Pennsylvania
|
|
25-1434426
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
800 Philadelphia Street, Indiana, PA
|
|
15701
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
|
Name of each exchange on which registered
|
Common Stock, par value $2.50 per share
|
|
The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
|
Large accelerated filer
x
|
|
Accelerated filer
o
|
Non-accelerated filer
o
|
|
Smaller reporting company
o
|
|
|
Emerging growth company
o
|
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
|
||
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
|
|
|
|
||
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
|
|
|
|
||
Item 15.
|
||
|
•
|
9
th
Street Holdings, Inc. was formed in June 1988 to hold and manage a group of investments previously owned by S&T Bank and to give us additional latitude to purchase other investments.
|
•
|
S&T Bancholdings, Inc. was formed in August 2002 to hold and manage a group of investments previously owned by S&T Bank and to give us additional latitude to purchase other investments.
|
•
|
CTCLIC is a joint venture with another financial institution, and acts as a reinsurer of credit life, accident and health insurance policies that were sold by S&T Bank and the other institution. S&T Bank and the other institution each have ownership interests of 50 percent in CTCLIC.
|
•
|
S&T Insurance Group, LLC distributes life insurance and long-term disability income insurance products. During 2001, S&T Insurance Group, LLC and Attorneys Abstract Company, Inc. entered into an agreement to form S&T Settlement Services, LLC, or STSS, with respective ownership interests of 55 percent and 45 percent. STSS is a title insurance agency servicing commercial customers. During 2002, S&T Insurance Group, LLC expanded into the property and casualty insurance business with the acquisition of S&T-Evergreen Insurance, LLC. On January 1, 2018 we sold a 70 percent majority interest in the assets of our subsidiary, S&T-Evergreen Insurance, LLC. We transferred our remaining
30 percent
share of net assets from S&T Evergreen Insurance, LLC to a new entity for a
30
percent partnership interest in a new insurance entity.
|
•
|
Stewart Capital Advisors, LLC was formed in August 2005 and is a registered investment advisor that manages private investment accounts for individuals and institutions.
|
|
Actual
|
|
Minimum
Regulatory Capital Requirements |
|
To be
Well Capitalized Under Prompt Corrective Action Provisions |
|||||||||||||||
(dollars in thousands)
|
Amount
|
|
|
Ratio
|
|
|
Amount
|
|
|
Ratio
|
|
|
Amount
|
|
|
Ratio
|
|
|||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Leverage Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
$
|
689,778
|
|
|
10.05
|
%
|
|
$
|
274,497
|
|
|
4.00
|
%
|
|
$
|
343,121
|
|
|
5.00
|
%
|
S&T Bank
|
659,304
|
|
|
9.63
|
%
|
|
273,820
|
|
|
4.00
|
%
|
|
342,275
|
|
|
5.00
|
%
|
|||
Common Equity Tier 1 (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
669,778
|
|
|
11.38
|
%
|
|
264,933
|
|
|
4.50
|
%
|
|
382,681
|
|
|
6.50
|
%
|
|||
S&T Bank
|
659,304
|
|
|
11.23
|
%
|
|
264,127
|
|
|
4.50
|
%
|
|
381,517
|
|
|
6.50
|
%
|
|||
Tier 1 Capital (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
689,778
|
|
|
11.72
|
%
|
|
353,244
|
|
|
6.00
|
%
|
|
470,992
|
|
|
8.00
|
%
|
|||
S&T Bank
|
659,304
|
|
|
11.23
|
%
|
|
352,170
|
|
|
6.00
|
%
|
|
469,560
|
|
|
8.00
|
%
|
|||
Total Capital (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
777,913
|
|
|
13.21
|
%
|
|
470,992
|
|
|
8.00
|
%
|
|
588,741
|
|
|
10.00
|
%
|
|||
S&T Bank
|
747,438
|
|
|
12.73
|
%
|
|
469,560
|
|
|
8.00
|
%
|
|
586,950
|
|
|
10.00
|
%
|
•
|
Common equity Tier 1 risk-based capital ratio (common equity Tier 1 capital to standardized total risk-weighted assets) of 4.50 percent;
|
•
|
Tier 1 risk-based capital ratio (Tier 1 capital to standardized total risk-weighted assets) of 6.00 percent;
|
•
|
Total risk-based capital ratio (total capital to standardized total risk-weighted assets) of 8.00 percent; and
|
•
|
Leverage ratio (Tier 1 capital to average total consolidated assets less amounts deducted from Tier 1 capital) of 4.00 percent.
|
•
|
volatility of stock market prices and volumes in general;
|
•
|
changes in market valuations of similar companies;
|
•
|
changes in the conditions of credit markets;
|
•
|
changes in accounting policies or procedures as required by the Financial Accounting Standards Board, or FASB, or other regulatory agencies;
|
•
|
legislative and regulatory actions, including the impact of the Dodd-Frank Act and related regulations, that may subject us to additional regulatory oversight which may result in increased compliance costs and/or require us to change our business model;
|
•
|
government intervention in the U.S. financial system and the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board;
|
•
|
additions or departures of key members of management;
|
•
|
fluctuations in our quarterly or annual operating results; and
|
•
|
changes in analysts’ estimates of our financial performance.
|
|
Price Range of
Common Stock
|
Cash
Dividends
Declared
|
|
||||||||
2018
|
Low
|
|
|
High
|
|
||||||
Fourth quarter
|
$
|
35.60
|
|
|
$
|
44.59
|
|
|
$
|
0.27
|
|
Third quarter
|
42.50
|
|
|
47.77
|
|
|
0.25
|
|
|||
Second quarter
|
38.80
|
|
|
46.44
|
|
|
0.25
|
|
|||
First quarter
|
37.79
|
|
|
42.93
|
|
|
0.22
|
|
|||
2017
|
|
|
|
|
|
||||||
Fourth quarter
|
$
|
38.16
|
|
|
$
|
43.17
|
|
|
$
|
0.22
|
|
Third quarter
|
33.92
|
|
|
39.94
|
|
|
0.20
|
|
|||
Second quarter
|
32.48
|
|
|
37.94
|
|
|
0.20
|
|
|||
First quarter
|
31.72
|
|
|
39.84
|
|
|
0.20
|
|
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
|
|
|||||
10/1/2018 - 10/31/2018
|
|
|
|
|
|
|
|
|
|
$
|
50,000,000
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
11/1/2018 - 11/30/2018
|
|
|
|
|
|
|
|
|
|
50,000,000
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
12/1/2018 - 12/31/2018
|
321,731
|
|
|
|
$
|
38.10
|
|
|
|
321,731
|
|
|
|
37,742,049
|
|
|
Total
|
321,731
|
|
|
|
38.10
|
|
|
|
321,731
|
|
|
|
$
|
37,742,049
|
|
|
Period Ending
|
||||||||||||||||
Index
|
12/31/2013
|
|
|
12/31/2014
|
|
|
12/31/2015
|
|
|
12/31/2016
|
|
|
12/31/2017
|
|
|
12/31/2018
|
|
S&T Bancorp, Inc.
|
100.00
|
|
|
121.11
|
|
|
128.37
|
|
|
167.39
|
|
|
174.46
|
|
|
169.79
|
|
NASDAQ Composite
|
100.00
|
|
|
134.02
|
|
|
173.86
|
|
|
114.83
|
|
|
122.99
|
|
|
168.98
|
|
NASDAQ Bank
|
100.00
|
|
|
104.92
|
|
|
114.20
|
|
|
157.56
|
|
|
166.16
|
|
|
139.28
|
|
|
December 31,
|
||||||||||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||||
Total assets
|
$
|
7,252,221
|
|
|
$
|
7,060,255
|
|
|
$
|
6,943,053
|
|
|
$
|
6,318,354
|
|
|
$
|
4,964,686
|
|
Securities, at fair value
|
684,872
|
|
|
698,291
|
|
|
693,487
|
|
|
660,963
|
|
|
640,273
|
|
|||||
Loans held for sale
|
2,371
|
|
|
4,485
|
|
|
3,793
|
|
|
35,321
|
|
|
2,970
|
|
|||||
Portfolio loans, net of unearned income
|
5,946,648
|
|
|
5,761,449
|
|
|
5,611,419
|
|
|
5,027,612
|
|
|
3,868,746
|
|
|||||
Goodwill
|
287,446
|
|
|
291,670
|
|
|
291,670
|
|
|
291,764
|
|
|
175,820
|
|
|||||
Total deposits
|
5,673,922
|
|
|
5,427,891
|
|
|
5,272,377
|
|
|
4,876,611
|
|
|
3,908,842
|
|
|||||
Securities sold under repurchase agreements
|
18,383
|
|
|
50,161
|
|
|
50,832
|
|
|
62,086
|
|
|
30,605
|
|
|||||
Short-term borrowings
|
470,000
|
|
|
540,000
|
|
|
660,000
|
|
|
356,000
|
|
|
290,000
|
|
|||||
Long-term borrowings
|
70,314
|
|
|
47,301
|
|
|
14,713
|
|
|
117,043
|
|
|
19,442
|
|
|||||
Junior subordinated debt securities
|
45,619
|
|
|
45,619
|
|
|
45,619
|
|
|
45,619
|
|
|
45,619
|
|
|||||
Total shareholders’ equity
|
935,761
|
|
|
884,031
|
|
|
841,956
|
|
|
792,237
|
|
|
608,389
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||||
Interest income
|
$
|
289,826
|
|
|
$
|
260,642
|
|
|
$
|
227,774
|
|
|
$
|
203,548
|
|
|
$
|
160,523
|
|
Interest expense
|
55,388
|
|
|
34,909
|
|
|
24,515
|
|
|
15,997
|
|
|
12,481
|
|
|||||
Provision for loan losses
|
14,995
|
|
|
13,883
|
|
|
17,965
|
|
|
10,388
|
|
|
1,715
|
|
|||||
Net Interest Income After Provision for Loan Losses
|
219,443
|
|
|
211,850
|
|
|
185,294
|
|
|
177,163
|
|
|
146,327
|
|
|||||
Noninterest income
|
49,181
|
|
|
55,462
|
|
|
54,635
|
|
|
51,033
|
|
|
46,338
|
|
|||||
Noninterest expense
|
145,445
|
|
|
147,907
|
|
|
143,232
|
|
|
136,717
|
|
|
117,240
|
|
|||||
Net Income Before Taxes
|
123,179
|
|
|
119,405
|
|
|
96,697
|
|
|
91,479
|
|
|
75,425
|
|
|||||
Provision for income taxes
|
17,845
|
|
|
46,437
|
|
|
25,305
|
|
|
24,398
|
|
|
17,515
|
|
|||||
Net Income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
|
$
|
67,081
|
|
|
$
|
57,910
|
|
|
|
December 31,
|
||||||||||||||||||||||
|
|
2018
|
|
|
|
2017
|
|
|
|
2016
|
|
|
|
2015
|
|
|
|
2014
|
|
|||||
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share—basic
|
|
$
|
3.03
|
|
|
|
$
|
2.10
|
|
|
|
$
|
2.06
|
|
|
|
$
|
1.98
|
|
|
|
$
|
1.95
|
|
Earnings per common share—diluted
|
|
$
|
3.01
|
|
|
|
$
|
2.09
|
|
|
|
$
|
2.05
|
|
|
|
$
|
1.98
|
|
|
|
$
|
1.95
|
|
Dividends declared per common share
|
|
$
|
0.99
|
|
|
|
$
|
0.82
|
|
|
|
$
|
0.77
|
|
|
|
$
|
0.73
|
|
|
|
$
|
0.68
|
|
Dividend payout ratio
|
|
32.79
|
%
|
|
|
39.15
|
%
|
|
|
37.52
|
%
|
|
|
36.47
|
%
|
|
|
34.89
|
%
|
|||||
Common book value
|
|
$
|
26.98
|
|
|
|
$
|
25.28
|
|
|
|
$
|
24.12
|
|
|
|
$
|
22.76
|
|
|
|
$
|
20.42
|
|
Common tangible book value
(non-GAAP)
|
|
$
|
18.63
|
|
|
|
$
|
16.87
|
|
|
|
$
|
15.67
|
|
|
|
$
|
14.26
|
|
|
|
$
|
14.46
|
|
Profitability Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common return on average assets
|
|
1.50
|
%
|
|
|
1.03
|
%
|
|
|
1.08
|
%
|
|
|
1.13
|
%
|
|
|
1.22
|
%
|
|||||
Common return on average equity
|
|
11.60
|
%
|
|
|
8.37
|
%
|
|
|
8.67
|
%
|
|
|
8.94
|
%
|
|
|
9.71
|
%
|
|||||
Common return on average tangible common equity
(non-GAAP)
|
|
17.14
|
%
|
|
|
12.77
|
%
|
|
|
13.71
|
%
|
|
|
14.39
|
%
|
|
|
14.02
|
%
|
|||||
Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common equity/assets
|
|
12.90
|
%
|
|
|
12.52
|
%
|
|
|
12.13
|
%
|
|
|
12.54
|
%
|
|
|
12.25
|
%
|
|||||
Tangible common equity/tangible assets
(non-GAAP)
|
|
9.28
|
%
|
|
|
8.72
|
%
|
|
|
8.23
|
%
|
|
|
8.24
|
%
|
|
|
9.00
|
%
|
|||||
Tier 1 leverage ratio
|
|
10.05
|
%
|
|
|
9.17
|
%
|
|
|
8.98
|
%
|
|
|
8.96
|
%
|
|
|
9.80
|
%
|
|||||
Common equity tier 1
|
|
11.38
|
%
|
|
|
10.71
|
%
|
|
|
10.04
|
%
|
|
|
9.77
|
%
|
|
|
11.81
|
%
|
|||||
Risk-based capital—tier 1
|
|
11.72
|
%
|
|
|
11.06
|
%
|
|
|
10.39
|
%
|
|
|
10.15
|
%
|
|
|
12.34
|
%
|
|||||
Risk-based capital—total
|
|
13.21
|
%
|
|
|
12.55
|
%
|
|
|
11.86
|
%
|
|
|
11.60
|
%
|
|
|
14.27
|
%
|
|||||
Asset Quality Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonaccrual loans/loans
|
|
0.77
|
%
|
|
|
0.42
|
%
|
|
|
0.76
|
%
|
|
|
0.70
|
%
|
|
|
0.32
|
%
|
|||||
Nonperforming assets/loans plus OREO
|
|
0.83
|
%
|
|
|
0.42
|
%
|
|
|
0.77
|
%
|
|
|
0.71
|
%
|
|
|
0.33
|
%
|
|||||
Allowance for loan losses/total portfolio loans
|
|
1.03
|
%
|
|
|
0.98
|
%
|
|
|
0.94
|
%
|
|
|
0.96
|
%
|
|
|
1.24
|
%
|
|||||
Allowance for loan losses/nonperforming loans
|
|
132
|
%
|
|
|
236
|
%
|
|
|
124
|
%
|
|
|
136
|
%
|
|
|
385
|
%
|
|||||
Net loan charge-offs/average loans
|
|
0.18
|
%
|
|
|
0.18
|
%
|
|
|
0.25
|
%
|
|
|
0.22
|
%
|
|
|
0.00
|
%
|
|
December 31
|
||||||||||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||||
Common tangible book value
(non-GAAP)
|
|
|
|
|
|
|
|
|
|
||||||||||
Total shareholders' equity
|
$
|
935,761
|
|
|
$
|
884,031
|
|
|
$
|
841,956
|
|
|
$
|
792,237
|
|
|
$
|
608,389
|
|
Less: goodwill and other intangible assets
|
(290,047
|
)
|
|
(295,347
|
)
|
|
(296,580
|
)
|
|
(298,289
|
)
|
|
(178,451
|
)
|
|||||
Tax effect of other intangible assets
|
546
|
|
|
1,287
|
|
|
1,719
|
|
|
2,284
|
|
|
921
|
|
|||||
Tangible common equity
(non-GAAP)
|
646,260
|
|
|
589,971
|
|
|
547,095
|
|
|
496,232
|
|
|
430,859
|
|
|||||
Common shares outstanding
|
34,684
|
|
|
34,972
|
|
|
34,913
|
|
|
34,810
|
|
|
29,796
|
|
|||||
Common tangible book value
(non-GAAP)
|
$
|
18.63
|
|
|
$
|
16.87
|
|
|
$
|
15.67
|
|
|
$
|
14.26
|
|
|
$
|
14.46
|
|
Common return on average tangible common shareholders' equity
(non-GAAP)
|
|
|
|
|
|
|
|
|
|||||||||||
Net income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
|
$
|
67,081
|
|
|
$
|
57,910
|
|
Plus: amortization of intangibles
|
861
|
|
|
1,233
|
|
|
1,615
|
|
|
1,818
|
|
|
1,129
|
|
|||||
Tax effect of amortization of intangibles
|
(181
|
)
|
|
(432
|
)
|
|
(565
|
)
|
|
(636
|
)
|
|
(395
|
)
|
|||||
Net income before amortization of intangibles
|
106,014
|
|
|
73,769
|
|
|
72,442
|
|
|
68,263
|
|
|
58,644
|
|
|||||
Total average shareholders’ equity
(GAAP Basis)
|
908,355
|
|
|
872,130
|
|
|
823,607
|
|
|
750,069
|
|
|
596,155
|
|
|||||
Less: average goodwill and average other intangible assets
|
(290,380
|
)
|
|
(295,937
|
)
|
|
(297,377
|
)
|
|
(278,130
|
)
|
|
(178,990
|
)
|
|||||
Tax effect of other intangible assets
|
614
|
|
|
1,493
|
|
|
1,992
|
|
|
2,283
|
|
|
1,109
|
|
|||||
Tangible average common shareholders' equity
(non-GAAP)
|
$
|
618,589
|
|
|
$
|
577,686
|
|
|
$
|
528,222
|
|
|
$
|
474,222
|
|
|
$
|
418,274
|
|
Common return on average tangible common shareholders' equity
(non-GAAP)
|
17.14
|
%
|
|
12.77
|
%
|
|
13.71
|
%
|
|
14.39
|
%
|
|
14.02
|
%
|
|||||
Efficiency Ratio
(non-GAAP)
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest expense
|
145,445
|
|
|
147,907
|
|
|
143,232
|
|
|
136,717
|
|
|
117,240
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net interest income per Consolidated Statements of Net Income
|
234,438
|
|
|
225,733
|
|
|
203,259
|
|
|
187,551
|
|
|
148,042
|
|
|||||
Plus: taxable equivalent adjustment
|
3,804
|
|
|
7,493
|
|
|
7,043
|
|
|
6,123
|
|
|
5,461
|
|
|||||
Noninterest income
|
49,181
|
|
|
55,462
|
|
|
54,635
|
|
|
51,033
|
|
|
46,338
|
|
|||||
Less: securities (gains) losses, net
|
—
|
|
|
(3,000
|
)
|
|
—
|
|
|
34
|
|
|
(41
|
)
|
|||||
Net interest income (FTE)
(non-GAAP)
plus noninterest income
|
287,423
|
|
|
285,688
|
|
|
264,938
|
|
|
244,742
|
|
|
199,801
|
|
|||||
Efficiency ratio
(non-GAAP)
|
50.60
|
%
|
|
51.77
|
%
|
|
54.06
|
%
|
|
55.86
|
%
|
|
58.68
|
%
|
|||||
Tangible common equity
(non-GAAP)
|
|
|
|
|
|
|
|
|
|
||||||||||
Total shareholders' equity
(GAAP basis)
|
$
|
935,761
|
|
|
$
|
884,031
|
|
|
$
|
841,956
|
|
|
$
|
792,237
|
|
|
$
|
608,389
|
|
Less: goodwill and other intangible assets
|
(290,047
|
)
|
|
(295,347
|
)
|
|
(296,580
|
)
|
|
(298,289
|
)
|
|
(178,451
|
)
|
|||||
Tax effect of other intangible assets
|
546
|
|
|
1,287
|
|
|
1,719
|
|
|
2,284
|
|
|
921
|
|
|||||
Tangible common equity
(non-GAAP)
|
646,260
|
|
|
589,971
|
|
|
547,095
|
|
|
496,232
|
|
|
430,859
|
|
|||||
Total assets
(GAAP basis)
|
7,252,221
|
|
|
7,060,255
|
|
|
6,943,053
|
|
|
6,318,354
|
|
|
4,964,686
|
|
|||||
Less: goodwill and other intangible assets
|
(290,047
|
)
|
|
(295,347
|
)
|
|
(296,580
|
)
|
|
(298,289
|
)
|
|
(178,451
|
)
|
|||||
Tax effect of other intangible assets
|
546
|
|
|
1,287
|
|
|
1,719
|
|
|
2,284
|
|
|
921
|
|
|||||
Tangible assets
(non-GAAP)
|
$
|
6,962,720
|
|
|
$
|
6,766,195
|
|
|
$
|
6,648,192
|
|
|
$
|
6,022,349
|
|
|
$
|
4,787,156
|
|
Tangible common shareholders' equity/tangible assets
(non-GAAP)
|
9.28
|
%
|
|
8.72
|
%
|
|
8.23
|
%
|
|
8.24
|
%
|
|
9.00
|
%
|
(dollars in thousands)
|
2017
|
||
Diluted Earnings Per Share
|
|
||
Net Income
|
$
|
72,968
|
|
Plus: DTA re-measurement
|
13,433
|
|
|
Adjusted net Income
(non-GAAP)
|
$
|
86,401
|
|
Average shares outstanding - diluted
|
34,955
|
|
|
Diluted adjusted earnings per share
(non-GAAP)
|
$
|
2.47
|
|
•
|
We had record net income for 2018 of $105.3 million, or $3.01 per diluted share, surpassing our 2017 net income of $73.0 million, or $2.09 per diluted share.
|
•
|
Return on average assets was 1.50 percent, return on average equity was 11.60 percent and return on tangible shareholders' equity (non-GAAP) was 17.14 percent for 2018.
|
•
|
Net interest income increased $8.7 million, or 3.9 percent, and net interest margin (FTE) (non-GAAP) increased eight basis points to 3.64 percent compared to 3.56 percent in 2017.
|
•
|
Our expenses were well controlled during 2018 with an improved efficiency ratio (non-GAAP) of 50.60 percent compared to 51.77 percent for 2017.
|
•
|
We were recognized by Forbes as one of the Best-In-State Banks and Credit Unions, naming S&T Bank as the second highest-rated bank in Pennsylvania – further confirming our ability to fulfill our mission of creating value for our customers and shareholders through consistent and outstanding financial performance.
|
|
Years Ended December 31,
|
||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Total interest income
|
$
|
289,826
|
|
|
$
|
260,642
|
|
|
$
|
227,774
|
|
Total interest expense
|
55,388
|
|
|
34,909
|
|
|
24,515
|
|
|||
Net interest income per Consolidated Statements of Net Income
|
234,438
|
|
|
225,733
|
|
|
203,259
|
|
|||
Adjustment to FTE basis
|
3,803
|
|
|
7,493
|
|
|
7,043
|
|
|||
Net Interest Income (FTE) (non-GAAP)
|
$
|
238,241
|
|
|
$
|
233,226
|
|
|
$
|
210,302
|
|
Net interest margin
|
3.58
|
%
|
|
3.45
|
%
|
|
3.35
|
%
|
|||
Adjustment to FTE basis
|
0.06
|
|
|
0.11
|
|
|
0.12
|
|
|||
Net Interest Margin (FTE) (non-GAAP)
|
3.64
|
%
|
|
3.56
|
%
|
|
3.47
|
%
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
Average
Balance |
|
|
Interest
|
|
|
Rate
|
|
|
Average
Balance |
|
|
Interest
|
|
|
Rate
|
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits with banks
|
$
|
56,210
|
|
|
$
|
1,042
|
|
|
1.85
|
%
|
|
$
|
56,344
|
|
|
$
|
578
|
|
|
1.03
|
%
|
|
$
|
41,810
|
|
|
$
|
207
|
|
|
0.50
|
%
|
Securities at fair value
(2)(3)
|
682,806
|
|
|
17,860
|
|
|
2.62
|
%
|
|
698,460
|
|
|
17,320
|
|
|
2.48
|
%
|
|
676,696
|
|
|
16,306
|
|
|
2.41
|
%
|
||||||
Loans held for sale
|
1,515
|
|
|
85
|
|
|
5.60
|
%
|
|
14,607
|
|
|
581
|
|
|
3.98
|
%
|
|
14,255
|
|
|
814
|
|
|
5.71
|
%
|
||||||
Commercial real estate
|
2,779,096
|
|
|
132,139
|
|
|
4.75
|
%
|
|
2,638,766
|
|
|
114,484
|
|
|
4.34
|
%
|
|
2,344,050
|
|
|
96,814
|
|
|
4.13
|
%
|
||||||
Commercial and industrial
|
1,441,560
|
|
|
67,770
|
|
|
4.70
|
%
|
|
1,425,421
|
|
|
61,976
|
|
|
4.35
|
%
|
|
1,348,287
|
|
|
53,629
|
|
|
3.98
|
%
|
||||||
Commercial construction
|
314,265
|
|
|
15,067
|
|
|
4.79
|
%
|
|
426,574
|
|
|
17,384
|
|
|
4.08
|
%
|
|
400,997
|
|
|
14,788
|
|
|
3.69
|
%
|
||||||
Total commercial loans
|
4,534,921
|
|
|
214,976
|
|
|
4.74
|
%
|
|
4,490,761
|
|
|
193,844
|
|
|
4.32
|
%
|
|
4,093,334
|
|
|
165,231
|
|
|
4.04
|
%
|
||||||
Residential mortgage
|
696,849
|
|
|
29,772
|
|
|
4.27
|
%
|
|
699,843
|
|
|
28,741
|
|
|
4.11
|
%
|
|
668,236
|
|
|
27,544
|
|
|
4.12
|
%
|
||||||
Home equity
|
474,538
|
|
|
22,981
|
|
|
4.84
|
%
|
|
484,023
|
|
|
20,866
|
|
|
4.31
|
%
|
|
477,011
|
|
|
19,213
|
|
|
4.03
|
%
|
||||||
Installment and other consumer
|
67,047
|
|
|
4,594
|
|
|
6.85
|
%
|
|
69,163
|
|
|
4,521
|
|
|
6.54
|
%
|
|
64,960
|
|
|
4,136
|
|
|
6.37
|
%
|
||||||
Consumer construction
|
5,336
|
|
|
267
|
|
|
5.00
|
%
|
|
4,631
|
|
|
201
|
|
|
4.35
|
%
|
|
7,038
|
|
|
287
|
|
|
4.08
|
%
|
||||||
Total consumer loans
|
1,243,770
|
|
|
57,614
|
|
|
4.63
|
%
|
|
1,257,660
|
|
|
54,329
|
|
|
4.32
|
%
|
|
1,217,245
|
|
|
51,180
|
|
|
4.20
|
%
|
||||||
Total portfolio loans
|
5,778,691
|
|
|
272,590
|
|
|
4.72
|
%
|
|
5,748,421
|
|
|
248,173
|
|
|
4.32
|
%
|
|
5,310,579
|
|
|
216,411
|
|
|
4.08
|
%
|
||||||
Total Loans
(1)(2)
|
$
|
5,780,206
|
|
|
$
|
272,675
|
|
|
4.72
|
%
|
|
$
|
5,763,028
|
|
|
$
|
248,754
|
|
|
4.32
|
%
|
|
$
|
5,324,834
|
|
|
$
|
217,225
|
|
|
4.08
|
%
|
Federal Home Loan Bank and other restricted stock
|
30,457
|
|
|
2,052
|
|
|
6.74
|
%
|
|
31,989
|
|
|
1,483
|
|
|
4.64
|
%
|
|
23,811
|
|
|
1,079
|
|
|
4.53
|
%
|
||||||
Total Interest-earning Assets
|
6,549,679
|
|
|
293,629
|
|
|
4.48
|
%
|
|
6,549,821
|
|
|
268,135
|
|
|
4.09
|
%
|
|
6,067,151
|
|
|
234,817
|
|
|
3.87
|
%
|
||||||
Noninterest-earning assets
|
494,149
|
|
|
|
|
|
|
510,411
|
|
|
|
|
|
|
521,104
|
|
|
|
|
|
||||||||||||
Total Assets
|
$
|
7,043,828
|
|
|
|
|
|
|
$
|
7,060,232
|
|
|
|
|
|
|
$
|
6,588,255
|
|
|
|
|
|
|||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand
|
$
|
570,459
|
|
|
$
|
1,883
|
|
|
0.33
|
%
|
|
$
|
637,526
|
|
|
$
|
1,418
|
|
|
0.22
|
%
|
|
$
|
651,118
|
|
|
$
|
1,088
|
|
|
0.17
|
%
|
Money market
|
1,299,185
|
|
|
18,228
|
|
|
1.40
|
%
|
|
994,783
|
|
|
7,853
|
|
|
0.79
|
%
|
|
735,159
|
|
|
3,222
|
|
|
0.44
|
%
|
||||||
Savings
|
836,747
|
|
|
1,773
|
|
|
0.21
|
%
|
|
988,504
|
|
|
2,081
|
|
|
0.21
|
%
|
|
1,039,664
|
|
|
2,002
|
|
|
0.19
|
%
|
||||||
Certificates of deposit
|
1,328,985
|
|
|
18,972
|
|
|
1.43
|
%
|
|
1,439,711
|
|
|
13,978
|
|
|
0.97
|
%
|
|
1,472,613
|
|
|
13,380
|
|
|
0.91
|
%
|
||||||
Total Interest-bearing deposits
|
4,035,376
|
|
|
40,856
|
|
|
1.01
|
%
|
|
4,060,524
|
|
|
25,330
|
|
|
0.62
|
%
|
|
3,898,554
|
|
|
19,692
|
|
|
0.51
|
%
|
||||||
Securities sold under repurchase agreements
|
45,992
|
|
|
221
|
|
|
0.48
|
%
|
|
46,662
|
|
|
54
|
|
|
0.12
|
%
|
|
51,021
|
|
|
5
|
|
|
0.01
|
%
|
||||||
Short-term borrowings
|
525,172
|
|
|
11,082
|
|
|
2.11
|
%
|
|
644,864
|
|
|
7,399
|
|
|
1.15
|
%
|
|
414,426
|
|
|
2,713
|
|
|
0.65
|
%
|
||||||
Long-term borrowings
|
47,986
|
|
|
1,129
|
|
|
2.35
|
%
|
|
18,057
|
|
|
463
|
|
|
2.57
|
%
|
|
50,257
|
|
|
670
|
|
|
1.33
|
%
|
||||||
Junior subordinated debt securities
|
45,619
|
|
|
2,100
|
|
|
4.60
|
%
|
|
45,619
|
|
|
1,663
|
|
|
3.65
|
%
|
|
45,619
|
|
|
1,435
|
|
|
3.14
|
%
|
||||||
Total borrowings
|
664,769
|
|
|
14,532
|
|
|
2.19
|
%
|
|
755,202
|
|
|
9,579
|
|
|
1.27
|
%
|
|
561,323
|
|
|
4,823
|
|
|
0.86
|
%
|
||||||
Total Interest-bearing Liabilities
|
4,700,145
|
|
|
55,388
|
|
|
1.18
|
%
|
|
4,815,726
|
|
|
34,909
|
|
|
0.72
|
%
|
|
4,459,877
|
|
|
24,515
|
|
|
0.55
|
%
|
||||||
Noninterest-bearing liabilities
|
1,435,328
|
|
|
|
|
|
|
1,372,376
|
|
|
|
|
|
|
1,304,771
|
|
|
|
|
|
||||||||||||
Shareholders’ equity
|
908,355
|
|
|
|
|
|
|
872,130
|
|
|
|
|
|
|
823,607
|
|
|
|
|
|
||||||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
7,043,828
|
|
|
|
|
|
|
$
|
7,060,232
|
|
|
|
|
|
|
$
|
6,588,255
|
|
|
|
|
|
|||||||||
Net Interest Income
(2)(3)
|
|
|
$
|
238,241
|
|
|
|
|
|
|
$
|
233,226
|
|
|
|
|
|
|
$
|
210,302
|
|
|
|
|||||||||
Net Interest Margin
(2)(3)
|
|
|
|
|
3.64
|
%
|
|
|
|
|
|
3.56
|
%
|
|
|
|
|
|
3.47
|
%
|
|
2018 Compared to 2017 Increase (Decrease) Due to
|
|
2017 Compared to 2016 Increase (Decrease) Due to
|
||||||||||||||||
(dollars in thousands)
|
Volume
(4)
|
|
Rate
(4)
|
|
Net
|
|
|
Volume
(4)
|
|
Rate
(4)
|
|
Net
|
|
||||||
Interest earned on:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits with banks
|
$
|
(1
|
)
|
$
|
465
|
|
$
|
464
|
|
|
$
|
72
|
|
$
|
299
|
|
$
|
371
|
|
Securities at fair value
(2)(3)
|
(388
|
)
|
928
|
|
540
|
|
|
524
|
|
490
|
|
1,014
|
|
||||||
Loans held for sale
|
(521
|
)
|
25
|
|
(496
|
)
|
|
20
|
|
(253
|
)
|
(233
|
)
|
||||||
Commercial real estate
|
6,088
|
|
11,567
|
|
17,655
|
|
|
12,172
|
|
5,498
|
|
17,670
|
|
||||||
Commercial and industrial
|
702
|
|
5,092
|
|
5,794
|
|
|
3,068
|
|
5,279
|
|
8,347
|
|
||||||
Commercial construction
|
(4,577
|
)
|
2,260
|
|
(2,317
|
)
|
|
943
|
|
1,653
|
|
2,596
|
|
||||||
Total commercial loans
|
2,213
|
|
18,919
|
|
21,132
|
|
|
16,183
|
|
12,430
|
|
28,613
|
|
||||||
Residential mortgage
|
(123
|
)
|
1,154
|
|
1,031
|
|
|
1,303
|
|
(106
|
)
|
1,197
|
|
||||||
Home equity
|
(409
|
)
|
2,524
|
|
2,115
|
|
|
282
|
|
1,371
|
|
1,653
|
|
||||||
Installment and other consumer
|
(138
|
)
|
211
|
|
73
|
|
|
268
|
|
117
|
|
385
|
|
||||||
Consumer construction
|
31
|
|
35
|
|
66
|
|
|
(98
|
)
|
12
|
|
(86
|
)
|
||||||
Total consumer loans
|
(639
|
)
|
3,924
|
|
3,285
|
|
|
1,755
|
|
1,394
|
|
3,149
|
|
||||||
Total portfolio loans
|
1,574
|
|
22,843
|
|
24,417
|
|
|
17,938
|
|
13,824
|
|
31,762
|
|
||||||
Total loans
(1)(2)
|
1,053
|
|
22,868
|
|
23,921
|
|
|
17,958
|
|
13,571
|
|
31,529
|
|
||||||
Federal Home Loan Bank and other restricted stock
|
(71
|
)
|
640
|
|
569
|
|
|
371
|
|
33
|
|
404
|
|
||||||
Change in Interest Earned on Interest-earning Assets
|
$
|
593
|
|
$
|
24,901
|
|
$
|
25,494
|
|
|
$
|
18,925
|
|
$
|
14,393
|
|
$
|
33,318
|
|
Interest paid on:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand
|
$
|
(149
|
)
|
$
|
614
|
|
$
|
465
|
|
|
$
|
(23
|
)
|
$
|
353
|
|
$
|
330
|
|
Money market
|
2,403
|
|
7,972
|
|
10,375
|
|
|
1,138
|
|
3,493
|
|
4,631
|
|
||||||
Savings
|
(319
|
)
|
11
|
|
(308
|
)
|
|
(99
|
)
|
178
|
|
79
|
|
||||||
Certificates of deposit
|
(1,075
|
)
|
6,069
|
|
4,994
|
|
|
(299
|
)
|
897
|
|
598
|
|
||||||
Total interest-bearing deposits
|
860
|
|
14,666
|
|
15,526
|
|
|
717
|
|
4,921
|
|
5,638
|
|
||||||
Securities sold under repurchase agreements
|
(1
|
)
|
168
|
|
167
|
|
|
—
|
|
49
|
|
49
|
|
||||||
Short-term borrowings
|
(1,373
|
)
|
5,056
|
|
3,683
|
|
|
1,509
|
|
3,177
|
|
4,686
|
|
||||||
Long-term borrowings
|
767
|
|
(101
|
)
|
666
|
|
|
(429
|
)
|
222
|
|
(207
|
)
|
||||||
Junior subordinated debt securities
|
—
|
|
437
|
|
437
|
|
|
—
|
|
228
|
|
228
|
|
||||||
Total borrowings
|
(607
|
)
|
5,560
|
|
4,953
|
|
|
1,080
|
|
3,676
|
|
4,756
|
|
||||||
Change in Interest Paid on Interest-bearing Liabilities
|
$
|
253
|
|
$
|
20,226
|
|
$
|
20,479
|
|
|
$
|
1,797
|
|
$
|
8,597
|
|
$
|
10,394
|
|
Change in Net Interest Income
|
$
|
340
|
|
$
|
4,675
|
|
$
|
5,015
|
|
|
$
|
17,128
|
|
$
|
5,796
|
|
$
|
22,924
|
|
|
Years Ended December 31,
|
|||||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
$ Change
|
|
|
% Change
|
|
|||
Securities gains, net
|
$
|
—
|
|
|
$
|
3,000
|
|
|
$
|
(3,000
|
)
|
|
NM
|
|
Service charges on deposit accounts
|
13,096
|
|
|
12,458
|
|
|
638
|
|
|
5.1
|
%
|
|||
Debit and credit card
|
12,679
|
|
|
12,029
|
|
|
650
|
|
|
5.4
|
%
|
|||
Wealth management
|
10,084
|
|
|
9,758
|
|
|
326
|
|
|
3.3
|
%
|
|||
Insurance
|
505
|
|
|
5,371
|
|
|
(4,866
|
)
|
|
(90.6
|
)%
|
|||
Mortgage banking
|
2,762
|
|
|
2,915
|
|
|
(153
|
)
|
|
(5.2
|
)%
|
|||
Gain on sale of a majority interest of insurance business
|
1,873
|
|
|
—
|
|
|
1,873
|
|
|
NM
|
|
|||
Other Income:
|
|
|
|
|
|
|
|
|||||||
Bank owned life insurance
|
2,041
|
|
|
2,755
|
|
|
(714
|
)
|
|
(25.9
|
)%
|
|||
Letter of credit origination
|
1,064
|
|
|
1,018
|
|
|
46
|
|
|
4.5
|
%
|
|||
Interest rate swap
|
1,225
|
|
|
503
|
|
|
722
|
|
|
143.5
|
%
|
|||
Other
|
3,852
|
|
|
5,655
|
|
|
(1,803
|
)
|
|
(31.9
|
)%
|
|||
Total Other Noninterest Income
|
8,182
|
|
|
9,931
|
|
|
(1,749
|
)
|
|
(17.6
|
)%
|
|||
Total Noninterest Income
|
$
|
49,181
|
|
|
$
|
55,462
|
|
|
$
|
(6,281
|
)
|
|
(11.3
|
)%
|
|
Years Ended December 31,
|
|||||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
$ Change
|
|
|
% Change
|
|
|||
Salaries and employee benefits
|
$
|
76,108
|
|
|
$
|
80,776
|
|
|
$
|
(4,668
|
)
|
|
(5.8
|
)%
|
Net occupancy
|
11,097
|
|
|
10,994
|
|
|
103
|
|
|
0.9
|
%
|
|||
Data processing and information technology
|
10,633
|
|
|
8,801
|
|
|
1,832
|
|
|
20.8
|
%
|
|||
Furniture, equipment and software
|
8,083
|
|
|
7,946
|
|
|
137
|
|
|
1.7
|
%
|
|||
FDIC insurance
|
3,238
|
|
|
4,543
|
|
|
(1,305
|
)
|
|
(28.7
|
)%
|
|||
Other taxes
|
6,183
|
|
|
4,509
|
|
|
1,674
|
|
|
37.1
|
%
|
|||
Professional services and legal
|
4,132
|
|
|
4,096
|
|
|
36
|
|
|
0.9
|
%
|
|||
Marketing
|
4,192
|
|
|
3,659
|
|
|
533
|
|
|
14.6
|
%
|
|||
Other expenses:
|
|
|
|
|
|
|
|
|||||||
Joint venture amortization
|
2,701
|
|
|
3,048
|
|
|
(347
|
)
|
|
(11.4
|
)%
|
|||
Telecommunications
|
2,500
|
|
|
2,572
|
|
|
(72
|
)
|
|
(2.8
|
)%
|
|||
Loan related expenses
|
2,268
|
|
|
2,547
|
|
|
(279
|
)
|
|
(11.0
|
)%
|
|||
Amortization of intangibles
|
846
|
|
|
1,247
|
|
|
(401
|
)
|
|
(32.2
|
)%
|
|||
Supplies
|
1,080
|
|
|
1,233
|
|
|
(153
|
)
|
|
(12.4
|
)%
|
|||
Postage
|
1,077
|
|
|
1,128
|
|
|
(51
|
)
|
|
(4.5
|
)%
|
|||
Other
|
11,307
|
|
|
10,808
|
|
|
499
|
|
|
4.6
|
%
|
|||
Total Other Noninterest Expense
|
21,779
|
|
|
22,583
|
|
|
(804
|
)
|
|
(3.6
|
)%
|
|||
Total Noninterest Expense
|
$
|
145,445
|
|
|
$
|
147,907
|
|
|
$
|
(2,462
|
)
|
|
(1.7
|
)%
|
|
Years Ended December 31,
|
||||||||||
(dollars in thousands)
|
2017
|
|
|
2016
|
|
|
2015
|
|
|||
Total interest income
|
$
|
260,642
|
|
|
$
|
227,774
|
|
|
$
|
203,548
|
|
Total interest expense
|
34,909
|
|
|
24,515
|
|
|
15,997
|
|
|||
Net interest income per Consolidated Statements of Net Income
|
225,733
|
|
|
203,259
|
|
|
187,551
|
|
|||
Adjustment to FTE basis
|
7,493
|
|
|
7,043
|
|
|
6,123
|
|
|||
Net Interest Income (FTE) (non-GAAP)
|
$
|
233,226
|
|
|
$
|
210,302
|
|
|
$
|
193,674
|
|
Net interest margin
|
3.45
|
%
|
|
3.35
|
%
|
|
3.45
|
%
|
|||
Adjustment to FTE basis
|
0.11
|
|
|
0.12
|
|
|
0.11
|
|
|||
Net Interest Margin (FTE) (non-GAAP)
|
3.56
|
%
|
|
3.47
|
%
|
|
3.56
|
%
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
Average
Balance
|
|
|
Interest
|
|
|
Rate
|
|
|
Average
Balance |
|
|
Interest
|
|
|
Rate
|
|
|
Average
Balance |
|
|
Interest
|
|
|
Rate
|
|
||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits with banks
|
$
|
56,344
|
|
|
$
|
578
|
|
|
1.03
|
%
|
|
$
|
41,810
|
|
|
$
|
207
|
|
|
0.50
|
%
|
|
$
|
66,101
|
|
|
$
|
165
|
|
|
0.25
|
%
|
Securities available-for-sale, at fair value
|
698,460
|
|
|
17,320
|
|
|
2.48
|
%
|
|
676,696
|
|
|
16,306
|
|
|
2.41
|
%
|
|
654,655
|
|
|
16,246
|
|
|
2.48
|
%
|
||||||
Loans held for sale
|
14,607
|
|
|
581
|
|
|
3.98
|
%
|
|
14,255
|
|
|
814
|
|
|
5.71
|
%
|
|
8,272
|
|
|
349
|
|
|
4.22
|
%
|
||||||
Commercial real estate
|
2,638,766
|
|
|
114,484
|
|
|
4.34
|
%
|
|
2,344,050
|
|
|
96,814
|
|
|
4.13
|
%
|
|
2,026,206
|
|
|
83,469
|
|
|
4.12
|
%
|
||||||
Commercial and industrial
|
1,425,421
|
|
|
61,976
|
|
|
4.35
|
%
|
|
1,348,287
|
|
|
53,629
|
|
|
3.98
|
%
|
|
1,209,020
|
|
|
46,175
|
|
|
3.82
|
%
|
||||||
Commercial construction
|
426,574
|
|
|
17,384
|
|
|
4.08
|
%
|
|
400,997
|
|
|
14,788
|
|
|
3.69
|
%
|
|
330,821
|
|
|
13,249
|
|
|
4.00
|
%
|
||||||
Total commercial loans
|
4,490,761
|
|
|
193,844
|
|
|
4.32
|
%
|
|
4,093,334
|
|
|
165,231
|
|
|
4.04
|
%
|
|
3,566,047
|
|
|
142,893
|
|
|
4.01
|
%
|
||||||
Residential mortgage
|
699,843
|
|
|
28,741
|
|
|
4.11
|
%
|
|
668,236
|
|
|
27,544
|
|
|
4.12
|
%
|
|
577,294
|
|
|
24,458
|
|
|
4.24
|
%
|
||||||
Home equity
|
484,023
|
|
|
20,866
|
|
|
4.31
|
%
|
|
477,011
|
|
|
19,213
|
|
|
4.03
|
%
|
|
451,755
|
|
|
18,139
|
|
|
4.02
|
%
|
||||||
Installment and other consumer
|
69,163
|
|
|
4,521
|
|
|
6.54
|
%
|
|
64,960
|
|
|
4,136
|
|
|
6.37
|
%
|
|
82,972
|
|
|
5,764
|
|
|
6.95
|
%
|
||||||
Consumer construction
|
4,631
|
|
|
201
|
|
|
4.35
|
%
|
|
7,038
|
|
|
287
|
|
|
4.08
|
%
|
|
6,092
|
|
|
256
|
|
|
4.21
|
%
|
||||||
Total consumer loans
|
1,257,660
|
|
|
54,329
|
|
|
4.32
|
%
|
|
1,217,245
|
|
|
51,180
|
|
|
4.20
|
%
|
|
1,118,113
|
|
|
48,617
|
|
|
4.35
|
%
|
||||||
Total portfolio loans
|
5,748,421
|
|
|
248,173
|
|
|
4.32
|
%
|
|
5,310,579
|
|
|
216,411
|
|
|
4.08
|
%
|
|
4,684,160
|
|
|
191,510
|
|
|
4.09
|
%
|
||||||
Total Loans
|
$
|
5,763,028
|
|
|
$
|
248,754
|
|
|
4.32
|
%
|
|
$
|
5,324,834
|
|
|
$
|
217,225
|
|
|
4.08
|
%
|
|
$
|
4,692,432
|
|
|
$
|
191,859
|
|
|
4.09
|
%
|
Federal Home Loan Bank and other restricted stock
|
31,989
|
|
|
1,483
|
|
|
4.64
|
%
|
|
23,811
|
|
|
1,079
|
|
|
4.53
|
%
|
|
19,672
|
|
|
1,401
|
|
|
7.12
|
%
|
||||||
Total Interest-earning Assets
|
6,549,821
|
|
|
268,135
|
|
|
4.09
|
%
|
|
6,067,151
|
|
|
234,817
|
|
|
3.87
|
%
|
|
5,432,860
|
|
|
209,671
|
|
|
3.86
|
%
|
||||||
Noninterest-earning assets
|
510,411
|
|
|
|
|
|
|
521,104
|
|
|
|
|
|
|
509,236
|
|
|
|
|
|
||||||||||||
Total Assets
|
$
|
7,060,232
|
|
|
|
|
|
|
$
|
6,588,255
|
|
|
|
|
|
|
$
|
5,942,096
|
|
|
|
|
|
|||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing demand
|
$
|
637,526
|
|
|
$
|
1,418
|
|
|
0.22
|
%
|
|
$
|
651,118
|
|
|
$
|
1,088
|
|
|
0.17
|
%
|
|
$
|
623,232
|
|
|
$
|
888
|
|
|
0.14
|
%
|
Money market
|
994,783
|
|
|
7,853
|
|
|
0.79
|
%
|
|
735,159
|
|
|
3,222
|
|
|
0.44
|
%
|
|
574,102
|
|
|
1,229
|
|
|
0.21
|
%
|
||||||
Savings
|
988,504
|
|
|
2,081
|
|
|
0.21
|
%
|
|
1,039,664
|
|
|
2,002
|
|
|
0.19
|
%
|
|
1,072,683
|
|
|
1,712
|
|
|
0.16
|
%
|
||||||
Certificates of deposit
|
1,439,711
|
|
|
13,978
|
|
|
0.97
|
%
|
|
1,472,613
|
|
|
13,380
|
|
|
0.91
|
%
|
|
1,252,798
|
|
|
9,115
|
|
|
0.73
|
%
|
||||||
Total Interest-bearing deposits
|
4,060,524
|
|
|
25,330
|
|
|
0.62
|
%
|
|
3,898,554
|
|
|
19,692
|
|
|
0.51
|
%
|
|
3,522,815
|
|
|
12,944
|
|
|
0.37
|
%
|
||||||
Securities sold under repurchase agreements
|
46,662
|
|
|
54
|
|
|
0.12
|
%
|
|
51,021
|
|
|
5
|
|
|
0.01
|
%
|
|
44,394
|
|
|
4
|
|
|
0.01
|
%
|
||||||
Short-term borrowings
|
644,864
|
|
|
7,399
|
|
|
1.15
|
%
|
|
414,426
|
|
|
2,713
|
|
|
0.65
|
%
|
|
257,117
|
|
|
932
|
|
|
0.36
|
%
|
||||||
Long-term borrowings
|
18,057
|
|
|
463
|
|
|
2.57
|
%
|
|
50,257
|
|
|
670
|
|
|
1.33
|
%
|
|
83,648
|
|
|
790
|
|
|
0.94
|
%
|
||||||
Junior subordinated debt securities
|
45,619
|
|
|
1,663
|
|
|
3.65
|
%
|
|
45,619
|
|
|
1,435
|
|
|
3.14
|
%
|
|
47,071
|
|
|
1,327
|
|
|
2.82
|
%
|
||||||
Total borrowings
|
755,202
|
|
|
9,579
|
|
|
1.27
|
%
|
|
561,323
|
|
|
4,823
|
|
|
0.86
|
%
|
|
432,230
|
|
|
3,053
|
|
|
0.71
|
%
|
||||||
Total Interest-bearing Liabilities
|
4,815,726
|
|
|
34,909
|
|
|
0.72
|
%
|
|
4,459,877
|
|
|
24,515
|
|
|
0.55
|
%
|
|
3,955,045
|
|
|
15,997
|
|
|
0.40
|
%
|
||||||
Noninterest-bearing liabilities
|
1,372,376
|
|
|
|
|
|
|
1,304,771
|
|
|
|
|
|
|
1,236,984
|
|
|
|
|
|
||||||||||||
Shareholders’ equity
|
872,130
|
|
|
|
|
|
|
823,607
|
|
|
|
|
|
|
750,069
|
|
|
|
|
|
||||||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
7,060,232
|
|
|
34,909
|
|
|
|
|
$
|
6,588,255
|
|
|
|
|
|
|
$
|
5,942,098
|
|
|
|
|
|
||||||||
Net Interest Income
(2)(3)
|
|
|
$
|
233,226
|
|
|
|
|
|
|
$
|
210,302
|
|
|
|
|
|
|
$
|
193,674
|
|
|
|
|||||||||
Net Interest Margin
(2)(3)
|
|
|
|
|
3.56
|
%
|
|
|
|
|
|
3.47
|
%
|
|
|
|
|
|
3.56
|
%
|
|
2017 Compared to 2016 Increase (Decrease) Due to
|
|
2016 Compared to 2015 Increase (Decrease) Due to
|
||||||||||||||||
(dollars in thousands)
|
Volume
(4)
|
|
Rate
(4)
|
|
Net
|
|
|
Volume
(4)
|
|
Rate
(4)
|
|
Net
|
|
||||||
Interest earned on:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing deposits with banks
|
$
|
72
|
|
$
|
299
|
|
$
|
371
|
|
|
$
|
(61
|
)
|
$
|
103
|
|
$
|
42
|
|
Securities available-for-sale, at fair value
(2)(3)
|
524
|
|
490
|
|
1,014
|
|
|
547
|
|
(487
|
)
|
60
|
|
||||||
Loans held for sale
|
20
|
|
(253
|
)
|
(233
|
)
|
|
252
|
|
213
|
|
465
|
|
||||||
Commercial real estate
|
12,172
|
|
5,498
|
|
17,670
|
|
|
13,093
|
|
252
|
|
13,345
|
|
||||||
Commercial and industrial
|
3,068
|
|
5,279
|
|
8,347
|
|
|
5,319
|
|
2,135
|
|
7,454
|
|
||||||
Commercial construction
|
943
|
|
1,653
|
|
2,596
|
|
|
2,810
|
|
(1,271
|
)
|
1,539
|
|
||||||
Total commercial loans
|
16,183
|
|
12,430
|
|
28,613
|
|
|
21,222
|
|
1,116
|
|
22,338
|
|
||||||
Residential mortgage
|
1,303
|
|
(106
|
)
|
1,197
|
|
|
3,853
|
|
(767
|
)
|
3,086
|
|
||||||
Home equity
|
282
|
|
1,371
|
|
1,653
|
|
|
1,014
|
|
60
|
|
1,074
|
|
||||||
Installment and other consumer
|
268
|
|
117
|
|
385
|
|
|
(1,251
|
)
|
(377
|
)
|
(1,628
|
)
|
||||||
Consumer construction
|
(98
|
)
|
12
|
|
(86
|
)
|
|
40
|
|
(9
|
)
|
31
|
|
||||||
Total consumer loans
|
1,755
|
|
1,394
|
|
3,149
|
|
|
3,656
|
|
(1,093
|
)
|
2,563
|
|
||||||
Total portfolio loans
|
17,938
|
|
13,824
|
|
31,762
|
|
|
24,878
|
|
23
|
|
24,901
|
|
||||||
Total loans
(1)(2)
|
17,958
|
|
13,571
|
|
31,529
|
|
|
25,130
|
|
236
|
|
25,366
|
|
||||||
Federal Home Loan Bank and other restricted stock
|
371
|
|
33
|
|
404
|
|
|
295
|
|
(617
|
)
|
(322
|
)
|
||||||
Change in Interest Earned on Interest-earning Assets
|
$
|
18,925
|
|
$
|
14,393
|
|
$
|
33,318
|
|
|
$
|
25,911
|
|
$
|
(765
|
)
|
$
|
25,146
|
|
Interest paid on:
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand
|
$
|
(23
|
)
|
$
|
353
|
|
$
|
330
|
|
|
$
|
40
|
|
$
|
160
|
|
$
|
200
|
|
Money market
|
1,138
|
|
3,493
|
|
4,631
|
|
|
345
|
|
1,648
|
|
1,993
|
|
||||||
Savings
|
(99
|
)
|
178
|
|
79
|
|
|
(53
|
)
|
343
|
|
290
|
|
||||||
Certificates of deposit
|
(299
|
)
|
897
|
|
598
|
|
|
1,599
|
|
2,666
|
|
4,265
|
|
||||||
Total interest-bearing deposits
|
717
|
|
4,921
|
|
5,638
|
|
|
1,931
|
|
4,817
|
|
6,748
|
|
||||||
Securities sold under repurchase agreements
|
—
|
|
49
|
|
49
|
|
|
1
|
|
—
|
|
1
|
|
||||||
Short-term borrowings
|
1,509
|
|
3,177
|
|
4,686
|
|
|
570
|
|
1,211
|
|
1,781
|
|
||||||
Long-term borrowings
|
(429
|
)
|
222
|
|
(207
|
)
|
|
(315
|
)
|
195
|
|
(120
|
)
|
||||||
Junior subordinated debt securities
|
—
|
|
228
|
|
228
|
|
|
(41
|
)
|
149
|
|
108
|
|
||||||
Total borrowings
|
1,080
|
|
3,676
|
|
4,756
|
|
|
215
|
|
1,555
|
|
1,770
|
|
||||||
Change in Interest Paid on Interest-bearing Liabilities
|
$
|
1,797
|
|
$
|
8,597
|
|
$
|
10,394
|
|
|
$
|
2,146
|
|
$
|
6,372
|
|
$
|
8,518
|
|
Change in Net Interest Income
|
$
|
17,128
|
|
$
|
5,796
|
|
$
|
22,924
|
|
|
$
|
23,765
|
|
$
|
(7,137
|
)
|
$
|
16,628
|
|
|
Years Ended December 31,
|
|||||||||||||
(dollars in thousands)
|
2017
|
|
|
2016
|
|
|
$ Change
|
|
|
% Change
|
|
|||
Securities gains, net
|
$
|
3,000
|
|
|
$
|
—
|
|
|
$
|
3,000
|
|
|
NM
|
|
Service charges on deposit accounts
|
12,458
|
|
|
12,512
|
|
|
(54
|
)
|
|
(0.4
|
)%
|
|||
Debit and credit card
|
12,029
|
|
|
11,943
|
|
|
86
|
|
|
0.7
|
%
|
|||
Wealth management
|
9,758
|
|
|
10,456
|
|
|
(698
|
)
|
|
(6.7
|
)%
|
|||
Insurance
|
5,418
|
|
|
5,253
|
|
|
165
|
|
|
3.1
|
%
|
|||
Mortgage banking
|
2,915
|
|
|
2,879
|
|
|
36
|
|
|
1.3
|
%
|
|||
Bank owned life insurance
|
2,756
|
|
|
2,122
|
|
|
634
|
|
|
29.9
|
%
|
|||
Gain on sale of credit card portfolio
|
—
|
|
|
2,066
|
|
|
(2,066
|
)
|
|
NM
|
|
|||
Other Income:
|
|
|
|
|
|
|
|
|||||||
Letter of credit origination
|
1,018
|
|
|
1,154
|
|
|
(136
|
)
|
|
(11.8
|
)%
|
|||
Interest rate swap
|
503
|
|
|
977
|
|
|
(474
|
)
|
|
(48.5
|
)%
|
|||
Curtailment gain
|
—
|
|
|
1,017
|
|
|
(1,017
|
)
|
|
NM
|
|
|||
Other
|
5,607
|
|
|
4,256
|
|
|
1,351
|
|
|
31.7
|
%
|
|||
Total Other Noninterest Income
|
7,128
|
|
|
7,404
|
|
|
(276
|
)
|
|
(3.7
|
)%
|
|||
Total Noninterest Income
|
$
|
55,462
|
|
|
$
|
54,635
|
|
|
$
|
827
|
|
|
1.5
|
%
|
|
Years Ended December 31,
|
|||||||||||||
(dollars in thousands)
|
2017
|
|
|
2016
|
|
|
$ Change
|
|
|
% Change
|
|
|||
Salaries and employee benefits
|
$
|
80,776
|
|
|
$
|
77,325
|
|
|
$
|
3,451
|
|
|
4.5
|
%
|
Net occupancy
|
10,994
|
|
|
11,057
|
|
|
(63
|
)
|
|
(0.6
|
)%
|
|||
Data processing
|
8,801
|
|
|
8,837
|
|
|
(36
|
)
|
|
(0.4
|
)%
|
|||
Furniture, equipment and software
|
7,946
|
|
|
7,290
|
|
|
656
|
|
|
9.0
|
%
|
|||
FDIC insurance
|
4,543
|
|
|
3,984
|
|
|
559
|
|
|
14.0
|
%
|
|||
Other taxes
|
4,509
|
|
|
4,050
|
|
|
459
|
|
|
11.3
|
%
|
|||
Professional services and legal
|
4,096
|
|
|
3,466
|
|
|
630
|
|
|
18.2
|
%
|
|||
Marketing
|
3,659
|
|
|
3,713
|
|
|
(54
|
)
|
|
(1.5
|
)%
|
|||
Other expenses:
|
|
|
|
|
|
|
|
|||||||
Joint venture amortization
|
3,048
|
|
|
3,283
|
|
|
(235
|
)
|
|
(7.2
|
)%
|
|||
Telecommunications
|
2,572
|
|
|
2,693
|
|
|
(121
|
)
|
|
(4.5
|
)%
|
|||
Loan related expenses
|
2,547
|
|
|
1,752
|
|
|
795
|
|
|
45.4
|
%
|
|||
Amortization of intangibles
|
1,247
|
|
|
1,615
|
|
|
(368
|
)
|
|
(22.8
|
)%
|
|||
Supplies
|
1,233
|
|
|
1,350
|
|
|
(117
|
)
|
|
(8.7
|
)%
|
|||
Postage
|
1,128
|
|
|
1,118
|
|
|
10
|
|
|
0.9
|
%
|
|||
Other
|
10,808
|
|
|
11,699
|
|
|
(891
|
)
|
|
(7.6
|
)%
|
|||
Total Other Noninterest Expense
|
22,583
|
|
|
23,510
|
|
|
(927
|
)
|
|
(3.9
|
)%
|
|||
Total Noninterest Expense
|
$
|
147,907
|
|
|
$
|
143,232
|
|
|
$
|
4,675
|
|
|
3.3
|
%
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
(dollars in thousands)
|
Balance
|
|
|
Weighted-Average
Yield
|
|
|
Balance
|
|
|
Weighted-Average
Yield |
|
|
Balance
|
|
|
Weighted-Average
Yield |
|
|||
U.S. Treasury securities
|
$
|
9,736
|
|
|
1.87
|
%
|
|
$
|
19,789
|
|
|
1.57
|
%
|
|
$
|
24,811
|
|
|
1.49
|
%
|
Obligations of U.S. government corporations and agencies
|
128,261
|
|
|
2.30
|
%
|
|
162,193
|
|
|
2.09
|
%
|
|
232,179
|
|
|
1.68
|
%
|
|||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
148,659
|
|
|
2.71
|
%
|
|
108,688
|
|
|
2.25
|
%
|
|
129,777
|
|
|
2.24
|
%
|
|||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
24,350
|
|
|
3.43
|
%
|
|
32,854
|
|
|
3.52
|
%
|
|
37,358
|
|
|
2.64
|
%
|
|||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
246,784
|
|
|
2.38
|
%
|
|
242,221
|
|
|
2.34
|
%
|
|
125,604
|
|
|
2.06
|
%
|
|||
Obligations of states and political subdivisions
(1)
|
122,266
|
|
|
3.43
|
%
|
|
127,402
|
|
|
4.06
|
%
|
|
132,509
|
|
|
4.10
|
%
|
|||
Marketable equity securities
|
4,816
|
|
|
3.02
|
%
|
|
5,144
|
|
|
2.78
|
%
|
|
11,249
|
|
|
3.38
|
%
|
|||
Total Securities
|
$
|
684,872
|
|
|
2.65
|
%
|
|
$
|
698,291
|
|
|
2.62
|
%
|
|
$
|
693,487
|
|
|
2.39
|
%
|
|
Maturing
|
||||||||||||||||||||||||||||
|
Within
One Year
|
|
After
One But Within
Five Years
|
|
After
Five But Within
Ten Years
|
|
After
Ten Years
|
|
No Fixed
Maturity
|
||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
Yield
|
|
|
Amount
|
|
Yield
|
|
|
Amount
|
|
Yield
|
|
|
Amount
|
|
Yield
|
|
|
Amount
|
|
Yield
|
||||||
Available-for-Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Treasury securities
|
$
|
9,736
|
|
1.87
|
%
|
|
$
|
—
|
|
—
|
%
|
|
$
|
—
|
|
—
|
%
|
|
$
|
—
|
|
—
|
%
|
|
$
|
—
|
|
—
|
%
|
Obligations of U.S. government corporations and agencies
|
997
|
|
1.34
|
%
|
|
104,255
|
|
2.26
|
%
|
|
23,009
|
|
2.51
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—%
|
|
|||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
66,847
|
|
2.57
|
%
|
|
81,812
|
|
2.83
|
%
|
|
—
|
|
—%
|
|
|||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
9
|
|
4.50
|
%
|
|
429
|
|
5.18
|
%
|
|
10,087
|
|
2.95
|
%
|
|
13,825
|
|
3.72
|
%
|
|
—
|
|
—%
|
|
|||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
28,105
|
|
1.76
|
%
|
|
99,400
|
|
2.31
|
%
|
|
119,279
|
|
2.58
|
%
|
|
—
|
|
—
|
|
|
—
|
|
—%
|
|
|||||
Obligations of states and political subdivisions
(1)
|
10,158
|
|
3.06
|
%
|
|
43,930
|
|
3.41
|
%
|
|
39,008
|
|
3.34
|
%
|
|
29,170
|
|
3.70
|
%
|
|
—
|
|
—%
|
|
|||||
Marketable equity securities
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
4,816
|
|
3.02
|
%
|
|||||
Total
|
$
|
49,005
|
|
|
|
$
|
248,014
|
|
|
|
$
|
258,230
|
|
|
|
$
|
124,807
|
|
|
|
$
|
4,816
|
|
|
|||||
Weighted Average Yield
|
|
2.04
|
%
|
|
|
2.49
|
%
|
|
|
2.70
|
%
|
|
|
3.13
|
%
|
|
|
3.02
|
%
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
|
% of
Total
|
|
|
Amount
|
|
|
% of
Total
|
|
|
Amount
|
|
|
% of
Total
|
|
|
Amount
|
|
|
% of
Total
|
|
|
Amount
|
|
|
% of
Total
|
|
|||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
$
|
2,921,832
|
|
|
49.13
|
%
|
|
$
|
2,685,994
|
|
|
44.53
|
%
|
|
$
|
2,498,476
|
|
|
44.53
|
%
|
|
$
|
2,166,603
|
|
|
43.09
|
%
|
|
$
|
1,682,236
|
|
|
43.48
|
%
|
Commercial and industrial
|
1,493,416
|
|
|
25.11
|
%
|
|
1,433,266
|
|
|
24.88
|
%
|
|
1,401,035
|
|
|
24.97
|
%
|
|
1,256,830
|
|
|
25.00
|
%
|
|
994,138
|
|
|
25.70
|
%
|
|||||
Commercial construction
|
257,197
|
|
|
4.33
|
%
|
|
384,334
|
|
|
6.67
|
%
|
|
455,884
|
|
|
8.12
|
%
|
|
413,444
|
|
|
8.22
|
%
|
|
216,148
|
|
|
5.59
|
%
|
|||||
Total Commercial Loans
|
4,672,445
|
|
|
78.57
|
%
|
|
4,503,594
|
|
|
78.17
|
%
|
|
4,355,395
|
|
|
77.62
|
%
|
|
3,836,877
|
|
|
76.31
|
%
|
|
2,892,522
|
|
|
74.77
|
%
|
|||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Residential mortgage
|
726,679
|
|
|
12.22
|
%
|
|
698,774
|
|
|
12.13
|
%
|
|
701,982
|
|
|
12.51
|
%
|
|
639,372
|
|
|
12.72
|
%
|
|
489,586
|
|
|
12.66
|
%
|
|||||
Home equity
|
471,562
|
|
|
7.93
|
%
|
|
487,326
|
|
|
8.46
|
%
|
|
482,284
|
|
|
8.59
|
%
|
|
470,845
|
|
|
9.37
|
%
|
|
418,563
|
|
|
10.82
|
%
|
|||||
Installment and other consumer
|
67,546
|
|
|
1.13
|
%
|
|
67,204
|
|
|
1.17
|
%
|
|
65,852
|
|
|
1.17
|
%
|
|
73,939
|
|
|
1.47
|
%
|
|
65,567
|
|
|
1.69
|
%
|
|||||
Consumer construction
|
8,416
|
|
|
0.14
|
%
|
|
4,551
|
|
|
0.08
|
%
|
|
5,906
|
|
|
0.11
|
%
|
|
6,579
|
|
|
0.13
|
%
|
|
2,508
|
|
|
0.06
|
%
|
|||||
Total Consumer Loans
|
1,274,203
|
|
|
21.43
|
%
|
|
1,257,855
|
|
|
21.83
|
%
|
|
1,256,024
|
|
|
22.38
|
%
|
|
1,190,735
|
|
|
23.69
|
%
|
|
976,224
|
|
|
25.23
|
%
|
|||||
Total Portfolio Loans
|
$
|
5,946,648
|
|
|
100.00
|
%
|
|
$
|
5,761,449
|
|
|
100.00
|
%
|
|
$
|
5,611,419
|
|
|
100.00
|
%
|
|
$
|
5,027,612
|
|
|
100.00
|
%
|
|
$
|
3,868,746
|
|
|
100.00
|
%
|
|
Maturity
|
||||||||||||||
(dollars in thousands)
|
Within One Year
|
|
|
After One But Within Five Years
|
|
|
After Five Years
|
|
|
Total
|
|
||||
Fixed interest rates
|
$
|
198,578
|
|
|
$
|
626,954
|
|
|
$
|
387,519
|
|
|
$
|
1,213,051
|
|
Variable interest rates
|
935,982
|
|
|
1,089,286
|
|
|
1,434,126
|
|
|
3,459,394
|
|
||||
Total Commercial Loans
|
$
|
1,134,560
|
|
|
$
|
1,716,240
|
|
|
$
|
1,821,645
|
|
|
$
|
4,672,445
|
|
Fixed interest rates
|
61,677
|
|
|
195,617
|
|
|
303,966
|
|
|
561,260
|
|
||||
Variable interest rates
|
365,912
|
|
|
62,403
|
|
|
284,628
|
|
|
712,943
|
|
||||
Total Consumer Loans
|
$
|
427,589
|
|
|
$
|
258,020
|
|
|
$
|
588,594
|
|
|
$
|
1,274,203
|
|
Total Portfolio Loans
|
$
|
1,562,149
|
|
|
$
|
1,974,260
|
|
|
$
|
2,410,239
|
|
|
$
|
5,946,648
|
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||||
Nonperforming Loans
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
$
|
10,913
|
|
|
$
|
2,501
|
|
|
$
|
15,526
|
|
|
$
|
5,171
|
|
|
$
|
2,255
|
|
Commercial and industrial
|
2,314
|
|
|
2,449
|
|
|
3,578
|
|
|
7,709
|
|
|
1,266
|
|
|||||
Commercial construction
|
13,787
|
|
|
1,460
|
|
|
4,497
|
|
|
7,488
|
|
|
105
|
|
|||||
Residential mortgage
|
5,585
|
|
|
3,580
|
|
|
4,850
|
|
|
4,964
|
|
|
1,877
|
|
|||||
Home equity
|
2,349
|
|
|
2,736
|
|
|
2,485
|
|
|
2,379
|
|
|
1,497
|
|
|||||
Installment and other consumer
|
37
|
|
|
62
|
|
|
101
|
|
|
12
|
|
|
21
|
|
|||||
Consumer construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total Nonperforming Loans
|
34,985
|
|
|
12,788
|
|
|
31,037
|
|
|
27,723
|
|
|
7,021
|
|
|||||
Nonperforming Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
1,139
|
|
|
967
|
|
|
646
|
|
|
3,548
|
|
|
2,180
|
|
|||||
Commercial and industrial
|
6,646
|
|
|
3,197
|
|
|
4,493
|
|
|
1,570
|
|
|
356
|
|
|||||
Commercial construction
|
406
|
|
|
2,413
|
|
|
430
|
|
|
1,265
|
|
|
1,869
|
|
|||||
Residential mortgage
|
1,543
|
|
|
3,585
|
|
|
5,068
|
|
|
665
|
|
|
459
|
|
|||||
Home Equity
|
1,349
|
|
|
979
|
|
|
954
|
|
|
523
|
|
|
562
|
|
|||||
Installment and other consumer
|
5
|
|
|
9
|
|
|
7
|
|
|
88
|
|
|
10
|
|
|||||
Total Nonperforming Troubled Debt Restructurings
|
11,088
|
|
|
11,150
|
|
|
11,598
|
|
|
7,659
|
|
|
5,436
|
|
|||||
Total Nonperforming Loans
|
46,073
|
|
|
23,938
|
|
|
42,635
|
|
|
35,382
|
|
|
12,457
|
|
|||||
OREO
|
3,092
|
|
|
469
|
|
|
679
|
|
|
354
|
|
|
166
|
|
|||||
Total Nonperforming Assets
|
$
|
49,165
|
|
|
$
|
24,407
|
|
|
$
|
43,314
|
|
|
$
|
35,736
|
|
|
$
|
12,623
|
|
Nonperforming loans as a percent of total loans
|
0.77
|
%
|
|
0.42
|
%
|
|
0.76
|
%
|
|
0.70
|
%
|
|
0.32
|
%
|
|||||
Nonperforming assets as a percent of total loans plus OREO
|
0.83
|
%
|
|
0.42
|
%
|
|
0.77
|
%
|
|
0.71
|
%
|
|
0.33
|
%
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
% of
Loans
|
|
|
Amount
|
|
% of
Loans
|
|
|
Amount
|
|
% of
Loans
|
|
|
Amount
|
|
% of
Loans
|
|
|
Amount
|
|
% of
Loans
|
|
|||||
90 days or more:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
$
|
12,052
|
|
0.41
|
%
|
|
$
|
3,468
|
|
0.13
|
%
|
|
$
|
16,172
|
|
0.65
|
%
|
|
$
|
8,719
|
|
0.40
|
%
|
|
$
|
4,435
|
|
0.26
|
%
|
Commercial and Industrial
|
8,960
|
|
0.60
|
%
|
|
5,646
|
|
0.39
|
%
|
|
8,071
|
|
0.58
|
%
|
|
9,279
|
|
0.74
|
%
|
|
1,622
|
|
0.16
|
%
|
|||||
Commercial construction
|
14,193
|
|
5.52
|
%
|
|
3,873
|
|
1.01
|
%
|
|
4,927
|
|
1.08
|
%
|
|
8,753
|
|
2.12
|
%
|
|
1,974
|
|
0.91
|
%
|
|||||
Residential mortgage
|
7,128
|
|
0.98
|
%
|
|
7,165
|
|
1.03
|
%
|
|
9,918
|
|
1.41
|
%
|
|
5,629
|
|
0.88
|
%
|
|
2,336
|
|
0.48
|
%
|
|||||
Home equity
|
3,698
|
|
0.78
|
%
|
|
3,715
|
|
0.76
|
%
|
|
3,439
|
|
0.71
|
%
|
|
2,902
|
|
0.62
|
%
|
|
2,059
|
|
0.49
|
%
|
|||||
Installment and other consumer
|
42
|
|
0.06
|
%
|
|
71
|
|
0.11
|
%
|
|
108
|
|
0.16
|
%
|
|
100
|
|
0.14
|
%
|
|
31
|
|
0.05
|
%
|
|||||
Consumer construction
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|||||
Total Loans
|
$
|
46,073
|
|
0.77
|
%
|
|
$
|
23,938
|
|
0.42
|
%
|
|
$
|
42,635
|
|
0.74
|
%
|
|
$
|
35,382
|
|
0.61
|
%
|
|
$
|
12,457
|
|
0.22
|
%
|
30 to 89 days:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
$
|
5,783
|
|
0.20
|
%
|
|
$
|
1,131
|
|
0.04
|
%
|
|
$
|
2,791
|
|
0.11
|
%
|
|
$
|
12,229
|
|
0.56
|
%
|
|
$
|
2,871
|
|
0.17
|
%
|
Commercial and industrial
|
1,983
|
|
0.13
|
%
|
|
866
|
|
0.06
|
%
|
|
1,488
|
|
0.11
|
%
|
|
2,749
|
|
0.22
|
%
|
|
1,380
|
|
0.14
|
%
|
|||||
Commercial construction
|
—
|
|
—
|
%
|
|
2,493
|
|
0.65
|
%
|
|
547
|
|
0.12
|
%
|
|
3,607
|
|
0.87
|
%
|
|
—
|
|
—
|
%
|
|||||
Residential mortgage
|
2,104
|
|
0.29
|
%
|
|
4,414
|
|
0.63
|
%
|
|
2,429
|
|
0.35
|
%
|
|
2,658
|
|
0.42
|
%
|
|
1,785
|
|
0.36
|
%
|
|||||
Home equity
|
2,712
|
|
0.58
|
%
|
|
2,655
|
|
0.54
|
%
|
|
1,979
|
|
0.41
|
%
|
|
2,888
|
|
0.61
|
%
|
|
2,201
|
|
0.53
|
%
|
|||||
Installment and other consumer
|
223
|
|
0.33
|
%
|
|
363
|
|
0.54
|
%
|
|
220
|
|
0.33
|
%
|
|
352
|
|
0.48
|
%
|
|
425
|
|
0.65
|
%
|
|||||
Consumer construction
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|||||
Loans held for sale
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
143
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|||||
Total Loans
|
$
|
12,805
|
|
0.22
|
%
|
|
$
|
11,922
|
|
0.21
|
%
|
|
$
|
9,454
|
|
0.16
|
%
|
|
$
|
24,626
|
|
0.43
|
%
|
|
$
|
—
|
|
0.15
|
%
|
|
Years Ended December 31,
|
||||||||||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||||
ALL Balance at Beginning of Year:
|
$
|
56,390
|
|
|
$
|
52,775
|
|
|
$
|
48,147
|
|
|
$
|
47,911
|
|
|
$
|
46,255
|
|
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
(372
|
)
|
|
(2,304
|
)
|
|
(3,114
|
)
|
|
(2,787
|
)
|
|
(2,041
|
)
|
|||||
Commercial and industrial
|
(8,574
|
)
|
|
(4,709
|
)
|
|
(6,810
|
)
|
|
(5,463
|
)
|
|
(1,267
|
)
|
|||||
Commercial construction
|
(2,630
|
)
|
|
(2,571
|
)
|
|
(1,877
|
)
|
|
(3,321
|
)
|
|
(712
|
)
|
|||||
Consumer real estate
|
(1,319
|
)
|
|
(2,274
|
)
|
|
(1,657
|
)
|
|
(2,167
|
)
|
|
(1,200
|
)
|
|||||
Other consumer
|
(1,694
|
)
|
|
(1,638
|
)
|
|
(2,103
|
)
|
|
(1,528
|
)
|
|
(1,133
|
)
|
|||||
Total
|
(14,589
|
)
|
|
(13,496
|
)
|
|
(15,561
|
)
|
|
(15,266
|
)
|
|
(6,353
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial real estate
|
309
|
|
|
810
|
|
|
692
|
|
|
3,545
|
|
|
1,798
|
|
|||||
Commercial and industrial
|
1,723
|
|
|
654
|
|
|
722
|
|
|
605
|
|
|
3,647
|
|
|||||
Commercial construction
|
1,135
|
|
|
851
|
|
|
21
|
|
|
143
|
|
|
146
|
|
|||||
Consumer real estate
|
541
|
|
|
342
|
|
|
433
|
|
|
495
|
|
|
350
|
|
|||||
Other consumer
|
492
|
|
|
571
|
|
|
356
|
|
|
326
|
|
|
353
|
|
|||||
Total
|
4,200
|
|
|
3,228
|
|
|
2,224
|
|
|
5,114
|
|
|
6,294
|
|
|||||
Net Charge-offs
|
(10,389
|
)
|
|
(10,268
|
)
|
|
(13,337
|
)
|
|
(10,152
|
)
|
|
(59
|
)
|
|||||
Provision for loan losses
|
14,995
|
|
|
13,883
|
|
|
17,965
|
|
|
10,388
|
|
|
1,715
|
|
|||||
ALL Balance at End of Year:
|
$
|
60,996
|
|
|
$
|
56,390
|
|
|
$
|
52,775
|
|
|
$
|
48,147
|
|
|
$
|
47,911
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
Commercial real estate
|
—
|
%
|
|
0.06
|
%
|
|
0.10
|
%
|
|
(0.04
|
)%
|
|
0.01
|
%
|
Commercial and industrial
|
0.48
|
%
|
|
0.28
|
%
|
|
0.45
|
%
|
|
0.40
|
%
|
|
(0.26
|
)%
|
Commercial construction
|
0.48
|
%
|
|
0.40
|
%
|
|
0.46
|
%
|
|
0.96
|
%
|
|
0.32
|
%
|
Consumer real estate
|
0.07
|
%
|
|
0.16
|
%
|
|
0.11
|
%
|
|
0.17
|
%
|
|
0.09
|
%
|
Other consumer
|
1.79
|
%
|
|
1.54
|
%
|
|
2.69
|
%
|
|
1.37
|
%
|
|
1.19
|
%
|
Net charge-offs to average loans outstanding
|
0.18
|
%
|
|
0.18
|
%
|
|
0.25
|
%
|
|
0.22
|
%
|
|
—
|
%
|
Allowance for loan losses as a percentage of total portfolio loans
|
1.03
|
%
|
|
0.98
|
%
|
|
0.94
|
%
|
|
0.96
|
%
|
|
1.24
|
%
|
Allowance for loan losses to total nonperforming loans
|
132
|
%
|
|
236
|
%
|
|
124
|
%
|
|
136
|
%
|
|
385
|
%
|
Provision for loan losses as a percentage of net loan charge-offs
|
144
|
%
|
|
135
|
%
|
|
135
|
%
|
|
102
|
%
|
|
NM
|
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|||||||||||||||||||||||||
(dollars in thousands)
|
Amount
|
|
|
% of
Total
|
|
|
Amount
|
|
|
% of
Total
|
|
|
Amount
|
|
|
% of
Total
|
|
|
Amount
|
|
|
% of
Total
|
|
|
Amount
|
|
|
% of
Total
|
|
|||||
Commercial real estate
|
$
|
33,707
|
|
|
55
|
%
|
|
$
|
27,235
|
|
|
48
|
%
|
|
$
|
19,976
|
|
|
38
|
%
|
|
$
|
15,043
|
|
|
31
|
%
|
|
$
|
20,164
|
|
|
42
|
%
|
Commercial and industrial
|
11,596
|
|
|
19
|
%
|
|
8,966
|
|
|
16
|
%
|
|
10,810
|
|
|
20
|
%
|
|
10,853
|
|
|
23
|
%
|
|
13,668
|
|
|
28
|
%
|
|||||
Commercial construction
|
7,983
|
|
|
13
|
%
|
|
13,167
|
|
|
23
|
%
|
|
13,999
|
|
|
26
|
%
|
|
12,625
|
|
|
26
|
%
|
|
6,093
|
|
|
13
|
%
|
|||||
Consumer real estate
|
6,187
|
|
|
10
|
%
|
|
5,479
|
|
|
10
|
%
|
|
6,095
|
|
|
12
|
%
|
|
8,400
|
|
|
17
|
%
|
|
6,333
|
|
|
13
|
%
|
|||||
Other consumer
|
1,523
|
|
|
3
|
%
|
|
1,543
|
|
|
3
|
%
|
|
1,895
|
|
|
4
|
%
|
|
1,226
|
|
|
3
|
%
|
|
1,653
|
|
|
4
|
%
|
|||||
Total
|
$
|
60,996
|
|
|
100
|
%
|
|
$
|
56,390
|
|
|
100
|
%
|
|
$
|
52,775
|
|
|
100
|
%
|
|
$
|
48,147
|
|
|
100
|
%
|
|
$
|
47,911
|
|
|
100
|
%
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
2014
|
|
|||||
Collectively Evaluated for Impairment
|
$
|
59,233
|
|
|
$
|
56,313
|
|
|
$
|
51,977
|
|
|
$
|
48,110
|
|
|
$
|
47,857
|
|
Individually Evaluated for Impairment
|
1,763
|
|
|
77
|
|
|
798
|
|
|
37
|
|
|
54
|
|
|||||
Total Allowance for Loan Losses
|
$
|
60,996
|
|
|
$
|
56,390
|
|
|
$
|
52,775
|
|
|
$
|
48,147
|
|
|
$
|
47,911
|
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
$ Change
|
|
|||
Customer deposits
|
|
|
|
|
|
||||||
Noninterest-bearing demand
|
$
|
1,421,156
|
|
|
$
|
1,387,712
|
|
|
$
|
33,444
|
|
Interest-bearing demand
|
567,492
|
|
|
599,986
|
|
|
(32,494
|
)
|
|||
Money market
|
1,178,212
|
|
|
880,330
|
|
|
297,882
|
|
|||
Savings
|
784,970
|
|
|
893,119
|
|
|
(108,149
|
)
|
|||
Certificates of deposit
|
1,261,704
|
|
|
1,286,988
|
|
|
(25,284
|
)
|
|||
Total customer deposits
|
5,213,533
|
|
|
5,048,135
|
|
|
165,399
|
|
|||
Brokered deposits
|
|
|
|
|
|
||||||
Interest-bearing demand
|
6,201
|
|
|
3,155
|
|
|
3,046
|
|
|||
Money market
|
303,854
|
|
|
265,826
|
|
|
38,028
|
|
|||
Certificates of deposit
|
150,334
|
|
|
110,775
|
|
|
39,559
|
|
|||
Total brokered deposits
|
$
|
460,389
|
|
|
$
|
379,756
|
|
|
$
|
80,633
|
|
Total Deposits
|
$
|
5,673,922
|
|
|
$
|
5,427,891
|
|
|
$
|
246,032
|
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||
(dollars in thousands)
|
Amount
|
|
|
Rate
|
|
|
Amount
|
|
|
Rate
|
|
|
Amount
|
|
|
Rate
|
|
|||
Noninterest-bearing demand
|
$
|
1,376,329
|
|
|
|
|
$
|
1,310,814
|
|
|
|
|
$
|
1,232,633
|
|
|
|
|||
Interest-bearing demand
|
565,273
|
|
|
0.31
|
%
|
|
630,418
|
|
|
0.21
|
%
|
|
638,461
|
|
|
0.16
|
%
|
|||
Money market
|
1,040,214
|
|
|
1.24
|
%
|
|
710,149
|
|
|
0.65
|
%
|
|
506,440
|
|
|
0.38
|
%
|
|||
Savings
|
836,747
|
|
|
0.21
|
%
|
|
988,504
|
|
|
0.21
|
%
|
|
1,039,664
|
|
|
0.19
|
%
|
|||
Certificates of deposit
|
1,202,781
|
|
|
1.37
|
%
|
|
1,327,001
|
|
|
0.97
|
%
|
|
1,351,413
|
|
|
0.94
|
%
|
|||
Brokered deposits
|
390,360
|
|
|
2.05
|
%
|
|
404,453
|
|
|
1.10
|
%
|
|
362,576
|
|
|
0.56
|
%
|
|||
Total
|
$
|
5,411,704
|
|
|
0.76
|
%
|
|
$
|
5,371,339
|
|
|
0.47
|
%
|
|
$
|
5,131,187
|
|
|
0.38
|
%
|
(dollars in thousands)
|
2018
|
|
|
Three months or less
|
$
|
147,192
|
|
Over three through six months
|
99,199
|
|
|
Over six through twelve months
|
116,575
|
|
|
Over twelve months
|
212,263
|
|
|
Total
|
$
|
575,229
|
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
$ Change
|
|
|||
Securities sold under repurchase agreements, retail
|
$
|
18,383
|
|
|
$
|
50,161
|
|
|
$
|
(31,778
|
)
|
Short-term borrowings
|
470,000
|
|
|
540,000
|
|
|
(70,000
|
)
|
|||
Long-term borrowings
|
70,314
|
|
|
47,301
|
|
|
23,013
|
|
|||
Junior subordinated debt securities
|
45,619
|
|
|
45,619
|
|
|
—
|
|
|||
Total Borrowings
|
$
|
604,316
|
|
|
$
|
683,081
|
|
|
$
|
(78,765
|
)
|
|
Securities Sold Under Repurchase Agreements
|
||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Balance at December 31
|
$
|
18,383
|
|
|
$
|
50,161
|
|
|
$
|
50,832
|
|
Average balance during the year
|
45,992
|
|
|
46,662
|
|
|
51,021
|
|
|||
Average interest rate during the year
|
0.48
|
%
|
|
0.12
|
%
|
|
0.01
|
%
|
|||
Maximum month-end balance during the year
|
$
|
54,579
|
|
|
$
|
53,609
|
|
|
$
|
68,216
|
|
Average interest rate at December 31
|
0.46
|
%
|
|
0.39
|
%
|
|
0.01
|
%
|
|
Short-Term Borrowings
|
||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Balance at December 31
|
$
|
470,000
|
|
|
$
|
540,000
|
|
|
$
|
660,000
|
|
Average balance during the year
|
525,172
|
|
|
644,864
|
|
|
414,426
|
|
|||
Average interest rate during the year
|
2.11
|
%
|
|
1.15
|
%
|
|
0.65
|
%
|
|||
Maximum month-end balance during the year
|
$
|
690,000
|
|
|
$
|
734,600
|
|
|
$
|
660,000
|
|
Average interest rate at December 31
|
2.65
|
%
|
|
1.47
|
%
|
|
0.76
|
%
|
|
Long-Term Borrowings
|
||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Balance at December 31
|
$
|
70,314
|
|
|
$
|
47,301
|
|
|
$
|
14,713
|
|
Average balance during the year
|
47,986
|
|
|
18,057
|
|
|
50,256
|
|
|||
Average interest rate during the year
|
2.35
|
%
|
|
2.57
|
%
|
|
1.33
|
%
|
|||
Maximum month-end balance during the year
|
$
|
70,314
|
|
|
$
|
47,505
|
|
|
$
|
116,852
|
|
Average interest rate at December 31
|
2.84
|
%
|
|
1.88
|
%
|
|
2.91
|
%
|
|
Junior Subordinated Debt Securities
|
||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Balance at December 31
|
$
|
45,619
|
|
|
$
|
45,619
|
|
|
$
|
45,619
|
|
Average balance during the year
|
45,619
|
|
|
45,619
|
|
|
45,619
|
|
|||
Average interest rate during the year
|
4.60
|
%
|
|
3.65
|
%
|
|
3.14
|
%
|
|||
Maximum month-end balance during the year
|
$
|
45,619
|
|
|
$
|
45,619
|
|
|
$
|
45,619
|
|
Average interest rate at December 31
|
5.25
|
%
|
|
3.78
|
%
|
|
3.42
|
%
|
|
Payments Due In
|
||||||||||||||||||
(dollars in thousands)
|
2018
|
|
|
2019-2020
|
|
|
2021-2022
|
|
|
Later Years
|
|
|
Total
|
|
|||||
Deposits without a stated maturity
(1)
|
$
|
4,261,884
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,261,884
|
|
Certificates of deposit
(1)
|
877,457
|
|
|
460,307
|
|
|
68,868
|
|
|
5,406
|
|
|
1,412,038
|
|
|||||
Securities sold under repurchase agreements
(1)
|
18,383
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,383
|
|
|||||
Short-term borrowings
(1)
|
470,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
470,000
|
|
|||||
Long-term borrowings
(1)
|
37,529
|
|
|
28,098
|
|
|
980
|
|
|
3,707
|
|
|
70,314
|
|
|||||
Junior subordinated debt securities
(1)
|
—
|
|
|
—
|
|
|
—
|
|
|
45,619
|
|
|
45,619
|
|
|||||
Operating and capital leases
|
3,499
|
|
|
7,174
|
|
|
7,427
|
|
|
54,293
|
|
|
72,393
|
|
|||||
Purchase obligations
|
16,221
|
|
|
34,059
|
|
|
36,346
|
|
|
—
|
|
|
86,626
|
|
|||||
Total
|
$
|
5,684,973
|
|
|
$
|
529,638
|
|
|
$
|
113,621
|
|
|
$
|
109,025
|
|
|
$
|
6,437,257
|
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
||
Commitments to extend credit
|
$
|
1,464,892
|
|
|
$
|
1,420,428
|
|
Standby letters of credit
|
77,134
|
|
|
80,918
|
|
||
Total
|
$
|
1,542,026
|
|
|
$
|
1,501,346
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
|
1 - 12 Months
|
|
13 - 24 Months
|
|
|
1 - 12 Months
|
|
13 - 24 Months
|
|
||||||
Change in Interest
Rate (basis points)
|
% Change in
Pretax Net
Interest Income
|
|
|
% Change in
Pretax Net Interest Income
|
|
% Change in EVE
|
|
|
% Change in
Pretax Net
Interest Income
|
|
|
% Change in
Pretax Net Interest Income
|
|
% Change in EVE
|
|
|
400
|
|
8.3
|
%
|
|
11.6
|
%
|
(10.0
|
)%
|
|
5.5
|
%
|
|
12.4
|
%
|
(9.2
|
)%
|
300
|
|
6.1
|
|
|
8.5
|
|
(4.6
|
)
|
|
4.2
|
|
|
9.3
|
|
(3.6
|
)
|
200
|
|
4.0
|
|
|
5.6
|
|
(0.6
|
)
|
|
2.4
|
|
|
5.9
|
|
0.3
|
|
100
|
|
2.2
|
|
|
3.1
|
|
1.4
|
|
|
1.3
|
|
|
3.2
|
|
1.9
|
|
(100)
|
|
(3.8
|
)
|
|
(5.4
|
)
|
(7.5
|
)
|
|
(3.6
|
)
|
|
(6.5
|
)
|
(8.0
|
)
|
(200)
|
|
(7.8
|
)
|
|
(11.2
|
)
|
(16.8
|
)
|
|
NA
|
|
NA
|
NA
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, on Effectiveness of Internal Control Over Financial Reporting
|
|
|
|
Report of Ernst & Young LLP, Independent Registered Public Accounting Firm, on Consolidated Financial Statements
|
|
|
December 31,
|
|||||||
(in thousands, except share and per share data)
|
|
2018
|
|
|
2017
|
||||
ASSETS
|
|
|
|
|
|
||||
Cash and due from banks, including interest-bearing deposits of $82,740 and $61,965 at December 31, 2018 and 2017
|
|
$
|
155,489
|
|
|
|
$
|
117,152
|
|
Securities, at fair value
|
|
684,872
|
|
|
|
698,291
|
|
||
Loans held for sale
|
|
2,371
|
|
|
|
4,485
|
|
||
Portfolio loans, net of unearned income
|
|
5,946,648
|
|
|
|
5,761,449
|
|
||
Allowance for loan losses
|
|
(60,996
|
)
|
|
|
(56,390
|
)
|
||
Portfolio loans, net
|
|
5,885,652
|
|
|
|
5,705,059
|
|
||
Bank owned life insurance
|
|
73,900
|
|
|
|
72,150
|
|
||
Premises and equipment, net
|
|
41,730
|
|
|
|
42,702
|
|
||
Federal Home Loan Bank and other restricted stock, at cost
|
|
29,435
|
|
|
|
29,270
|
|
||
Goodwill
|
|
287,446
|
|
|
|
291,670
|
|
||
Other intangible assets, net
|
|
2,601
|
|
|
|
3,677
|
|
||
Other assets
|
|
88,725
|
|
|
|
95,799
|
|
||
Total Assets
|
|
$
|
7,252,221
|
|
|
|
$
|
7,060,255
|
|
LIABILITIES
|
|
|
|
|
|
||||
Deposits:
|
|
|
|
|
|
||||
Noninterest-bearing demand
|
|
$
|
1,421,156
|
|
|
|
$
|
1,387,712
|
|
Interest-bearing demand
|
|
573,693
|
|
|
|
603,141
|
|
||
Money market
|
|
1,482,065
|
|
|
|
1,146,156
|
|
||
Savings
|
|
784,970
|
|
|
|
893,119
|
|
||
Certificates of deposit
|
|
1,412,038
|
|
|
|
1,397,763
|
|
||
Total Deposits
|
|
5,673,922
|
|
|
|
5,427,891
|
|
||
Securities sold under repurchase agreements
|
|
18,383
|
|
|
|
50,161
|
|
||
Short-term borrowings
|
|
470,000
|
|
|
|
540,000
|
|
||
Long-term borrowings
|
|
70,314
|
|
|
|
47,301
|
|
||
Junior subordinated debt securities
|
|
45,619
|
|
|
|
45,619
|
|
||
Other liabilities
|
|
38,222
|
|
|
|
65,252
|
|
||
Total Liabilities
|
|
6,316,460
|
|
|
|
6,176,224
|
|
||
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||||
Common stock ($2.50 par value)
Authorized—50,000,000 shares Issued—36,130,480 shares at December 31, 2018 and December 31, 2017 Outstanding—34,683,874 shares at December 31, 2018 and 34,971,929 shares at December 31, 2017 |
|
90,326
|
|
|
|
90,326
|
|
||
Additional paid-in capital
|
|
210,345
|
|
|
|
216,106
|
|
||
Retained earnings
|
|
701,819
|
|
|
|
628,107
|
|
||
Accumulated other comprehensive loss
|
|
(23,107
|
)
|
|
|
(18,427
|
)
|
||
Treasury stock (1,446,606 shares at December 31, 2018 and 1,158,551 shares at December 31, 2017, at cost)
|
|
(43,622
|
)
|
|
|
(32,081
|
)
|
||
Total Shareholders’ Equity
|
|
935,761
|
|
|
|
884,031
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
7,252,221
|
|
|
|
$
|
7,060,255
|
|
|
Years ended December 31,
|
||||||||||
(dollars in thousands, except per share data)
|
2018
|
|
2017
|
|
2016
|
||||||
INTEREST INCOME
|
|
|
|
|
|
||||||
Loans, including fees
|
$
|
269,811
|
|
|
$
|
243,315
|
|
|
$
|
212,301
|
|
Investment Securities:
|
|
|
|
|
|
||||||
Taxable
|
14,342
|
|
|
11,947
|
|
|
10,340
|
|
|||
Tax-exempt
|
3,449
|
|
|
3,615
|
|
|
3,658
|
|
|||
Dividends
|
2,224
|
|
|
1,765
|
|
|
1,475
|
|
|||
Total Interest Income
|
289,826
|
|
|
260,642
|
|
|
227,774
|
|
|||
INTEREST EXPENSE
|
|
|
|
|
|
||||||
Deposits
|
40,856
|
|
|
25,330
|
|
|
19,692
|
|
|||
Borrowings and junior subordinated debt securities
|
14,532
|
|
|
9,579
|
|
|
4,823
|
|
|||
Total Interest Expense
|
55,388
|
|
|
34,909
|
|
|
24,515
|
|
|||
NET INTEREST INCOME
|
234,438
|
|
|
225,733
|
|
|
203,259
|
|
|||
Provision for loan losses
|
14,995
|
|
|
13,883
|
|
|
17,965
|
|
|||
Net Interest Income After Provision for Loan Losses
|
219,443
|
|
|
211,850
|
|
|
185,294
|
|
|||
NONINTEREST INCOME
|
|
|
|
|
|
||||||
Net gain on sale of securities
|
—
|
|
|
3,000
|
|
|
—
|
|
|||
Service charges on deposit accounts
|
13,096
|
|
|
12,458
|
|
|
12,512
|
|
|||
Debit and credit card
|
12,679
|
|
|
12,029
|
|
|
11,943
|
|
|||
Wealth management
|
10,084
|
|
|
9,758
|
|
|
10,456
|
|
|||
Insurance
|
505
|
|
|
5,371
|
|
|
5,204
|
|
|||
Mortgage banking
|
2,762
|
|
|
2,915
|
|
|
2,879
|
|
|||
Gain on sale of credit card portfolio
|
—
|
|
|
—
|
|
|
2,066
|
|
|||
Gain on sale of a majority interest of insurance business
|
1,873
|
|
|
—
|
|
|
—
|
|
|||
Other
|
8,182
|
|
|
9,931
|
|
|
9,575
|
|
|||
Total Noninterest Income
|
49,181
|
|
|
55,462
|
|
|
54,635
|
|
|||
NONINTEREST EXPENSE
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
76,108
|
|
|
80,776
|
|
|
77,325
|
|
|||
Net occupancy
|
11,097
|
|
|
10,994
|
|
|
11,057
|
|
|||
Data processing and information technology
|
10,633
|
|
|
8,801
|
|
|
8,837
|
|
|||
Furniture, equipment and software
|
8,083
|
|
|
7,946
|
|
|
7,290
|
|
|||
FDIC insurance
|
3,238
|
|
|
4,543
|
|
|
3,984
|
|
|||
Other taxes
|
6,183
|
|
|
4,509
|
|
|
4,050
|
|
|||
Professional services and legal
|
4,132
|
|
|
4,096
|
|
|
3,466
|
|
|||
Marketing
|
4,192
|
|
|
3,659
|
|
|
3,713
|
|
|||
Other
|
21,779
|
|
|
22,583
|
|
|
23,510
|
|
|||
Total Noninterest Expense
|
145,445
|
|
|
147,907
|
|
|
143,232
|
|
|||
Income Before Taxes
|
123,179
|
|
|
119,405
|
|
|
96,697
|
|
|||
Provision for income taxes
|
17,845
|
|
|
46,437
|
|
|
25,305
|
|
|||
Net Income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
Earnings per common share—basic
|
$
|
3.03
|
|
|
$
|
2.10
|
|
|
$
|
2.06
|
|
Earnings per common share—diluted
|
$
|
3.01
|
|
|
$
|
2.09
|
|
|
$
|
2.05
|
|
Dividends declared per common share
|
$
|
0.99
|
|
|
$
|
0.82
|
|
|
$
|
0.77
|
|
|
Years ended December 31,
|
||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Net Income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
Other Comprehensive (Loss) Income, Before Tax:
|
|
|
|
|
|
||||||
Net change in unrealized (losses) gains on bond securities
(1)
|
(6,794
|
)
|
|
(1,275
|
)
|
|
(2,899
|
)
|
|||
Net (gains) losses on bonds and equity securities available-for-sale reclassified into net income
(2)
|
—
|
|
|
(3,000
|
)
|
|
—
|
|
|||
Adjustment to funded status of employee benefit plans
|
6,297
|
|
|
(1,992
|
)
|
|
6,974
|
|
|||
Other Comprehensive (Loss) Income, Before Tax
|
(497
|
)
|
|
(6,267
|
)
|
|
4,075
|
|
|||
Income tax benefit (expense) related to items of other comprehensive income
|
106
|
|
|
1,624
|
|
|
(1,402
|
)
|
|||
Other Comprehensive (Loss) Income, After Tax
|
(391
|
)
|
|
(4,643
|
)
|
|
2,673
|
|
|||
Comprehensive Income
|
$
|
104,943
|
|
|
$
|
68,325
|
|
|
$
|
74,065
|
|
(in thousands, except share and per share data)
|
Common
Stock
|
|
|
Additional
Paid-in
Capital
|
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
|
Treasury
Stock
|
|
|
Total
|
|||||||||||||
Balance at January 1, 2016
|
$
|
90,326
|
|
|
|
$
|
210,545
|
|
|
|
$
|
544,228
|
|
|
|
$
|
(16,457
|
)
|
|
|
$
|
(36,405
|
)
|
|
|
$
|
792,237
|
|
Net income for 2016
|
|
|
|
|
|
|
71,392
|
|
|
|
|
|
|
|
|
|
71,392
|
|
||||||||||
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
2,673
|
|
|
|
|
|
|
2,673
|
|
||||||||||
Cash dividends declared ($0.77 per share)
|
|
|
|
|
|
|
(26,784
|
)
|
|
|
|
|
|
|
|
|
(26,784
|
)
|
||||||||||
Treasury stock issued (102,649 shares, net)
|
|
|
|
|
|
|
(2,945
|
)
|
|
|
|
|
|
2,830
|
|
|
|
(115
|
)
|
|||||||||
Recognition of restricted stock compensation expense
|
|
|
|
2,544
|
|
|
|
|
|
|
|
|
|
|
|
|
2,544
|
|
||||||||||
Tax benefit from stock-based compensation
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
||||||||||
Balance at December 31, 2016
|
$
|
90,326
|
|
|
|
$
|
213,098
|
|
|
|
$
|
585,891
|
|
|
|
$
|
(13,784
|
)
|
|
|
$
|
(33,575
|
)
|
|
|
$
|
841,956
|
|
Net income for 2017
|
|
|
|
|
|
|
|
|
72,968
|
|
|
|
|
|
|
|
|
|
|
|
72,968
|
|
||||||
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,643
|
)
|
|
|
|
|
|
|
(4,643
|
)
|
||||||
Cash dividends declared ($0.82 share)
|
|
|
|
|
|
|
|
|
(28,569
|
)
|
|
|
|
|
|
|
|
|
|
|
(28,569
|
)
|
||||||
Treasury stock issued (58,906 shares, net)
|
|
|
|
|
|
|
|
|
(2,183
|
)
|
|
|
|
|
|
|
1,494
|
|
|
|
(689
|
)
|
||||||
Recognition of restricted stock compensation expense
|
|
|
|
|
3,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,008
|
|
||||||
Balance at December 31, 2017
|
$
|
90,326
|
|
|
|
$
|
216,106
|
|
|
|
$
|
628,107
|
|
|
|
$
|
(18,427
|
)
|
|
|
$
|
(32,081
|
)
|
|
|
$
|
884,031
|
|
Net income for 2018
|
|
|
|
|
|
|
|
105,334
|
|
|
|
|
|
|
|
|
|
|
105,334
|
|
||||||||
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
|
(391
|
)
|
|
|
|
|
|
(391
|
)
|
|||||||||
Reclassification of certain tax effects from accumulated other comprehensive income
(1)
|
|
|
|
|
|
|
3,427
|
|
|
|
(3,427
|
)
|
|
|
|
|
|
—
|
|
|||||||||
Reclassification of net unrealized gains on equity securities
(2)
|
|
|
|
|
|
|
|
862
|
|
|
|
(862
|
)
|
|
|
|
|
|
—
|
|
||||||||
Repurchase S&T Bank Warrant
|
|
|
|
|
(7,652
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,652
|
)
|
|||||||
Cash dividends declared ($0.99 per share)
|
|
|
|
|
|
|
|
(34,539
|
)
|
|
|
|
|
|
|
|
|
|
(34,539
|
)
|
||||||||
Treasury stock repurchased (321,731 shares)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12,256
|
)
|
|
|
(12,256
|
)
|
|||||||||
Treasury stock issued (33,676 shares, net)
|
|
|
|
|
|
|
|
(1,372
|
)
|
|
|
|
|
|
|
715
|
|
|
|
(657
|
)
|
|||||||
Recognition of restricted stock compensation expense
|
|
|
|
|
1,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,891
|
|
||||||||
Balance at December 31, 2018
|
$
|
90,326
|
|
|
|
$
|
210,345
|
|
|
|
$
|
701,819
|
|
|
|
$
|
(23,107
|
)
|
|
|
$
|
(43,622
|
)
|
|
|
$
|
935,761
|
|
|
Years ended December 31,
|
||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net Income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Provision for loan losses
|
14,995
|
|
|
13,883
|
|
|
17,965
|
|
|||
(Recovery) provision for unfunded loan commitments
|
(54
|
)
|
|
(410
|
)
|
|
65
|
|
|||
Net depreciation, amortization and accretion
|
4,599
|
|
|
2,498
|
|
|
3,628
|
|
|||
Net amortization of discounts and premiums on securities
|
3,180
|
|
|
4,003
|
|
|
3,829
|
|
|||
Stock-based compensation expense
|
1,891
|
|
|
3,008
|
|
|
2,544
|
|
|||
Gain on sale of securities
|
—
|
|
|
(3,000
|
)
|
|
—
|
|
|||
Gain on sale of bank branch
|
—
|
|
|
(1,042
|
)
|
|
—
|
|
|||
Net gain on sale of credit card portfolio
|
—
|
|
|
—
|
|
|
(2,066
|
)
|
|||
Pension plan curtailment gain
|
—
|
|
|
—
|
|
|
(1,017
|
)
|
|||
Mortgage loans originated for sale
|
(90,142
|
)
|
|
(93,382
|
)
|
|
(106,020
|
)
|
|||
Proceeds from the sale of loans
|
93,793
|
|
|
93,991
|
|
|
108,209
|
|
|||
Deferred income taxes
|
3,509
|
|
|
13,832
|
|
|
536
|
|
|||
(Gain) loss on sale of fixed assets
|
(81
|
)
|
|
128
|
|
|
—
|
|
|||
Gain on the sale of mortgage loans, net
|
(1,537
|
)
|
|
(1,551
|
)
|
|
(1,621
|
)
|
|||
Gain on the sale of majority interest of insurance business
|
(1,873
|
)
|
|
—
|
|
|
—
|
|
|||
Pension contribution
|
(20,420
|
)
|
|
—
|
|
|
—
|
|
|||
Net increase in interest receivable
|
(1,635
|
)
|
|
(2,714
|
)
|
|
(2,409
|
)
|
|||
Net increase in interest payable
|
2,353
|
|
|
1,349
|
|
|
1,715
|
|
|||
Net decrease in other assets
|
9,948
|
|
|
5,634
|
|
|
4,668
|
|
|||
Net increase (decrease) in other liabilities
|
4,157
|
|
|
5,041
|
|
|
(4,613
|
)
|
|||
Net Cash Provided by Operating Activities
|
128,017
|
|
|
114,236
|
|
|
96,805
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Proceeds from maturities, prepayments and calls of securities
|
89,833
|
|
|
80,956
|
|
|
74,110
|
|
|||
Proceeds from sales of securities
|
—
|
|
|
65,801
|
|
|
—
|
|
|||
Purchases of securities
|
(92,597
|
)
|
|
(156,839
|
)
|
|
(113,362
|
)
|
|||
Net (purchases) sales of Federal Home Loan Bank stock
|
(165
|
)
|
|
2,547
|
|
|
(8,784
|
)
|
|||
Net increase in loans
|
(207,233
|
)
|
|
(211,766
|
)
|
|
(599,341
|
)
|
|||
Proceeds from the sale of loans not originated for resale
|
7,695
|
|
|
6,754
|
|
|
9,208
|
|
|||
Purchases of premises and equipment
|
(4,172
|
)
|
|
(4,694
|
)
|
|
(3,560
|
)
|
|||
Proceeds from the sale of premises and equipment
|
135
|
|
|
422
|
|
|
57
|
|
|||
Proceeds from sale of bank branch, net of cash and cash equivalents
|
—
|
|
|
4,404
|
|
|
—
|
|
|||
Proceeds from the sale of credit card portfolio
|
—
|
|
|
—
|
|
|
25,019
|
|
|||
Proceeds from the sale of majority interest of insurance business
|
4,540
|
|
|
—
|
|
|
—
|
|
|||
Net Cash Used in Investing Activities
|
(201,964
|
)
|
|
(212,415
|
)
|
|
(616,653
|
)
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Net increase in core deposits
|
231,756
|
|
|
166,054
|
|
|
378,323
|
|
|||
Net increase in certificates of deposit
|
14,397
|
|
|
27,132
|
|
|
18,095
|
|
|||
Net (decrease) increase in short-term borrowings
|
(70,000
|
)
|
|
(120,000
|
)
|
|
304,000
|
|
|||
Net decrease in securities sold under repurchase agreements
|
(31,778
|
)
|
|
(671
|
)
|
|
(11,254
|
)
|
|||
Proceeds from long-term borrowings
|
25,000
|
|
|
35,000
|
|
|
—
|
|
|||
Repayments of long-term borrowings
|
(1,987
|
)
|
|
(2,412
|
)
|
|
(102,330
|
)
|
|||
Treasury shares issued-net
|
(657
|
)
|
|
(689
|
)
|
|
(115
|
)
|
|||
Repurchase common stock
|
(12,256
|
)
|
|
—
|
|
|
—
|
|
|||
Cash dividends paid to common shareholders
|
(34,539
|
)
|
|
(28,569
|
)
|
|
(26,784
|
)
|
|||
Repurchase warrant
|
(7,652
|
)
|
|
—
|
|
|
—
|
|
|||
Net Cash Provided by Financing Activities
|
112,284
|
|
|
75,845
|
|
|
559,935
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
38,337
|
|
|
(22,334
|
)
|
|
40,087
|
|
|||
Cash and cash equivalents at beginning of year
|
117,152
|
|
|
139,486
|
|
|
99,399
|
|
|||
Cash and Cash Equivalents at End of Year
|
$
|
155,489
|
|
|
$
|
117,152
|
|
|
$
|
139,486
|
|
|
Years ended December 31,
|
||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
2016
|
||||||
Supplemental Disclosures
|
|
|
|
|
|
||||||
Transfers to other real estate owned and other repossessed assets
|
$
|
870
|
|
|
$
|
2,238
|
|
|
$
|
1,039
|
|
Interest paid
|
$
|
53,035
|
|
|
$
|
33,591
|
|
|
$
|
22,800
|
|
Income taxes paid, net of refunds
|
$
|
15,728
|
|
|
$
|
33,814
|
|
|
$
|
26,743
|
|
Loans transferred to held for sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
250
|
|
Loans transferred to portfolio from held for sale
|
$
|
7,695
|
|
|
$
|
250
|
|
|
$
|
7,933
|
|
Transfer retained assets from sale to investment in insurance company partnership
|
$
|
1,917
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Decrease in cash and cash equivalents from sale of bank branch
|
$
|
—
|
|
|
$
|
154
|
|
|
$
|
—
|
|
Investment commitment payable for an available for sale security
|
$
|
—
|
|
|
$
|
5,884
|
|
|
$
|
—
|
|
1) Land and Land Improvements
|
|
Non-depreciating assets
|
2) Buildings
|
|
25 years
|
3) Furniture and Fixtures
|
|
5 years
|
4) Computer Equipment and Software
|
|
5 years or term of license
|
5) Other Equipment
|
|
5 years
|
6) Vehicles
|
|
5 years
|
7) Leasehold Improvements
|
|
Lesser of estimated useful life of the asset (generally 15 years unless established otherwise) or the remaining term of the lease, including renewal options in the lease that are reasonably assured of exercise
|
|
Years ended December 31,
|
||||||||||
(dollars in thousands, except share and per share data)
|
2018
|
|
2017
|
|
2016
|
||||||
Numerator for Earnings per Common Share—Basic:
|
|
|
|
|
|
||||||
Net income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
Less: Income allocated to participating shares
|
304
|
|
|
242
|
|
|
225
|
|
|||
Net Income Allocated to Common Shareholders
|
$
|
105,030
|
|
|
$
|
72,726
|
|
|
$
|
71,167
|
|
Numerator for Earnings per Common Share—Diluted:
|
|
|
|
|
|
||||||
Net income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
Denominators:
|
|
|
|
|
|
||||||
Weighted Average Common Shares Outstanding—Basic
|
34,775,784
|
|
|
34,729,376
|
|
|
34,677,738
|
|
|||
Add: Dilutive potential common shares
|
199,625
|
|
|
225,391
|
|
|
95,432
|
|
|||
Denominator for Treasury Stock Method—Diluted
|
34,975,409
|
|
|
34,954,767
|
|
|
34,773,170
|
|
|||
Weighted Average Common Shares Outstanding—Basic
|
34,775,784
|
|
|
34,729,376
|
|
|
34,677,738
|
|
|||
Add: Average participating shares outstanding
|
100,733
|
|
|
115,418
|
|
|
109,755
|
|
|||
Denominator for Two-Class Method—Diluted
|
34,876,517
|
|
|
34,844,794
|
|
|
34,787,493
|
|
|||
Earnings per common share—basic
|
$
|
3.03
|
|
|
$
|
2.10
|
|
|
$
|
2.06
|
|
Earnings per common share—diluted
|
$
|
3.01
|
|
|
$
|
2.09
|
|
|
$
|
2.05
|
|
Warrants considered anti-dilutive excluded from dilutive potential common shares - exercise price $31.53 per share, expires January 2019
(1)
|
267,106
|
|
|
438,681
|
|
|
517,012
|
|
|||
Restricted stock considered anti-dilutive excluded from dilutive potential common shares
|
81,587
|
|
|
88,578
|
|
|
116,749
|
|
|
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
(1)
|
—
|
|
|
4,816
|
|
|
—
|
|
|
4,816
|
|
||||
Total Securities
|
—
|
|
|
684,872
|
|
|
—
|
|
|
684,872
|
|
||||
Securities held in a Rabbi Trust
|
4,725
|
|
|
—
|
|
|
—
|
|
|
4,725
|
|
||||
Derivative financial assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
5,504
|
|
|
—
|
|
|
5,504
|
|
||||
Interest rate lock commitments
|
—
|
|
|
251
|
|
|
—
|
|
|
251
|
|
||||
Forward sale contracts - mortgage loans
|
—
|
|
|
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
|
|
|
December 31, 2017
|
||||||||||||||
(dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
—
|
|
|
$
|
19,789
|
|
|
$
|
—
|
|
|
$
|
19,789
|
|
Obligations of U.S. government corporations and agencies
|
—
|
|
|
162,193
|
|
|
—
|
|
|
162,193
|
|
||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
—
|
|
|
108,688
|
|
|
—
|
|
|
108,688
|
|
||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
|
32,854
|
|
|
—
|
|
|
32,854
|
|
||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
|
242,221
|
|
|
—
|
|
|
242,221
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
127,402
|
|
|
—
|
|
|
127,402
|
|
||||
Total Debt Securities Available-for-Sale
|
—
|
|
|
693,147
|
|
|
—
|
|
|
693,147
|
|
||||
Marketable equity securities
|
—
|
|
|
5,144
|
|
|
—
|
|
|
5,144
|
|
||||
Total Securities
|
—
|
|
|
698,291
|
|
|
—
|
|
|
698,291
|
|
||||
Securities held in a Rabbi Trust
|
5,080
|
|
|
—
|
|
|
—
|
|
|
5,080
|
|
||||
Derivative financial assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
3,074
|
|
|
—
|
|
|
3,074
|
|
||||
Interest rate lock commitments
|
—
|
|
|
226
|
|
|
—
|
|
|
226
|
|
||||
Total Assets
|
$
|
5,080
|
|
|
$
|
701,591
|
|
|
$
|
—
|
|
|
$
|
706,671
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Derivative financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
3,055
|
|
|
$
|
—
|
|
|
$
|
3,055
|
|
Forward sale contracts
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Total Liabilities
|
$
|
—
|
|
|
$
|
3,060
|
|
|
$
|
—
|
|
|
$
|
3,060
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
ASSETS
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Loans held for sale
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Impaired loans
|
—
|
|
|
—
|
|
|
21,441
|
|
|
21,441
|
|
|
—
|
|
|
—
|
|
|
6,759
|
|
|
6,759
|
|
||||||||
Other real estate owned
|
—
|
|
|
—
|
|
|
2,826
|
|
|
2,826
|
|
|
—
|
|
|
—
|
|
|
444
|
|
|
444
|
|
||||||||
Mortgage servicing rights
|
—
|
|
|
—
|
|
|
1,197
|
|
|
1,197
|
|
|
—
|
|
|
—
|
|
|
178
|
|
|
178
|
|
||||||||
Total Assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,464
|
|
|
$
|
25,464
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,381
|
|
|
$
|
7,381
|
|
|
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||||
(dollars in thousands)
|
Carrying
Value
(1)
|
|
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 Rabbi Trust
|
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 - mortgage loans
|
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
|
|
|
—
|
|
|
|
|
Fair Value Measurements at December 31, 2017
|
||||||||||||||||
(dollars in thousands)
|
Carrying
Value
(1)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks, including interest-bearing deposits
|
$
|
117,152
|
|
|
$
|
117,152
|
|
|
$
|
117,152
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities
|
698,291
|
|
|
698,291
|
|
|
—
|
|
|
698,291
|
|
|
—
|
|
|||||
Loans held for sale
|
4,485
|
|
|
4,583
|
|
|
—
|
|
|
—
|
|
|
4,583
|
|
|||||
Portfolio loans, net
|
5,705,059
|
|
|
5,690,292
|
|
|
—
|
|
|
—
|
|
|
5,690,292
|
|
|||||
Bank owned life insurance
|
72,150
|
|
|
72,150
|
|
|
—
|
|
|
72,150
|
|
|
—
|
|
|||||
FHLB and other restricted stock
|
29,270
|
|
|
29,270
|
|
|
—
|
|
|
—
|
|
|
29,270
|
|
|||||
Securities held in a Rabbi Trust
|
5,080
|
|
|
5,080
|
|
|
5,080
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
4,133
|
|
|
4,571
|
|
|
—
|
|
|
—
|
|
|
4,571
|
|
|||||
Interest rate swaps
|
3,074
|
|
|
3,074
|
|
|
—
|
|
|
3,074
|
|
|
—
|
|
|||||
Interest rate lock commitments
|
226
|
|
|
226
|
|
|
—
|
|
|
226
|
|
|
—
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
5,427,891
|
|
|
$
|
5,426,928
|
|
|
$
|
4,033,092
|
|
|
$
|
1,393,836
|
|
|
$
|
—
|
|
Securities sold under repurchase agreements
|
50,161
|
|
|
50,161
|
|
|
50,161
|
|
|
—
|
|
|
—
|
|
|||||
Short-term borrowings
|
540,000
|
|
|
540,000
|
|
|
540,000
|
|
|
—
|
|
|
—
|
|
|||||
Long-term borrowings
|
47,301
|
|
|
47,618
|
|
|
38,160
|
|
|
9,458
|
|
|
—
|
|
|||||
Junior subordinated debt securities
|
45,619
|
|
|
45,619
|
|
|
45,619
|
|
|
—
|
|
|
—
|
|
|||||
Interest rate swaps
|
3,055
|
|
|
3,055
|
|
|
—
|
|
|
3,055
|
|
|
—
|
|
|||||
Forward sale contracts
|
5
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
December 31,
|
||||||||
|
2018
|
|
2017
|
||||||
Debt securities available-for-sale
|
|
$
|
680,056
|
|
|
|
$
|
693,147
|
|
Marketable equity securities
|
|
4,816
|
|
|
|
5,144
|
|
||
Total Securities
|
|
$
|
684,872
|
|
|
|
$
|
698,291
|
|
|
|
December 31, 2018
|
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
||||||||||||||||
U.S. Treasury securities
|
|
$
|
9,958
|
|
|
$
|
—
|
|
|
$
|
(222
|
)
|
|
$
|
9,736
|
|
|
|
$
|
19,943
|
|
|
$
|
—
|
|
|
$
|
(154
|
)
|
|
$
|
19,789
|
|
Obligations of U.S. government corporations and agencies
|
|
129,267
|
|
|
68
|
|
|
(1,074
|
)
|
|
128,261
|
|
|
|
162,045
|
|
|
341
|
|
|
(193
|
)
|
|
162,193
|
|
||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
149,849
|
|
|
795
|
|
|
(1,985
|
)
|
|
148,659
|
|
|
|
109,916
|
|
|
93
|
|
|
(1,321
|
)
|
|
108,688
|
|
||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
24,564
|
|
|
203
|
|
|
(417
|
)
|
|
24,350
|
|
|
|
32,388
|
|
|
679
|
|
|
(213
|
)
|
|
32,854
|
|
||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
(1)
|
|
251,660
|
|
|
—
|
|
|
(4,876
|
)
|
|
246,784
|
|
|
|
244,018
|
|
|
247
|
|
|
(2,044
|
)
|
|
242,221
|
|
||||||||
Obligations of states and political subdivisions
|
|
119,872
|
|
|
2,448
|
|
|
(54
|
)
|
|
122,266
|
|
|
|
123,159
|
|
|
4,285
|
|
|
(42
|
)
|
|
127,402
|
|
||||||||
Total Debt Securities Available-for-Sale
|
|
685,170
|
|
|
3,514
|
|
|
(8,628
|
)
|
|
680,056
|
|
|
|
691,469
|
|
|
5,645
|
|
|
(3,967
|
)
|
|
693,147
|
|
||||||||
Total equity securities
(2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
3,815
|
|
|
1,330
|
|
|
(1
|
)
|
|
5,144
|
|
||||||||
Total
|
|
$
|
685,170
|
|
|
$
|
3,514
|
|
|
$
|
(8,628
|
)
|
|
$
|
680,056
|
|
|
|
$
|
695,284
|
|
|
$
|
6,975
|
|
|
$
|
(3,968
|
)
|
|
$
|
698,291
|
|
|
|
Years ended December 31,
|
||||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
||||||
Gross realized gains
|
|
$
|
—
|
|
|
|
$
|
3,986
|
|
|
|
$
|
—
|
|
Gross realized losses
|
|
—
|
|
|
|
(986
|
)
|
|
|
—
|
|
|||
Net Realized Gains
|
|
$
|
—
|
|
|
|
$
|
3,000
|
|
|
|
$
|
—
|
|
|
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
|
)
|
|
December 31, 2017
|
|||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or More
|
|
|
|
Total
|
|||||||||||||||||||||||||
(dollars in thousands)
|
Number
of
Securities
|
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
|
Number
of
Securities
|
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
|
Number
of
Securities
|
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
|||||||||
U.S. Treasury securities
|
3
|
|
|
$
|
19,789
|
|
|
$
|
(154
|
)
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
3
|
|
|
$
|
19,789
|
|
|
$
|
(154
|
)
|
Obligations of U.S. government corporations and agencies
|
9
|
|
|
63,635
|
|
|
(144
|
)
|
|
1
|
|
|
10,017
|
|
|
(49
|
)
|
|
10
|
|
|
73,652
|
|
|
(193
|
)
|
||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
7
|
|
|
47,465
|
|
|
(248
|
)
|
|
7
|
|
|
45,809
|
|
|
(1,073
|
)
|
|
14
|
|
|
93,274
|
|
|
(1,321
|
)
|
||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
1
|
|
|
2,333
|
|
|
(10
|
)
|
|
2
|
|
|
8,638
|
|
|
(203
|
)
|
|
3
|
|
|
10,971
|
|
|
(213
|
)
|
||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
14
|
|
|
128,300
|
|
|
(775
|
)
|
|
5
|
|
|
48,746
|
|
|
(1,269
|
)
|
|
19
|
|
|
177,046
|
|
|
(2,044
|
)
|
||||||
Obligations of states and political subdivisions
|
2
|
|
|
10,330
|
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
10,330
|
|
|
(42
|
)
|
||||||
Total Temporarily Impaired Debt Securities
|
36
|
|
|
$
|
271,852
|
|
|
$
|
(1,373
|
)
|
|
15
|
|
|
$
|
113,210
|
|
|
$
|
(2,594
|
)
|
|
51
|
|
|
$
|
385,062
|
|
|
$
|
(3,967
|
)
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(dollars in thousands)
|
Gross Unrealized Gains
|
|
|
Gross Unrealized Losses
|
|
|
Net Unrealized Gains (Losses)
|
|
|
Gross Unrealized Gains
|
|
|
Gross Unrealized Losses
|
|
|
Net Unrealized Gains (Losses)
|
|
||||||
Total unrealized gains/(losses) on debt securities available-for-sale
(1)
|
$
|
3,514
|
|
|
$
|
(8,628
|
)
|
|
$
|
(5,114
|
)
|
|
$
|
6,975
|
|
|
$
|
(3,968
|
)
|
|
$
|
3,007
|
|
Income tax (expense) benefit
|
(746
|
)
|
|
1,832
|
|
|
1,086
|
|
|
(2,450
|
)
|
|
1,394
|
|
|
(1,056
|
)
|
||||||
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)
|
$
|
2,768
|
|
|
$
|
(6,796
|
)
|
|
$
|
(4,028
|
)
|
|
$
|
4,525
|
|
|
$
|
(2,574
|
)
|
|
$
|
1,951
|
|
|
December 31, 2018
|
||||||
(dollars in thousands)
|
Amortized
Cost
|
|
|
Fair Value
|
|
||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
|
|
|
|
||||
Due in one year or less
|
$
|
11,137
|
|
|
$
|
11,155
|
|
Due after one year through five years
|
157,986
|
|
|
157,921
|
|
||
Due after five years through ten years
|
61,489
|
|
|
62,017
|
|
||
Due after ten years
|
28,485
|
|
|
29,170
|
|
||
Debt Securities Available-for-Sale With Maturities
|
259,097
|
|
|
260,263
|
|
||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
149,849
|
|
|
148,659
|
|
||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
24,564
|
|
|
24,350
|
|
||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
251,660
|
|
|
246,784
|
|
||
Total Debt Securities Available-for-Sale
|
$
|
685,170
|
|
|
$
|
680,056
|
|
|
Years ended December 31,
|
||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Marketable Equity Securities
|
|
|
|
|
|
||||||
Net market (losses)/gains
|
$
|
1,001
|
|
|
$
|
5,316
|
|
|
$
|
3,670
|
|
Less: Net gains for equity securities sold
|
—
|
|
|
3,987
|
|
|
—
|
|
|||
Unrealized Gains on Equity Securities Still Held
|
$
|
1,001
|
|
|
$
|
1,329
|
|
|
$
|
3,670
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2018
|
|
2017
|
||||
Commercial
|
|
|
|
||||
Commercial real estate
|
$
|
2,921,832
|
|
|
$
|
2,685,994
|
|
Commercial and industrial
|
1,493,416
|
|
|
1,433,266
|
|
||
Commercial construction
|
257,197
|
|
|
384,334
|
|
||
Total Commercial Loans
|
4,672,445
|
|
|
4,503,594
|
|
||
Consumer
|
|
|
|
||||
Residential mortgage
|
726,679
|
|
|
698,774
|
|
||
Home equity
|
471,562
|
|
|
487,326
|
|
||
Installment and other consumer
|
67,546
|
|
|
67,204
|
|
||
Consumer construction
|
8,416
|
|
|
4,551
|
|
||
Total Consumer Loans
|
1,274,203
|
|
|
1,257,855
|
|
||
Total Portfolio Loans
|
5,946,648
|
|
|
5,761,449
|
|
||
Loans held for sale
|
2,371
|
|
|
4,485
|
|
||
Total Loans
|
$
|
5,949,019
|
|
|
$
|
5,765,934
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(dollars in thousands)
|
Performing
TDRs
|
|
|
Nonperforming
TDRs
|
|
|
Total
TDRs
|
|
|
Performing
TDRs
|
|
|
Nonperforming
TDRs
|
|
|
Total
TDRs
|
|
||||||
Commercial real estate
|
$
|
2,054
|
|
|
$
|
1,139
|
|
|
$
|
3,193
|
|
|
$
|
2,579
|
|
|
$
|
967
|
|
|
$
|
3,546
|
|
Commercial and industrial
|
7,026
|
|
|
6,646
|
|
|
13,672
|
|
|
3,946
|
|
|
3,197
|
|
|
7,143
|
|
||||||
Commercial construction
|
1,912
|
|
|
406
|
|
|
2,318
|
|
|
2,420
|
|
|
2,413
|
|
|
4,833
|
|
||||||
Residential mortgage
|
2,214
|
|
|
1,543
|
|
|
3,757
|
|
|
2,039
|
|
|
3,585
|
|
|
5,624
|
|
||||||
Home equity
|
3,568
|
|
|
1,349
|
|
|
4,917
|
|
|
3,885
|
|
|
979
|
|
|
4,864
|
|
||||||
Installment and other consumer
|
12
|
|
|
5
|
|
|
17
|
|
|
32
|
|
|
9
|
|
|
41
|
|
||||||
Total
|
$
|
16,786
|
|
|
$
|
11,088
|
|
|
$
|
27,874
|
|
|
$
|
14,901
|
|
|
$
|
11,150
|
|
|
$
|
26,051
|
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Number of
Loans
|
|
|
Pre-Modification
Outstanding
Recorded
Investment
(1)
|
|
|
Post-Modification
Outstanding
Recorded
Investment
(1)
|
|
|
Total
Difference
in Recorded
Investment
|
|
|
Number of
Loans
|
|
|
Pre-Modification
Outstanding
Recorded
Investment
(1)
|
|
|
Post-Modification
Outstanding
Recorded
Investment
(1)
|
|
|
Total
Difference
in Recorded
Investment
|
|
||||||
Commercial real estate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
1
|
|
|
$
|
256
|
|
|
$
|
179
|
|
|
$
|
(77
|
)
|
|
1
|
|
|
$
|
400
|
|
|
$
|
398
|
|
|
$
|
(2
|
)
|
Principal deferral
|
1
|
|
|
90
|
|
|
90
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total Commercial Real Estate
|
2
|
|
|
346
|
|
|
269
|
|
|
(77
|
)
|
|
1
|
|
|
400
|
|
|
398
|
|
|
(2
|
)
|
||||||
Commercial and industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
2
|
|
|
768
|
|
|
166
|
|
|
(602
|
)
|
|
1
|
|
|
274
|
|
|
777
|
|
|
503
|
|
||||||
Maturity date extension and interest rate reduction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,800
|
|
|
1,805
|
|
|
5
|
|
||||||
Principal deferral and maturity date extension
|
6
|
|
|
5,355
|
|
|
5,341
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal deferral
|
4
|
|
|
4,815
|
|
|
4,383
|
|
|
(432
|
)
|
|
2
|
|
|
113
|
|
|
113
|
|
|
—
|
|
||||||
Total Commercial and Industrial
|
12
|
|
|
10,938
|
|
|
9,890
|
|
|
(1,048
|
)
|
|
5
|
|
|
2,187
|
|
|
2,695
|
|
|
508
|
|
||||||
Commercial construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Principal forgiveness
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,996
|
|
|
1,996
|
|
|
—
|
|
||||||
Total Commercial Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,996
|
|
|
1,996
|
|
|
—
|
|
||||||
Residential mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
5
|
|
|
387
|
|
|
374
|
|
|
(13
|
)
|
|
1
|
|
|
33
|
|
|
31
|
|
|
(2
|
)
|
||||||
Total Residential Mortgage
|
5
|
|
|
387
|
|
|
374
|
|
|
(13
|
)
|
|
1
|
|
|
33
|
|
|
31
|
|
|
(2
|
)
|
||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
22
|
|
|
811
|
|
|
681
|
|
|
(130
|
)
|
|
21
|
|
|
689
|
|
|
643
|
|
|
(46
|
)
|
||||||
Interest rate reduction
|
1
|
|
|
120
|
|
|
120
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Maturity date extension
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
231
|
|
|
231
|
|
|
—
|
|
||||||
Maturity date extension and interest rate reduction
|
2
|
|
|
47
|
|
|
46
|
|
|
(1
|
)
|
|
1
|
|
|
173
|
|
|
113
|
|
|
(60
|
)
|
||||||
Total Home Equity
|
25
|
|
|
978
|
|
|
847
|
|
|
(131
|
)
|
|
23
|
|
|
1,093
|
|
|
987
|
|
|
(106
|
)
|
||||||
Installment and other consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
2
|
|
|
23
|
|
|
4
|
|
|
(19
|
)
|
|
4
|
|
|
48
|
|
|
35
|
|
|
(13
|
)
|
||||||
Total Installment and Other Consumer
|
2
|
|
|
23
|
|
|
4
|
|
|
(19
|
)
|
|
4
|
|
|
48
|
|
|
35
|
|
|
(13
|
)
|
||||||
Total by Concession Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
29
|
|
|
$
|
1,221
|
|
|
$
|
1,059
|
|
|
$
|
(162
|
)
|
|
26
|
|
|
$
|
770
|
|
|
$
|
709
|
|
|
$
|
(61
|
)
|
Interest rate reduction
|
1
|
|
|
120
|
|
|
120
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Maturity date extension
|
3
|
|
|
1,024
|
|
|
345
|
|
|
(679
|
)
|
|
3
|
|
|
905
|
|
|
1,406
|
|
|
501
|
|
||||||
Maturity date extension and interest rate reduction
|
2
|
|
|
47
|
|
|
46
|
|
|
(1
|
)
|
|
3
|
|
|
1,973
|
|
|
1,918
|
|
|
(55
|
)
|
||||||
Principal deferral and maturity date extension
|
6
|
|
|
5,355
|
|
|
5,341
|
|
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal deferral
|
5
|
|
|
4,905
|
|
|
4,473
|
|
|
(432
|
)
|
|
2
|
|
|
113
|
|
|
113
|
|
|
—
|
|
||||||
Principal forgiveness
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1,996
|
|
|
1,996
|
|
|
—
|
|
||||||
Total
|
46
|
|
|
$
|
12,672
|
|
|
$
|
11,384
|
|
|
$
|
(1,288
|
)
|
|
36
|
|
|
$
|
5,757
|
|
|
$
|
6,142
|
|
|
$
|
385
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2018
|
|
2017
|
||||
Nonperforming Assets
|
|
|
|
||||
Nonaccrual loans
|
$
|
34,985
|
|
|
$
|
12,788
|
|
Nonaccrual TDRs
|
11,088
|
|
|
11,150
|
|
||
Total nonaccrual loans
|
46,073
|
|
|
23,938
|
|
||
OREO
|
3,092
|
|
|
469
|
|
||
Total Nonperforming Assets
|
$
|
49,165
|
|
|
$
|
24,407
|
|
(dollars in thousands)
|
2018
|
|
2017
|
||||
Balance at beginning of year
|
$
|
10,070
|
|
|
$
|
25,167
|
|
New loans
|
2,841
|
|
|
25,203
|
|
||
Repayments or no longer considered a related party
|
(4,229
|
)
|
|
(40,300
|
)
|
||
|
$
|
8,682
|
|
|
$
|
10,070
|
|
|
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
|
|
|
December 31, 2017
|
||||||||||||||||||||||
(dollars in thousands)
|
Current
|
|
|
30-59 Days
Past Due
|
|
|
60-89 Days
Past Due
|
|
|
Non-
performing
|
|
|
Total
Past Due
Loans
|
|
|
Total Loans
|
|
||||||
Commercial real estate
|
$
|
2,681,395
|
|
|
$
|
997
|
|
|
$
|
134
|
|
|
$
|
3,468
|
|
|
$
|
4,599
|
|
|
$
|
2,685,994
|
|
Commercial and industrial
|
1,426,754
|
|
|
420
|
|
|
446
|
|
|
5,646
|
|
|
6,512
|
|
|
1,433,266
|
|
||||||
Commercial construction
|
377,968
|
|
|
2,473
|
|
|
20
|
|
|
3,873
|
|
|
6,366
|
|
|
384,334
|
|
||||||
Residential mortgage
|
687,195
|
|
|
2,975
|
|
|
1,439
|
|
|
7,165
|
|
|
11,579
|
|
|
698,774
|
|
||||||
Home equity
|
480,956
|
|
|
2,065
|
|
|
590
|
|
|
3,715
|
|
|
6,370
|
|
|
487,326
|
|
||||||
Installment and other consumer
|
66,770
|
|
|
193
|
|
|
170
|
|
|
71
|
|
|
434
|
|
|
67,204
|
|
||||||
Consumer construction
|
4,551
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,551
|
|
||||||
Loans held for sale
|
4,485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,485
|
|
||||||
Total
|
$
|
5,730,074
|
|
|
$
|
9,123
|
|
|
$
|
2,799
|
|
|
$
|
23,938
|
|
|
$
|
35,860
|
|
|
$
|
5,765,934
|
|
|
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
|
%
|
|
December 31, 2017
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
|
% of
Total
|
|
|
Commercial
and Industrial
|
|
|
% of
Total
|
|
|
Commercial
Construction
|
|
|
% of
Total
|
|
|
Total
|
|
|
% of
Total
|
|
||||
Pass
|
$
|
2,588,847
|
|
|
96.4
|
%
|
|
$
|
1,345,810
|
|
|
93.9
|
%
|
|
$
|
368,105
|
|
|
95.8
|
%
|
|
$
|
4,302,762
|
|
|
95.5
|
%
|
Special mention
|
66,436
|
|
|
2.5
|
%
|
|
54,320
|
|
|
3.8
|
%
|
|
9,345
|
|
|
2.4
|
%
|
|
130,101
|
|
|
2.9
|
%
|
||||
Substandard
|
30,711
|
|
|
1.1
|
%
|
|
33,136
|
|
|
2.3
|
%
|
|
6,884
|
|
|
1.8
|
%
|
|
70,731
|
|
|
1.6
|
%
|
||||
Total
|
$
|
2,685,994
|
|
|
100.0
|
%
|
|
$
|
1,433,266
|
|
|
100.0
|
%
|
|
$
|
384,334
|
|
|
100.0
|
%
|
|
$
|
4,503,594
|
|
|
100.0
|
%
|
|
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
|
%
|
|
December 31, 2017
|
|||||||||||||||||||||||||||||||||
(dollars in
thousands)
|
Residential
Mortgage
|
|
|
% of
Total
|
|
|
Home
Equity
|
|
|
% of
Total
|
|
|
Installment
and other
consumer
|
|
|
% of
Total
|
|
|
Consumer
Construction
|
|
|
% of
Total
|
|
|
Total
|
|
|
% of
Total
|
|
|||||
Performing
|
$
|
691,609
|
|
|
99.0
|
%
|
|
$
|
483,611
|
|
|
99.2
|
%
|
|
$
|
67,133
|
|
|
99.9
|
%
|
|
$
|
4,551
|
|
|
100.0
|
%
|
|
$
|
1,246,904
|
|
|
99.1
|
%
|
Nonperforming
|
7,165
|
|
|
1.0
|
%
|
|
3,715
|
|
|
0.8
|
%
|
|
71
|
|
|
0.1
|
%
|
|
—
|
|
|
—
|
%
|
|
10,951
|
|
|
0.9
|
%
|
|||||
Total
|
$
|
698,774
|
|
|
100.0
|
%
|
|
$
|
487,326
|
|
|
100.0
|
%
|
|
$
|
67,204
|
|
|
100.0
|
%
|
|
$
|
4,551
|
|
|
100.0
|
%
|
|
$
|
1,257,855
|
|
|
100.0
|
%
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
|
|
Unpaid
Principal
Balance
|
|
|
Related
Allowance
|
|
|
Recorded
Investment
|
|
|
Unpaid
Principal
Balance
|
|
|
Related
Allowance
|
|
||||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
7,733
|
|
|
$
|
7,733
|
|
|
$
|
1,295
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and industrial
|
884
|
|
|
893
|
|
|
360
|
|
|
1,735
|
|
|
1,787
|
|
|
29
|
|
||||||
Commercial construction
|
489
|
|
|
489
|
|
|
87
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer real estate
|
15
|
|
|
14
|
|
|
10
|
|
|
21
|
|
|
21
|
|
|
21
|
|
||||||
Other consumer
|
11
|
|
|
12
|
|
|
11
|
|
|
27
|
|
|
27
|
|
|
27
|
|
||||||
Total with a Related Allowance Recorded
|
9,132
|
|
|
9,141
|
|
|
1,763
|
|
|
1,783
|
|
|
1,835
|
|
|
77
|
|
||||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
3,636
|
|
|
4,046
|
|
|
—
|
|
|
3,546
|
|
|
3,811
|
|
|
—
|
|
||||||
Commercial and industrial
|
12,788
|
|
|
14,452
|
|
|
—
|
|
|
5,549
|
|
|
7,980
|
|
|
—
|
|
||||||
Commercial construction
|
15,286
|
|
|
19,198
|
|
|
—
|
|
|
5,464
|
|
|
8,132
|
|
|
—
|
|
||||||
Consumer real estate
|
8,659
|
|
|
9,635
|
|
|
—
|
|
|
10,467
|
|
|
11,357
|
|
|
—
|
|
||||||
Other consumer
|
5
|
|
|
18
|
|
|
—
|
|
|
14
|
|
|
22
|
|
|
—
|
|
||||||
Total without a Related Allowance Recorded
|
40,374
|
|
|
47,349
|
|
|
—
|
|
|
25,040
|
|
|
31,302
|
|
|
—
|
|
||||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
11,369
|
|
|
11,779
|
|
|
1,295
|
|
|
3,546
|
|
|
3,811
|
|
|
—
|
|
||||||
Commercial and industrial
|
13,672
|
|
|
15,345
|
|
|
360
|
|
|
7,284
|
|
|
9,767
|
|
|
29
|
|
||||||
Commercial construction
|
15,775
|
|
|
19,687
|
|
|
87
|
|
|
5,464
|
|
|
8,132
|
|
|
—
|
|
||||||
Consumer real estate
|
8,674
|
|
|
9,649
|
|
|
10
|
|
|
10,488
|
|
|
11,378
|
|
|
21
|
|
||||||
Other consumer
|
16
|
|
|
30
|
|
|
11
|
|
|
41
|
|
|
49
|
|
|
27
|
|
||||||
Total
|
$
|
49,506
|
|
|
$
|
56,490
|
|
|
$
|
1,763
|
|
|
$
|
26,823
|
|
|
$
|
33,137
|
|
|
$
|
77
|
|
|
For the Year Ended
|
||||||||||||||
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||
(dollars in thousands)
|
Average
Recorded
Investment
|
|
|
Interest
Income
Recognized
|
|
|
Average
Recorded
Investment
|
|
|
Interest
Income
Recognized
|
|
||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
7,780
|
|
|
$
|
238
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and industrial
|
591
|
|
|
38
|
|
|
968
|
|
|
52
|
|
||||
Commercial construction
|
561
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer real estate
|
16
|
|
|
1
|
|
|
23
|
|
|
2
|
|
||||
Other consumer
|
19
|
|
|
1
|
|
|
34
|
|
|
2
|
|
||||
Total with a Related Allowance Recorded
|
8,967
|
|
|
278
|
|
|
1,025
|
|
|
56
|
|
||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
3,911
|
|
|
172
|
|
|
6,636
|
|
|
177
|
|
||||
Commercial and industrial
|
4,722
|
|
|
257
|
|
|
9,897
|
|
|
257
|
|
||||
Commercial construction
|
17,643
|
|
|
217
|
|
|
6,828
|
|
|
253
|
|
||||
Consumer real estate
|
9,701
|
|
|
483
|
|
|
11,037
|
|
|
487
|
|
||||
Other consumer
|
24
|
|
|
—
|
|
|
23
|
|
|
—
|
|
||||
Total without a Related Allowance Recorded
|
36,001
|
|
|
1,129
|
|
|
34,421
|
|
|
1,174
|
|
||||
Total:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
11,691
|
|
|
410
|
|
|
6,636
|
|
|
177
|
|
||||
Commercial and industrial
|
5,313
|
|
|
295
|
|
|
10,865
|
|
|
309
|
|
||||
Commercial construction
|
18,204
|
|
|
217
|
|
|
6,828
|
|
|
253
|
|
||||
Consumer real estate
|
9,717
|
|
|
484
|
|
|
11,060
|
|
|
489
|
|
||||
Other consumer
|
43
|
|
|
1
|
|
|
57
|
|
|
2
|
|
||||
Total
|
$
|
44,968
|
|
|
$
|
1,407
|
|
|
$
|
35,446
|
|
|
$
|
1,230
|
|
|
2018
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
|
Commercial
and Industrial
|
|
|
Commercial
Construction
|
|
|
Consumer
Real Estate
|
|
|
Other
Consumer
|
|
|
Total Loans
|
|
||||||
Balance at beginning of year
|
$
|
27,235
|
|
|
$
|
8,966
|
|
|
$
|
13,167
|
|
|
$
|
5,479
|
|
|
$
|
1,543
|
|
|
$
|
56,390
|
|
Charge-offs
|
(372
|
)
|
|
(8,574
|
)
|
|
(2,630
|
)
|
|
(1,319
|
)
|
|
(1,694
|
)
|
|
(14,589
|
)
|
||||||
Recoveries
|
309
|
|
|
1,723
|
|
|
1,135
|
|
|
541
|
|
|
492
|
|
|
4,200
|
|
||||||
Net (Charge-offs) Recoveries
|
(63
|
)
|
|
(6,851
|
)
|
|
(1,495
|
)
|
|
(778
|
)
|
|
(1,202
|
)
|
|
(10,389
|
)
|
||||||
Provision for loan losses
|
6,535
|
|
|
9,481
|
|
|
(3,689
|
)
|
|
1,486
|
|
|
1,182
|
|
|
14,995
|
|
||||||
Balance at End of Year
|
$
|
33,707
|
|
|
$
|
11,596
|
|
|
$
|
7,983
|
|
|
$
|
6,187
|
|
|
$
|
1,523
|
|
|
$
|
60,996
|
|
|
2017
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
|
Commercial
and Industrial
|
|
|
Commercial
Construction
|
|
|
Consumer
Real Estate
|
|
|
Other
Consumer
|
|
|
Total Loans
|
|
||||||
Balance at beginning of year
|
$
|
19,976
|
|
|
$
|
10,810
|
|
|
$
|
13,999
|
|
|
$
|
6,095
|
|
|
$
|
1,895
|
|
|
$
|
52,775
|
|
Charge-offs
|
(2,304
|
)
|
|
(4,709
|
)
|
|
(2,571
|
)
|
|
(2,274
|
)
|
|
(1,638
|
)
|
|
(13,496
|
)
|
||||||
Recoveries
|
810
|
|
|
654
|
|
|
851
|
|
|
342
|
|
|
571
|
|
|
3,228
|
|
||||||
Net Recoveries (Charge-offs)
|
(1,494
|
)
|
|
(4,055
|
)
|
|
(1,720
|
)
|
|
(1,932
|
)
|
|
(1,067
|
)
|
|
(10,268
|
)
|
||||||
Provision for loan losses
|
8,753
|
|
|
2,211
|
|
|
888
|
|
|
1,316
|
|
|
715
|
|
|
13,883
|
|
||||||
Balance at End of Year
|
$
|
27,235
|
|
|
$
|
8,966
|
|
|
$
|
13,167
|
|
|
$
|
5,479
|
|
|
$
|
1,543
|
|
|
$
|
56,390
|
|
|
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
|
|
|
2017
|
||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
27,235
|
|
|
$
|
27,235
|
|
|
$
|
3,546
|
|
|
$
|
2,682,448
|
|
|
$
|
2,685,994
|
|
Commercial and industrial
|
29
|
|
|
8,937
|
|
|
8,966
|
|
|
7,284
|
|
|
1,425,982
|
|
|
1,433,266
|
|
||||||
Commercial construction
|
—
|
|
|
13,167
|
|
|
13,167
|
|
|
5,464
|
|
|
378,870
|
|
|
384,334
|
|
||||||
Consumer real estate
|
21
|
|
|
5,458
|
|
|
5,479
|
|
|
10,488
|
|
|
1,180,163
|
|
|
1,190,651
|
|
||||||
Other consumer
|
27
|
|
|
1,516
|
|
|
1,543
|
|
|
41
|
|
|
67,163
|
|
|
67,204
|
|
||||||
Total
|
$
|
77
|
|
|
$
|
56,313
|
|
|
$
|
56,390
|
|
|
$
|
26,823
|
|
|
$
|
5,734,626
|
|
|
$
|
5,761,449
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2018
|
|
2017
|
||||
Land
|
$
|
6,266
|
|
|
$
|
6,266
|
|
Premises
|
52,423
|
|
|
51,799
|
|
||
Furniture and equipment
|
36,911
|
|
|
34,836
|
|
||
Leasehold improvements
|
7,118
|
|
|
6,643
|
|
||
|
102,718
|
|
|
99,544
|
|
||
Accumulated depreciation
|
(60,988
|
)
|
|
(56,842
|
)
|
||
Total
|
$
|
41,730
|
|
|
$
|
42,702
|
|
(dollars in thousands)
|
Operating
|
|
|
Capital
|
|
|
Total
|
|
|||
2019
|
$
|
3,406
|
|
|
$
|
93
|
|
|
$
|
3,499
|
|
2020
|
3,441
|
|
|
125
|
|
|
3,566
|
|
|||
2021
|
3,482
|
|
|
126
|
|
|
3,608
|
|
|||
2022
|
3,578
|
|
|
127
|
|
|
3,705
|
|
|||
2023
|
3,593
|
|
|
129
|
|
|
3,722
|
|
|||
Thereafter
|
52,884
|
|
|
1,409
|
|
|
54,293
|
|
|||
Total
|
$
|
70,384
|
|
|
$
|
2,009
|
|
|
$
|
72,393
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2018
|
|
2017
|
||||
Balance at beginning of year
|
$
|
291,670
|
|
|
$
|
291,670
|
|
Additions
|
—
|
|
|
—
|
|
||
Other adjustments
|
(4,224
|
)
|
|
—
|
|
||
Balance at End of Year
|
$
|
287,446
|
|
|
$
|
291,670
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2018
|
|
2017
|
||||
Gross carrying amount at beginning of year
|
$
|
22,114
|
|
|
$
|
22,114
|
|
Additions
|
80
|
|
|
—
|
|
||
Other adjustments
|
(296
|
)
|
|
—
|
|
||
Accumulated amortization
|
(19,297
|
)
|
|
(18,437
|
)
|
||
Balance at End of Year
|
$
|
2,601
|
|
|
$
|
3,677
|
|
(dollars in thousands)
|
Amount
|
|
|
2019
|
$
|
661
|
|
2020
|
581
|
|
|
2021
|
465
|
|
|
2022
|
347
|
|
|
2023
|
278
|
|
|
Thereafter
|
269
|
|
|
Total
|
$
|
2,601
|
|
|
Derivatives (included in
Other Assets)
|
|
Derivatives (included
in Other Liabilities)
|
||||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Derivatives not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swap Contracts—Commercial Loans
|
|
|
|
|
|
|
|
||||||||
Fair value
|
$
|
5,504
|
|
|
$
|
3,074
|
|
|
$
|
5,340
|
|
|
$
|
3,055
|
|
Notional amount
|
325,750
|
|
|
263,841
|
|
|
325,750
|
|
|
263,841
|
|
||||
Collateral posted
|
160
|
|
|
—
|
|
|
—
|
|
|
1,448
|
|
||||
Interest Rate Lock Commitments—Mortgage Loans
|
|
|
|
|
|
|
|
||||||||
Fair value
|
251
|
|
|
226
|
|
|
—
|
|
|
—
|
|
||||
Notional amount
|
6,054
|
|
|
6,860
|
|
|
—
|
|
|
—
|
|
||||
Forward Sale Contracts—Mortgage Loans
|
|
|
|
|
|
|
|
||||||||
Fair value
|
55
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||
Notional amount
|
6,000
|
|
|
—
|
|
|
—
|
|
|
6,580
|
|
|
Derivatives (included
in Other Assets)
|
|
Derivatives (included
in Other Liabilities)
|
||||||||||||
(dollars in thousands)
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Derivatives not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
||||||||
Gross amounts recognized
|
$
|
8,733
|
|
|
$
|
4,974
|
|
|
$
|
8,569
|
|
|
$
|
4,955
|
|
Gross amounts offset
|
(3,229
|
)
|
|
(1,900
|
)
|
|
(3,229
|
)
|
|
(1,900
|
)
|
||||
Net amounts presented in the Consolidated Balance Sheets
|
5,504
|
|
|
3,074
|
|
|
5,340
|
|
|
3,055
|
|
||||
Gross amounts not offset
(1)
|
(160
|
)
|
|
—
|
|
|
—
|
|
|
(1,448
|
)
|
||||
Net Amount
|
$
|
5,344
|
|
|
$
|
3,074
|
|
|
$
|
5,340
|
|
|
$
|
1,607
|
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Derivatives not Designated as Hedging Instruments
|
|
|
|
|
|
||||||
Interest rate swap contracts—commercial loans
|
$
|
145
|
|
|
$
|
17
|
|
|
$
|
(16
|
)
|
Interest rate lock commitments—mortgage loans
|
25
|
|
|
(11
|
)
|
|
(25
|
)
|
|||
Forward sale contracts—mortgage loans
|
60
|
|
|
52
|
|
|
(22
|
)
|
|||
Total Derivative Gain/ (Loss)
|
$
|
230
|
|
|
$
|
58
|
|
|
$
|
(63
|
)
|
(dollars in thousands)
|
Servicing
Rights
|
|
|
Valuation
Allowance
|
|
|
Net Carrying
Value
|
|
|||
Balance at December 31, 2016
|
$
|
3,858
|
|
|
$
|
(114
|
)
|
|
$
|
3,744
|
|
Additions
|
918
|
|
|
—
|
|
|
918
|
|
|||
Amortization
|
(584
|
)
|
|
—
|
|
|
(584
|
)
|
|||
Temporary recapture (impairment)
|
—
|
|
|
55
|
|
|
55
|
|
|||
Balance at December 31, 2017
|
$
|
4,192
|
|
|
$
|
(59
|
)
|
|
$
|
4,133
|
|
Additions
|
907
|
|
|
—
|
|
|
907
|
|
|||
Amortization
|
(581
|
)
|
|
—
|
|
|
(581
|
)
|
|||
Temporary recapture (impairment)
|
—
|
|
|
5
|
|
|
5
|
|
|||
Balance at December 31, 2018
|
$
|
4,518
|
|
|
$
|
(54
|
)
|
|
$
|
4,464
|
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
(dollars in thousands)
|
Balance
|
|
|
Interest
Expense
|
|
|
Balance
|
|
|
Interest
Expense
|
|
|
Balance
|
|
|
Interest
Expense
|
|
||||||
Noninterest-bearing demand
|
$
|
1,421,156
|
|
|
$
|
—
|
|
|
$
|
1,387,712
|
|
|
$
|
—
|
|
|
$
|
1,263,833
|
|
|
$
|
—
|
|
Interest-bearing demand
|
573,693
|
|
|
93
|
|
|
603,141
|
|
|
67
|
|
|
638,300
|
|
|
111
|
|
||||||
Money market
|
1,482,065
|
|
|
20,018
|
|
|
1,146,156
|
|
|
9,204
|
|
|
936,461
|
|
|
4,199
|
|
||||||
Savings
|
784,970
|
|
|
1,773
|
|
|
893,119
|
|
|
2,081
|
|
|
1,050,131
|
|
|
2,002
|
|
||||||
Certificates of deposit
|
1,412,038
|
|
|
18,972
|
|
|
1,397,763
|
|
|
13,978
|
|
|
1,383,652
|
|
|
13,380
|
|
||||||
Total
|
$
|
5,673,922
|
|
|
$
|
40,856
|
|
|
$
|
5,427,891
|
|
|
$
|
25,330
|
|
|
$
|
5,272,377
|
|
|
$
|
19,692
|
|
(dollars in thousands)
|
Amount
|
|
|
2019
|
$
|
877,457
|
|
2020
|
394,891
|
|
|
2021
|
65,416
|
|
|
2022
|
57,086
|
|
|
2023
|
11,782
|
|
|
Thereafter
|
5,406
|
|
|
Total
|
$
|
1,412,038
|
|
|
2018
|
|
2017
|
|
2016
|
|||||||||||||||||||||||||||
(dollars in thousands)
|
Balance
|
|
|
Weighted
Average
Interest
Rate
|
|
|
Interest
Expense
|
|
|
Balance
|
|
|
Weighted
Average
Interest
Rate
|
|
|
Interest
Expense
|
|
|
Balance
|
|
|
Weighted
Average
Interest
Rate
|
|
|
Interest
Expense
|
|
||||||
REPOs
|
$
|
18,383
|
|
|
0.46
|
%
|
|
$
|
222
|
|
|
$
|
50,161
|
|
|
0.39
|
%
|
|
$
|
54
|
|
|
$
|
50,832
|
|
|
0.01
|
%
|
|
$
|
5
|
|
FHLB advances
|
470,000
|
|
|
2.65
|
%
|
|
11,082
|
|
|
540,000
|
|
|
1.47
|
%
|
|
7,399
|
|
|
660,000
|
|
|
0.76
|
%
|
|
2,713
|
|
||||||
Total Short-term Borrowings
|
$
|
488,383
|
|
|
2.57
|
%
|
|
$
|
11,304
|
|
|
$
|
590,161
|
|
|
1.38
|
%
|
|
$
|
7,453
|
|
|
$
|
710,832
|
|
|
0.70
|
%
|
|
$
|
2,718
|
|
(dollars in thousand)
|
2018
|
|
2017
|
|
2016
|
||||||
Long-term borrowings
|
$
|
70,314
|
|
|
$
|
47,301
|
|
|
$
|
14,713
|
|
Weighted average interest rate
|
2.84
|
%
|
|
1.88
|
%
|
|
2.91
|
%
|
|||
Interest expense
|
$
|
1,129
|
|
|
$
|
463
|
|
|
$
|
670
|
|
(dollars in thousands)
|
Balance
|
|
|
Average Rate
|
|
|
2019
|
$
|
37,529
|
|
|
2.50
|
%
|
2020
|
27,021
|
|
|
2.91
|
%
|
|
2021
|
1,077
|
|
|
3.69
|
%
|
|
2022
|
553
|
|
|
5.05
|
%
|
|
2023
|
427
|
|
|
6.64
|
%
|
|
Thereafter
|
3,707
|
|
|
3.78
|
%
|
|
Total
|
$
|
70,314
|
|
|
2.79
|
%
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
(dollars in thousands)
|
Balance
|
|
|
Interest
Expense
|
|
|
Balance
|
|
|
Interest
Expense
|
|
|
Balance
|
|
|
Interest
Expense
|
|
||||||
2006 Junior subordinated debt
|
$
|
25,000
|
|
|
$
|
951
|
|
|
$
|
25,000
|
|
|
$
|
708
|
|
|
$
|
25,000
|
|
|
$
|
580
|
|
2008 Junior subordinated debt—trust preferred securities
|
20,619
|
|
|
1,149
|
|
|
20,619
|
|
|
955
|
|
|
20,619
|
|
|
854
|
|
||||||
Total
|
$
|
45,619
|
|
|
$
|
2,100
|
|
|
$
|
45,619
|
|
|
$
|
1,663
|
|
|
$
|
45,619
|
|
|
$
|
1,434
|
|
(dollars in thousands)
|
2006 Junior
Subordinated Debt
|
|
2008 Trust
Preferred Securities
|
Junior Subordinated Debt
|
$25,000
|
|
—
|
Trust Preferred Securities
|
—
|
|
$20,619
|
Stated Maturity Date
|
12/15/2036
|
|
3/15/2038
|
Optional redemption date at par
|
Any time after 9/15/2011
|
|
Any time after 3/15/2013
|
Regulatory Capital
|
Tier 2
|
|
Tier 1
|
Interest Rate
|
3 month LIBOR plus 160 bps
|
|
3 month LIBOR plus 350 bps
|
Interest Rate at December 31, 2018
|
4.39%
|
|
6.29%
|
|
December 31,
|
||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
||
Commitments to extend credit
|
$
|
1,464,892
|
|
|
$
|
1,420,428
|
|
Standby letters of credit
|
77,134
|
|
|
80,918
|
|
||
Total
|
$
|
1,542,026
|
|
|
$
|
1,501,346
|
|
(dollars in thousands)
|
Total
|
|
|
2019
|
$
|
16,221
|
|
2020
|
16,753
|
|
|
2021
|
17,306
|
|
|
2022
|
17,877
|
|
|
2023
|
18,469
|
|
|
Total
|
$
|
86,626
|
|
(dollars in thousands)
|
|
Years ended December 31,
|
||||||||||
Revenue Streams
(1)
|
Point of Revenue Recognition
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Service charges on deposit accounts
|
Over a period of time
|
$
|
1,972
|
|
|
$
|
1,984
|
|
|
$
|
1,854
|
|
|
At a point in time
|
11,124
|
|
|
10,474
|
|
|
10,658
|
|
|||
|
|
$
|
13,096
|
|
|
$
|
12,458
|
|
|
$
|
12,512
|
|
|
|
|
|
|
|
|
||||||
Debit and credit card
|
Over a period time
|
$
|
656
|
|
|
$
|
537
|
|
|
$
|
1,214
|
|
|
At a point in time
|
12,022
|
|
|
11,493
|
|
|
10,729
|
|
|||
|
|
$
|
12,679
|
|
|
$
|
12,029
|
|
|
$
|
11,943
|
|
|
|
|
|
|
|
|
||||||
Wealth management
|
Over a period of time
|
$
|
7,113
|
|
|
$
|
7,067
|
|
|
$
|
7,708
|
|
|
At a point in time
|
2,971
|
|
|
2,691
|
|
|
2,748
|
|
|||
|
|
$
|
10,084
|
|
|
$
|
9,758
|
|
|
$
|
10,456
|
|
|
|
|
|
|
|
|
||||||
Other fee revenue
|
At a point in time
|
$
|
3,854
|
|
|
$
|
3,679
|
|
|
$
|
3,854
|
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Federal
|
|
|
|
|
|
||||||
Current
|
$
|
13,616
|
|
|
$
|
32,282
|
|
|
$
|
24,521
|
|
Deferred
|
3,517
|
|
|
13,980
|
|
|
665
|
|
|||
Total Federal
|
17,133
|
|
|
46,262
|
|
|
25,186
|
|
|||
State
|
|
|
|
|
|
||||||
Current
|
720
|
|
|
323
|
|
|
248
|
|
|||
Deferred
|
(8
|
)
|
|
(148
|
)
|
|
(129
|
)
|
|||
Total State
|
712
|
|
|
175
|
|
|
119
|
|
|||
Total Federal and State
|
$
|
17,845
|
|
|
$
|
46,437
|
|
|
$
|
25,305
|
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
Statutory tax rate
|
21.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Low income housing tax credits
|
(2.5
|
)%
|
|
(2.9
|
)%
|
|
(3.8
|
)%
|
Tax-exempt interest
|
(2.1
|
)%
|
|
(4.0
|
)%
|
|
(4.4
|
)%
|
Bank owned life insurance
|
(0.4
|
)%
|
|
(0.8
|
)%
|
|
(0.8
|
)%
|
Gain on sale of a majority interest of insurance business
|
0.7
|
%
|
|
—
|
%
|
|
—
|
%
|
Other
|
0.3
|
%
|
|
0.3
|
%
|
|
0.2
|
%
|
Impact of the Tax Act
|
(2.5
|
)%
|
|
11.3
|
%
|
|
—
|
%
|
Effective Tax Rate
|
14.5
|
%
|
|
38.9
|
%
|
|
26.2
|
%
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
||
Deferred Tax Assets:
|
|
|
|
||||
Allowance for loan losses
|
$
|
13,463
|
|
|
$
|
12,440
|
|
Net unrealized holding losses on securities available-for-sale
|
1,091
|
|
|
—
|
|
||
Other employee benefits
|
2,712
|
|
|
3,095
|
|
||
Low income housing partnerships
|
3,249
|
|
|
3,213
|
|
||
Net adjustment to funded status of pension
|
5,173
|
|
|
6,481
|
|
||
Impairment of securities
|
8
|
|
|
300
|
|
||
State net operating loss carryforwards
|
4,573
|
|
|
3,598
|
|
||
Other
|
2,848
|
|
|
2,355
|
|
||
Gross Deferred Tax Assets
|
33,117
|
|
|
31,482
|
|
||
Less: Valuation allowance
|
(4,573
|
)
|
|
(3,598
|
)
|
||
Total Deferred Tax Assets
|
28,544
|
|
|
27,884
|
|
||
Deferred Tax Liabilities:
|
|
|
|
||||
Net unrealized holding gains on securities available-for-sale
|
—
|
|
|
(638
|
)
|
||
Prepaid pension
|
(6,164
|
)
|
|
(1,749
|
)
|
||
Deferred loan income
|
(3,219
|
)
|
|
(2,937
|
)
|
||
Purchase accounting adjustments
|
(100
|
)
|
|
(100
|
)
|
||
Depreciation on premises and equipment
|
(477
|
)
|
|
(480
|
)
|
||
Other
|
(1,375
|
)
|
|
(1,401
|
)
|
||
Total Deferred Tax liabilities
|
(11,335
|
)
|
|
(7,305
|
)
|
||
Net Deferred Tax Asset
|
$
|
17,209
|
|
|
$
|
20,579
|
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Balance at beginning of year
|
$
|
909
|
|
|
$
|
804
|
|
|
$
|
1,102
|
|
Prior period tax positions
|
|
|
|
|
|
||||||
Increase
|
—
|
|
|
—
|
|
|
—
|
|
|||
Decrease
|
(251
|
)
|
|
(37
|
)
|
|
(449
|
)
|
|||
Current period tax positions
|
110
|
|
|
142
|
|
|
151
|
|
|||
Reductions for statute of limitations expirations
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance at End of Year
|
$
|
768
|
|
|
$
|
909
|
|
|
$
|
804
|
|
Amount That Would Impact the Effective Tax Rate if Recognized
|
$
|
607
|
|
|
$
|
770
|
|
|
$
|
610
|
|
(dollars in thousands)
|
Pre-Tax
Amount
|
|
|
Tax (Expense)
Benefit
|
|
|
Net of Tax
Amount
|
|
|||
2018
|
|
|
|
|
|
||||||
Net change in unrealized (losses)/gains on debt securities available-for sale
(1)
|
$
|
(6,794
|
)
|
|
$
|
1,449
|
|
|
$
|
(5,345
|
)
|
Net available-for-sale securities losses reclassified into earnings
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustment to funded status of employee benefit plans
|
6,297
|
|
|
(1,343
|
)
|
|
4,954
|
|
|||
Other Comprehensive Loss
|
$
|
(497
|
)
|
|
$
|
106
|
|
|
$
|
(391
|
)
|
2017
|
|
|
|
|
|
||||||
Net change in unrealized gains on securities available-for-sale
|
$
|
(1,275
|
)
|
|
$
|
448
|
|
|
$
|
(827
|
)
|
Net available-for-sale securities losses reclassified into earnings
|
(3,000
|
)
|
|
1,054
|
|
|
(1,946
|
)
|
|||
Adjustment to funded status of employee benefit plans
|
(1,992
|
)
|
|
122
|
|
|
(1,870
|
)
|
|||
Other Comprehensive Loss
|
$
|
(6,267
|
)
|
|
$
|
1,624
|
|
|
$
|
(4,643
|
)
|
2016
|
|
|
|
|
|
||||||
Net change in unrealized gains on securities available-for-sale
|
$
|
(2,899
|
)
|
|
$
|
1,006
|
|
|
$
|
(1,893
|
)
|
Net available-for-sale securities gains reclassified into earnings
|
—
|
|
|
—
|
|
|
—
|
|
|||
Adjustment to funded status of employee benefit plans
|
6,974
|
|
|
(2,408
|
)
|
|
4,566
|
|
|||
Other Comprehensive Income
|
$
|
4,075
|
|
|
$
|
(1,402
|
)
|
|
$
|
2,673
|
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
||
Change in Projected Benefit Obligation
|
|
|
|
||||
Projected benefit obligation at beginning of year
|
$
|
106,664
|
|
|
$
|
105,834
|
|
Interest cost
|
3,882
|
|
|
4,100
|
|
||
Actuarial gain
|
(7,371
|
)
|
|
4,974
|
|
||
Benefits paid
|
(7,975
|
)
|
|
(8,244
|
)
|
||
Projected Benefit Obligation at End of Year
|
$
|
95,200
|
|
|
$
|
106,664
|
|
Change in Plan Assets
|
|
|
|
||||
Fair value of plan assets at beginning of year
|
$
|
87,154
|
|
|
$
|
87,711
|
|
Actual return on plan assets
|
2,166
|
|
|
7,687
|
|
||
Employer contributions
|
20,420
|
|
|
—
|
|
||
Benefits paid
|
(7,975
|
)
|
|
(8,244
|
)
|
||
Fair Value of Plan Assets at End of Year
|
$
|
101,765
|
|
|
$
|
87,154
|
|
Funded Status
|
$
|
6,565
|
|
|
$
|
(19,510
|
)
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
||
Net actuarial loss
|
(22,340
|
)
|
|
(27,825
|
)
|
||
Total (Before Tax Effects)
|
$
|
(22,340
|
)
|
|
$
|
(27,825
|
)
|
|
2018
|
|
|
2017
|
|
Discount rate
|
4.31
|
%
|
|
3.75
|
%
|
Rate of compensation increase
(1)
|
—
|
%
|
|
—
|
%
|
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Components of Net Periodic Pension Cost
|
|
|
|
|
|
||||||
Service cost—benefits earned during the period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
463
|
|
Interest cost on projected benefit obligation
|
3,882
|
|
|
4,100
|
|
|
4,296
|
|
|||
Expected return on plan assets
|
(6,266
|
)
|
|
(6,313
|
)
|
|
(5,780
|
)
|
|||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
(11
|
)
|
|||
Recognized net actuarial loss
|
2,134
|
|
|
1,866
|
|
|
2,345
|
|
|||
Curtailment gain
|
—
|
|
|
—
|
|
|
(1,017
|
)
|
|||
Net Periodic Pension Expense
|
$
|
(250
|
)
|
|
$
|
(347
|
)
|
|
$
|
296
|
|
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss)
|
|
|
|
|
|
||||||
Net actuarial (gain) loss
|
$
|
(3,271
|
)
|
|
$
|
3,678
|
|
|
$
|
(6,018
|
)
|
Recognized net actuarial loss
|
(2,134
|
)
|
|
(1,866
|
)
|
|
(2,345
|
)
|
|||
Recognized prior service credit
|
—
|
|
|
—
|
|
|
1,029
|
|
|||
Total (Before Tax Effects)
|
$
|
(5,405
|
)
|
|
$
|
1,812
|
|
|
$
|
(7,334
|
)
|
Total Recognized in Net Benefit Cost and Other Comprehensive (Loss)/Income (Before Tax Effects)
|
$
|
(5,655
|
)
|
|
$
|
1,465
|
|
|
$
|
(7,038
|
)
|
|
2018
|
|
|
2017
|
|
|
2016
|
|
Discount rate
|
3.75
|
%
|
|
4.00
|
%
|
|
4.25
|
%
|
Rate of compensation increase
(1)
|
—
|
%
|
|
—
|
%
|
|
3.00
|
%
|
Expected return on assets
|
7.50
|
%
|
|
7.50
|
%
|
|
7.50
|
%
|
(dollars in thousands)
|
Amount
|
|
|
|
|
||
2019
|
$
|
6,893
|
|
2020
|
6,813
|
|
|
2021
|
7,002
|
|
|
2022
|
6,961
|
|
|
2023
|
6,670
|
|
|
2024 - 2028
|
31,882
|
|
|
December 31, 2018
|
||||||||||||||
|
Fair Value Asset Classes
(1)
|
||||||||||||||
(dollars in thousands)
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
||||
Cash and cash equivalents
(2)
|
$
|
2,164
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,164
|
|
Fixed income
(3)
|
91,830
|
|
|
—
|
|
|
—
|
|
|
91,830
|
|
||||
Equities:
|
|
|
|
|
|
|
|
||||||||
Equity index mutual funds—international
(4)
|
2,604
|
|
|
—
|
|
|
—
|
|
|
2,604
|
|
||||
Domestic individual equities
(5)
|
4,884
|
|
|
—
|
|
|
—
|
|
|
4,884
|
|
||||
Total Assets at Fair Value
|
$
|
101,482
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
101,482
|
|
|
December 31, 2017
|
||||||||||||||
|
Fair Value Asset Classes
(1)
|
||||||||||||||
(dollars in thousands)
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
||||
Cash and cash equivalents
(2)
|
$
|
—
|
|
|
$
|
1,780
|
|
|
$
|
—
|
|
|
$
|
1,780
|
|
Fixed income
(3)
|
27,738
|
|
|
—
|
|
|
—
|
|
|
27,738
|
|
||||
Equities:
|
|
|
|
|
|
|
|
||||||||
Equity index mutual funds—international
(4)
|
4,016
|
|
|
—
|
|
|
—
|
|
|
4,016
|
|
||||
Domestic individual equities
(5)
|
53,540
|
|
|
—
|
|
|
—
|
|
|
53,540
|
|
||||
Total Assets at Fair Value
|
$
|
85,294
|
|
|
$
|
1,780
|
|
|
$
|
—
|
|
|
$
|
87,074
|
|
|
Restricted
Stock
|
|
|
Weighted Average
Grant Date
Fair Value
|
|
|
Non-vested at December 31, 2016
|
225,500
|
|
|
$
|
26.16
|
|
Granted
|
90,115
|
|
|
35.19
|
|
|
Vested
|
83,958
|
|
|
24.82
|
|
|
Forfeited
|
11,089
|
|
|
29.56
|
|
|
Non-vested at December 31, 2017
|
220,568
|
|
|
$
|
30.19
|
|
Granted
|
75,997
|
|
|
42.43
|
|
|
Vested
|
63,323
|
|
|
29.19
|
|
|
Forfeited
|
26,847
|
|
|
30.18
|
|
|
Non-vested at December 31, 2018
|
206,395
|
|
|
$
|
30.70
|
|
|
December 31,
|
||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
||
ASSETS
|
|
|
|
||||
Cash
|
$
|
8,869
|
|
|
$
|
21,310
|
|
Investments in:
|
|
|
|
||||
Bank subsidiary
|
925,286
|
|
|
857,293
|
|
||
Nonbank subsidiaries
|
15,479
|
|
|
19,569
|
|
||
Other assets
|
8,458
|
|
|
7,272
|
|
||
Total Assets
|
$
|
958,092
|
|
|
$
|
905,444
|
|
LIABILITIES
|
|
|
|
||||
Long-term debt
|
$
|
20,619
|
|
|
$
|
20,619
|
|
Other liabilities
|
1,712
|
|
|
794
|
|
||
Total Liabilities
|
22,331
|
|
|
21,413
|
|
||
Total Shareholders’ Equity
|
935,761
|
|
|
884,031
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
958,092
|
|
|
$
|
905,444
|
|
|
Years ended December 31,
|
||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
Dividends from subsidiaries
|
$
|
44,988
|
|
|
$
|
36,169
|
|
|
$
|
34,134
|
|
Investment income
|
24
|
|
|
22
|
|
|
17
|
|
|||
Total Income
|
45,012
|
|
|
36,191
|
|
|
34,151
|
|
|||
Interest expense on long-term debt
|
1,149
|
|
|
955
|
|
|
854
|
|
|||
Other expenses
|
3,988
|
|
|
3,801
|
|
|
4,012
|
|
|||
Total Expense
|
5,137
|
|
|
4,756
|
|
|
4,866
|
|
|||
Income before income tax and undistributed net income of subsidiaries
|
39,875
|
|
|
31,435
|
|
|
29,285
|
|
|||
Income tax benefit
|
(1,093
|
)
|
|
(1,596
|
)
|
|
(1,697
|
)
|
|||
Income before undistributed net income of subsidiaries
|
40,968
|
|
|
33,031
|
|
|
30,982
|
|
|||
Equity in undistributed net income (distribution in excess of net income) of:
|
|
|
|
|
|
||||||
Bank subsidiary
|
68,385
|
|
|
40,877
|
|
|
40,051
|
|
|||
Nonbank subsidiaries
|
(4,019
|
)
|
|
(940
|
)
|
|
359
|
|
|||
Net Income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
|
Years ended December 31,
|
||||||||||
(dollars in thousands)
|
2018
|
|
|
2017
|
|
|
2016
|
|
|||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||||
Net Income
|
$
|
105,334
|
|
|
$
|
72,968
|
|
|
$
|
71,392
|
|
Equity in undistributed (earnings) losses of subsidiaries
|
(64,366
|
)
|
|
(39,937
|
)
|
|
(40,410
|
)
|
|||
Tax benefit from stock-based compensation
|
—
|
|
|
—
|
|
|
(9
|
)
|
|||
Other
|
1,695
|
|
|
480
|
|
|
379
|
|
|||
Net Cash Provided by Operating Activities
|
42,663
|
|
|
33,511
|
|
|
31,352
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||||
Net investments in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net Cash Used in Investing Activities
|
—
|
|
|
—
|
|
|
—
|
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||||
Sale of treasury shares, net
|
(657
|
)
|
|
(689
|
)
|
|
(115
|
)
|
|||
Purchase of treasury shares
|
(12,256
|
)
|
|
—
|
|
|
—
|
|
|||
Cash dividends paid to common shareholders
|
(34,539
|
)
|
|
(28,569
|
)
|
|
(26,784
|
)
|
|||
Tax benefit from stock-based compensation
|
—
|
|
|
—
|
|
|
9
|
|
|||
Payment to repurchase of warrant
|
(7,652
|
)
|
|
—
|
|
|
—
|
|
|||
Net Cash Used in Financing Activities
|
(55,104
|
)
|
|
(29,258
|
)
|
|
(26,890
|
)
|
|||
Net (decrease) increase in cash
|
(12,441
|
)
|
|
4,253
|
|
|
4,462
|
|
|||
Cash at beginning of year
|
21,310
|
|
|
17,057
|
|
|
12,595
|
|
|||
Cash at End of Year
|
$
|
8,869
|
|
|
$
|
21,310
|
|
|
$
|
17,057
|
|
|
Actual
|
|
Minimum
Regulatory Capital
Requirements
|
|
To be
Well Capitalized
Under Prompt
Corrective Action
Provisions
|
|||||||||||||||
(dollars in thousands)
|
Amount
|
|
|
Ratio
|
|
|
Amount
|
|
|
Ratio
|
|
|
Amount
|
|
|
Ratio
|
|
|||
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Leverage Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
$
|
689,778
|
|
|
10.05
|
%
|
|
$
|
274,497
|
|
|
4.00
|
%
|
|
$
|
343,121
|
|
|
5.00
|
%
|
S&T Bank
|
659,304
|
|
|
9.63
|
%
|
|
273,820
|
|
|
4.00
|
%
|
|
342,275
|
|
|
5.00
|
%
|
|||
Common Equity Tier 1 (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
669,778
|
|
|
11.38
|
%
|
|
264,933
|
|
|
4.50
|
%
|
|
382,681
|
|
|
6.50
|
%
|
|||
S&T Bank
|
659,304
|
|
|
11.23
|
%
|
|
264,127
|
|
|
4.50
|
%
|
|
381,517
|
|
|
6.50
|
%
|
|||
Tier 1 Capital (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
689,778
|
|
|
11.72
|
%
|
|
353,244
|
|
|
6.00
|
%
|
|
470,992
|
|
|
8.00
|
%
|
|||
S&T Bank
|
659,304
|
|
|
11.23
|
%
|
|
352,170
|
|
|
6.00
|
%
|
|
469,560
|
|
|
8.00
|
%
|
|||
Total Capital (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
777,913
|
|
|
13.21
|
%
|
|
470,992
|
|
|
8.00
|
%
|
|
588,741
|
|
|
10.00
|
%
|
|||
S&T Bank
|
747,438
|
|
|
12.73
|
%
|
|
469,560
|
|
|
8.00
|
%
|
|
586,950
|
|
|
10.00
|
%
|
|||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Leverage Ratio
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
$
|
628,876
|
|
|
9.17
|
%
|
|
$
|
274,254
|
|
|
4.00
|
%
|
|
$
|
342,818
|
|
|
5.00
|
%
|
S&T Bank
|
582,929
|
|
|
8.52
|
%
|
|
273,538
|
|
|
4.00
|
%
|
|
341,922
|
|
|
5.00
|
%
|
|||
Common Equity Tier 1 (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
608,876
|
|
|
10.71
|
%
|
|
255,778
|
|
|
4.50
|
%
|
|
369,457
|
|
|
6.50
|
%
|
|||
S&T Bank
|
582,929
|
|
|
10.29
|
%
|
|
255,024
|
|
|
4.50
|
%
|
|
368,368
|
|
|
6.50
|
%
|
|||
Tier 1 Capital (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
628,876
|
|
|
11.06
|
%
|
|
341,037
|
|
|
6.00
|
%
|
|
454,717
|
|
|
8.00
|
%
|
|||
S&T Bank
|
582,929
|
|
|
10.29
|
%
|
|
340,032
|
|
|
6.00
|
%
|
|
453,375
|
|
|
8.00
|
%
|
|||
Total Capital (to Risk-Weighted Assets)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
S&T
|
713,056
|
|
|
12.55
|
%
|
|
454,717
|
|
|
8.00
|
%
|
|
568,396
|
|
|
10.00
|
%
|
|||
S&T Bank
|
666,560
|
|
|
11.76
|
%
|
|
453,375
|
|
|
8.00
|
%
|
|
566,719
|
|
|
10.00
|
%
|
|
2018
|
|
2017
|
||||||||||||||||||||||||||||
(dollars in thousands, except per
share data) (unaudited)
|
Fourth
Quarter
|
|
|
Third
Quarter
|
|
|
Second
Quarter
|
|
|
First
Quarter
|
|
|
Fourth
Quarter
|
|
|
Third
Quarter
|
|
|
Second
Quarter
|
|
|
First
Quarter
|
|
||||||||
SUMMARY OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest income
|
$
|
76,589
|
|
|
$
|
73,627
|
|
|
$
|
71,581
|
|
|
$
|
68,029
|
|
|
$
|
67,855
|
|
|
$
|
66,723
|
|
|
$
|
64,914
|
|
|
$
|
61,150
|
|
Interest expense
|
16,747
|
|
|
14,365
|
|
|
13,178
|
|
|
11,097
|
|
|
10,027
|
|
|
9,267
|
|
|
8,344
|
|
|
7,272
|
|
||||||||
Provision for loan losses
|
2,716
|
|
|
462
|
|
|
9,345
|
|
|
2,472
|
|
|
982
|
|
|
2,850
|
|
|
4,869
|
|
|
5,183
|
|
||||||||
Net Interest Income After Provision For Loan Losses
|
57,126
|
|
|
58,800
|
|
|
49,058
|
|
|
54,460
|
|
|
56,846
|
|
|
54,606
|
|
|
51,701
|
|
|
48,695
|
|
||||||||
Security (losses) gains, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(986
|
)
|
|
—
|
|
|
3,617
|
|
|
370
|
|
||||||||
Noninterest income
|
11,095
|
|
|
12,042
|
|
|
12,251
|
|
|
13,792
|
|
|
13,636
|
|
|
13,551
|
|
|
12,648
|
|
|
12,626
|
|
||||||||
Noninterest expense
|
36,415
|
|
|
37,085
|
|
|
35,863
|
|
|
36,082
|
|
|
37,947
|
|
|
36,553
|
|
|
36,597
|
|
|
36,808
|
|
||||||||
Income Before Taxes
|
31,806
|
|
|
33,757
|
|
|
25,446
|
|
|
32,170
|
|
|
31,549
|
|
|
31,604
|
|
|
31,369
|
|
|
24,883
|
|
||||||||
Provision for income taxes
|
4,952
|
|
|
2,876
|
|
|
4,010
|
|
|
6,007
|
|
|
22,255
|
|
|
8,883
|
|
|
8,604
|
|
|
6,695
|
|
||||||||
Net Income Available to Common Shareholders
|
$
|
26,854
|
|
|
$
|
30,881
|
|
|
$
|
21,436
|
|
|
$
|
26,163
|
|
|
$
|
9,294
|
|
|
$
|
22,721
|
|
|
$
|
22,765
|
|
|
$
|
18,188
|
|
Per Share Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common earnings per share—diluted
|
$
|
0.77
|
|
|
$
|
0.88
|
|
|
$
|
0.61
|
|
|
$
|
0.75
|
|
|
$
|
0.27
|
|
|
$
|
0.65
|
|
|
$
|
0.65
|
|
|
$
|
0.52
|
|
Dividends declared per common share
|
0.27
|
|
|
0.25
|
|
|
0.25
|
|
|
0.22
|
|
|
0.22
|
|
|
0.20
|
|
|
0.20
|
|
|
0.20
|
|
||||||||
Common book value
|
26.98
|
|
|
26.27
|
|
|
25.91
|
|
|
25.58
|
|
|
25.28
|
|
|
25.37
|
|
|
24.90
|
|
|
24.45
|
|
(a)
|
The following documents are filed as part of this Report.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(b) Exhibits
|
|
|
|
|
|
||
|
|
|
|
3.1
|
|
|
Articles of Incorporation of S&T Bancorp, Inc. Filed as Exhibit B to Form S-4 Registration Statement (No. 2-83565) of S&T Bancorp, Inc., dated May 5, 1983, and incorporated herein by reference.
|
|
|
|
|
3.2
|
|
|
Amendment to Articles of Incorporation of S&T Bancorp, Inc. Filed as Exhibit 3.2 to Form S-4 Registration Statement (No. 33-02600) of S&T Bancorp, Inc. dated January 15, 1986, and incorporated herein by reference.
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
The Company has certain long-term debt but has not filed the instruments evidencing such debt as Exhibit 4 as none of such instruments authorize the issuance of debt exceeding 10 percent of the Companies total consolidated assets. The Company agrees to furnish a copy of each such agreement to the Securities and Exchange Commission upon request.
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
(b) Exhibits
|
|
|
|
|
|
||
|
|
|
|
10.10
|
|
|
|
|
|
|
|
10.11
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
|
|
||
|
|
|
|
101
|
|
|
The following financial information from the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2018 is formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Net Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows and (vi) Notes to Consolidated Financial Statements.
|
S&T BANCORP, INC.
(Registrant)
|
||
|
|
2/21/2019
|
Todd D. Brice
Chief Executive Officer
(Principal Executive Officer)
|
|
Date
|
|
|
|
|
|
2/21/2019
|
Mark Kochvar
Senior Executive Vice President, Chief Financial Officer
(Principal Financial Officer)
|
|
Date
|
SIGNATURE
|
|
TITLE
|
|
DATE
|
|
|
|
|
|
|
|
Chief Executive Officer and Director (Principal Executive Officer)
|
|
2/21/2019
|
Todd D. Brice
|
|
|
|
|
|
|
|
|
|
|
|
Senior Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
|
2/21/2019
|
Mark Kochvar
|
|
|
|
|
|
|
|
|
|
/s/ Melanie Lazzari
|
|
Executive Vice President, Controller
|
|
2/21/2019
|
Melanie Lazzari
|
|
|
|
|
|
|
|
|
|
/s/ David G. Antolik
|
|
President, Chief Lending Officer and Director
|
|
2/21/2019
|
David G. Antolik
|
|
|
|
|
|
|
|
|
|
/s/ Christine J. Toretti
|
|
Chair of the Board and Director
|
|
2/21/2019
|
Christine J. Toretti
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
2/21/2019
|
Christina A. Cassotis
|
|
|
|
|
|
|
|
|
|
/s/ Michael J. Donnelly
|
|
Director
|
|
2/21/2019
|
Michael J. Donnelly
|
|
|
|
|
|
|
|
|
|
SIGNATURE
|
|
TITLE
|
|
DATE
|
|
|
Director
|
|
2/21/2019
|
James T. Gibson
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
2/21/2019
|
Jeffrey D. Grube
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
2/21/2019
|
Jerry D. Hostetter
|
|
|
|
|
|
|
|
|
|
/s/ Frank W. Jones
|
|
Director
|
|
2/21/2019
|
Frank W. Jones
|
|
|
|
|
|
|
|
|
|
/s/ Robert E. Kane
|
|
Director
|
|
2/21/2019
|
Robert E. Kane
|
|
|
|
|
|
|
|
|
|
/s/ David L. Krieger
|
|
Director
|
|
2/21/2019
|
David L. Krieger
|
|
|
|
|
|
|
|
|
|
|
|
Director
|
|
2/21/2019
|
James C. Miller
|
|
|
|
|
|
|
|
|
|
/s/ Frank J. Palermo, Jr.
|
|
Director
|
|
2/21/2019
|
Frank J. Palermo, Jr.
|
|
|
|
|
|
|
|
|
|
/s/ Steven J. Weingarten
|
|
Director
|
|
2/21/2019
|
Steven J. Weingarten
|
|
|
|
|
Subsidiary
|
State or Jurisdiction of Organization
|
|
|
S&T Bank
|
Pennsylvania
|
|
|
9th Street Holdings, Inc.
|
Delaware
|
|
|
S&T Bancholdings, Inc.
|
Delaware
|
|
|
S&T Insurance Group, LLC
|
Pennsylvania
|
|
|
S&T Professional Resources Group, LLC
|
Pennsylvania
|
|
|
S&T-Evergreen Insurance, LLC (sold 1/1/2018)
|
Pennsylvania
|
|
|
S&T Settlement Services, LLC
|
Pennsylvania
|
|
|
Stewart Capital Advisors, LLC
|
Pennsylvania
|
|
|
STBA Capital Trust I
|
Delaware
|
|
|
Commonwealth Trust Credit Life Insurance Company
|
Arizona
|
1)
|
Registration Statement (Form S-3 No. 333-226488) of S&T Bancorp, Inc. pertaining to the automatic shelf registration filed August 1, 2018,
|
2)
|
Registration Statement (Form S-3 No. 333-156555) of S&T Bancorp, Inc. pertaining to the Dividend Reinvestment and Stock Purchase Plan,
|
3)
|
Registration Statement (Form S-8 No. 333-194083) of S&T Bancorp, Inc. pertaining to the 2014 Incentive Plan, and
|
4)
|
Registration Statement (Form S-8 No. 333-156541) of S&T Bancorp, Inc. pertaining to the Thrift Plan for Employees of S&T Bank;
|
/s/ Ernst & Young
|
Pittsburgh, PA
|
February 21, 2019
|
/s/ KPMG LLP
|
Pittsburgh, Pennsylvania
|
February 21, 2019
|
Date: February 21, 2019
|
|
/s/ Todd D. Brice
|
Todd D. Brice, Chief Executive Officer
|
Date: February 21, 2019
|
|
/s/ Mark Kochvar
|
Mark Kochvar, Senior Executive Vice President, Chief Financial Officer
|
Date: February 21, 2019
|
|
|
|
|
|
/s/ Todd D. Brice
|
|
/s/ Mark Kochvar
|
Todd D. Brice,
|
|
Mark Kochvar,
|
Chief Executive Officer
|
|
Senior Executive Vice President, Chief Financial Officer
|