
4.25
|
|
||||
Cash and due from banks
|
67,106
|
|
|
|
49,933
|
|
|
|
||||||||
Bank premises and equipment
|
78,091
|
|
|
|
72,733
|
|
|
|
||||||||
Goodwill and intangible assets
|
121,124
|
|
|
|
78,294
|
|
|
|
||||||||
Other assets
|
188,206
|
|
|
|
178,540
|
|
|
|
||||||||
Less: allowance for loan losses
|
(13,786
|
)
|
|
|
(17,247
|
)
|
|
|
||||||||
Total assets
|
$
|
4,944,243
|
|
|
|
$
|
4,367,320
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||||||
Liabilities
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand deposits
|
$
|
881,476
|
|
$
|
954
|
|
0.43
|
%
|
$
|
778,639
|
|
$
|
526
|
|
0.27
|
%
|
Savings deposits
|
978,198
|
|
1,159
|
|
0.47
|
|
816,597
|
|
537
|
|
0.26
|
|
||||
Time deposits(2)
|
1,360,409
|
|
6,472
|
|
1.89
|
|
1,141,461
|
|
4,434
|
|
1.54
|
|
||||
Short-term borrowings
|
187,301
|
|
814
|
|
1.72
|
|
350,832
|
|
1,435
|
|
1.62
|
|
||||
Long-term debt
|
4,054
|
|
45
|
|
4.40
|
|
16,495
|
|
239
|
|
5.75
|
|
||||
Total interest-bearing liabilities
|
3,411,438
|
|
9,444
|
|
1.10
|
|
3,104,024
|
|
7,171
|
|
0.92
|
|
||||
Noninterest-bearing demand deposits
|
825,029
|
|
|
|
697,485
|
|
|
|
||||||||
Other liabilities
|
58,857
|
|
|
|
|
50,093
|
|
|
|
|
||||||
Shareholders’ equity
|
648,919
|
|
|
|
515,718
|
|
|
|
||||||||
Total liabilities and shareholders’ equity
|
$
|
4,944,243
|
|
|
|
|
|
$
|
4,367,320
|
|
|
|
|
|
||
Net interest income
|
|
|
$
|
40,729
|
|
|
|
|
|
$
|
35,745
|
|
|
|
||
Net yield on earning assets
|
|
|
|
|
3.59
|
%
|
|
|
3.54
|
%
|
|
Three months ended September 30, 2019 vs. 2018
|
||||||||
Interest-earning assets:
|
Increase (Decrease)
Due to Change In:
|
||||||||
Volume
|
Rate
|
Net
|
|||||||
|
|
|
|||||||
Loan portfolio
|
|||||||||
Residential real estate
|
$
|
1,911
|
|
$
|
1,000
|
|
$
|
2,911
|
|
Commercial, financial, and agriculture
|
2,437
|
|
396
|
|
2,833
|
|
|||
Installment loans to individuals
|
369
|
|
(25
|
)
|
344
|
|
|||
Previously securitized loans
|
—
|
|
(16
|
)
|
(16
|
)
|
|||
Total loans
|
4,717
|
|
1,355
|
|
6,072
|
|
|||
Securities:
|
|
|
|
||||||
Taxable
|
1,796
|
|
32
|
|
1,828
|
|
|||
Tax-exempt(1)
|
53
|
|
(27
|
)
|
26
|
|
|||
Total securities
|
1,849
|
|
5
|
|
1,854
|
|
|||
Deposits in depository institutions
|
(616
|
)
|
(53
|
)
|
(669
|
)
|
|||
Total interest-earning assets
|
$
|
5,950
|
|
$
|
1,307
|
|
$
|
7,257
|
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|||
Interest-bearing demand deposits
|
$
|
69
|
|
$
|
359
|
|
$
|
428
|
|
Savings deposits
|
106
|
|
516
|
|
622
|
|
|||
Time deposits
|
851
|
|
1,187
|
|
2,038
|
|
|||
Short-term borrowings
|
(669
|
)
|
48
|
|
(621
|
)
|
|||
Long-term debt
|
(180
|
)
|
(14
|
)
|
(194
|
)
|
|||
Total interest-bearing liabilities
|
$
|
177
|
|
$
|
2,096
|
|
$
|
2,273
|
|
Net Interest Income
|
$
|
5,773
|
|
$
|
(789
|
)
|
$
|
4,984
|
|
|
Three months ended September 30,
|
Nine months ended September 30,
|
||||||||||
|
2019
|
2018
|
2019
|
2018
|
||||||||
|
|
|
|
|
||||||||
Net interest income (GAAP)
|
$
|
40,537
|
|
$
|
35,558
|
|
$
|
121,516
|
|
$
|
101,778
|
|
Taxable equivalent adjustment
|
192
|
|
187
|
|
602
|
|
561
|
|
||||
Net interest income, fully taxable equivalent
|
$
|
40,729
|
|
$
|
35,745
|
|
$
|
122,118
|
|
$
|
102,339
|
|
|
|
|
|
|
||||||||
Equity to assets (GAAP)
|
13.10
|
%
|
11.58
|
%
|
|
|
||||||
Effect of goodwill and other intangibles, net
|
(2.17
|
)
|
(1.59
|
)
|
|
|
||||||
Tangible common equity to tangible assets
|
10.93
|
%
|
9.99
|
%
|
|
|
|
September 30, 2019
|
December 31, 2018
|
September 30, 2018
|
||||||
Residential real estate
|
$
|
1,643,416
|
|
$
|
1,635,338
|
|
$
|
1,485,823
|
|
Home equity
|
150,808
|
|
153,496
|
|
143,540
|
|
|||
Commercial and industrial
|
296,927
|
|
286,314
|
|
213,815
|
|
|||
Commercial real estate
|
1,431,983
|
|
1,454,942
|
|
1,268,052
|
|
|||
Consumer
|
54,799
|
|
51,190
|
|
31,869
|
|
|||
DDA overdrafts
|
4,638
|
|
6,328
|
|
3,598
|
|
|||
Total loans
|
$
|
3,582,571
|
|
$
|
3,587,608
|
|
$
|
3,146,697
|
|
|
Nine months ended September 30,
|
Year ended
December 31,
|
|||||||
2019
|
2018
|
2018
|
|||||||
Balance at beginning of period
|
$
|
15,966
|
|
$
|
18,836
|
|
$
|
18,836
|
|
Charge-offs:
|
|
|
|
|
|
|
|||
Commercial and industrial
|
(68
|
)
|
(724
|
)
|
(733
|
)
|
|||
Commercial real estate
|
(394
|
)
|
(349
|
)
|
(369
|
)
|
|||
Residential real estate
|
(922
|
)
|
(464
|
)
|
(682
|
)
|
|||
Home equity
|
(160
|
)
|
(219
|
)
|
(219
|
)
|
|||
Consumer
|
(478
|
)
|
(560
|
)
|
(769
|
)
|
|||
DDA overdrafts
|
(1,985
|
)
|
(1,976
|
)
|
(2,701
|
)
|
|||
Total charge-offs
|
(4,007
|
)
|
(4,292
|
)
|
(5,473
|
)
|
|||
Recoveries:
|
|
|
|
|
|
|
|||
Commercial and industrial
|
183
|
|
1,625
|
|
2,152
|
|
|||
Commercial real estate
|
614
|
|
538
|
|
732
|
|
|||
Residential real estate
|
282
|
|
275
|
|
367
|
|
|||
Home equity
|
—
|
|
—
|
|
—
|
|
|||
Consumer
|
211
|
|
130
|
|
166
|
|
|||
DDA overdrafts
|
1,112
|
|
1,109
|
|
1,496
|
|
|||
Total recoveries
|
2,402
|
|
3,677
|
|
4,913
|
|
|||
Net charge-offs
|
(1,605
|
)
|
(615
|
)
|
(560
|
)
|
|||
(Recovery of) provision for loan losses
|
(1,175
|
)
|
(1,910
|
)
|
(2,310
|
)
|
|||
Balance at end of period
|
$
|
13,186
|
|
$
|
16,311
|
|
$
|
15,966
|
|
As a Percent of Average Total Loans:
|
|
|
|
|
|
||||
Net charge-offs (annualized)
|
0.06
|
%
|
0.03
|
%
|
0.02
|
%
|
|||
(Recovery of) provision for loan losses (annualized)
|
(0.04
|
)%
|
(0.08
|
)%
|
(0.07
|
)%
|
|||
As a Percent of Non-Performing Loans:
|
|
|
|
||||||
Allowance for loan losses
|
84.26
|
%
|
142.06
|
%
|
107.82
|
%
|
|||
As a Percent of Total Loans:
|
|
|
|
||||||
Allowance for loan losses
|
0.37
|
%
|
0.52
|
%
|
0.45
|
%
|
|
As of September 30,
|
As of December 31,
|
|||||||
|
2019
|
2018
|
2018
|
||||||
Commercial and industrial
|
$
|
2,704
|
|
$
|
3,889
|
|
$
|
4,060
|
|
Commercial real estate
|
3,096
|
|
4,597
|
|
4,495
|
|
|||
Residential real estate
|
3,638
|
|
4,466
|
|
4,116
|
|
|||
Home equity
|
1,193
|
|
1,304
|
|
1,268
|
|
|||
Consumer
|
643
|
|
341
|
|
319
|
|
|||
DDA overdrafts
|
1,912
|
|
1,714
|
|
1,708
|
|
|||
Allowance for Loan Losses
|
$
|
13,186
|
|
$
|
16,311
|
|
$
|
15,966
|
|
|
As of September 30,
|
December 31,
|
|||||||
2019
|
2018
|
2018
|
|||||||
Non-accrual loans
|
$
|
15,197
|
|
$
|
11,447
|
|
$
|
14,551
|
|
Accruing loans past due 90 days or more
|
452
|
|
35
|
|
257
|
|
|||
Total non-performing loans
|
15,649
|
|
11,482
|
|
14,808
|
|
|||
Other real estate owned ("OREO")
|
2,326
|
|
4,259
|
|
4,608
|
|
|||
Total non-performing assets
|
$
|
17,975
|
|
$
|
15,741
|
|
$
|
19,416
|
|
|
|
|
|
||||||
Non-performing loans (as a percent of loans and OREO)
|
0.50
|
%
|
0.50
|
%
|
0.54
|
%
|
|||
|
|
|
|
||||||
Past-due loans
|
$
|
10,207
|
|
$
|
6,867
|
|
$
|
13,131
|
|
Past-due loans (as a percentage of total loans)
|
0.28
|
%
|
0.22
|
%
|
0.37
|
%
|
|
As of September 30,
|
As of December 31,
|
|||||||
|
2019
|
2018
|
2018
|
||||||
Impaired loans with a valuation allowance
|
$
|
5,748
|
|
$
|
5,709
|
|
$
|
2,985
|
|
Impaired loans with no valuation allowance
|
4,035
|
|
4,841
|
|
7,521
|
|
|||
Total impaired loans
|
$
|
9,783
|
|
$
|
10,550
|
|
$
|
10,506
|
|
|
|
|
|
||||||
Allowance for loan losses allocated to impaired loans
|
$
|
884
|
|
$
|
356
|
|
$
|
428
|
|
|
As of September 30,
|
December 31,
|
|||||||
|
2019
|
2018
|
2018
|
||||||
|
|
|
|
||||||
Residential real estate
|
$
|
21,320
|
|
$
|
20,589
|
|
$
|
23,521
|
|
Home equity
|
3,034
|
|
2,941
|
|
3,030
|
|
|||
Commercial and industrial
|
83
|
|
108
|
|
98
|
|
|||
Commercial real estate
|
8,100
|
|
8,231
|
|
8,205
|
|
|||
Total TDRs
|
$
|
32,537
|
|
$
|
31,869
|
|
$
|
34,854
|
|
|
Nine months ended September 30,
|
|
|
||||||||
|
2019
|
2018
|
$ Change
|
% Change
|
|||||||
Net investment securities gains
|
$
|
—
|
|
$
|
1.2
|
|
$
|
(1.2
|
)
|
(100.0
|
)%
|
Non-interest income, excluding net investment securities gains
|
50.4
|
|
44.7
|
|
5.7
|
|
12.8
|
|
|||
Merger related expenses
|
0.8
|
|
0.2
|
|
0.6
|
|
300.0
|
|
|||
Non-interest expense, excluding merger related expenses
|
87.8
|
|
74.7
|
|
13.1
|
|
17.5
|
|
|
Three months ended September 30,
|
|
|
||||||||
|
2019
|
2018
|
$ Change
|
% Change
|
|||||||
Net investment securities gains
|
$
|
(0.3
|
)
|
$
|
0.4
|
|
$
|
(0.7
|
)
|
(175.0
|
)%
|
Non-interest income, excluding net investment securities gains
|
17.0
|
|
15.4
|
|
1.6
|
|
10.4
|
%
|
|||
Merger related expenses
|
—
|
|
0.2
|
|
(0.2
|
)
|
(100.0
|
)%
|
|||
Non-interest expense, excluding merger related expenses
|
28.4
|
|
24.8
|
|
3.6
|
|
14.5
|
%
|
Immediate Basis Point Change in Interest Rates
|
Implied Federal Funds Rate Associated with Change in Interest Rates
|
Estimated Increase (Decrease) in Net Income Over 12 Months
|
|||
September 30, 2019
|
|
|
|
||
+300
|
|
5.00
|
%
|
+2.9
|
%
|
+200
|
|
4.00
|
|
+4.2
|
|
+100
|
|
3.00
|
|
+3.3
|
|
-50
|
|
1.50
|
|
-1.2
|
|
-100
|
|
1.00
|
|
-6.8
|
|
-200
|
|
0.00
|
|
-13.5
|
|
|
|
|
|||
December 31, 2018
|
|
|
|
|
|
+300
|
|
5.50
|
%
|
+1.6
|
%
|
+200
|
|
4.50
|
|
+2.6
|
|
+100
|
|
3.50
|
|
+2.8
|
|
-50
|
|
2.00
|
|
-3.1
|
|
-100
|
|
1.50
|
|
-6.9
|
|
-200
|
|
0.50
|
|
-16.3
|
|
September 30, 2019
|
Actual
|
Minimum Required - Basel III
|
Required to be Considered Well Capitalized
|
||||||||||||
Capital Amount
|
Ratio
|
Capital Amount
|
Ratio
|
Capital Amount
|
Ratio
|
||||||||||
|
|
|
|
|
|
|
|||||||||
CET I Capital
|
|
|
|
|
|
|
|||||||||
City Holding Company
|
$
|
518,175
|
|
15.6
|
%
|
$
|
232,287
|
|
7.0
|
%
|
$
|
215,695
|
|
6.5
|
%
|
City National Bank
|
461,067
|
|
14.0
|
%
|
230,519
|
|
7.0
|
%
|
214,053
|
|
6.5
|
%
|
|||
Tier I Capital
|
|
|
|
|
|
|
|||||||||
City Holding Company
|
522,175
|
|
15.7
|
%
|
282,063
|
|
8.5
|
%
|
265,471
|
|
8.0
|
%
|
|||
City National Bank
|
461,067
|
|
14.0
|
%
|
279,916
|
|
8.5
|
%
|
263,450
|
|
8.0
|
%
|
|||
Total Capital
|
|
|
|
|
|
|
|||||||||
City Holding Company
|
535,441
|
|
16.1
|
%
|
348,430
|
|
10.5
|
%
|
331,839
|
|
10.0
|
%
|
|||
City National Bank
|
474,333
|
|
14.4
|
%
|
345,779
|
|
10.5
|
%
|
329,313
|
|
10.0
|
%
|
|||
Tier I Leverage Ratio
|
|
|
|
|
|
|
|||||||||
City Holding Company
|
522,175
|
|
10.9
|
%
|
192,136
|
|
4.0
|
%
|
240,170
|
|
5.0
|
%
|
|||
City National Bank
|
461,067
|
|
9.7
|
%
|
189,789
|
|
4.0
|
%
|
237,236
|
|
5.0
|
%
|
|||
|
|
|
|
|
|
|
December 31, 2018
|
Actual
|
Minimum Required - Basel III Phase-In Schedule
|
Minimum Required - Basel III Fully Phased-In (*)
|
Required to be Considered Well Capitalized
|
||||||||||||||||
Capital Amount
|
Ratio
|
Capital Amount
|
Ratio
|
Capital Amount
|
Ratio
|
Capital Amount
|
Ratio
|
|||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||
CET I Capital
|
|
|
|
|
|
|
|
|
||||||||||||
City Holding Company
|
$
|
492,526
|
|
15.1
|
%
|
$
|
208,294
|
|
6.375
|
%
|
$
|
228,715
|
|
7.0
|
%
|
$
|
212,378
|
|
6.5
|
%
|
City National Bank
|
423,099
|
|
13.1
|
%
|
206,676
|
|
6.375
|
%
|
226,938
|
|
7.0
|
%
|
210,728
|
|
6.5
|
%
|
||||
Tier I Capital
|
|
|
|
|
|
|
|
|
||||||||||||
City Holding Company
|
496,526
|
|
15.2
|
%
|
257,304
|
|
7.875
|
%
|
277,725
|
|
8.5
|
%
|
261,389
|
|
8.0
|
%
|
||||
City National Bank
|
423,099
|
|
13.1
|
%
|
255,306
|
|
7.875
|
%
|
275,568
|
|
8.5
|
%
|
259,358
|
|
8.0
|
%
|
||||
Total Capital
|
|
|
|
|
|
|
|
|
||||||||||||
City Holding Company
|
512,801
|
|
15.7
|
%
|
322,651
|
|
9.875
|
%
|
343,072
|
|
10.5
|
%
|
326,736
|
|
10.0
|
%
|
||||
City National Bank
|
439,374
|
|
13.6
|
%
|
320,145
|
|
9.875
|
%
|
340,408
|
|
10.5
|
%
|
324,198
|
|
10.0
|
%
|
||||
Tier I Leverage Ratio
|
|
|
|
|
|
|
|
|
||||||||||||
City Holding Company
|
496,526
|
|
11.4
|
%
|
174,833
|
|
4.000
|
%
|
174,833
|
|
4.0
|
%
|
218,542
|
|
5.0
|
%
|
||||
City National Bank
|
423,099
|
|
9.8
|
%
|
172,594
|
|
4.000
|
%
|
172,594
|
|
4.0
|
%
|
215,742
|
|
5.0
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||||||
(*) Represents the minimum required capital levels as of January 1, 2019 when Basel III Capital Rules have been fully phased in.
|
Item 3 -
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4 -
|
Controls and Procedures
|
Part II -
|
OTHER INFORMATION
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
|
Total Number
|
Maximum Number
|
|||||
|
|
|
of Shares Purchased
|
of Shares that May
|
|||||
|
|
|
as Part of Publicly
|
Yet Be Purchased
|
|||||
|
Total Number of
|
Average Price
|
Announced Plans
|
Under the Plans
|
|||||
Period
|
Shares Purchased
|
Paid per Share
|
or Programs
|
or Programs
|
|||||
July 1 - July 31, 2019
|
—
|
|
$
|
—
|
|
161,950
|
|
838,050
|
|
August 1 - August 31, 2019
|
75,823
|
|
$
|
74.26
|
|
237,773
|
|
762,227
|
|
September 1 - September 30, 2019
|
22,901
|
|
$
|
73.86
|
|
260,674
|
|
739,326
|
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
|
|
Agreement and Plan of Merger, dated November 14, 2011, by and among Virginia Savings Bancorp, Inc., Virginia Savings Bank, F.S.B., City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated November 14, 2011, and filed with the Securities and Exchange Commission on November 14, 2011).
|
|
|
|
Agreement and Plan of Merger, dated August 2, 2012, by and among Community Financial Corporation, Community Bank, City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated August 7, 2012, and filed with the Securities and Exchange Commission on August 7, 2012).
|
|
|
|
Agreement and Plan of Merger, dated July 11, 2018, by and among Poage Bankshares, Inc., Town Square Bank, City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated July 11, 2018, and filed with the Securities and Exchange Commission on July 12, 2018).
|
|
|
|
Agreement and Plan of Merger, dated July 11, 2018, by and among Farmers Deposit Bancorp, Inc., Farmers Deposit Bank, City Holding Company and City National Bank of West Virginia (attached to, and incorporated by reference from, City Holding Company’s Form 8-K dated July 11, 2018, and filed with the Securities and Exchange Commission on July 12, 2018).
|
|
|
|
3(a)
|
Articles of Incorporation of City Holding Company (attached to, and incorporated by reference from, Amendment No. 1 to City Holding Company’s Registration Statement on Form S-4, Registration No. 2-86250, filed November 4, 1983 with the Securities and Exchange Commission).
|
|
|
3(b)
|
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated March 6, 1984 (attached to, and incorporated by reference from, City Holding Company's Form 8-K Report dated March 7, 1984, and filed with the Securities and Exchange Commission on March 22, 1984).
|
|
|
3(c)
|
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated March 4, 1986 (attached to, and incorporated by reference from, City Holding Company's Form 10-K Annual Report for the year ended December 31, 1986, filed March 31, 1987 with the Securities and Exchange Commission).
|
|
|
3(d)
|
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated September 29, 1987 (attached to and incorporated by reference from, City Holding Company's Registration Statement on Form S-4, Registration No. 33-23295, filed with the Securities and Exchange Commission on August 3, 1988).
|
|
|
3(e)
|
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated May 6, 1991 (attached to, and incorporated by reference from, City Holding Company's Form 10-K Annual Report for the year ended December 31, 1991, filed March 17, 1992 with the Securities and Exchange Commission).
|
|
|
3(f)
|
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated May 7, 1991 (attached to, and incorporated by reference from, City Holding Company's Form 10-K Annual Report for the year ended December 31, 1991, filed March 17, 1992 with the Securities and Exchange Commission).
|
|
|
3(g)
|
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated August 1, 1994 (attached to, and incorporated by reference from, City Holding Company's Form 10-Q Quarterly Report for the quarter ended September 30, 1994, filed November 14, 1994 with the Securities and Exchange Commission).
|
|
|
3(h)
|
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated December 9, 1998 (attached to, and incorporated by reference from, City Holding Company’s Form 10-K Annual Report for the year ended December 31, 1998, filed March 31, 1999 with the Securities and Exchange Commission).
|
|
|
Articles of Amendment to the Articles of Incorporation of City Holding Company, dated June 13, 2001 (attached to, and incorporated by reference from, City Holding Company’s Registration Statement on Form 8-A, filed June 22, 2001 with the Securities and Exchange Commission).
|
|
City Holding Company
|
|
|
(Registrant)
|
|
|
|
|
|
/s/ Charles R. Hageboeck
|
|
|
Charles R. Hageboeck
|
|
|
President and Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
/s/ David L. Bumgarner
|
|
|
David L. Bumgarner
|
|
|
Executive Vice President, Chief Financial Officer and Principal Accounting Officer
|
|
|
(Principal Financial Officer)
|
1 Year City Chart |
1 Month City Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions