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Share Name | Share Symbol | Market | Type |
---|---|---|---|
S and T Bancorp Inc | NASDAQ:STBA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.40 | 1.26% | 32.20 | 12.88 | 51.50 | 32.25 | 31.86 | 32.20 | 128,535 | 22:30:00 |
x
|
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
|
Pennsylvania
|
|
25-1434426
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification No.)
|
|
|
|
800 Philadelphia Street, Indiana, PA
|
|
15701
|
(Address of principal executive offices)
|
|
(zip code)
|
Large accelerated filer
|
x
|
Accelerated filer
|
¨
|
|
|
|
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
¨
|
|
|
Emerging growth company
|
¨
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
|
|
|
Page No.
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||
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|
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|
|
|
|
|
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|
|
|
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||
(dollars in thousands, except per share data)
|
(Unaudited)
|
|
(Audited)
|
||||||
ASSETS
|
|
|
|
|
|
||||
Cash and due from banks, including interest-bearing deposits of $68,018 and $61,965 at September 30, 2018 and December 31, 2017
|
|
$
|
132,650
|
|
|
|
$
|
117,152
|
|
Securities, at fair value
|
|
682,535
|
|
|
|
698,291
|
|
||
Loans held for sale
|
|
4,207
|
|
|
|
4,485
|
|
||
Portfolio loans, net of unearned income
|
|
5,807,807
|
|
|
|
5,761,449
|
|
||
Allowance for loan losses
|
|
(60,556
|
)
|
|
|
(56,390
|
)
|
||
Portfolio loans, net
|
|
5,747,251
|
|
|
|
5,705,059
|
|
||
Bank owned life insurance
|
|
73,626
|
|
|
|
72,150
|
|
||
Premises and equipment, net
|
|
41,403
|
|
|
|
42,702
|
|
||
Federal Home Loan Bank and other restricted stock, at cost
|
|
31,178
|
|
|
|
29,270
|
|
||
Goodwill
|
|
287,446
|
|
|
|
291,670
|
|
||
Other intangible assets, net
|
|
2,725
|
|
|
|
3,677
|
|
||
Other assets
|
|
102,342
|
|
|
|
95,799
|
|
||
Total Assets
|
|
$
|
7,105,363
|
|
|
|
$
|
7,060,255
|
|
LIABILITIES
|
|
|
|
|
|
||||
Deposits:
|
|
|
|
|
|
||||
Noninterest-bearing demand
|
|
$
|
1,412,127
|
|
|
|
$
|
1,387,712
|
|
Interest-bearing demand
|
|
561,191
|
|
|
|
603,141
|
|
||
Money market
|
|
1,367,181
|
|
|
|
1,146,156
|
|
||
Savings
|
|
817,545
|
|
|
|
893,119
|
|
||
Certificates of deposit
|
|
1,309,465
|
|
|
|
1,397,763
|
|
||
Total Deposits
|
|
5,467,509
|
|
|
|
5,427,891
|
|
||
Securities sold under repurchase agreements
|
|
45,200
|
|
|
|
50,161
|
|
||
Short-term borrowings
|
|
535,000
|
|
|
|
540,000
|
|
||
Long-term borrowings
|
|
45,434
|
|
|
|
47,301
|
|
||
Junior subordinated debt securities
|
|
45,619
|
|
|
|
45,619
|
|
||
Other liabilities
|
|
46,820
|
|
|
|
65,252
|
|
||
Total Liabilities
|
|
6,185,582
|
|
|
|
6,176,224
|
|
||
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||||
Common stock ($2.50 par value)
Authorized—50,000,000 shares Issued—36,130,480 shares at September 30, 2018 and December 31, 2017 Outstanding— 35,006,587 shares at September 30, 2018 and 34,971,929 shares at December 31, 2017 |
|
90,326
|
|
|
|
90,326
|
|
||
Additional paid-in capital
|
|
209,685
|
|
|
|
216,106
|
|
||
Retained earnings
|
|
684,361
|
|
|
|
628,107
|
|
||
Accumulated other comprehensive loss
|
|
(33,253
|
)
|
|
|
(18,427
|
)
|
||
Treasury stock (1,123,893 shares at September 30, 2018 and 1,158,551 shares at December 31, 2017, at cost)
|
|
(31,338
|
)
|
|
|
(32,081
|
)
|
||
Total Shareholders’ Equity
|
|
919,781
|
|
|
|
884,031
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
7,105,363
|
|
|
|
$
|
7,060,255
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
(dollars in thousands, except per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
INTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans, including fees
|
|
$
|
68,631
|
|
|
|
$
|
62,450
|
|
|
|
$
|
198,296
|
|
|
|
$
|
179,908
|
|
Investment Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable
|
|
3,649
|
|
|
|
2,988
|
|
|
|
10,597
|
|
|
|
8,783
|
|
||||
Tax-exempt
|
|
857
|
|
|
|
896
|
|
|
|
2,603
|
|
|
|
2,744
|
|
||||
Dividends
|
|
490
|
|
|
|
389
|
|
|
|
1,741
|
|
|
|
1,352
|
|
||||
Total Interest Income
|
|
73,627
|
|
|
|
66,723
|
|
|
|
213,237
|
|
|
|
192,787
|
|
||||
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
|
10,871
|
|
|
|
6,748
|
|
|
|
27,883
|
|
|
|
18,103
|
|
||||
Borrowings and junior subordinated debt securities
|
|
3,494
|
|
|
|
2,519
|
|
|
|
10,758
|
|
|
|
6,779
|
|
||||
Total Interest Expense
|
|
14,365
|
|
|
|
9,267
|
|
|
|
38,641
|
|
|
|
24,882
|
|
||||
NET INTEREST INCOME
|
|
59,262
|
|
|
|
57,456
|
|
|
|
174,596
|
|
|
|
167,905
|
|
||||
Provision for loan losses
|
|
462
|
|
|
|
2,850
|
|
|
|
12,279
|
|
|
|
12,901
|
|
||||
Net Interest Income After Provision for Loan Losses
|
|
58,800
|
|
|
|
54,606
|
|
|
|
162,317
|
|
|
|
155,004
|
|
||||
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net gain on sale of securities
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,987
|
|
||||
Service charges on deposit accounts
|
|
3,351
|
|
|
|
3,207
|
|
|
|
9,765
|
|
|
|
9,218
|
|
||||
Debit and credit card
|
|
3,141
|
|
|
|
3,067
|
|
|
|
9,487
|
|
|
|
8,952
|
|
||||
Wealth management
|
|
2,483
|
|
|
|
2,406
|
|
|
|
7,782
|
|
|
|
7,237
|
|
||||
Mortgage banking
|
|
700
|
|
|
|
872
|
|
|
|
2,133
|
|
|
|
2,280
|
|
||||
Insurance
|
|
101
|
|
|
|
1,318
|
|
|
|
404
|
|
|
|
4,232
|
|
||||
Gain on sale of a majority interest of insurance business
|
|
—
|
|
|
|
—
|
|
|
|
1,873
|
|
|
|
—
|
|
||||
Other
|
|
2,266
|
|
|
|
2,681
|
|
|
|
6,642
|
|
|
|
6,906
|
|
||||
Total Noninterest Income
|
|
12,042
|
|
|
|
13,551
|
|
|
|
38,086
|
|
|
|
42,812
|
|
||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
|
19,769
|
|
|
|
20,325
|
|
|
|
57,195
|
|
|
|
60,770
|
|
||||
Data processing and information technology
|
|
2,906
|
|
|
|
2,284
|
|
|
|
7,610
|
|
|
|
6,670
|
|
||||
Net occupancy
|
|
2,722
|
|
|
|
2,692
|
|
|
|
8,399
|
|
|
|
8,258
|
|
||||
Furniture, equipment and software
|
|
2,005
|
|
|
|
1,890
|
|
|
|
6,096
|
|
|
|
5,746
|
|
||||
Other taxes
|
|
1,341
|
|
|
|
1,208
|
|
|
|
4,928
|
|
|
|
3,268
|
|
||||
Professional services and legal
|
|
1,181
|
|
|
|
869
|
|
|
|
3,120
|
|
|
|
2,868
|
|
||||
Marketing
|
|
1,023
|
|
|
|
766
|
|
|
|
2,916
|
|
|
|
2,468
|
|
||||
FDIC insurance
|
|
746
|
|
|
|
1,152
|
|
|
|
2,592
|
|
|
|
3,461
|
|
||||
Other
|
|
5,392
|
|
|
|
5,367
|
|
|
|
16,174
|
|
|
|
16,451
|
|
||||
Total Noninterest Expense
|
|
37,085
|
|
|
|
36,553
|
|
|
|
109,030
|
|
|
|
109,960
|
|
||||
Income Before Taxes
|
|
33,757
|
|
|
|
31,604
|
|
|
|
91,373
|
|
|
|
87,856
|
|
||||
Provision for income taxes
|
|
2,876
|
|
|
|
8,883
|
|
|
|
12,893
|
|
|
|
24,182
|
|
||||
Net Income
|
|
$
|
30,881
|
|
|
|
$
|
22,721
|
|
|
|
$
|
78,480
|
|
|
|
$
|
63,674
|
|
Earnings per share—basic
|
|
$
|
0.89
|
|
|
|
$
|
0.65
|
|
|
|
$
|
2.26
|
|
|
|
$
|
1.83
|
|
Earnings per share—diluted
|
|
$
|
0.88
|
|
|
|
$
|
0.65
|
|
|
|
$
|
2.24
|
|
|
|
$
|
1.82
|
|
Dividends declared per share
|
|
$
|
0.25
|
|
|
|
$
|
0.20
|
|
|
|
$
|
0.72
|
|
|
|
$
|
0.60
|
|
Comprehensive Income
|
|
$
|
28,573
|
|
|
|
$
|
22,975
|
|
|
|
$
|
67,943
|
|
|
|
$
|
64,854
|
|
(dollars in thousands, except share and per share data)
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive (Loss)/Income
|
|
Treasury
Stock
|
|
Total
|
||||||||||||||||||
Balance at January 1, 2017
|
|
$
|
90,326
|
|
|
|
$
|
213,098
|
|
|
|
$
|
585,891
|
|
|
|
$
|
(13,784
|
)
|
|
|
$
|
(33,575
|
)
|
|
|
$
|
841,956
|
|
Net income for nine months ended September 30, 2017
|
|
—
|
|
|
|
—
|
|
|
|
63,674
|
|
|
|
—
|
|
|
|
—
|
|
|
|
63,674
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,180
|
|
|
|
—
|
|
|
|
1,180
|
|
||||||
Cash dividends declared ($0.60 per share)
|
|
—
|
|
|
|
—
|
|
|
|
(20,899
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(20,899
|
)
|
||||||
Treasury stock issued for restricted awards (90,115 shares, net of 23,946 forfeitures)
|
|
—
|
|
|
|
—
|
|
|
|
(2,383
|
)
|
|
|
—
|
|
|
|
1,695
|
|
|
|
(688
|
)
|
||||||
Recognition of restricted stock compensation expense
|
|
—
|
|
|
|
2,353
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,353
|
|
||||||
Balance at September 30, 2017
|
|
$
|
90,326
|
|
|
|
$
|
215,451
|
|
|
|
$
|
626,283
|
|
|
|
$
|
(12,604
|
)
|
|
|
$
|
(31,880
|
)
|
|
|
$
|
887,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1, 2018
|
|
$
|
90,326
|
|
|
|
$
|
216,106
|
|
|
|
$
|
628,107
|
|
|
|
$
|
(18,427
|
)
|
|
|
$
|
(32,081
|
)
|
|
|
$
|
884,031
|
|
Net income for nine months ended September 30, 2018
|
|
—
|
|
|
|
—
|
|
|
|
78,480
|
|
|
|
—
|
|
|
|
—
|
|
|
|
78,480
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(10,537
|
)
|
|
|
—
|
|
|
|
(10,537
|
)
|
||||||
Reclassification of tax effects from the Tax Act
(1)
|
|
—
|
|
|
|
—
|
|
|
|
3,427
|
|
|
|
(3,427
|
)
|
|
|
—
|
|
|
|
—
|
|
||||||
Reclassification of net unrealized gains on equity securities
(2)
|
|
—
|
|
|
|
—
|
|
|
|
862
|
|
|
|
(862
|
)
|
|
|
—
|
|
|
|
—
|
|
||||||
Cash dividends declared ($0.72 per share)
|
|
—
|
|
|
|
—
|
|
|
|
(25,115
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(25,115
|
)
|
||||||
Treasury stock issued for restricted awards (75,608 shares, net of 40,950 forfeitures)
|
|
—
|
|
|
|
—
|
|
|
|
(1,400
|
)
|
|
|
—
|
|
|
|
743
|
|
|
|
(657
|
)
|
||||||
Repurchase of warrant
|
|
—
|
|
|
|
(7,652
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,652
|
)
|
||||||
Recognition of restricted stock compensation expense
|
|
—
|
|
|
|
1,231
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,231
|
|
||||||
Balance at September 30, 2018
|
|
$
|
90,326
|
|
|
|
$
|
209,685
|
|
|
|
$
|
684,361
|
|
|
|
$
|
(33,253
|
)
|
|
|
$
|
(31,338
|
)
|
|
|
$
|
919,781
|
|
|
Nine Months Ended September 30,
|
||||||||
(dollars in thousands)
|
|
2018
|
|
|
2017
|
||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income
|
|
$
|
78,480
|
|
|
|
$
|
63,674
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||
Provision for loan losses
|
|
12,279
|
|
|
|
12,901
|
|
||
Recovery for unfunded loan commitments
|
|
(39
|
)
|
|
|
(546
|
)
|
||
Net depreciation, amortization and accretion
|
|
3,309
|
|
|
|
1,597
|
|
||
Net amortization of discounts and premiums on securities
|
|
2,387
|
|
|
|
3,065
|
|
||
Stock-based compensation expense
|
|
1,231
|
|
|
|
2,353
|
|
||
Gain on sale of securities
|
|
—
|
|
|
|
(3,987
|
)
|
||
Mortgage loans originated for sale
|
|
(68,898
|
)
|
|
|
(66,535
|
)
|
||
Proceeds from the sale of mortgage loans
|
|
70,371
|
|
|
|
66,604
|
|
||
Gain on the sale of mortgage loans, net
|
|
(1,195
|
)
|
|
|
(1,061
|
)
|
||
Gain on the sale of majority interest of insurance business
|
|
(1,873
|
)
|
|
|
—
|
|
||
Pension contribution
|
|
(20,420
|
)
|
|
|
—
|
|
||
Net increase in interest receivable
|
|
(1,506
|
)
|
|
|
(3,886
|
)
|
||
Net increase in interest payable
|
|
803
|
|
|
|
448
|
|
||
Net decrease in other assets
|
|
352
|
|
|
|
8,735
|
|
||
Net increase in other liabilities
|
|
9,904
|
|
|
|
69
|
|
||
Net Cash Provided by Operating Activities
|
|
85,185
|
|
|
|
83,431
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Purchases of securities
|
|
(79,068
|
)
|
|
|
(69,699
|
)
|
||
Proceeds from maturities, prepayments and calls of securities
|
|
71,433
|
|
|
|
58,601
|
|
||
Proceeds from sales of securities
|
|
—
|
|
|
|
7,751
|
|
||
Net (purchases) sales of Federal Home Loan Bank stock
|
|
(1,909
|
)
|
|
|
1,304
|
|
||
Net increase in loans
|
|
(64,387
|
)
|
|
|
(268,132
|
)
|
||
Proceeds from sale of loans not originated for resale
|
|
7,695
|
|
|
|
3,581
|
|
||
Purchases of premises and equipment
|
|
(2,588
|
)
|
|
|
(3,646
|
)
|
||
Proceeds from the sale of premises and equipment
|
|
135
|
|
|
|
376
|
|
||
Proceeds from the sale of majority interest of insurance business
|
|
4,540
|
|
|
|
—
|
|
||
Net Cash Used in Investing Activities
|
|
(64,149
|
)
|
|
|
(269,864
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Net increase in core deposits
|
|
127,917
|
|
|
|
109,637
|
|
||
Net (decrease) increase in certificates of deposit
|
|
(88,203
|
)
|
|
|
61,048
|
|
||
Net decrease in securities sold under repurchase agreements
|
|
(4,961
|
)
|
|
|
(10,909
|
)
|
||
Net (decrease) increase in short-term borrowings
|
|
(5,000
|
)
|
|
|
25,000
|
|
||
Repayments of long-term borrowings
|
|
(1,867
|
)
|
|
|
(1,802
|
)
|
||
Treasury shares issued-net
|
|
(657
|
)
|
|
|
(688
|
)
|
||
Cash dividends paid to common shareholders
|
|
(25,115
|
)
|
|
|
(20,899
|
)
|
||
Repurchase of warrant
|
|
(7,652
|
)
|
|
|
—
|
|
||
Net Cash (Used) Provided by Financing Activities
|
|
(5,538
|
)
|
|
|
161,387
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
15,498
|
|
|
|
(25,046
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
117,152
|
|
|
|
139,486
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
132,650
|
|
|
|
$
|
114,440
|
|
Supplemental Disclosures
|
|
|
|
|
|
||||
Loans transferred to held for sale
|
|
$
|
7,695
|
|
|
|
$
|
43,151
|
|
Deposits transferred to held for sale
|
|
$
|
—
|
|
|
|
$
|
38,960
|
|
Interest paid
|
|
$
|
37,838
|
|
|
|
$
|
24,682
|
|
Income taxes paid, net of refunds
|
|
$
|
15,728
|
|
|
|
$
|
21,096
|
|
Transfer net assets to investment in insurance company partnership
|
|
$
|
1,917
|
|
|
|
$
|
—
|
|
Transfers of loans to other real estate owned
|
|
$
|
647
|
|
|
|
$
|
2,116
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
(in thousands, except share and per share data)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Numerator for Earnings per Share—Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
30,881
|
|
|
|
$
|
22,721
|
|
|
|
$
|
78,480
|
|
|
|
$
|
63,674
|
|
Less: Income allocated to participating shares
|
|
87
|
|
|
|
73
|
|
|
|
229
|
|
|
|
214
|
|
||||
Net Income Allocated to Shareholders
|
|
$
|
30,794
|
|
|
|
$
|
22,648
|
|
|
|
$
|
78,251
|
|
|
|
$
|
63,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Numerator for Earnings per Share—Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
30,881
|
|
|
|
$
|
22,721
|
|
|
|
$
|
78,480
|
|
|
|
$
|
63,674
|
|
Net Income Available to Shareholders
|
|
$
|
30,881
|
|
|
|
$
|
22,721
|
|
|
|
$
|
78,480
|
|
|
|
$
|
63,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominators for Earnings per Share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding—Basic
|
|
34,799,174
|
|
|
|
34,751,266
|
|
|
|
34,783,175
|
|
|
|
34,722,370
|
|
||||
Add: Potentially dilutive shares
|
|
220,118
|
|
|
|
208,873
|
|
|
|
228,909
|
|
|
|
208,139
|
|
||||
Denominator for Treasury Stock Method—Diluted
|
|
35,019,292
|
|
|
|
34,960,139
|
|
|
|
35,012,084
|
|
|
|
34,930,509
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding—Basic
|
|
34,799,174
|
|
|
|
34,751,266
|
|
|
|
34,783,175
|
|
|
|
34,722,370
|
|
||||
Add: Average participating shares outstanding
|
|
98,579
|
|
|
|
111,821
|
|
|
|
101,808
|
|
|
|
116,969
|
|
||||
Denominator for Two-Class Method—Diluted
|
|
34,897,753
|
|
|
|
34,863,087
|
|
|
|
34,884,983
|
|
|
|
34,839,339
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share—basic
|
|
$
|
0.89
|
|
|
|
$
|
0.65
|
|
|
|
$
|
2.26
|
|
|
|
$
|
1.83
|
|
Earnings per share—diluted
|
|
$
|
0.88
|
|
|
|
$
|
0.65
|
|
|
|
$
|
2.24
|
|
|
|
$
|
1.82
|
|
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019
(1)
|
|
285,915
|
|
|
|
443,575
|
|
|
|
351,166
|
|
|
|
452,188
|
|
||||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares
|
|
113,451
|
|
|
|
92,577
|
|
|
|
113,390
|
|
|
|
95,707
|
|
|
September 30, 2018
|
||||||||||||||
(dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
—
|
|
|
$
|
9,556
|
|
|
$
|
—
|
|
|
$
|
9,556
|
|
Obligations of U.S. government corporations and agencies
|
—
|
|
|
136,984
|
|
|
—
|
|
|
136,984
|
|
||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
—
|
|
|
137,660
|
|
|
—
|
|
|
137,660
|
|
||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
|
26,450
|
|
|
—
|
|
|
26,450
|
|
||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
|
244,596
|
|
|
—
|
|
|
244,596
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
121,975
|
|
|
—
|
|
|
121,975
|
|
||||
Total Debt Securities Available-for-Sale
|
—
|
|
|
677,221
|
|
|
—
|
|
|
677,221
|
|
||||
Marketable equity securities
(1)
|
—
|
|
|
5,314
|
|
|
—
|
|
|
5,314
|
|
||||
Total Securities
|
—
|
|
|
682,535
|
|
|
—
|
|
|
682,535
|
|
||||
Trading securities held in a Rabbi Trust
|
5,377
|
|
|
—
|
|
|
—
|
|
|
5,377
|
|
||||
Derivative financial assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
7,448
|
|
|
—
|
|
|
7,448
|
|
||||
Interest rate lock commitments
|
—
|
|
|
229
|
|
|
—
|
|
|
229
|
|
||||
Forward sale contracts - mortgage loans
|
—
|
|
|
61
|
|
|
—
|
|
|
61
|
|
||||
Total Assets
|
$
|
5,377
|
|
|
$
|
690,273
|
|
|
$
|
—
|
|
|
$
|
695,650
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Derivative financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
7,483
|
|
|
$
|
—
|
|
|
$
|
7,483
|
|
Total Liabilities
|
$
|
—
|
|
|
$
|
7,483
|
|
|
$
|
—
|
|
|
$
|
7,483
|
|
|
|
December 31, 2017
|
|||||||||||||||||
(dollars in thousands)
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
$
|
—
|
|
|
|
$
|
19,789
|
|
|
|
$
|
—
|
|
|
|
$
|
19,789
|
|
Obligations of U.S. government corporations and agencies
|
|
—
|
|
|
|
162,193
|
|
|
|
—
|
|
|
|
162,193
|
|
||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
—
|
|
|
|
108,688
|
|
|
|
—
|
|
|
|
108,688
|
|
||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
—
|
|
|
|
32,854
|
|
|
|
—
|
|
|
|
32,854
|
|
||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
—
|
|
|
|
242,221
|
|
|
|
—
|
|
|
|
242,221
|
|
||||
Obligations of states and political subdivisions
|
|
—
|
|
|
|
127,402
|
|
|
|
—
|
|
|
|
127,402
|
|
||||
Total Debt Securities Available-for-Sale
|
|
—
|
|
|
|
693,147
|
|
|
|
—
|
|
|
|
693,147
|
|
||||
Marketable equity securities
|
|
—
|
|
|
|
5,144
|
|
|
|
—
|
|
|
|
5,144
|
|
||||
Total Securities
|
|
—
|
|
|
|
698,291
|
|
|
|
—
|
|
|
|
698,291
|
|
||||
Trading securities held in a Rabbi Trust
|
|
5,080
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5,080
|
|
||||
Derivative financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
—
|
|
|
|
3,074
|
|
|
|
—
|
|
|
|
3,074
|
|
||||
Interest rate lock commitments
|
|
—
|
|
|
|
226
|
|
|
|
—
|
|
|
|
226
|
|
||||
Total Assets
|
|
$
|
5,080
|
|
|
|
$
|
701,591
|
|
|
|
$
|
—
|
|
|
|
$
|
706,671
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
$
|
—
|
|
|
|
$
|
3,055
|
|
|
|
$
|
—
|
|
|
|
$
|
3,055
|
|
Forward sale contracts
|
|
—
|
|
|
|
5
|
|
|
|
—
|
|
|
|
5
|
|
||||
Total Liabilities
|
|
$
|
—
|
|
|
|
$
|
3,060
|
|
|
|
$
|
—
|
|
|
|
$
|
3,060
|
|
|
Carrying
Value
(1)
|
|
Fair Value Measurements at September 30, 2018
|
||||||||||||||||
(dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks, including interest-bearing deposits
|
$
|
132,650
|
|
|
$
|
132,650
|
|
|
$
|
132,650
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities
|
682,535
|
|
|
682,535
|
|
|
—
|
|
|
682,535
|
|
|
—
|
|
|||||
Loans held for sale
|
4,207
|
|
|
4,377
|
|
|
—
|
|
|
—
|
|
|
4,377
|
|
|||||
Portfolio loans, net
|
5,747,251
|
|
|
5,585,934
|
|
|
—
|
|
|
—
|
|
|
5,585,934
|
|
|||||
Bank owned life insurance
|
73,626
|
|
|
73,626
|
|
|
—
|
|
|
73,626
|
|
|
—
|
|
|||||
FHLB and other restricted stock
|
31,178
|
|
|
31,178
|
|
|
—
|
|
|
—
|
|
|
31,178
|
|
|||||
Trading securities held in a Rabbi Trust
|
5,377
|
|
|
5,377
|
|
|
5,377
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
4,421
|
|
|
5,456
|
|
|
—
|
|
|
—
|
|
|
5,456
|
|
|||||
Interest rate swaps
|
7,448
|
|
|
7,448
|
|
|
—
|
|
|
7,448
|
|
|
—
|
|
|||||
Interest rate lock commitments
|
229
|
|
|
229
|
|
|
—
|
|
|
229
|
|
|
—
|
|
|||||
Forward sale contracts - mortgage loans
|
61
|
|
|
61
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
5,467,509
|
|
|
$
|
5,451,776
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,451,776
|
|
Securities sold under repurchase agreements
|
45,200
|
|
|
45,200
|
|
|
—
|
|
|
—
|
|
|
45,200
|
|
|||||
Short-term borrowings
|
535,000
|
|
|
535,000
|
|
|
—
|
|
|
—
|
|
|
535,000
|
|
|||||
Long-term borrowings
|
45,434
|
|
|
45,564
|
|
|
—
|
|
|
—
|
|
|
45,564
|
|
|||||
Junior subordinated debt securities
|
45,619
|
|
|
45,619
|
|
|
—
|
|
|
—
|
|
|
45,619
|
|
|||||
Interest rate swaps
|
7,483
|
|
|
7,483
|
|
|
—
|
|
|
7,483
|
|
|
—
|
|
|||||
(1)
As reported in the Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
Carrying
Value
(1)
|
|
Fair Value Measurements at December 31, 2017
|
||||||||||||||||
(dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks, including interest-bearing deposits
|
$
|
117,152
|
|
|
$
|
117,152
|
|
|
$
|
117,152
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities
|
698,291
|
|
|
698,291
|
|
|
—
|
|
|
698,291
|
|
|
—
|
|
|||||
Loans held for sale
|
4,485
|
|
|
4,583
|
|
|
—
|
|
|
—
|
|
|
4,583
|
|
|||||
Portfolio loans, net
|
5,705,059
|
|
|
5,690,292
|
|
|
—
|
|
|
—
|
|
|
5,690,292
|
|
|||||
Bank owned life insurance
|
72,150
|
|
|
72,150
|
|
|
—
|
|
|
72,150
|
|
|
—
|
|
|||||
FHLB and other restricted stock
|
29,270
|
|
|
29,270
|
|
|
—
|
|
|
—
|
|
|
29,270
|
|
|||||
Trading securities held in a Rabbi Trust
|
5,080
|
|
|
5,080
|
|
|
5,080
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
4,133
|
|
|
4,571
|
|
|
—
|
|
|
—
|
|
|
4,571
|
|
|||||
Interest rate swaps
|
3,074
|
|
|
3,074
|
|
|
—
|
|
|
3,074
|
|
|
—
|
|
|||||
Interest rate lock commitments
|
226
|
|
|
226
|
|
|
—
|
|
|
226
|
|
|
—
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
5,427,891
|
|
|
$
|
5,426,928
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,426,928
|
|
Securities sold under repurchase agreements
|
50,161
|
|
|
50,161
|
|
|
—
|
|
|
—
|
|
|
50,161
|
|
|||||
Short-term borrowings
|
540,000
|
|
|
540,000
|
|
|
—
|
|
|
—
|
|
|
540,000
|
|
|||||
Long-term borrowings
|
47,301
|
|
|
47,618
|
|
|
—
|
|
|
—
|
|
|
47,618
|
|
|||||
Junior subordinated debt securities
|
45,619
|
|
|
45,619
|
|
|
—
|
|
|
—
|
|
|
45,619
|
|
|||||
Interest rate swaps
|
3,055
|
|
|
3,055
|
|
|
—
|
|
|
3,055
|
|
|
—
|
|
|||||
Forward sales contracts
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|||||
(1)
As reported in the Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||||
Debt securities available-for-sale
|
|
$
|
677,221
|
|
|
|
$
|
693,147
|
|
Marketable equity securities
|
|
5,314
|
|
|
|
5,144
|
|
||
Total Securities
|
|
$
|
682,535
|
|
|
|
$
|
698,291
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
||||||||||||||||
U.S. Treasury securities
|
|
$
|
9,956
|
|
|
|
$
|
—
|
|
|
|
$
|
(400
|
)
|
|
|
$
|
9,556
|
|
|
|
$
|
19,943
|
|
|
|
$
|
—
|
|
|
|
$
|
(154
|
)
|
|
|
$
|
19,789
|
|
Obligations of U.S. government corporations and agencies
|
|
139,272
|
|
|
|
—
|
|
|
|
(2,288
|
)
|
|
|
136,984
|
|
|
|
162,045
|
|
|
|
341
|
|
|
|
(193
|
)
|
|
|
162,193
|
|
||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
141,283
|
|
|
|
—
|
|
|
|
(3,623
|
)
|
|
|
137,660
|
|
|
|
109,916
|
|
|
|
93
|
|
|
|
(1,321
|
)
|
|
|
108,688
|
|
||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
26,837
|
|
|
|
219
|
|
|
|
(606
|
)
|
|
|
26,450
|
|
|
|
32,388
|
|
|
|
679
|
|
|
|
(213
|
)
|
|
|
32,854
|
|
||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
(1)
|
|
253,090
|
|
|
|
—
|
|
|
|
(8,494
|
)
|
|
|
244,596
|
|
|
|
244,018
|
|
|
|
247
|
|
|
|
(2,044
|
)
|
|
|
242,221
|
|
||||||||
Obligations of states and political subdivisions
|
|
120,396
|
|
|
|
1,741
|
|
|
|
(162
|
)
|
|
|
121,975
|
|
|
|
123,159
|
|
|
|
4,285
|
|
|
|
(42
|
)
|
|
|
127,402
|
|
||||||||
Total Debt Securities Available-for-Sale
|
|
690,834
|
|
|
|
1,960
|
|
|
|
(15,573
|
)
|
|
|
677,221
|
|
|
|
691,469
|
|
|
|
5,645
|
|
|
|
(3,967
|
)
|
|
|
693,147
|
|
||||||||
Total equity securities
(2)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,815
|
|
|
|
1,330
|
|
|
|
(1
|
)
|
|
|
5,144
|
|
||||||||
Total Securities
|
|
$
|
690,834
|
|
|
|
$
|
1,960
|
|
|
|
$
|
(15,573
|
)
|
|
|
$
|
677,221
|
|
|
|
$
|
695,284
|
|
|
|
$
|
6,975
|
|
|
|
$
|
(3,968
|
)
|
|
|
$
|
698,291
|
|
|
September 30, 2018
|
|||||||||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Number of Securities
|
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
|
Number of Securities
|
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
|
Number of Securities
|
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
||||||||||||
U.S. Treasury securities
|
|
—
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
1
|
|
|
$
|
9,556
|
|
|
|
$
|
(400
|
)
|
|
|
1
|
|
|
$
|
9,556
|
|
|
|
$
|
(400
|
)
|
Obligations of U.S. government corporations and agencies
|
|
17
|
|
|
135,988
|
|
|
|
(2,280
|
)
|
|
|
1
|
|
|
995
|
|
|
|
(8
|
)
|
|
|
18
|
|
|
136,983
|
|
|
|
(2,288
|
)
|
||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
10
|
|
|
64,732
|
|
|
|
(1,365
|
)
|
|
|
8
|
|
|
48,308
|
|
|
|
(2,258
|
)
|
|
|
18
|
|
|
113,040
|
|
|
|
(3,623
|
)
|
||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
4
|
|
|
9,361
|
|
|
|
(182
|
)
|
|
|
2
|
|
|
7,194
|
|
|
|
(424
|
)
|
|
|
6
|
|
|
16,555
|
|
|
|
(606
|
)
|
||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
17
|
|
|
148,398
|
|
|
|
(4,474
|
)
|
|
|
10
|
|
|
96,198
|
|
|
|
(4,020
|
)
|
|
|
27
|
|
|
244,596
|
|
|
|
(8,494
|
)
|
||||||
Obligations of states and political subdivisions
|
|
7
|
|
|
28,998
|
|
|
|
(162
|
)
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
7
|
|
|
28,998
|
|
|
|
(162
|
)
|
||||||
Total Temporarily Impaired Debt Securities
|
|
55
|
|
|
$
|
387,477
|
|
|
|
$
|
(8,463
|
)
|
|
|
22
|
|
|
$
|
162,251
|
|
|
|
$
|
(7,110
|
)
|
|
|
77
|
|
|
$
|
549,728
|
|
|
|
$
|
(15,573
|
)
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||||||||
(dollars in thousands)
|
Number of Securities
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
|
Number of Securities
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
|
Number of Securities
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
||||||
U.S. Treasury securities
|
3
|
|
$
|
19,789
|
|
|
$
|
(154
|
)
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
3
|
|
$
|
19,789
|
|
|
$
|
(154
|
)
|
Obligations of U.S. government corporations and agencies
|
9
|
|
63,635
|
|
|
(144
|
)
|
|
1
|
|
10,017
|
|
|
(49
|
)
|
|
10
|
|
73,652
|
|
|
(193
|
)
|
||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
7
|
|
47,465
|
|
|
(248
|
)
|
|
7
|
|
45,809
|
|
|
(1,073
|
)
|
|
14
|
|
93,274
|
|
|
(1,321
|
)
|
||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
1
|
|
2,333
|
|
|
(10
|
)
|
|
2
|
|
8,638
|
|
|
(203
|
)
|
|
3
|
|
10,971
|
|
|
(213
|
)
|
||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
14
|
|
128,300
|
|
|
(775
|
)
|
|
5
|
|
48,746
|
|
|
(1,269
|
)
|
|
19
|
|
177,046
|
|
|
(2,044
|
)
|
||||||
Obligations of states and political subdivisions
|
2
|
|
10,330
|
|
|
(42
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
2
|
|
10,330
|
|
|
(42
|
)
|
||||||
Total Temporarily Impaired Debt Securities
|
36
|
|
$
|
271,852
|
|
|
$
|
(1,373
|
)
|
|
15
|
|
$
|
113,210
|
|
|
$
|
(2,594
|
)
|
|
51
|
|
$
|
385,062
|
|
|
$
|
(3,967
|
)
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(dollars in thousands)
|
Gross Unrealized Gains
|
|
|
Gross Unrealized Losses
|
|
|
Net Unrealized (Losses)/Gains
|
|
|
Gross Unrealized Gains
|
|
|
Gross Unrealized Losses
|
|
|
Net Unrealized Gains/(Losses)
|
|
||||||
Total unrealized gains/(losses) on debt securities available-for-sale
(1)
|
$
|
1,960
|
|
|
$
|
(15,573
|
)
|
|
$
|
(13,613
|
)
|
|
$
|
5,645
|
|
|
$
|
(3,967
|
)
|
|
$
|
1,678
|
|
Income tax (expense) benefit
|
(416
|
)
|
|
3,307
|
|
|
2,891
|
|
|
(1,982
|
)
|
|
1,393
|
|
|
(589
|
)
|
||||||
Net Unrealized (Losses)/Gains, Net of Tax Included in Accumulated Other Comprehensive Loss
|
$
|
1,544
|
|
|
$
|
(12,266
|
)
|
|
$
|
(10,722
|
)
|
|
$
|
3,663
|
|
|
$
|
(2,574
|
)
|
|
$
|
1,089
|
|
(1)
Gross unrealized gains and losses of $862 at December 31, 2017 have been restated to reflect the reclassifications from OCI to retained earnings due to the adoption of ASU No. 2016-01
|
|
September 30, 2018
|
||||||
(dollars in thousands)
|
Amortized
Cost
|
|
|
Fair Value
|
|
||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
|
|
|
|
||||
Due in one year or less
|
$
|
20,871
|
|
|
$
|
20,878
|
|
Due after one year through five years
|
147,573
|
|
|
146,653
|
|
||
Due after five years through ten years
|
72,590
|
|
|
71,938
|
|
||
Due after ten years
|
28,590
|
|
|
29,046
|
|
||
Debt Securities Available-for-Sale With Maturities
|
269,624
|
|
|
268,515
|
|
||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
141,283
|
|
|
137,660
|
|
||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
26,837
|
|
|
26,450
|
|
||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
253,090
|
|
|
244,596
|
|
||
Total Debt Securities Available-for-Sale
|
$
|
690,834
|
|
|
$
|
677,221
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
||||
Marketable Equity Securities
|
|
|
|
|
|
|
|
||||||||
Net market (losses)/gains recognized
|
$
|
(111
|
)
|
|
$
|
318
|
|
|
$
|
171
|
|
|
$
|
5,542
|
|
Less: Net gains recognized for equity securities sold
|
—
|
|
|
—
|
|
|
—
|
|
|
3,987
|
|
||||
Unrealized (Losses)/Gains on Equity Securities Still Held
|
$
|
(111
|
)
|
|
$
|
318
|
|
|
$
|
171
|
|
|
$
|
1,555
|
|
(dollars in thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Commercial
|
|
|
|
||||
Commercial real estate
|
$
|
2,826,372
|
|
|
$
|
2,685,994
|
|
Commercial and industrial
|
1,451,371
|
|
|
1,433,266
|
|
||
Commercial construction
|
283,783
|
|
|
384,334
|
|
||
Total Commercial Loans
|
4,561,526
|
|
|
4,503,594
|
|
||
Consumer
|
|
|
|
||||
Residential mortgage
|
699,867
|
|
|
698,774
|
|
||
Home equity
|
472,451
|
|
|
487,326
|
|
||
Installment and other consumer
|
67,542
|
|
|
67,204
|
|
||
Consumer construction
|
6,421
|
|
|
4,551
|
|
||
Total Consumer Loans
|
1,246,281
|
|
|
1,257,855
|
|
||
Total Portfolio Loans
|
5,807,807
|
|
|
5,761,449
|
|
||
Loans held for sale
|
4,207
|
|
|
4,485
|
|
||
Total Loans
|
$
|
5,812,014
|
|
|
$
|
5,765,934
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(dollars in thousands)
|
Performing
TDRs
|
|
Nonperforming
TDRs
|
|
Total
TDRs
|
|
Performing
TDRs
|
|
Nonperforming
TDRs
|
|
Total
TDRs
|
||||||||||||
Commercial real estate
|
$
|
2,095
|
|
|
$
|
1,152
|
|
|
$
|
3,247
|
|
|
$
|
2,579
|
|
|
$
|
967
|
|
|
$
|
3,546
|
|
Commercial and industrial
|
11,874
|
|
|
2,260
|
|
|
14,134
|
|
|
3,946
|
|
|
3,197
|
|
|
7,143
|
|
||||||
Commercial construction
|
2,400
|
|
|
408
|
|
|
2,808
|
|
|
2,420
|
|
|
2,413
|
|
|
4,833
|
|
||||||
Residential mortgage
|
2,229
|
|
|
1,913
|
|
|
4,142
|
|
|
2,039
|
|
|
3,585
|
|
|
5,624
|
|
||||||
Home equity
|
3,612
|
|
|
1,404
|
|
|
5,016
|
|
|
3,885
|
|
|
979
|
|
|
4,864
|
|
||||||
Installment and other consumer
|
16
|
|
|
6
|
|
|
22
|
|
|
32
|
|
|
9
|
|
|
41
|
|
||||||
Total
|
$
|
22,226
|
|
|
$
|
7,143
|
|
|
$
|
29,369
|
|
|
$
|
14,901
|
|
|
$
|
11,150
|
|
|
$
|
26,051
|
|
|
Nine Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Number of
Loans |
|
Pre-Modification
Outstanding Recorded Investment (1) |
|
Post-Modification
Outstanding Recorded Investment (1) |
|
Total Difference
in Recorded Investment |
|
Number of
Loans |
|
Pre-Modification
Outstanding Recorded Investment ( 1) |
|
Post-Modification
Outstanding Recorded Investment (1) |
|
Total Difference
in Recorded Investment |
||||||||||||||
Totals by Loan Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
1
|
|
|
$
|
256
|
|
|
$
|
250
|
|
|
$
|
(6
|
)
|
|
1
|
|
|
$
|
400
|
|
|
$
|
400
|
|
|
$
|
—
|
|
Principal deferral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
100
|
|
|
100
|
|
|
—
|
|
||||||
Total Commercial Real Estate
|
1
|
|
|
256
|
|
|
250
|
|
|
(6
|
)
|
|
2
|
|
|
500
|
|
|
500
|
|
|
—
|
|
||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
2
|
|
|
768
|
|
|
657
|
|
|
(111
|
)
|
|
1
|
|
|
274
|
|
|
816
|
|
|
542
|
|
||||||
Maturity date extension and interest rate reduction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,799
|
|
|
1,799
|
|
|
—
|
|
||||||
Principal deferral
|
3
|
|
|
4,815
|
|
|
4,466
|
|
|
(349
|
)
|
|
1
|
|
|
429
|
|
|
429
|
|
|
—
|
|
||||||
Principal deferral and maturity date extension
|
6
|
|
|
5,355
|
|
|
5,225
|
|
|
(130
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total Commercial and Industrial
|
11
|
|
|
10,938
|
|
|
10,348
|
|
|
(590
|
)
|
|
4
|
|
|
2,502
|
|
|
3,044
|
|
|
542
|
|
||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
5
|
|
|
387
|
|
|
380
|
|
|
(7
|
)
|
|
2
|
|
|
181
|
|
|
32
|
|
|
(149
|
)
|
||||||
Total Residential Mortgage
|
5
|
|
|
387
|
|
|
380
|
|
|
(7
|
)
|
|
2
|
|
|
181
|
|
|
32
|
|
|
(149
|
)
|
||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
17
|
|
|
798
|
|
|
668
|
|
|
(130
|
)
|
|
13
|
|
|
380
|
|
|
375
|
|
|
(5
|
)
|
||||||
Maturity date extension
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
231
|
|
|
231
|
|
|
—
|
|
||||||
Maturity date extension and interest rate reduction
|
2
|
|
|
47
|
|
|
47
|
|
|
—
|
|
|
1
|
|
|
173
|
|
|
120
|
|
|
(53
|
)
|
||||||
Total Home Equity
|
19
|
|
|
845
|
|
|
715
|
|
|
(130
|
)
|
|
15
|
|
|
784
|
|
|
726
|
|
|
(58
|
)
|
||||||
Installment and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
1
|
|
|
12
|
|
|
6
|
|
|
(6
|
)
|
|
10
|
|
|
237
|
|
|
220
|
|
|
(17
|
)
|
||||||
Total Installment and Other Consumer
|
1
|
|
|
12
|
|
|
6
|
|
|
(6
|
)
|
|
10
|
|
|
237
|
|
|
220
|
|
|
(17
|
)
|
||||||
Totals by Concession Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
3
|
|
|
1,024
|
|
|
907
|
|
|
(117
|
)
|
|
3
|
|
|
905
|
|
|
1,447
|
|
|
542
|
|
||||||
Principal deferral
|
3
|
|
|
4,815
|
|
|
4,466
|
|
|
(349
|
)
|
|
2
|
|
|
529
|
|
|
529
|
|
|
—
|
|
||||||
Principal deferral and maturity date extension
|
6
|
|
|
5,355
|
|
|
5,225
|
|
|
(130
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Maturity date extension and interest rate reduction
|
2
|
|
|
47
|
|
|
47
|
|
|
—
|
|
|
3
|
|
|
1,972
|
|
|
1,919
|
|
|
(53
|
)
|
||||||
Chapter 7 bankruptcy
(2)
|
23
|
|
|
1,197
|
|
|
1,054
|
|
|
(143
|
)
|
|
25
|
|
|
798
|
|
|
627
|
|
|
(171
|
)
|
||||||
Total
|
37
|
|
|
$
|
12,438
|
|
|
$
|
11,699
|
|
|
$
|
(739
|
)
|
|
33
|
|
|
$
|
4,204
|
|
|
$
|
4,522
|
|
|
$
|
318
|
|
(1)
Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end.
(2)
Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed.
|
|
|
Nonperforming Assets
|
|||||||
(dollars in thousands)
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||||
Nonperforming Assets
|
|
|
|
|
|
||||
Nonaccrual loans
|
|
$
|
13,596
|
|
|
|
$
|
12,788
|
|
Nonaccrual TDRs
|
|
7,143
|
|
|
|
11,150
|
|
||
Total Nonaccrual Loans
|
|
20,739
|
|
|
|
23,938
|
|
||
OREO
|
|
3,068
|
|
|
|
469
|
|
||
Total Nonperforming Assets
|
|
$
|
23,807
|
|
|
|
$
|
24,407
|
|
|
September 30, 2018
|
||||||||||||||||||||||
(dollars in thousands)
|
Current
|
|
|
30-59 Days
Past Due
|
|
|
60-89 Days
Past Due
|
|
|
Non - performing
|
|
|
Total Past
Due Loans
|
|
|
Total Loans
|
|
||||||
Commercial real estate
|
$
|
2,820,689
|
|
|
$
|
664
|
|
|
$
|
424
|
|
|
$
|
4,595
|
|
|
$
|
5,683
|
|
|
$
|
2,826,372
|
|
Commercial and industrial
|
1,445,433
|
|
|
1,400
|
|
|
171
|
|
|
4,367
|
|
|
5,938
|
|
|
1,451,371
|
|
||||||
Commercial construction
|
282,489
|
|
|
66
|
|
|
—
|
|
|
1,228
|
|
|
1,294
|
|
|
283,783
|
|
||||||
Residential mortgage
|
689,464
|
|
|
2,242
|
|
|
1,440
|
|
|
6,721
|
|
|
10,403
|
|
|
699,867
|
|
||||||
Home equity
|
465,625
|
|
|
2,590
|
|
|
453
|
|
|
3,783
|
|
|
6,826
|
|
|
472,451
|
|
||||||
Installment and other consumer
|
67,291
|
|
|
135
|
|
|
71
|
|
|
45
|
|
|
251
|
|
|
67,542
|
|
||||||
Consumer construction
|
6,421
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,421
|
|
||||||
Loans held for sale
|
4,207
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,207
|
|
||||||
Total
|
$
|
5,781,619
|
|
|
$
|
7,097
|
|
|
$
|
2,559
|
|
|
$
|
20,739
|
|
|
$
|
30,395
|
|
|
$
|
5,812,014
|
|
|
December 31, 2017
|
||||||||||||||||||||||
(dollars in thousands)
|
Current
|
|
|
30-59 Days
Past Due
|
|
|
60-89 Days
Past Due
|
|
|
Non - performing
|
|
|
Total Past
Due Loans |
|
|
Total Loans
|
|
||||||
Commercial real estate
|
$
|
2,681,395
|
|
|
$
|
997
|
|
|
$
|
134
|
|
|
$
|
3,468
|
|
|
$
|
4,599
|
|
|
$
|
2,685,994
|
|
Commercial and industrial
|
1,426,754
|
|
|
420
|
|
|
446
|
|
|
5,646
|
|
|
6,512
|
|
|
1,433,266
|
|
||||||
Commercial construction
|
377,968
|
|
|
2,473
|
|
|
20
|
|
|
3,873
|
|
|
6,366
|
|
|
384,334
|
|
||||||
Residential mortgage
|
687,195
|
|
|
2,975
|
|
|
1,439
|
|
|
7,165
|
|
|
11,579
|
|
|
698,774
|
|
||||||
Home equity
|
480,956
|
|
|
2,065
|
|
|
590
|
|
|
3,715
|
|
|
6,370
|
|
|
487,326
|
|
||||||
Installment and other consumer
|
66,770
|
|
|
193
|
|
|
170
|
|
|
71
|
|
|
434
|
|
|
67,204
|
|
||||||
Consumer construction
|
4,551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,551
|
|
||||||
Loans held for sale
|
4,485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,485
|
|
||||||
Total
|
$
|
5,730,074
|
|
|
$
|
9,123
|
|
|
$
|
2,799
|
|
|
$
|
23,938
|
|
|
$
|
35,860
|
|
|
$
|
5,765,934
|
|
|
September 30, 2018
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
% of
Total
|
|
Commercial
and Industrial
|
% of
Total
|
|
Commercial
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
||||||||||||
Pass
|
$
|
2,665,516
|
|
94.3
|
%
|
|
$
|
1,356,159
|
|
93.4
|
%
|
|
$
|
256,227
|
|
90.3
|
%
|
|
$
|
4,277,902
|
|
93.8
|
%
|
Special mention
|
76,906
|
|
2.7
|
%
|
|
38,306
|
|
2.6
|
%
|
|
9,914
|
|
3.5
|
%
|
|
125,126
|
|
2.7
|
%
|
||||
Substandard
|
83,950
|
|
3.0
|
%
|
|
56,906
|
|
4.0
|
%
|
|
17,642
|
|
6.2
|
%
|
|
158,498
|
|
3.5
|
%
|
||||
Total
|
$
|
2,826,372
|
|
100.0
|
%
|
|
$
|
1,451,371
|
|
100.0
|
%
|
|
$
|
283,783
|
|
100.0
|
%
|
|
$
|
4,561,526
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2017
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
% of
Total
|
|
Commercial
and Industrial
|
% of
Total
|
|
Commercial
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
||||||||||||
Pass
|
$
|
2,588,847
|
|
96.4
|
%
|
|
$
|
1,345,810
|
|
93.9
|
%
|
|
$
|
368,105
|
|
95.8
|
%
|
|
$
|
4,302,762
|
|
95.5
|
%
|
Special mention
|
66,436
|
|
2.5
|
%
|
|
54,320
|
|
3.8
|
%
|
|
9,345
|
|
2.4
|
%
|
|
130,101
|
|
2.9
|
%
|
||||
Substandard
|
30,711
|
|
1.1
|
%
|
|
33,136
|
|
2.3
|
%
|
|
6,884
|
|
1.8
|
%
|
|
70,731
|
|
1.6
|
%
|
||||
Total
|
$
|
2,685,994
|
|
100.0
|
%
|
|
$
|
1,433,266
|
|
100.0
|
%
|
|
$
|
384,334
|
|
100.0
|
%
|
|
$
|
4,503,594
|
|
100.0
|
%
|
|
September 30, 2018
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Residential
Mortgage
|
% of
Total
|
|
Home
Equity
|
% of
Total
|
|
Installment
and Other
Consumer
|
% of
Total
|
|
Consumer
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
|||||||||||||||
Performing
|
$
|
693,146
|
|
99.0
|
%
|
|
$
|
468,668
|
|
99.2
|
%
|
|
$
|
67,497
|
|
99.9
|
%
|
|
$
|
6,421
|
|
100.0
|
%
|
|
$
|
1,235,732
|
|
99.2
|
%
|
Nonperforming
|
6,721
|
|
1.0
|
%
|
|
3,783
|
|
0.8
|
%
|
|
45
|
|
0.1
|
%
|
|
—
|
|
—
|
%
|
|
10,549
|
|
0.8
|
%
|
|||||
Total
|
$
|
699,867
|
|
100.0
|
%
|
|
$
|
472,451
|
|
100.0
|
%
|
|
$
|
67,542
|
|
100.0
|
%
|
|
$
|
6,421
|
|
100.0
|
%
|
|
$
|
1,246,281
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
December 31, 2017
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Residential
Mortgage
|
% of
Total
|
|
Home
Equity
|
% of
Total
|
|
Installment
and Other
Consumer
|
% of
Total
|
|
Consumer
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
|||||||||||||||
Performing
|
$
|
691,609
|
|
99.0
|
%
|
|
$
|
483,611
|
|
99.2
|
%
|
|
$
|
67,133
|
|
99.9
|
%
|
|
$
|
4,551
|
|
100.0
|
%
|
|
$
|
1,246,904
|
|
99.1
|
%
|
Nonperforming
|
7,165
|
|
1.0
|
%
|
|
3,715
|
|
0.8
|
%
|
|
71
|
|
0.1
|
%
|
|
—
|
|
—
|
%
|
|
10,951
|
|
0.9
|
%
|
|||||
Total
|
$
|
698,774
|
|
100.0
|
%
|
|
$
|
487,326
|
|
100.0
|
%
|
|
$
|
67,204
|
|
100.0
|
%
|
|
$
|
4,551
|
|
100.0
|
%
|
|
$
|
1,257,855
|
|
100.0
|
%
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
1,735
|
|
|
1,787
|
|
|
29
|
|
||||||
Commercial construction
|
490
|
|
|
489
|
|
|
268
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer real estate
|
15
|
|
|
15
|
|
|
10
|
|
|
21
|
|
|
21
|
|
|
21
|
|
||||||
Other consumer
|
15
|
|
|
16
|
|
|
16
|
|
|
27
|
|
|
27
|
|
|
27
|
|
||||||
Total with a Related Allowance Recorded
|
520
|
|
|
520
|
|
|
294
|
|
|
1,783
|
|
|
1,835
|
|
|
77
|
|
||||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
3,703
|
|
|
4,069
|
|
|
—
|
|
|
3,546
|
|
|
3,811
|
|
|
—
|
|
||||||
Commercial and industrial
|
14,548
|
|
|
16,271
|
|
|
—
|
|
|
5,549
|
|
|
7,980
|
|
|
—
|
|
||||||
Commercial construction
|
2,808
|
|
|
4,318
|
|
|
—
|
|
|
5,464
|
|
|
8,132
|
|
|
—
|
|
||||||
Consumer real estate
|
9,142
|
|
|
10,138
|
|
|
—
|
|
|
10,467
|
|
|
11,357
|
|
|
—
|
|
||||||
Other consumer
|
7
|
|
|
15
|
|
|
—
|
|
|
14
|
|
|
22
|
|
|
—
|
|
||||||
Total without a Related Allowance Recorded
|
30,208
|
|
|
34,811
|
|
|
—
|
|
|
25,040
|
|
|
31,302
|
|
|
—
|
|
||||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
3,703
|
|
|
4,069
|
|
|
—
|
|
|
3,546
|
|
|
3,811
|
|
|
—
|
|
||||||
Commercial and industrial
|
14,548
|
|
|
16,271
|
|
|
—
|
|
|
7,284
|
|
|
9,767
|
|
|
29
|
|
||||||
Commercial construction
|
3,298
|
|
|
4,807
|
|
|
268
|
|
|
5,464
|
|
|
8,132
|
|
|
—
|
|
||||||
Consumer real estate
|
9,157
|
|
|
10,153
|
|
|
10
|
|
|
10,488
|
|
|
11,378
|
|
|
21
|
|
||||||
Other consumer
|
22
|
|
|
31
|
|
|
16
|
|
|
41
|
|
|
49
|
|
|
27
|
|
||||||
Total
|
$
|
30,728
|
|
|
$
|
35,331
|
|
|
$
|
294
|
|
|
$
|
26,823
|
|
|
$
|
33,137
|
|
|
$
|
77
|
|
|
Three Months Ended
|
||||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
||||||||||||
(dollars in thousands)
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and industrial
|
—
|
|
|
—
|
|
|
2,406
|
|
|
37
|
|
||||
Commercial construction
|
496
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer real estate
|
15
|
|
|
—
|
|
|
23
|
|
|
1
|
|
||||
Other consumer
|
17
|
|
|
1
|
|
|
32
|
|
|
2
|
|
||||
Total with a Related Allowance Recorded
|
528
|
|
|
1
|
|
|
2,461
|
|
|
40
|
|
||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
3,744
|
|
|
41
|
|
|
6,415
|
|
|
105
|
|
||||
Commercial and industrial
|
14,412
|
|
|
73
|
|
|
9,074
|
|
|
130
|
|
||||
Commercial construction
|
2,809
|
|
|
61
|
|
|
7,140
|
|
|
154
|
|
||||
Consumer real estate
|
9,320
|
|
|
112
|
|
|
11,149
|
|
|
250
|
|
||||
Other consumer
|
13
|
|
|
—
|
|
|
28
|
|
|
—
|
|
||||
Total without a Related Allowance Recorded
|
30,298
|
|
|
287
|
|
|
33,806
|
|
|
639
|
|
||||
Total:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
3,744
|
|
|
41
|
|
|
6,415
|
|
|
105
|
|
||||
Commercial and industrial
|
14,412
|
|
|
73
|
|
|
11,480
|
|
|
167
|
|
||||
Commercial construction
|
3,305
|
|
|
61
|
|
|
7,140
|
|
|
154
|
|
||||
Consumer real estate
|
9,335
|
|
|
112
|
|
|
11,172
|
|
|
251
|
|
||||
Other consumer
|
30
|
|
|
1
|
|
|
60
|
|
|
2
|
|
||||
Total
|
$
|
30,826
|
|
|
$
|
288
|
|
|
$
|
36,267
|
|
|
$
|
679
|
|
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2018
|
|
September 30, 2017
|
||||||||||||
(dollars in thousands)
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and industrial
|
—
|
|
|
—
|
|
|
1,218
|
|
|
44
|
|
||||
Commercial construction
|
585
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer real estate
|
16
|
|
|
1
|
|
|
24
|
|
|
1
|
|
||||
Other consumer
|
21
|
|
|
1
|
|
|
35
|
|
|
1
|
|
||||
Total with a Related Allowance Recorded
|
622
|
|
|
2
|
|
|
1,277
|
|
|
46
|
|
||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
3,895
|
|
|
126
|
|
|
6,577
|
|
|
140
|
|
||||
Commercial and industrial
|
11,567
|
|
|
232
|
|
|
11,001
|
|
|
164
|
|
||||
Commercial construction
|
2,813
|
|
|
134
|
|
|
7,222
|
|
|
194
|
|
||||
Consumer real estate
|
10,031
|
|
|
370
|
|
|
11,488
|
|
|
382
|
|
||||
Other consumer
|
15
|
|
|
—
|
|
|
33
|
|
|
1
|
|
||||
Total without a Related Allowance Recorded
|
28,321
|
|
|
862
|
|
|
36,321
|
|
|
881
|
|
||||
Total:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
3,895
|
|
|
126
|
|
|
6,577
|
|
|
140
|
|
||||
Commercial and industrial
|
11,567
|
|
|
232
|
|
|
12,219
|
|
|
208
|
|
||||
Commercial construction
|
3,398
|
|
|
134
|
|
|
7,222
|
|
|
194
|
|
||||
Consumer real estate
|
10,047
|
|
|
371
|
|
|
11,512
|
|
|
383
|
|
||||
Other consumer
|
36
|
|
|
1
|
|
|
68
|
|
|
2
|
|
||||
Total
|
$
|
28,943
|
|
|
$
|
864
|
|
|
$
|
37,598
|
|
|
$
|
927
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
Commercial and
Industrial
|
|
Commercial
Construction
|
|
Consumer
Real Estate
|
|
Other
Consumer
|
|
Total
Loans
|
||||||||||||
Balance at beginning of period
|
$
|
31,232
|
|
|
$
|
10,874
|
|
|
$
|
11,676
|
|
|
$
|
5,241
|
|
|
$
|
1,494
|
|
|
$
|
60,517
|
|
Charge-offs
|
(141
|
)
|
|
(181
|
)
|
|
—
|
|
|
(487
|
)
|
|
(425
|
)
|
|
(1,234
|
)
|
||||||
Recoveries
|
64
|
|
|
504
|
|
|
4
|
|
|
70
|
|
|
169
|
|
|
811
|
|
||||||
Net (Charge-offs)/ Recoveries
|
(77
|
)
|
|
323
|
|
|
4
|
|
|
(417
|
)
|
|
(256
|
)
|
|
(423
|
)
|
||||||
Provision for loan losses
|
1,735
|
|
|
(971
|
)
|
|
(765
|
)
|
|
214
|
|
|
249
|
|
|
462
|
|
||||||
Balance at End of Period
|
$
|
32,890
|
|
|
$
|
10,226
|
|
|
$
|
10,915
|
|
|
$
|
5,038
|
|
|
$
|
1,487
|
|
|
$
|
60,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended September 30, 2017
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
Commercial and
Industrial
|
|
Commercial
Construction
|
|
Consumer
Real Estate
|
|
Other
Consumer
|
|
Total
Loans
|
||||||||||||
Balance at beginning of period
|
$
|
24,358
|
|
|
$
|
9,256
|
|
|
$
|
13,944
|
|
|
$
|
5,803
|
|
|
$
|
1,990
|
|
|
$
|
55,351
|
|
Charge-offs
|
(37
|
)
|
|
(644
|
)
|
|
(1,453
|
)
|
|
(101
|
)
|
|
(425
|
)
|
|
(2,660
|
)
|
||||||
Recoveries
|
182
|
|
|
243
|
|
|
473
|
|
|
91
|
|
|
182
|
|
|
1,171
|
|
||||||
Net (Charge-offs)/ Recoveries
|
145
|
|
|
(401
|
)
|
|
(980
|
)
|
|
(10
|
)
|
|
(243
|
)
|
|
(1,489
|
)
|
||||||
Provision for loan losses
|
472
|
|
|
859
|
|
|
1,951
|
|
|
(262
|
)
|
|
(170
|
)
|
|
2,850
|
|
||||||
Balance at End of Period
|
$
|
24,975
|
|
|
$
|
9,714
|
|
|
$
|
14,915
|
|
|
$
|
5,531
|
|
|
$
|
1,577
|
|
|
$
|
56,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30, 2018
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
Commercial and
Industrial
|
|
Commercial
Construction
|
|
Consumer
Real Estate
|
|
Other
Consumer
|
|
Total
Loans
|
||||||||||||
Balance at beginning of period
|
$
|
27,235
|
|
|
$
|
8,966
|
|
|
$
|
13,167
|
|
|
$
|
5,479
|
|
|
$
|
1,543
|
|
|
$
|
56,390
|
|
Charge-offs
|
(373
|
)
|
|
(8,403
|
)
|
|
(321
|
)
|
|
(916
|
)
|
|
(1,298
|
)
|
|
(11,311
|
)
|
||||||
Recoveries
|
293
|
|
|
985
|
|
|
1,134
|
|
|
393
|
|
|
393
|
|
|
3,198
|
|
||||||
Net (Charge-offs)/Recoveries
|
(80
|
)
|
|
(7,418
|
)
|
|
813
|
|
|
(523
|
)
|
|
(905
|
)
|
|
(8,113
|
)
|
||||||
Provision for loan losses
|
5,735
|
|
|
8,678
|
|
|
(3,065
|
)
|
|
82
|
|
|
849
|
|
|
12,279
|
|
||||||
Balance at End of Period
|
$
|
32,890
|
|
|
$
|
10,226
|
|
|
$
|
10,915
|
|
|
$
|
5,038
|
|
|
$
|
1,487
|
|
|
$
|
60,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended September 30, 2017
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
Commercial and
Industrial
|
|
Commercial
Construction
|
|
Consumer
Real Estate
|
|
Other
Consumer
|
|
Total
Loans
|
||||||||||||
Balance at beginning of period
|
$
|
19,976
|
|
|
$
|
10,810
|
|
|
$
|
13,999
|
|
|
$
|
6,095
|
|
|
$
|
1,895
|
|
|
$
|
52,775
|
|
Charge-offs
|
(2,100
|
)
|
|
(4,041
|
)
|
|
(2,097
|
)
|
|
(1,957
|
)
|
|
(1,228
|
)
|
|
(11,423
|
)
|
||||||
Recoveries
|
415
|
|
|
499
|
|
|
842
|
|
|
270
|
|
|
433
|
|
|
2,459
|
|
||||||
Net Charge-offs
|
(1,685
|
)
|
|
(3,542
|
)
|
|
(1,255
|
)
|
|
(1,687
|
)
|
|
(795
|
)
|
|
(8,964
|
)
|
||||||
Provision for loan losses
|
6,684
|
|
|
2,446
|
|
|
2,171
|
|
|
1,123
|
|
|
477
|
|
|
12,901
|
|
||||||
Balance at End of Period
|
$
|
24,975
|
|
|
$
|
9,714
|
|
|
$
|
14,915
|
|
|
$
|
5,531
|
|
|
$
|
1,577
|
|
|
$
|
56,712
|
|
|
September 30, 2018
|
||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
32,890
|
|
|
$
|
32,890
|
|
|
$
|
3,703
|
|
|
$
|
2,822,669
|
|
|
$
|
2,826,372
|
|
Commercial and industrial
|
—
|
|
|
10,226
|
|
|
10,226
|
|
|
14,548
|
|
|
1,436,823
|
|
|
1,451,371
|
|
||||||
Commercial construction
|
268
|
|
|
10,647
|
|
|
10,915
|
|
|
3,298
|
|
|
280,485
|
|
|
283,783
|
|
||||||
Consumer real estate
|
10
|
|
|
5,028
|
|
|
5,038
|
|
|
9,157
|
|
|
1,169,582
|
|
|
1,178,739
|
|
||||||
Other consumer
|
16
|
|
|
1,471
|
|
|
1,487
|
|
|
22
|
|
|
67,520
|
|
|
67,542
|
|
||||||
Total
|
$
|
294
|
|
|
$
|
60,262
|
|
|
$
|
60,556
|
|
|
$
|
30,728
|
|
|
$
|
5,777,079
|
|
|
$
|
5,807,807
|
|
|
|||||||||||||||||||||||
|
December 31, 2017
|
||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
27,235
|
|
|
$
|
27,235
|
|
|
$
|
3,546
|
|
|
$
|
2,682,448
|
|
|
$
|
2,685,994
|
|
Commercial and industrial
|
29
|
|
|
8,937
|
|
|
8,966
|
|
|
7,284
|
|
|
1,425,982
|
|
|
1,433,266
|
|
||||||
Commercial construction
|
—
|
|
|
13,167
|
|
|
13,167
|
|
|
5,464
|
|
|
378,870
|
|
|
384,334
|
|
||||||
Consumer real estate
|
21
|
|
|
5,458
|
|
|
5,479
|
|
|
10,488
|
|
|
1,180,163
|
|
|
1,190,651
|
|
||||||
Other consumer
|
27
|
|
|
1,516
|
|
|
1,543
|
|
|
41
|
|
|
67,163
|
|
|
67,204
|
|
||||||
Total
|
$
|
77
|
|
|
$
|
56,313
|
|
|
$
|
56,390
|
|
|
$
|
26,823
|
|
|
$
|
5,734,626
|
|
|
$
|
5,761,449
|
|
|
|
|
Derivatives
(included in Other Assets)
|
|
|
Derivatives
(included in Other Liabilities)
|
||||||||||||||
(dollars in thousands)
|
September 30, 2018
|
|
|
December 31, 2017
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||||||||
Derivatives not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swap Contracts - Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
$
|
7,448
|
|
|
|
$
|
3,074
|
|
|
|
$
|
7,483
|
|
|
|
$
|
3,055
|
|
Notional amount
|
|
247,817
|
|
|
|
263,841
|
|
|
|
247,817
|
|
|
|
263,841
|
|
||||
Collateral received/posted
|
|
5,530
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,448
|
|
||||
Interest Rate Lock Commitments - Mortgage Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
229
|
|
|
|
226
|
|
|
|
—
|
|
|
|
—
|
|
||||
Notional amount
|
|
9,084
|
|
|
|
6,860
|
|
|
|
—
|
|
|
|
—
|
|
||||
Forward Sale Contracts - Mortgage Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
61
|
|
|
|
—
|
|
|
|
—
|
|
|
|
5
|
|
||||
Notional amount
|
|
$
|
11,250
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
6,580
|
|
|
Derivatives
(included in Other Assets)
|
|
Derivatives
(included in Other Liabilities)
|
||||||||||||||||
(dollars in thousands)
|
September 30, 2018
|
|
December 31, 2017
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
Derivatives not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross amounts recognized
|
|
$
|
8,188
|
|
|
|
$
|
4,974
|
|
|
|
$
|
8,223
|
|
|
|
$
|
4,955
|
|
Gross amounts offset
|
|
(740
|
)
|
|
|
(1,900
|
)
|
|
|
(740
|
)
|
|
|
(1,900
|
)
|
||||
Net Amounts Presented in the Consolidated Balance Sheets
|
|
7,448
|
|
|
|
3,074
|
|
|
|
7,483
|
|
|
|
3,055
|
|
||||
Gross amounts not offset
(1)
|
|
(5,530
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,448
|
)
|
||||
Net Amount
|
|
$
|
1,918
|
|
|
|
$
|
3,074
|
|
|
|
$
|
7,483
|
|
|
|
$
|
1,607
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Derivatives not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts—commercial loans
|
|
$
|
31
|
|
|
|
$
|
9
|
|
|
|
$
|
(55
|
)
|
|
|
$
|
25
|
|
Interest rate lock commitments—mortgage loans
|
|
(169
|
)
|
|
|
(4
|
)
|
|
|
3
|
|
|
|
216
|
|
||||
Forward sale contracts—mortgage loans
|
|
99
|
|
|
|
(30
|
)
|
|
|
66
|
|
|
|
10
|
|
||||
Total Derivatives (Loss)/Gain
|
|
$
|
(39
|
)
|
|
|
$
|
(25
|
)
|
|
|
$
|
14
|
|
|
|
$
|
251
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
(dollars in thousands)
|
Balance
|
Weighted
Average Rate |
|
Balance
|
Weighted
Average Rate |
||||||||||
Short-term Borrowings
|
|
|
|
|
|
|
|
|
|
||||||
Securities sold under repurchase agreements
|
|
$
|
45,200
|
|
|
0.50
|
%
|
|
|
$
|
50,161
|
|
|
0.39
|
%
|
Short-term borrowings
|
|
535,000
|
|
|
2.37
|
%
|
|
|
540,000
|
|
|
1.47
|
%
|
||
Total Short-term Borrowings
|
|
580,200
|
|
|
2.22
|
%
|
|
|
590,161
|
|
|
1.38
|
%
|
||
Long-term Borrowings
|
|
|
|
|
|
|
|
|
|
||||||
Long-term borrowings
|
|
45,434
|
|
|
2.39
|
%
|
|
|
47,301
|
|
|
1.88
|
%
|
||
Junior subordinated debt securities
|
|
45,619
|
|
|
4.79
|
%
|
|
|
45,619
|
|
|
3.78
|
%
|
||
Total Long-term Borrowings
|
|
91,053
|
|
|
3.59
|
%
|
|
|
92,920
|
|
|
2.81
|
%
|
||
Total Borrowings
|
|
$
|
671,253
|
|
|
2.41
|
%
|
|
|
$
|
683,081
|
|
|
1.57
|
%
|
(dollars in thousands)
|
September 30, 2018
|
|
|
December 31, 2017
|
|
||||
Commitments to extend credit
|
|
$
|
1,430,863
|
|
|
|
$
|
1,420,428
|
|
Standby letters of credit
|
|
72,758
|
|
|
|
80,918
|
|
||
Total
|
|
$
|
1,503,621
|
|
|
|
$
|
1,501,346
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Components of Net Periodic Pension Cost
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest cost on projected benefit obligation
|
|
$
|
978
|
|
|
|
$
|
1,025
|
|
|
|
$
|
2,912
|
|
|
|
$
|
3,075
|
|
Expected return on plan assets
|
|
(1,566
|
)
|
|
|
(1,582
|
)
|
|
|
(4,700
|
)
|
|
|
(4,746
|
)
|
||||
Net amortization
|
|
512
|
|
|
|
475
|
|
|
|
1,601
|
|
|
|
1,424
|
|
||||
Net Periodic Pension Expense
|
|
$
|
(76
|
)
|
|
|
$
|
(82
|
)
|
|
|
$
|
(187
|
)
|
|
|
$
|
(247
|
)
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Total interest income
|
|
$
|
73,627
|
|
|
|
$
|
66,723
|
|
|
|
$
|
213,237
|
|
|
|
$
|
192,787
|
|
Total interest expense
|
|
14,365
|
|
|
|
9,267
|
|
|
|
38,641
|
|
|
|
24,882
|
|
||||
Net Interest Income per Consolidated Statements of Comprehensive Income
|
|
59,262
|
|
|
|
57,456
|
|
|
|
174,596
|
|
|
|
167,905
|
|
||||
Adjustment to FTE basis
|
|
951
|
|
|
|
1,867
|
|
|
|
2,830
|
|
|
|
5,614
|
|
||||
Net Interest Income on an FTE Basis (Non-GAAP)
|
|
$
|
60,213
|
|
|
|
$
|
59,323
|
|
|
|
$
|
177,426
|
|
|
|
$
|
173,519
|
|
Net interest margin
|
|
3.62
|
%
|
|
|
3.48
|
%
|
|
|
3.58
|
%
|
|
|
3.44
|
%
|
||||
Adjustment to FTE basis
|
|
0.05
|
%
|
|
|
0.11
|
%
|
|
|
0.05
|
%
|
|
|
0.11
|
%
|
||||
Net Interest Margin on an FTE Basis (Non-GAAP)
|
|
3.67
|
%
|
|
|
3.59
|
%
|
|
|
3.63
|
%
|
|
|
3.55
|
%
|
|
Three Months Ended September 30, 2018
|
|
Three Months Ended September 30, 2017
|
||||||||||||||||
(dollars in thousands)
|
Average Balance
|
Interest
|
Rate
|
|
Average Balance
|
Interest
|
Rate
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits with banks
|
$
|
57,012
|
|
|
$
|
303
|
|
2.13
|
%
|
|
$
|
53,794
|
|
|
$
|
168
|
|
1.25
|
%
|
Securities, at fair value
(2)
|
680,464
|
|
|
4,479
|
|
2.63
|
%
|
|
690,986
|
|
|
4,255
|
|
2.46
|
%
|
||||
Loans held for sale
|
1,571
|
|
|
18
|
|
4.71
|
%
|
|
15,789
|
|
|
152
|
|
3.88
|
%
|
||||
Commercial real estate
|
2,779,019
|
|
|
33,668
|
|
4.81
|
%
|
|
2,678,835
|
|
|
29,554
|
|
4.38
|
%
|
||||
Commercial and industrial
|
1,432,936
|
|
|
17,298
|
|
4.79
|
%
|
|
1,404,047
|
|
|
15,750
|
|
4.45
|
%
|
||||
Commercial construction
|
291,512
|
|
|
3,734
|
|
5.08
|
%
|
|
425,228
|
|
|
4,574
|
|
4.27
|
%
|
||||
Total Commercial Loans
|
4,503,467
|
|
|
54,700
|
|
4.82
|
%
|
|
4,508,110
|
|
|
49,878
|
|
4.39
|
%
|
||||
Residential mortgage
|
696,267
|
|
|
7,517
|
|
4.30
|
%
|
|
702,702
|
|
|
7,223
|
|
4.10
|
%
|
||||
Home equity
|
472,466
|
|
|
5,877
|
|
4.94
|
%
|
|
485,501
|
|
|
5,354
|
|
4.37
|
%
|
||||
Installment and other consumer
|
66,693
|
|
|
1,162
|
|
6.92
|
%
|
|
70,118
|
|
|
1,161
|
|
6.57
|
%
|
||||
Consumer construction
|
5,846
|
|
|
74
|
|
5.04
|
%
|
|
4,486
|
|
|
51
|
|
4.49
|
%
|
||||
Total Consumer Loans
|
1,241,272
|
|
|
14,630
|
|
4.69
|
%
|
|
1,262,807
|
|
|
13,789
|
|
4.34
|
%
|
||||
Total Portfolio Loans
|
5,744,739
|
|
|
69,330
|
|
4.79
|
%
|
|
5,770,917
|
|
|
63,667
|
|
4.38
|
%
|
||||
Total Loans
(1)(2)
|
5,746,310
|
|
|
69,348
|
|
4.79
|
%
|
|
5,786,706
|
|
|
63,819
|
|
4.38
|
%
|
||||
Federal Home Loan Bank and other restricted stock
|
28,512
|
|
|
448
|
|
6.28
|
%
|
|
30,184
|
|
|
348
|
|
4.61
|
%
|
||||
Total Interest-earning Assets
|
6,512,298
|
|
|
74,578
|
|
4.55
|
%
|
|
6,561,670
|
|
|
68,590
|
|
4.15
|
%
|
||||
Noninterest-earning assets
|
496,268
|
|
|
|
|
|
510,681
|
|
|
|
|
||||||||
Total Assets
|
$
|
7,008,566
|
|
|
|
|
|
$
|
7,072,351
|
|
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
$
|
566,579
|
|
|
$
|
514
|
|
0.36
|
%
|
|
$
|
647,442
|
|
|
$
|
406
|
|
0.25
|
%
|
Money market
|
1,330,489
|
|
|
4,932
|
|
1.47
|
%
|
|
999,892
|
|
|
2,200
|
|
0.87
|
%
|
||||
Savings
|
823,215
|
|
|
424
|
|
0.20
|
%
|
|
979,767
|
|
|
525
|
|
0.21
|
%
|
||||
Certificates of deposit
|
1,310,526
|
|
|
5,001
|
|
1.51
|
%
|
|
1,457,649
|
|
|
3,617
|
|
0.98
|
%
|
||||
Total Interest-bearing Deposits
|
4,030,809
|
|
|
10,871
|
|
1.07
|
%
|
|
4,084,750
|
|
|
6,748
|
|
0.66
|
%
|
||||
Securities sold under repurchase agreements
|
42,183
|
|
|
55
|
|
0.52
|
%
|
|
45,158
|
|
|
18
|
|
0.16
|
%
|
||||
Short-term borrowings
|
455,689
|
|
|
2,616
|
|
2.28
|
%
|
|
600,893
|
|
|
1,975
|
|
1.30
|
%
|
||||
Long-term borrowings
|
45,699
|
|
|
272
|
|
2.36
|
%
|
|
13,162
|
|
|
99
|
|
3.01
|
%
|
||||
Junior subordinated debt securities
|
45,619
|
|
|
551
|
|
4.79
|
%
|
|
45,619
|
|
|
427
|
|
3.71
|
%
|
||||
Total Borrowings
|
589,190
|
|
|
3,494
|
|
2.35
|
%
|
|
704,832
|
|
|
2,519
|
|
1.42
|
%
|
||||
Total Interest-bearing Liabilities
|
4,619,999
|
|
|
14,365
|
|
1.23
|
%
|
|
4,789,582
|
|
|
9,267
|
|
0.77
|
%
|
||||
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities
|
1,475,059
|
|
|
|
|
|
1,401,755
|
|
|
|
|
||||||||
Shareholders’ equity
|
913,508
|
|
|
|
|
|
881,014
|
|
|
|
|
||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
7,008,566
|
|
|
|
|
|
$
|
7,072,351
|
|
|
|
|
||||||
Net Interest Income
(2)(3)
|
|
|
$
|
60,213
|
|
|
|
|
|
$
|
59,323
|
|
|
||||||
Net Interest Margin
(2) (3)
|
|
|
|
3.67
|
%
|
|
|
|
|
3.59
|
%
|
|
Nine Months Ended September 30, 2018
|
|
Nine Months Ended September 30, 2017
|
||||||||||||||||
(dollars in thousands)
|
Average Balance
|
Interest
|
Rate
|
|
Average Balance
|
Interest
|
Rate
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits with banks
|
$
|
56,015
|
|
|
$
|
754
|
|
1.80
|
%
|
|
$
|
56,126
|
|
|
$
|
418
|
|
0.99
|
%
|
Securities, at fair value
(2)
|
684,146
|
|
|
13,282
|
|
2.59
|
%
|
|
699,150
|
|
|
12,918
|
|
2.46
|
%
|
||||
Loans held for sale
|
1,681
|
|
|
74
|
|
5.90
|
%
|
|
7,734
|
|
|
210
|
|
3.63
|
%
|
||||
Commercial real estate
|
2,748,620
|
|
|
96,592
|
|
4.70
|
%
|
|
2,623,360
|
|
|
84,559
|
|
4.31
|
%
|
||||
Commercial and industrial
|
1,432,133
|
|
|
49,485
|
|
4.62
|
%
|
|
1,415,941
|
|
|
45,588
|
|
4.30
|
%
|
||||
Commercial construction
|
330,219
|
|
|
11,767
|
|
4.76
|
%
|
|
433,748
|
|
|
13,030
|
|
4.02
|
%
|
||||
Total Commercial Loans
|
4,510,972
|
|
|
157,844
|
|
4.68
|
%
|
|
4,473,049
|
|
|
143,177
|
|
4.28
|
%
|
||||
Residential mortgage
|
694,075
|
|
|
22,071
|
|
4.24
|
%
|
|
700,996
|
|
|
21,520
|
|
4.10
|
%
|
||||
Home equity
|
475,450
|
|
|
16,852
|
|
4.74
|
%
|
|
482,336
|
|
|
15,514
|
|
4.30
|
%
|
||||
Installment and other consumer
|
66,913
|
|
|
3,404
|
|
6.80
|
%
|
|
69,401
|
|
|
3,377
|
|
6.51
|
%
|
||||
Consumer construction
|
4,749
|
|
|
173
|
|
4.86
|
%
|
|
4,807
|
|
|
156
|
|
4.33
|
%
|
||||
Total Consumer Loans
|
1,241,187
|
|
|
42,500
|
|
4.57
|
%
|
|
1,257,540
|
|
|
40,567
|
|
4.31
|
%
|
||||
Total Portfolio Loans
|
5,752,159
|
|
|
200,344
|
|
4.66
|
%
|
|
5,730,589
|
|
|
183,744
|
|
4.29
|
%
|
||||
Total Loans
(1)(2)
|
5,753,840
|
|
|
200,418
|
|
4.66
|
%
|
|
5,738,323
|
|
|
183,954
|
|
4.29
|
%
|
||||
Federal Home Loan Bank and other restricted stock
|
31,277
|
|
|
1,613
|
|
6.88
|
%
|
|
31,977
|
|
|
1,111
|
|
4.63
|
%
|
||||
Total Interest-earning Assets
|
6,525,278
|
|
|
216,067
|
|
4.43
|
%
|
|
6,525,576
|
|
|
198,401
|
|
4.06
|
%
|
||||
Noninterest-earning assets
|
492,428
|
|
|
|
|
|
509,750
|
|
|
|
|
||||||||
Total Assets
|
$
|
7,017,706
|
|
|
|
|
|
$
|
7,035,326
|
|
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
$
|
571,040
|
|
|
$
|
1,320
|
|
0.31
|
%
|
|
$
|
643,423
|
|
|
$
|
1,034
|
|
0.21
|
%
|
Money market
|
1,259,071
|
|
|
12,191
|
|
1.29
|
%
|
|
958,619
|
|
|
5,295
|
|
0.74
|
%
|
||||
Savings
|
849,558
|
|
|
1,289
|
|
0.20
|
%
|
|
1,013,318
|
|
|
1,599
|
|
0.21
|
%
|
||||
Certificates of deposit
|
1,320,374
|
|
|
13,083
|
|
1.32
|
%
|
|
1,439,715
|
|
|
10,175
|
|
0.94
|
%
|
||||
Total Interest-bearing Deposits
|
4,000,043
|
|
|
27,883
|
|
0.93
|
%
|
|
4,055,075
|
|
|
18,103
|
|
0.60
|
%
|
||||
Securities sold under repurchase agreements
|
46,292
|
|
|
151
|
|
0.44
|
%
|
|
48,031
|
|
|
26
|
|
0.07
|
%
|
||||
Short-term borrowings
|
556,017
|
|
|
8,304
|
|
2.00
|
%
|
|
651,494
|
|
|
5,224
|
|
1.07
|
%
|
||||
Long-term borrowings
|
46,313
|
|
|
762
|
|
2.20
|
%
|
|
13,759
|
|
|
305
|
|
2.96
|
%
|
||||
Junior subordinated debt securities
|
45,619
|
|
|
1,541
|
|
4.52
|
%
|
|
45,619
|
|
|
1,224
|
|
3.59
|
%
|
||||
Total Borrowings
|
694,241
|
|
|
10,758
|
|
2.07
|
%
|
|
758,903
|
|
|
6,779
|
|
1.19
|
%
|
||||
Total Interest-bearing Liabilities
|
4,694,284
|
|
|
38,641
|
|
1.10
|
%
|
|
4,813,978
|
|
|
24,882
|
|
0.69
|
%
|
||||
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities
|
1,421,276
|
|
|
|
|
|
1,355,636
|
|
|
|
|
||||||||
Shareholders’ equity
|
902,146
|
|
|
|
|
|
865,712
|
|
|
|
|
||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
7,017,706
|
|
|
|
|
|
$
|
7,035,326
|
|
|
|
|
||||||
Net Interest Income
(2)(3)
|
|
|
$
|
177,426
|
|
|
|
|
|
$
|
173,519
|
|
|
||||||
Net Interest Margin
(2)(3)
|
|
|
|
3.63
|
%
|
|
|
|
|
3.55
|
%
|
|
Three Months Ended September 30, 2018 compared to September 30, 2017
|
|
Nine Months Ended September 30, 2018 compared to September 30, 2017
|
||||||||||||||||
(dollars in thousands)
|
Volume
(4)
|
Rate
(4)
|
Total
|
|
Volume
(4)
|
Rate
(4)
|
Total
|
||||||||||||
Interest earned on:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits with banks
|
$
|
10
|
|
$
|
125
|
|
$
|
135
|
|
|
$
|
(1
|
)
|
$
|
337
|
|
$
|
336
|
|
Securities, at fair value
(2)(3)
|
(65
|
)
|
289
|
|
224
|
|
|
(277
|
)
|
641
|
|
364
|
|
||||||
Loans held for sale
|
(137
|
)
|
3
|
|
(134
|
)
|
|
(164
|
)
|
28
|
|
(136
|
)
|
||||||
Commercial real estate
|
1,105
|
|
3,009
|
|
4,114
|
|
|
4,038
|
|
7,995
|
|
12,033
|
|
||||||
Commercial and industrial
|
324
|
|
1,224
|
|
1,548
|
|
|
521
|
|
3,376
|
|
3,897
|
|
||||||
Commercial construction
|
(1,438
|
)
|
598
|
|
(840
|
)
|
|
(3,110
|
)
|
1,847
|
|
(1,263
|
)
|
||||||
Total Commercial Loans
|
(9
|
)
|
4,831
|
|
4,822
|
|
|
1,449
|
|
13,218
|
|
14,667
|
|
||||||
Residential mortgage
|
(66
|
)
|
360
|
|
294
|
|
|
(212
|
)
|
763
|
|
551
|
|
||||||
Home equity
|
(144
|
)
|
667
|
|
523
|
|
|
(221
|
)
|
1,559
|
|
1,338
|
|
||||||
Installment and other consumer
|
(57
|
)
|
58
|
|
1
|
|
|
(121
|
)
|
148
|
|
27
|
|
||||||
Consumer construction
|
15
|
|
8
|
|
23
|
|
|
(2
|
)
|
19
|
|
17
|
|
||||||
Total Consumer Loans
|
(251
|
)
|
1,092
|
|
841
|
|
|
(557
|
)
|
2,489
|
|
1,932
|
|
||||||
Total Portfolio Loans
|
(260
|
)
|
5,923
|
|
5,663
|
|
|
892
|
|
15,707
|
|
16,599
|
|
||||||
Total Loans
(1)(2)
|
(397
|
)
|
5,926
|
|
5,529
|
|
|
728
|
|
15,735
|
|
16,463
|
|
||||||
Federal Home Loan Bank and other restricted stock
|
(19
|
)
|
119
|
|
100
|
|
|
(24
|
)
|
526
|
|
502
|
|
||||||
Change in Interest Earned on Interest-earning Assets
|
$
|
(471
|
)
|
$
|
6,459
|
|
$
|
5,988
|
|
|
$
|
426
|
|
$
|
17,239
|
|
$
|
17,665
|
|
Interest paid on:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand
|
$
|
(51
|
)
|
$
|
159
|
|
$
|
108
|
|
|
|
($116
|
)
|
|
$402
|
|
|
$286
|
|
Money market
|
727
|
|
2,005
|
|
2,732
|
|
|
1,660
|
|
5,236
|
|
6,896
|
|
||||||
Savings
|
(84
|
)
|
(17
|
)
|
(101
|
)
|
|
(258
|
)
|
(52
|
)
|
(310
|
)
|
||||||
Certificates of deposit
|
(365
|
)
|
1,749
|
|
1,384
|
|
|
(843
|
)
|
3,751
|
|
2,908
|
|
||||||
Total Interest-bearing Deposits
|
227
|
|
3,896
|
|
4,123
|
|
|
441
|
|
9,340
|
|
9,781
|
|
||||||
Securities sold under repurchase agreements
|
(1
|
)
|
38
|
|
37
|
|
|
(1
|
)
|
126
|
|
125
|
|
||||||
Short-term borrowings
|
(477
|
)
|
1,118
|
|
641
|
|
|
(766
|
)
|
3,846
|
|
3,080
|
|
||||||
Long-term borrowings
|
245
|
|
(72
|
)
|
173
|
|
|
722
|
|
(265
|
)
|
457
|
|
||||||
Junior subordinated debt securities
|
—
|
|
124
|
|
124
|
|
|
—
|
|
317
|
|
317
|
|
||||||
Total Borrowings
|
(233
|
)
|
1,208
|
|
975
|
|
|
(45
|
)
|
4,024
|
|
3,979
|
|
||||||
Change in Interest Paid on Interest-bearing Liabilities
|
(6
|
)
|
5,104
|
|
5,098
|
|
|
396
|
|
13,364
|
|
13,760
|
|
||||||
Change in Net Interest Income
|
$
|
(465
|
)
|
$
|
1,355
|
|
$
|
890
|
|
|
$
|
30
|
|
$
|
3,875
|
|
$
|
3,905
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||||||||
Net gain on sale of securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
|
$
|
—
|
|
|
$
|
3,987
|
|
|
$
|
(3,987
|
)
|
|
(100.0
|
)%
|
Service charges on deposit accounts
|
|
3,351
|
|
|
3,207
|
|
|
144
|
|
|
4.5
|
|
|
|
9,765
|
|
|
9,218
|
|
|
547
|
|
|
5.9
|
|
||||||
Debit and credit card
|
|
3,141
|
|
|
3,067
|
|
|
74
|
|
|
2.4
|
|
|
|
9,487
|
|
|
8,952
|
|
|
535
|
|
|
6.0
|
|
||||||
Wealth management
|
|
2,483
|
|
|
2,406
|
|
|
77
|
|
|
3.2
|
|
|
|
7,782
|
|
|
7,237
|
|
|
545
|
|
|
7.5
|
|
||||||
Mortgage banking
|
|
700
|
|
|
872
|
|
|
(172
|
)
|
|
(19.7
|
)
|
|
|
2,133
|
|
|
2,280
|
|
|
(147
|
)
|
|
(6.4
|
)
|
||||||
Insurance
|
|
101
|
|
|
1,318
|
|
|
(1,217
|
)
|
|
(92.3
|
)
|
|
|
404
|
|
|
4,232
|
|
|
(3,828
|
)
|
|
(90.5
|
)
|
||||||
Gain on sale of a majority interest of insurance business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
1,873
|
|
|
—
|
|
|
1,873
|
|
|
NM
|
|||||||
Other
|
|
2,266
|
|
|
2,681
|
|
|
(415
|
)
|
|
(15.5
|
)
|
|
|
6,642
|
|
|
6,906
|
|
|
(264
|
)
|
|
(3.8
|
)
|
||||||
Total Noninterest Income
|
|
$
|
12,042
|
|
|
$
|
13,551
|
|
|
$
|
(1,509
|
)
|
|
(11.1
|
)%
|
|
|
$
|
38,086
|
|
|
$
|
42,812
|
|
|
$
|
(4,726
|
)
|
|
(11.0
|
)%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
$ Change
|
|
% Change
|
|
|
2018
|
2017
|
$ Change
|
% Change
|
||||||||||||||||||
Salaries and employee benefits
|
|
$
|
19,769
|
|
|
$
|
20,325
|
|
|
$
|
(556
|
)
|
|
(2.7
|
)%
|
|
|
$
|
57,195
|
|
|
$
|
60,770
|
|
|
$
|
(3,575
|
)
|
|
(5.9
|
)%
|
Data processing and information technology
|
|
2,906
|
|
|
2,284
|
|
|
622
|
|
|
27.2
|
|
|
|
7,610
|
|
|
6,670
|
|
|
940
|
|
|
14.1
|
|
||||||
Net occupancy
|
|
2,722
|
|
|
2,692
|
|
|
30
|
|
|
1.1
|
|
|
|
8,399
|
|
|
8,258
|
|
|
141
|
|
|
1.7
|
|
||||||
Furniture, equipment and software
|
|
2,005
|
|
|
1,890
|
|
|
115
|
|
|
6.1
|
|
|
|
6,096
|
|
|
5,746
|
|
|
350
|
|
|
6.1
|
|
||||||
Other taxes
|
|
1,341
|
|
|
1,208
|
|
|
133
|
|
|
11.0
|
|
|
|
4,928
|
|
|
3,268
|
|
|
1,660
|
|
|
50.8
|
|
||||||
Professional services and legal
|
|
1,181
|
|
|
869
|
|
|
312
|
|
|
35.9
|
|
|
|
3,120
|
|
|
2,868
|
|
|
252
|
|
|
8.8
|
|
||||||
Marketing
|
|
1,023
|
|
|
766
|
|
|
257
|
|
|
33.6
|
|
|
|
2,916
|
|
|
2,468
|
|
|
448
|
|
|
18.2
|
|
||||||
FDIC insurance
|
|
746
|
|
|
1,152
|
|
|
(406
|
)
|
|
(35.2
|
)
|
|
|
2,592
|
|
|
3,461
|
|
|
(869
|
)
|
|
(25.1
|
)
|
||||||
Other
|
|
5,392
|
|
|
5,367
|
|
|
25
|
|
|
0.5
|
|
|
|
16,174
|
|
|
16,451
|
|
|
(277
|
)
|
|
(1.7
|
)
|
||||||
Total Noninterest Expense
|
|
$
|
37,085
|
|
|
$
|
36,553
|
|
|
$
|
532
|
|
|
1.5
|
%
|
|
|
$
|
109,030
|
|
|
$
|
109,960
|
|
|
$
|
(930
|
)
|
|
(0.8
|
)%
|
(dollars in thousands)
|
September 30, 2018
|
|
|
December 31, 2017
|
|
|
$ Change
|
|
||||||
U.S. treasury securities
|
|
$
|
9,556
|
|
|
|
$
|
19,789
|
|
|
|
$
|
(10,233
|
)
|
Obligations of U.S. government corporations and agencies
|
|
136,984
|
|
|
|
162,193
|
|
|
|
(25,209
|
)
|
|||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
137,660
|
|
|
|
108,688
|
|
|
|
28,972
|
|
|||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
26,450
|
|
|
|
32,854
|
|
|
|
(6,404
|
)
|
|||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
244,596
|
|
|
|
242,221
|
|
|
|
2,375
|
|
|||
Obligations of states and political subdivisions
|
|
121,975
|
|
|
|
127,402
|
|
|
|
(5,427
|
)
|
|||
Debt Securities Available-for-Sale
|
|
677,221
|
|
|
|
693,147
|
|
|
|
(15,926
|
)
|
|||
Marketable equity securities
|
|
5,314
|
|
|
|
5,144
|
|
|
|
170
|
|
|||
Total Securities
|
|
$
|
682,535
|
|
|
|
$
|
698,291
|
|
|
|
$
|
(15,756
|
)
|
|
September 30, 2018
|
|
|
December 31, 2017
|
||||||||
(dollars in thousands)
|
Amount
|
% of Loans
|
|
|
Amount
|
% of Loans
|
||||||
Commercial
|
|
|
|
|
|
|
||||||
Commercial real estate
|
$
|
2,826,372
|
|
48.67
|
%
|
|
|
$
|
2,685,994
|
|
46.62
|
%
|
Commercial and industrial
|
1,451,371
|
|
24.99
|
|
|
|
1,433,266
|
|
24.88
|
|
||
Construction
|
283,783
|
|
4.89
|
|
|
|
384,334
|
|
6.67
|
|
||
Total Commercial Loans
|
4,561,526
|
|
78.55
|
%
|
|
|
4,503,594
|
|
78.17
|
%
|
||
Consumer
|
|
|
|
|
|
|
||||||
Residential mortgage
|
699,867
|
|
12.05
|
%
|
|
|
698,774
|
|
12.13
|
%
|
||
Home equity
|
472,451
|
|
8.13
|
|
|
|
487,326
|
|
8.46
|
|
||
Installment and other consumer
|
67,542
|
|
1.16
|
|
|
|
67,204
|
|
1.16
|
|
||
Construction
|
6,421
|
|
0.11
|
|
|
|
4,551
|
|
0.08
|
|
||
Total Consumer Loans
|
1,246,281
|
|
21.45
|
%
|
|
|
1,257,855
|
|
21.83
|
%
|
||
Total Portfolio Loans
|
5,807,807
|
|
100.00
|
%
|
|
|
5,761,449
|
|
100.00
|
%
|
||
Loans Held for Sale
|
4,207
|
|
|
|
|
4,485
|
|
|
||||
Total Loans
|
$
|
5,812,014
|
|
|
|
|
$
|
5,765,934
|
|
|
|
September 30, 2018
|
||||||||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
||||||||||||
Commercial real estate
|
|
$
|
—
|
|
|
|
$
|
32,890
|
|
|
|
$
|
32,890
|
|
|
|
$
|
3,703
|
|
|
|
$
|
2,822,669
|
|
|
|
$
|
2,826,372
|
|
Commercial and industrial
|
|
—
|
|
|
|
10,226
|
|
|
|
10,226
|
|
|
|
14,548
|
|
|
|
1,436,823
|
|
|
|
1,451,371
|
|
||||||
Commercial construction
|
|
268
|
|
|
|
10,647
|
|
|
|
10,915
|
|
|
|
3,298
|
|
|
|
280,485
|
|
|
|
283,783
|
|
||||||
Consumer real estate
|
|
10
|
|
|
|
5,028
|
|
|
|
5,038
|
|
|
|
9,157
|
|
|
|
1,169,582
|
|
|
|
1,178,739
|
|
||||||
Other consumer
|
|
16
|
|
|
|
1,471
|
|
|
|
1,487
|
|
|
|
22
|
|
|
|
67,520
|
|
|
|
67,542
|
|
||||||
Total
|
|
$
|
294
|
|
|
|
$
|
60,262
|
|
|
|
$
|
60,556
|
|
|
|
$
|
30,728
|
|
|
|
$
|
5,777,079
|
|
|
|
$
|
5,807,807
|
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for Impairment |
|
|
Collectively
Evaluated for Impairment |
|
|
Total
|
|
|
Individually
Evaluated for Impairment |
|
|
Collectively
Evaluated for Impairment |
|
|
Total
|
|
||||||||||||
Commercial real estate
|
|
$
|
—
|
|
|
|
$
|
27,235
|
|
|
|
$
|
27,235
|
|
|
|
$
|
3,546
|
|
|
|
$
|
2,682,448
|
|
|
|
$
|
2,685,994
|
|
Commercial and industrial
|
|
29
|
|
|
|
8,937
|
|
|
|
8,966
|
|
|
|
7,284
|
|
|
|
1,425,982
|
|
|
|
1,433,266
|
|
||||||
Commercial construction
|
|
—
|
|
|
|
13,167
|
|
|
|
13,167
|
|
|
|
5,464
|
|
|
|
378,870
|
|
|
|
384,334
|
|
||||||
Consumer real estate
|
|
21
|
|
|
|
5,458
|
|
|
|
5,479
|
|
|
|
10,488
|
|
|
|
1,180,163
|
|
|
|
1,190,651
|
|
||||||
Other consumer
|
|
27
|
|
|
|
1,516
|
|
|
|
1,543
|
|
|
|
41
|
|
|
|
67,163
|
|
|
|
67,204
|
|
||||||
Total
|
|
$
|
77
|
|
|
|
$
|
56,313
|
|
|
|
$
|
56,390
|
|
|
|
$
|
26,823
|
|
|
|
$
|
5,734,626
|
|
|
|
$
|
5,761,449
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
|
Ratio of net charge-offs to average loans outstanding
|
0.19
|
%
|
*
|
0.18
|
%
|
Allowance for loan losses as a percentage of total loans
|
1.04
|
%
|
|
0.98
|
%
|
Allowance for loan losses to nonperforming loans
|
292
|
%
|
|
236
|
%
|
(dollars in thousands)
|
September 30, 2018
|
|
|
December 31, 2017
|
|
|
$ Change
|
|
||||||
Nonperforming Loans
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
$
|
3,443
|
|
|
|
$
|
2,501
|
|
|
|
$
|
942
|
|
Commercial and industrial
|
|
2,107
|
|
|
|
2,449
|
|
|
|
(342
|
)
|
|||
Commercial construction
|
|
820
|
|
|
|
1,460
|
|
|
|
(640
|
)
|
|||
Residential mortgage
|
|
4,808
|
|
|
|
3,580
|
|
|
|
1,228
|
|
|||
Home equity
|
|
2,379
|
|
|
|
2,736
|
|
|
|
(357
|
)
|
|||
Installment and other consumer
|
|
39
|
|
|
|
62
|
|
|
|
(23
|
)
|
|||
Consumer construction
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|||
Total Nonperforming Loans
|
|
13,596
|
|
|
|
12,788
|
|
|
|
808
|
|
|||
Nonperforming Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
1,152
|
|
|
|
967
|
|
|
|
185
|
|
|||
Commercial and industrial
|
|
2,260
|
|
|
|
3,197
|
|
|
|
(937
|
)
|
|||
Commercial construction
|
|
408
|
|
|
|
2,413
|
|
|
|
(2,005
|
)
|
|||
Residential mortgage
|
|
1,913
|
|
|
|
3,585
|
|
|
|
(1,672
|
)
|
|||
Home equity
|
|
1,404
|
|
|
|
979
|
|
|
|
425
|
|
|||
Installment and other consumer
|
|
6
|
|
|
|
9
|
|
|
|
(3
|
)
|
|||
Total Nonperforming Troubled Debt Restructurings
|
|
7,143
|
|
|
|
11,150
|
|
|
|
(4,007
|
)
|
|||
Total Nonperforming Loans
|
|
20,739
|
|
|
|
23,938
|
|
|
|
(3,199
|
)
|
|||
OREO
|
|
3,068
|
|
|
|
469
|
|
|
|
2,599
|
|
|||
Total Nonperforming Assets
|
|
$
|
23,807
|
|
|
|
$
|
24,407
|
|
|
|
$
|
(600
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
||||||
Nonperforming loans as a percent of total loans
|
|
0.36
|
%
|
|
|
0.42
|
%
|
|
|
|
||||
Nonperforming assets as a percent of total loans plus OREO
|
|
0.41
|
%
|
|
|
0.42
|
%
|
|
|
|
(dollars in thousands)
|
September 30, 2018
|
|
|
December 31, 2017
|
|
|
$ Change
|
|
||||||
Customer Deposits
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing demand
|
|
$
|
1,412,127
|
|
|
|
$
|
1,387,712
|
|
|
|
$
|
24,415
|
|
Interest-bearing demand
|
|
554,667
|
|
|
|
599,986
|
|
|
|
(45,319
|
)
|
|||
Money market
|
|
1,120,225
|
|
|
|
880,330
|
|
|
|
239,895
|
|
|||
Savings
|
|
817,545
|
|
|
|
893,119
|
|
|
|
(75,574
|
)
|
|||
Certificates of deposit
|
|
1,159,133
|
|
|
|
1,286,988
|
|
|
|
(127,855
|
)
|
|||
Total Customer Deposits
|
|
5,063,697
|
|
|
|
5,048,135
|
|
|
|
15,562
|
|
|||
Brokered Deposits
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand
|
|
6,524
|
|
|
|
3,155
|
|
|
|
3,369
|
|
|||
Money market
|
|
246,956
|
|
|
|
265,826
|
|
|
|
(18,870
|
)
|
|||
Certificates of deposit
|
|
150,332
|
|
|
|
110,775
|
|
|
|
39,557
|
|
|||
Total Brokered Deposits
|
|
403,812
|
|
|
|
379,756
|
|
|
|
24,056
|
|
|||
Total Deposits
|
|
$
|
5,467,509
|
|
|
|
$
|
5,427,891
|
|
|
|
$
|
39,618
|
|
(dollars in thousands)
|
September 30, 2018
|
|
|
December 31, 2017
|
|
|
$ Change
|
|
||||||
Securities sold under repurchase agreements
|
|
$
|
45,200
|
|
|
|
$
|
50,161
|
|
|
|
$
|
(4,961
|
)
|
Short-term borrowings
|
|
535,000
|
|
|
|
540,000
|
|
|
|
(5,000
|
)
|
|||
Long-term borrowings
|
|
45,434
|
|
|
|
47,301
|
|
|
|
(1,867
|
)
|
|||
Junior subordinated debt securities
|
|
45,619
|
|
|
|
45,619
|
|
|
|
—
|
|
|||
Total Borrowings
|
|
$
|
671,253
|
|
|
|
$
|
683,081
|
|
|
|
$
|
(11,828
|
)
|
|
Securities Sold Under Repurchase Agreements
|
||||||
(dollars in thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Balance at the period end
|
$
|
45,200
|
|
|
$
|
50,161
|
|
Average balance during the period
|
46,292
|
|
|
46,662
|
|
||
Average interest rate during the period
|
0.44
|
%
|
|
0.12
|
%
|
||
Maximum month-end balance during the period
|
$
|
54,579
|
|
|
$
|
53,609
|
|
Average interest rate at the period end
|
0.50
|
%
|
|
0.39
|
%
|
||
|
|
|
|
||||
|
Short-Term Borrowings
|
||||||
(dollars in thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Balance at the period end
|
$
|
535,000
|
|
|
$
|
540,000
|
|
Average balance during the period
|
556,017
|
|
|
644,864
|
|
||
Average interest rate during the period
|
2.00
|
%
|
|
1.15
|
%
|
||
Maximum month-end balance during the period
|
$
|
690,000
|
|
|
$
|
734,600
|
|
Average interest rate at the period end
|
2.37
|
%
|
|
1.47
|
%
|
|
Long-Term Borrowings
|
||||||
(dollars in thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Balance at the period end
|
$
|
45,434
|
|
|
$
|
47,301
|
|
Average balance during the period
|
46,313
|
|
|
18,057
|
|
||
Average interest rate during the period
|
2.20
|
%
|
|
2.57
|
%
|
||
Maximum month-end balance during the period
|
$
|
47,096
|
|
|
$
|
47,505
|
|
Average interest rate at the period end
|
2.39
|
%
|
|
1.88
|
%
|
||
|
|
|
|
||||
|
Junior Subordinated Debt Securities
|
||||||
(dollars in thousands)
|
September 30, 2018
|
|
December 31, 2017
|
||||
Balance at the period end
|
$
|
45,619
|
|
|
$
|
45,619
|
|
Average balance during the period
|
45,619
|
|
|
45,619
|
|
||
Average interest rate during the period
|
4.52
|
%
|
|
3.65
|
%
|
||
Maximum month-end balance during the period
|
$
|
45,619
|
|
|
$
|
45,619
|
|
Average interest rate at the period end
|
4.79
|
%
|
|
3.78
|
%
|
(dollars in thousands)
|
Adequately
Capitalized
|
Well-
Capitalized
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||
|
Amount
|
Ratio
|
|
Amount
|
Ratio
|
|||||||||||
S&T Bancorp, Inc.
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 leverage
|
4.00
|
%
|
5.00
|
%
|
|
$
|
683,865
|
|
10.13
|
%
|
|
$
|
628,876
|
|
9.17
|
%
|
Common equity tier 1 to risk-weighted assets
|
4.50
|
%
|
6.50
|
%
|
|
663,865
|
|
11.42
|
%
|
|
608,876
|
|
10.71
|
%
|
||
Tier 1 capital to risk-weighted assets
|
6.00
|
%
|
8.00
|
%
|
|
683,865
|
|
11.76
|
%
|
|
628,876
|
|
11.06
|
%
|
||
Total capital to risk-weighted assets
|
8.00
|
%
|
10.00
|
%
|
|
771,575
|
|
13.27
|
%
|
|
713,056
|
|
12.55
|
%
|
||
S&T Bank
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 leverage
|
4.00
|
%
|
5.00
|
%
|
|
$
|
644,719
|
|
9.57
|
%
|
|
$
|
582,929
|
|
8.52
|
%
|
Common equity tier 1 to risk-weighted assets
|
4.50
|
%
|
6.50
|
%
|
|
644,719
|
|
11.12
|
%
|
|
582,929
|
|
10.29
|
%
|
||
Tier 1 capital to risk-weighted assets
|
6.00
|
%
|
8.00
|
%
|
|
644,719
|
|
11.12
|
%
|
|
582,929
|
|
10.29
|
%
|
||
Total capital to risk-weighted assets
|
8.00
|
%
|
10.00
|
%
|
|
732,429
|
|
12.64
|
%
|
|
666,560
|
|
11.76
|
%
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||
|
1 - 12 Months
|
|
|
13 - 24 Months
|
|
|
% Change in EVE
|
|
|
1 - 12 Months
|
|
|
13 - 24 Months
|
|
|
% Change in EVE
|
|
Change in Interest Rate (
basis points
)
|
% Change in Pretax Net Interest Income
|
|
|
% Change in Pretax Net Interest Income
|
|
|
|
% Change in Pretax Net Interest Income
|
|
|
% Change in Pretax Net Interest Income
|
|
|
||||
400
|
10.9
|
%
|
|
13.4
|
%
|
|
(11.2
|
)%
|
|
5.5
|
%
|
|
12.4
|
%
|
|
(9.2
|
)%
|
300
|
8.1
|
|
|
9.9
|
|
|
(5.8
|
)
|
|
4.2
|
|
|
9.3
|
|
|
(3.6
|
)
|
200
|
5.6
|
|
|
6.7
|
|
|
(1.7
|
)
|
|
2.4
|
|
|
5.9
|
|
|
0.3
|
|
100
|
2.8
|
|
|
3.6
|
|
|
0.8
|
|
|
1.3
|
|
|
3.2
|
|
|
1.9
|
|
(100)
|
(4.3
|
)
|
|
(5.8
|
)
|
|
(7.0
|
)
|
|
(3.6
|
)
|
|
(6.5
|
)
|
|
(8.0
|
)
|
(200)
|
(9.1
|
)
|
|
(12.4
|
)
|
|
(15.7
|
)
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer.
|
Filed herewith
|
|
|
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer.
|
Filed herewith
|
|
|
|
|
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer.
|
Filed herewith
|
|
|
|
|
101
|
The following financial information from the Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 is formatted in eXtensible Business Reporting Language (XBRL): (i) Unaudited Consolidated Balance Sheet at September 30, 2018 and Audited Consolidated Balance Sheet at December 31, 2017, (ii) Unaudited Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2018 and 2017, (iii) Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months ended September 30, 2018 and 2017, (iv) Unaudited Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2018 and 2017 and (v) Notes to Unaudited Consolidated Financial Statements.
|
Filed herewith
|
|
S&T Bancorp, Inc.
(Registrant)
|
|
|
October 31, 2018
|
/s/ Mark Kochvar
|
|
Mark Kochvar
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Signatory)
|
1 Year S and T Bancorp Chart |
1 Month S and T Bancorp Chart |
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