x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Pennsylvania
|
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25-1434426
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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800 Philadelphia Street, Indiana, PA
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15701
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(Address of principal executive offices)
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(zip code)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Emerging growth company
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¨
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨
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Page No.
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March 31, 2019
|
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December 31, 2018
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||||||
(dollars in thousands, except per share data)
|
(Unaudited)
|
|
(Audited)
|
||||||
ASSETS
|
|
|
|
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|
||||
Cash and due from banks, including interest-bearing deposits of $61,327 and $82,740 at March 31, 2019 and December 31, 2018
|
|
$
|
116,820
|
|
|
|
$
|
155,489
|
|
Securities, at fair value
|
|
680,420
|
|
|
|
684,872
|
|
||
Loans held for sale
|
|
2,706
|
|
|
|
2,371
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|
||
Portfolio loans, net of unearned income
|
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5,935,452
|
|
|
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5,946,648
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|
||
Allowance for loan losses
|
|
(61,409
|
)
|
|
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(60,996
|
)
|
||
Portfolio loans, net
|
|
5,874,043
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|
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5,885,652
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|
||
Bank owned life insurance
|
|
74,401
|
|
|
|
73,900
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|
||
Premises and equipment, net
|
|
42,199
|
|
|
|
41,730
|
|
||
Federal Home Loan Bank and other restricted stock, at cost
|
|
19,959
|
|
|
|
29,435
|
|
||
Goodwill
|
|
287,446
|
|
|
|
287,446
|
|
||
Other intangible assets, net
|
|
2,418
|
|
|
|
2,601
|
|
||
Other assets
|
|
128,850
|
|
|
|
88,725
|
|
||
Total Assets
|
|
$
|
7,229,262
|
|
|
|
$
|
7,252,221
|
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LIABILITIES
|
|
|
|
|
|
||||
Deposits:
|
|
|
|
|
|
||||
Noninterest-bearing demand
|
|
$
|
1,423,436
|
|
|
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$
|
1,421,156
|
|
Interest-bearing demand
|
|
541,053
|
|
|
|
573,693
|
|
||
Money market
|
|
1,700,964
|
|
|
|
1,482,065
|
|
||
Savings
|
|
767,175
|
|
|
|
784,970
|
|
||
Certificates of deposit
|
|
1,400,773
|
|
|
|
1,412,038
|
|
||
Total Deposits
|
|
5,833,401
|
|
|
|
5,673,922
|
|
||
Securities sold under repurchase agreements
|
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23,427
|
|
|
|
18,383
|
|
||
Short-term borrowings
|
|
235,000
|
|
|
|
470,000
|
|
||
Long-term borrowings
|
|
70,418
|
|
|
|
70,314
|
|
||
Junior subordinated debt securities
|
|
45,619
|
|
|
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45,619
|
|
||
Other liabilities
|
|
78,241
|
|
|
|
38,222
|
|
||
Total Liabilities
|
|
6,286,106
|
|
|
|
6,316,460
|
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SHAREHOLDERS’ EQUITY
|
|
|
|
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|
||||
Common stock ($2.50 par value)
Authorized—50,000,000 shares Issued—36,130,480 shares at March 31, 2019 and at December 31, 2018 Outstanding— 34,330,136 shares at March 31, 2019 and 34,683,874 shares at December 31, 2018 |
|
90,326
|
|
|
|
90,326
|
|
||
Additional paid-in capital
|
|
210,949
|
|
|
|
210,345
|
|
||
Retained earnings
|
|
716,078
|
|
|
|
701,819
|
|
||
Accumulated other comprehensive loss
|
|
(16,931
|
)
|
|
|
(23,107
|
)
|
||
Treasury stock (1,800,344 shares at March 31, 2019 and 1,446,606 shares at December 31, 2018, at cost)
|
|
(57,266
|
)
|
|
|
(43,622
|
)
|
||
Total Shareholders’ Equity
|
|
943,156
|
|
|
|
935,761
|
|
||
Total Liabilities and Shareholders’ Equity
|
|
$
|
7,229,262
|
|
|
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$
|
7,252,221
|
|
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Three Months Ended March 31,
|
||||||||
(dollars in thousands, except per share data)
|
2019
|
|
2018
|
||||||
INTEREST AND DIVIDEND INCOME
|
|
|
|
|
|
||||
Loans, including fees
|
|
$
|
73,392
|
|
|
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$
|
63,055
|
|
Investment Securities:
|
|
|
|
|
|
||||
Taxable
|
|
3,790
|
|
|
|
3,429
|
|
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Tax-exempt
|
|
844
|
|
|
|
874
|
|
||
Dividends
|
|
564
|
|
|
|
671
|
|
||
Total Interest and Dividend Income
|
|
78,590
|
|
|
|
68,029
|
|
||
INTEREST EXPENSE
|
|
|
|
|
|
||||
Deposits
|
|
14,981
|
|
|
|
7,846
|
|
||
Borrowings and junior subordinated debt securities
|
|
3,253
|
|
|
|
3,251
|
|
||
Total Interest Expense
|
|
18,234
|
|
|
|
11,097
|
|
||
NET INTEREST INCOME
|
|
60,356
|
|
|
|
56,932
|
|
||
Provision for loan losses
|
|
5,649
|
|
|
|
2,472
|
|
||
Net Interest Income After Provision for Loan Losses
|
|
54,707
|
|
|
|
54,460
|
|
||
NONINTEREST INCOME
|
|
|
|
|
|
||||
Service charges on deposit accounts
|
|
3,153
|
|
|
|
3,241
|
|
||
Debit and credit card
|
|
2,974
|
|
|
|
3,037
|
|
||
Wealth management
|
|
2,048
|
|
|
|
2,682
|
|
||
Mortgage banking
|
|
494
|
|
|
|
602
|
|
||
Gain on sale of a majority interest of insurance business
|
|
—
|
|
|
|
1,873
|
|
||
Other
|
|
2,693
|
|
|
|
2,357
|
|
||
Total Noninterest Income
|
|
11,362
|
|
|
|
13,792
|
|
||
NONINTEREST EXPENSE
|
|
|
|
|
|
||||
Salaries and employee benefits
|
|
20,910
|
|
|
|
18,815
|
|
||
Data processing and information technology
|
|
3,233
|
|
|
|
2,325
|
|
||
Net occupancy
|
|
3,036
|
|
|
|
2,873
|
|
||
Furniture, equipment and software
|
|
2,230
|
|
|
|
1,957
|
|
||
Other taxes
|
|
1,185
|
|
|
|
1,848
|
|
||
Professional services and legal
|
|
1,184
|
|
|
|
1,051
|
|
||
Marketing
|
|
1,141
|
|
|
|
702
|
|
||
FDIC insurance
|
|
516
|
|
|
|
1,108
|
|
||
Other
|
|
5,484
|
|
|
|
5,403
|
|
||
Total Noninterest Expense
|
|
38,919
|
|
|
|
36,082
|
|
||
Income Before Taxes
|
|
27,150
|
|
|
|
32,170
|
|
||
Provision for income taxes
|
|
4,222
|
|
|
|
6,007
|
|
||
Net Income
|
|
$
|
22,928
|
|
|
|
$
|
26,163
|
|
Earnings per share—basic
|
|
$
|
0.67
|
|
|
|
$
|
0.75
|
|
Earnings per share—diluted
|
|
$
|
0.66
|
|
|
|
$
|
0.75
|
|
Dividends declared per share
|
|
$
|
0.27
|
|
|
|
$
|
0.22
|
|
Comprehensive Income
|
|
$
|
29,104
|
|
|
|
$
|
14,637
|
|
(dollars in thousands, except share and per share data)
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive (Loss)/Income
|
|
Treasury
Stock
|
|
Total
|
||||||||||||||||||
Balance at January 1, 2018
|
|
$
|
90,326
|
|
|
|
$
|
216,106
|
|
|
|
$
|
628,107
|
|
|
|
$
|
(18,427
|
)
|
|
|
$
|
(32,081
|
)
|
|
|
$
|
884,031
|
|
Net income for the three months ended March 31, 2018
|
|
—
|
|
|
|
—
|
|
|
|
26,163
|
|
|
|
—
|
|
|
|
—
|
|
|
|
26,163
|
|
||||||
Other comprehensive income (loss), net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,973
|
)
|
|
|
—
|
|
|
|
(6,973
|
)
|
||||||
Reclassification of tax effects from the Tax Act
(1)
|
|
—
|
|
|
|
—
|
|
|
|
3,691
|
|
|
|
(3,691
|
)
|
|
|
—
|
|
|
|
—
|
|
||||||
Reclassification of net unrealized gains on equity securities
(2)
|
|
—
|
|
|
|
—
|
|
|
|
862
|
|
|
|
(862
|
)
|
|
|
—
|
|
|
|
—
|
|
||||||
Cash dividends declared ($0.22 per share)
|
|
—
|
|
|
|
—
|
|
|
|
(7,669
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(7,669
|
)
|
||||||
Treasury stock issued for restricted awards (66,165 shares, net of 37,592 forfeitures)
|
|
—
|
|
|
|
—
|
|
|
|
(1,229
|
)
|
|
|
—
|
|
|
|
572
|
|
|
|
(657
|
)
|
||||||
Recognition of restricted stock compensation expense
|
|
—
|
|
|
|
512
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
512
|
|
||||||
Balance at March 31, 2018
|
|
$
|
90,326
|
|
|
|
$
|
216,618
|
|
|
|
$
|
649,925
|
|
|
|
$
|
(29,953
|
)
|
|
|
$
|
(31,509
|
)
|
|
|
$
|
895,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at January 1, 2019
|
|
$
|
90,326
|
|
|
|
$
|
210,345
|
|
|
|
$
|
701,819
|
|
|
|
$
|
(23,107
|
)
|
|
|
$
|
(43,622
|
)
|
|
|
$
|
935,761
|
|
Net Income for the three months ended March 31, 2019
|
|
—
|
|
|
|
—
|
|
|
|
22,928
|
|
|
|
—
|
|
|
|
—
|
|
|
|
22,928
|
|
||||||
Other comprehensive income (loss), net of tax
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
6,176
|
|
|
|
—
|
|
|
|
6,176
|
|
||||||
Impact of new lease standard
|
|
|
|
|
|
|
|
167
|
|
|
|
|
|
|
|
|
|
167
|
|
||||||||||
Cash dividends declared ($0.27 per share)
|
|
—
|
|
|
|
—
|
|
|
|
(9,317
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,317
|
)
|
||||||
Forfeitures of restricted stock awards (39,834 shares)
|
|
—
|
|
|
|
—
|
|
|
|
481
|
|
|
|
—
|
|
|
|
(1,357
|
)
|
|
|
(876
|
)
|
||||||
Repurchase of S&T Stock (313,904 shares)
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(12,287
|
)
|
|
|
(12,287
|
)
|
||||||
Recognition of restricted stock compensation expense
|
|
—
|
|
|
|
604
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
604
|
|
||||||
Balance at March 31, 2019
|
|
$
|
90,326
|
|
|
|
$
|
210,949
|
|
|
|
$
|
716,078
|
|
|
|
$
|
(16,931
|
)
|
|
|
$
|
(57,266
|
)
|
|
|
$
|
943,156
|
|
|
Three Months Ended March 31,
|
||||||||
(dollars in thousands)
|
|
2019
|
|
|
2018
|
||||
OPERATING ACTIVITIES
|
|
|
|
|
|
||||
Net income
|
|
$
|
22,928
|
|
|
|
$
|
26,163
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||
Provision for loan losses
|
|
5,649
|
|
|
|
2,472
|
|
||
Net increase (decrease) in unfunded loan commitments
|
|
35
|
|
|
|
(71
|
)
|
||
Net depreciation, amortization and accretion
|
|
1,420
|
|
|
|
1,017
|
|
||
Net amortization of discounts and premiums on securities
|
|
776
|
|
|
|
796
|
|
||
Stock-based compensation expense
|
|
604
|
|
|
|
512
|
|
||
Mortgage loans originated for sale
|
|
(14,506
|
)
|
|
|
(16,827
|
)
|
||
Proceeds from the sale of mortgage loans
|
|
14,464
|
|
|
|
18,326
|
|
||
Gain on the sale of mortgage loans, net
|
|
(293
|
)
|
|
|
(296
|
)
|
||
Gain on the sale of majority interest of insurance business
|
|
—
|
|
|
|
(1,873
|
)
|
||
Net (increase) decrease in interest receivable
|
|
(1,963
|
)
|
|
|
336
|
|
||
Net decrease in interest payable
|
|
(789
|
)
|
|
|
(720
|
)
|
||
Net (increase) decrease in other assets
|
|
(3,466
|
)
|
|
|
4,120
|
|
||
Net increase in other liabilities
|
|
5,600
|
|
|
|
3,836
|
|
||
Net Cash Provided by Operating Activities
|
|
30,459
|
|
|
|
37,791
|
|
||
INVESTING ACTIVITIES
|
|
|
|
|
|
||||
Purchases of securities
|
|
(9,437
|
)
|
|
|
(27,565
|
)
|
||
Proceeds from maturities, prepayments and calls of securities
|
|
20,193
|
|
|
|
22,104
|
|
||
Net proceeds from sales (purchases) of Federal Home Loan Bank stock
|
|
9,477
|
|
|
|
(499
|
)
|
||
Net decrease in loans
|
|
4,760
|
|
|
|
27,717
|
|
||
Proceeds from sale of loans not originated for resale
|
|
465
|
|
|
|
2,060
|
|
||
Purchases of premises and equipment
|
|
(1,757
|
)
|
|
|
(309
|
)
|
||
Proceeds from the sale of premises and equipment
|
|
—
|
|
|
|
109
|
|
||
Proceeds from the sale of majority interest of insurance business
|
|
—
|
|
|
|
4,540
|
|
||
Net Cash Provided by Investing Activities
|
|
23,701
|
|
|
|
28,157
|
|
||
FINANCING ACTIVITIES
|
|
|
|
|
|
||||
Net increase in core deposits
|
|
170,744
|
|
|
|
14,793
|
|
||
Net decrease in certificates of deposit
|
|
(11,241
|
)
|
|
|
(55,557
|
)
|
||
Net increase (decrease) in securities sold under repurchase agreements
|
|
5,044
|
|
|
|
(5,544
|
)
|
||
Net decrease in short-term borrowings
|
|
(235,000
|
)
|
|
|
(15,000
|
)
|
||
Proceeds (repayments), net on long-term borrowings
|
|
104
|
|
|
|
(617
|
)
|
||
Treasury shares issued-net
|
|
(876
|
)
|
|
|
(657
|
)
|
||
Cash dividends paid to common shareholders
|
|
(9,317
|
)
|
|
|
(7,669
|
)
|
||
Repurchase of common stock
|
|
(12,287
|
)
|
|
|
—
|
|
||
Net Cash Used in Financing Activities
|
|
(92,829
|
)
|
|
|
(70,251
|
)
|
||
Net decrease in cash and cash equivalents
|
|
(38,669
|
)
|
|
|
(4,303
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
155,489
|
|
|
|
117,152
|
|
||
Cash and Cash Equivalents at End of Period
|
|
$
|
116,820
|
|
|
|
$
|
112,849
|
|
Supplemental Disclosures
|
|
|
|
|
|
||||
Loans transferred to held for sale
|
|
$
|
—
|
|
|
|
$
|
2,060
|
|
Leased right-of-use assets and lease liabilities added to the balance sheet
|
|
$
|
35,686
|
|
|
|
$
|
—
|
|
Interest paid
|
|
$
|
19,023
|
|
|
|
$
|
11,817
|
|
Income taxes paid, net of refunds
|
|
$
|
1,432
|
|
|
|
$
|
108
|
|
Transfer net assets to investment in insurance company partnership
|
|
$
|
—
|
|
|
|
$
|
1,917
|
|
Transfers of loans to other real estate owned
|
|
$
|
80
|
|
|
|
$
|
2,599
|
|
|
Three Months Ended March 31,
|
||||||||
(in thousands, except share and per share data)
|
2019
|
|
2018
|
||||||
Numerator for Earnings per Share—Basic:
|
|
|
|
|
|
||||
Net income
|
|
$
|
22,928
|
|
|
|
$
|
26,163
|
|
Less: Income allocated to participating shares
|
|
62
|
|
|
|
80
|
|
||
Net Income Allocated to Shareholders
|
|
$
|
22,866
|
|
|
|
$
|
26,083
|
|
|
|
|
|
|
|
||||
Numerator for Earnings per Share—Diluted:
|
|
|
|
|
|
||||
Net income
|
|
$
|
22,928
|
|
|
|
$
|
26,163
|
|
Net Income Available to Shareholders
|
|
$
|
22,928
|
|
|
|
$
|
26,163
|
|
|
|
|
|
|
|
||||
Denominators for Earnings per Share:
|
|
|
|
|
|
||||
Weighted Average Shares Outstanding—Basic
|
|
34,414,555
|
|
|
|
34,756,726
|
|
||
Add: Potentially dilutive shares
|
|
128,256
|
|
|
|
242,439
|
|
||
Denominator for Treasury Stock Method—Diluted
|
|
34,542,811
|
|
|
|
34,999,165
|
|
||
|
|
|
|
|
|
||||
Weighted Average Shares Outstanding—Basic
|
|
34,414,555
|
|
|
|
34,756,726
|
|
||
Add: Average participating shares outstanding
|
|
92,659
|
|
|
|
106,722
|
|
||
Denominator for Two-Class Method—Diluted
|
|
34,507,214
|
|
|
|
34,863,448
|
|
||
|
|
|
|
|
|
||||
Earnings per share—basic
|
|
$
|
0.67
|
|
|
|
$
|
0.75
|
|
Earnings per share—diluted
|
|
$
|
0.66
|
|
|
|
$
|
0.75
|
|
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019
(1)
|
|
—
|
|
|
|
400,722
|
|
||
Restricted stock considered anti-dilutive excluded from potentially dilutive shares
|
|
68,314
|
|
|
|
90,298
|
|
|
March 31, 2019
|
||||||||||||||
(dollars in thousands)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
$
|
—
|
|
|
$
|
9,837
|
|
|
$
|
—
|
|
|
$
|
9,837
|
|
Obligations of U.S. government corporations and agencies
|
—
|
|
|
129,369
|
|
|
—
|
|
|
129,369
|
|
||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
—
|
|
|
154,159
|
|
|
—
|
|
|
154,159
|
|
||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
|
22,514
|
|
|
—
|
|
|
22,514
|
|
||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
|
237,554
|
|
|
—
|
|
|
237,554
|
|
||||
Obligations of states and political subdivisions
|
—
|
|
|
122,489
|
|
|
—
|
|
|
122,489
|
|
||||
Total Debt Securities Available-for-Sale
|
—
|
|
|
675,922
|
|
|
—
|
|
|
675,922
|
|
||||
Marketable equity securities
|
—
|
|
|
4,498
|
|
|
—
|
|
|
4,498
|
|
||||
Total Securities
|
—
|
|
|
680,420
|
|
|
—
|
|
|
680,420
|
|
||||
Securities held in a deferred compensation plan
|
5,343
|
|
|
—
|
|
|
—
|
|
|
5,343
|
|
||||
Derivative financial assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
—
|
|
|
10,645
|
|
|
—
|
|
|
10,645
|
|
||||
Interest rate lock commitments
|
—
|
|
|
339
|
|
|
—
|
|
|
339
|
|
||||
Forward sale contracts - mortgage loans
|
—
|
|
|
88
|
|
|
—
|
|
|
88
|
|
||||
Total Assets
|
$
|
5,343
|
|
|
$
|
691,492
|
|
|
$
|
—
|
|
|
$
|
696,835
|
|
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Derivative financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
—
|
|
|
$
|
10,602
|
|
|
$
|
—
|
|
|
$
|
10,602
|
|
Total Liabilities
|
$
|
—
|
|
|
$
|
10,602
|
|
|
$
|
—
|
|
|
$
|
10,602
|
|
|
|
December 31, 2018
|
|||||||||||||||||
(dollars in thousands)
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Debt securities available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
U.S. Treasury securities
|
|
$
|
—
|
|
|
|
$
|
9,736
|
|
|
|
$
|
—
|
|
|
|
$
|
9,736
|
|
Obligations of U.S. government corporations and agencies
|
|
—
|
|
|
|
128,261
|
|
|
|
—
|
|
|
|
128,261
|
|
||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
—
|
|
|
|
148,659
|
|
|
|
—
|
|
|
|
148,659
|
|
||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
—
|
|
|
|
24,350
|
|
|
|
—
|
|
|
|
24,350
|
|
||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
—
|
|
|
|
246,784
|
|
|
|
—
|
|
|
|
246,784
|
|
||||
Obligations of states and political subdivisions
|
|
—
|
|
|
|
122,266
|
|
|
|
—
|
|
|
|
122,266
|
|
||||
Total Debt Securities Available-for-Sale
|
|
—
|
|
|
|
680,056
|
|
|
|
—
|
|
|
|
680,056
|
|
||||
Marketable equity securities
|
|
—
|
|
|
|
4,816
|
|
|
|
—
|
|
|
|
4,816
|
|
||||
Total Securities
|
|
—
|
|
|
|
684,872
|
|
|
|
—
|
|
|
|
684,872
|
|
||||
Securities held in a deferred compensation plan
|
|
4,725
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,725
|
|
||||
Derivative financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
|
—
|
|
|
|
5,504
|
|
|
|
—
|
|
|
|
5,504
|
|
||||
Interest rate lock commitments
|
|
—
|
|
|
|
251
|
|
|
|
—
|
|
|
|
251
|
|
||||
Forward sale contracts - 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
|
|
|
|
March 31, 2019
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||
(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
|
|
—
|
|
|
|
—
|
|
|
|
30,601
|
|
|
|
30,601
|
|
|
|
—
|
|
|
|
—
|
|
|
|
21,441
|
|
|
|
21,441
|
|
||||||||
Other real estate owned
|
|
—
|
|
|
|
—
|
|
|
|
2,613
|
|
|
|
2,613
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,826
|
|
|
|
2,826
|
|
||||||||
Mortgage servicing rights
|
|
—
|
|
|
|
—
|
|
|
|
1,089
|
|
|
|
1,089
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,197
|
|
|
|
1,197
|
|
||||||||
Total Assets
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
34,303
|
|
|
|
$
|
34,303
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
|
$
|
25,464
|
|
|
|
$
|
25,464
|
|
(1)
This table presents only the nonrecurring items that are recorded at fair value in our financial statements.
|
|
Carrying
Value
(1)
|
|
Fair Value Measurements at March 31, 2019
|
||||||||||||||||
(dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks, including interest-bearing deposits
|
$
|
116,820
|
|
|
$
|
116,820
|
|
|
$
|
116,820
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities
|
680,420
|
|
|
680,420
|
|
|
—
|
|
|
680,420
|
|
|
—
|
|
|||||
Loans held for sale
|
2,706
|
|
|
2,706
|
|
|
—
|
|
|
—
|
|
|
2,706
|
|
|||||
Portfolio loans, net
|
5,874,043
|
|
|
5,729,524
|
|
|
—
|
|
|
—
|
|
|
5,729,524
|
|
|||||
Bank owned life insurance
|
74,401
|
|
|
74,401
|
|
|
—
|
|
|
74,401
|
|
|
—
|
|
|||||
FHLB and other restricted stock
|
19,959
|
|
|
19,959
|
|
|
—
|
|
|
—
|
|
|
19,959
|
|
|||||
Securities held in a deferred compensation plan
|
5,343
|
|
|
5,343
|
|
|
5,343
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
4,313
|
|
|
4,728
|
|
|
—
|
|
|
—
|
|
|
4,728
|
|
|||||
Interest rate swaps
|
10,645
|
|
|
10,645
|
|
|
—
|
|
|
10,645
|
|
|
—
|
|
|||||
Interest rate lock commitments
|
339
|
|
|
339
|
|
|
—
|
|
|
339
|
|
|
—
|
|
|||||
Forward sale contracts - mortgage loans
|
88
|
|
|
88
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
$
|
5,833,401
|
|
|
$
|
5,825,873
|
|
|
$
|
4,432,629
|
|
|
$
|
1,393,244
|
|
|
$
|
—
|
|
Securities sold under repurchase agreements
|
23,427
|
|
|
23,427
|
|
|
23,427
|
|
|
—
|
|
|
—
|
|
|||||
Short-term borrowings
|
235,000
|
|
|
235,000
|
|
|
235,000
|
|
|
—
|
|
|
—
|
|
|||||
Long-term borrowings
|
70,418
|
|
|
70,801
|
|
|
39,335
|
|
|
31,467
|
|
|
—
|
|
|||||
Junior subordinated debt securities
|
45,619
|
|
|
45,619
|
|
|
45,619
|
|
|
—
|
|
|
—
|
|
|||||
Interest rate swaps
|
10,602
|
|
|
10,602
|
|
|
—
|
|
|
10,602
|
|
|
—
|
|
|||||
(1)
As reported in the Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
Carrying
Value
(1)
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||||
(dollars in thousands)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks, including interest-bearing deposits
|
$
|
155,489
|
|
|
$
|
155,489
|
|
|
$
|
155,489
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities
|
684,872
|
|
|
684,872
|
|
|
—
|
|
|
684,872
|
|
|
—
|
|
|||||
Loans held for sale
|
2,371
|
|
|
2,469
|
|
|
—
|
|
|
—
|
|
|
2,469
|
|
|||||
Portfolio loans, net
|
5,885,652
|
|
|
5,728,843
|
|
|
—
|
|
|
—
|
|
|
5,728,843
|
|
|||||
Bank owned life insurance
|
73,900
|
|
|
73,900
|
|
|
—
|
|
|
73,900
|
|
|
—
|
|
|||||
FHLB and other restricted stock
|
29,435
|
|
|
29,435
|
|
|
—
|
|
|
—
|
|
|
29,435
|
|
|||||
Securities held in a Deferred Compensation Plan
|
4,725
|
|
|
4,725
|
|
|
4,725
|
|
|
—
|
|
|
—
|
|
|||||
Mortgage servicing rights
|
4,464
|
|
|
5,181
|
|
|
—
|
|
|
—
|
|
|
5,181
|
|
|||||
Interest rate swaps
|
5,504
|
|
|
5,504
|
|
|
—
|
|
|
5,504
|
|
|
—
|
|
|||||
Interest rate lock commitments
|
251
|
|
|
251
|
|
|
—
|
|
|
251
|
|
|
—
|
|
|||||
Forward sale contracts - 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
|
|
|
—
|
|
|||||
(1)
As reported in the Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||||
Debt securities available-for-sale
|
|
$
|
675,922
|
|
|
|
$
|
680,056
|
|
Marketable equity securities
|
|
4,498
|
|
|
|
4,816
|
|
||
Total Securities
|
|
$
|
680,420
|
|
|
|
$
|
684,872
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Amortized
Cost
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Fair
Value
|
|
||||||||||||||||
U.S. Treasury securities
|
|
$
|
9,961
|
|
|
|
$
|
—
|
|
|
|
$
|
(124
|
)
|
|
|
$
|
9,837
|
|
|
|
$
|
9,958
|
|
|
|
$
|
—
|
|
|
|
$
|
(222
|
)
|
|
|
$
|
9,736
|
|
Obligations of U.S. government corporations and agencies
|
|
129,263
|
|
|
|
373
|
|
|
|
(267
|
)
|
|
|
129,369
|
|
|
|
129,267
|
|
|
|
68
|
|
|
|
(1,074
|
)
|
|
|
128,261
|
|
||||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
153,717
|
|
|
|
1,608
|
|
|
|
(1,166
|
)
|
|
|
154,159
|
|
|
|
149,849
|
|
|
|
795
|
|
|
|
(1,985
|
)
|
|
|
148,659
|
|
||||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
22,481
|
|
|
|
229
|
|
|
|
(196
|
)
|
|
|
22,514
|
|
|
|
24,564
|
|
|
|
203
|
|
|
|
(417
|
)
|
|
|
24,350
|
|
||||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
239,196
|
|
|
|
272
|
|
|
|
(1,914
|
)
|
|
|
237,554
|
|
|
|
251,660
|
|
|
|
—
|
|
|
|
(4,876
|
)
|
|
|
246,784
|
|
||||||||
Obligations of states and political subdivisions
|
|
119,020
|
|
|
|
3,480
|
|
|
|
(11
|
)
|
|
|
122,489
|
|
|
|
119,872
|
|
|
|
2,448
|
|
|
|
(54
|
)
|
|
|
122,266
|
|
||||||||
Total Debt Securities Available-for-Sale
|
|
$
|
673,638
|
|
|
|
$
|
5,962
|
|
|
|
$
|
(3,678
|
)
|
|
|
$
|
675,922
|
|
|
|
$
|
685,170
|
|
|
|
$
|
3,514
|
|
|
|
$
|
(8,628
|
)
|
|
|
$
|
680,056
|
|
|
March 31, 2019
|
||||||||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||||||||
(dollars in thousands)
|
Number of Securities
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
|
Number of Securities
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
|
Number of Securities
|
|
Fair Value
|
|
|
Unrealized
Losses |
|
||||||
U.S. Treasury securities
|
—
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
$
|
9,837
|
|
|
$
|
(124
|
)
|
|
1
|
|
$
|
9,837
|
|
|
$
|
(124
|
)
|
Obligations of U.S. government corporations and agencies
|
—
|
|
—
|
|
|
—
|
|
|
8
|
|
65,828
|
|
|
(267
|
)
|
|
8
|
|
65,828
|
|
|
(267
|
)
|
||||||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
1
|
|
2,367
|
|
|
(5
|
)
|
|
14
|
|
72,936
|
|
|
(1,161
|
)
|
|
15
|
|
75,303
|
|
|
(1,166
|
)
|
||||||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
—
|
|
|
—
|
|
|
5
|
|
11,297
|
|
|
(196
|
)
|
|
5
|
|
11,297
|
|
|
(196
|
)
|
||||||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
—
|
|
—
|
|
|
—
|
|
|
24
|
|
215,320
|
|
|
(1,914
|
)
|
|
24
|
|
215,320
|
|
|
(1,914
|
)
|
||||||
Obligations of states and political subdivisions
|
—
|
|
—
|
|
|
—
|
|
|
1
|
|
5,225
|
|
|
(11
|
)
|
|
1
|
|
5,225
|
|
|
(11
|
)
|
||||||
Total Temporarily Impaired Debt Securities
|
1
|
|
$
|
2,367
|
|
|
$
|
(5
|
)
|
|
53
|
|
$
|
380,443
|
|
|
$
|
(3,673
|
)
|
|
54
|
|
$
|
382,810
|
|
|
$
|
(3,678
|
)
|
|
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
|
)
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(dollars in thousands)
|
Gross Unrealized Gains
|
|
|
Gross Unrealized Losses
|
|
|
Net Unrealized (Losses)/Gains
|
|
|
Gross Unrealized Gains
|
|
|
Gross Unrealized Losses
|
|
|
Net Unrealized Gains/(Losses)
|
|
||||||
Total unrealized gains/(losses) on debt securities available-for-sale
|
$
|
5,962
|
|
|
$
|
(3,678
|
)
|
|
$
|
2,284
|
|
|
$
|
3,514
|
|
|
$
|
(8,628
|
)
|
|
$
|
(5,114
|
)
|
Income tax (expense) benefit
|
(1,271
|
)
|
|
784
|
|
|
(487
|
)
|
|
(746
|
)
|
|
1,832
|
|
|
1,086
|
|
||||||
Net Unrealized Gains/(Losses), Net of Tax Included in Accumulated Other Comprehensive Income/(Loss)
|
$
|
4,691
|
|
|
$
|
(2,894
|
)
|
|
$
|
1,797
|
|
|
$
|
2,768
|
|
|
$
|
(6,796
|
)
|
|
$
|
(4,028
|
)
|
|
March 31, 2019
|
||||||
(dollars in thousands)
|
Amortized
Cost
|
|
|
Fair Value
|
|
||
Obligations of the U.S. Treasury, U.S. government corporations and agencies, and obligations of states and political subdivisions
|
|
|
|
||||
Due in one year or less
|
$
|
30,673
|
|
|
$
|
30,661
|
|
Due after one year through five years
|
137,885
|
|
|
138,709
|
|
||
Due after five years through ten years
|
66,445
|
|
|
68,060
|
|
||
Due after ten years
|
23,241
|
|
|
24,265
|
|
||
Debt Securities Available-for-Sale With Maturities
|
258,244
|
|
|
261,695
|
|
||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
153,717
|
|
|
154,159
|
|
||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
22,481
|
|
|
22,514
|
|
||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
239,196
|
|
|
237,554
|
|
||
Total Debt Securities Available-for-Sale
|
$
|
673,638
|
|
|
$
|
675,922
|
|
|
Three Months Ended
March 31, |
||||||
(dollars in thousands)
|
2019
|
|
|
2018
|
|
||
Marketable Equity Securities
|
|
|
|
||||
Net market (losses)/gains recognized
|
$
|
(318
|
)
|
|
$
|
52
|
|
Less: Net gains recognized for equity securities sold
|
—
|
|
|
—
|
|
||
Unrealized (Losses)/Gains on Equity Securities Still Held
|
$
|
(318
|
)
|
|
$
|
52
|
|
(dollars in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Commercial
|
|
|
|
||||
Commercial real estate
|
$
|
2,901,625
|
|
|
$
|
2,921,832
|
|
Commercial and industrial
|
1,513,007
|
|
|
1,493,416
|
|
||
Commercial construction
|
245,658
|
|
|
257,197
|
|
||
Total Commercial Loans
|
4,660,290
|
|
|
4,672,445
|
|
||
Consumer
|
|
|
|
||||
Residential mortgage
|
729,914
|
|
|
726,679
|
|
||
Home equity
|
463,566
|
|
|
471,562
|
|
||
Installment and other consumer
|
70,960
|
|
|
67,546
|
|
||
Consumer construction
|
10,722
|
|
|
8,416
|
|
||
Total Consumer Loans
|
1,275,162
|
|
|
1,274,203
|
|
||
Total Portfolio Loans
|
5,935,452
|
|
|
5,946,648
|
|
||
Loans held for sale
|
2,706
|
|
|
2,371
|
|
||
Total Loans
|
$
|
5,938,158
|
|
|
$
|
5,949,019
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(dollars in thousands)
|
Performing
TDRs
|
|
Nonperforming
TDRs
|
|
Total
TDRs
|
|
Performing
TDRs
|
|
Nonperforming
TDRs
|
|
Total
TDRs
|
||||||||||||
Commercial real estate
|
$
|
2,019
|
|
|
$
|
1,074
|
|
|
$
|
3,093
|
|
|
$
|
2,054
|
|
|
$
|
1,139
|
|
|
$
|
3,193
|
|
Commercial and industrial
|
13,447
|
|
|
3,463
|
|
|
16,910
|
|
|
7,026
|
|
|
6,646
|
|
|
13,672
|
|
||||||
Commercial construction
|
1,913
|
|
|
406
|
|
|
2,319
|
|
|
1,912
|
|
|
406
|
|
|
2,318
|
|
||||||
Residential mortgage
|
2,025
|
|
|
1,520
|
|
|
3,545
|
|
|
2,214
|
|
|
1,543
|
|
|
3,757
|
|
||||||
Home equity
|
3,590
|
|
|
1,406
|
|
|
4,996
|
|
|
3,568
|
|
|
1,349
|
|
|
4,917
|
|
||||||
Installment and other consumer
|
8
|
|
|
4
|
|
|
12
|
|
|
12
|
|
|
5
|
|
|
17
|
|
||||||
Total
|
$
|
23,002
|
|
|
$
|
7,873
|
|
|
$
|
30,875
|
|
|
$
|
16,786
|
|
|
$
|
11,088
|
|
|
$
|
27,874
|
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Number of
Loans |
|
Pre-Modification
Outstanding Recorded Investment (1) |
|
Post-Modification
Outstanding Recorded Investment (1) |
|
Total Difference
in Recorded Investment |
|
Number of
Loans |
|
Pre-Modification
Outstanding Recorded Investment ( 1) |
|
Post-Modification
Outstanding Recorded Investment (1) |
|
Total Difference
in Recorded Investment |
||||||||||||||
Totals by Loan Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial and Industrial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2
|
|
|
$
|
768
|
|
|
$
|
708
|
|
|
$
|
(60
|
)
|
Maturity date extension and interest rate reduction
|
1
|
|
|
5,201
|
|
|
5,201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal deferral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
5,355
|
|
|
5,333
|
|
|
(22
|
)
|
||||||
Total Commercial and Industrial
|
1
|
|
|
5,201
|
|
|
5,201
|
|
|
—
|
|
|
8
|
|
|
6,123
|
|
|
6,041
|
|
|
(82
|
)
|
||||||
Commercial Construction
|
|
|
.
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
158
|
|
|
157
|
|
|
(1
|
)
|
||||||
Total Commercial Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
158
|
|
|
157
|
|
|
(1
|
)
|
||||||
Residential Mortgage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
1
|
|
|
49
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total Residential Mortgage
|
1
|
|
|
49
|
|
|
49
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Home equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
7
|
|
|
191
|
|
|
168
|
|
|
(23
|
)
|
|
9
|
|
|
578
|
|
|
555
|
|
|
(23
|
)
|
||||||
Interest rate reduction
|
1
|
|
|
81
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total Home Equity
|
8
|
|
|
272
|
|
|
249
|
|
|
(23
|
)
|
|
9
|
|
|
578
|
|
|
555
|
|
|
(23
|
)
|
||||||
Installment and Other Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Chapter 7 bankruptcy
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
17
|
|
|
17
|
|
|
—
|
|
||||||
Total Installment and Other Consumer
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2
|
|
|
$
|
17
|
|
|
$
|
17
|
|
|
$
|
—
|
|
Totals by Concession Type
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Maturity date extension
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2
|
|
|
$
|
768
|
|
|
$
|
708
|
|
|
$
|
(60
|
)
|
Maturity date extension and interest rate reduction
|
1
|
|
|
5,201
|
|
|
5,201
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Principal deferral
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
5,355
|
|
|
5,333
|
|
|
(22
|
)
|
||||||
Chapter 7 bankruptcy(2)
|
8
|
|
|
240
|
|
|
217
|
|
|
(23
|
)
|
|
13
|
|
|
753
|
|
|
729
|
|
|
(24
|
)
|
||||||
Interest rate reduction
|
1
|
|
|
81
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
10
|
|
|
$
|
5,522
|
|
|
$
|
5,499
|
|
|
$
|
(23
|
)
|
|
21
|
|
|
$
|
6,876
|
|
|
$
|
6,770
|
|
|
$
|
(106
|
)
|
(1)
Excludes loans that were fully paid off or fully charged-off by period end. The pre-modification balance represents the balance outstanding prior to modification. The post-modification balance represents the outstanding balance at period end.
(2)
Chapter 7 bankruptcy loans where the debt has been legally discharged through the bankruptcy court and not reaffirmed.
|
|
|
Nonperforming Assets
|
|||||||
(dollars in thousands)
|
March 31, 2019
|
|
|
December 31, 2018
|
|
||||
Nonperforming Assets
|
|
|
|
|
|
||||
Nonaccrual loans
|
|
$
|
40,077
|
|
|
|
$
|
34,985
|
|
Nonaccrual TDRs
|
|
7,873
|
|
|
|
11,088
|
|
||
Total Nonaccrual Loans
|
|
47,950
|
|
|
|
46,073
|
|
||
OREO
|
|
2,828
|
|
|
|
3,092
|
|
||
Total Nonperforming Assets
|
|
$
|
50,778
|
|
|
|
$
|
49,165
|
|
|
March 31, 2019
|
||||||||||||||||||||||
(dollars in thousands)
|
Current
|
|
|
30-59 Days
Past Due
|
|
|
60-89 Days
Past Due
|
|
|
Non - performing
|
|
|
Total Past
Due Loans
|
|
|
Total Loans
|
|
||||||
Commercial real estate
|
$
|
2,868,403
|
|
|
$
|
1,876
|
|
|
$
|
2,237
|
|
|
$
|
29,109
|
|
|
$
|
33,222
|
|
|
$
|
2,901,625
|
|
Commercial and industrial
|
1,504,824
|
|
|
785
|
|
|
588
|
|
|
6,810
|
|
|
8,183
|
|
|
1,513,007
|
|
||||||
Commercial construction
|
244,432
|
|
|
—
|
|
|
—
|
|
|
1,226
|
|
|
1,226
|
|
|
245,658
|
|
||||||
Residential mortgage
|
719,422
|
|
|
3,695
|
|
|
167
|
|
|
6,630
|
|
|
10,492
|
|
|
729,914
|
|
||||||
Home equity
|
457,452
|
|
|
1,714
|
|
|
254
|
|
|
4,146
|
|
|
6,114
|
|
|
463,566
|
|
||||||
Installment and other consumer
|
70,645
|
|
|
227
|
|
|
59
|
|
|
29
|
|
|
315
|
|
|
70,960
|
|
||||||
Consumer construction
|
10,500
|
|
|
222
|
|
|
—
|
|
|
—
|
|
|
222
|
|
|
10,722
|
|
||||||
Loans held for sale
|
2,706
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,706
|
|
||||||
Total
|
$
|
5,878,384
|
|
|
$
|
8,519
|
|
|
$
|
3,305
|
|
|
$
|
47,950
|
|
|
$
|
59,774
|
|
|
$
|
5,938,158
|
|
|
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
|
|
|
March 31, 2019
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
% of
Total
|
|
Commercial
and Industrial
|
% of
Total
|
|
Commercial
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
||||||||||||
Pass
|
$
|
2,745,156
|
|
94.6
|
%
|
|
$
|
1,427,120
|
|
94.3
|
%
|
|
$
|
234,717
|
|
95.5
|
%
|
|
$
|
4,406,993
|
|
94.6
|
%
|
Special mention
|
56,829
|
|
2.0
|
%
|
|
23,945
|
|
1.6
|
%
|
|
7,263
|
|
3.0
|
%
|
|
88,037
|
|
1.9
|
%
|
||||
Substandard
|
99,640
|
|
3.4
|
%
|
|
61,942
|
|
4.1
|
%
|
|
3,678
|
|
1.5
|
%
|
|
165,260
|
|
3.5
|
%
|
||||
Total
|
$
|
2,901,625
|
|
100.0
|
%
|
|
$
|
1,513,007
|
|
100.0
|
%
|
|
$
|
245,658
|
|
100.0
|
%
|
|
$
|
4,660,290
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2018
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
% of
Total
|
|
Commercial
and Industrial
|
% of
Total
|
|
Commercial
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
||||||||||||
Pass
|
$
|
2,776,292
|
|
95.0
|
%
|
|
$
|
1,394,427
|
|
93.4
|
%
|
|
$
|
233,190
|
|
90.7
|
%
|
|
$
|
4,403,909
|
|
94.3
|
%
|
Special mention
|
54,627
|
|
1.9
|
%
|
|
25,368
|
|
1.7
|
%
|
|
7,349
|
|
2.8
|
%
|
|
87,344
|
|
1.8
|
%
|
||||
Substandard
|
90,913
|
|
3.1
|
%
|
|
73,621
|
|
4.9
|
%
|
|
16,658
|
|
6.5
|
%
|
|
181,192
|
|
3.9
|
%
|
||||
Total
|
$
|
2,921,832
|
|
100.0
|
%
|
|
$
|
1,493,416
|
|
100.0
|
%
|
|
$
|
257,197
|
|
100.0
|
%
|
|
$
|
4,672,445
|
|
100.0
|
%
|
|
March 31, 2019
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Residential
Mortgage
|
% of
Total
|
|
Home
Equity
|
% of
Total
|
|
Installment
and Other
Consumer
|
% of
Total
|
|
Consumer
Construction
|
% of
Total
|
|
Total
|
% of
Total
|
|||||||||||||||
Performing
|
$
|
723,284
|
|
99.1
|
%
|
|
$
|
459,420
|
|
99.1
|
%
|
|
$
|
70,931
|
|
100.0
|
%
|
|
$
|
10,722
|
|
100.0
|
%
|
|
$
|
1,264,357
|
|
99.2
|
%
|
Nonperforming
|
6,630
|
|
0.9
|
%
|
|
4,146
|
|
0.9
|
%
|
|
29
|
|
—
|
%
|
|
—
|
|
—
|
%
|
|
10,805
|
|
0.8
|
%
|
|||||
Total
|
$
|
729,914
|
|
100.0
|
%
|
|
$
|
463,566
|
|
100.0
|
%
|
|
$
|
70,960
|
|
100.0
|
%
|
|
$
|
10,722
|
|
100.0
|
%
|
|
$
|
1,275,162
|
|
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
|
%
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
(dollars in thousands)
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
|
Recorded
Investment
|
|
Unpaid
Principal
Balance
|
|
Related
Allowance
|
||||||||||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
12,965
|
|
|
$
|
12,965
|
|
|
$
|
2,046
|
|
|
$
|
7,733
|
|
|
$
|
7,733
|
|
|
$
|
1,295
|
|
Commercial and industrial
|
976
|
|
|
984
|
|
|
873
|
|
|
884
|
|
|
893
|
|
|
360
|
|
||||||
Commercial construction
|
489
|
|
|
490
|
|
|
87
|
|
|
489
|
|
|
489
|
|
|
87
|
|
||||||
Consumer real estate
|
14
|
|
|
14
|
|
|
9
|
|
|
15
|
|
|
14
|
|
|
10
|
|
||||||
Other consumer
|
8
|
|
|
8
|
|
|
8
|
|
|
11
|
|
|
12
|
|
|
11
|
|
||||||
Total with a Related Allowance Recorded
|
14,452
|
|
|
14,461
|
|
|
3,023
|
|
|
9,132
|
|
|
9,141
|
|
|
1,763
|
|
||||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
15,068
|
|
|
17,895
|
|
|
—
|
|
|
3,636
|
|
|
4,046
|
|
|
—
|
|
||||||
Commercial and industrial
|
15,934
|
|
|
22,551
|
|
|
—
|
|
|
12,788
|
|
|
14,452
|
|
|
—
|
|
||||||
Commercial construction
|
2,319
|
|
|
3,828
|
|
|
—
|
|
|
15,286
|
|
|
19,198
|
|
|
—
|
|
||||||
Consumer real estate
|
8,527
|
|
|
9,507
|
|
|
—
|
|
|
8,659
|
|
|
9,635
|
|
|
—
|
|
||||||
Other consumer
|
4
|
|
|
10
|
|
|
—
|
|
|
5
|
|
|
18
|
|
|
—
|
|
||||||
Total without a Related Allowance Recorded
|
41,852
|
|
|
53,792
|
|
|
—
|
|
|
40,374
|
|
|
47,349
|
|
|
—
|
|
||||||
Total:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
28,033
|
|
|
30,860
|
|
|
2,046
|
|
|
11,369
|
|
|
11,779
|
|
|
1,295
|
|
||||||
Commercial and industrial
|
16,910
|
|
|
23,535
|
|
|
873
|
|
|
13,672
|
|
|
15,345
|
|
|
360
|
|
||||||
Commercial construction
|
2,808
|
|
|
4,318
|
|
|
87
|
|
|
15,775
|
|
|
19,687
|
|
|
87
|
|
||||||
Consumer real estate
|
8,541
|
|
|
9,521
|
|
|
9
|
|
|
8,674
|
|
|
9,649
|
|
|
10
|
|
||||||
Other consumer
|
12
|
|
|
18
|
|
|
8
|
|
|
16
|
|
|
30
|
|
|
11
|
|
||||||
Total
|
$
|
56,304
|
|
|
$
|
68,252
|
|
|
$
|
3,023
|
|
|
$
|
49,506
|
|
|
$
|
56,490
|
|
|
$
|
1,763
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||||||||||
(dollars in thousands)
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
||||||||
With a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
$
|
12,983
|
|
|
$
|
400
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and industrial
|
980
|
|
|
35
|
|
|
586
|
|
|
11
|
|
||||
Commercial construction
|
489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer real estate
|
14
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Other consumer
|
10
|
|
|
1
|
|
|
42
|
|
|
1
|
|
||||
Total with a Related Allowance Recorded
|
14,476
|
|
|
437
|
|
|
628
|
|
|
12
|
|
||||
Without a related allowance recorded:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
15,107
|
|
|
144
|
|
|
3,817
|
|
|
43
|
|
||||
Commercial and industrial
|
12,780
|
|
|
209
|
|
|
6,688
|
|
|
110
|
|
||||
Commercial construction
|
2,319
|
|
|
140
|
|
|
3,446
|
|
|
36
|
|
||||
Consumer real estate
|
8,846
|
|
|
417
|
|
|
10,816
|
|
|
138
|
|
||||
Other consumer
|
4
|
|
|
—
|
|
|
12
|
|
|
—
|
|
||||
Total without a Related Allowance Recorded
|
39,056
|
|
|
910
|
|
|
24,779
|
|
|
327
|
|
||||
Total:
|
|
|
|
|
|
|
|
||||||||
Commercial real estate
|
28,090
|
|
|
544
|
|
|
3,817
|
|
|
43
|
|
||||
Commercial and industrial
|
13,760
|
|
|
244
|
|
|
7,274
|
|
|
121
|
|
||||
Commercial construction
|
2,808
|
|
|
140
|
|
|
3,446
|
|
|
36
|
|
||||
Consumer real estate
|
8,860
|
|
|
418
|
|
|
10,816
|
|
|
138
|
|
||||
Other consumer
|
14
|
|
|
1
|
|
|
54
|
|
|
1
|
|
||||
Total
|
$
|
53,532
|
|
|
$
|
1,347
|
|
|
$
|
25,407
|
|
|
$
|
339
|
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
Commercial and
Industrial
|
|
Commercial
Construction
|
|
Consumer
Real Estate
|
|
Other
Consumer
|
|
Total
Loans
|
||||||||||||
Balance at beginning of period
|
$
|
33,707
|
|
|
$
|
11,596
|
|
|
$
|
7,983
|
|
|
$
|
6,187
|
|
|
$
|
1,523
|
|
|
$
|
60,996
|
|
Charge-offs
|
(1
|
)
|
|
(5,477
|
)
|
|
—
|
|
|
(162
|
)
|
|
(383
|
)
|
|
(6,023
|
)
|
||||||
Recoveries
|
122
|
|
|
417
|
|
|
—
|
|
|
148
|
|
|
100
|
|
|
787
|
|
||||||
Net Recoveries/(Charge-offs)
|
121
|
|
|
(5,060
|
)
|
|
—
|
|
|
(14
|
)
|
|
(283
|
)
|
|
(5,236
|
)
|
||||||
Provision for loan losses
|
1,075
|
|
|
5,460
|
|
|
(1,226
|
)
|
|
5
|
|
|
335
|
|
|
5,649
|
|
||||||
Balance at End of Period
|
$
|
34,903
|
|
|
$
|
11,996
|
|
|
$
|
6,757
|
|
|
$
|
6,178
|
|
|
$
|
1,575
|
|
|
$
|
61,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||
(dollars in thousands)
|
Commercial
Real Estate
|
|
Commercial and
Industrial
|
|
Commercial
Construction
|
|
Consumer
Real Estate
|
|
Other
Consumer
|
|
Total
Loans
|
||||||||||||
Balance at beginning of period
|
$
|
27,235
|
|
|
$
|
8,966
|
|
|
$
|
13,167
|
|
|
$
|
5,479
|
|
|
$
|
1,543
|
|
|
$
|
56,390
|
|
Charge-offs
|
—
|
|
|
(829
|
)
|
|
—
|
|
|
(161
|
)
|
|
(460
|
)
|
|
(1,450
|
)
|
||||||
Recoveries
|
49
|
|
|
117
|
|
|
1,129
|
|
|
238
|
|
|
101
|
|
|
1,634
|
|
||||||
Net Recoveries/(Charge-offs)
|
49
|
|
|
(712
|
)
|
|
1,129
|
|
|
77
|
|
|
(359
|
)
|
|
184
|
|
||||||
Provision for loan losses
|
3,679
|
|
|
2,218
|
|
|
(3,575
|
)
|
|
(138
|
)
|
|
288
|
|
|
2,472
|
|
||||||
Balance at End of Period
|
$
|
30,963
|
|
|
$
|
10,472
|
|
|
$
|
10,721
|
|
|
$
|
5,418
|
|
|
$
|
1,472
|
|
|
$
|
59,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
||||||
Commercial real estate
|
$
|
2,046
|
|
|
$
|
32,857
|
|
|
$
|
34,903
|
|
|
$
|
28,033
|
|
|
$
|
2,873,592
|
|
|
$
|
2,901,625
|
|
Commercial and industrial
|
873
|
|
|
11,123
|
|
|
11,996
|
|
|
16,910
|
|
|
1,496,097
|
|
|
1,513,007
|
|
||||||
Commercial construction
|
87
|
|
|
6,670
|
|
|
6,757
|
|
|
2,808
|
|
|
242,850
|
|
|
245,658
|
|
||||||
Consumer real estate
|
9
|
|
|
6,169
|
|
|
6,178
|
|
|
8,541
|
|
|
1,195,661
|
|
|
1,204,202
|
|
||||||
Other consumer
|
8
|
|
|
1,567
|
|
|
1,575
|
|
|
12
|
|
|
70,948
|
|
|
70,960
|
|
||||||
Total
|
$
|
3,023
|
|
|
$
|
58,386
|
|
|
$
|
61,409
|
|
|
$
|
56,304
|
|
|
$
|
5,879,148
|
|
|
$
|
5,935,452
|
|
|
|||||||||||||||||||||||
|
December 31, 2018
|
||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
||||||
Commercial real estate
|
$
|
1,295
|
|
|
$
|
32,412
|
|
|
$
|
33,707
|
|
|
$
|
11,369
|
|
|
$
|
2,910,463
|
|
|
$
|
2,921,832
|
|
Commercial and industrial
|
360
|
|
|
11,236
|
|
|
11,596
|
|
|
13,672
|
|
|
1,479,744
|
|
|
1,493,416
|
|
||||||
Commercial construction
|
87
|
|
|
7,896
|
|
|
7,983
|
|
|
15,775
|
|
|
241,422
|
|
|
257,197
|
|
||||||
Consumer real estate
|
10
|
|
|
6,177
|
|
|
6,187
|
|
|
8,674
|
|
|
1,197,983
|
|
|
1,206,657
|
|
||||||
Other consumer
|
11
|
|
|
1,512
|
|
|
1,523
|
|
|
16
|
|
|
67,530
|
|
|
67,546
|
|
||||||
Total
|
$
|
1,763
|
|
|
$
|
59,233
|
|
|
$
|
60,996
|
|
|
$
|
49,506
|
|
|
$
|
5,897,142
|
|
|
$
|
5,946,648
|
|
|
(in thousands, except weighted-averages)
|
March 31, 2019
|
|
||
Operating Lease Expense
|
|
$
|
1,031
|
|
Amortization of ROU Assets - Finance Leases
|
|
23
|
|
|
Interest on Lease Liabilities - Finance Leases
|
|
18
|
|
|
Total Lease Expense
|
|
$
|
1,072
|
|
Operating Leases
|
|
|
||
ROU Assets
|
|
$
|
35,686
|
|
Operating Cash Flows
|
|
$
|
302
|
|
Finance Leases
|
|
|
||
ROU Assets
|
|
$
|
1,213
|
|
Operating Cash Flows
|
|
$
|
18
|
|
Financing Cash Flows
|
|
$
|
11
|
|
Weighted Average Lease Term
|
|
|
||
Operating Leases
|
|
20.4
|
|
|
Finance Leases
|
|
15.5
|
|
|
Weighted Average Discount Rate
|
|
|
||
Operating Leases
|
|
5.98
|
%
|
|
Finance Leases
|
|
6.15
|
%
|
(dollars in thousands)
|
|
|
|
|
|
|
||||||
Maturity Analysis
|
|
Finance
|
|
Operating
|
|
|
Total
|
|
||||
2019
|
|
$
|
105
|
|
|
$
|
2,796
|
|
|
$
|
2,901
|
|
2020
|
|
125
|
|
|
3,615
|
|
|
3,740
|
|
|||
2021
|
|
126
|
|
|
3,599
|
|
|
3,725
|
|
|||
2022
|
|
128
|
|
|
3,682
|
|
|
3,810
|
|
|||
2023
|
|
129
|
|
|
3,697
|
|
|
3,826
|
|
|||
Thereafter
|
|
1,375
|
|
|
59,336
|
|
|
60,711
|
|
|||
Total
|
|
$
|
1,988
|
|
|
$
|
76,725
|
|
|
$
|
78,713
|
|
Less: Present value discount
|
|
(753
|
)
|
|
(36,500
|
)
|
|
(37,253
|
)
|
|||
Lease Liabilities
|
|
$
|
1,235
|
|
|
$
|
40,225
|
|
|
$
|
41,460
|
|
|
|
Derivatives
(included in Other Assets)
|
|
|
Derivatives
(included in Other Liabilities)
|
||||||||||||||
(dollars in thousands)
|
March 31, 2019
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
|
December 31, 2018
|
|
||||||||
Derivatives not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Swap Contracts - Commercial Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
$
|
10,645
|
|
|
|
$
|
5,504
|
|
|
|
$
|
10,602
|
|
|
|
$
|
5,340
|
|
Notional amount
|
|
367,258
|
|
|
|
325,750
|
|
|
|
367,258
|
|
|
|
325,750
|
|
||||
Collateral received/posted
|
|
—
|
|
|
|
160
|
|
|
|
10,053
|
|
|
|
—
|
|
||||
Interest Rate Lock Commitments - Mortgage Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
339
|
|
|
|
251
|
|
|
|
—
|
|
|
|
—
|
|
||||
Notional amount
|
|
10,554
|
|
|
|
6,054
|
|
|
|
—
|
|
|
|
—
|
|
||||
Forward Sale Contracts - Mortgage Loans
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Fair value
|
|
88
|
|
|
|
55
|
|
|
|
—
|
|
|
|
—
|
|
||||
Notional amount
|
|
$
|
9,375
|
|
|
|
$
|
6,000
|
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
|
Derivatives
(included in Other Assets)
|
|
Derivatives
(included in Other Liabilities)
|
||||||||||||||||
(dollars in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
Derivatives not Designated as Hedging Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross amounts recognized
|
|
$
|
12,236
|
|
|
|
$
|
8,733
|
|
|
|
$
|
12,193
|
|
|
|
$
|
8,569
|
|
Gross amounts offset
|
|
(1,591
|
)
|
|
|
(3,229
|
)
|
|
|
(1,591
|
)
|
|
|
(3,229
|
)
|
||||
Net Amounts Presented in the Consolidated Balance Sheets
|
|
10,645
|
|
|
|
5,504
|
|
|
|
10,602
|
|
|
|
5,340
|
|
||||
Gross amounts not offset
(1)
|
|
—
|
|
|
|
(160
|
)
|
|
|
(10,053
|
)
|
|
|
—
|
|
||||
Net Amount
|
|
$
|
10,645
|
|
|
|
$
|
5,344
|
|
|
|
$
|
549
|
|
|
|
$
|
5,340
|
|
|
Three Months Ended March 31,
|
||||||||
(dollars in thousands)
|
2019
|
|
2018
|
||||||
Derivatives not Designated as Hedging Instruments
|
|
|
|
|
|
||||
Interest rate swap contracts—commercial loans
|
|
$
|
(122
|
)
|
|
|
$
|
145
|
|
Interest rate lock commitments—mortgage loans
|
|
88
|
|
|
|
25
|
|
||
Forward sale contracts—mortgage loans
|
|
33
|
|
|
|
60
|
|
||
Total Derivatives (Loss)/Gain
|
|
$
|
(1
|
)
|
|
|
$
|
230
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
(dollars in thousands)
|
Balance
|
Weighted
Average Rate |
|
Balance
|
Weighted
Average Rate |
||||||||||
Short-term Borrowings
|
|
|
|
|
|
|
|
|
|
||||||
Securities sold under repurchase agreements
|
|
$
|
23,427
|
|
|
0.55
|
%
|
|
|
$
|
18,383
|
|
|
0.46
|
%
|
Short-term borrowings
|
|
235,000
|
|
|
2.71
|
%
|
|
|
470,000
|
|
|
2.65
|
%
|
||
Total Short-term Borrowings
|
|
258,427
|
|
|
2.51
|
%
|
|
|
488,383
|
|
|
2.57
|
%
|
||
Long-term Borrowings
|
|
|
|
|
|
|
|
|
|
||||||
Long-term borrowings
|
|
70,418
|
|
|
2.78
|
%
|
|
|
70,314
|
|
|
2.84
|
%
|
||
Junior subordinated debt securities
|
|
45,619
|
|
|
5.07
|
%
|
|
|
45,619
|
|
|
5.25
|
%
|
||
Total Long-term Borrowings
|
|
116,037
|
|
|
3.68
|
%
|
|
|
115,933
|
|
|
3.79
|
%
|
||
Total Borrowings
|
|
$
|
374,464
|
|
|
2.87
|
%
|
|
|
$
|
604,316
|
|
|
2.80
|
%
|
(dollars in thousands)
|
March 31, 2019
|
|
|
December 31, 2018
|
|
||||
Commitments to extend credit
|
|
$
|
1,463,108
|
|
|
|
$
|
1,464,892
|
|
Standby letters of credit
|
|
74,572
|
|
|
|
77,134
|
|
||
Total
|
|
$
|
1,537,680
|
|
|
|
$
|
1,542,026
|
|
(dollars in thousands)
|
|
Three Months Ended March 31,
|
||||||
Revenue Streams
|
Point of Revenue Recognition
|
2019
|
|
|
2018
|
|
||
Service charges on deposit accounts
|
Over a period of time
|
$
|
457
|
|
|
$
|
533
|
|
|
At a point in time
|
2,696
|
|
|
2,708
|
|
||
|
|
$
|
3,153
|
|
|
$
|
3,241
|
|
|
|
|
|
|
||||
Debit and credit card
|
Over a period time
|
$
|
185
|
|
|
$
|
188
|
|
|
At a point in time
|
2,789
|
|
|
2,849
|
|
||
|
|
$
|
2,974
|
|
|
$
|
3,037
|
|
|
|
|
|
|
||||
Wealth management
|
Over a period of time
|
$
|
1,635
|
|
|
$
|
1,879
|
|
|
At a point in time
|
413
|
|
|
803
|
|
||
|
|
$
|
2,048
|
|
|
$
|
2,682
|
|
|
|
|
|
|
||||
Other fee revenue
|
At a point in time
|
$
|
919
|
|
|
$
|
921
|
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Pre-Tax
Amount
|
|
|
Tax
(Expense)
Benefit
|
|
|
Net of Tax
Amount
|
|
|
Pre-Tax
Amount
|
|
|
Tax Benefit (Expense)
|
|
|
Net of Tax
Amount
|
|
||||||||||||
Change in net unrealized gains/(losses) on debt securities available-for-sale
|
|
$
|
7,398
|
|
|
|
$
|
(1,578
|
)
|
|
|
$
|
5,820
|
|
|
|
$
|
(9,474
|
)
|
|
|
$
|
2,012
|
|
|
|
$
|
(7,462
|
)
|
Reclassification adjustment for net (gains)/losses on debt securities available-for-sale included in net income
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
||||||
Adjustment to funded status of employee benefit plans
|
|
453
|
|
|
|
(97
|
)
|
|
|
356
|
|
|
|
621
|
|
|
|
(132
|
)
|
|
|
489
|
|
||||||
Other Comprehensive Income/(Loss)
|
|
$
|
7,851
|
|
|
|
$
|
(1,675
|
)
|
|
|
$
|
6,176
|
|
|
|
$
|
(8,853
|
)
|
|
|
$
|
1,880
|
|
|
|
$
|
(6,973
|
)
|
|
Three Months Ended March 31,
|
||||||||
(dollars in thousands)
|
2019
|
|
2018
|
||||||
Components of Net Periodic Pension Cost
|
|
|
|
|
|
||||
Interest cost on projected benefit obligation
|
|
$
|
989
|
|
|
|
$
|
967
|
|
Expected return on plan assets
|
|
(1,180
|
)
|
|
|
(1,567
|
)
|
||
Net amortization
|
|
394
|
|
|
|
544
|
|
||
Net Periodic Pension Expense
|
|
$
|
203
|
|
|
|
$
|
(56
|
)
|
|
Three Months Ended March 31,
|
||||||||
(dollars in thousands)
|
2019
|
|
2018
|
||||||
Total interest income
|
|
$
|
78,590
|
|
|
|
$
|
68,029
|
|
Total interest expense
|
|
18,234
|
|
|
|
11,097
|
|
||
Net Interest Income per Consolidated Statements of Comprehensive Income
|
|
60,356
|
|
|
|
56,932
|
|
||
Adjustment to FTE basis
|
|
961
|
|
|
|
940
|
|
||
Net Interest Income on an FTE Basis (Non-GAAP)
|
|
$
|
61,317
|
|
|
|
$
|
57,872
|
|
Net interest margin
|
|
3.65
|
%
|
|
|
3.53
|
%
|
||
Adjustment to FTE basis
|
|
0.06
|
%
|
|
|
0.06
|
%
|
||
Net Interest Margin on an FTE Basis (Non-GAAP)
|
|
3.71
|
%
|
|
|
3.59
|
%
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||
(dollars in thousands)
|
Average Balance
|
Interest
|
Rate
|
|
Average Balance
|
Interest
|
Rate
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing deposits with banks
|
$
|
53,588
|
|
|
$
|
352
|
|
2.63
|
%
|
|
$
|
56,008
|
|
|
$
|
230
|
|
1.65
|
%
|
Securities, at fair value
(2)(3)
|
680,517
|
|
|
4,558
|
|
2.68
|
%
|
|
686,912
|
|
|
4,353
|
|
2.53
|
%
|
||||
Loans held for sale
|
894
|
|
|
9
|
|
4.07
|
%
|
|
1,949
|
|
|
28
|
|
5.65
|
%
|
||||
Commercial real estate
|
2,905,272
|
|
|
35,964
|
|
5.02
|
%
|
|
2,690,990
|
|
|
30,307
|
|
4.57
|
%
|
||||
Commercial and industrial
|
1,508,658
|
|
|
19,333
|
|
5.20
|
%
|
|
1,431,588
|
|
|
15,560
|
|
4.41
|
%
|
||||
Commercial construction
|
249,997
|
|
|
3,312
|
|
5.37
|
%
|
|
375,129
|
|
|
4,176
|
|
4.51
|
%
|
||||
Total Commercial Loans
|
4,663,927
|
|
|
58,609
|
|
5.10
|
%
|
|
4,497,707
|
|
|
50,043
|
|
4.51
|
%
|
||||
Residential mortgage
|
722,554
|
|
|
7,869
|
|
4.38
|
%
|
|
694,303
|
|
|
7,241
|
|
4.19
|
%
|
||||
Home equity
|
467,739
|
|
|
6,269
|
|
5.44
|
%
|
|
481,053
|
|
|
5,299
|
|
4.47
|
%
|
||||
Installment and other consumer
|
69,099
|
|
|
1,222
|
|
7.17
|
%
|
|
66,861
|
|
|
1,103
|
|
6.69
|
%
|
||||
Consumer construction
|
9,466
|
|
|
144
|
|
6.19
|
%
|
|
3,810
|
|
|
44
|
|
4.69
|
%
|
||||
Total Consumer Loans
|
1,268,858
|
|
|
15,504
|
|
4.93
|
%
|
|
1,246,027
|
|
|
13,687
|
|
4.43
|
%
|
||||
Total Portfolio Loans
|
5,932,785
|
|
|
74,113
|
|
5.06
|
%
|
|
5,743,734
|
|
|
63,730
|
|
4.50
|
%
|
||||
Total Loans
(1)(2)
|
5,933,679
|
|
|
74,122
|
|
5.06
|
%
|
|
5,745,683
|
|
|
63,758
|
|
4.50
|
%
|
||||
Federal Home Loan Bank and other restricted stock
|
24,471
|
|
|
519
|
|
8.49
|
%
|
|
31,216
|
|
|
628
|
|
8.05
|
%
|
||||
Total Interest-earning Assets
|
6,692,255
|
|
|
79,551
|
|
4.81
|
%
|
|
6,519,819
|
|
|
68,969
|
|
4.28
|
%
|
||||
Noninterest-earning assets
|
518,500
|
|
|
|
|
|
488,808
|
|
|
|
|
||||||||
Total Assets
|
$
|
7,210,755
|
|
|
|
|
|
$
|
7,008,627
|
|
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing demand
|
$
|
545,695
|
|
|
$
|
553
|
|
0.41
|
%
|
|
$
|
575,377
|
|
|
$
|
368
|
|
0.26
|
%
|
Money market
|
1,568,417
|
|
|
7,292
|
|
1.89
|
%
|
|
1,194,053
|
|
|
3,232
|
|
1.10
|
%
|
||||
Savings
|
770,587
|
|
|
472
|
|
0.25
|
%
|
|
874,318
|
|
|
437
|
|
0.20
|
%
|
||||
Certificates of deposit
|
1,434,511
|
|
|
6,664
|
|
1.88
|
%
|
|
1,355,617
|
|
|
3,808
|
|
1.14
|
%
|
||||
Total Interest-bearing Deposits
|
4,319,210
|
|
|
14,981
|
|
1.41
|
%
|
|
3,999,365
|
|
|
7,845
|
|
0.80
|
%
|
||||
Securities sold under repurchase agreements
|
23,170
|
|
|
29
|
|
0.52
|
%
|
|
47,774
|
|
|
46
|
|
0.39
|
%
|
||||
Short-term borrowings
|
319,389
|
|
|
2,145
|
|
2.72
|
%
|
|
596,014
|
|
|
2,508
|
|
1.71
|
%
|
||||
Long-term borrowings
|
70,196
|
|
|
493
|
|
2.84
|
%
|
|
46,938
|
|
|
232
|
|
1.99
|
%
|
||||
Junior subordinated debt securities
|
45,619
|
|
|
586
|
|
5.21
|
%
|
|
45,619
|
|
|
466
|
|
4.14
|
%
|
||||
Total Borrowings
|
458,374
|
|
|
3,253
|
|
2.88
|
%
|
|
736,345
|
|
|
3,252
|
|
1.79
|
%
|
||||
Total Interest-bearing Liabilities
|
4,777,584
|
|
|
18,234
|
|
1.55
|
%
|
|
4,735,710
|
|
|
11,097
|
|
0.95
|
%
|
||||
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest-bearing liabilities
|
1,488,057
|
|
|
|
|
|
1,383,109
|
|
|
|
|
||||||||
Shareholders’ equity
|
945,114
|
|
|
|
|
|
889,808
|
|
|
|
|
||||||||
Total Liabilities and Shareholders’ Equity
|
$
|
7,210,755
|
|
|
|
|
|
$
|
7,008,627
|
|
|
|
|
||||||
Net Interest Income
(2)(3)
|
|
|
$
|
61,317
|
|
|
|
|
|
$
|
57,872
|
|
|
||||||
Net Interest Margin
(2)(3)
|
|
|
|
3.71
|
%
|
|
|
|
|
3.59
|
%
|
|
Three Months Ended March 31, 2019 Compared to March 31, 2018
|
||||||||
(dollars in thousands)
|
Volume
(4)
|
Rate
(4)
|
Total
|
||||||
Interest earned on:
|
|
|
|
||||||
Interest-bearing deposits with banks
|
$
|
(9
|
)
|
$
|
131
|
|
$
|
122
|
|
Securities, at fair value
(2)(3)
|
(40
|
)
|
245
|
|
205
|
|
|||
Loans held for sale
|
(15
|
)
|
(4
|
)
|
(19
|
)
|
|||
Commercial real estate
|
2,413
|
|
3,244
|
|
5,657
|
|
|||
Commercial and industrial
|
838
|
|
2,935
|
|
3,773
|
|
|||
Commercial construction
|
(1,393
|
)
|
529
|
|
(864
|
)
|
|||
Total Commercial Loans
|
1,858
|
|
6,708
|
|
8,566
|
|
|||
Residential mortgage
|
294
|
|
334
|
|
628
|
|
|||
Home equity
|
(147
|
)
|
1,117
|
|
970
|
|
|||
Installment and other consumer
|
37
|
|
82
|
|
119
|
|
|||
Consumer construction
|
65
|
|
35
|
|
100
|
|
|||
Total Consumer Loans
|
249
|
|
1,567
|
|
1,817
|
|
|||
Total Portfolio Loans
|
2,107
|
|
8,275
|
|
10,383
|
|
|||
Total Loans
(1)(2)
|
2,092
|
|
8,271
|
|
10,364
|
|
|||
Federal Home Loan Bank and other restricted stock
|
(136
|
)
|
27
|
|
(109
|
)
|
|||
Change in Interest Earned on Interest-earning Assets
|
$
|
1,907
|
|
$
|
8,674
|
|
$
|
10,582
|
|
Interest paid on:
|
|
|
|
||||||
Interest-bearing demand
|
|
($19
|
)
|
|
$204
|
|
|
$185
|
|
Money market
|
1,014
|
|
3,046
|
|
4,060
|
|
|||
Savings
|
(52
|
)
|
87
|
|
35
|
|
|||
Certificates of deposit
|
222
|
|
2,634
|
|
2,856
|
|
|||
Total Interest-bearing Deposits
|
1,165
|
|
5,970
|
|
7,136
|
|
|||
Securities sold under repurchase agreements
|
(24
|
)
|
7
|
|
(17
|
)
|
|||
Short-term borrowings
|
(1,164
|
)
|
801
|
|
(363
|
)
|
|||
Long-term borrowings
|
115
|
|
146
|
|
261
|
|
|||
Junior subordinated debt securities
|
—
|
|
120
|
|
120
|
|
|||
Total Borrowings
|
(1,073
|
)
|
1,074
|
|
1
|
|
|||
Change in Interest Paid on Interest-bearing Liabilities
|
92
|
|
7,044
|
|
7,137
|
|
|||
Change in Net Interest Income
|
$
|
1,815
|
|
$
|
1,630
|
|
$
|
3,445
|
|
|
Three Months Ended March 31,
|
||||||||||||||
(dollars in thousands)
|
2019
|
2018
|
$ Change
|
% Change
|
|||||||||||
Service charges on deposit accounts
|
|
$
|
3,153
|
|
|
$
|
3,241
|
|
|
$
|
(88
|
)
|
|
(2.7
|
)%
|
Debit and credit card
|
|
2,974
|
|
|
3,037
|
|
|
(63
|
)
|
|
(2.1
|
)
|
|||
Wealth management
|
|
2,048
|
|
|
2,682
|
|
|
(634
|
)
|
|
(23.6
|
)
|
|||
Mortgage banking
|
|
494
|
|
|
602
|
|
|
(108
|
)
|
|
(17.9
|
)
|
|||
Gain on sale of a majority interest of insurance business
|
|
—
|
|
|
1,873
|
|
|
(1,873
|
)
|
|
(100.0
|
)
|
|||
Other
|
|
2,693
|
|
|
2,357
|
|
|
336
|
|
|
14.3
|
|
|||
Total Noninterest Income
|
|
$
|
11,362
|
|
|
$
|
13,792
|
|
|
$
|
(2,430
|
)
|
|
(17.6
|
)%
|
|
Three Months Ended March 31,
|
||||||||||||||
(dollars in thousands)
|
2019
|
2018
|
$ Change
|
% Change
|
|||||||||||
Salaries and employee benefits
|
|
$
|
20,910
|
|
|
$
|
18,815
|
|
|
$
|
2,095
|
|
|
11.1
|
%
|
Data processing and information technology
|
|
3,233
|
|
|
2,325
|
|
|
908
|
|
|
39.0
|
|
|||
Net occupancy
|
|
3,036
|
|
|
2,873
|
|
|
163
|
|
|
5.7
|
|
|||
Furniture, equipment and software
|
|
2,230
|
|
|
1,957
|
|
|
273
|
|
|
14.0
|
|
|||
Other taxes
|
|
1,185
|
|
|
1,848
|
|
|
(663
|
)
|
|
(35.9
|
)
|
|||
Professional services and legal
|
|
1,184
|
|
|
1,051
|
|
|
133
|
|
|
12.6
|
|
|||
Marketing
|
|
1,141
|
|
|
702
|
|
|
439
|
|
|
62.6
|
|
|||
FDIC insurance
|
|
516
|
|
|
1,108
|
|
|
(592
|
)
|
|
(53.4
|
)
|
|||
Other
|
|
5,484
|
|
|
5,403
|
|
|
81
|
|
|
1.5
|
|
|||
Total Noninterest Expense
|
|
$
|
38,919
|
|
|
$
|
36,082
|
|
|
$
|
2,837
|
|
|
7.9
|
%
|
(dollars in thousands)
|
March 31, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
||||||
U.S. treasury securities
|
|
$
|
9,837
|
|
|
|
$
|
9,736
|
|
|
|
$
|
101
|
|
Obligations of U.S. government corporations and agencies
|
|
129,369
|
|
|
|
128,261
|
|
|
|
1,108
|
|
|||
Collateralized mortgage obligations of U.S. government corporations and agencies
|
|
154,159
|
|
|
|
148,659
|
|
|
|
5,500
|
|
|||
Residential mortgage-backed securities of U.S. government corporations and agencies
|
|
22,514
|
|
|
|
24,350
|
|
|
|
(1,836
|
)
|
|||
Commercial mortgage-backed securities of U.S. government corporations and agencies
|
|
237,554
|
|
|
|
246,784
|
|
|
|
(9,230
|
)
|
|||
Obligations of states and political subdivisions
|
|
122,489
|
|
|
|
122,266
|
|
|
|
223
|
|
|||
Debt Securities Available-for-Sale
|
|
675,922
|
|
|
|
680,056
|
|
|
|
(4,134
|
)
|
|||
Marketable equity securities
|
|
4,498
|
|
|
|
4,816
|
|
|
|
(318
|
)
|
|||
Total Securities
|
|
$
|
680,420
|
|
|
|
$
|
684,872
|
|
|
|
$
|
(4,452
|
)
|
|
March 31, 2019
|
|
|
December 31, 2018
|
||||||||
(dollars in thousands)
|
Amount
|
% of Loans
|
|
|
Amount
|
% of Loans
|
||||||
Commercial
|
|
|
|
|
|
|
||||||
Commercial real estate
|
$
|
2,901,625
|
|
48.88
|
%
|
|
|
$
|
2,921,832
|
|
49.13
|
%
|
Commercial and industrial
|
1,513,007
|
|
25.49
|
%
|
|
|
1,493,416
|
|
25.11
|
%
|
||
Construction
|
245,658
|
|
4.14
|
%
|
|
|
257,197
|
|
4.33
|
%
|
||
Total Commercial Loans
|
4,660,290
|
|
78.52
|
%
|
|
|
4,672,445
|
|
78.57
|
%
|
||
Consumer
|
|
|
|
|
|
|
||||||
Residential mortgage
|
729,914
|
|
12.30
|
%
|
|
|
726,679
|
|
12.22
|
%
|
||
Home equity
|
463,566
|
|
7.81
|
|
|
|
471,562
|
|
7.93
|
|
||
Installment and other consumer
|
70,960
|
|
1.20
|
|
|
|
67,546
|
|
1.14
|
|
||
Construction
|
10,722
|
|
0.18
|
|
|
|
8,416
|
|
0.14
|
|
||
Total Consumer Loans
|
1,275,162
|
|
21.48
|
%
|
|
|
1,274,203
|
|
21.43
|
%
|
||
Total Portfolio Loans
|
5,935,452
|
|
100.00
|
%
|
|
|
5,946,648
|
|
100.00
|
%
|
||
Loans Held for Sale
|
2,706
|
|
|
|
|
2,371
|
|
|
||||
Total Loans
|
$
|
5,938,158
|
|
|
|
|
$
|
5,949,019
|
|
|
|
March 31, 2019
|
||||||||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
|
Individually
Evaluated for
Impairment
|
|
|
Collectively
Evaluated for
Impairment
|
|
|
Total
|
|
||||||||||||
Commercial real estate
|
|
$
|
2,046
|
|
|
|
$
|
32,857
|
|
|
|
$
|
34,903
|
|
|
|
$
|
28,033
|
|
|
|
$
|
2,873,592
|
|
|
|
$
|
2,901,625
|
|
Commercial and industrial
|
|
873
|
|
|
|
11,123
|
|
|
|
11,996
|
|
|
|
16,910
|
|
|
|
1,496,097
|
|
|
|
1,513,007
|
|
||||||
Commercial construction
|
|
87
|
|
|
|
6,670
|
|
|
|
6,757
|
|
|
|
2,808
|
|
|
|
242,850
|
|
|
|
245,658
|
|
||||||
Consumer real estate
|
|
9
|
|
|
|
6,169
|
|
|
|
6,178
|
|
|
|
8,541
|
|
|
|
1,195,661
|
|
|
|
1,204,202
|
|
||||||
Other consumer
|
|
8
|
|
|
|
1,567
|
|
|
|
1,575
|
|
|
|
12
|
|
|
|
70,948
|
|
|
|
70,960
|
|
||||||
Total
|
|
$
|
3,023
|
|
|
|
$
|
58,386
|
|
|
|
$
|
61,409
|
|
|
|
$
|
56,304
|
|
|
|
$
|
5,879,148
|
|
|
|
$
|
5,935,452
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Allowance for Loan Losses
|
|
Portfolio Loans
|
||||||||||||||||||||||||||
(dollars in thousands)
|
Individually
Evaluated for Impairment |
|
|
Collectively
Evaluated for Impairment |
|
|
Total
|
|
|
Individually
Evaluated for Impairment |
|
|
Collectively
Evaluated for Impairment |
|
|
Total
|
|
||||||||||||
Commercial real estate
|
|
$
|
1,295
|
|
|
|
$
|
32,412
|
|
|
|
$
|
33,707
|
|
|
|
$
|
11,369
|
|
|
|
$
|
2,910,463
|
|
|
|
$
|
2,921,832
|
|
Commercial and industrial
|
|
360
|
|
|
|
11,236
|
|
|
|
11,596
|
|
|
|
13,672
|
|
|
|
1,479,744
|
|
|
|
1,493,416
|
|
||||||
Commercial construction
|
|
87
|
|
|
|
7,896
|
|
|
|
7,983
|
|
|
|
15,775
|
|
|
|
241,422
|
|
|
|
257,197
|
|
||||||
Consumer real estate
|
|
10
|
|
|
|
6,177
|
|
|
|
6,187
|
|
|
|
8,674
|
|
|
|
1,197,983
|
|
|
|
1,206,657
|
|
||||||
Other consumer
|
|
11
|
|
|
|
1,512
|
|
|
|
1,523
|
|
|
|
16
|
|
|
|
67,530
|
|
|
|
67,546
|
|
||||||
Total
|
|
$
|
1,763
|
|
|
|
$
|
59,233
|
|
|
|
$
|
60,996
|
|
|
|
$
|
49,506
|
|
|
|
$
|
5,897,142
|
|
|
|
$
|
5,946,648
|
|
|
March 31, 2019
|
|
|
December 31, 2018
|
|
Ratio of net charge-offs to average loans outstanding
|
0.36
|
%
|
*
|
0.18
|
%
|
Allowance for loan losses as a percentage of total loans
|
1.03
|
%
|
|
1.03
|
%
|
Allowance for loan losses to nonperforming loans
|
128
|
%
|
|
144
|
%
|
(dollars in thousands)
|
March 31, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
||||||
Nonperforming Loans
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
$
|
28,035
|
|
|
|
$
|
10,913
|
|
|
|
$
|
17,122
|
|
Commercial and industrial
|
|
3,346
|
|
|
|
2,314
|
|
|
|
1,032
|
|
|||
Commercial construction
|
|
820
|
|
|
|
13,787
|
|
|
|
(12,967
|
)
|
|||
Residential mortgage
|
|
5,110
|
|
|
|
5,585
|
|
|
|
(475
|
)
|
|||
Home equity
|
|
2,740
|
|
|
|
2,349
|
|
|
|
391
|
|
|||
Installment and other consumer
|
|
26
|
|
|
|
37
|
|
|
|
(11
|
)
|
|||
Total Nonperforming Loans
|
|
40,077
|
|
|
|
34,985
|
|
|
|
5,092
|
|
|||
Nonperforming Troubled Debt Restructurings
|
|
|
|
|
|
|
|
|
||||||
Commercial real estate
|
|
1,074
|
|
|
|
1,139
|
|
|
|
(65
|
)
|
|||
Commercial and industrial
|
|
3,463
|
|
|
|
6,646
|
|
|
|
(3,183
|
)
|
|||
Commercial construction
|
|
406
|
|
|
|
406
|
|
|
|
—
|
|
|||
Residential mortgage
|
|
1,520
|
|
|
|
1,543
|
|
|
|
(23
|
)
|
|||
Home equity
|
|
1,406
|
|
|
|
1,349
|
|
|
|
57
|
|
|||
Installment and other consumer
|
|
4
|
|
|
|
5
|
|
|
|
(1
|
)
|
|||
Total Nonperforming Troubled Debt Restructurings
|
|
7,873
|
|
|
|
11,088
|
|
|
|
(3,215
|
)
|
|||
Total Nonperforming Loans
|
|
47,950
|
|
|
|
46,073
|
|
|
|
1,877
|
|
|||
OREO
|
|
2,828
|
|
|
|
3,092
|
|
|
|
(264
|
)
|
|||
Total Nonperforming Assets
|
|
$
|
50,778
|
|
|
|
$
|
49,165
|
|
|
|
$
|
1,613
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
||||||
Nonperforming loans as a percent of total loans
|
|
0.81
|
%
|
|
|
0.77
|
%
|
|
|
|
||||
Nonperforming assets as a percent of total loans plus OREO
|
|
0.85
|
%
|
|
|
0.83
|
%
|
|
|
|
(dollars in thousands)
|
March 31, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
||||||
Customer Deposits
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing demand
|
|
$
|
1,423,436
|
|
|
|
$
|
1,421,156
|
|
|
|
$
|
2,280
|
|
Interest-bearing demand
|
|
538,589
|
|
|
|
567,492
|
|
|
|
(28,903
|
)
|
|||
Money market
|
|
1,399,245
|
|
|
|
1,178,211
|
|
|
|
221,034
|
|
|||
Savings
|
|
767,175
|
|
|
|
784,970
|
|
|
|
(17,795
|
)
|
|||
Certificates of deposit
|
|
1,300,291
|
|
|
|
1,261,704
|
|
|
|
38,587
|
|
|||
Total Customer Deposits
|
|
5,428,736
|
|
|
|
5,213,533
|
|
|
|
215,203
|
|
|||
Brokered Deposits
|
|
|
|
|
|
|
|
|
||||||
Interest-bearing demand
|
|
2,464
|
|
|
|
6,201
|
|
|
|
(3,737
|
)
|
|||
Money market
|
|
301,719
|
|
|
|
303,854
|
|
|
|
(2,135
|
)
|
|||
Certificates of deposit
|
|
100,482
|
|
|
|
150,334
|
|
|
|
(49,852
|
)
|
|||
Total Brokered Deposits
|
|
403,666
|
|
|
|
460,389
|
|
|
|
(55,724
|
)
|
|||
Total Deposits
|
|
$
|
5,832,502
|
|
|
|
$
|
5,673,922
|
|
|
|
$
|
159,479
|
|
(dollars in thousands)
|
March 31, 2019
|
|
|
December 31, 2018
|
|
|
$ Change
|
|
||||||
Securities sold under repurchase agreements
|
|
$
|
23,427
|
|
|
|
$
|
18,383
|
|
|
|
$
|
5,044
|
|
Short-term borrowings
|
|
235,000
|
|
|
|
470,000
|
|
|
|
(235,000
|
)
|
|||
Long-term borrowings
|
|
70,418
|
|
|
|
70,314
|
|
|
|
104
|
|
|||
Junior subordinated debt securities
|
|
45,619
|
|
|
|
45,619
|
|
|
|
—
|
|
|||
Total Borrowings
|
|
$
|
374,464
|
|
|
|
$
|
604,316
|
|
|
|
$
|
(229,852
|
)
|
|
Securities Sold Under Repurchase Agreements
|
||||||
(dollars in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Balance at the period end
|
$
|
23,427
|
|
|
$
|
18,383
|
|
Average balance during the period
|
23,170
|
|
|
45,992
|
|
||
Average interest rate during the period
|
0.52
|
%
|
|
0.48
|
%
|
||
Maximum month-end balance during the period
|
$
|
23,427
|
|
|
$
|
54,579
|
|
Average interest rate at the period end
|
0.55
|
%
|
|
0.46
|
%
|
||
|
|
|
|
||||
|
Short-Term Borrowings
|
||||||
(dollars in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Balance at the period end
|
$
|
235,000
|
|
|
$
|
540,000
|
|
Average balance during the period
|
319,389
|
|
|
644,864
|
|
||
Average interest rate during the period
|
2.72
|
%
|
|
1.15
|
%
|
||
Maximum month-end balance during the period
|
$
|
425,000
|
|
|
$
|
734,600
|
|
Average interest rate at the period end
|
2.71
|
%
|
|
1.47
|
%
|
|
Long-Term Borrowings
|
||||||
(dollars in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Balance at the period end
|
$
|
70,418
|
|
|
$
|
70,314
|
|
Average balance during the period
|
70,196
|
|
|
47,986
|
|
||
Average interest rate during the period
|
2.84
|
%
|
|
2.35
|
%
|
||
Maximum month-end balance during the period
|
$
|
70,418
|
|
|
$
|
70,314
|
|
Average interest rate at the period end
|
2.78
|
%
|
|
2.84
|
%
|
||
|
|
|
|
||||
|
Junior Subordinated Debt Securities
|
||||||
(dollars in thousands)
|
March 31, 2019
|
|
December 31, 2018
|
||||
Balance at the period end
|
$
|
45,619
|
|
|
$
|
45,619
|
|
Average balance during the period
|
45,619
|
|
|
45,619
|
|
||
Average interest rate during the period
|
5.21
|
%
|
|
3.65
|
%
|
||
Maximum month-end balance during the period
|
$
|
45,619
|
|
|
$
|
45,619
|
|
Average interest rate at the period end
|
5.07
|
%
|
|
3.78
|
%
|
(dollars in thousands)
|
Adequately
Capitalized
|
Well-
Capitalized
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||
|
Amount
|
Ratio
|
|
Amount
|
Ratio
|
|||||||||||
S&T Bancorp, Inc.
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 leverage
|
4.00
|
%
|
5.00
|
%
|
|
$
|
691,112
|
|
9.96
|
%
|
|
$
|
689,778
|
|
10.05
|
%
|
Common equity tier 1 to risk-weighted assets
|
4.50
|
%
|
6.50
|
%
|
|
671,112
|
|
11.35
|
%
|
|
669,778
|
|
11.38
|
%
|
||
Tier 1 capital to risk-weighted assets
|
6.00
|
%
|
8.00
|
%
|
|
691,112
|
|
11.69
|
%
|
|
689,778
|
|
11.72
|
%
|
||
Total capital to risk-weighted assets
|
8.00
|
%
|
10.00
|
%
|
|
779,695
|
|
13.19
|
%
|
|
777,913
|
|
13.21
|
%
|
||
S&T Bank
|
|
|
|
|
|
|
|
|
||||||||
Tier 1 leverage
|
4.00
|
%
|
5.00
|
%
|
|
$
|
659,336
|
|
9.52
|
%
|
|
$
|
659,304
|
|
9.63
|
%
|
Common equity tier 1 to risk-weighted assets
|
4.50
|
%
|
6.50
|
%
|
|
659,336
|
|
11.19
|
%
|
|
659,304
|
|
11.23
|
%
|
||
Tier 1 capital to risk-weighted assets
|
6.00
|
%
|
8.00
|
%
|
|
659,336
|
|
11.19
|
%
|
|
659,304
|
|
11.23
|
%
|
||
Total capital to risk-weighted assets
|
8.00
|
%
|
10.00
|
%
|
|
747,919
|
|
12.69
|
%
|
|
747,438
|
|
12.73
|
%
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||
|
1 - 12 Months
|
|
|
13 - 24 Months
|
|
|
% Change in EVE
|
|
|
1 - 12 Months
|
|
|
13 - 24 Months
|
|
|
% Change in EVE
|
|
Change in Interest Rate (
basis points
)
|
% Change in Pretax Net Interest Income
|
|
|
% Change in Pretax Net Interest Income
|
|
|
|
% Change in Pretax Net Interest Income
|
|
|
% Change in Pretax Net Interest Income
|
|
|
||||
400
|
10.9
|
%
|
|
12.7
|
%
|
|
(5.7
|
)%
|
|
8.3
|
%
|
|
11.6
|
%
|
|
(10.0
|
)%
|
300
|
8.1
|
|
|
9.3
|
|
|
(0.7
|
)
|
|
6.1
|
|
|
8.5
|
|
|
(4.6
|
)
|
200
|
5.4
|
|
|
6.2
|
|
|
2.4
|
|
|
4.0
|
|
|
5.6
|
|
|
0.6
|
|
100
|
2.8
|
|
|
3.4
|
|
|
3.2
|
|
|
2.2
|
|
|
3.1
|
|
|
1.4
|
|
(100)
|
(4.5
|
)
|
|
(5.7
|
)
|
|
(9.5
|
)
|
|
(3.8
|
)
|
|
(5.4
|
)
|
|
(7.5
|
)
|
(200)
|
(9.1
|
)
|
|
(11.7
|
)
|
|
(21.0
|
)
|
|
NA
|
|
|
NA
|
|
|
NA
|
|
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
|
|
||
01/01/2019 - 01/31/2019
|
|
—
|
|
|
|
$—
|
|
|
—
|
|
|
|
$37,742,049
|
|
|
|
|
|
|
|
|
|
|
||||||
02/01/2019 - 02/28/2019
|
|
66,406
|
|
|
39.24
|
|
|
66,406
|
|
|
35,136,278
|
|
||
|
|
|
|
|
|
|
|
|
||||||
03/01/2019 - 03/31/2019
|
|
247,498
|
|
|
39.11
|
|
|
247,498
|
|
|
25,456,631
|
|
||
Total
|
|
313,904
|
|
|
|
$39.14
|
|
|
313,904
|
|
|
|
$25,456,631
|
|
|
|
|
Amended and Restated By-Laws of S&T Bancorp, Inc. Filed as Exhibit 3.1 to S&T Bancorp, Inc. Current Report on Form 8-K filed on January 30, 2019, and incorporated herein by reference.
|
|
|
|
|
|
Rule 13a-14(a) Certification of the Chief Executive Officer.
|
Filed herewith
|
|
|
|
|
Rule 13a-14(a) Certification of the Chief Financial Officer.
|
Filed herewith
|
|
|
|
|
Rule 13a-14(b) Certification of the Chief Executive Officer and Chief Financial Officer.
|
Filed herewith
|
|
|
|
|
101
|
The following financial information from the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2019 is formatted in eXtensible Business Reporting Language (XBRL): (i) Unaudited Consolidated Balance Sheet at March 31, 2019 and Audited Consolidated Balance Sheet at December 31, 2018, (ii) Unaudited Consolidated Statements of Comprehensive Income for the Three Months ended March 31, 2019 and 2018, (iii) Unaudited Consolidated Statements of Changes in Shareholders’ Equity for the Three Months ended March 31, 2019 and 2018, (iv) Unaudited Consolidated Statements of Cash Flows for the Three Months ended March 31, 2019 and 2018 and (v) Notes to Unaudited Consolidated Financial Statements.
|
Filed herewith
|
|
S&T Bancorp, Inc.
(Registrant)
|
|
|
May 1, 2019
|
/s/ Mark Kochvar
|
|
Mark Kochvar
Senior Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and Duly Authorized Signatory)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of S&T Bancorp, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
/s/ Todd D. Brice
|
Todd D. Brice, Chief Executive Officer (Principal Executive Officer)
|
1.
|
I have reviewed this quarterly report on Form 10-Q of S&T Bancorp, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation;
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
/s/ Mark Kochvar
|
Mark Kochvar, Chief Financial Officer (Principal Financial Officer)
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company for the dates and period covered by the report.
|
/s/ Todd D. Brice
|
|
/s/ Mark Kochvar
|
Todd D. Brice, Chief Executive Officer (Principal Executive Officer)
|
|
Mark Kochvar, Chief Financial Officer (Principal Financial Officer)
|