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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.06% | 31.55 | 12.65 | 50.59 | 32.00 | 31.50 | 31.97 | 127,645 | 22:30:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Pennsylvania
|
|
|
|
25-1434426
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(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
||
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|
|
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800 Philadelphia Street
|
Indiana
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PA
|
|
15701
|
(Address of principal executive offices)
|
|
(zip code)
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, $2.50 par value
|
STBA
|
The NASDAQ Stock Market LLC
|
|
|
Page No.
|
|
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||
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|
|
|
|
|
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|
|
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|
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|
June 30, 2019
|
|
December 31, 2018
|
||||||
(dollars in thousands, except per share data)
|
(Unaudited)
|
|
(Audited)
|
||||||
ASSETS
|
|
|
|
|
|
||||
Cash and due from banks, including interest-bearing deposits of $62,042 and $82,740 at June 30, 2019 and December 31, 2018
|
|
$
|
122,876
|
|
|
|
$
|
155,489
|
|
Securities, at fair value
|
|
668,588
|
|
|
|
684,872
|
|
||
Loans held for sale
|
|
8,135
|
|
|
|
2,371
|
|
||
Portfolio loans, net of unearned income
|
|
6,033,200
|
|
|
|
5,946,648
|
|
||
Allowance for loan losses
|
|
(61,479
|
)
|
|
|
(60,996
|
)
|
||
Portfolio loans, net
|
|
5,971,721
|
|
|
|
5,885,652
|
|
||
Bank owned life insurance
|
|
74,906
|
|
|
|
73,900
|
|
||
Premises and equipment, net
|
|
41,688
|
|
|
|
41,730
|
|
||
Federal Home Loan Bank and other restricted stock, at cost
|
|
22,491
|
|
|
|
29,435
|
|
||
Goodwill
|
|
287,446
|
|
|
|
287,446
|
|
||
Other intangible assets, net
|
|
2,255
|
|
|
|
2,601
|
|
||
Other assets
|
|
134,499
|
|
|
|
88,725
|
|
||
Total Assets
|
|
$
|
7,334,605
|
|
|
|
$
|
7,252,221
|
|
LIABILITIES
|
|
|
|
|
|
||||
Deposits:
|
|
|
|
|
|
||||
Noninterest-bearing demand
|
|
$
|
1,462,386
|
|
|
|
$
|
1,421,156
|
|
Interest-bearing demand
|
|
549,663
|
|
|
|
573,693
|
|
||
Money market
|
|
1,742,334
|
|
|
|
1,482,065
|
|
||
Savings
|
|
754,062
|
|
|
|
784,970
|
|
||
Certificates of deposit
|
|
1,348,255
|
|
|
|
1,412,038
|
|
||
Total Deposits
|
|
5,856,700
|
|
|
|
5,673,922
|
|
||
Securities sold under repurchase agreements
|
|
14,154
|
|
|
|
18,383
|
|
||
Short-term borrowings
|
|
295,000
|
|
|
|
470,000
|
|
||
Long-term borrowings
|
|
69,791
|
|
|
|
70,314
|
|
||
Junior subordinated debt securities
|
|
45,619
|
|
|
|
45,619
|
|
||
Other liabilities
|
|
88,388
|
|
|
|
38,222
|
|
||
Total Liabilities
|
|
6,369,652
|
|
|
|
6,316,460
|
|
||
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||||
Common stock ($2.50 par value)
Authorized—50,000,000 shares Issued—36,130,480 shares at June 30, 2019 and at December 31, 2018 Outstanding— 34,330,338 shares at June 30, 2019 and 34,683,874 shares at December 31, 2018 |
|
90,326
|
|
|
|
90,326
|
|
||
Additional paid-in capital
|
|
211,325
|
|
|
|
210,345
|
|
||
Retained earnings
|
|
730,577
|
|
|
|
701,819
|
|
||
Accumulated other comprehensive loss
|
|
(9,519
|
)
|
|
|
(23,107
|
)
|
||
Treasury stock (1,800,142 shares at June 30, 2019 and 1,446,606 shares at December 31, 2018, at cost)
|
|
(57,756
|
)
|
|
|
(43,622
|
)
|
||
Total Shareholders’ Equity
|
|
964,953
|
|
|
|
935,761
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
7,334,605
|
|
|
|
$
|
7,252,221
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
(dollars in thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
INTEREST AND DIVIDEND INCOME
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Loans, including fees
|
|
$
|
74,728
|
|
|
|
$
|
66,610
|
|
|
|
$
|
148,120
|
|
|
|
$
|
129,665
|
|
Investment Securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable
|
|
3,647
|
|
|
|
3,519
|
|
|
|
7,437
|
|
|
|
6,948
|
|
||||
Tax-exempt
|
|
834
|
|
|
|
872
|
|
|
|
1,679
|
|
|
|
1,746
|
|
||||
Dividends
|
|
415
|
|
|
|
580
|
|
|
|
978
|
|
|
|
1,251
|
|
||||
Total Interest and Dividend Income
|
|
79,624
|
|
|
|
71,581
|
|
|
|
158,214
|
|
|
|
139,610
|
|
||||
INTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Deposits
|
|
16,055
|
|
|
|
9,166
|
|
|
|
31,036
|
|
|
|
17,012
|
|
||||
Borrowings and junior subordinated debt securities
|
|
2,742
|
|
|
|
4,012
|
|
|
|
5,995
|
|
|
|
7,264
|
|
||||
Total Interest Expense
|
|
18,797
|
|
|
|
13,178
|
|
|
|
37,031
|
|
|
|
24,276
|
|
||||
NET INTEREST INCOME
|
|
60,827
|
|
|
|
58,403
|
|
|
|
121,183
|
|
|
|
115,334
|
|
||||
Provision for loan losses
|
|
2,205
|
|
|
|
9,345
|
|
|
|
7,854
|
|
|
|
11,817
|
|
||||
Net Interest Income After Provision for Loan Losses
|
|
58,622
|
|
|
|
49,058
|
|
|
|
113,329
|
|
|
|
103,517
|
|
||||
NONINTEREST INCOME
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net gain on sale of securities
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
||||
Debit and credit card
|
|
3,501
|
|
|
|
3,309
|
|
|
|
6,476
|
|
|
|
6,347
|
|
||||
Service charges on deposit accounts
|
|
3,212
|
|
|
|
3,227
|
|
|
|
6,365
|
|
|
|
6,468
|
|
||||
Wealth management
|
|
2,062
|
|
|
|
2,616
|
|
|
|
4,109
|
|
|
|
5,298
|
|
||||
Mortgage banking
|
|
637
|
|
|
|
831
|
|
|
|
1,131
|
|
|
|
1,432
|
|
||||
Gain on sale of a majority interest of insurance business
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,873
|
|
||||
Other
|
|
3,489
|
|
|
|
2,268
|
|
|
|
6,182
|
|
|
|
4,626
|
|
||||
Total Noninterest Income
|
|
12,901
|
|
|
|
12,251
|
|
|
|
24,263
|
|
|
|
26,044
|
|
||||
NONINTEREST EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
|
20,290
|
|
|
|
18,611
|
|
|
|
41,199
|
|
|
|
37,426
|
|
||||
Data processing and information technology
|
|
3,414
|
|
|
|
2,379
|
|
|
|
6,646
|
|
|
|
4,704
|
|
||||
Net occupancy
|
|
2,949
|
|
|
|
2,804
|
|
|
|
5,986
|
|
|
|
5,677
|
|
||||
Furniture, equipment and software
|
|
2,301
|
|
|
|
2,134
|
|
|
|
4,531
|
|
|
|
4,090
|
|
||||
Other taxes
|
|
1,456
|
|
|
|
1,739
|
|
|
|
2,641
|
|
|
|
3,587
|
|
||||
Marketing
|
|
1,310
|
|
|
|
1,190
|
|
|
|
2,452
|
|
|
|
1,892
|
|
||||
Professional services and legal
|
|
1,145
|
|
|
|
888
|
|
|
|
2,329
|
|
|
|
1,939
|
|
||||
FDIC insurance
|
|
695
|
|
|
|
739
|
|
|
|
1,211
|
|
|
|
1,847
|
|
||||
Merger related expenses
|
|
618
|
|
|
|
—
|
|
|
|
618
|
|
|
|
—
|
|
||||
Other
|
|
6,174
|
|
|
|
5,379
|
|
|
|
11,658
|
|
|
|
10,783
|
|
||||
Total Noninterest Expense
|
|
40,352
|
|
|
|
35,863
|
|
|
|
79,271
|
|
|
|
71,945
|
|
||||
Income Before Taxes
|
|
31,171
|
|
|
|
25,446
|
|
|
|
58,321
|
|
|
|
57,616
|
|
||||
Provision for income taxes
|
|
5,070
|
|
|
|
4,010
|
|
|
|
9,292
|
|
|
|
10,017
|
|
||||
Net Income
|
|
$
|
26,101
|
|
|
|
$
|
21,436
|
|
|
|
$
|
49,029
|
|
|
|
$
|
47,599
|
|
Earnings per share—basic
|
|
$
|
0.76
|
|
|
|
$
|
0.62
|
|
|
|
$
|
1.43
|
|
|
|
$
|
1.37
|
|
Earnings per share—diluted
|
|
$
|
0.76
|
|
|
|
$
|
0.61
|
|
|
|
$
|
1.43
|
|
|
|
$
|
1.36
|
|
Dividends declared per share
|
|
$
|
0.27
|
|
|
|
$
|
0.25
|
|
|
|
$
|
0.54
|
|
|
|
$
|
0.47
|
|
Comprehensive Income
|
|
$
|
33,513
|
|
|
|
$
|
20,444
|
|
|
|
$
|
62,617
|
|
|
|
$
|
35,081
|
|
|
For the three months ended June 30, 2018
|
||||||||||||||||||||||||||||
(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 March 31, 2018
|
|
$
|
90,326
|
|
|
|
$
|
216,618
|
|
|
|
$
|
649,925
|
|
|
|
$
|
(29,953
|
)
|
|
|
$
|
(31,509
|
)
|
|
|
$
|
895,407
|
|
Net income for the three months ended June 30, 2018
|
|
—
|
|
|
|
—
|
|
|
|
21,436
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,436
|
|
||||||
Other comprehensive income (loss), net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,256
|
)
|
|
|
—
|
|
|
|
(1,256
|
)
|
||||||
Reclassification of tax effects from the Tax Act
(1)
|
|
—
|
|
|
|
—
|
|
|
|
(264
|
)
|
|
|
264
|
|
|
|
—
|
|
|
|
—
|
|
||||||
Cash dividends declared ($0.25 per share)
|
|
—
|
|
|
|
—
|
|
|
|
(8,722
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(8,722
|
)
|
||||||
Treasury stock issued for restricted awards (9,443 shares, net of no forfeitures)
|
|
—
|
|
|
|
—
|
|
|
|
(263
|
)
|
|
|
—
|
|
|
|
264
|
|
|
|
1
|
|
||||||
Recognition of restricted stock compensation expense
|
|
—
|
|
|
|
267
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
267
|
|
||||||
Balance at June 30, 2018
|
|
$
|
90,326
|
|
|
|
$
|
216,885
|
|
|
|
$
|
662,112
|
|
|
|
$
|
(30,945
|
)
|
|
|
$
|
(31,245
|
)
|
|
|
$
|
907,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the three months ended June 30, 2019
|
||||||||||||||||||||||||||||
(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 March 31, 2019
|
|
$
|
90,326
|
|
|
|
$
|
210,949
|
|
|
|
$
|
716,078
|
|
|
|
$
|
(16,931
|
)
|
|
|
$
|
(57,266
|
)
|
|
|
$
|
943,156
|
|
Net Income for the three months ended June 30, 2019
|
|
—
|
|
|
|
—
|
|
|
|
26,101
|
|
|
|
—
|
|
|
|
—
|
|
|
|
26,101
|
|
||||||
Other comprehensive income (loss), net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
7,412
|
|
|
|
—
|
|
|
|
7,412
|
|
||||||
Cash dividends declared ($0.27 per share)
|
|
—
|
|
|
|
—
|
|
|
|
(9,242
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,242
|
)
|
||||||
Treasury stock issued for restricted stock awards (83,056 shares, net of forfeitures of 10,918 shares)
|
|
—
|
|
|
|
—
|
|
|
|
(2,360
|
)
|
|
|
—
|
|
|
|
2,345
|
|
|
|
(15
|
)
|
||||||
Repurchase of common stock (71,936 shares)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,835
|
)
|
|
|
(2,835
|
)
|
||||||
Recognition of restricted stock compensation expense
|
|
—
|
|
|
|
376
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
376
|
|
||||||
Balance at June 30, 2019
|
|
$
|
90,326
|
|
|
|
$
|
211,325
|
|
|
|
$
|
730,577
|
|
|
|
$
|
(9,519
|
)
|
|
|
$
|
(57,756
|
)
|
|
|
$
|
964,953
|
|
|
For the six months ended June 30, 2018
|
||||||||||||||||||||||||||||
(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, 2018
|
|
$
|
90,326
|
|
|
|
$
|
216,106
|
|
|
|
$
|
628,107
|
|
|
|
$
|
(18,427
|
)
|
|
|
$
|
(32,081
|
)
|
|
|
$
|
884,031
|
|
Net income for the six months ended June 30, 2018
|
|
—
|
|
|
|
—
|
|
|
|
47,599
|
|
|
|
—
|
|
|
|
—
|
|
|
|
47,599
|
|
||||||
Other comprehensive income (loss), net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(8,229
|
)
|
|
|
—
|
|
|
|
(8,229
|
)
|
||||||
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 ($0.47 per share)
|
|
—
|
|
|
|
—
|
|
|
|
(16,391
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(16,391
|
)
|
||||||
Treasury stock issued for restricted awards (75,608 shares, net of 37,592 forfeitures)
|
|
—
|
|
|
|
—
|
|
|
|
(1,492
|
)
|
|
|
—
|
|
|
|
836
|
|
|
|
(656
|
)
|
||||||
Recognition of restricted stock compensation expense
|
|
—
|
|
|
|
779
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
779
|
|
||||||
Balance at June 30, 2018
|
|
$
|
90,326
|
|
|
|
$
|
216,885
|
|
|
|
$
|
662,112
|
|
|
|
$
|
(30,945
|
)
|
|
|
$
|
(31,245
|
)
|
|
|
$
|
907,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
For the six months ended June 30, 2019
|
||||||||||||||||||||||||||||
(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, 2019
|
|
$
|
90,326
|
|
|
|
$
|
210,345
|
|
|
|
$
|
701,819
|
|
|
|
$
|
(23,107
|
)
|
|
|
$
|
(43,622
|
)
|
|
|
$
|
935,761
|
|
Net Income for the six months ended June 30, 2019
|
|
—
|
|
|
|
—
|
|
|
|
49,029
|
|
|
|
—
|
|
|
|
—
|
|
|
|
49,029
|
|
||||||
Other comprehensive income (loss), net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13,588
|
|
|
|
—
|
|
|
|
13,588
|
|
||||||
Impact of new lease standard
|
|
—
|
|
|
|
—
|
|
|
|
167
|
|
|
|
—
|
|
|
|
—
|
|
|
|
167
|
|
||||||
Cash dividends declared ($0.54 per share)
|
|
—
|
|
|
|
—
|
|
|
|
(18,559
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(18,559
|
)
|
||||||
Treasury stock issued for restricted stock awards (83,056 shares, net of forfeitures of 50,752 shares)
|
|
—
|
|
|
|
—
|
|
|
|
(1,879
|
)
|
|
|
—
|
|
|
|
988
|
|
|
|
(891
|
)
|
||||||
Repurchase of common stock (385,840 shares)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(15,122
|
)
|
|
|
(15,122
|
)
|
||||||
Recognition of restricted stock compensation expense
|
|
—
|
|
|
|
980
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
980
|
|
||||||
Balance at June 30, 2019
|
|
$
|
90,326
|
|
|
|
$
|
211,325
|
|
|
|
$
|
730,577
|
|
|
|
$
|
(9,519
|
)
|
|
|
$
|
(57,756
|
)
|
|
|
$
|
964,953
|
|
|
Six Months Ended June 30,
|
||||||||
(dollars in thousands)
|
|
2019
|
|
|
2018
|
||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income
|
|
$
|
49,029
|
|
|
|
$
|
47,599
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||
Provision for loan losses
|
|
7,854
|
|
|
|
11,817
|
|
||
Net increase (decrease) in provision for unfunded loan commitments
|
|
208
|
|
|
|
(114
|
)
|
||
Net depreciation, amortization and accretion
|
|
2,872
|
|
|
|
2,174
|
|
||
Net amortization of discounts and premiums on securities
|
|
1,562
|
|
|
|
1,572
|
|
||
Stock-based compensation expense
|
|
980
|
|
|
|
779
|
|
||
Gain on the sale of mortgage loans, net
|
|
(683
|
)
|
|
|
(683
|
)
|
||
Gain on the sale of majority interest of insurance business
|
|
—
|
|
|
|
(1,873
|
)
|
||
Mortgage loans originated for sale
|
|
(38,720
|
)
|
|
|
(41,631
|
)
|
||
Proceeds from the sale of mortgage loans
|
|
33,639
|
|
|
|
42,998
|
|
||
Net change in:
|
|
|
|
|
|
||||
Interest receivable
|
|
(1,235
|
)
|
|
|
(520
|
)
|
||
Interest payable
|
|
(1,582
|
)
|
|
|
699
|
|
||
Other assets
|
|
(11,006
|
)
|
|
|
(853
|
)
|
||
Other liabilities
|
|
15,978
|
|
|
|
2,529
|
|
||
Net Cash Provided by Operating Activities
|
|
58,896
|
|
|
|
64,493
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Purchases of securities
|
|
(9,438
|
)
|
|
|
(54,481
|
)
|
||
Proceeds from maturities, prepayments and calls of securities
|
|
40,260
|
|
|
|
45,487
|
|
||
Net proceeds from sales (purchases) of Federal Home Loan Bank stock
|
|
6,944
|
|
|
|
(6,512
|
)
|
||
Net increase in loans
|
|
(95,691
|
)
|
|
|
(37,957
|
)
|
||
Proceeds from sale of loans not originated for resale
|
|
465
|
|
|
|
3,922
|
|
||
Purchases of premises and equipment
|
|
(2,559
|
)
|
|
|
(804
|
)
|
||
Proceeds from the sale of premises and equipment
|
|
9
|
|
|
|
110
|
|
||
Proceeds from the sale of majority interest of insurance business
|
|
—
|
|
|
|
4,540
|
|
||
Net Cash Used in Investing Activities
|
|
(60,010
|
)
|
|
|
(45,695
|
)
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Net increase in core deposits
|
|
246,561
|
|
|
|
46,962
|
|
||
Net (decrease) in certificates of deposit
|
|
(63,736
|
)
|
|
|
(81,255
|
)
|
||
Net (decrease) in securities sold under repurchase agreements
|
|
(4,229
|
)
|
|
|
(5,437
|
)
|
||
Net (decrease) increase in short-term borrowings
|
|
(175,000
|
)
|
|
|
60,000
|
|
||
Repayments on long-term borrowings
|
|
(523
|
)
|
|
|
(1,239
|
)
|
||
Treasury shares issued-net
|
|
(891
|
)
|
|
|
(657
|
)
|
||
Cash dividends paid to common shareholders
|
|
(18,559
|
)
|
|
|
(16,391
|
)
|
||
Repurchase of common stock
|
|
(15,122
|
)
|
|
|
—
|
|
||
Net Cash (Used in) Provided by Financing Activities
|
|
(31,499
|
)
|
|
|
1,983
|
|
||
Net (decrease) increase in cash and cash equivalents
|
|
(32,613
|
)
|
|
|
20,781
|
|
||
Cash and cash equivalents at beginning of period
|
|
155,489
|
|
|
|
117,152
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
122,876
|
|
|
|
$
|
137,933
|
|
Supplemental Disclosures
|
|
|
|
|
|
||||
Loans transferred to held for sale
|
|
$
|
—
|
|
|
|
$
|
3,922
|
|
Leased right-of-use operating assets and lease liabilities added to the balance sheet
|
|
$
|
37,263
|
|
|
|
$
|
—
|
|
Interest paid
|
|
$
|
38,612
|
|
|
|
$
|
23,576
|
|
Income taxes paid, net of refunds
|
|
$
|
4,557
|
|
|
|
$
|
11,103
|
|
Transfer net assets to investment in insurance company partnership
|
|
$
|
—
|
|
|
|
$
|
1,917
|
|
Transfers of loans to other real estate owned
|
|
$
|
215
|
|
|
|
$
|
2,841
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
(in thousands, except share and per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Numerator for Earnings per Share—Basic:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
26,101
|
|
|
|
$
|
21,436
|
|
|
|
$
|
49,029
|
|
|
|
$
|
47,599
|
|
Less: Income allocated to participating shares
|
|
71
|
|
|
|
62
|
|
|
|
137
|
|
|
|
141
|
|
||||
Net Income Allocated to Shareholders
|
|
$
|
26,029
|
|
|
|
$
|
21,374
|
|
|
|
$
|
48,892
|
|
|
|
$
|
47,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Numerator for Earnings per Share—Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
26,101
|
|
|
|
$
|
21,436
|
|
|
|
$
|
49,029
|
|
|
|
$
|
47,599
|
|
Net Income Available to Shareholders
|
|
$
|
26,101
|
|
|
|
$
|
21,436
|
|
|
|
$
|
49,029
|
|
|
|
$
|
47,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominators for Earnings per Share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding—Basic
|
|
34,158,136
|
|
|
|
34,793,160
|
|
|
|
34,298,185
|
|
|
|
34,775,043
|
|
||||
Add: Potentially dilutive shares
|
|
52,850
|
|
|
|
264,416
|
|
|
|
88,121
|
|
|
|
267,998
|
|
||||
Denominator for Treasury Stock Method—Diluted
|
|
34,210,986
|
|
|
|
35,057,576
|
|
|
|
34,386,306
|
|
|
|
35,043,041
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding—Basic
|
|
34,158,136
|
|
|
|
34,793,160
|
|
|
|
34,298,185
|
|
|
|
34,775,043
|
|
||||
Add: Average participating shares outstanding
|
|
93,433
|
|
|
|
100,212
|
|
|
|
96,261
|
|
|
|
103,449
|
|
||||
Denominator for Two-Class Method—Diluted
|
|
34,251,569
|
|
|
|
34,893,372
|
|
|
|
34,394,446
|
|
|
|
34,878,492
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share—basic
|
|
$
|
0.76
|
|
|
|
$
|
0.62
|
|
|
|
$
|
1.43
|
|
|
|
$
|
1.37
|
|
Earnings per share—diluted
|
|
$
|
0.76
|
|
|
|
$
|
0.61
|
|
|
|
$
|
1.43
|
|
|
|
$
|
1.36
|
|
Restricted stock considered anti-dilutive excluded from potentially dilutive shares
|
|
5,183
|
|
|
|
—
|
|
|
|
44,153
|
|
|
|
2,047
|
|
|
June 30, 2019
|
||||||||||||||
(dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
—
|
|
|
$
|
10,007
|
|
|
$
|
—
|
|
|
$
|
10,007
|
|
Obligations of U.S. government corporations and agencies
|
—
|
|
|
129,773
|
|
|
—
|
|
|
129,773
|
|
||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
—
|
|
|
150,405
|
|
|
—
|
|
|
150,405
|
|
||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
|
20,936
|
|
|
—
|
|
|
20,936
|
|
||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
|
235,292
|
|
|
—
|
|
|
235,292
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
117,624
|
|
|
—
|
|
|
117,624
|
|
||||
Total Debt Securities Available-for-Sale
|
—
|
|
|
664,037
|
|
|
—
|
|
|
664,037
|
|
||||
Marketable equity securities
|
—
|
|
|
4,551
|
|
|
—
|
|
|
4,551
|
|
||||
Total Securities
|
—
|
|
|
668,588
|
|
|
—
|
|
|
668,588
|
|
||||
Securities held in a deferred compensation plan
|
5,532
|
|
|
—
|
|
|
—
|
|
|
5,532
|
|
||||
Derivative financial assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
22,688
|
|
|
—
|
|
|
22,688
|
|
||||
Interest rate lock commitments
|
—
|
|
|
649
|
|
|
—
|
|
|
649
|
|
||||
Total Assets
|
$
|
5,532
|
|
|
$
|
691,925
|
|
|
$
|
—
|
|
|
$
|
697,457
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Derivative financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
22,620
|
|
|
$
|
—
|
|
|
$
|
22,620
|
|
Forward sale contracts
|
—
|
|
|
105
|
|
|
—
|
|
|
105
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
22,725
|
|
|
$
|
—
|
|
|
$
|
22,725
|
|
|
|
December 31, 2018
|
|||||||||||||||||
(dollars in thousands)
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
$
|
—
|
|
|
|
$
|
9,736
|
|
|
|
$
|
—
|
|
|
|
$
|
9,736
|
|
Obligations of U.S. government corporations and agencies
|
|
—
|
|
|
|
128,261
|
|
|
|
—
|
|
|
|
128,261
|
|
||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
—
|
|
|
|
148,659
|
|
|
|
—
|
|
|
|
148,659
|
|
||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
—
|
|
|
|
24,350
|
|
|
|
—
|
|
|
|
24,350
|
|
||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
—
|
|
|
|
246,784
|
|
|
|
—
|
|
|
|
246,784
|
|
||||
Obligations of states and political subdivisions
|
|
—
|
|
|
|
122,266
|
|
|
|
—
|
|
|
|
122,266
|
|
||||
Total Debt Securities Available-for-Sale
|
|
—
|
|
|
|
680,056
|
|
|
|
—
|
|
|
|
680,056
|
|
||||
Marketable equity securities
|
|
—
|
|
|
|
4,816
|
|
|
|
—
|
|
|
|
4,816
|
|
||||
Total Securities
|
|
—
|
|
|
|
684,872
|
|
|
|
—
|
|
|
|
684,872
|
|
||||
Securities held in a deferred compensation plan
|
|
4,725
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,725
|
|
||||
Derivative financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
—
|
|
|
|
5,504
|
|
|
|
—
|
|
|
|
5,504
|
|
||||
Interest rate lock commitments
|
|
—
|
|
|
|
251
|
|
|
|
—
|
|
|
|
251
|
|
||||
Forward sale contracts
|
|
—
|
|
|
|
55
|
|
|
|
—
|
|
|
|
55
|
|
||||
Total Assets
|
|
$
|
4,725
|
|
|
|
$
|
690,682
|
|
|
|
$
|
—
|
|
|
|
$
|
695,407
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Derivative financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
$
|
—
|
|
|
|
$
|
5,340
|
|
|
|
$
|
—
|
|
|
|
$
|
5,340
|
|
Total Liabilities
|
|
$
|
—
|
|
|
|
$
|
5,340
|
|
|
|
$
|
—
|
|
|
|
$
|
5,340
|
|
|
|
June 30, 2019
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
||||||||||||||||
ASSETS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Impaired loans
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
30,456
|
|
|
|
$
|
30,456
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
21,441
|
|
|
|
$
|
21,441
|
|
Other real estate owned
|
|
—
|
|
|
|
—
|
|
|
|
1,353
|
|
|
|
1,353
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,826
|
|
|
|
2,826
|
|
||||||||
Mortgage servicing rights
|
|
—
|
|
|
|
—
|
|
|
|
1,141
|
|
|
|
1,141
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,197
|
|
|
|
1,197
|
|
||||||||
Total Assets
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
32,950
|
|
|
|
$
|
32,950
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
25,464
|
|
|
|
$
|
25,464
|
|
(1)
This table presents only the nonrecurring items that are recorded at fair value in our financial statements.
|
|
Carrying
Value
(1)
|
|
Fair Value Measurements at June 30, 2019
|
||||||||||||||||
(dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks, including interest-bearing deposits
|
$
|
122,876
|
|
|
$
|
122,876
|
|
|
$
|
122,876
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities
|
668,588
|
|
|
668,588
|
|
|
—
|
|
|
668,588
|
|
|
—
|
|
|||||
Loans held for sale
|
8,135
|
|
|
8,135
|
|
|
—
|
|
|
—
|
|
|
8,135
|
|
|||||
Portfolio loans, net
|
5,971,721
|
|
|
5,836,651
|
|
|
—
|
|
|
—
|
|
|
5,836,651
|
|
|||||
Bank owned life insurance
|
74,906
|
|
|
74,906
|
|
|
—
|
|
|
74,906
|
|
|
—
|
|
|||||
FHLB and other restricted stock
|
22,491
|
|
|
22,491
|
|
|
—
|
|
|
—
|
|
|
22,491
|
|
|||||
Securities held in a deferred compensation plan
|
5,532
|
|
|
5,532
|
|
|
5,532
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
4,214
|
|
|
4,728
|
|
|
—
|
|
|
—
|
|
|
4,728
|
|
|||||
Interest rate swaps
|
22,688
|
|
|
22,688
|
|
|
—
|
|
|
22,688
|
|
|
—
|
|
|||||
Interest rate lock commitments
|
649
|
|
|
649
|
|
|
—
|
|
|
649
|
|
|
—
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
5,856,700
|
|
|
$
|
5,854,053
|
|
|
$
|
4,508,445
|
|
|
$
|
1,345,608
|
|
|
$
|
—
|
|
Securities sold under repurchase agreements
|
14,154
|
|
|
14,154
|
|
|
14,154
|
|
|
—
|
|
|
—
|
|
|||||
Short-term borrowings
|
295,000
|
|
|
295,000
|
|
|
295,000
|
|
|
—
|
|
|
—
|
|
|||||
Long-term borrowings
|
69,791
|
|
|
70,405
|
|
|
39,334
|
|
|
31,071
|
|
|
—
|
|
|||||
Junior subordinated debt securities
|
45,619
|
|
|
45,619
|
|
|
45,619
|
|
|
—
|
|
|
—
|
|
|||||
Interest rate swaps
|
22,620
|
|
|
22,620
|
|
|
—
|
|
|
22,620
|
|
|
—
|
|
|||||
Forward sales contracts
|
105
|
|
|
105
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|||||
(1)
As reported in the Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
Carrying
Value
(1)
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||||
(dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks, including interest-bearing deposits
|
$
|
155,489
|
|
|
$
|
155,489
|
|
|
$
|
155,489
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities
|
684,872
|
|
|
684,872
|
|
|
—
|
|
|
684,872
|
|
|
—
|
|
|||||
Loans held for sale
|
2,371
|
|
|
2,469
|
|
|
—
|
|
|
—
|
|
|
2,469
|
|
|||||
Portfolio loans, net
|
5,885,652
|
|
|
5,728,843
|
|
|
—
|
|
|
—
|
|
|
5,728,843
|
|
|||||
Bank owned life insurance
|
73,900
|
|
|
73,900
|
|
|
—
|
|
|
73,900
|
|
|
—
|
|
|||||
FHLB and other restricted stock
|
29,435
|
|
|
29,435
|
|
|
—
|
|
|
—
|
|
|
29,435
|
|
|||||
Securities held in a Deferred Compensation Plan
|
4,725
|
|
|
4,725
|
|
|
4,725
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
4,464
|
|
|
5,181
|
|
|
—
|
|
|
—
|
|
|
5,181
|
|
|||||
Interest rate swaps
|
5,504
|
|
|
5,504
|
|
|
—
|
|
|
5,504
|
|
|
—
|
|
|||||
Interest rate lock commitments
|
251
|
|
|
251
|
|
|
—
|
|
|
251
|
|
|
—
|
|
|||||
Forward sale contracts
|
55
|
|
|
55
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
5,673,922
|
|
|
$
|
5,662,193
|
|
|
$
|
4,261,884
|
|
|
$
|
1,400,309
|
|
|
$
|
—
|
|
Securities sold under repurchase agreements
|
18,383
|
|
|
18,383
|
|
|
18,383
|
|
|
—
|
|
|
—
|
|
|||||
Short-term borrowings
|
470,000
|
|
|
470,000
|
|
|
470,000
|
|
|
—
|
|
|
—
|
|
|||||
Long-term borrowings
|
70,314
|
|
|
70,578
|
|
|
38,610
|
|
|
31,968
|
|
|
—
|
|
|||||
Junior subordinated debt securities
|
45,619
|
|
|
45,619
|
|
|
45,619
|
|
|
—
|
|
|
—
|
|
|||||
Interest rate swaps
|
5,340
|
|
|
5,340
|
|
|
—
|
|
|
5,340
|
|
|
—
|
|
|||||
(1)
As reported in the Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||||
Debt securities available-for-sale
|
|
$
|
664,037
|
|
|
|
$
|
680,056
|
|
Marketable equity securities
|
|
4,551
|
|
|
|
4,816
|
|
||
Total Securities
|
|
$
|
668,588
|
|
|
|
$
|
684,872
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||
(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
|
|
$
|
9,964
|
|
|
|
$
|
43
|
|
|
|
$
|
—
|
|
|
|
$
|
10,007
|
|
|
|
$
|
9,958
|
|
|
|
$
|
—
|
|
|
|
$
|
(222
|
)
|
|
|
$
|
9,736
|
|
Obligations of U.S. government corporations and agencies
|
|
128,260
|
|
|
|
1,532
|
|
|
|
(19
|
)
|
|
|
129,773
|
|
|
|
129,267
|
|
|
|
68
|
|
|
|
(1,074
|
)
|
|
|
128,261
|
|
||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
147,692
|
|
|
|
3,029
|
|
|
|
(316
|
)
|
|
|
150,405
|
|
|
|
149,849
|
|
|
|
795
|
|
|
|
(1,985
|
)
|
|
|
148,659
|
|
||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
20,704
|
|
|
|
289
|
|
|
|
(57
|
)
|
|
|
20,936
|
|
|
|
24,564
|
|
|
|
203
|
|
|
|
(417
|
)
|
|
|
24,350
|
|
||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
232,657
|
|
|
|
2,807
|
|
|
|
(172
|
)
|
|
|
235,292
|
|
|
|
251,660
|
|
|
|
—
|
|
|
|
(4,876
|
)
|
|
|
246,784
|
|
||||||||
Obligations of states and political subdivisions
|
|
113,508
|
|
|
|
4,116
|
|
|
|
—
|
|
|
|
117,624
|
|
|
|
119,872
|
|
|
|
2,448
|
|
|
|
(54
|
)
|
|
|
122,266
|
|
||||||||
Total Debt Securities Available-for-Sale
|
|
$
|
652,785
|
|
|
|
$
|
11,816
|
|
|
|
$
|
(564
|
)
|
|
|
$
|
664,037
|
|
|
|
$
|
685,170
|
|
|
|
$
|
3,514
|
|
|
|
$
|
(8,628
|
)
|
|
|
$
|
680,056
|
|
|
June 30, 2019
|
||||||||||||||||||||||||||||
|
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
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
Obligations of U.S. government corporations and agencies
|
—
|
|
—
|
|
|
—
|
|
|
3
|
|
24,932
|
|
|
(19
|
)
|
|
3
|
|
24,932
|
|
|
(19
|
)
|
||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
1
|
|
3,613
|
|
|
(6
|
)
|
|
8
|
|
41,602
|
|
|
(310
|
)
|
|
9
|
|
45,215
|
|
|
(316
|
)
|
||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
—
|
|
|
—
|
|
|
2
|
|
6,740
|
|
|
(57
|
)
|
|
2
|
|
6,740
|
|
|
(57
|
)
|
||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
—
|
|
|
—
|
|
|
5
|
|
48,119
|
|
|
(172
|
)
|
|
5
|
|
48,119
|
|
|
(172
|
)
|
||||||
Obligations of states and political subdivisions
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
||||||
Total Temporarily Impaired Debt Securities
|
1
|
|
$
|
3,613
|
|
|
$
|
(6
|
)
|
|
18
|
|
$
|
121,393
|
|
|
$
|
(558
|
)
|
|
19
|
|
$
|
125,006
|
|
|
$
|
(564
|
)
|
|
December 31, 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
|
|
$
|
9,736
|
|
|
$
|
(222
|
)
|
|
1
|
|
$
|
9,736
|
|
|
$
|
(222
|
)
|
Obligations of U.S. government corporations and agencies
|
7
|
|
67,649
|
|
|
(613
|
)
|
|
6
|
|
35,760
|
|
|
(461
|
)
|
|
13
|
|
103,409
|
|
|
(1,074
|
)
|
||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
2
|
|
12,495
|
|
|
(44
|
)
|
|
14
|
|
76,179
|
|
|
(1,941
|
)
|
|
16
|
|
88,674
|
|
|
(1,985
|
)
|
||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
2
|
|
2,327
|
|
|
(45
|
)
|
|
3
|
|
9,241
|
|
|
(372
|
)
|
|
5
|
|
11,568
|
|
|
(417
|
)
|
||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
8
|
|
75,466
|
|
|
(1,032
|
)
|
|
19
|
|
171,318
|
|
|
(3,844
|
)
|
|
27
|
|
246,784
|
|
|
(4,876
|
)
|
||||||
Obligations of states and political subdivisions
|
2
|
|
9,902
|
|
|
(23
|
)
|
|
1
|
|
5,247
|
|
|
(31
|
)
|
|
3
|
|
15,149
|
|
|
(54
|
)
|
||||||
Total Temporarily Impaired Debt Securities
|
21
|
|
$
|
167,839
|
|
|
$
|
(1,757
|
)
|
|
44
|
|
$
|
307,481
|
|
|
$
|
(6,871
|
)
|
|
65
|
|
$
|
475,320
|
|
|
$
|
(8,628
|
)
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(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
|
$
|
11,816
|
|
|
$
|
(564
|
)
|
|
$
|
11,252
|
|
|
$
|
3,514
|
|
|
$
|
(8,628
|
)
|
|
$
|
(5,114
|
)
|
Income tax (expense) benefit
|
(2,520
|
)
|
|
120
|
|
|
(2,400
|
)
|
|
(746
|
)
|
|
1,832
|
|
|
1,086
|
|
||||||
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)
|
$
|
9,296
|
|
|
$
|
(444
|
)
|
|
$
|
8,852
|
|
|
$
|
2,768
|
|
|
$
|
(6,796
|
)
|
|
$
|
(4,028
|
)
|
|
June 30, 2019
|
||||||
(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
|
$
|
47,630
|
|
|
$
|
47,770
|
|
Due after one year through five years
|
122,824
|
|
|
124,741
|
|
||
Due after five years through ten years
|
63,472
|
|
|
66,144
|
|
||
Due after ten years
|
17,805
|
|
|
18,750
|
|
||
Debt Securities Available-for-Sale With Maturities
|
251,731
|
|
|
257,405
|
|
||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
147,692
|
|
|
150,405
|
|
||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
20,705
|
|
|
20,936
|
|
||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
232,657
|
|
|
235,291
|
|
||
Total Debt Securities Available-for-Sale
|
$
|
652,785
|
|
|
$
|
664,037
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(dollars in thousands)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Marketable Equity Securities
|
|
|
|
|
|
|
|
||||||||
Net market (losses)/gains recognized
|
$
|
52
|
|
|
$
|
230
|
|
|
$
|
(266
|
)
|
|
$
|
282
|
|
Less: Net gains recognized for equity securities sold
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Unrealized (Losses)/Gains on Equity Securities Still Held
|
$
|
52
|
|
|
$
|
230
|
|
|
$
|
(266
|
)
|
|
$
|
282
|
|
(dollars in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
Commercial
|
|
|
|
||||
Commercial real estate
|
$
|
2,906,895
|
|
|
$
|
2,921,832
|
|
Commercial and industrial
|
1,559,727
|
|
|
1,493,416
|
|
||
Commercial construction
|
267,203
|
|
|
257,197
|
|
||
Total Commercial Loans
|
4,733,825
|
|
|
4,672,445
|
|
||
Consumer
|
|
|
|
||||
Residential mortgage
|
751,355
|
|
|
726,679
|
|
||
Home equity
|
464,195
|
|
|
471,562
|
|
||
Installment and other consumer
|
72,041
|
|
|
67,546
|
|
||
Consumer construction
|
11,784
|
|
|
8,416
|
|
||
Total Consumer Loans
|
1,299,375
|
|
|
1,274,203
|
|
||
Total Portfolio Loans
|
6,033,200
|
|
|
5,946,648
|
|
||
Loans held for sale
|
8,135
|
|
|
2,371
|
|
||
Total Loans
|
$
|
6,041,335
|
|
|
$
|
5,949,019
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(dollars in thousands)
|
Performing
TDRs
|
|
Nonperforming
TDRs
|
|
Total
TDRs
|
|
Performing
TDRs
|
|
Nonperforming
TDRs
|
|
Total
TDRs
|
||||||||||||
Commercial real estate
|
$
|
3,519
|
|
|
$
|
5,600
|
|
|
$
|
9,119
|
|
|
$
|
2,054
|
|
|
$
|
1,139
|
|
|
$
|
3,193
|
|
Commercial and industrial
|
9,671
|
|
|
980
|
|
|
10,651
|
|
|
7,026
|
|
|
6,646
|
|
|
13,672
|
|
||||||
Commercial construction
|
1,913
|
|
|
406
|
|
|
2,319
|
|
|
1,912
|
|
|
406
|
|
|
2,318
|
|
||||||
Residential mortgage
|
1,997
|
|
|
1,497
|
|
|
3,494
|
|
|
2,214
|
|
|
1,543
|
|
|
3,757
|
|
||||||
Home equity
|
3,577
|
|
|
1,458
|
|
|
5,035
|
|
|
3,568
|
|
|
1,349
|
|
|
4,917
|
|
||||||
Installment and other consumer
|
13
|
|
|
3
|
|
|
16
|
|
|
12
|
|
|
5
|
|
|
17
|
|
||||||
Total
|
$
|
20,690
|
|
|
$
|
9,944
|
|
|
$
|
30,634
|
|
|
$
|
16,786
|
|
|
$
|
11,088
|
|
|
$
|
27,874
|
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||
(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
|
|
|
$
|
1,322
|
|
|
$
|
1,311
|
|
|
$
|
(11
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Maturity date extension and interest rate reduction
|
1
|
|
|
151
|
|
|
148
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal forgiveness
|
1
|
|
|
4,690
|
|
|
4,631
|
|
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total Commercial Real Estate
|
3
|
|
|
6,163
|
|
|
6,090
|
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Commercial and Industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Principal deferral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4,815
|
|
|
5,034
|
|
|
219
|
|
||||||
Total Commercial and Industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4,815
|
|
|
5,034
|
|
|
219
|
|
||||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
2
|
|
|
116
|
|
|
115
|
|
|
(1
|
)
|
|
1
|
|
|
41
|
|
|
41
|
|
|
—
|
|
||||||
Total Residential Mortgage
|
2
|
|
|
116
|
|
|
115
|
|
|
(1
|
)
|
|
1
|
|
|
41
|
|
|
41
|
|
|
—
|
|
||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
6
|
|
|
107
|
|
|
105
|
|
|
(2
|
)
|
|
2
|
|
|
26
|
|
|
26
|
|
|
—
|
|
||||||
Interest rate reduction
|
1
|
|
|
109
|
|
|
108
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Maturity date extension and interest rate reduction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
47
|
|
|
47
|
|
|
—
|
|
||||||
Total Home Equity
|
7
|
|
|
216
|
|
|
214
|
|
|
(3
|
)
|
|
4
|
|
|
73
|
|
|
73
|
|
|
—
|
|
||||||
Installment and Other Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
2
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
2
|
|
|
8
|
|
|
7
|
|
|
(1
|
)
|
||||||
Total Installment and Other Consumer
|
2
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
2
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
$
|
(1
|
)
|
Totals by Concession Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
1
|
|
|
$
|
1,322
|
|
|
$
|
1,311
|
|
|
$
|
(11
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Chapter 7 bankruptcy
(2)
|
10
|
|
|
232
|
|
|
229
|
|
|
(3
|
)
|
|
5
|
|
|
75
|
|
|
74
|
|
|
(1
|
)
|
||||||
Maturity date extension and interest rate reduction
|
1
|
|
|
151
|
|
|
148
|
|
|
(3
|
)
|
|
2
|
|
|
47
|
|
|
47
|
|
|
—
|
|
||||||
Principal deferral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4,815
|
|
|
5,034
|
|
|
219
|
|
||||||
Interest rate reduction
|
1
|
|
|
109
|
|
|
108
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal forgiveness
|
1
|
|
|
4,690
|
|
|
4,631
|
|
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
14
|
|
|
$
|
6,504
|
|
|
$
|
6,427
|
|
|
$
|
(76
|
)
|
|
10
|
|
|
$
|
4,937
|
|
|
$
|
5,155
|
|
|
$
|
218
|
|
(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.
|
|
Six Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||
(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 |
|
Number of
Loans |
|
Pre-Modification
Outstanding Recorded Investment (1) |
|
Post-Modification
Outstanding Recorded Investment (1) |
||||||||||||||
Totals by Loan Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
1
|
|
|
$
|
1,322
|
|
|
$
|
1,311
|
|
|
$
|
(11
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Maturity date extension and interest rate reduction
|
1
|
|
|
151
|
|
|
148
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal forgiveness
|
1
|
|
|
4,690
|
|
|
4,631
|
|
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total Commercial Real Estate
|
3
|
|
|
6,163
|
|
|
6,090
|
|
|
(73
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Commercial and Industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
768
|
|
|
582
|
|
|
(186
|
)
|
||||||
Maturity date extension and interest rate reduction
|
1
|
|
|
4,751
|
|
|
4,529
|
|
|
(222
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal deferral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4,815
|
|
|
5,034
|
|
|
219
|
|
||||||
Principal deferral and Maturity date extension
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
5,355
|
|
|
5,229
|
|
|
(126
|
)
|
||||||
Total Commercial and Industrial
|
1
|
|
|
4,751
|
|
|
4,529
|
|
|
(222
|
)
|
|
11
|
|
|
10,938
|
|
|
10,845
|
|
|
(93
|
)
|
||||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
3
|
|
|
166
|
|
|
163
|
|
|
(3
|
)
|
|
3
|
|
|
199
|
|
|
196
|
|
|
(3
|
)
|
||||||
Total Residential Mortgage
|
3
|
|
|
166
|
|
|
163
|
|
|
(3
|
)
|
|
3
|
|
|
199
|
|
|
196
|
|
|
(3
|
)
|
||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
13
|
|
|
298
|
|
|
268
|
|
|
(30
|
)
|
|
11
|
|
|
605
|
|
|
574
|
|
|
(31
|
)
|
||||||
Interest rate reduction
|
2
|
|
|
190
|
|
|
189
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Maturity date extension and interest rate reduction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
47
|
|
|
47
|
|
|
—
|
|
||||||
Total Home Equity
|
15
|
|
|
488
|
|
|
457
|
|
|
(31
|
)
|
|
13
|
|
|
652
|
|
|
621
|
|
|
(31
|
)
|
||||||
Installment and Other Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
3
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
4
|
|
|
25
|
|
|
23
|
|
|
(2
|
)
|
||||||
Total Installment and Other Consumer
|
3
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
4
|
|
|
25
|
|
|
$
|
23
|
|
|
$
|
(2
|
)
|
|
Totals by Concession Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
1
|
|
|
1,322
|
|
|
1,311
|
|
|
(11
|
)
|
|
2
|
|
|
768
|
|
|
582
|
|
|
(186
|
)
|
||||||
Maturity date extension and interest rate reduction
|
2
|
|
|
4,902
|
|
|
4,677
|
|
|
(225
|
)
|
|
2
|
|
|
47
|
|
|
47
|
|
|
—
|
|
||||||
Principal deferral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
4,815
|
|
|
5,034
|
|
|
219
|
|
||||||
Principal deferral and Maturity date extension
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
5,355
|
|
|
5,229
|
|
|
(126
|
)
|
||||||
Chapter 7 bankruptcy
(2)
|
19
|
|
|
473
|
|
|
440
|
|
|
(33
|
)
|
|
18
|
|
|
829
|
|
|
793
|
|
|
(36
|
)
|
||||||
Interest rate reduction
|
2
|
|
|
190
|
|
|
189
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal forgiveness
|
1
|
|
|
4,690
|
|
|
4,631
|
|
|
(59
|
)
|
|
—
|
|
|
—
|
|
|
4,690
|
|
|
4,690
|
|
||||||
Total
|
25
|
|
|
$
|
11,577
|
|
|
$
|
11,248
|
|
|
$
|
(328
|
)
|
|
31
|
|
|
$
|
11,814
|
|
|
$
|
16,375
|
|
|
$
|
4,561
|
|
(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)
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||||
Nonperforming Assets
|
|
|
|
|
|
||||
Nonaccrual loans
|
|
$
|
35,083
|
|
|
|
$
|
34,985
|
|
Nonaccrual TDRs
|
|
9,944
|
|
|
|
11,088
|
|
||
Total Nonaccrual Loans
|
|
45,027
|
|
|
|
46,073
|
|
||
OREO
|
|
1,495
|
|
|
|
3,092
|
|
||
Total Nonperforming Assets
|
|
$
|
46,522
|
|
|
|
$
|
49,165
|
|
|
June 30, 2019
|
||||||||||||||||||||||
(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
|
$
|
2,875,439
|
|
|
$
|
1,456
|
|
|
$
|
1,217
|
|
|
$
|
28,783
|
|
|
$
|
31,456
|
|
|
$
|
2,906,895
|
|
Commercial and industrial
|
1,554,081
|
|
|
606
|
|
|
910
|
|
|
4,130
|
|
|
5,646
|
|
|
1,559,727
|
|
||||||
Commercial construction
|
265,977
|
|
|
—
|
|
|
—
|
|
|
1,226
|
|
|
1,226
|
|
|
267,203
|
|
||||||
Residential mortgage
|
741,453
|
|
|
1,900
|
|
|
1,220
|
|
|
6,782
|
|
|
9,902
|
|
|
751,355
|
|
||||||
Home equity
|
457,296
|
|
|
2,555
|
|
|
264
|
|
|
4,081
|
|
|
6,900
|
|
|
464,195
|
|
||||||
Installment and other consumer
|
71,808
|
|
|
126
|
|
|
81
|
|
|
25
|
|
|
232
|
|
|
72,041
|
|
||||||
Consumer construction
|
11,784
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,784
|
|
||||||
Loans held for sale
|
8,135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,135
|
|
||||||
Total
|
$
|
5,985,973
|
|
|
$
|
6,643
|
|
|
$
|
3,692
|
|
|
$
|
45,027
|
|
|
$
|
55,362
|
|
|
$
|
6,041,335
|
|
|
December 31, 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
|
$
|
2,903,997
|
|
|
$
|
3,638
|
|
|
$
|
2,145
|
|
|
$
|
12,052
|
|
|
$
|
17,835
|
|
|
$
|
2,921,832
|
|
Commercial and industrial
|
1,482,473
|
|
|
1,000
|
|
|
983
|
|
|
8,960
|
|
|
10,943
|
|
|
1,493,416
|
|
||||||
Commercial construction
|
243,004
|
|
|
—
|
|
|
—
|
|
|
14,193
|
|
|
14,193
|
|
|
257,197
|
|
||||||
Residential mortgage
|
717,447
|
|
|
1,584
|
|
|
520
|
|
|
7,128
|
|
|
9,232
|
|
|
726,679
|
|
||||||
Home equity
|
465,152
|
|
|
2,103
|
|
|
609
|
|
|
3,698
|
|
|
6,410
|
|
|
471,562
|
|
||||||
Installment and other consumer
|
67,281
|
|
|
148
|
|
|
75
|
|
|
42
|
|
|
265
|
|
|
67,546
|
|
||||||
Consumer construction
|
8,416
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,416
|
|
||||||
Loans held for sale
|
2,371
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,371
|
|
||||||
Total
|
$
|
5,890,141
|
|
|
$
|
8,473
|
|
|
$
|
4,332
|
|
|
$
|
46,073
|
|
|
$
|
58,878
|
|
|
$
|
5,949,019
|
|
|
June 30, 2019
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
% of
Total
|
|
Commercial
and Industrial
|
% of
Total
|
|
Commercial
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
||||||||||||
Pass
|
$
|
2,750,338
|
|
94.6
|
%
|
|
$
|
1,483,519
|
|
95.1
|
%
|
|
$
|
256,351
|
|
95.9
|
%
|
|
$
|
4,490,208
|
|
94.9
|
%
|
Special mention
|
63,993
|
|
2.2
|
%
|
|
34,527
|
|
2.2
|
%
|
|
7,189
|
|
2.7
|
%
|
|
105,708
|
|
2.2
|
%
|
||||
Substandard
|
92,564
|
|
3.2
|
%
|
|
41,681
|
|
2.7
|
%
|
|
3,664
|
|
1.4
|
%
|
|
137,909
|
|
2.9
|
%
|
||||
Total
|
$
|
2,906,895
|
|
100.0
|
%
|
|
$
|
1,559,727
|
|
100.0
|
%
|
|
$
|
267,203
|
|
100.0
|
%
|
|
$
|
4,733,825
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2018
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
% of
Total
|
|
Commercial
and Industrial
|
% of
Total
|
|
Commercial
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
||||||||||||
Pass
|
$
|
2,776,292
|
|
95.0
|
%
|
|
$
|
1,394,427
|
|
93.4
|
%
|
|
$
|
233,190
|
|
90.7
|
%
|
|
$
|
4,403,909
|
|
94.3
|
%
|
Special mention
|
54,627
|
|
1.9
|
%
|
|
25,368
|
|
1.7
|
%
|
|
7,349
|
|
2.8
|
%
|
|
87,344
|
|
1.8
|
%
|
||||
Substandard
|
90,913
|
|
3.1
|
%
|
|
73,621
|
|
4.9
|
%
|
|
16,658
|
|
6.5
|
%
|
|
181,192
|
|
3.9
|
%
|
||||
Total
|
$
|
2,921,832
|
|
100.0
|
%
|
|
$
|
1,493,416
|
|
100.0
|
%
|
|
$
|
257,197
|
|
100.0
|
%
|
|
$
|
4,672,445
|
|
100.0
|
%
|
|
June 30, 2019
|
||||||||||||||||||||||||||||
(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
|
$
|
744,573
|
|
99.1
|
%
|
|
$
|
460,114
|
|
99.1
|
%
|
|
$
|
72,016
|
|
100.0
|
%
|
|
$
|
11,784
|
|
100.0
|
%
|
|
$
|
1,288,487
|
|
99.2
|
%
|
Nonperforming
|
6,782
|
|
0.9
|
%
|
|
4,081
|
|
0.9
|
%
|
|
25
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
10,888
|
|
0.8
|
%
|
|||||
Total
|
$
|
751,355
|
|
100.0
|
%
|
|
$
|
464,195
|
|
100.0
|
%
|
|
$
|
72,041
|
|
100.0
|
%
|
|
$
|
11,784
|
|
100.0
|
%
|
|
$
|
1,299,375
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
December 31, 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
|
$
|
719,551
|
|
99.0
|
%
|
|
$
|
467,864
|
|
99.2
|
%
|
|
$
|
67,504
|
|
99.9
|
%
|
|
$
|
8,416
|
|
100.0
|
%
|
|
$
|
1,263,335
|
|
99.1
|
%
|
Nonperforming
|
7,128
|
|
1.0
|
%
|
|
3,698
|
|
0.8
|
%
|
|
42
|
|
0.1
|
%
|
|
—
|
|
—
|
%
|
|
10,868
|
|
0.9
|
%
|
|||||
Total
|
$
|
726,679
|
|
100.0
|
%
|
|
$
|
471,562
|
|
100.0
|
%
|
|
$
|
67,546
|
|
100.0
|
%
|
|
$
|
8,416
|
|
100.0
|
%
|
|
$
|
1,274,203
|
|
100.0
|
%
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(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
|
$
|
7,703
|
|
|
$
|
7,703
|
|
|
$
|
1,530
|
|
|
$
|
7,733
|
|
|
$
|
7,733
|
|
|
$
|
1,295
|
|
Commercial and industrial
|
834
|
|
|
761
|
|
|
204
|
|
|
884
|
|
|
893
|
|
|
360
|
|
||||||
Commercial construction
|
490
|
|
|
489
|
|
|
157
|
|
|
489
|
|
|
489
|
|
|
87
|
|
||||||
Consumer real estate
|
666
|
|
|
666
|
|
|
307
|
|
|
15
|
|
|
14
|
|
|
10
|
|
||||||
Other consumer
|
13
|
|
|
14
|
|
|
14
|
|
|
11
|
|
|
12
|
|
|
11
|
|
||||||
Total with a Related Allowance Recorded
|
9,706
|
|
|
9,633
|
|
|
2,212
|
|
|
9,132
|
|
|
9,141
|
|
|
1,763
|
|
||||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
21,592
|
|
|
24,894
|
|
|
—
|
|
|
3,636
|
|
|
4,046
|
|
|
—
|
|
||||||
Commercial and industrial
|
9,817
|
|
|
12,550
|
|
|
—
|
|
|
12,788
|
|
|
14,452
|
|
|
—
|
|
||||||
Commercial construction
|
2,318
|
|
|
3,828
|
|
|
—
|
|
|
15,286
|
|
|
19,198
|
|
|
—
|
|
||||||
Consumer real estate
|
7,863
|
|
|
8,415
|
|
|
—
|
|
|
8,659
|
|
|
9,635
|
|
|
—
|
|
||||||
Other consumer
|
3
|
|
|
9
|
|
|
—
|
|
|
5
|
|
|
18
|
|
|
—
|
|
||||||
Total without a Related Allowance Recorded
|
41,593
|
|
|
49,696
|
|
|
—
|
|
|
40,374
|
|
|
47,349
|
|
|
—
|
|
||||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
29,295
|
|
|
32,597
|
|
|
1,530
|
|
|
11,369
|
|
|
11,779
|
|
|
1,295
|
|
||||||
Commercial and industrial
|
10,651
|
|
|
13,311
|
|
|
204
|
|
|
13,672
|
|
|
15,345
|
|
|
360
|
|
||||||
Commercial construction
|
2,808
|
|
|
4,317
|
|
|
157
|
|
|
15,775
|
|
|
19,687
|
|
|
87
|
|
||||||
Consumer real estate
|
8,529
|
|
|
9,081
|
|
|
307
|
|
|
8,674
|
|
|
9,649
|
|
|
10
|
|
||||||
Other consumer
|
16
|
|
|
23
|
|
|
14
|
|
|
16
|
|
|
30
|
|
|
11
|
|
||||||
Total
|
$
|
51,299
|
|
|
$
|
59,329
|
|
|
$
|
2,212
|
|
|
$
|
49,506
|
|
|
$
|
56,490
|
|
|
$
|
1,763
|
|
|
Three Months Ended
|
||||||||||||||
|
June 30, 2019
|
|
June 30, 2018
|
||||||||||||
(dollars in thousands)
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
7,703
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and industrial
|
758
|
|
|
13
|
|
|
—
|
|
|
—
|
|
||||
Commercial construction
|
489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer real estate
|
666
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other consumer
|
16
|
|
|
—
|
|
|
38
|
|
|
1
|
|
||||
Total with a Related Allowance Recorded
|
9,633
|
|
|
13
|
|
|
38
|
|
|
1
|
|
||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
21,802
|
|
|
77
|
|
|
3,609
|
|
|
54
|
|
||||
Commercial and industrial
|
7,568
|
|
|
131
|
|
|
8,060
|
|
|
210
|
|
||||
Commercial construction
|
2,319
|
|
|
48
|
|
|
3,443
|
|
|
33
|
|
||||
Consumer real estate
|
7,952
|
|
|
93
|
|
|
9,483
|
|
|
118
|
|
||||
Other consumer
|
3
|
|
|
—
|
|
|
10
|
|
|
—
|
|
||||
Total without a Related Allowance Recorded
|
39,643
|
|
|
349
|
|
|
24,605
|
|
|
415
|
|
||||
Total:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
29,505
|
|
|
77
|
|
|
3,609
|
|
|
54
|
|
||||
Commercial and industrial
|
8,326
|
|
|
144
|
|
|
8,060
|
|
|
210
|
|
||||
Commercial construction
|
2,808
|
|
|
48
|
|
|
3,443
|
|
|
33
|
|
||||
Consumer real estate
|
8,618
|
|
|
93
|
|
|
9,483
|
|
|
118
|
|
||||
Other consumer
|
19
|
|
|
—
|
|
|
48
|
|
|
1
|
|
||||
Total
|
$
|
49,276
|
|
|
$
|
362
|
|
|
$
|
24,643
|
|
|
$
|
416
|
|
|
Six Months Ended
|
||||||||||||||
|
June 30, 2019
|
|
June 30, 2018
|
||||||||||||
(dollars in thousands)
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
7,704
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and industrial
|
772
|
|
|
26
|
|
|
—
|
|
|
—
|
|
||||
Commercial construction
|
489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer real estate
|
666
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other consumer
|
18
|
|
|
1
|
|
|
40
|
|
|
2
|
|
||||
Total with a Related Allowance Recorded
|
9,649
|
|
|
27
|
|
|
40
|
|
|
2
|
|
||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
22,093
|
|
|
124
|
|
|
3,712
|
|
|
85
|
|
||||
Commercial and industrial
|
5,329
|
|
|
189
|
|
|
7,796
|
|
|
218
|
|
||||
Commercial construction
|
2,319
|
|
|
83
|
|
|
3,445
|
|
|
73
|
|
||||
Consumer real estate
|
7,979
|
|
|
188
|
|
|
10,128
|
|
|
253
|
|
||||
Other consumer
|
4
|
|
|
—
|
|
|
11
|
|
|
—
|
|
||||
Total without a Related Allowance Recorded
|
37,723
|
|
|
584
|
|
|
25,092
|
|
|
629
|
|
||||
Total:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
29,797
|
|
|
124
|
|
|
3,712
|
|
|
85
|
|
||||
Commercial and industrial
|
6,101
|
|
|
215
|
|
|
7,796
|
|
|
218
|
|
||||
Commercial construction
|
2,808
|
|
|
83
|
|
|
3,445
|
|
|
73
|
|
||||
Consumer real estate
|
8,645
|
|
|
188
|
|
|
10,128
|
|
|
253
|
|
||||
Other consumer
|
22
|
|
|
1
|
|
|
51
|
|
|
2
|
|
||||
Total
|
$
|
47,373
|
|
|
$
|
611
|
|
|
$
|
25,132
|
|
|
$
|
631
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
Commercial and
Industrial
|
|
Commercial
Construction
|
|
Consumer
Real Estate
|
|
Other
Consumer
|
|
Total
Loans
|
||||||||||||
Balance at beginning of period
|
$
|
34,903
|
|
|
$
|
11,996
|
|
|
$
|
6,757
|
|
|
$
|
6,178
|
|
|
$
|
1,575
|
|
|
$
|
61,409
|
|
Charge-offs
|
(528
|
)
|
|
(1,435
|
)
|
|
—
|
|
|
(247
|
)
|
|
(457
|
)
|
|
(2,667
|
)
|
||||||
Recoveries
|
6
|
|
|
91
|
|
|
2
|
|
|
344
|
|
|
89
|
|
|
532
|
|
||||||
Net Recoveries/(Charge-offs)
|
(522
|
)
|
|
(1,344
|
)
|
|
2
|
|
|
97
|
|
|
(368
|
)
|
|
(2,135
|
)
|
||||||
Provision for loan losses
|
(1,545
|
)
|
|
2,575
|
|
|
495
|
|
|
296
|
|
|
384
|
|
|
2,205
|
|
||||||
Balance at End of Period
|
$
|
32,836
|
|
|
$
|
13,227
|
|
|
$
|
7,254
|
|
|
$
|
6,571
|
|
|
$
|
1,591
|
|
|
$
|
61,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended June 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
|
$
|
30,963
|
|
|
$
|
10,472
|
|
|
$
|
10,721
|
|
|
$
|
5,418
|
|
|
$
|
1,472
|
|
|
$
|
59,046
|
|
Charge-offs
|
(237
|
)
|
|
(7,392
|
)
|
|
(321
|
)
|
|
(268
|
)
|
|
(414
|
)
|
|
(8,632
|
)
|
||||||
Recoveries
|
185
|
|
|
362
|
|
|
1
|
|
|
85
|
|
|
125
|
|
|
758
|
|
||||||
Net Recoveries/(Charge-offs)
|
(52
|
)
|
|
(7,030
|
)
|
|
(320
|
)
|
|
(183
|
)
|
|
(289
|
)
|
|
(7,874
|
)
|
||||||
Provision for loan losses
|
321
|
|
|
7,432
|
|
|
1,275
|
|
|
6
|
|
|
311
|
|
|
9,345
|
|
||||||
Balance at End of Period
|
$
|
31,232
|
|
|
$
|
10,874
|
|
|
$
|
11,676
|
|
|
$
|
5,241
|
|
|
$
|
1,494
|
|
|
$
|
60,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
Commercial and
Industrial
|
|
Commercial
Construction
|
|
Consumer
Real Estate
|
|
Other
Consumer
|
|
Total
Loans
|
||||||||||||
Balance at beginning of period
|
$
|
33,707
|
|
|
$
|
11,596
|
|
|
$
|
7,983
|
|
|
$
|
6,187
|
|
|
$
|
1,523
|
|
|
$
|
60,996
|
|
Charge-offs
|
(529
|
)
|
|
(6,912
|
)
|
|
—
|
|
|
(410
|
)
|
|
(840
|
)
|
|
(8,691
|
)
|
||||||
Recoveries
|
128
|
|
|
508
|
|
|
3
|
|
|
492
|
|
|
189
|
|
|
1,320
|
|
||||||
Net (Charge-offs)/Recoveries
|
(401
|
)
|
|
(6,404
|
)
|
|
3
|
|
|
82
|
|
|
(651
|
)
|
|
(7,371
|
)
|
||||||
Provision for loan losses
|
(470
|
)
|
|
8,035
|
|
|
(732
|
)
|
|
302
|
|
|
719
|
|
|
7,854
|
|
||||||
Balance at End of Period
|
$
|
32,836
|
|
|
$
|
13,227
|
|
|
$
|
7,254
|
|
|
$
|
6,571
|
|
|
$
|
1,591
|
|
|
$
|
61,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Six Months Ended June 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
|
(232
|
)
|
|
(8,222
|
)
|
|
(321
|
)
|
|
(429
|
)
|
|
(872
|
)
|
|
(10,076
|
)
|
||||||
Recoveries
|
228
|
|
|
480
|
|
|
1,130
|
|
|
323
|
|
|
225
|
|
|
2,386
|
|
||||||
Net Charge-offs
|
(4
|
)
|
|
(7,742
|
)
|
|
809
|
|
|
(106
|
)
|
|
(647
|
)
|
|
(7,690
|
)
|
||||||
Provision for loan losses
|
4,001
|
|
|
9,650
|
|
|
(2,300
|
)
|
|
(132
|
)
|
|
598
|
|
|
11,817
|
|
||||||
Balance at End of Period
|
$
|
31,232
|
|
|
$
|
10,874
|
|
|
$
|
11,676
|
|
|
$
|
5,241
|
|
|
$
|
1,494
|
|
|
$
|
60,517
|
|
|
June 30, 2019
|
||||||||||||||||||||||
|
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
|
$
|
1,530
|
|
|
$
|
31,306
|
|
|
$
|
32,836
|
|
|
$
|
29,295
|
|
|
$
|
2,877,600
|
|
|
$
|
2,906,895
|
|
Commercial and industrial
|
204
|
|
|
13,023
|
|
|
13,227
|
|
|
10,651
|
|
|
1,549,076
|
|
|
1,559,727
|
|
||||||
Commercial construction
|
157
|
|
|
7,097
|
|
|
7,254
|
|
|
2,808
|
|
|
264,395
|
|
|
267,203
|
|
||||||
Consumer real estate
|
307
|
|
|
6,264
|
|
|
6,571
|
|
|
8,529
|
|
|
1,218,805
|
|
|
1,227,334
|
|
||||||
Other consumer
|
14
|
|
|
1,577
|
|
|
1,591
|
|
|
16
|
|
|
72,025
|
|
|
72,041
|
|
||||||
Total
|
$
|
2,212
|
|
|
$
|
59,267
|
|
|
$
|
61,479
|
|
|
$
|
51,299
|
|
|
$
|
5,981,901
|
|
|
$
|
6,033,200
|
|
|
|||||||||||||||||||||||
|
December 31, 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
|
$
|
1,295
|
|
|
$
|
32,412
|
|
|
$
|
33,707
|
|
|
$
|
11,369
|
|
|
$
|
2,910,463
|
|
|
$
|
2,921,832
|
|
Commercial and industrial
|
360
|
|
|
11,236
|
|
|
11,596
|
|
|
13,672
|
|
|
1,479,744
|
|
|
1,493,416
|
|
||||||
Commercial construction
|
87
|
|
|
7,896
|
|
|
7,983
|
|
|
15,775
|
|
|
241,422
|
|
|
257,197
|
|
||||||
Consumer real estate
|
10
|
|
|
6,177
|
|
|
6,187
|
|
|
8,674
|
|
|
1,197,983
|
|
|
1,206,657
|
|
||||||
Other consumer
|
11
|
|
|
1,512
|
|
|
1,523
|
|
|
16
|
|
|
67,530
|
|
|
67,546
|
|
||||||
Total
|
$
|
1,763
|
|
|
$
|
59,233
|
|
|
$
|
60,996
|
|
|
$
|
49,506
|
|
|
$
|
5,897,142
|
|
|
$
|
5,946,648
|
|
|
(dollars in thousands)
|
|
|
|
|
|
|
||||||
Maturity Analysis
|
|
Finance
|
|
Operating
|
|
|
Total
|
|
||||
2019
|
|
$
|
117
|
|
|
$
|
3,744
|
|
|
$
|
3,861
|
|
2020
|
|
126
|
|
|
3,623
|
|
|
3,749
|
|
|||
2021
|
|
126
|
|
|
3,686
|
|
|
3,812
|
|
|||
2022
|
|
128
|
|
|
3,768
|
|
|
3,896
|
|
|||
2023
|
|
130
|
|
|
3,703
|
|
|
3,833
|
|
|||
Thereafter
|
|
1,342
|
|
|
58,045
|
|
|
59,387
|
|
|||
Total
|
|
$
|
1,969
|
|
|
$
|
76,569
|
|
|
$
|
78,538
|
|
Less: Present value discount
|
|
(735
|
)
|
|
(35,507
|
)
|
|
(36,242
|
)
|
|||
Lease Liabilities
|
|
$
|
1,234
|
|
|
$
|
41,062
|
|
|
$
|
42,296
|
|
|
|
Derivatives
(included in Other Assets)
|
|
|
Derivatives
(included in Other Liabilities)
|
||||||||||||||
(dollars in thousands)
|
June 30, 2019
|
|
|
December 31, 2018
|
|
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||||||||
Derivatives not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swap Contracts - Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
$
|
22,688
|
|
|
|
$
|
5,504
|
|
|
|
$
|
22,620
|
|
|
|
$
|
5,340
|
|
Notional amount
|
|
449,576
|
|
|
|
325,750
|
|
|
|
449,576
|
|
|
|
325,750
|
|
||||
Collateral received/posted
|
|
—
|
|
|
|
160
|
|
|
|
21,556
|
|
|
|
—
|
|
||||
Interest Rate Lock Commitments - Mortgage Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
649
|
|
|
|
251
|
|
|
|
—
|
|
|
|
—
|
|
||||
Notional amount
|
|
15,104
|
|
|
|
6,054
|
|
|
|
—
|
|
|
|
—
|
|
||||
Forward Sale Contracts - Mortgage Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
—
|
|
|
|
55
|
|
|
|
105
|
|
|
|
—
|
|
||||
Notional amount
|
|
$
|
—
|
|
|
|
$
|
6,000
|
|
|
|
$
|
15,404
|
|
|
|
$
|
—
|
|
|
Derivatives
(included in Other Assets)
|
|
Derivatives
(included in Other Liabilities)
|
||||||||||||||||
(dollars in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
Derivatives not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross amounts recognized
|
|
$
|
22,810
|
|
|
|
$
|
8,733
|
|
|
|
$
|
22,742
|
|
|
|
$
|
8,569
|
|
Gross amounts offset
|
|
(122
|
)
|
|
|
(3,229
|
)
|
|
|
(122
|
)
|
|
|
(3,229
|
)
|
||||
Net Amounts Presented in the Consolidated Balance Sheets
|
|
22,688
|
|
|
|
5,504
|
|
|
|
22,620
|
|
|
|
5,340
|
|
||||
Gross amounts not offset
(1)
|
|
—
|
|
|
|
(160
|
)
|
|
|
(21,556
|
)
|
|
|
—
|
|
||||
Net Amount
|
|
$
|
22,688
|
|
|
|
$
|
5,344
|
|
|
|
$
|
1,064
|
|
|
|
$
|
5,340
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
(dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Derivatives not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts—commercial loans
|
|
$
|
26
|
|
|
|
$
|
(201
|
)
|
|
|
$
|
(96
|
)
|
|
|
$
|
(85
|
)
|
Interest rate lock commitments—mortgage loans
|
|
310
|
|
|
|
128
|
|
|
|
398
|
|
|
|
172
|
|
||||
Forward sale contracts—mortgage loans
|
|
(193
|
)
|
|
|
(15
|
)
|
|
|
(160
|
)
|
|
|
(33
|
)
|
||||
Total Derivatives Gain/(Loss)
|
|
$
|
143
|
|
|
|
$
|
(88
|
)
|
|
|
$
|
142
|
|
|
|
$
|
54
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
(dollars in thousands)
|
Balance
|
Weighted
Average Rate |
|
Balance
|
Weighted
Average Rate |
||||||||||
Short-term Borrowings
|
|
|
|
|
|
|
|
|
|
||||||
Securities sold under repurchase agreements
|
|
$
|
14,154
|
|
|
0.74
|
%
|
|
|
$
|
18,383
|
|
|
0.46
|
%
|
Short-term borrowings
|
|
295,000
|
|
|
2.50
|
%
|
|
|
470,000
|
|
|
2.65
|
%
|
||
Total Short-term Borrowings
|
|
309,154
|
|
|
2.42
|
%
|
|
|
488,383
|
|
|
2.57
|
%
|
||
Long-term Borrowings
|
|
|
|
|
|
|
|
|
|
||||||
Long-term borrowings
|
|
69,791
|
|
|
2.73
|
%
|
|
|
70,314
|
|
|
2.84
|
%
|
||
Junior subordinated debt securities
|
|
45,619
|
|
|
4.87
|
%
|
|
|
45,619
|
|
|
5.25
|
%
|
||
Total Long-term Borrowings
|
|
115,410
|
|
|
3.58
|
%
|
|
|
115,933
|
|
|
3.79
|
%
|
||
Total Borrowings
|
|
$
|
424,564
|
|
|
2.74
|
%
|
|
|
$
|
604,316
|
|
|
2.80
|
%
|
(dollars in thousands)
|
June 30, 2019
|
|
|
December 31, 2018
|
|
||||
Commitments to extend credit
|
|
$
|
1,561,464
|
|
|
|
$
|
1,464,892
|
|
Standby letters of credit
|
|
74,270
|
|
|
|
77,134
|
|
||
Total
|
|
$
|
1,635,734
|
|
|
|
$
|
1,542,026
|
|
(dollars in thousands)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Revenue Streams
|
Point of Revenue Recognition
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Service charges on deposit accounts
|
Over a period of time
|
$
|
451
|
|
|
$
|
453
|
|
|
$
|
908
|
|
|
$
|
987
|
|
|
At a point in time
|
2,761
|
|
|
2,774
|
|
|
5,457
|
|
|
5,481
|
|
||||
|
|
$
|
3,212
|
|
|
$
|
3,227
|
|
|
$
|
6,365
|
|
|
$
|
6,468
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debit and credit card
|
Over a period time
|
$
|
177
|
|
|
$
|
151
|
|
|
$
|
362
|
|
|
$
|
339
|
|
|
At a point in time
|
3,324
|
|
|
3,158
|
|
|
6,114
|
|
|
6,008
|
|
||||
|
|
$
|
3,501
|
|
|
$
|
3,309
|
|
|
$
|
6,476
|
|
|
$
|
6,347
|
|
|
|
|
|
|
|
|
|
|
||||||||
Wealth management
|
Over a period of time
|
$
|
409
|
|
|
$
|
793
|
|
|
$
|
822
|
|
|
$
|
1,596
|
|
|
At a point in time
|
1,653
|
|
|
1,823
|
|
|
3,288
|
|
|
3,702
|
|
||||
|
|
$
|
2,062
|
|
|
$
|
2,616
|
|
|
$
|
4,109
|
|
|
$
|
5,298
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other fee revenue
|
At a point in time
|
$
|
1,145
|
|
|
$
|
887
|
|
|
$
|
2,064
|
|
|
$
|
1,754
|
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Pre-Tax
Amount
|
|
|
Tax
(Expense)
Benefit
|
|
|
Net of Tax
Amount
|
|
|
Pre-Tax
Amount
|
|
|
Tax Benefit (Expense)
|
|
|
Net of Tax
Amount
|
|
||||||||||||
Change in net unrealized gains/(losses) on debt securities available-for-sale
|
|
$
|
8,968
|
|
|
|
$
|
(1,912
|
)
|
|
|
$
|
7,056
|
|
|
|
$
|
(2,296
|
)
|
|
|
$
|
487
|
|
|
|
$
|
(1,809
|
)
|
Adjustment to funded status of employee benefit plans
|
|
452
|
|
|
|
(96
|
)
|
|
|
356
|
|
|
|
702
|
|
|
|
(149
|
)
|
|
|
553
|
|
||||||
Other Comprehensive Income/(Loss)
|
|
$
|
9,420
|
|
|
|
$
|
(2,008
|
)
|
|
|
$
|
7,412
|
|
|
|
$
|
(1,594
|
)
|
|
|
$
|
338
|
|
|
|
$
|
(1,256
|
)
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Six Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Pre-Tax
Amount
|
|
|
Tax
(Expense)
Benefit
|
|
|
Net of Tax
Amount
|
|
|
Pre-Tax
Amount
|
|
|
Tax
(Expense)
Benefit
|
|
|
Net of Tax
Amount
|
|
||||||||||||
Change in net unrealized (losses)/gains on debt securities available-for-sale
(1)
|
|
$
|
16,366
|
|
|
|
$
|
(3,490
|
)
|
|
|
$
|
12,876
|
|
|
|
$
|
(11,770
|
)
|
|
|
$
|
2,499
|
|
|
|
$
|
(9,271
|
)
|
Adjustment to funded status of employee benefit plans
|
|
905
|
|
|
|
(193
|
)
|
|
|
712
|
|
|
|
1,323
|
|
|
|
(281
|
)
|
|
|
1,042
|
|
||||||
Other Comprehensive (Loss)/Income
|
|
$
|
17,271
|
|
|
|
$
|
(3,683
|
)
|
|
|
$
|
13,588
|
|
|
|
$
|
(10,447
|
)
|
|
|
$
|
2,218
|
|
|
|
$
|
(8,229
|
)
|
(1)
Due to the adoption of ASU No. 2016-01, net unrealized gains on marketable equity securities were reclassified from accumulated other comprehensive income to retained earnings during the three months ended March 31, 2018.
|
|||||||||||||||||||||||||||||
(2)
Reclassification adjustments are comprised of realized security gains or losses. The realized gains or losses have been reclassified out of accumulated other comprehensive income/(loss) and have affected certain lines in the Consolidated Statements of Comprehensive Income as follows: the pre-tax amount is included in securities gains/losses-net, the tax expense amount is included in the provision for income taxes and the net of tax amount is included in net income.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
(dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Components of Net Periodic Pension Cost
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest cost on projected benefit obligation
|
|
$
|
989
|
|
|
|
$
|
967
|
|
|
|
$
|
1,978
|
|
|
|
$
|
1,934
|
|
Expected return on plan assets
|
|
(1,181
|
)
|
|
|
(1,567
|
)
|
|
|
(2,361
|
)
|
|
|
(3,134
|
)
|
||||
Net amortization
|
|
395
|
|
|
|
545
|
|
|
|
789
|
|
|
|
1,089
|
|
||||
Net Periodic Pension Expense
|
|
$
|
203
|
|
|
|
$
|
(55
|
)
|
|
|
$
|
406
|
|
|
|
$
|
(111
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
(dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
Total interest income
|
|
$
|
79,624
|
|
|
|
$
|
71,581
|
|
|
|
$
|
158,214
|
|
|
|
$
|
139,610
|
|
Total interest expense
|
|
18,797
|
|
|
|
13,178
|
|
|
|
37,031
|
|
|
|
24,276
|
|
||||
Net Interest Income per Consolidated Statements of Comprehensive Income
|
|
60,827
|
|
|
|
58,403
|
|
|
|
121,183
|
|
|
|
115,334
|
|
||||
Adjustment to FTE basis
|
|
958
|
|
|
|
938
|
|
|
|
1,919
|
|
|
|
1,878
|
|
||||
Net Interest Income on an FTE Basis (Non-GAAP)
|
|
$
|
61,785
|
|
|
|
$
|
59,341
|
|
|
|
$
|
123,102
|
|
|
|
$
|
117,212
|
|
Net interest margin
|
|
3.63
|
%
|
|
|
3.58
|
%
|
|
|
3.64
|
%
|
|
|
3.56
|
%
|
||||
Adjustment to FTE basis
|
|
0.05
|
%
|
|
|
0.06
|
%
|
|
|
0.06
|
%
|
|
|
0.05
|
%
|
||||
Net Interest Margin on an FTE Basis (Non-GAAP)
|
|
3.68
|
%
|
|
|
3.64
|
%
|
|
|
3.70
|
%
|
|
|
3.61
|
%
|
|
Three Months Ended June 30, 2019
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||
(dollars in thousands)
|
Average Balance
|
Interest
|
Rate
|
|
Average Balance
|
Interest
|
Rate
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits with banks
|
$
|
49,949
|
|
|
$
|
274
|
|
2.19
|
%
|
|
$
|
55,015
|
|
|
$
|
221
|
|
1.60
|
%
|
Securities, at fair value
(2)(3)
|
673,117
|
|
|
4,482
|
|
2.66
|
%
|
|
685,132
|
|
|
4,450
|
|
2.60
|
%
|
||||
Loans held for sale
|
1,452
|
|
|
16
|
|
4.44
|
%
|
|
1,528
|
|
|
28
|
|
7.43
|
%
|
||||
Commercial real estate
|
2,895,146
|
|
|
36,158
|
|
5.01
|
%
|
|
2,774,882
|
|
|
32,617
|
|
4.71
|
%
|
||||
Commercial and industrial
|
1,559,222
|
|
|
20,087
|
|
5.17
|
%
|
|
1,431,861
|
|
|
16,627
|
|
4.66
|
%
|
||||
Commercial construction
|
242,192
|
|
|
3,242
|
|
5.37
|
%
|
|
324,934
|
|
|
3,857
|
|
4.76
|
%
|
||||
Total Commercial Loans
|
4,696,560
|
|
|
59,487
|
|
5.08
|
%
|
|
4,531,677
|
|
|
53,101
|
|
4.70
|
%
|
||||
Residential mortgage
|
734,372
|
|
|
8,253
|
|
4.50
|
%
|
|
691,634
|
|
|
7,314
|
|
4.23
|
%
|
||||
Home equity
|
463,480
|
|
|
6,267
|
|
5.42
|
%
|
|
472,927
|
|
|
5,676
|
|
4.81
|
%
|
||||
Installment and other consumer
|
71,319
|
|
|
1,286
|
|
7.23
|
%
|
|
67,186
|
|
|
1,138
|
|
6.79
|
%
|
||||
Consumer construction
|
11,014
|
|
|
149
|
|
5.41
|
%
|
|
4,570
|
|
|
54
|
|
4.76
|
%
|
||||
Total Consumer Loans
|
1,280,185
|
|
|
15,955
|
|
4.99
|
%
|
|
1,236,317
|
|
|
14,182
|
|
4.60
|
%
|
||||
Total Portfolio Loans
|
5,976,745
|
|
|
75,442
|
|
5.06
|
%
|
|
5,767,994
|
|
|
67,283
|
|
4.68
|
%
|
||||
Total Loans
(1)(2)
|
5,978,197
|
|
|
75,458
|
|
5.06
|
%
|
|
5,769,522
|
|
|
67,311
|
|
4.68
|
%
|
||||
Federal Home Loan Bank and other restricted stock
|
21,141
|
|
|
368
|
|
6.97
|
%
|
|
34,130
|
|
|
537
|
|
6.30
|
%
|
||||
Total Interest-earning Assets
|
6,722,404
|
|
|
80,582
|
|
4.81
|
%
|
|
6,543,799
|
|
|
72,519
|
|
4.44
|
%
|
||||
Noninterest-earning assets
|
523,636
|
|
|
|
|
|
491,246
|
|
|
|
|
||||||||
Total Assets
|
$
|
7,246,040
|
|
|
|
|
|
$
|
7,035,045
|
|
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
$
|
550,200
|
|
|
631
|
|
0.46
|
%
|
|
$
|
571,260
|
|
|
437
|
|
0.31
|
%
|
||
Money market
|
1,695,349
|
|
|
8,169
|
|
1.93
|
%
|
|
1,251,171
|
|
|
4,027
|
|
1.29
|
%
|
||||
Savings
|
760,743
|
|
|
484
|
|
0.26
|
%
|
|
851,702
|
|
|
429
|
|
0.20
|
%
|
||||
Certificates of deposit
|
1,389,968
|
|
|
6,771
|
|
1.95
|
%
|
|
1,295,473
|
|
|
4,273
|
|
1.32
|
%
|
||||
Total Interest-bearing Deposits
|
4,396,260
|
|
|
16,055
|
|
1.46
|
%
|
|
3,969,606
|
|
|
9,166
|
|
0.93
|
%
|
||||
Securities sold under repurchase agreements
|
16,337
|
|
|
28
|
|
0.69
|
%
|
|
48,980
|
|
|
50
|
|
0.41
|
%
|
||||
Short-term borrowings
|
242,759
|
|
|
1,642
|
|
2.71
|
%
|
|
617,891
|
|
|
3,179
|
|
2.06
|
%
|
||||
Long-term borrowings
|
70,049
|
|
|
500
|
|
2.86
|
%
|
|
46,317
|
|
|
259
|
|
2.24
|
%
|
||||
Junior subordinated debt securities
|
45,619
|
|
|
572
|
|
5.03
|
%
|
|
45,619
|
|
|
525
|
|
4.61
|
%
|
||||
Total Borrowings
|
374,764
|
|
|
2,742
|
|
2.94
|
%
|
|
758,807
|
|
|
4,012
|
|
2.12
|
%
|
||||
Total Interest-bearing Liabilities
|
4,771,024
|
|
|
18,797
|
|
1.58
|
%
|
|
4,728,413
|
|
|
13,178
|
|
1.12
|
%
|
||||
Noninterest-bearing liabilities
|
1,523,676
|
|
|
|
|
|
1,403,771
|
|
|
|
|
||||||||
Shareholders’ equity
|
951,340
|
|
|
|
|
|
902,861
|
|
|
|
|
||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
7,246,040
|
|
|
|
|
|
$
|
7,035,045
|
|
|
|
|
||||||
Net Interest Income
(2)(3)
|
|
|
$
|
61,785
|
|
|
|
|
|
$
|
59,341
|
|
|
||||||
Net Interest Margin
(2)(3)
|
|
|
|
3.68
|
%
|
|
|
|
|
3.64
|
%
|
|
Six Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||
(dollars in thousands)
|
Average Balance
|
Interest
|
Rate
|
|
Average Balance
|
Interest
|
Rate
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits with banks
|
$
|
51,758
|
|
|
$
|
626
|
|
2.42
|
%
|
|
$
|
55,509
|
|
|
$
|
451
|
|
1.63
|
%
|
Securities, at fair value
(2)(3)
|
676,797
|
|
|
9,039
|
|
2.67
|
%
|
|
686,017
|
|
|
8,803
|
|
2.57
|
%
|
||||
Loans held for sale
|
1,175
|
|
|
25
|
|
4.29
|
%
|
|
1,737
|
|
|
56
|
|
6.44
|
%
|
||||
Commercial real estate
|
2,900,181
|
|
|
72,122
|
|
5.01
|
%
|
|
2,733,168
|
|
|
62,924
|
|
4.64
|
%
|
||||
Commercial and industrial
|
1,534,080
|
|
|
39,420
|
|
5.18
|
%
|
|
1,431,725
|
|
|
32,187
|
|
4.53
|
%
|
||||
Commercial construction
|
246,073
|
|
|
6,554
|
|
5.37
|
%
|
|
349,893
|
|
|
8,032
|
|
4.63
|
%
|
||||
Total Commercial Loans
|
4,680,334
|
|
|
118,096
|
|
5.09
|
%
|
|
4,514,786
|
|
|
103,143
|
|
4.61
|
%
|
||||
Residential mortgage
|
728,495
|
|
|
16,123
|
|
4.44
|
%
|
|
692,961
|
|
|
14,554
|
|
4.21
|
%
|
||||
Home equity
|
465,598
|
|
|
12,536
|
|
5.43
|
%
|
|
476,967
|
|
|
10,975
|
|
4.64
|
%
|
||||
Installment and other consumer
|
70,215
|
|
|
2,508
|
|
7.20
|
%
|
|
67,025
|
|
|
2,241
|
|
6.74
|
%
|
||||
Consumer construction
|
10,244
|
|
|
293
|
|
5.77
|
%
|
|
4,192
|
|
|
98
|
|
4.73
|
%
|
||||
Total Consumer Loans
|
1,274,552
|
|
|
31,460
|
|
4.96
|
%
|
|
1,241,145
|
|
|
27,868
|
|
4.52
|
%
|
||||
Total Portfolio Loans
|
5,954,886
|
|
|
149,556
|
|
5.06
|
%
|
|
5,755,931
|
|
|
131,011
|
|
4.59
|
%
|
||||
Total Loans
(1)(2)
|
5,956,061
|
|
|
149,581
|
|
5.06
|
%
|
|
5,757,668
|
|
|
131,067
|
|
4.59
|
%
|
||||
Federal Home Loan Bank and other restricted stock
|
22,797
|
|
|
887
|
|
7.79
|
%
|
|
32,681
|
|
|
1,167
|
|
7.13
|
%
|
||||
Total Interest-earning Assets
|
6,707,413
|
|
|
160,133
|
|
4.81
|
%
|
|
6,531,875
|
|
|
141,488
|
|
4.36
|
%
|
||||
Noninterest-earning assets
|
521,082
|
|
|
|
|
|
490,476
|
|
|
|
|
||||||||
Total Assets
|
$
|
7,228,495
|
|
|
|
|
|
$
|
7,022,351
|
|
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
$
|
547,960
|
|
|
1,183
|
|
0.44
|
%
|
|
$
|
573,307
|
|
|
806
|
|
0.28
|
%
|
||
Money market
|
1,632,234
|
|
|
15,461
|
|
1.91
|
%
|
|
1,222,770
|
|
|
7,259
|
|
1.20
|
%
|
||||
Savings
|
765,638
|
|
|
957
|
|
0.25
|
%
|
|
862,947
|
|
|
866
|
|
0.20
|
%
|
||||
Certificates of deposit
|
1,412,117
|
|
|
13,435
|
|
1.92
|
%
|
|
1,325,379
|
|
|
8,081
|
|
1.23
|
%
|
||||
Total Interest-bearing Deposits
|
4,357,949
|
|
|
31,036
|
|
1.44
|
%
|
|
3,984,403
|
|
|
17,012
|
|
0.86
|
%
|
||||
Securities sold under repurchase agreements
|
19,735
|
|
|
57
|
|
0.59
|
%
|
|
48,380
|
|
|
96
|
|
0.40
|
%
|
||||
Short-term borrowings
|
280,862
|
|
|
3,787
|
|
2.72
|
%
|
|
607,013
|
|
|
5,687
|
|
1.89
|
%
|
||||
Long-term borrowings
|
70,122
|
|
|
993
|
|
2.85
|
%
|
|
46,626
|
|
|
490
|
|
2.12
|
%
|
||||
Junior subordinated debt securities
|
45,619
|
|
|
1,158
|
|
5.12
|
%
|
|
45,619
|
|
|
991
|
|
4.38
|
%
|
||||
Total Borrowings
|
416,338
|
|
|
5,995
|
|
2.90
|
%
|
|
747,638
|
|
|
7,264
|
|
1.96
|
%
|
||||
Total Interest-bearing Liabilities
|
4,774,287
|
|
|
37,031
|
|
1.56
|
%
|
|
4,732,041
|
|
|
24,276
|
|
1.03
|
%
|
||||
Noninterest-bearing liabilities
|
1,505,964
|
|
|
|
|
|
1,393,939
|
|
|
|
|
||||||||
Shareholders’ equity
|
948,244
|
|
|
|
|
|
896,371
|
|
|
|
|
||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
7,228,495
|
|
|
|
|
|
$
|
7,022,351
|
|
|
|
|
||||||
Net Interest Income
(2)(3)
|
|
|
$
|
123,102
|
|
|
|
|
|
$
|
117,212
|
|
|
||||||
Net Interest Margin
(2)(3)
|
|
|
|
3.70
|
%
|
|
|
|
|
3.61
|
%
|
|
Three Months Ended June 30, 2019 Compared to June 30, 2018
|
|
Six Months Ended June 30, 2019 Compared to June 30, 2018
|
||||||||||||||||
(dollars in thousands)
|
Volume
(4)
|
Rate
(4)
|
Total
|
|
Volume
(4)
|
Rate
(4)
|
Total
|
||||||||||||
Interest earned on:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits with banks
|
$
|
(20
|
)
|
$
|
73
|
|
$
|
53
|
|
|
$
|
(30
|
)
|
$
|
205
|
|
$
|
175
|
|
Securities, at fair value
(2)(3)
|
(78
|
)
|
110
|
|
32
|
|
|
(119
|
)
|
355
|
|
236
|
|
||||||
Loans held for sale
|
(1
|
)
|
(11
|
)
|
(12
|
)
|
|
(18
|
)
|
(13
|
)
|
(31
|
)
|
||||||
Commercial real estate
|
1,414
|
|
2,127
|
|
3,541
|
|
|
3,845
|
|
5,353
|
|
9,198
|
|
||||||
Commercial and industrial
|
1,479
|
|
1,981
|
|
3,460
|
|
|
2,301
|
|
4,932
|
|
7,233
|
|
||||||
Commercial construction
|
(982
|
)
|
367
|
|
(615
|
)
|
|
(2,383
|
)
|
905
|
|
(1,478
|
)
|
||||||
Total Commercial Loans
|
1,911
|
|
4,475
|
|
6,386
|
|
|
3,763
|
|
11,190
|
|
14,953
|
|
||||||
Residential mortgage
|
451
|
|
488
|
|
939
|
|
|
747
|
|
822
|
|
1,569
|
|
||||||
Home equity
|
(113
|
)
|
704
|
|
591
|
|
|
(261
|
)
|
1,822
|
|
1,561
|
|
||||||
Installment and other consumer
|
70
|
|
78
|
|
148
|
|
|
107
|
|
160
|
|
267
|
|
||||||
Consumer construction
|
77
|
|
18
|
|
95
|
|
|
142
|
|
53
|
|
195
|
|
||||||
Total Consumer Loans
|
485
|
|
1,288
|
|
1,773
|
|
|
735
|
|
2,857
|
|
3,592
|
|
||||||
Total Portfolio Loans
|
2,396
|
|
5,763
|
|
8,159
|
|
|
4,498
|
|
14,047
|
|
18,545
|
|
||||||
Total Loans
(1)(2)
|
2,395
|
|
5,752
|
|
8,147
|
|
|
4,480
|
|
14,034
|
|
18,514
|
|
||||||
Federal Home Loan Bank and other restricted stock
|
(204
|
)
|
35
|
|
(169
|
)
|
|
(355
|
)
|
75
|
|
(280
|
)
|
||||||
Change in Interest Earned on Interest-earning Assets
|
2,093
|
|
5,970
|
|
8,063
|
|
|
3,976
|
|
14,669
|
|
18,645
|
|
||||||
Interest paid on:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand
|
|
($15
|
)
|
|
$209
|
|
|
$194
|
|
|
|
($36
|
)
|
|
$413
|
|
|
$377
|
|
Money market
|
1,430
|
|
2,712
|
|
4,142
|
|
|
2,432
|
|
5,770
|
|
8,202
|
|
||||||
Savings
|
(46
|
)
|
101
|
|
55
|
|
|
(98
|
)
|
189
|
|
91
|
|
||||||
Certificates of deposit
|
312
|
|
2,186
|
|
2,498
|
|
|
529
|
|
4,825
|
|
5,354
|
|
||||||
Total Interest-bearing Deposits
|
1,681
|
|
5,208
|
|
6,889
|
|
|
2,827
|
|
11,197
|
|
14,024
|
|
||||||
Securities sold under repurchase agreements
|
(33
|
)
|
11
|
|
(22
|
)
|
|
(57
|
)
|
18
|
|
(39
|
)
|
||||||
Short-term borrowings
|
(1,930
|
)
|
393
|
|
(1,537
|
)
|
|
(3,056
|
)
|
1,156
|
|
(1,900
|
)
|
||||||
Long-term borrowings
|
132
|
|
109
|
|
241
|
|
|
248
|
|
255
|
|
503
|
|
||||||
Junior subordinated debt securities
|
—
|
|
47
|
|
47
|
|
|
—
|
|
167
|
|
167
|
|
||||||
Total Borrowings
|
(1,831
|
)
|
560
|
|
(1,271
|
)
|
|
(2,865
|
)
|
1,596
|
|
(1,269
|
)
|
||||||
Change in Interest Paid on Interest-bearing Liabilities
|
(150
|
)
|
5,768
|
|
5,618
|
|
|
(38
|
)
|
12,793
|
|
12,755
|
|
||||||
Change in Net Interest Income
|
$
|
2,243
|
|
$
|
202
|
|
$
|
2,445
|
|
|
$
|
4,014
|
|
$
|
1,876
|
|
$
|
5,890
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|
|
2019
|
2018
|
$ Change
|
% Change
|
||||||||||||||||||
Net gain on sale of securities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
NM
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
NM
|
|
Debit and credit card
|
|
3,501
|
|
|
3,309
|
|
|
192
|
|
|
5.8
|
|
|
|
6,476
|
|
|
6,347
|
|
|
129
|
|
|
2.0
|
%
|
||||||
Service charges on deposit accounts
|
|
3,212
|
|
|
3,227
|
|
|
(15
|
)
|
|
(0.5
|
)
|
|
|
6,365
|
|
|
6,468
|
|
|
(103
|
)
|
|
(1.6
|
)
|
||||||
Wealth management
|
|
2,062
|
|
|
2,616
|
|
|
(554
|
)
|
|
(21.2
|
)
|
|
|
4,109
|
|
|
5,298
|
|
|
(1,189
|
)
|
|
(22.4
|
)
|
||||||
Mortgage banking
|
|
637
|
|
|
831
|
|
|
(194
|
)
|
|
(23.3
|
)
|
|
|
1,131
|
|
|
1,432
|
|
|
(301
|
)
|
|
(21.0
|
)
|
||||||
Gain on sale of a majority interest of insurance business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
NM
|
|
|
|
—
|
|
|
1,873
|
|
|
(1,873
|
)
|
|
NM
|
|
||||||
Other
|
|
3,489
|
|
|
2,268
|
|
|
1,221
|
|
|
53.8
|
|
|
|
6,182
|
|
|
4,626
|
|
|
1,556
|
|
|
33.6
|
|
||||||
Total Noninterest Income
|
|
$
|
12,901
|
|
|
$
|
12,251
|
|
|
$
|
650
|
|
|
5.3
|
%
|
|
|
$
|
24,263
|
|
|
$
|
26,044
|
|
|
$
|
(1,781
|
)
|
|
(6.8
|
)%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
2019
|
|
2018
|
|
$ Change
|
|
% Change
|
|
|
2019
|
2018
|
$ Change
|
% Change
|
||||||||||||||||||
Salaries and employee benefits
|
|
$
|
20,290
|
|
|
$
|
18,611
|
|
|
$
|
1,679
|
|
|
9.0
|
%
|
|
|
$
|
41,199
|
|
|
$
|
37,426
|
|
|
$
|
3,773
|
|
|
10.1
|
%
|
Data processing and information technology
|
|
3,414
|
|
|
2,379
|
|
|
1,035
|
|
|
43.5
|
|
|
|
6,646
|
|
|
4,704
|
|
|
1,942
|
|
|
41.3
|
|
||||||
Net occupancy
|
|
2,949
|
|
|
2,804
|
|
|
145
|
|
|
5.2
|
|
|
|
5,986
|
|
|
5,677
|
|
|
309
|
|
|
5.4
|
|
||||||
Furniture, equipment and software
|
|
2,301
|
|
|
2,134
|
|
|
167
|
|
|
7.8
|
|
|
|
4,531
|
|
|
4,090
|
|
|
441
|
|
|
10.8
|
|
||||||
Other taxes
|
|
1,456
|
|
|
1,739
|
|
|
(283
|
)
|
|
(16.3
|
)
|
|
|
2,641
|
|
|
3,587
|
|
|
(946
|
)
|
|
(26.4
|
)
|
||||||
Marketing
|
|
1,310
|
|
|
1,190
|
|
|
120
|
|
|
10.1
|
|
|
|
2,452
|
|
|
1,892
|
|
|
560
|
|
|
29.6
|
|
||||||
Professional services and legal
(1)
|
|
1,145
|
|
|
888
|
|
|
257
|
|
|
28.9
|
|
|
|
2,329
|
|
|
1,939
|
|
|
390
|
|
|
20.1
|
|
||||||
FDIC insurance
|
|
695
|
|
|
739
|
|
|
(44
|
)
|
|
(6.0
|
)
|
|
|
1,211
|
|
|
1,847
|
|
|
(636
|
)
|
|
(34.5
|
)
|
||||||
Merger related expenses
|
|
618
|
|
|
—
|
|
|
618
|
|
|
NM
|
|
|
|
618
|
|
|
—
|
|
|
618
|
|
|
NM
|
|
||||||
Other
|
|
6,174
|
|
|
5,379
|
|
|
795
|
|
|
14.8
|
|
|
|
11,658
|
|
|
10,783
|
|
|
875
|
|
|
8.1
|
|
||||||
Total Noninterest Expense
|
|
$
|
40,352
|
|
|
$
|
35,863
|
|
|
$
|
4,489
|
|
|
12.5
|
%
|
|
|
$
|
79,271
|
|
|
$
|
71,945
|
|
|
$
|
7,326
|
|
|
10.2
|
%
|
(dollars in thousands)
|
June 30, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
||||||
U.S. treasury securities
|
|
$
|
10,007
|
|
|
|
$
|
9,736
|
|
|
|
$
|
271
|
|
Obligations of U.S. government corporations and agencies
|
|
129,773
|
|
|
|
128,261
|
|
|
|
1,512
|
|
|||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
150,405
|
|
|
|
148,659
|
|
|
|
1,746
|
|
|||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
20,936
|
|
|
|
24,350
|
|
|
|
(3,414
|
)
|
|||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
235,292
|
|
|
|
246,784
|
|
|
|
(11,492
|
)
|
|||
Obligations of states and political subdivisions
|
|
117,624
|
|
|
|
122,266
|
|
|
|
(4,642
|
)
|
|||
Debt Securities Available-for-Sale
|
|
664,037
|
|
|
|
680,056
|
|
|
|
(16,019
|
)
|
|||
Marketable equity securities
|
|
4,551
|
|
|
|
4,816
|
|
|
|
(265
|
)
|
|||
Total Securities
|
|
$
|
668,588
|
|
|
|
$
|
684,872
|
|
|
|
$
|
(16,284
|
)
|
|
June 30, 2019
|
|
|
December 31, 2018
|
||||||||
(dollars in thousands)
|
Amount
|
% of Loans
|
|
|
Amount
|
% of Loans
|
||||||
Commercial
|
|
|
|
|
|
|
||||||
Commercial real estate
|
$
|
2,906,895
|
|
48.18
|
%
|
|
|
$
|
2,921,832
|
|
49.13
|
%
|
Commercial and industrial
|
1,559,727
|
|
25.85
|
|
|
|
1,493,416
|
|
25.11
|
|
||
Construction
|
267,203
|
|
4.43
|
|
|
|
257,197
|
|
4.33
|
|
||
Total Commercial Loans
|
4,733,825
|
|
78.46
|
%
|
|
|
4,672,445
|
|
78.57
|
%
|
||
Consumer
|
|
|
|
|
|
|
||||||
Residential mortgage
|
751,355
|
|
12.45
|
%
|
|
|
726,679
|
|
12.22
|
%
|
||
Home equity
|
464,195
|
|
7.69
|
|
|
|
471,562
|
|
7.93
|
|
||
Installment and other consumer
|
72,041
|
|
1.19
|
|
|
|
67,546
|
|
1.13
|
|
||
Construction
|
11,784
|
|
0.20
|
|
|
|
8,416
|
|
0.14
|
|
||
Total Consumer Loans
|
1,299,375
|
|
21.54
|
%
|
|
|
1,274,203
|
|
21.43
|
%
|
||
Total Portfolio Loans
|
6,033,200
|
|
100.00
|
%
|
|
|
5,946,648
|
|
100.00
|
%
|
||
Loans held for sale
|
8,135
|
|
|
|
|
2,371
|
|
|
||||
Total Loans
|
$
|
6,041,335
|
|
|
|
|
$
|
5,949,019
|
|
|
|
June 30, 2019
|
||||||||||||||||||||||||||||
|
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
|
|
$
|
1,530
|
|
|
|
$
|
31,306
|
|
|
|
$
|
32,836
|
|
|
|
$
|
29,295
|
|
|
|
$
|
2,877,600
|
|
|
|
$
|
2,906,895
|
|
Commercial and industrial
|
|
204
|
|
|
|
13,023
|
|
|
|
13,227
|
|
|
|
10,651
|
|
|
|
1,549,076
|
|
|
|
1,559,727
|
|
||||||
Commercial construction
|
|
157
|
|
|
|
7,097
|
|
|
|
7,254
|
|
|
|
2,808
|
|
|
|
264,395
|
|
|
|
267,203
|
|
||||||
Consumer real estate
|
|
307
|
|
|
|
6,264
|
|
|
|
6,571
|
|
|
|
8,529
|
|
|
|
1,218,805
|
|
|
|
1,227,334
|
|
||||||
Other consumer
|
|
14
|
|
|
|
1,577
|
|
|
|
1,591
|
|
|
|
16
|
|
|
|
72,025
|
|
|
|
72,041
|
|
||||||
Total
|
|
$
|
2,212
|
|
|
|
$
|
59,267
|
|
|
|
$
|
61,479
|
|
|
|
$
|
51,299
|
|
|
|
$
|
5,981,901
|
|
|
|
$
|
6,033,200
|
|
|
December 31, 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
|
|
$
|
1,295
|
|
|
|
$
|
32,412
|
|
|
|
$
|
33,707
|
|
|
|
$
|
11,369
|
|
|
|
$
|
2,910,463
|
|
|
|
$
|
2,921,832
|
|
Commercial and industrial
|
|
360
|
|
|
|
11,236
|
|
|
|
11,596
|
|
|
|
13,672
|
|
|
|
1,479,744
|
|
|
|
1,493,416
|
|
||||||
Commercial construction
|
|
87
|
|
|
|
7,896
|
|
|
|
7,983
|
|
|
|
15,775
|
|
|
|
241,422
|
|
|
|
257,197
|
|
||||||
Consumer real estate
|
|
10
|
|
|
|
6,177
|
|
|
|
6,187
|
|
|
|
8,674
|
|
|
|
1,197,983
|
|
|
|
1,206,657
|
|
||||||
Other consumer
|
|
11
|
|
|
|
1,512
|
|
|
|
1,523
|
|
|
|
16
|
|
|
|
67,530
|
|
|
|
67,546
|
|
||||||
Total
|
|
$
|
1,763
|
|
|
|
$
|
59,233
|
|
|
|
$
|
60,996
|
|
|
|
$
|
49,506
|
|
|
|
$
|
5,897,142
|
|
|
|
$
|
5,946,648
|
|
|
June 30, 2019
|
|
|
December 31, 2018
|
|
Ratio of net charge-offs to average loans outstanding
|
0.25
|
%
|
*
|
0.18
|
%
|
Allowance for loan losses as a percentage of total loans
|
1.02
|
%
|
|
1.03
|
%
|
Allowance for loan losses to nonperforming loans
|
137
|
%
|
|
144
|
%
|
(dollars in thousands)
|
June 30, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
||||||
Nonperforming Loans
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
$
|
23,184
|
|
|
|
$
|
10,913
|
|
|
|
$
|
12,271
|
|
Commercial and industrial
|
|
3,150
|
|
|
|
2,314
|
|
|
|
836
|
|
|||
Commercial construction
|
|
820
|
|
|
|
13,787
|
|
|
|
(12,967
|
)
|
|||
Residential mortgage
|
|
5,285
|
|
|
|
5,585
|
|
|
|
(300
|
)
|
|||
Home equity
|
|
2,623
|
|
|
|
2,349
|
|
|
|
274
|
|
|||
Installment and other consumer
|
|
22
|
|
|
|
37
|
|
|
|
(15
|
)
|
|||
Total Nonperforming Loans
|
|
35,083
|
|
|
|
34,985
|
|
|
|
98
|
|
|||
Nonperforming Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
5,600
|
|
|
|
1,139
|
|
|
|
4,461
|
|
|||
Commercial and industrial
|
|
980
|
|
|
|
6,646
|
|
|
|
(5,666
|
)
|
|||
Commercial construction
|
|
406
|
|
|
|
406
|
|
|
|
—
|
|
|||
Residential mortgage
|
|
1,497
|
|
|
|
1,543
|
|
|
|
(46
|
)
|
|||
Home equity
|
|
1,458
|
|
|
|
1,349
|
|
|
|
109
|
|
|||
Installment and other consumer
|
|
3
|
|
|
|
5
|
|
|
|
(2
|
)
|
|||
Total Nonperforming Troubled Debt Restructurings
|
|
9,944
|
|
|
|
11,088
|
|
|
|
(1,145
|
)
|
|||
Total Nonperforming Loans
|
|
45,027
|
|
|
|
46,073
|
|
|
|
(1,046
|
)
|
|||
OREO
|
|
1,495
|
|
|
|
3,092
|
|
|
|
(1,597
|
)
|
|||
Total Nonperforming Assets
|
|
$
|
46,522
|
|
|
|
$
|
49,165
|
|
|
|
$
|
(2,643
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
||||||
Nonperforming loans as a percent of total loans
|
|
0.75
|
%
|
|
|
0.77
|
%
|
|
|
|
||||
Nonperforming assets as a percent of total loans plus OREO
|
|
0.77
|
%
|
|
|
0.83
|
%
|
|
|
|
(dollars in thousands)
|
June 30, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
||||||
Customer Deposits
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing demand
|
|
$
|
1,462,386
|
|
|
|
$
|
1,421,156
|
|
|
|
$
|
41,230
|
|
Interest-bearing demand
|
|
544,265
|
|
|
|
567,492
|
|
|
|
(23,227
|
)
|
|||
Money market
|
|
1,446,086
|
|
|
|
1,178,211
|
|
|
|
267,875
|
|
|||
Savings
|
|
754,062
|
|
|
|
784,970
|
|
|
|
(30,908
|
)
|
|||
Certificates of deposit
|
|
1,298,255
|
|
|
|
1,261,704
|
|
|
|
36,551
|
|
|||
Total Customer Deposits
|
|
5,505,054
|
|
|
|
5,213,533
|
|
|
|
291,521
|
|
|||
Brokered Deposits
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand
|
|
5,398
|
|
|
|
6,201
|
|
|
|
(803
|
)
|
|||
Money market
|
|
296,248
|
|
|
|
303,854
|
|
|
|
(7,606
|
)
|
|||
Certificates of deposit
|
|
50,000
|
|
|
|
150,334
|
|
|
|
(100,334
|
)
|
|||
Total Brokered Deposits
|
|
351,646
|
|
|
|
460,389
|
|
|
|
(108,743
|
)
|
|||
Total Deposits
|
|
$
|
5,856,700
|
|
|
|
$
|
5,673,922
|
|
|
|
$
|
182,778
|
|
(dollars in thousands)
|
June 30, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
||||||
Securities sold under repurchase agreements
|
|
$
|
14,154
|
|
|
|
$
|
18,383
|
|
|
|
$
|
(4,229
|
)
|
Short-term borrowings
|
|
295,000
|
|
|
|
470,000
|
|
|
|
(175,000
|
)
|
|||
Long-term borrowings
|
|
69,791
|
|
|
|
70,314
|
|
|
|
(523
|
)
|
|||
Junior subordinated debt securities
|
|
45,619
|
|
|
|
45,619
|
|
|
|
—
|
|
|||
Total Borrowings
|
|
$
|
424,564
|
|
|
|
$
|
604,316
|
|
|
|
$
|
(179,752
|
)
|
|
Securities Sold Under Repurchase Agreements
|
||||||
(dollars in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
Balance at the period end
|
$
|
14,154
|
|
|
$
|
18,383
|
|
Average balance during the period
|
19,735
|
|
|
45,992
|
|
||
Average interest rate during the period
|
0.59
|
%
|
|
0.48
|
%
|
||
Maximum month-end balance during the period
|
$
|
23,427
|
|
|
$
|
54,579
|
|
Average interest rate at the period end
|
0.74
|
%
|
|
0.46
|
%
|
||
|
|
|
|
||||
|
Short-Term Borrowings
|
||||||
(dollars in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
Balance at the period end
|
$
|
295,000
|
|
|
$
|
470,000
|
|
Average balance during the period
|
280,862
|
|
|
525,172
|
|
||
Average interest rate during the period
|
2.72
|
%
|
|
2.11
|
%
|
||
Maximum month-end balance during the period
|
$
|
425,000
|
|
|
$
|
690,000
|
|
Average interest rate at the period end
|
2.71
|
%
|
|
2.65
|
%
|
|
Long-Term Borrowings
|
||||||
(dollars in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
Balance at the period end
|
$
|
69,791
|
|
|
$
|
70,314
|
|
Average balance during the period
|
70,122
|
|
|
47,986
|
|
||
Average interest rate during the period
|
2.85
|
%
|
|
2.35
|
%
|
||
Maximum month-end balance during the period
|
$
|
70,418
|
|
|
$
|
70,314
|
|
Average interest rate at the period end
|
2.73
|
%
|
|
2.84
|
%
|
||
|
|
|
|
||||
|
Junior Subordinated Debt Securities
|
||||||
(dollars in thousands)
|
June 30, 2019
|
|
December 31, 2018
|
||||
Balance at the period end
|
$
|
45,619
|
|
|
$
|
45,619
|
|
Average balance during the period
|
45,619
|
|
|
45,619
|
|
||
Average interest rate during the period
|
5.03
|
%
|
|
4.60
|
%
|
||
Maximum month-end balance during the period
|
$
|
45,619
|
|
|
$
|
45,619
|
|
Average interest rate at the period end
|
5.07
|
%
|
|
5.25
|
%
|
(dollars in thousands)
|
Adequately
Capitalized
|
Well-
Capitalized
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||
|
Amount
|
Ratio
|
|
Amount
|
Ratio
|
|||||||||||
S&T Bancorp, Inc.
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 leverage
|
4.00
|
%
|
5.00
|
%
|
|
$
|
705,600
|
|
10.12
|
%
|
|
$
|
689,778
|
|
10.05
|
%
|
Common equity tier 1 to risk-weighted assets
|
4.50
|
%
|
6.50
|
%
|
|
685,600
|
|
11.35
|
%
|
|
669,778
|
|
11.38
|
%
|
||
Tier 1 capital to risk-weighted assets
|
6.00
|
%
|
8.00
|
%
|
|
705,600
|
|
11.68
|
%
|
|
689,778
|
|
11.72
|
%
|
||
Total capital to risk-weighted assets
|
8.00
|
%
|
10.00
|
%
|
|
794,426
|
|
13.15
|
%
|
|
777,913
|
|
13.21
|
%
|
||
S&T Bank
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 leverage
|
4.00
|
%
|
5.00
|
%
|
|
$
|
675,236
|
|
9.71
|
%
|
|
$
|
659,304
|
|
9.63
|
%
|
Common equity tier 1 to risk-weighted assets
|
4.50
|
%
|
6.50
|
%
|
|
675,236
|
|
11.20
|
%
|
|
659,304
|
|
11.23
|
%
|
||
Tier 1 capital to risk-weighted assets
|
6.00
|
%
|
8.00
|
%
|
|
675,236
|
|
11.20
|
%
|
|
659,304
|
|
11.23
|
%
|
||
Total capital to risk-weighted assets
|
8.00
|
%
|
10.00
|
%
|
|
764,061
|
|
12.68
|
%
|
|
747,438
|
|
12.73
|
%
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||
|
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
|
11.9
|
%
|
|
13.3
|
%
|
|
(0.3
|
)%
|
|
8.3
|
%
|
|
11.6
|
%
|
|
(10.0
|
)%
|
300
|
8.9
|
|
|
9.8
|
|
|
4.0
|
|
|
6.1
|
|
|
8.5
|
|
|
(4.6
|
)
|
200
|
6.0
|
|
|
6.6
|
|
|
6.1
|
|
|
4.0
|
|
|
5.6
|
|
|
0.6
|
|
100
|
3.2
|
|
|
3.7
|
|
|
5.4
|
|
|
2.2
|
|
|
3.1
|
|
|
1.4
|
|
(100)
|
(4.7
|
)
|
|
(5.7
|
)
|
|
(11.3
|
)
|
|
(3.8
|
)
|
|
(5.4
|
)
|
|
(7.5
|
)
|
(200)
|
(9.3
|
)
|
|
(11.5
|
)
|
|
(25.4
|
)
|
|
(7.8
|
)
|
|
(11.2
|
)
|
|
(16.8
|
)
|
•
|
S&T may experience negative reactions from the financial markets, including negative impacts on its stock price;
|
•
|
S&T may experience negative reactions from its customers, vendors and employees;
|
•
|
The merger agreement places certain restrictions on the conduct of S&T’s business prior to completion of the merger, such restrictions, the waiver of which is subject to the consent of DNB (not to be unreasonably withheld or delayed) may prevent S&T from taking certain specified actions during the pendency of the merger; and
|
•
|
Matters relating to the merger (including integration planning) will require substantial commitments of time and resources by S&T management, which would otherwise have been devoted to other opportunities that may have been beneficial to S&T as an independent company.
|
Period
|
|
Total number of shares purchased
|
|
|
Average price paid per share
|
|
|
Total number of shares purchased as part of publicly announced plan
(1)
|
|
|
Approximate dollar value of shares that may yet be purchased under the plan
|
|
||
|
|
|
|
|
|
|
|
|
$25,456,631
|
|
||||
04/01/2019 - 04/30/2019
|
|
71,936
|
|
|
|
$39.41
|
|
|
71,936
|
|
|
22,621,633
|
|
|
|
|
|
|
|
|
|
|
|
||||||
05/01/2019 - 05/31/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,621,633
|
|
||
|
|
|
|
|
|
|
|
|
||||||
06/01/2019 - 06/30/2019
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,621,633
|
|
||
Total
|
|
71,936
|
|
|
|
$39.41
|
|
|
71,936
|
|
|
|
$22,621,633
|
|
|
S&T Bancorp, Inc.
(Registrant)
|
|
|
July 31, 2019
|
/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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