|
Hawaii
|
|
99-0212597
|
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
|
Common stock, No Par Value
|
|
CPF
|
|
New York Stock Exchange
|
|
Large Accelerated Filer
|
☒
|
Accelerated filer
|
☐
|
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
Emerging growth company
|
☐
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|
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Page
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|
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Item 1.
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Financial Statements (Unaudited)
|
|
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|
|
|
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||
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|
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||
|
|
|
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||
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||
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||
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||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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||
|
(dollars in thousands)
|
September 30,
2019 |
|
December 31,
2018 |
||||
|
Assets
|
|
|
|
|
|
||
|
Cash and due from banks
|
$
|
87,395
|
|
|
$
|
80,569
|
|
|
Interest-bearing deposits in other banks
|
7,803
|
|
|
21,617
|
|
||
|
Investment securities:
|
|
|
|
||||
|
Available-for-sale debt securities, at fair value
|
1,186,875
|
|
|
1,205,478
|
|
||
|
Held-to-maturity debt securities, at amortized cost; fair value of: none at September 30, 2019 and $144,272 at December 31, 2018
|
—
|
|
|
148,508
|
|
||
|
Equity securities, at fair value
|
1,058
|
|
|
826
|
|
||
|
Total investment securities
|
1,187,933
|
|
|
1,354,812
|
|
||
|
|
|
|
|
||||
|
Loans held for sale
|
7,016
|
|
|
6,647
|
|
||
|
|
|
|
|
||||
|
Loans and leases
|
4,367,862
|
|
|
4,078,366
|
|
||
|
Allowance for loan and lease losses
|
(48,167
|
)
|
|
(47,916
|
)
|
||
|
Net loans and leases
|
4,319,695
|
|
|
4,030,450
|
|
||
|
|
|
|
|
||||
|
Premises and equipment, net
|
44,095
|
|
|
45,285
|
|
||
|
Accrued interest receivable
|
16,220
|
|
|
17,000
|
|
||
|
Investment in unconsolidated subsidiaries
|
17,001
|
|
|
14,008
|
|
||
|
Other real estate owned
|
466
|
|
|
414
|
|
||
|
Mortgage servicing rights
|
15,058
|
|
|
15,596
|
|
||
|
Bank-owned life insurance
|
158,939
|
|
|
157,440
|
|
||
|
Federal Home Loan Bank stock
|
17,183
|
|
|
16,645
|
|
||
|
Right-of-use lease asset
|
52,588
|
|
|
—
|
|
||
|
Other assets
|
45,324
|
|
|
46,543
|
|
||
|
Total assets
|
$
|
5,976,716
|
|
|
$
|
5,807,026
|
|
|
|
|
|
|
||||
|
Liabilities
|
|
|
|
|
|
||
|
Deposits:
|
|
|
|
|
|
||
|
Noninterest-bearing demand
|
$
|
1,399,200
|
|
|
$
|
1,436,967
|
|
|
Interest-bearing demand
|
998,037
|
|
|
954,011
|
|
||
|
Savings and money market
|
1,593,738
|
|
|
1,448,257
|
|
||
|
Time
|
1,046,684
|
|
|
1,107,255
|
|
||
|
Total deposits
|
5,037,659
|
|
|
4,946,490
|
|
||
|
|
|
|
|
||||
|
Short-term borrowings
|
205,000
|
|
|
197,000
|
|
||
|
Long-term debt
|
101,547
|
|
|
122,166
|
|
||
|
Lease liability
|
52,807
|
|
|
—
|
|
||
|
Other liabilities
|
54,476
|
|
|
49,645
|
|
||
|
Total liabilities
|
5,451,489
|
|
|
5,315,301
|
|
||
|
|
|
|
|
||||
|
Shareholders' Equity
|
|
|
|
|
|
||
|
Preferred stock, no par value, authorized 1,000,000 shares; issued and outstanding: none at September 30, 2019 and December 31, 2018
|
—
|
|
|
—
|
|
||
|
Common stock, no par value, authorized 185,000,000 shares; issued and outstanding: 28,441,341 at September 30, 2019 and 28,967,715 at December 31, 2018
|
452,278
|
|
|
470,660
|
|
||
|
Additional paid-in capital
|
90,604
|
|
|
88,876
|
|
||
|
Accumulated deficit
|
(26,782
|
)
|
|
(51,718
|
)
|
||
|
Accumulated other comprehensive income (loss)
|
9,127
|
|
|
(16,093
|
)
|
||
|
Total shareholders' equity
|
525,227
|
|
|
491,725
|
|
||
|
Total liabilities and shareholders' equity
|
$
|
5,976,716
|
|
|
$
|
5,807,026
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(dollars in thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Interest income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest and fees on loans and leases
|
$
|
45,861
|
|
|
$
|
40,531
|
|
|
$
|
135,169
|
|
|
$
|
116,620
|
|
|
Interest and dividends on investment securities:
|
|
|
|
|
|
|
|
||||||||
|
Taxable interest
|
7,178
|
|
|
8,490
|
|
|
22,968
|
|
|
26,050
|
|
||||
|
Tax-exempt interest
|
708
|
|
|
920
|
|
|
2,388
|
|
|
2,786
|
|
||||
|
Dividends
|
14
|
|
|
26
|
|
|
46
|
|
|
44
|
|
||||
|
Interest on deposits in other banks
|
33
|
|
|
109
|
|
|
147
|
|
|
310
|
|
||||
|
Dividends on Federal Home Loan Bank stock
|
186
|
|
|
60
|
|
|
508
|
|
|
145
|
|
||||
|
Total interest income
|
53,980
|
|
|
50,136
|
|
|
161,226
|
|
|
145,955
|
|
||||
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest on deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Demand
|
207
|
|
|
181
|
|
|
598
|
|
|
554
|
|
||||
|
Savings and money market
|
1,549
|
|
|
593
|
|
|
3,847
|
|
|
1,421
|
|
||||
|
Time
|
4,432
|
|
|
4,744
|
|
|
14,391
|
|
|
12,203
|
|
||||
|
Interest on short-term borrowings
|
1,130
|
|
|
146
|
|
|
3,146
|
|
|
237
|
|
||||
|
Interest on long-term debt
|
1,013
|
|
|
1,147
|
|
|
3,104
|
|
|
3,221
|
|
||||
|
Total interest expense
|
8,331
|
|
|
6,811
|
|
|
25,086
|
|
|
17,636
|
|
||||
|
Net interest income
|
45,649
|
|
|
43,325
|
|
|
136,140
|
|
|
128,319
|
|
||||
|
Provision (credit) for loan and lease losses
|
1,532
|
|
|
(59
|
)
|
|
4,219
|
|
|
262
|
|
||||
|
Net interest income after provision (credit) for loan and lease losses
|
44,117
|
|
|
43,384
|
|
|
131,921
|
|
|
128,057
|
|
||||
|
Other operating income:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Mortgage banking income
|
1,764
|
|
|
1,923
|
|
|
4,789
|
|
|
5,545
|
|
||||
|
Service charges on deposit accounts
|
2,125
|
|
|
2,189
|
|
|
6,247
|
|
|
6,169
|
|
||||
|
Other service charges and fees
|
3,724
|
|
|
3,286
|
|
|
10,479
|
|
|
9,697
|
|
||||
|
Income from fiduciary activities
|
1,126
|
|
|
1,159
|
|
|
3,220
|
|
|
3,132
|
|
||||
|
Equity in earnings of unconsolidated subsidiaries
|
86
|
|
|
71
|
|
|
165
|
|
|
151
|
|
||||
|
Fees on foreign exchange
|
170
|
|
|
220
|
|
|
539
|
|
|
708
|
|
||||
|
Investment securities gains
|
36
|
|
|
—
|
|
|
36
|
|
|
—
|
|
||||
|
Income from bank-owned life insurance
|
645
|
|
|
1,055
|
|
|
2,511
|
|
|
1,874
|
|
||||
|
Loan placement fees
|
230
|
|
|
115
|
|
|
486
|
|
|
532
|
|
||||
|
Net gain on sales of foreclosed assets
|
17
|
|
|
—
|
|
|
17
|
|
|
—
|
|
||||
|
Other
|
343
|
|
|
802
|
|
|
3,544
|
|
|
1,596
|
|
||||
|
Total other operating income
|
10,266
|
|
|
10,820
|
|
|
32,033
|
|
|
29,404
|
|
||||
|
Other operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Salaries and employee benefits
|
20,631
|
|
|
19,011
|
|
|
61,083
|
|
|
56,299
|
|
||||
|
Net occupancy
|
3,697
|
|
|
3,488
|
|
|
10,680
|
|
|
10,114
|
|
||||
|
Equipment
|
1,067
|
|
|
1,048
|
|
|
3,211
|
|
|
3,160
|
|
||||
|
Amortization of core deposit premium
|
—
|
|
|
669
|
|
|
—
|
|
|
2,006
|
|
||||
|
Communication expense
|
1,008
|
|
|
903
|
|
|
2,645
|
|
|
2,547
|
|
||||
|
Legal and professional services
|
1,933
|
|
|
1,528
|
|
|
5,231
|
|
|
5,118
|
|
||||
|
Computer software expense
|
2,713
|
|
|
2,672
|
|
|
7,870
|
|
|
7,244
|
|
||||
|
Advertising expense
|
711
|
|
|
612
|
|
|
2,134
|
|
|
1,841
|
|
||||
|
Foreclosed asset expense
|
15
|
|
|
212
|
|
|
223
|
|
|
537
|
|
||||
|
Other
|
3,159
|
|
|
3,882
|
|
|
12,312
|
|
|
12,174
|
|
||||
|
Total other operating expense
|
34,934
|
|
|
34,025
|
|
|
105,389
|
|
|
101,040
|
|
||||
|
Income before income taxes
|
19,449
|
|
|
20,179
|
|
|
58,565
|
|
|
56,421
|
|
||||
|
Income tax expense
|
4,895
|
|
|
4,986
|
|
|
14,440
|
|
|
12,727
|
|
||||
|
Net income
|
$
|
14,554
|
|
|
$
|
15,193
|
|
|
$
|
44,125
|
|
|
$
|
43,694
|
|
|
Per common share data:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic earnings per common share
|
$
|
0.51
|
|
|
$
|
0.52
|
|
|
$
|
1.54
|
|
|
$
|
1.48
|
|
|
Diluted earnings per common share
|
$
|
0.51
|
|
|
$
|
0.52
|
|
|
$
|
1.53
|
|
|
$
|
1.47
|
|
|
Cash dividends declared
|
$
|
0.23
|
|
|
$
|
0.21
|
|
|
$
|
0.67
|
|
|
$
|
0.61
|
|
|
Weighted average common shares outstanding used in computation:
|
|
|
|
|
|
|
|
||||||||
|
Basic shares
|
28,424,898
|
|
|
29,297,465
|
|
|
28,575,369
|
|
|
29,536,536
|
|
||||
|
Diluted shares
|
28,602,338
|
|
|
29,479,812
|
|
|
28,762,057
|
|
|
29,743,238
|
|
||||
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(dollars in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net income
|
|
$
|
14,554
|
|
|
$
|
15,193
|
|
|
$
|
44,125
|
|
|
$
|
43,694
|
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
|
Net change in unrealized gain (loss) on investment securities
|
|
4,386
|
|
|
(6,072
|
)
|
|
27,547
|
|
|
(24,712
|
)
|
||||
|
Defined benefit plans
|
|
283
|
|
|
217
|
|
|
773
|
|
|
623
|
|
||||
|
Total other comprehensive income (loss), net of tax
|
|
4,669
|
|
|
(5,855
|
)
|
|
28,320
|
|
|
(24,089
|
)
|
||||
|
Comprehensive income
|
|
$
|
19,223
|
|
|
$
|
9,338
|
|
|
$
|
72,445
|
|
|
$
|
19,605
|
|
|
|
Common
Shares Outstanding |
|
Preferred
Stock |
|
Common
Stock |
|
Additional Paid-In Capital
|
|
Accum.
Deficit |
|
Accum.
Other Comp. Income (Loss) |
|
Non-
Controlling Interest |
|
Total
|
|||||||||||||||
|
|
(dollars in thousands, except per share data)
|
|||||||||||||||||||||||||||||
|
Balance at December 31, 2018
|
28,967,715
|
|
|
$
|
—
|
|
|
$
|
470,660
|
|
|
$
|
88,876
|
|
|
$
|
(51,718
|
)
|
|
$
|
(16,093
|
)
|
|
$
|
—
|
|
|
$
|
491,725
|
|
|
Impact of the adoption of new accounting standards (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,100
|
)
|
|
—
|
|
|
(3,100
|
)
|
|||||||
|
Adjusted balance at January 1, 2019
|
28,967,715
|
|
|
—
|
|
|
470,660
|
|
|
88,876
|
|
|
(51,718
|
)
|
|
(19,193
|
)
|
|
—
|
|
|
488,625
|
|
|||||||
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,037
|
|
|
—
|
|
|
—
|
|
|
16,037
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,238
|
|
|
—
|
|
|
11,238
|
|
|||||||
|
Cash dividends declared ($0.21 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,052
|
)
|
|
—
|
|
|
—
|
|
|
(6,052
|
)
|
|||||||
|
Common stock repurchased and retired and other related costs
|
(277,000
|
)
|
|
—
|
|
|
(7,708
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,708
|
)
|
|||||||
|
Share-based compensation expense
|
32,326
|
|
|
—
|
|
|
—
|
|
|
498
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
498
|
|
|||||||
|
Balance at March 31, 2019
|
28,723,041
|
|
|
$
|
—
|
|
|
$
|
462,952
|
|
|
$
|
89,374
|
|
|
$
|
(41,733
|
)
|
|
$
|
(7,955
|
)
|
|
$
|
—
|
|
|
$
|
502,638
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,534
|
|
|
—
|
|
|
—
|
|
|
13,534
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,413
|
|
|
—
|
|
|
12,413
|
|
|||||||
|
Cash dividends declared ($0.23 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,581
|
)
|
|
—
|
|
|
—
|
|
|
(6,581
|
)
|
|||||||
|
Common stock purchased by directors' deferred compensation plan (14,600 shares, net)
|
—
|
|
|
—
|
|
|
(416
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(416
|
)
|
|||||||
|
Common stock repurchased and retired and other related costs
|
(213,700
|
)
|
|
—
|
|
|
(6,243
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,243
|
)
|
|||||||
|
Share-based compensation expense
|
58,436
|
|
|
—
|
|
|
|
|
350
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
350
|
|
||||||||
|
Balance at June 30, 2019
|
28,567,777
|
|
|
$
|
—
|
|
|
$
|
456,293
|
|
|
$
|
89,724
|
|
|
$
|
(34,780
|
)
|
|
$
|
4,458
|
|
|
$
|
—
|
|
|
$
|
515,695
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,554
|
|
|
—
|
|
|
—
|
|
|
14,554
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,669
|
|
|
—
|
|
|
4,669
|
|
|||||||
|
Cash dividends declared ($0.23 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,556
|
)
|
|
—
|
|
|
—
|
|
|
(6,556
|
)
|
|||||||
|
Common stock repurchased and retired and other related costs
|
(140,600
|
)
|
|
—
|
|
|
(4,015
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,015
|
)
|
|||||||
|
Share-based compensation
|
14,164
|
|
|
—
|
|
|
|
|
880
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
880
|
|
||||||||
|
Balance at September 30, 2019
|
28,441,341
|
|
|
$
|
—
|
|
|
$
|
452,278
|
|
|
$
|
90,604
|
|
|
$
|
(26,782
|
)
|
|
$
|
9,127
|
|
|
$
|
—
|
|
|
$
|
525,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Common
Shares Outstanding |
|
Preferred
Stock |
|
Common
Stock |
|
Additional Paid-In Capital
|
|
Accum.
Deficit |
|
Accum.
Other Comp. Income (Loss) |
|
Non-
Controlling Interest |
|
Total
|
|||||||||||||||
|
|
(dollars in thousands, except per share data)
|
|||||||||||||||||||||||||||||
|
Balance at December 31, 2017
|
30,024,222
|
|
|
$
|
—
|
|
|
$
|
503,988
|
|
|
$
|
86,098
|
|
|
$
|
(89,036
|
)
|
|
$
|
(1,039
|
)
|
|
$
|
24
|
|
|
$
|
500,035
|
|
|
Impact of the adoption of new accounting standards (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
139
|
|
|
(139
|
)
|
|
—
|
|
|
—
|
|
|||||||
|
Adjusted balance at January 1, 2018
|
30,024,222
|
|
|
—
|
|
|
503,988
|
|
|
86,098
|
|
|
(88,897
|
)
|
|
(1,178
|
)
|
|
24
|
|
|
500,035
|
|
|||||||
|
Impact of the adoption of new accounting standards (3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,836
|
|
|
(1,836
|
)
|
|
—
|
|
|
—
|
|
|||||||
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,277
|
|
|
—
|
|
|
—
|
|
|
14,277
|
|
|||||||
|
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,715
|
)
|
|
—
|
|
|
(14,715
|
)
|
|||||||
|
Cash dividends declared ($0.19 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,670
|
)
|
|
—
|
|
|
—
|
|
|
(5,670
|
)
|
|||||||
|
Common stock purchased by directors' deferred compensation plan (2,850 shares, net)
|
—
|
|
|
—
|
|
|
(83
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83
|
)
|
|||||||
|
Common stock repurchased and retired and other related costs (344,362 shares)
|
(344,362
|
)
|
|
—
|
|
|
(10,111
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,111
|
)
|
|||||||
|
Share-based compensation
|
27,262
|
|
|
—
|
|
|
—
|
|
|
399
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
399
|
|
|||||||
|
Distribution from variable interest entity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24
|
)
|
|
(24
|
)
|
|||||||
|
Balance at March 31, 2018
|
29,707,122
|
|
|
$
|
—
|
|
|
$
|
493,794
|
|
|
$
|
86,497
|
|
|
$
|
(78,454
|
)
|
|
$
|
(17,729
|
)
|
|
$
|
—
|
|
|
$
|
484,108
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,224
|
|
|
—
|
|
|
—
|
|
|
14,224
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,519
|
)
|
|
—
|
|
|
(3,519
|
)
|
|||||||
|
Cash dividends declared ($0.21 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,205
|
)
|
|
—
|
|
|
—
|
|
|
(6,205
|
)
|
|||||||
|
Common stock purchased by directors' deferred compensation plan (14,100 shares, net)
|
—
|
|
|
—
|
|
|
(421
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(421
|
)
|
|||||||
|
Common stock repurchased and retired and other related costs (269,885 shares)
|
(269,885
|
)
|
|
—
|
|
|
(7,971
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,971
|
)
|
|||||||
|
Share-based compensation
|
52,717
|
|
|
—
|
|
|
|
|
452
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
452
|
|
||||||||
|
Balance at June 30, 2018
|
29,489,954
|
|
|
$
|
—
|
|
|
$
|
485,402
|
|
|
$
|
86,949
|
|
|
$
|
(70,435
|
)
|
|
$
|
(21,248
|
)
|
|
$
|
—
|
|
|
$
|
480,668
|
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,193
|
|
|
—
|
|
|
—
|
|
|
15,193
|
|
|||||||
|
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,855
|
)
|
|
—
|
|
|
(5,855
|
)
|
|||||||
|
Cash dividends declared ($0.21 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,164
|
)
|
|
—
|
|
|
—
|
|
|
(6,164
|
)
|
|||||||
|
Common stock repurchased and retired and other related costs (235,043 shares)
|
(235,043
|
)
|
|
—
|
|
|
(6,681
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,681
|
)
|
|||||||
|
Share-based compensation
|
15,487
|
|
|
—
|
|
|
|
|
990
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
990
|
|
||||||||
|
Balance at September 30, 2018
|
29,270,398
|
|
|
$
|
—
|
|
|
$
|
478,721
|
|
|
$
|
87,939
|
|
|
$
|
(61,406
|
)
|
|
$
|
(27,103
|
)
|
|
$
|
—
|
|
|
$
|
478,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(1) Represents the impact of the adoption of Accounting Standards Update ("ASU") ASU 2017-12. See Note 2 to the consolidated financial statements for additional information.
|
||||||||||||||||||||||||||||||
|
(2) Represents the impact of the adoption of ASU 2016-01.
|
||||||||||||||||||||||||||||||
|
(3) Represents the impact of the adoption of ASU 2018-02.
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Nine Months Ended
September 30, |
||||||
|
(dollars in thousands)
|
2019
|
|
2018
|
||||
|
Cash flows from operating activities:
|
|
|
|
|
|
||
|
Net income
|
$
|
44,125
|
|
|
$
|
43,694
|
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|||
|
Provision for loan and lease losses
|
4,219
|
|
|
262
|
|
||
|
Depreciation and amortization of premises and equipment
|
4,628
|
|
|
4,700
|
|
||
|
Non-cash lease expense
|
220
|
|
|
—
|
|
||
|
Cash flows from operating leases
|
(4,663
|
)
|
|
—
|
|
||
|
Loss on sale of other real estate, net of write-downs
|
138
|
|
|
431
|
|
||
|
Amortization of core deposit premium and mortgage servicing rights
|
1,727
|
|
|
3,419
|
|
||
|
Net amortization and accretion of premium/discounts on investment securities
|
6,808
|
|
|
8,465
|
|
||
|
Share-based compensation expense
|
1,728
|
|
|
1,841
|
|
||
|
Net (gain) on sales of investment securities
|
(36
|
)
|
|
—
|
|
||
|
Net gain on sales of residential mortgage loans
|
(2,836
|
)
|
|
(3,013
|
)
|
||
|
Proceeds from sales of loans held for sale
|
152,684
|
|
|
183,967
|
|
||
|
Originations of loans held for sale
|
(150,217
|
)
|
|
(169,078
|
)
|
||
|
Equity in earnings of unconsolidated subsidiaries
|
(165
|
)
|
|
(151
|
)
|
||
|
Distributions from unconsolidated subsidiaries
|
175
|
|
|
614
|
|
||
|
Net increase in cash surrender value of bank-owned life insurance
|
(1,499
|
)
|
|
(792
|
)
|
||
|
Deferred income taxes
|
7,548
|
|
|
12,542
|
|
||
|
Net tax benefits from share-based compensation
|
209
|
|
|
185
|
|
||
|
Net change in other assets and liabilities
|
(12,309
|
)
|
|
(8,266
|
)
|
||
|
Net cash provided by operating activities
|
52,484
|
|
|
78,820
|
|
||
|
Cash flows from investing activities:
|
|
|
|
|
|
||
|
Proceeds from maturities of and calls on investment securities available-for-sale
|
194,626
|
|
|
114,508
|
|
||
|
Proceeds from sales of investment securities available-for-sale
|
53,935
|
|
|
—
|
|
||
|
Purchases of investment securities available-for-sale
|
(54,975
|
)
|
|
(85,334
|
)
|
||
|
Proceeds from maturities of and calls on investment securities held-to-maturity
|
—
|
|
|
38,491
|
|
||
|
Proceeds from sale of MasterCard stock
|
2,555
|
|
|
—
|
|
||
|
Net loan proceeds (originations)
|
(214,834
|
)
|
|
(190,022
|
)
|
||
|
Purchases of loan portfolios
|
(78,820
|
)
|
|
(20,867
|
)
|
||
|
Proceeds from sale of foreclosed loans/other real estate owned
|
—
|
|
|
46
|
|
||
|
Net purchases of premises and equipment
|
(3,438
|
)
|
|
(2,536
|
)
|
||
|
Net return of capital from unconsolidated subsidiaries
|
622
|
|
|
—
|
|
||
|
Net (purchases of) proceeds from redemption of FHLB stock
|
(538
|
)
|
|
(3,204
|
)
|
||
|
Net cash used in investing activities
|
(100,867
|
)
|
|
(148,918
|
)
|
||
|
Cash flows from financing activities:
|
|
|
|
|
|
||
|
Net increase in deposits
|
91,169
|
|
|
47,326
|
|
||
|
Repayments of long-term debt
|
(20,619
|
)
|
|
—
|
|
||
|
Net increase (decrease) in short-term borrowings
|
8,000
|
|
|
73,000
|
|
||
|
Cash dividends paid on common stock
|
(19,189
|
)
|
|
(18,039
|
)
|
||
|
Repurchases of common stock and other related costs
|
(17,966
|
)
|
|
(24,763
|
)
|
||
|
Net cash provided by financing activities
|
41,395
|
|
|
77,524
|
|
||
|
Net (decrease) increase in cash and cash equivalents
|
(6,988
|
)
|
|
7,426
|
|
||
|
Cash and cash equivalents at beginning of period
|
102,186
|
|
|
82,293
|
|
||
|
Cash and cash equivalents at end of period
|
$
|
95,198
|
|
|
$
|
89,719
|
|
|
|
|
|
|
||||
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
||
|
Cash paid during the period for:
|
|
|
|
|
|
||
|
Interest
|
$
|
24,735
|
|
|
$
|
15,969
|
|
|
Income taxes
|
17,601
|
|
|
23
|
|
||
|
Supplemental disclosure of non-cash information:
|
|
|
|
||||
|
Net change in common stock held by directors’ deferred compensation plan
|
416
|
|
|
504
|
|
||
|
Net reclassification of loans to foreclosed loans/other real estate owned
|
190
|
|
|
40
|
|
||
|
Net transfer of investment securities held-to-maturity to available-for-sale
|
149,042
|
|
|
—
|
|
||
|
Right-of-use lease assets obtained in exchange for lease liabilities
|
55,887
|
|
|
—
|
|
||
|
(dollars in thousands)
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair
Value |
||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
States and political subdivisions
|
$
|
122,171
|
|
|
$
|
2,593
|
|
|
$
|
(53
|
)
|
|
$
|
124,711
|
|
|
Corporate securities
|
30,436
|
|
|
277
|
|
|
—
|
|
|
30,713
|
|
||||
|
U.S. Treasury obligations and direct obligations of U.S Government agencies
|
43,213
|
|
|
17
|
|
|
(333
|
)
|
|
42,897
|
|
||||
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Residential - U.S. Government-sponsored entities
|
721,081
|
|
|
5,796
|
|
|
(3,233
|
)
|
|
723,644
|
|
||||
|
Commercial - U.S. Government agencies and sponsored entities
|
86,697
|
|
|
1,431
|
|
|
(386
|
)
|
|
87,742
|
|
||||
|
Residential - Non-government agencies
|
38,140
|
|
|
969
|
|
|
—
|
|
|
39,109
|
|
||||
|
Commercial - Non-government agencies
|
134,724
|
|
|
3,335
|
|
|
—
|
|
|
138,059
|
|
||||
|
Total available-for-sale securities
|
$
|
1,176,462
|
|
|
$
|
14,418
|
|
|
$
|
(4,005
|
)
|
|
$
|
1,186,875
|
|
|
(dollars in thousands)
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair
Value |
||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Held-to-maturity:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Residential - U.S. Government-sponsored entities
|
$
|
83,436
|
|
|
$
|
19
|
|
|
$
|
(3,174
|
)
|
|
$
|
80,281
|
|
|
Commercial - U.S. Government-sponsored entities
|
65,072
|
|
|
—
|
|
|
(1,081
|
)
|
|
63,991
|
|
||||
|
Total held-to-maturity securities
|
$
|
148,508
|
|
|
$
|
19
|
|
|
$
|
(4,255
|
)
|
|
$
|
144,272
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Available-for-sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
States and political subdivisions
|
$
|
174,114
|
|
|
$
|
1,035
|
|
|
$
|
(1,475
|
)
|
|
$
|
173,674
|
|
|
Corporate securities
|
55,259
|
|
|
—
|
|
|
(410
|
)
|
|
54,849
|
|
||||
|
U.S. Treasury obligations and direct obligations of U.S Government agencies
|
33,257
|
|
|
—
|
|
|
(683
|
)
|
|
32,574
|
|
||||
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|||||||
|
Residential - U.S. Government-sponsored entities
|
736,175
|
|
|
369
|
|
|
(19,492
|
)
|
|
717,052
|
|
||||
|
Commercial - U.S. Government agencies and sponsored entities
|
53,014
|
|
|
—
|
|
|
(1,531
|
)
|
|
51,483
|
|
||||
|
Residential - Non-government agencies
|
41,245
|
|
|
337
|
|
|
(464
|
)
|
|
41,118
|
|
||||
|
Commercial - Non-government agencies
|
134,867
|
|
|
1,013
|
|
|
(1,152
|
)
|
|
134,728
|
|
||||
|
Total available-for-sale securities
|
$
|
1,227,931
|
|
|
$
|
2,754
|
|
|
$
|
(25,207
|
)
|
|
$
|
1,205,478
|
|
|
(dollars in thousands)
|
Amortized Cost
|
|
Fair Value
|
||||
|
September 30, 2019
|
|
|
|
||||
|
Equity securities
|
$
|
898
|
|
|
$
|
1,058
|
|
|
|
|
|
|
||||
|
December 31, 2018
|
|
|
|
||||
|
Equity securities
|
826
|
|
|
826
|
|
||
|
|
September 30, 2019
|
||||||
|
(dollars in thousands)
|
Amortized Cost
|
|
Fair Value
|
||||
|
Available-for-sale:
|
|
|
|
|
|
||
|
Due in one year or less
|
$
|
32,455
|
|
|
$
|
32,658
|
|
|
Due after one year through five years
|
60,696
|
|
|
61,195
|
|
||
|
Due after five years through ten years
|
63,661
|
|
|
64,715
|
|
||
|
Due after ten years
|
39,008
|
|
|
39,753
|
|
||
|
|
|
|
|
||||
|
Mortgage-backed securities:
|
|
|
|
||||
|
Residential - U.S. Government-sponsored entities
|
721,081
|
|
|
723,644
|
|
||
|
Commercial - U.S. Government agencies and sponsored entities
|
86,697
|
|
|
87,742
|
|
||
|
Residential - Non-government agencies
|
38,140
|
|
|
39,109
|
|
||
|
Commercial - Non-government agencies
|
134,724
|
|
|
138,059
|
|
||
|
Total available-for-sale securities
|
$
|
1,176,462
|
|
|
$
|
1,186,875
|
|
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
(dollars in thousands)
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
||||||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
States and political subdivisions
|
$
|
7,007
|
|
|
$
|
(26
|
)
|
|
$
|
1,253
|
|
|
$
|
(27
|
)
|
|
$
|
8,260
|
|
|
$
|
(53
|
)
|
|
Corporate securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
U.S. Treasury obligations and direct obligations of U.S Government agencies
|
16,815
|
|
|
(122
|
)
|
|
20,507
|
|
|
(211
|
)
|
|
37,322
|
|
|
(333
|
)
|
||||||
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Residential - U.S. Government-sponsored entities
|
103,254
|
|
|
(631
|
)
|
|
247,482
|
|
|
(2,602
|
)
|
|
350,736
|
|
|
(3,233
|
)
|
||||||
|
Residential - Non-government agencies
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Commercial - U.S. Government agencies and sponsored entities
|
36,068
|
|
|
(386
|
)
|
|
—
|
|
|
—
|
|
|
36,068
|
|
|
(386
|
)
|
||||||
|
Commercial - Non-government agencies
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
Total temporarily impaired securities
|
$
|
163,144
|
|
|
$
|
(1,165
|
)
|
|
$
|
269,242
|
|
|
$
|
(2,840
|
)
|
|
$
|
432,386
|
|
|
$
|
(4,005
|
)
|
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
(dollars in thousands)
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
||||||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
States and political subdivisions
|
$
|
38,099
|
|
|
$
|
(157
|
)
|
|
$
|
49,505
|
|
|
$
|
(1,318
|
)
|
|
$
|
87,604
|
|
|
$
|
(1,475
|
)
|
|
Corporate securities
|
49,729
|
|
|
(250
|
)
|
|
5,120
|
|
|
(160
|
)
|
|
54,849
|
|
|
(410
|
)
|
||||||
|
U.S. Treasury obligations and direct obligations of U.S Government agencies
|
30,029
|
|
|
(613
|
)
|
|
2,545
|
|
|
(70
|
)
|
|
32,574
|
|
|
(683
|
)
|
||||||
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Residential - U.S. Government-sponsored entities
|
88,957
|
|
|
(1,229
|
)
|
|
666,685
|
|
|
(21,437
|
)
|
|
755,642
|
|
|
(22,666
|
)
|
||||||
|
Residential - Non-government agencies
|
—
|
|
|
—
|
|
|
24,515
|
|
|
(464
|
)
|
|
24,515
|
|
|
(464
|
)
|
||||||
|
Commercial - U.S. Government-sponsored entities
|
13,973
|
|
|
(247
|
)
|
|
101,500
|
|
|
(2,365
|
)
|
|
115,473
|
|
|
(2,612
|
)
|
||||||
|
Commercial - Non-government agencies
|
33,847
|
|
|
(233
|
)
|
|
46,680
|
|
|
(919
|
)
|
|
80,527
|
|
|
(1,152
|
)
|
||||||
|
Total temporarily impaired securities
|
$
|
254,634
|
|
|
$
|
(2,729
|
)
|
|
$
|
896,550
|
|
|
$
|
(26,733
|
)
|
|
$
|
1,151,184
|
|
|
$
|
(29,462
|
)
|
|
(dollars in thousands)
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
Commercial, financial and agricultural
|
$
|
576,343
|
|
|
$
|
581,177
|
|
|
Real estate:
|
|
|
|
|
|
||
|
Construction
|
96,996
|
|
|
67,269
|
|
||
|
Residential mortgage
|
1,554,752
|
|
|
1,424,384
|
|
||
|
Home equity
|
475,211
|
|
|
468,966
|
|
||
|
Commercial mortgage
|
1,135,408
|
|
|
1,041,685
|
|
||
|
Consumer
|
526,429
|
|
|
492,268
|
|
||
|
Leases
|
31
|
|
|
124
|
|
||
|
Gross loans and leases
|
4,365,170
|
|
|
4,075,873
|
|
||
|
Net deferred costs
|
2,692
|
|
|
2,493
|
|
||
|
Total loans and leases, net of deferred costs
|
$
|
4,367,862
|
|
|
$
|
4,078,366
|
|
|
|
|
|
|
||||
|
|
|
|
Real Estate
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(dollars in thousands)
|
Comml, Fin & Ag
|
|
Constr
|
|
Resi Mortgage
|
|
Home Equity
|
|
Comml Mortgage
|
|
Consumer
|
|
Leases
|
|
Total
|
||||||||||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Collectively evaluated for impairment
|
7,781
|
|
|
1,693
|
|
|
13,546
|
|
|
4,287
|
|
|
12,209
|
|
|
8,651
|
|
|
—
|
|
|
48,167
|
|
||||||||
|
Total ending balance
|
$
|
7,781
|
|
|
$
|
1,693
|
|
|
$
|
13,546
|
|
|
$
|
4,287
|
|
|
$
|
12,209
|
|
|
$
|
8,651
|
|
|
$
|
—
|
|
|
$
|
48,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Individually evaluated for impairment
|
$
|
157
|
|
|
$
|
—
|
|
|
$
|
7,516
|
|
|
$
|
95
|
|
|
$
|
1,985
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
9,753
|
|
|
Collectively evaluated for impairment
|
576,186
|
|
|
96,996
|
|
|
1,547,236
|
|
|
475,116
|
|
|
1,133,423
|
|
|
526,429
|
|
|
31
|
|
|
4,355,417
|
|
||||||||
|
Subtotal
|
576,343
|
|
|
96,996
|
|
|
1,554,752
|
|
|
475,211
|
|
|
1,135,408
|
|
|
526,429
|
|
|
31
|
|
|
4,365,170
|
|
||||||||
|
Net deferred costs (income)
|
269
|
|
|
(335
|
)
|
|
3,983
|
|
|
354
|
|
|
(1,496
|
)
|
|
(83
|
)
|
|
—
|
|
|
2,692
|
|
||||||||
|
Total loans and leases, net of deferred costs (income)
|
$
|
576,612
|
|
|
$
|
96,661
|
|
|
$
|
1,558,735
|
|
|
$
|
475,565
|
|
|
$
|
1,133,912
|
|
|
$
|
526,346
|
|
|
$
|
31
|
|
|
$
|
4,367,862
|
|
|
|
|
|
Real Estate
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(dollars in thousands)
|
Comml, Fin & Ag
|
|
Constr
|
|
Resi Mortgage
|
|
Home Equity
|
|
Comml Mortgage
|
|
Consumer
|
|
Leases
|
|
Total
|
||||||||||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Collectively evaluated for impairment
|
8,027
|
|
|
1,202
|
|
|
14,349
|
|
|
3,788
|
|
|
13,358
|
|
|
7,192
|
|
|
—
|
|
|
47,916
|
|
||||||||
|
Total ending balance
|
$
|
8,027
|
|
|
$
|
1,202
|
|
|
$
|
14,349
|
|
|
$
|
3,788
|
|
|
$
|
13,358
|
|
|
7,192
|
|
|
$
|
—
|
|
|
$
|
47,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Individually evaluated for impairment
|
$
|
220
|
|
|
$
|
2,273
|
|
|
$
|
10,075
|
|
|
$
|
275
|
|
|
$
|
2,348
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15,191
|
|
|
Collectively evaluated for impairment
|
580,957
|
|
|
64,996
|
|
|
1,414,309
|
|
|
468,691
|
|
|
1,039,337
|
|
|
492,268
|
|
|
124
|
|
|
4,060,682
|
|
||||||||
|
Subtotal
|
581,177
|
|
|
67,269
|
|
|
1,424,384
|
|
|
468,966
|
|
|
1,041,685
|
|
|
492,268
|
|
|
124
|
|
|
4,075,873
|
|
||||||||
|
Net deferred costs (income)
|
483
|
|
|
(342
|
)
|
|
3,821
|
|
|
—
|
|
|
(1,407
|
)
|
|
(62
|
)
|
|
—
|
|
|
2,493
|
|
||||||||
|
Total loans and leases, net of deferred costs (income)
|
$
|
581,660
|
|
|
$
|
66,927
|
|
|
$
|
1,428,205
|
|
|
$
|
468,966
|
|
|
$
|
1,040,278
|
|
|
$
|
492,206
|
|
|
$
|
124
|
|
|
$
|
4,078,366
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
(dollars in thousands)
|
Unpaid
Principal Balance |
|
Recorded
Investment |
|
Allowance
Allocated |
|
Unpaid
Principal Balance |
|
Recorded
Investment |
|
Allowance
Allocated |
||||||||||||
|
Impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Commercial, financial and agricultural
|
$
|
267
|
|
|
$
|
157
|
|
|
$
|
—
|
|
|
$
|
330
|
|
|
$
|
220
|
|
|
$
|
—
|
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
3,076
|
|
|
2,273
|
|
|
—
|
|
||||||
|
Residential mortgage
|
8,239
|
|
|
7,516
|
|
|
—
|
|
|
11,019
|
|
|
10,075
|
|
|
—
|
|
||||||
|
Home equity
|
95
|
|
|
95
|
|
|
—
|
|
|
275
|
|
|
275
|
|
|
—
|
|
||||||
|
Commercial mortgage
|
1,985
|
|
|
1,985
|
|
|
—
|
|
|
2,348
|
|
|
2,348
|
|
|
—
|
|
||||||
|
Total impaired loans
|
$
|
10,586
|
|
|
$
|
9,753
|
|
|
$
|
—
|
|
|
$
|
17,048
|
|
|
$
|
15,191
|
|
|
$
|
—
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||
|
|
September 30, 2019
|
|
September 30, 2018
|
|
September 30, 2019
|
|
September 30, 2018
|
||||||||||||||||||||||||
|
(dollars in thousands)
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||||||||||
|
Commercial, financial and agricultural
|
$
|
164
|
|
|
$
|
2
|
|
|
$
|
399
|
|
|
$
|
12
|
|
|
$
|
188
|
|
|
$
|
7
|
|
|
$
|
498
|
|
|
$
|
17
|
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Construction
|
—
|
|
|
—
|
|
|
2,382
|
|
|
30
|
|
|
1,323
|
|
|
62
|
|
|
2,476
|
|
|
84
|
|
||||||||
|
Residential mortgage
|
7,536
|
|
|
63
|
|
|
12,857
|
|
|
123
|
|
|
8,763
|
|
|
776
|
|
|
13,208
|
|
|
419
|
|
||||||||
|
Home equity
|
190
|
|
|
—
|
|
|
447
|
|
|
—
|
|
|
332
|
|
|
13
|
|
|
516
|
|
|
—
|
|
||||||||
|
Commercial mortgage
|
2,021
|
|
|
22
|
|
|
3,483
|
|
|
36
|
|
|
2,162
|
|
|
68
|
|
|
3,653
|
|
|
110
|
|
||||||||
|
Total
|
$
|
9,911
|
|
|
$
|
87
|
|
|
$
|
19,568
|
|
|
$
|
201
|
|
|
$
|
12,768
|
|
|
$
|
926
|
|
|
$
|
20,351
|
|
|
$
|
630
|
|
|
(dollars in thousands)
|
Accruing
Loans 30 - 59 Days Past Due |
|
Accruing
Loans 60 - 89 Days Past Due |
|
Accruing
Loans Greater Than 90 Days Past Due |
|
Nonaccrual
Loans |
|
Total
Past Due and Nonaccrual |
|
Loans and
Leases Not Past Due |
|
Total
|
||||||||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Commercial, financial and agricultural
|
$
|
5,845
|
|
|
$
|
87
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,932
|
|
|
$
|
570,680
|
|
|
$
|
576,612
|
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,661
|
|
|
96,661
|
|
|||||||
|
Residential mortgage
|
—
|
|
|
2,327
|
|
|
—
|
|
|
799
|
|
|
3,126
|
|
|
1,555,609
|
|
|
1,558,735
|
|
|||||||
|
Home equity
|
320
|
|
|
250
|
|
|
—
|
|
|
95
|
|
|
665
|
|
|
474,900
|
|
|
475,565
|
|
|||||||
|
Commercial mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,133,912
|
|
|
1,133,912
|
|
|||||||
|
Consumer
|
2,974
|
|
|
1,296
|
|
|
235
|
|
|
—
|
|
|
4,505
|
|
|
521,841
|
|
|
526,346
|
|
|||||||
|
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
|||||||
|
Total
|
$
|
9,139
|
|
|
$
|
3,960
|
|
|
$
|
235
|
|
|
$
|
894
|
|
|
$
|
14,228
|
|
|
$
|
4,353,634
|
|
|
$
|
4,367,862
|
|
|
(dollars in thousands)
|
Accruing
Loans 30 - 59 Days Past Due |
|
Accruing
Loans 60 - 89 Days Past Due |
|
Accruing
Loans Greater Than 90 Days Past Due |
|
Nonaccrual
Loans |
|
Total
Past Due and Nonaccrual |
|
Loans and
Leases Not Past Due |
|
Total
|
||||||||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Commercial, financial and agricultural
|
$
|
1,348
|
|
|
$
|
162
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,510
|
|
|
$
|
580,150
|
|
|
$
|
581,660
|
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66,927
|
|
|
66,927
|
|
|||||||
|
Residential mortgage
|
3,966
|
|
|
157
|
|
|
—
|
|
|
2,048
|
|
|
6,171
|
|
|
1,422,034
|
|
|
1,428,205
|
|
|||||||
|
Home equity
|
433
|
|
|
104
|
|
|
298
|
|
|
275
|
|
|
1,110
|
|
|
467,856
|
|
|
468,966
|
|
|||||||
|
Commercial mortgage
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,040,278
|
|
|
1,040,278
|
|
|||||||
|
Consumer
|
2,340
|
|
|
872
|
|
|
238
|
|
|
—
|
|
|
3,450
|
|
|
488,756
|
|
|
492,206
|
|
|||||||
|
Leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
124
|
|
|||||||
|
Total
|
$
|
8,087
|
|
|
$
|
1,295
|
|
|
$
|
536
|
|
|
$
|
2,323
|
|
|
$
|
12,241
|
|
|
$
|
4,066,125
|
|
|
$
|
4,078,366
|
|
|
(dollars in thousands)
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Loss
|
|
Subtotal
|
|
Net
Deferred Costs (Income) |
|
Total
|
||||||||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial, financial and agricultural
|
$
|
561,372
|
|
|
$
|
3,318
|
|
|
$
|
11,653
|
|
|
$
|
—
|
|
|
$
|
576,343
|
|
|
$
|
269
|
|
|
$
|
576,612
|
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Construction
|
96,996
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,996
|
|
|
(335
|
)
|
|
96,661
|
|
|||||||
|
Residential mortgage
|
1,553,869
|
|
|
—
|
|
|
883
|
|
|
—
|
|
|
1,554,752
|
|
|
3,983
|
|
|
1,558,735
|
|
|||||||
|
Home equity
|
475,116
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
475,211
|
|
|
354
|
|
|
475,565
|
|
|||||||
|
Commercial mortgage
|
1,096,341
|
|
|
25,757
|
|
|
13,310
|
|
|
—
|
|
|
1,135,408
|
|
|
(1,496
|
)
|
|
1,133,912
|
|
|||||||
|
Consumer
|
526,193
|
|
|
—
|
|
|
149
|
|
|
87
|
|
|
526,429
|
|
|
(83
|
)
|
|
526,346
|
|
|||||||
|
Leases
|
31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
31
|
|
|||||||
|
Total
|
$
|
4,309,918
|
|
|
$
|
29,075
|
|
|
$
|
26,090
|
|
|
$
|
87
|
|
|
$
|
4,365,170
|
|
|
$
|
2,692
|
|
|
$
|
4,367,862
|
|
|
(dollars in thousands)
|
Pass
|
|
Special
Mention |
|
Substandard
|
|
Loss
|
|
Subtotal
|
|
Net
Deferred Costs (Income) |
|
Total
|
||||||||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Commercial, financial and agricultural
|
$
|
552,706
|
|
|
$
|
7,961
|
|
|
$
|
20,510
|
|
|
$
|
—
|
|
|
$
|
581,177
|
|
|
$
|
483
|
|
|
$
|
581,660
|
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Construction
|
67,269
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,269
|
|
|
(342
|
)
|
|
66,927
|
|
|||||||
|
Residential mortgage
|
1,422,240
|
|
|
—
|
|
|
2,144
|
|
|
—
|
|
|
1,424,384
|
|
|
3,821
|
|
|
1,428,205
|
|
|||||||
|
Home equity
|
468,394
|
|
|
—
|
|
|
572
|
|
|
—
|
|
|
468,966
|
|
|
—
|
|
|
468,966
|
|
|||||||
|
Commercial mortgage
|
1,029,581
|
|
|
10,412
|
|
|
1,692
|
|
|
—
|
|
|
1,041,685
|
|
|
(1,407
|
)
|
|
1,040,278
|
|
|||||||
|
Consumer
|
492,030
|
|
|
—
|
|
|
80
|
|
|
158
|
|
|
492,268
|
|
|
(62
|
)
|
|
492,206
|
|
|||||||
|
Leases
|
124
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
124
|
|
|||||||
|
Total
|
$
|
4,032,344
|
|
|
$
|
18,373
|
|
|
$
|
24,998
|
|
|
$
|
158
|
|
|
$
|
4,075,873
|
|
|
$
|
2,493
|
|
|
$
|
4,078,366
|
|
|
|
|
|
Real Estate
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(dollars in thousands)
|
Commercial,
Financial & Agricultural |
|
Construction
|
|
Residential Mortgage
|
|
Home Equity
|
|
Commercial Mortgage
|
|
Consumer
|
|
Leases
|
|
Total
|
||||||||||||||||
|
Three Months Ended September 30, 2019
|
|||||||||||||||||||||||||||||||
|
Beginning balance
|
$
|
8,109
|
|
|
$
|
1,313
|
|
|
$
|
13,367
|
|
|
$
|
4,313
|
|
|
$
|
11,668
|
|
|
$
|
9,497
|
|
|
$
|
—
|
|
|
$
|
48,267
|
|
|
Provision (credit) for loan and lease losses
|
107
|
|
|
374
|
|
|
75
|
|
|
(45
|
)
|
|
541
|
|
|
480
|
|
|
—
|
|
|
1,532
|
|
||||||||
|
|
8,216
|
|
|
1,687
|
|
|
13,442
|
|
|
4,268
|
|
|
12,209
|
|
|
9,977
|
|
|
—
|
|
|
49,799
|
|
||||||||
|
Charge-offs
|
797
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
1,832
|
|
|
—
|
|
|
2,634
|
|
||||||||
|
Recoveries
|
362
|
|
|
6
|
|
|
104
|
|
|
24
|
|
|
—
|
|
|
506
|
|
|
—
|
|
|
1,002
|
|
||||||||
|
Net charge-offs (recoveries)
|
435
|
|
|
(6
|
)
|
|
(104
|
)
|
|
(19
|
)
|
|
—
|
|
|
1,326
|
|
|
—
|
|
|
1,632
|
|
||||||||
|
Ending balance
|
$
|
7,781
|
|
|
$
|
1,693
|
|
|
$
|
13,546
|
|
|
$
|
4,287
|
|
|
$
|
12,209
|
|
|
$
|
8,651
|
|
|
$
|
—
|
|
|
$
|
48,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Three Months Ended September 30, 2018
|
|||||||||||||||||||||||||||||||
|
Beginning balance
|
$
|
7,525
|
|
|
$
|
1,811
|
|
|
$
|
14,252
|
|
|
$
|
3,168
|
|
|
$
|
15,094
|
|
|
$
|
6,331
|
|
|
$
|
—
|
|
|
$
|
48,181
|
|
|
Provision (credit) for loan and lease losses
|
495
|
|
|
(526
|
)
|
|
(168
|
)
|
|
544
|
|
|
(1,632
|
)
|
|
1,228
|
|
|
—
|
|
|
(59
|
)
|
||||||||
|
|
8,020
|
|
|
1,285
|
|
|
14,084
|
|
|
3,712
|
|
|
13,462
|
|
|
7,559
|
|
|
—
|
|
|
48,122
|
|
||||||||
|
Charge-offs
|
731
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,762
|
|
|
—
|
|
|
2,493
|
|
||||||||
|
Recoveries
|
578
|
|
|
6
|
|
|
51
|
|
|
6
|
|
|
8
|
|
|
548
|
|
|
—
|
|
|
1,197
|
|
||||||||
|
Net charge-offs (recoveries)
|
153
|
|
|
(6
|
)
|
|
(51
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
1,214
|
|
|
—
|
|
|
1,296
|
|
||||||||
|
Ending balance
|
$
|
7,867
|
|
|
$
|
1,291
|
|
|
$
|
14,135
|
|
|
$
|
3,718
|
|
|
$
|
13,470
|
|
|
$
|
6,345
|
|
|
$
|
—
|
|
|
$
|
46,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Real Estate
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(dollars in thousands)
|
Commercial,
Financial & Agricultural |
|
Construction
|
|
Residential Mortgage
|
|
Home Equity
|
|
Commercial Mortgage
|
|
Consumer
|
|
Leases
|
|
Total
|
||||||||||||||||
|
Nine Months Ended September 30, 2019
|
|||||||||||||||||||||||||||||||
|
Beginning balance
|
$
|
8,027
|
|
|
$
|
1,202
|
|
|
$
|
14,349
|
|
|
$
|
3,788
|
|
|
$
|
13,358
|
|
|
$
|
7,192
|
|
|
$
|
—
|
|
|
$
|
47,916
|
|
|
Provision (credit) for loan and lease losses
|
943
|
|
|
(113
|
)
|
|
(1,301
|
)
|
|
462
|
|
|
(1,174
|
)
|
|
5,402
|
|
|
—
|
|
|
4,219
|
|
||||||||
|
|
8,970
|
|
|
1,089
|
|
|
13,048
|
|
|
4,250
|
|
|
12,184
|
|
|
12,594
|
|
|
—
|
|
|
52,135
|
|
||||||||
|
Charge-offs
|
2,099
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5,542
|
|
|
—
|
|
|
7,646
|
|
||||||||
|
Recoveries
|
910
|
|
|
604
|
|
|
498
|
|
|
42
|
|
|
25
|
|
|
1,599
|
|
|
—
|
|
|
3,678
|
|
||||||||
|
Net charge-offs (recoveries)
|
1,189
|
|
|
(604
|
)
|
|
(498
|
)
|
|
(37
|
)
|
|
(25
|
)
|
|
3,943
|
|
|
—
|
|
|
3,968
|
|
||||||||
|
Ending balance
|
$
|
7,781
|
|
|
$
|
1,693
|
|
|
$
|
13,546
|
|
|
$
|
4,287
|
|
|
$
|
12,209
|
|
|
$
|
8,651
|
|
|
$
|
—
|
|
|
$
|
48,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Nine Months Ended September 30, 2018
|
|||||||||||||||||||||||||||||||
|
Beginning balance
|
$
|
7,594
|
|
|
$
|
1,835
|
|
|
$
|
14,328
|
|
|
$
|
3,317
|
|
|
$
|
16,801
|
|
|
$
|
6,126
|
|
|
$
|
—
|
|
|
$
|
50,001
|
|
|
Provision (credit) for loan and lease losses
|
1,227
|
|
|
(1,749
|
)
|
|
(291
|
)
|
|
383
|
|
|
(3,383
|
)
|
|
4,075
|
|
|
—
|
|
|
262
|
|
||||||||
|
|
8,821
|
|
|
86
|
|
|
14,037
|
|
|
3,700
|
|
|
13,418
|
|
|
10,201
|
|
|
—
|
|
|
50,263
|
|
||||||||
|
Charge-offs
|
1,971
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,424
|
|
|
—
|
|
|
7,395
|
|
||||||||
|
Recoveries
|
1,017
|
|
|
1,205
|
|
|
98
|
|
|
18
|
|
|
52
|
|
|
1,568
|
|
|
—
|
|
|
3,958
|
|
||||||||
|
Net charge-offs (recoveries)
|
954
|
|
|
(1,205
|
)
|
|
(98
|
)
|
|
(18
|
)
|
|
(52
|
)
|
|
3,856
|
|
|
—
|
|
|
3,437
|
|
||||||||
|
Ending balance
|
$
|
7,867
|
|
|
$
|
1,291
|
|
|
$
|
14,135
|
|
|
$
|
3,718
|
|
|
$
|
13,470
|
|
|
$
|
6,345
|
|
|
$
|
—
|
|
|
$
|
46,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
(dollars in thousands)
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
Investments in low income housing tax credit partnerships
|
$
|
15,228
|
|
|
$
|
11,603
|
|
|
Investments in common securities of statutory trusts
|
1,547
|
|
|
2,169
|
|
||
|
Investments in affiliates
|
172
|
|
|
182
|
|
||
|
Other
|
54
|
|
|
54
|
|
||
|
Total
|
$
|
17,001
|
|
|
$
|
14,008
|
|
|
Year Ending December 31,
|
|
||
|
2019 (remainder)
|
$
|
3,669
|
|
|
2020
|
3,466
|
|
|
|
2021
|
1,494
|
|
|
|
2022
|
3,010
|
|
|
|
2023
|
10
|
|
|
|
2024
|
26
|
|
|
|
Thereafter
|
49
|
|
|
|
Total unfunded commitments
|
$
|
11,724
|
|
|
(dollars in thousands)
|
Three Months Ended
September 30, 2019 |
|
Three Months Ended
September 30, 2018 |
|
Nine Months Ended
September 30, 2019 |
|
Nine Months Ended
September 30, 2018 |
||||||||
|
Proportional amortization method:
|
|
|
|
|
|
|
|
||||||||
|
Amortization expense recognized in income tax expense
|
$
|
259
|
|
|
$
|
114
|
|
|
$
|
776
|
|
|
$
|
341
|
|
|
Tax credits recognized in income tax expense
|
307
|
|
|
152
|
|
|
922
|
|
|
457
|
|
||||
|
(dollars in thousands)
|
Core
Deposit Premium |
|
Mortgage
Servicing Rights |
|
Total
|
||||||
|
Balance, January 1, 2018
|
$
|
2,006
|
|
|
$
|
15,843
|
|
|
$
|
17,849
|
|
|
Additions
|
—
|
|
|
1,204
|
|
|
1,204
|
|
|||
|
Amortization
|
(2,006
|
)
|
|
(1,413
|
)
|
|
(3,419
|
)
|
|||
|
Balance, September 30, 2018
|
$
|
—
|
|
|
$
|
15,634
|
|
|
$
|
15,634
|
|
|
|
|
|
|
|
|
||||||
|
Balance, January 1, 2019
|
$
|
—
|
|
|
$
|
15,596
|
|
|
$
|
15,596
|
|
|
Additions
|
—
|
|
|
1,189
|
|
|
1,189
|
|
|||
|
Amortization
|
—
|
|
|
(1,727
|
)
|
|
(1,727
|
)
|
|||
|
Balance, September 30, 2019
|
$
|
—
|
|
|
$
|
15,058
|
|
|
$
|
15,058
|
|
|
|
Nine Months Ended
|
|
Nine Months Ended
|
||||
|
(dollars in thousands)
|
September 30, 2019
|
|
September 30, 2018
|
||||
|
Fair market value, beginning of period
|
$
|
17,696
|
|
|
$
|
17,161
|
|
|
Fair market value, end of period
|
15,965
|
|
|
18,315
|
|
||
|
Weighted average discount rate
|
9.5
|
%
|
|
9.5
|
%
|
||
|
Forecasted constant prepayment rate assumption (1)
|
14.6
|
|
|
14.0
|
|
||
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
(dollars in thousands)
|
Gross
Carrying Value |
|
Accumulated
Amortization |
|
Net
Carrying Value |
|
Gross
Carrying Value |
|
Accumulated
Amortization |
|
Net
Carrying Value |
||||||||||||
|
Core deposit premium
|
$
|
44,642
|
|
|
$
|
(44,642
|
)
|
|
$
|
—
|
|
|
$
|
44,642
|
|
|
$
|
(44,642
|
)
|
|
$
|
—
|
|
|
Mortgage servicing rights
|
67,202
|
|
|
(52,144
|
)
|
|
15,058
|
|
|
66,013
|
|
|
(50,417
|
)
|
|
15,596
|
|
||||||
|
Total
|
$
|
111,844
|
|
|
$
|
(96,786
|
)
|
|
$
|
15,058
|
|
|
$
|
110,655
|
|
|
$
|
(95,059
|
)
|
|
$
|
15,596
|
|
|
Year Ending December 31,
|
|
||
|
2019 (remainder)
|
$
|
669
|
|
|
2020
|
2,373
|
|
|
|
2021
|
1,918
|
|
|
|
2022
|
1,585
|
|
|
|
2023
|
1,319
|
|
|
|
2024
|
1,118
|
|
|
|
Thereafter
|
6,076
|
|
|
|
Total
|
$
|
15,058
|
|
|
Derivatives Financial Instruments Not Designated as Hedging Instruments
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||
|
|
Fair Value at
|
|
Fair Value at
|
|||||||||||||||
|
(dollars in thousands)
|
|
Balance Sheet Location
|
|
September 30,
2019 |
|
December 31,
2018 |
|
September 30,
2019 |
|
December 31,
2018 |
||||||||
|
Interest rate lock and forward sale commitments
|
|
Other assets / other liabilities
|
|
$
|
49
|
|
|
$
|
11
|
|
|
$
|
3
|
|
|
$
|
95
|
|
|
Derivatives Financial Instruments
Not Designated as Hedging Instruments |
|
Location of Gain (Loss)
Recognized in Earnings on Derivatives |
|
Amount of Gain (Loss)
Recognized in Earnings on Derivatives |
||
|
(dollars in thousands)
|
|
|
||||
|
Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
Interest rate lock and forward sale commitments
|
|
Mortgage banking income
|
|
$
|
110
|
|
|
Loans held for sale
|
|
Other income
|
|
(1
|
)
|
|
|
|
|
|
|
|
||
|
Three Months Ended September 30, 2018
|
|
|
|
|
||
|
Interest rate lock and forward sale commitments
|
|
Mortgage banking income
|
|
91
|
|
|
|
Loans held for sale
|
|
Other income
|
|
(6
|
)
|
|
|
|
|
|
|
|
||
|
Nine Months Ended September 30, 2019
|
|
|
|
|
||
|
Interest rate lock and forward sale commitments
|
|
Mortgage banking income
|
|
131
|
|
|
|
Loans held for sale
|
|
Other income
|
|
(1
|
)
|
|
|
|
|
|
|
|
||
|
Nine Months Ended September 30, 2018
|
|
|
|
|
||
|
Interest rate lock and forward sale commitments
|
|
Mortgage banking income
|
|
76
|
|
|
|
Loans held for sale
|
|
Other income
|
|
(6
|
)
|
|
|
(dollars in thousands)
|
September 30, 2019
|
||||
|
Name of Trust
|
Amount of Subordinated Debentures
|
|
Interest Rate
|
||
|
Trust IV
|
$
|
30,928
|
|
|
Three month LIBOR + 2.45%
|
|
Trust V
|
20,619
|
|
|
Three month LIBOR + 1.87%
|
|
|
Total
|
$
|
51,547
|
|
|
|
|
|
|
|
|
||
|
|
December 31, 2018
|
||||
|
Name of Trust
|
Amount of Subordinated Debentures
|
|
Interest Rate
|
||
|
Trust II
|
$
|
20,619
|
|
|
Three month LIBOR + 2.85%
|
|
Trust IV
|
30,928
|
|
|
Three month LIBOR + 2.45%
|
|
|
Trust V
|
20,619
|
|
|
Three month LIBOR + 1.87%
|
|
|
Total
|
$
|
72,166
|
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Other operating income:
|
|
|
|
|
|
|
|
||||||||
|
In-scope of ASC 606
|
|
|
|
|
|
|
|
||||||||
|
Service charges on deposit accounts
|
$
|
2,125
|
|
|
$
|
2,189
|
|
|
$
|
6,247
|
|
|
$
|
6,169
|
|
|
Other service charges and fees
|
3,260
|
|
|
2,778
|
|
|
9,021
|
|
|
8,169
|
|
||||
|
Income on fiduciary activities
|
1,126
|
|
|
1,159
|
|
|
3,220
|
|
|
3,132
|
|
||||
|
Fees on foreign exchange
|
21
|
|
|
26
|
|
|
75
|
|
|
86
|
|
||||
|
Loan placement fees
|
230
|
|
|
115
|
|
|
486
|
|
|
532
|
|
||||
|
Net gain on sales of foreclosed assets
|
17
|
|
|
—
|
|
|
17
|
|
|
—
|
|
||||
|
In-scope other operating income
|
6,779
|
|
|
6,267
|
|
|
19,066
|
|
|
18,088
|
|
||||
|
Out-of-scope other operating income
|
3,487
|
|
|
4,553
|
|
|
12,967
|
|
|
11,316
|
|
||||
|
Total other operating income
|
$
|
10,266
|
|
|
$
|
10,820
|
|
|
$
|
32,033
|
|
|
$
|
29,404
|
|
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|||
|
Non-vested restricted stock units, beginning of period
|
362,725
|
|
|
$
|
26.98
|
|
|
Changes during the period:
|
|
|
|
|
|
|
|
Granted
|
181,431
|
|
|
28.89
|
|
|
|
Vested
|
(155,474
|
)
|
|
24.40
|
|
|
|
Forfeited
|
(15,205
|
)
|
|
29.24
|
|
|
|
Non-vested restricted stock units, end of period
|
373,477
|
|
|
28.89
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||
|
(dollars in thousands)
|
2019
|
|
2019
|
||||
|
Lease cost:
|
|
|
|
||||
|
Operating lease cost
|
$
|
1,627
|
|
|
$
|
4,883
|
|
|
Variable lease cost
|
699
|
|
|
1,950
|
|
||
|
Less: sublease income
|
(11
|
)
|
|
(33
|
)
|
||
|
Total lease cost
|
$
|
2,315
|
|
|
6,800
|
|
|
|
|
|
|
|
||||
|
Other information:
|
|
|
|
||||
|
Operating cash flows from operating leases
|
$
|
(1,558
|
)
|
|
$
|
(4,663
|
)
|
|
Weighted-average remaining lease term - operating leases
|
13.80 years
|
|
|
13.80 years
|
|
||
|
Weighted-average discount rate - operating leases
|
3.92
|
%
|
|
3.92
|
%
|
||
|
Year Ending December 31,
|
Undiscounted Cash Flows
|
|
Lease Liability Expense
|
|
Lease Liability Reduction
|
||||||
|
2019 (remainder)
|
$
|
1,550
|
|
|
$
|
512
|
|
|
$
|
1,038
|
|
|
2020
|
6,018
|
|
|
1,939
|
|
|
4,079
|
|
|||
|
2021
|
5,708
|
|
|
1,787
|
|
|
3,921
|
|
|||
|
2022
|
5,271
|
|
|
1,645
|
|
|
3,626
|
|
|||
|
2023
|
4,973
|
|
|
1,512
|
|
|
3,461
|
|
|||
|
2024
|
4,814
|
|
|
1,383
|
|
|
3,431
|
|
|||
|
Thereafter
|
40,920
|
|
|
7,669
|
|
|
33,251
|
|
|||
|
Total
|
$
|
69,254
|
|
|
$
|
16,447
|
|
|
$
|
52,807
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|||
|
(dollars in thousands)
|
2019
|
|
2019
|
|||
|
Total rental income recognized
|
$
|
522
|
|
|
1,576
|
|
|
Year Ending December 31,
|
|
||
|
2019 (remainder)
|
$
|
503
|
|
|
2020
|
1,837
|
|
|
|
2021
|
1,868
|
|
|
|
2022
|
1,308
|
|
|
|
2023
|
449
|
|
|
|
2024
|
97
|
|
|
|
Thereafter
|
262
|
|
|
|
Total
|
$
|
6,324
|
|
|
(dollars in thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
|
Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|||
|
Net unrealized gains on investment securities:
|
|
|
|
|
|
|
|
|
|||
|
Net unrealized gains arising during the period
|
$
|
6,027
|
|
|
$
|
1,615
|
|
|
$
|
4,412
|
|
|
Less: Reclassification adjustments from AOCI realized in net income
|
(36
|
)
|
|
(10
|
)
|
|
(26
|
)
|
|||
|
Net unrealized gains on investment securities
|
5,991
|
|
|
1,605
|
|
|
4,386
|
|
|||
|
|
|
|
|
|
|
||||||
|
Defined benefit plans:
|
|
|
|
|
|
|
|
|
|||
|
Amortization of net actuarial loss
|
310
|
|
|
31
|
|
|
279
|
|
|||
|
Amortization of net transition obligation
|
5
|
|
|
3
|
|
|
2
|
|
|||
|
Amortization of prior service cost
|
4
|
|
|
2
|
|
|
2
|
|
|||
|
Defined benefit plans, net
|
319
|
|
|
36
|
|
|
283
|
|
|||
|
|
|
|
|
|
|
||||||
|
Other comprehensive income
|
$
|
6,310
|
|
|
$
|
1,641
|
|
|
$
|
4,669
|
|
|
(dollars in thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
|
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|||
|
Net unrealized losses on investment securities:
|
|
|
|
|
|
|
|
|
|||
|
Net unrealized losses arising during the period
|
$
|
(8,297
|
)
|
|
$
|
(2,225
|
)
|
|
$
|
(6,072
|
)
|
|
Less: Reclassification adjustments from AOCI realized in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Net unrealized losses on investment securities
|
(8,297
|
)
|
|
(2,225
|
)
|
|
(6,072
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Defined benefit plans:
|
|
|
|
|
|
|
|
|
|||
|
Amortization of net actuarial loss
|
289
|
|
|
78
|
|
|
211
|
|
|||
|
Amortization of net transition obligation
|
5
|
|
|
2
|
|
|
3
|
|
|||
|
Amortization of prior service cost
|
4
|
|
|
1
|
|
|
3
|
|
|||
|
Defined benefit plans, net
|
298
|
|
|
81
|
|
|
217
|
|
|||
|
|
|
|
|
|
|
||||||
|
Other comprehensive loss
|
$
|
(7,999
|
)
|
|
$
|
(2,144
|
)
|
|
$
|
(5,855
|
)
|
|
(dollars in thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
|
Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|||
|
Net unrealized gains on investment securities:
|
|
|
|
|
|
|
|
|
|||
|
Net unrealized gains arising during the period
|
$
|
37,671
|
|
|
$
|
10,098
|
|
|
$
|
27,573
|
|
|
Less: Reclassification adjustments from AOCI realized in net income
|
(36
|
)
|
|
(10
|
)
|
|
(26
|
)
|
|||
|
Net unrealized gains on investment securities
|
37,635
|
|
|
10,088
|
|
|
27,547
|
|
|||
|
|
|
|
|
|
|
||||||
|
Defined benefit plans:
|
|
|
|
|
|
|
|
||||
|
Amortization of net actuarial loss
|
837
|
|
|
84
|
|
|
753
|
|
|||
|
Amortization of net transition obligation
|
14
|
|
|
4
|
|
|
10
|
|
|||
|
Amortization of prior service cost
|
13
|
|
|
3
|
|
|
10
|
|
|||
|
Defined benefit plans, net
|
864
|
|
|
91
|
|
|
773
|
|
|||
|
|
|
|
|
|
|
||||||
|
Other comprehensive income
|
$
|
38,499
|
|
|
$
|
10,179
|
|
|
$
|
28,320
|
|
|
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
Before Tax
|
|
Tax Effect
|
|
Net of Tax
|
||||||
|
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|||
|
Net unrealized losses on investment securities:
|
|
|
|
|
|
|
|
|
|||
|
Net unrealized losses arising during the period
|
$
|
(33,809
|
)
|
|
$
|
(9,097
|
)
|
|
$
|
(24,712
|
)
|
|
Less: Reclassification adjustments from AOCI realized in net income
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Net unrealized losses on investment securities
|
(33,809
|
)
|
|
(9,097
|
)
|
|
(24,712
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Defined benefit plans:
|
|
|
|
|
|
|
|
|
|||
|
Amortization of net actuarial loss
|
865
|
|
|
262
|
|
|
603
|
|
|||
|
Amortization of net transition obligation
|
14
|
|
|
4
|
|
|
10
|
|
|||
|
Amortization of prior service cost
|
13
|
|
|
3
|
|
|
10
|
|
|||
|
Defined benefit plans, net
|
892
|
|
|
269
|
|
|
623
|
|
|||
|
|
|
|
|
|
|
||||||
|
Other comprehensive loss
|
$
|
(32,917
|
)
|
|
$
|
(8,828
|
)
|
|
$
|
(24,089
|
)
|
|
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
Investment
Securities |
|
Defined
Benefit Plans |
|
AOCI
|
||||||
|
Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|||
|
Balance at beginning of period
|
10,418
|
|
|
(5,960
|
)
|
|
4,458
|
|
|||
|
|
|
|
|
|
|
||||||
|
Other comprehensive income before reclassifications
|
4,412
|
|
|
—
|
|
|
4,412
|
|
|||
|
Reclassification adjustments from AOCI
|
(26
|
)
|
|
283
|
|
|
257
|
|
|||
|
Total other comprehensive income
|
4,386
|
|
|
283
|
|
|
4,669
|
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at end of period
|
$
|
14,804
|
|
|
$
|
(5,677
|
)
|
|
$
|
9,127
|
|
|
(dollars in thousands)
|
Investment
Securities |
|
Defined
Benefit Plans |
|
AOCI
|
||||||
|
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|||
|
Balance at beginning of period
|
$
|
(14,161
|
)
|
|
$
|
(7,087
|
)
|
|
$
|
(21,248
|
)
|
|
|
|
|
|
|
|
||||||
|
Other comprehensive loss before reclassifications
|
(6,072
|
)
|
|
—
|
|
|
(6,072
|
)
|
|||
|
Reclassification adjustments from AOCI
|
—
|
|
|
217
|
|
|
217
|
|
|||
|
Total other comprehensive income (loss)
|
(6,072
|
)
|
|
217
|
|
|
(5,855
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at end of period
|
$
|
(20,233
|
)
|
|
$
|
(6,870
|
)
|
|
$
|
(27,103
|
)
|
|
(dollars in thousands)
|
Investment
Securities |
|
Defined
Benefit Plans |
|
AOCI
|
||||||
|
Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|||
|
Balance at beginning of period
|
$
|
(9,643
|
)
|
|
$
|
(6,450
|
)
|
|
$
|
(16,093
|
)
|
|
Impact of the adoption of new accounting standards
|
(3,100
|
)
|
|
—
|
|
|
(3,100
|
)
|
|||
|
Adjusted balance at beginning of period
|
(12,743
|
)
|
|
(6,450
|
)
|
|
(19,193
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Other comprehensive income before reclassifications
|
27,573
|
|
|
—
|
|
|
27,573
|
|
|||
|
Reclassification adjustments from AOCI
|
(26
|
)
|
|
773
|
|
|
747
|
|
|||
|
Total other comprehensive income
|
27,547
|
|
|
773
|
|
|
28,320
|
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at end of period
|
$
|
14,804
|
|
|
$
|
(5,677
|
)
|
|
$
|
9,127
|
|
|
|
|
|
|
|
|
||||||
|
(dollars in thousands)
|
Investment
Securities |
|
Defined
Benefit Plans |
|
AOCI
|
||||||
|
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|||
|
Balance at beginning of period
|
$
|
5,073
|
|
|
$
|
(6,112
|
)
|
|
$
|
(1,039
|
)
|
|
Impact of the adoption of new accounting standards
|
(139
|
)
|
|
—
|
|
|
(139
|
)
|
|||
|
Adjusted balance at beginning of period
|
4,934
|
|
|
(6,112
|
)
|
|
(1,178
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Impact of the adoption of new accounting standards
|
(455
|
)
|
|
(1,381
|
)
|
|
(1,836
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Other comprehensive loss before reclassifications
|
(24,712
|
)
|
|
—
|
|
|
(24,712
|
)
|
|||
|
Reclassification adjustments from AOCI
|
—
|
|
|
623
|
|
|
623
|
|
|||
|
Total other comprehensive income (loss)
|
(24,712
|
)
|
|
623
|
|
|
(24,089
|
)
|
|||
|
|
|
|
|
|
|
||||||
|
Balance at end of period
|
$
|
(20,233
|
)
|
|
$
|
(6,870
|
)
|
|
$
|
(27,103
|
)
|
|
|
|
|
|
|
|
||||||
|
|
Amount Reclassified from AOCI
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
||||||
|
Details about AOCI Components
|
Three months ended September 30,
|
|
|||||||
|
(dollars in thousands)
|
2019
|
|
2018
|
|
|||||
|
Sale of investment securities available-for-sale:
|
|
|
|
|
|
||||
|
Realized gains (losses) on securities available-for-sale
|
$
|
36
|
|
|
$
|
—
|
|
|
Investment securities gains (losses)
|
|
Tax effect
|
(10
|
)
|
|
—
|
|
|
Income tax benefit (expense)
|
||
|
Net of tax
|
$
|
26
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||
|
Defined benefit retirement and supplemental executive retirement plan items:
|
|
|
|
|
|
|
|
||
|
Amortization of net actuarial loss
|
$
|
(310
|
)
|
|
$
|
(289
|
)
|
|
Salaries and employee benefits
|
|
Amortization of net transition obligation
|
(5
|
)
|
|
(5
|
)
|
|
Salaries and employee benefits
|
||
|
Amortization of prior service cost
|
(4
|
)
|
|
(4
|
)
|
|
Salaries and employee benefits
|
||
|
Total before tax
|
(319
|
)
|
|
(298
|
)
|
|
|
||
|
Tax effect
|
36
|
|
|
81
|
|
|
Income tax benefit (expense)
|
||
|
Net of tax
|
$
|
(283
|
)
|
|
$
|
(217
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
Total reclassification adjustments from AOCI for the period, net of tax
|
$
|
(257
|
)
|
|
$
|
(217
|
)
|
|
|
|
|
Amount Reclassified from AOCI
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
||||||
|
Details about AOCI Components
|
Nine months ended September 30,
|
|
|||||||
|
(dollars in thousands)
|
2019
|
|
2018
|
|
|||||
|
Sale of investment securities available-for-sale:
|
|
|
|
|
|
||||
|
Realized gains (losses) on securities available-for-sale
|
$
|
36
|
|
|
$
|
—
|
|
|
Investment securities gains (losses)
|
|
Tax effect
|
(10
|
)
|
|
—
|
|
|
Income tax benefit (expense)
|
||
|
Net of tax
|
$
|
26
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||
|
Defined benefit retirement and supplemental executive retirement plan items:
|
|
|
|
|
|
|
|
||
|
Amortization of net actuarial loss
|
$
|
(837
|
)
|
|
$
|
(865
|
)
|
|
Salaries and employee benefits
|
|
Amortization of net transition obligation
|
(14
|
)
|
|
(14
|
)
|
|
Salaries and employee benefits
|
||
|
Amortization of prior service cost
|
(13
|
)
|
|
(13
|
)
|
|
Salaries and employee benefits
|
||
|
Total before tax
|
(864
|
)
|
|
(892
|
)
|
|
|
||
|
Tax effect
|
91
|
|
|
269
|
|
|
Income tax benefit (expense)
|
||
|
Net of tax
|
$
|
(773
|
)
|
|
$
|
(623
|
)
|
|
|
|
|
|
|
|
|
|
||||
|
Total reclassification adjustments from AOCI for the period
|
$
|
(747
|
)
|
|
$
|
(623
|
)
|
|
Net of tax
|
|
|
|
|
|
|
|
||||
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(dollars in thousands, except per share data)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Net income
|
$
|
14,554
|
|
|
$
|
15,193
|
|
|
$
|
44,125
|
|
|
$
|
43,694
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average common shares outstanding - basic
|
28,424,898
|
|
|
29,297,465
|
|
|
28,575,369
|
|
|
29,536,536
|
|
||||
|
Dilutive effect of employee stock options and awards
|
177,440
|
|
|
182,347
|
|
|
186,688
|
|
|
206,702
|
|
||||
|
Weighted average common shares outstanding - diluted
|
28,602,338
|
|
|
29,479,812
|
|
|
28,762,057
|
|
|
29,743,238
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Basic earnings per common share
|
$
|
0.51
|
|
|
$
|
0.52
|
|
|
$
|
1.54
|
|
|
$
|
1.48
|
|
|
Diluted earnings per common share
|
$
|
0.51
|
|
|
$
|
0.52
|
|
|
$
|
1.53
|
|
|
$
|
1.47
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Anti-dilutive employee stock options and awards outstanding
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||||
|
(dollars in thousands)
|
Carrying
Amount |
|
Estimated
Fair Value |
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant
Unobservable Inputs (Level 3) |
||||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cash and due from banks
|
$
|
87,395
|
|
|
$
|
87,395
|
|
|
$
|
87,395
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest-bearing deposits in other banks
|
7,803
|
|
|
7,803
|
|
|
7,803
|
|
|
—
|
|
|
—
|
|
|||||
|
Investment securities
|
1,187,933
|
|
|
1,187,933
|
|
|
1,058
|
|
|
1,175,373
|
|
|
11,502
|
|
|||||
|
Loans held for sale
|
7,016
|
|
|
7,016
|
|
|
—
|
|
|
7,016
|
|
|
—
|
|
|||||
|
Net loans and leases
|
4,319,695
|
|
|
4,328,177
|
|
|
—
|
|
|
9,752
|
|
|
4,318,425
|
|
|||||
|
Accrued interest receivable
|
16,220
|
|
|
16,220
|
|
|
16,220
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Noninterest-bearing demand
|
1,399,200
|
|
|
1,399,200
|
|
|
1,399,200
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest-bearing demand and savings and money market
|
2,591,775
|
|
|
2,591,775
|
|
|
2,591,775
|
|
|
—
|
|
|
—
|
|
|||||
|
Time
|
1,046,684
|
|
|
1,043,147
|
|
|
—
|
|
|
—
|
|
|
1,043,147
|
|
|||||
|
Short-term borrowings
|
205,000
|
|
|
205,000
|
|
|
—
|
|
|
205,000
|
|
|
—
|
|
|||||
|
Long-term debt
|
101,547
|
|
|
97,324
|
|
|
—
|
|
|
97,324
|
|
|
—
|
|
|||||
|
Accrued interest payable (included in other liabilities)
|
5,402
|
|
|
5,402
|
|
|
5,402
|
|
|
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||||||
|
(dollars in thousands)
|
Notional
Amount |
|
Carrying
Amount |
|
Estimated
Fair Value |
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant
Unobservable Inputs (Level 3) |
||||||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate lock commitments
|
$
|
1,569
|
|
|
$
|
49
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
Forward sale commitments
|
8,412
|
|
|
(3
|
)
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Off-balance sheet financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Commitments to extend credit
|
1,106,657
|
|
|
1,295
|
|
|
1,295
|
|
|
—
|
|
|
1,295
|
|
|
—
|
|
||||||
|
Standby letters of credit and financial guarantees written
|
11,275
|
|
|
169
|
|
|
169
|
|
|
—
|
|
|
169
|
|
|
—
|
|
||||||
|
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||||
|
(dollars in thousands)
|
Carrying
Amount |
|
Estimated
Fair Value |
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant
Unobservable Inputs (Level 3) |
||||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cash and due from banks
|
$
|
80,569
|
|
|
$
|
80,569
|
|
|
$
|
80,569
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest-bearing deposits in other banks
|
21,617
|
|
|
21,617
|
|
|
21,617
|
|
|
—
|
|
|
—
|
|
|||||
|
Investment securities
|
1,354,812
|
|
|
1,350,576
|
|
|
826
|
|
|
1,338,581
|
|
|
11,169
|
|
|||||
|
Loans held for sale
|
6,647
|
|
|
6,647
|
|
|
—
|
|
|
6,647
|
|
|
—
|
|
|||||
|
Net loans and leases
|
4,030,450
|
|
|
3,938,380
|
|
|
—
|
|
|
—
|
|
|
3,938,380
|
|
|||||
|
Accrued interest receivable
|
17,000
|
|
|
17,000
|
|
|
17,000
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Noninterest-bearing demand
|
1,436,967
|
|
|
1,436,967
|
|
|
1,436,967
|
|
|
—
|
|
|
—
|
|
|||||
|
Interest-bearing demand and savings and money market
|
2,402,268
|
|
|
2,402,268
|
|
|
2,402,268
|
|
|
—
|
|
|
—
|
|
|||||
|
Time
|
1,107,255
|
|
|
1,099,560
|
|
|
—
|
|
|
—
|
|
|
1,099,560
|
|
|||||
|
Short-term borrowings
|
197,000
|
|
|
197,000
|
|
|
—
|
|
|
197,000
|
|
|
—
|
|
|||||
|
Long-term debt
|
122,166
|
|
|
118,057
|
|
|
—
|
|
|
118,057
|
|
|
—
|
|
|||||
|
Accrued interest payable (included in other liabilities)
|
5,051
|
|
|
5,051
|
|
|
5,051
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
Fair Value Measurement Using
|
||||||||||||||||
|
(dollars in thousands)
|
Notional
Amount |
|
Carrying
Amount |
|
Estimated
Fair Value |
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
|
Significant Other Observable Inputs (Level 2)
|
|
Significant
Unobservable Inputs (Level 3) |
||||||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest rate lock commitments
|
$
|
2,158
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
Forward sale commitments
|
8,530
|
|
|
(95
|
)
|
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Off-balance sheet financial instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Commitments to extend credit
|
1,030,322
|
|
|
1,205
|
|
|
1,205
|
|
|
—
|
|
|
1,205
|
|
|
—
|
|
||||||
|
Standby letters of credit and financial guarantees written
|
13,377
|
|
|
201
|
|
|
201
|
|
|
—
|
|
|
201
|
|
|
—
|
|
||||||
|
•
|
Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities traded in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available.
|
|
•
|
Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.
|
|
•
|
Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of discounted cash flow models and similar techniques that requires the use of significant judgment or estimation.
|
|
|
|
|
Fair Value at Reporting Date Using
|
||||||||||||
|
(dollars in thousands)
|
Fair Value
|
|
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
States and political subdivisions
|
$
|
124,711
|
|
|
$
|
—
|
|
|
$
|
113,209
|
|
|
$
|
11,502
|
|
|
Corporate securities
|
30,713
|
|
|
—
|
|
|
30,713
|
|
|
—
|
|
||||
|
U.S. Treasury obligations and direct obligations of U.S Government agencies
|
42,897
|
|
|
—
|
|
|
42,897
|
|
|
—
|
|
||||
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Residential - U.S. Government sponsored entities
|
723,644
|
|
|
—
|
|
|
723,644
|
|
|
—
|
|
||||
|
Commercial - U.S. Government agencies and sponsored entities
|
87,742
|
|
|
—
|
|
|
87,742
|
|
|
—
|
|
||||
|
Residential - Non-government agencies
|
39,109
|
|
|
—
|
|
|
39,109
|
|
|
—
|
|
||||
|
Commercial - Non-government agencies
|
138,059
|
|
|
—
|
|
|
138,059
|
|
|
—
|
|
||||
|
Total available-for-sale securities
|
1,186,875
|
|
|
—
|
|
|
1,175,373
|
|
|
11,502
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
1,058
|
|
|
1,058
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Derivatives: Interest rate lock and forward sale commitments
|
46
|
|
|
—
|
|
|
46
|
|
|
—
|
|
||||
|
Total
|
$
|
1,187,979
|
|
|
$
|
1,058
|
|
|
$
|
1,175,419
|
|
|
$
|
11,502
|
|
|
|
|
|
Fair Value at Reporting Date Using
|
||||||||||||
|
(dollars in thousands)
|
Fair Value
|
|
Quoted
Prices in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Available-for-sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
States and political subdivisions
|
$
|
173,674
|
|
|
$
|
—
|
|
|
$
|
162,505
|
|
|
$
|
11,169
|
|
|
Corporate securities
|
54,849
|
|
|
—
|
|
|
54,849
|
|
|
—
|
|
||||
|
U.S. Treasury obligations and direct obligations of U.S Government agencies
|
32,574
|
|
|
—
|
|
|
32,574
|
|
|
—
|
|
||||
|
Mortgage-backed securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Residential - U.S. Government sponsored entities
|
717,052
|
|
|
—
|
|
|
717,052
|
|
|
—
|
|
||||
|
Commercial - U.S. Government agencies and sponsored entities
|
41,118
|
|
|
—
|
|
|
41,118
|
|
|
—
|
|
||||
|
Residential - Non-government agencies
|
51,483
|
|
|
—
|
|
|
51,483
|
|
|
—
|
|
||||
|
Commercial - Non-government agencies
|
134,728
|
|
|
—
|
|
|
134,728
|
|
|
—
|
|
||||
|
Total available-for-sale securities
|
1,205,478
|
|
|
—
|
|
|
1,194,309
|
|
|
11,169
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Equity securities
|
826
|
|
|
826
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Derivatives: Interest rate lock and forward sale commitments
|
(84
|
)
|
|
—
|
|
|
(84
|
)
|
|
—
|
|
||||
|
Total
|
$
|
1,206,220
|
|
|
$
|
826
|
|
|
$
|
1,194,225
|
|
|
$
|
11,169
|
|
|
(dollars in thousands)
|
Available-For-Sale
Debt Securities: States and Political Subdivisions |
||
|
Balance at December 31, 2018
|
$
|
11,169
|
|
|
Principal payments received
|
(285
|
)
|
|
|
Unrealized net gain included in other comprehensive income
|
618
|
|
|
|
Balance at September 30, 2019
|
$
|
11,502
|
|
|
|
|
|
|
|
Balance at December 31, 2017
|
$
|
11,794
|
|
|
Principal payments received
|
(280
|
)
|
|
|
Unrealized net loss included in other comprehensive income
|
(370
|
)
|
|
|
Balance at September 30, 2018
|
$
|
11,144
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
(dollars in thousands)
|
Fair Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other real estate (1)
|
$
|
466
|
|
|
$
|
—
|
|
|
$
|
466
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other real estate (1)
|
$
|
414
|
|
|
$
|
—
|
|
|
$
|
414
|
|
|
$
|
—
|
|
|
(1)
|
Represents other real estate that is carried at fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral.
|
|
(dollars in thousands)
|
Banking
Operations |
|
Treasury
|
|
All Others
|
|
Total
|
||||||||
|
Three Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income
|
$
|
42,790
|
|
|
$
|
2,859
|
|
|
$
|
—
|
|
|
$
|
45,649
|
|
|
Inter-segment net interest income (expense)
|
4,788
|
|
|
(2,825
|
)
|
|
(1,963
|
)
|
|
—
|
|
||||
|
Credit (provision) for loan and lease losses
|
(1,532
|
)
|
|
—
|
|
|
—
|
|
|
(1,532
|
)
|
||||
|
Other operating income:
|
|
|
|
|
|
|
|
||||||||
|
Mortgage banking income
|
1,360
|
|
|
—
|
|
|
404
|
|
|
1,764
|
|
||||
|
Service charges on deposit accounts
|
2,125
|
|
|
—
|
|
|
—
|
|
|
2,125
|
|
||||
|
Other service charges and fees
|
1,470
|
|
|
—
|
|
|
2,254
|
|
|
3,724
|
|
||||
|
Income from fiduciary activities
|
1,126
|
|
|
—
|
|
|
—
|
|
|
1,126
|
|
||||
|
Equity in earnings of unconsolidated subsidiaries
|
86
|
|
|
—
|
|
|
—
|
|
|
86
|
|
||||
|
Fees on foreign exchange
|
20
|
|
|
150
|
|
|
—
|
|
|
170
|
|
||||
|
Investments securities gains (losses)
|
—
|
|
|
36
|
|
|
—
|
|
|
36
|
|
||||
|
Income from bank-owned life insurance
|
—
|
|
|
645
|
|
|
—
|
|
|
645
|
|
||||
|
Loan placement fees
|
230
|
|
|
—
|
|
|
—
|
|
|
230
|
|
||||
|
Net gain (loss) sale of foreclosed assets
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
||||
|
Other
|
154
|
|
|
4
|
|
|
185
|
|
|
343
|
|
||||
|
Other operating income
|
6,571
|
|
|
835
|
|
|
2,860
|
|
|
10,266
|
|
||||
|
Other operating expense
|
(16,482
|
)
|
|
(352
|
)
|
|
(18,100
|
)
|
|
(34,934
|
)
|
||||
|
Administrative and overhead expense allocation
|
(17,495
|
)
|
|
(204
|
)
|
|
17,699
|
|
|
—
|
|
||||
|
Income before taxes
|
18,640
|
|
|
313
|
|
|
496
|
|
|
19,449
|
|
||||
|
Income tax (expense) benefit
|
(4,702
|
)
|
|
(89
|
)
|
|
(104
|
)
|
|
(4,895
|
)
|
||||
|
Net income (loss)
|
$
|
13,938
|
|
|
$
|
224
|
|
|
$
|
392
|
|
|
$
|
14,554
|
|
|
(dollars in thousands)
|
Banking
Operations |
|
Treasury
|
|
All Others
|
|
Total
|
||||||||
|
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income
|
$
|
38,872
|
|
|
$
|
4,453
|
|
|
$
|
—
|
|
|
$
|
43,325
|
|
|
Inter-segment net interest income (expense)
|
7,524
|
|
|
(4,327
|
)
|
|
(3,197
|
)
|
|
—
|
|
||||
|
Credit (provision) for loan and lease losses
|
59
|
|
|
—
|
|
|
—
|
|
|
59
|
|
||||
|
Other operating income:
|
|
|
|
|
|
|
|
||||||||
|
Mortgage banking income
|
1,173
|
|
|
—
|
|
|
750
|
|
|
1,923
|
|
||||
|
Service charges on deposit accounts
|
2,189
|
|
|
—
|
|
|
—
|
|
|
2,189
|
|
||||
|
Other service charges and fees
|
1,318
|
|
|
8
|
|
|
1,960
|
|
|
3,286
|
|
||||
|
Income from fiduciary activities
|
1,159
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
||||
|
Equity in earnings of unconsolidated subsidiaries
|
71
|
|
|
—
|
|
|
—
|
|
|
71
|
|
||||
|
Fees on foreign exchange
|
22
|
|
|
198
|
|
|
|
|
|
220
|
|
||||
|
Income from bank-owned life insurance
|
—
|
|
|
1,055
|
|
|
—
|
|
|
1,055
|
|
||||
|
Loan placement fees
|
115
|
|
|
—
|
|
|
—
|
|
|
115
|
|
||||
|
Other
|
448
|
|
|
58
|
|
|
296
|
|
|
802
|
|
||||
|
Other operating income
|
6,495
|
|
|
1,319
|
|
|
3,006
|
|
|
10,820
|
|
||||
|
Other operating expense
|
(16,265
|
)
|
|
(335
|
)
|
|
(17,425
|
)
|
|
(34,025
|
)
|
||||
|
Administrative and overhead expense allocation
|
(15,481
|
)
|
|
(206
|
)
|
|
15,687
|
|
|
—
|
|
||||
|
Income before taxes
|
21,204
|
|
|
904
|
|
|
(1,929
|
)
|
|
20,179
|
|
||||
|
Income tax (expense) benefit
|
(5,128
|
)
|
|
(215
|
)
|
|
357
|
|
|
(4,986
|
)
|
||||
|
Net income (loss)
|
$
|
16,076
|
|
|
$
|
689
|
|
|
$
|
(1,572
|
)
|
|
$
|
15,193
|
|
|
(dollars in thousands)
|
Banking
Operations |
|
Treasury
|
|
All Others
|
|
Total
|
||||||||
|
Nine Months Ended September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income
|
$
|
127,059
|
|
|
$
|
9,081
|
|
|
$
|
—
|
|
|
$
|
136,140
|
|
|
Inter-segment net interest income (expense)
|
18,080
|
|
|
(8,119
|
)
|
|
(9,961
|
)
|
|
—
|
|
||||
|
Credit (provision) for loan and lease losses
|
(4,219
|
)
|
|
—
|
|
|
—
|
|
|
(4,219
|
)
|
||||
|
Other operating income:
|
|
|
|
|
|
|
|
||||||||
|
Mortgage banking income
|
2,967
|
|
|
—
|
|
|
1,822
|
|
|
4,789
|
|
||||
|
Service charges on deposit accounts
|
6,247
|
|
|
—
|
|
|
—
|
|
|
6,247
|
|
||||
|
Other service charges and fees
|
4,130
|
|
|
—
|
|
|
6,349
|
|
|
10,479
|
|
||||
|
Income from fiduciary activities
|
3,220
|
|
|
—
|
|
|
—
|
|
|
3,220
|
|
||||
|
Equity in earnings of unconsolidated subsidiaries
|
165
|
|
|
—
|
|
|
—
|
|
|
165
|
|
||||
|
Fees on foreign exchange
|
67
|
|
|
472
|
|
|
—
|
|
|
539
|
|
||||
|
Investments securities gains (losses)
|
—
|
|
|
36
|
|
|
—
|
|
|
36
|
|
||||
|
Income from bank-owned life insurance
|
—
|
|
|
2,511
|
|
|
—
|
|
|
2,511
|
|
||||
|
Loan placement fees
|
486
|
|
|
—
|
|
|
—
|
|
|
486
|
|
||||
|
Net gain (loss) sale of foreclosed assets
|
—
|
|
|
—
|
|
|
17
|
|
|
17
|
|
||||
|
Other
|
453
|
|
|
2,558
|
|
|
533
|
|
|
3,544
|
|
||||
|
Other operating income
|
17,735
|
|
|
5,577
|
|
|
8,721
|
|
|
32,033
|
|
||||
|
Other operating expense
|
(48,289
|
)
|
|
(1,097
|
)
|
|
(56,003
|
)
|
|
(105,389
|
)
|
||||
|
Administrative and overhead expense allocation
|
(49,953
|
)
|
|
(624
|
)
|
|
50,577
|
|
|
—
|
|
||||
|
Income before taxes
|
60,413
|
|
|
4,818
|
|
|
(6,666
|
)
|
|
58,565
|
|
||||
|
Income tax (expense) benefit
|
(14,896
|
)
|
|
(1,188
|
)
|
|
1,644
|
|
|
(14,440
|
)
|
||||
|
Net income (loss)
|
$
|
45,517
|
|
|
$
|
3,630
|
|
|
$
|
(5,022
|
)
|
|
$
|
44,125
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(dollars in thousands)
|
Banking
Operations |
|
Treasury
|
|
All Others
|
|
Total
|
||||||||
|
Nine Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income
|
$
|
112,295
|
|
|
$
|
16,024
|
|
|
$
|
—
|
|
|
$
|
128,319
|
|
|
Inter-segment net interest income (expense)
|
21,360
|
|
|
(14,717
|
)
|
|
(6,643
|
)
|
|
—
|
|
||||
|
Credit (provision) for loan and lease losses
|
(262
|
)
|
|
—
|
|
|
—
|
|
|
(262
|
)
|
||||
|
Other operating income:
|
|
|
|
|
|
|
|
||||||||
|
Mortgage banking income
|
3,089
|
|
|
—
|
|
|
2,456
|
|
|
5,545
|
|
||||
|
Service charges on deposit accounts
|
6,169
|
|
|
—
|
|
|
—
|
|
|
6,169
|
|
||||
|
Other service charges and fees
|
3,748
|
|
|
22
|
|
|
5,927
|
|
|
9,697
|
|
||||
|
Income from fiduciary activities
|
3,132
|
|
|
—
|
|
|
—
|
|
|
3,132
|
|
||||
|
Equity in earnings of unconsolidated subsidiaries
|
151
|
|
|
—
|
|
|
—
|
|
|
151
|
|
||||
|
Fees on foreign exchange
|
75
|
|
|
633
|
|
|
|
|
|
708
|
|
||||
|
Income from bank-owned life insurance
|
—
|
|
|
1,874
|
|
|
—
|
|
|
1,874
|
|
||||
|
Loan placement fees
|
532
|
|
|
—
|
|
|
—
|
|
|
532
|
|
||||
|
Other
|
803
|
|
|
60
|
|
|
733
|
|
|
1,596
|
|
||||
|
Other operating income
|
17,699
|
|
|
2,589
|
|
|
9,116
|
|
|
29,404
|
|
||||
|
Other operating expense
|
(47,967
|
)
|
|
(1,078
|
)
|
|
(51,995
|
)
|
|
(101,040
|
)
|
||||
|
Administrative and overhead expense allocation
|
(45,594
|
)
|
|
(652
|
)
|
|
46,246
|
|
|
—
|
|
||||
|
Income before taxes
|
57,531
|
|
|
2,166
|
|
|
(3,276
|
)
|
|
56,421
|
|
||||
|
Income tax (expense) benefit
|
(12,707
|
)
|
|
(478
|
)
|
|
458
|
|
|
(12,727
|
)
|
||||
|
Net income
|
$
|
44,824
|
|
|
$
|
1,688
|
|
|
$
|
(2,818
|
)
|
|
$
|
43,694
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
(dollars in thousands)
|
Banking
Operations |
|
Treasury
|
|
All Others
|
|
Total
|
||||||||
|
September 30, 2019
|
|
|
|
|
|
|
|
||||||||
|
Investment securities
|
$
|
—
|
|
|
$
|
1,187,933
|
|
|
$
|
—
|
|
|
$
|
1,187,933
|
|
|
Loans and leases (including loans held for sale)
|
4,374,878
|
|
|
—
|
|
|
—
|
|
|
4,374,878
|
|
||||
|
Other assets
|
25,867
|
|
|
250,474
|
|
|
137,564
|
|
|
413,905
|
|
||||
|
Total assets
|
$
|
4,400,745
|
|
|
$
|
1,438,407
|
|
|
$
|
137,564
|
|
|
$
|
5,976,716
|
|
|
(dollars in thousands)
|
Banking
Operations |
|
Treasury
|
|
All Others
|
|
Total
|
||||||||
|
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
|
Investment securities
|
$
|
—
|
|
|
$
|
1,354,812
|
|
|
$
|
—
|
|
|
$
|
1,354,812
|
|
|
Loans and leases (including loans held for sale)
|
4,085,013
|
|
|
—
|
|
|
—
|
|
|
4,085,013
|
|
||||
|
Other assets
|
36,905
|
|
|
256,652
|
|
|
73,644
|
|
|
367,201
|
|
||||
|
Total assets
|
$
|
4,121,918
|
|
|
$
|
1,611,464
|
|
|
$
|
73,644
|
|
|
$
|
5,807,026
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Return on average assets
|
0.99
|
%
|
|
1.06
|
%
|
|
1.00
|
%
|
|
1.03
|
%
|
||||
|
Return on average shareholders’ equity
|
11.11
|
|
|
12.54
|
|
|
11.58
|
|
|
11.99
|
|
||||
|
Basic earnings per common share
|
$
|
0.51
|
|
|
$
|
0.52
|
|
|
$
|
1.54
|
|
|
$
|
1.48
|
|
|
Diluted earnings per common share
|
0.51
|
|
|
0.52
|
|
|
1.53
|
|
|
1.47
|
|
||||
|
(dollars in thousands)
|
Three Months Ended September 30,
|
|||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Variance
|
||||||||||||||||||||||||||||
|
Average
Balance |
|
Average
Yield/ Rate |
|
Interest
Income/ Expense |
|
Average
Balance |
|
Average
Yield/ Rate |
|
Interest
Income/ Expense |
|
Average
Balance |
|
Average
Yield/ Rate |
|
Interest
Income/ Expense |
||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Interest-bearing deposits in other banks
|
$
|
6,295
|
|
|
2.05
|
%
|
|
33
|
|
|
$
|
22,057
|
|
|
1.97
|
%
|
|
109
|
|
|
$
|
(15,762
|
)
|
|
0.08
|
%
|
|
(76
|
)
|
|||
|
Investment securities, excluding valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Taxable (1)
|
1,093,352
|
|
|
2.63
|
|
|
7,192
|
|
|
1,284,411
|
|
|
2.65
|
|
|
8,516
|
|
|
(191,059
|
)
|
|
(0.02
|
)
|
|
(1,324
|
)
|
||||||
|
Tax-exempt (1)
|
117,784
|
|
|
3.04
|
|
|
896
|
|
|
163,172
|
|
|
2.86
|
|
|
1,165
|
|
|
(45,388
|
)
|
|
0.18
|
|
|
(269
|
)
|
||||||
|
Total investment securities
|
1,211,136
|
|
|
2.67
|
|
|
8,088
|
|
|
1,447,583
|
|
|
2.67
|
|
|
9,681
|
|
|
(236,447
|
)
|
|
—
|
|
|
(1,593
|
)
|
||||||
|
Loans and leases, including loans held for sale (2)
|
4,293,455
|
|
|
4.25
|
|
|
45,861
|
|
|
3,941,511
|
|
|
4.09
|
|
|
40,531
|
|
|
351,944
|
|
|
0.16
|
|
|
5,330
|
|
||||||
|
Federal Home Loan Bank stock
|
16,646
|
|
|
4.46
|
|
|
186
|
|
|
7,773
|
|
|
3.11
|
|
|
60
|
|
|
8,873
|
|
|
1.35
|
|
|
126
|
|
||||||
|
Total interest earning assets
|
5,527,532
|
|
|
3.90
|
|
|
54,168
|
|
|
5,418,924
|
|
|
3.70
|
|
|
50,381
|
|
|
108,608
|
|
|
0.20
|
|
|
3,787
|
|
||||||
|
Noninterest-earning assets
|
379,675
|
|
|
|
|
|
|
|
|
290,901
|
|
|
|
|
|
|
|
|
88,774
|
|
|
|
|
|
|
|||||||
|
Total assets
|
$
|
5,907,207
|
|
|
|
|
|
|
|
|
$
|
5,709,825
|
|
|
|
|
|
|
|
|
$
|
197,382
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest-bearing demand deposits
|
$
|
1,002,875
|
|
|
0.08
|
%
|
|
207
|
|
|
$
|
933,405
|
|
|
0.08
|
%
|
|
181
|
|
|
$
|
69,470
|
|
|
—
|
%
|
|
26
|
|
|||
|
Savings and money market deposits
|
1,582,795
|
|
|
0.39
|
|
|
1,549
|
|
|
1,524,121
|
|
|
0.15
|
|
|
593
|
|
|
58,674
|
|
|
0.24
|
|
|
956
|
|
||||||
|
Time deposits under $100,000
|
167,331
|
|
|
0.69
|
|
|
293
|
|
|
177,108
|
|
|
0.53
|
|
|
236
|
|
|
(9,777
|
)
|
|
0.16
|
|
|
57
|
|
||||||
|
Time deposits $100,000 and over
|
874,192
|
|
|
1.88
|
|
|
4,139
|
|
|
1,049,446
|
|
|
1.70
|
|
|
4,508
|
|
|
(175,254
|
)
|
|
0.18
|
|
|
(369
|
)
|
||||||
|
Total interest-bearing deposits
|
3,627,193
|
|
|
0.68
|
|
|
6,188
|
|
|
3,684,080
|
|
|
0.59
|
|
|
5,518
|
|
|
(56,887
|
)
|
|
0.09
|
|
|
670
|
|
||||||
|
Short-term borrowings
|
191,564
|
|
|
2.34
|
|
|
1,130
|
|
|
25,163
|
|
|
2.30
|
|
|
146
|
|
|
166,401
|
|
|
0.04
|
|
|
984
|
|
||||||
|
Long-term debt
|
101,547
|
|
|
3.96
|
|
|
1,013
|
|
|
92,785
|
|
|
4.90
|
|
|
1,147
|
|
|
8,762
|
|
|
(0.94
|
)
|
|
(134
|
)
|
||||||
|
Total interest-bearing liabilities
|
3,920,304
|
|
|
0.84
|
|
|
8,331
|
|
|
3,802,028
|
|
|
0.71
|
|
|
6,811
|
|
|
118,276
|
|
|
0.13
|
|
|
1,520
|
|
||||||
|
Noninterest-bearing deposits
|
1,360,221
|
|
|
|
|
|
|
|
1,378,981
|
|
|
|
|
|
|
|
(18,760
|
)
|
|
|
|
|
||||||||||
|
Other liabilities
|
102,599
|
|
|
|
|
|
|
|
|
44,079
|
|
|
|
|
|
|
|
|
58,520
|
|
|
|
|
|
|
|||||||
|
Total liabilities
|
5,383,124
|
|
|
|
|
|
|
|
|
5,225,088
|
|
|
|
|
|
|
|
|
158,036
|
|
|
|
|
|
|
|||||||
|
Shareholders’ equity
|
524,083
|
|
|
|
|
|
|
|
|
484,737
|
|
|
|
|
|
|
|
|
39,346
|
|
|
|
|
|
|
|||||||
|
Non-controlling interest
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|||||||
|
Total equity
|
524,083
|
|
|
|
|
|
|
|
|
484,737
|
|
|
|
|
|
|
|
|
39,346
|
|
|
|
|
|
|
|||||||
|
Total liabilities and equity
|
$
|
5,907,207
|
|
|
|
|
|
|
|
|
$
|
5,709,825
|
|
|
|
|
|
|
|
|
$
|
197,382
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net interest income
|
|
|
|
|
|
|
$
|
45,837
|
|
|
|
|
|
|
|
|
$
|
43,570
|
|
|
|
|
|
|
|
|
$
|
2,267
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Interest rate spread
|
|
|
3.06
|
%
|
|
|
|
|
|
2.99
|
%
|
|
|
|
|
|
0.07
|
%
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net interest margin
|
|
|
|
3.30
|
%
|
|
|
|
|
|
|
|
3.20
|
%
|
|
|
|
|
|
|
|
0.10
|
%
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(1) At amortized cost.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(2) Includes nonaccrual loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(dollars in thousands)
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||||||||||
|
2019
|
|
2018
|
|
Variance
|
||||||||||||||||||||||||||||
|
Average
Balance |
|
Average
Yield/ Rate |
|
Interest
Income/ Expense |
|
Average
Balance |
|
Average
Yield/ Rate |
|
Interest
Income/ Expense |
|
Average
Balance |
|
Average
Yield/ Rate |
|
Interest
Income/ Expense |
||||||||||||||||
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest-bearing deposits in other banks
|
$
|
8,540
|
|
|
2.30
|
%
|
|
147
|
|
|
$
|
23,713
|
|
|
1.75
|
%
|
|
310
|
|
|
$
|
(15,173
|
)
|
|
0.55
|
%
|
|
(163
|
)
|
|||
|
Investment securities, excluding valuation allowance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Taxable investment securities (1)
|
1,147,217
|
|
|
2.67
|
|
|
23,014
|
|
|
1,325,180
|
|
|
2.63
|
|
|
26,094
|
|
|
(177,963
|
)
|
|
0.04
|
|
|
(3,080
|
)
|
||||||
|
Tax-exempt investment securities (1)
|
137,750
|
|
|
2.93
|
|
|
3,023
|
|
|
164,174
|
|
|
2.86
|
|
|
3,527
|
|
|
(26,424
|
)
|
|
0.07
|
|
|
(504
|
)
|
||||||
|
Total investment securities
|
1,284,967
|
|
|
2.70
|
|
|
26,037
|
|
|
1,489,354
|
|
|
2.65
|
|
|
29,621
|
|
|
(204,387
|
)
|
|
0.05
|
|
|
(3,584
|
)
|
||||||
|
Loans and leases, including loans held for sale (2)
|
4,183,703
|
|
|
4.32
|
|
|
135,169
|
|
|
3,856,420
|
|
|
4.04
|
|
|
116,620
|
|
|
327,283
|
|
|
0.28
|
|
|
18,549
|
|
||||||
|
Federal Home Loan Bank stock
|
15,650
|
|
|
4.33
|
|
|
508
|
|
|
7,261
|
|
|
2.67
|
|
|
145
|
|
|
8,389
|
|
|
1.66
|
|
|
363
|
|
||||||
|
Total interest earning assets
|
5,492,860
|
|
|
3.94
|
|
|
161,861
|
|
|
5,376,748
|
|
|
3.64
|
|
|
146,696
|
|
|
116,112
|
|
|
0.30
|
|
|
15,165
|
|
||||||
|
Noninterest-earning assets
|
365,364
|
|
|
|
|
|
|
|
|
294,090
|
|
|
|
|
|
|
|
|
71,274
|
|
|
|
|
|
|
|||||||
|
Total assets
|
$
|
5,858,224
|
|
|
|
|
|
|
|
|
$
|
5,670,838
|
|
|
|
|
|
|
|
|
$
|
187,386
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Liabilities and Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest-bearing demand deposits
|
$
|
972,316
|
|
|
0.08
|
%
|
|
598
|
|
|
$
|
940,154
|
|
|
0.08
|
%
|
|
554
|
|
|
$
|
32,162
|
|
|
—
|
%
|
|
44
|
|
|||
|
Savings and money market deposits
|
1,544,759
|
|
|
0.33
|
|
|
3,847
|
|
|
1,506,565
|
|
|
0.13
|
|
|
1,421
|
|
|
38,194
|
|
|
0.20
|
|
|
2,426
|
|
||||||
|
Time deposits under $100,000
|
172,204
|
|
|
0.69
|
|
|
884
|
|
|
178,363
|
|
|
0.48
|
|
|
645
|
|
|
(6,159
|
)
|
|
0.21
|
|
|
239
|
|
||||||
|
Time deposits $100,000 and over
|
921,003
|
|
|
1.96
|
|
|
13,507
|
|
|
1,042,353
|
|
|
1.48
|
|
|
11,558
|
|
|
(121,350
|
)
|
|
0.48
|
|
|
1,949
|
|
||||||
|
Total interest-bearing deposits
|
3,610,282
|
|
|
0.70
|
|
|
18,836
|
|
|
3,667,435
|
|
|
0.52
|
|
|
14,178
|
|
|
(57,153
|
)
|
|
0.18
|
|
|
4,658
|
|
||||||
|
Short-term borrowings
|
168,350
|
|
|
2.50
|
|
|
3,146
|
|
|
14,683
|
|
|
2.16
|
|
|
237
|
|
|
153,667
|
|
|
0.34
|
|
|
2,909
|
|
||||||
|
Long-term debt
|
101,547
|
|
|
4.09
|
|
|
3,104
|
|
|
92,785
|
|
|
4.64
|
|
|
3,221
|
|
|
8,762
|
|
|
(0.55
|
)
|
|
(117
|
)
|
||||||
|
Total interest-bearing liabilities
|
3,880,179
|
|
|
0.86
|
|
|
25,086
|
|
|
3,774,903
|
|
|
0.62
|
|
|
17,636
|
|
|
105,276
|
|
|
0.24
|
|
|
7,450
|
|
||||||
|
Noninterest-bearing deposits
|
1,370,972
|
|
|
|
|
|
|
|
1,367,574
|
|
|
|
|
|
|
|
|
3,398
|
|
|
|
|
|
|||||||||
|
Other liabilities
|
99,143
|
|
|
|
|
|
|
|
|
42,414
|
|
|
|
|
|
|
|
|
56,729
|
|
|
|
|
|
|
|||||||
|
Total liabilities
|
5,350,294
|
|
|
|
|
|
|
|
|
5,184,891
|
|
|
|
|
|
|
|
|
165,403
|
|
|
|
|
|
|
|||||||
|
Shareholders’ equity
|
507,930
|
|
|
|
|
|
|
|
|
485,942
|
|
|
|
|
|
|
|
|
21,988
|
|
|
|
|
|
|
|||||||
|
Non-controlling interest
|
—
|
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
|
|||||||
|
Total equity
|
507,930
|
|
|
|
|
|
|
|
|
485,947
|
|
|
|
|
|
|
|
|
21,983
|
|
|
|
|
|
|
|||||||
|
Total liabilities and equity
|
$
|
5,858,224
|
|
|
|
|
|
|
|
|
$
|
5,670,838
|
|
|
|
|
|
|
|
|
$
|
187,386
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net interest income
|
|
|
|
|
|
|
$
|
136,775
|
|
|
|
|
|
|
|
|
$
|
129,060
|
|
|
|
|
|
|
|
|
$
|
7,715
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Interest rate spread
|
|
|
3.08
|
%
|
|
|
|
|
|
3.02
|
%
|
|
|
|
|
|
0.06
|
%
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net interest margin
|
|
|
|
3.32
|
%
|
|
|
|
|
|
|
|
3.20
|
%
|
|
|
|
|
|
|
|
0.12
|
%
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(1) At amortized cost.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
(2) Includes nonaccrual loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
Three Months Ended
|
|
|||||||||||||
|
(dollars in thousands)
|
September 30, 2019
|
|
September 30, 2018
|
|
$ Change
|
|
% Change
|
|
|||||||
|
Other operating income:
|
|
|
|
|
|
|
|
|
|||||||
|
Mortgage banking income
|
$
|
1,764
|
|
|
$
|
1,923
|
|
|
$
|
(159
|
)
|
|
-8.3
|
%
|
|
|
Service charges on deposit accounts
|
2,125
|
|
|
2,189
|
|
|
(64
|
)
|
|
-2.9
|
%
|
|
|||
|
Other service charges and fees
|
3,724
|
|
|
3,286
|
|
|
438
|
|
|
13.3
|
%
|
|
|||
|
Income from fiduciary activities
|
1,126
|
|
|
1,159
|
|
|
(33
|
)
|
|
-2.8
|
%
|
|
|||
|
Equity in earnings of unconsolidated subsidiaries
|
86
|
|
|
71
|
|
|
15
|
|
|
21.1
|
%
|
|
|||
|
Fees on foreign exchange
|
170
|
|
|
220
|
|
|
(50
|
)
|
|
-22.7
|
%
|
|
|||
|
Investment securities gains
|
36
|
|
|
—
|
|
|
36
|
|
|
N.M.
|
|
*
|
|||
|
Income from bank-owned life insurance
|
645
|
|
|
1,055
|
|
|
(410
|
)
|
|
-38.9
|
%
|
|
|||
|
Loan placement fees
|
230
|
|
|
115
|
|
|
115
|
|
|
100.0
|
%
|
|
|||
|
Net gain on sales of foreclosed assets
|
17
|
|
|
—
|
|
|
17
|
|
|
N.M.
|
|
*
|
|||
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Income recovered on nonaccrual loans previously charged-off
|
73
|
|
|
395
|
|
|
(322
|
)
|
|
-81.5
|
%
|
|
|||
|
Other recoveries
|
42
|
|
|
101
|
|
|
(59
|
)
|
|
-58.4
|
%
|
|
|||
|
Commissions on sale of checks
|
75
|
|
|
79
|
|
|
(4
|
)
|
|
-5.1
|
%
|
|
|||
|
Other
|
153
|
|
|
227
|
|
|
(74
|
)
|
|
-32.6
|
%
|
|
|||
|
Total other operating income
|
$
|
10,266
|
|
|
$
|
10,820
|
|
|
$
|
(554
|
)
|
|
-5.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
* Not meaningful ("N.M.")
|
|||||||||||||||
|
|
Three Months Ended
|
|||||||||||||
|
(dollars in thousands)
|
September 30, 2019
|
|
September 30, 2018
|
|
$ Change
|
|
% Change
|
|||||||
|
Other operating expense:
|
|
|
|
|
|
|
|
|||||||
|
Salaries and employee benefits
|
$
|
20,631
|
|
|
$
|
19,011
|
|
|
$
|
1,620
|
|
|
8.5
|
%
|
|
Net occupancy
|
3,697
|
|
|
3,488
|
|
|
209
|
|
|
6.0
|
%
|
|||
|
Equipment
|
1,067
|
|
|
1,048
|
|
|
19
|
|
|
1.8
|
%
|
|||
|
Amortization of core deposit premium
|
—
|
|
|
669
|
|
|
(669
|
)
|
|
-100.0
|
%
|
|||
|
Communication expense
|
1,008
|
|
|
903
|
|
|
105
|
|
|
11.6
|
%
|
|||
|
Legal and professional services
|
1,933
|
|
|
1,528
|
|
|
405
|
|
|
26.5
|
%
|
|||
|
Computer software expense
|
2,713
|
|
|
2,672
|
|
|
41
|
|
|
1.5
|
%
|
|||
|
Advertising expense
|
711
|
|
|
612
|
|
|
99
|
|
|
16.2
|
%
|
|||
|
Foreclosed asset expense
|
15
|
|
|
212
|
|
|
(197
|
)
|
|
-92.9
|
%
|
|||
|
Other:
|
|
|
|
|
|
|
|
|
|
|||||
|
Charitable contributions
|
230
|
|
|
166
|
|
|
64
|
|
|
38.6
|
%
|
|||
|
FDIC insurance assessment
|
5
|
|
|
437
|
|
|
(432
|
)
|
|
-98.9
|
%
|
|||
|
Miscellaneous loan expenses
|
274
|
|
|
403
|
|
|
(129
|
)
|
|
-32.0
|
%
|
|||
|
ATM and debit card expenses
|
660
|
|
|
686
|
|
|
(26
|
)
|
|
-3.8
|
%
|
|||
|
Armored car expenses
|
220
|
|
|
185
|
|
|
35
|
|
|
18.9
|
%
|
|||
|
Entertainment and promotions
|
323
|
|
|
185
|
|
|
138
|
|
|
74.6
|
%
|
|||
|
Stationery and supplies
|
240
|
|
|
206
|
|
|
34
|
|
|
16.5
|
%
|
|||
|
Directors’ fees and expenses
|
242
|
|
|
263
|
|
|
(21
|
)
|
|
-8.0
|
%
|
|||
|
Provision for residential mortgage loan repurchase losses
|
—
|
|
|
331
|
|
|
(331
|
)
|
|
-100.0
|
%
|
|||
|
Increase (decrease) to the reserve for unfunded commitments
|
(465
|
)
|
|
(71
|
)
|
|
(394
|
)
|
|
554.9
|
%
|
|||
|
Other
|
1,430
|
|
|
1,091
|
|
|
339
|
|
|
31.1
|
%
|
|||
|
Total other operating expense
|
$
|
34,934
|
|
|
$
|
34,025
|
|
|
$
|
909
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Nine Months Ended
|
|||||||||||||
|
(dollars in thousands)
|
September 30, 2019
|
|
September 30, 2018
|
|
$ Change
|
|
% Change
|
|||||||
|
Other operating expense:
|
|
|
|
|
|
|
|
|||||||
|
Salaries and employee benefits
|
$
|
61,083
|
|
|
$
|
56,299
|
|
|
$
|
4,784
|
|
|
8.5
|
%
|
|
Net occupancy
|
10,680
|
|
|
10,114
|
|
|
566
|
|
|
5.6
|
%
|
|||
|
Equipment
|
3,211
|
|
|
3,160
|
|
|
51
|
|
|
1.6
|
%
|
|||
|
Amortization of core deposit premium
|
—
|
|
|
2,006
|
|
|
(2,006
|
)
|
|
-100.0
|
%
|
|||
|
Communication expense
|
2,645
|
|
|
2,547
|
|
|
98
|
|
|
3.8
|
%
|
|||
|
Legal and professional services
|
5,231
|
|
|
5,118
|
|
|
113
|
|
|
2.2
|
%
|
|||
|
Computer software expense
|
7,870
|
|
|
7,244
|
|
|
626
|
|
|
8.6
|
%
|
|||
|
Advertising expense
|
2,134
|
|
|
1,841
|
|
|
293
|
|
|
15.9
|
%
|
|||
|
Foreclosed asset expense
|
223
|
|
|
537
|
|
|
(314
|
)
|
|
-58.5
|
%
|
|||
|
Other:
|
|
|
|
|
|
|
|
|
|
|||||
|
Charitable contributions
|
559
|
|
|
497
|
|
|
62
|
|
|
12.5
|
%
|
|||
|
FDIC insurance assessment
|
868
|
|
|
1,305
|
|
|
(437
|
)
|
|
-33.5
|
%
|
|||
|
Miscellaneous loan expenses
|
885
|
|
|
1,026
|
|
|
(141
|
)
|
|
-13.7
|
%
|
|||
|
ATM and debit card expenses
|
1,930
|
|
|
2,032
|
|
|
(102
|
)
|
|
-5.0
|
%
|
|||
|
Armored car expenses
|
629
|
|
|
584
|
|
|
45
|
|
|
7.7
|
%
|
|||
|
Entertainment and promotions
|
1,576
|
|
|
617
|
|
|
959
|
|
|
155.4
|
%
|
|||
|
Stationery and supplies
|
744
|
|
|
643
|
|
|
101
|
|
|
15.7
|
%
|
|||
|
Directors’ fees and expenses
|
722
|
|
|
777
|
|
|
(55
|
)
|
|
-7.1
|
%
|
|||
|
Provision for residential mortgage loan repurchase losses
|
(403
|
)
|
|
331
|
|
|
(734
|
)
|
|
-221.8
|
%
|
|||
|
Increase (decrease) to the reserve for unfunded commitments
|
189
|
|
|
36
|
|
|
153
|
|
|
425.0
|
%
|
|||
|
Other
|
4,613
|
|
|
4,326
|
|
|
287
|
|
|
6.6
|
%
|
|||
|
Total other operating expense
|
$
|
105,389
|
|
|
$
|
101,040
|
|
|
$
|
4,349
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Total other operating expense
|
$
|
34,934
|
|
|
$
|
34,025
|
|
|
$
|
105,389
|
|
|
$
|
101,040
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net interest income
|
$
|
45,649
|
|
|
$
|
43,325
|
|
|
$
|
136,140
|
|
|
$
|
128,319
|
|
|
Total other operating income
|
10,266
|
|
|
10,820
|
|
|
32,033
|
|
|
29,404
|
|
||||
|
Total pre-provision revenue
|
$
|
55,915
|
|
|
$
|
54,145
|
|
|
$
|
168,173
|
|
|
$
|
157,723
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Efficiency ratio
|
62.48
|
%
|
|
62.84
|
%
|
|
62.67
|
%
|
|
64.06
|
%
|
||||
|
(dollars in thousands)
|
|
September 30, 2019
|
|
December 31, 2018
|
|
$ Change
|
|
% Change
|
|||||||
|
Hawaii:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Commercial, financial and agricultural
|
|
$
|
439,296
|
|
|
$
|
439,112
|
|
|
$
|
184
|
|
|
—
|
%
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|||||||
|
Construction
|
|
96,661
|
|
|
64,654
|
|
|
32,007
|
|
|
49.5
|
|
|||
|
Residential mortgage
|
|
1,558,735
|
|
|
1,428,205
|
|
|
130,530
|
|
|
9.1
|
|
|||
|
Home equity
|
|
475,565
|
|
|
468,966
|
|
|
6,599
|
|
|
1.4
|
|
|||
|
Commercial mortgage
|
|
909,987
|
|
|
861,086
|
|
|
48,901
|
|
|
5.7
|
|
|||
|
Consumer
|
|
369,511
|
|
|
357,908
|
|
|
11,603
|
|
|
3.2
|
|
|||
|
Leases
|
|
31
|
|
|
124
|
|
|
(93
|
)
|
|
(75.0
|
)
|
|||
|
Total loans and leases
|
|
3,849,786
|
|
|
3,620,055
|
|
|
229,731
|
|
|
6.3
|
|
|||
|
Allowance for loan and lease losses
|
|
(42,286
|
)
|
|
(42,993
|
)
|
|
707
|
|
|
(1.6
|
)
|
|||
|
Net loans and leases
|
|
$
|
3,807,500
|
|
|
$
|
3,577,062
|
|
|
$
|
230,438
|
|
|
6.4
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
U.S. Mainland:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Commercial, financial and agricultural
|
|
$
|
137,316
|
|
|
$
|
142,548
|
|
|
$
|
(5,232
|
)
|
|
(3.7
|
)
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|||||||
|
Construction
|
|
—
|
|
|
2,273
|
|
|
(2,273
|
)
|
|
(100.0
|
)
|
|||
|
Residential mortgage
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Home equity
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Commercial mortgage
|
|
223,925
|
|
|
179,192
|
|
|
44,733
|
|
|
25.0
|
|
|||
|
Consumer
|
|
156,835
|
|
|
134,298
|
|
|
22,537
|
|
|
16.8
|
|
|||
|
Leases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
Total loans and leases
|
|
518,076
|
|
|
458,311
|
|
|
59,765
|
|
|
13.0
|
|
|||
|
Allowance for loan and lease losses
|
|
(5,881
|
)
|
|
(4,923
|
)
|
|
(958
|
)
|
|
19.5
|
|
|||
|
Net loans and leases
|
|
$
|
512,195
|
|
|
$
|
453,388
|
|
|
$
|
58,807
|
|
|
13.0
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Commercial, financial and agricultural
|
|
$
|
576,612
|
|
|
$
|
581,660
|
|
|
$
|
(5,048
|
)
|
|
(0.9
|
)
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|||||||
|
Construction
|
|
96,661
|
|
|
66,927
|
|
|
29,734
|
|
|
44.4
|
|
|||
|
Residential mortgage
|
|
1,558,735
|
|
|
1,428,205
|
|
|
130,530
|
|
|
9.1
|
|
|||
|
Home equity
|
|
475,565
|
|
|
468,966
|
|
|
6,599
|
|
|
1.4
|
|
|||
|
Commercial mortgage
|
|
1,133,912
|
|
|
1,040,278
|
|
|
93,634
|
|
|
9.0
|
|
|||
|
Consumer
|
|
526,346
|
|
|
492,206
|
|
|
34,140
|
|
|
6.9
|
|
|||
|
Leases
|
|
31
|
|
|
124
|
|
|
(93
|
)
|
|
(75.0
|
)
|
|||
|
Total loans and leases
|
|
4,367,862
|
|
|
4,078,366
|
|
|
289,496
|
|
|
7.1
|
|
|||
|
Allowance for loan and lease losses
|
|
(48,167
|
)
|
|
(47,916
|
)
|
|
(251
|
)
|
|
0.5
|
|
|||
|
Net loans and leases
|
|
$
|
4,319,695
|
|
|
$
|
4,030,450
|
|
|
$
|
289,245
|
|
|
7.2
|
|
|
(dollars in thousands)
|
September 30, 2019
|
|
December 31, 2018
|
|
$ Change
|
|
% Change
|
|||||||
|
Nonperforming Assets
|
|
|
|
|
|
|
|
|
|
|||||
|
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
|||||
|
Real estate:
|
|
|
|
|
|
|
|
|||||||
|
Residential mortgage
|
$
|
799
|
|
|
$
|
2,048
|
|
|
$
|
(1,249
|
)
|
|
(61.0
|
)
|
|
Home equity
|
95
|
|
|
275
|
|
|
(180
|
)
|
|
(65.5
|
)
|
|||
|
Total nonaccrual loans
|
894
|
|
|
2,323
|
|
|
(1,429
|
)
|
|
(61.5
|
)
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Other real estate owned ("OREO"):
|
|
|
|
|
|
|
|
|
||||||
|
Real estate:
|
|
|
|
|
|
|
|
|||||||
|
Residential mortgage
|
302
|
|
|
414
|
|
|
(112
|
)
|
|
(27.1
|
)
|
|||
|
Home equity
|
164
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|||
|
Total OREO
|
466
|
|
|
414
|
|
|
52
|
|
|
12.6
|
|
|||
|
Total nonperforming assets
|
1,360
|
|
|
2,737
|
|
|
(1,377
|
)
|
|
(50.3
|
)
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Accruing Loans Delinquent for 90 Days or More
|
|
|
|
|
|
|
|
|||||||
|
Real estate:
|
|
|
|
|
|
|
|
|||||||
|
Home equity
|
—
|
|
|
298
|
|
|
(298
|
)
|
|
(100.0
|
)
|
|||
|
Consumer
|
235
|
|
|
238
|
|
|
(3
|
)
|
|
(1.3
|
)
|
|||
|
Total accruing loans delinquent for 90 days or more
|
235
|
|
|
536
|
|
|
(301
|
)
|
|
(56.2
|
)
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Restructured Loans Still Accruing Interest
|
|
|
|
|
|
|
|
|
||||||
|
Commercial, financial and agricultural
|
157
|
|
|
220
|
|
|
(63
|
)
|
|
(28.6
|
)
|
|||
|
Real estate:
|
|
|
|
|
|
|
|
|||||||
|
Construction
|
—
|
|
|
2,273
|
|
|
(2,273
|
)
|
|
(100.0
|
)
|
|||
|
Residential mortgage
|
6,717
|
|
|
8,026
|
|
|
(1,309
|
)
|
|
(16.3
|
)
|
|||
|
Commercial mortgage
|
1,985
|
|
|
2,348
|
|
|
(363
|
)
|
|
(15.5
|
)
|
|||
|
Total restructured loans still accruing interest
|
8,859
|
|
|
12,867
|
|
|
(4,008
|
)
|
|
(31.1
|
)
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Total nonperforming assets, accruing loans delinquent for 90 days or more and restructured loans still accruing interest
|
$
|
10,454
|
|
|
$
|
16,140
|
|
|
$
|
(5,686
|
)
|
|
(35.2
|
)
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ratio of nonaccrual loans to total loans and leases
|
0.02
|
%
|
|
0.06
|
%
|
|
|
|
(0.04
|
)%
|
||||
|
Ratio of nonperforming assets to total loans and leases and OREO
|
0.03
|
%
|
|
0.07
|
%
|
|
|
|
(0.04
|
)%
|
||||
|
Ratio of nonperforming assets and accruing loans delinquent for 90 days or more to total loans and leases and OREO
|
0.04
|
%
|
|
0.08
|
%
|
|
|
|
(0.04
|
)%
|
||||
|
Ratio of nonperforming assets, accruing loans delinquent for 90 days or more, and restructured loans still accruing interest to total loans and leases and OREO
|
0.24
|
%
|
|
0.40
|
%
|
|
|
|
(0.16
|
)%
|
||||
|
(dollars in thousands)
|
|
||
|
Balance at December 31, 2018
|
$
|
2,737
|
|
|
Additions
|
922
|
|
|
|
Reductions:
|
|
|
|
|
Payments
|
(2,177
|
)
|
|
|
Return to accrual status
|
(27
|
)
|
|
|
Net charge-offs, valuation and other adjustments
|
(95
|
)
|
|
|
Total reductions
|
(2,299
|
)
|
|
|
Net increase
|
(1,377
|
)
|
|
|
Balance at September 30, 2019
|
$
|
1,360
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
(dollars in thousands)
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
Allowance for Loan and Lease Losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Balance at beginning of period
|
$
|
48,267
|
|
|
$
|
48,181
|
|
|
$
|
47,916
|
|
|
$
|
50,001
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Provision (credit) for loan and lease losses
|
1,532
|
|
|
(59
|
)
|
|
4,219
|
|
|
262
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Charge-offs:
|
|
|
|
|
|
|
|
||||||||
|
Commercial, financial and agricultural
|
797
|
|
|
731
|
|
|
2,099
|
|
|
1,971
|
|
||||
|
Real estate:
|
|
|
|
|
|
|
|
||||||||
|
Home equity
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||
|
Consumer
|
1,832
|
|
|
1,762
|
|
|
5,542
|
|
|
5,424
|
|
||||
|
Total charge-offs
|
2,634
|
|
|
2,493
|
|
|
7,646
|
|
|
7,395
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Recoveries:
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Commercial, financial and agricultural
|
362
|
|
|
578
|
|
|
910
|
|
|
1,017
|
|
||||
|
Real estate:
|
|
|
|
|
|
|
|
||||||||
|
Construction
|
6
|
|
|
6
|
|
|
604
|
|
|
1,205
|
|
||||
|
Residential mortgage
|
104
|
|
|
51
|
|
|
498
|
|
|
98
|
|
||||
|
Home equity
|
24
|
|
|
6
|
|
|
42
|
|
|
18
|
|
||||
|
Commercial mortgage
|
—
|
|
|
8
|
|
|
25
|
|
|
52
|
|
||||
|
Consumer
|
506
|
|
|
548
|
|
|
1,599
|
|
|
1,568
|
|
||||
|
Total recoveries
|
1,002
|
|
|
1,197
|
|
|
3,678
|
|
|
3,958
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net charge-offs
|
1,632
|
|
|
1,296
|
|
|
3,968
|
|
|
3,437
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Balance at end of period
|
$
|
48,167
|
|
|
$
|
46,826
|
|
|
$
|
48,167
|
|
|
$
|
46,826
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance as a percentage of total loans and leases
|
1.10
|
%
|
|
1.18
|
%
|
|
1.10
|
%
|
|
1.18
|
%
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
Annualized ratio of net charge-offs to average loans and leases
|
0.15
|
%
|
|
0.13
|
%
|
|
0.13
|
%
|
|
0.12
|
%
|
||||
|
(dollars in thousands)
|
September 30,
2019 |
|
December 31,
2018 |
|
$ Change
|
|
% Change
|
|||||||
|
Noninterest-bearing demand deposits
|
$
|
1,399,200
|
|
|
$
|
1,436,967
|
|
|
$
|
(37,767
|
)
|
|
(2.6
|
)%
|
|
Interest-bearing demand deposits
|
998,037
|
|
|
954,011
|
|
|
44,026
|
|
|
4.6
|
|
|||
|
Savings and money market deposits
|
1,593,738
|
|
|
1,448,257
|
|
|
145,481
|
|
|
10.0
|
|
|||
|
Time deposits less than $100,000
|
165,687
|
|
|
176,707
|
|
|
(11,020
|
)
|
|
(6.2
|
)
|
|||
|
Core deposits
|
4,156,662
|
|
|
4,015,942
|
|
|
140,720
|
|
|
3.5
|
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Government time deposits
|
552,470
|
|
|
631,293
|
|
|
(78,823
|
)
|
|
(12.5
|
)
|
|||
|
Other time deposits $100,000 to $250,000
|
103,959
|
|
|
106,783
|
|
|
(2,824
|
)
|
|
(2.6
|
)
|
|||
|
Other time deposits greater than $250,000
|
224,568
|
|
|
192,472
|
|
|
32,096
|
|
|
16.7
|
|
|||
|
Total time deposits $100,000 and greater
|
880,997
|
|
|
930,548
|
|
|
(49,551
|
)
|
|
(5.3
|
)
|
|||
|
|
|
|
|
|
|
|
|
|||||||
|
Total deposits
|
$
|
5,037,659
|
|
|
$
|
4,946,490
|
|
|
$
|
91,169
|
|
|
1.8
|
|
|
|
|
Actual
|
|
Minimum Required
for Capital Adequacy Purposes |
|
Minimum Required
to be Well Capitalized |
|||||||||||||||
|
(dollars in thousands)
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
At September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Leverage capital
|
|
$
|
561,478
|
|
|
9.5
|
%
|
|
$
|
235,781
|
|
|
4.0
|
%
|
|
|
|
|
N/A
|
||
|
Tier 1 risk-based capital
|
|
561,478
|
|
|
12.6
|
|
|
267,821
|
|
|
6.0
|
|
|
|
|
|
N/A
|
||||
|
Total risk-based capital
|
|
611,076
|
|
|
13.7
|
|
|
357,094
|
|
|
8.0
|
|
|
|
|
|
N/A
|
||||
|
CET1 risk-based capital
|
|
511,478
|
|
|
11.5
|
|
|
200,865
|
|
|
4.5
|
|
|
|
|
|
N/A
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
At December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Leverage capital
|
|
$
|
570,260
|
|
|
9.9
|
%
|
|
$
|
230,847
|
|
|
4.0
|
%
|
|
|
|
|
N/A
|
||
|
Tier 1 risk-based capital
|
|
570,260
|
|
|
13.5
|
|
|
252,921
|
|
|
6.0
|
|
|
|
|
|
N/A
|
||||
|
Total risk-based capital
|
|
619,419
|
|
|
14.7
|
|
|
337,228
|
|
|
8.0
|
|
|
|
|
|
N/A
|
||||
|
CET1 risk-based capital
|
|
500,260
|
|
|
11.9
|
|
|
189,691
|
|
|
4.5
|
|
|
|
|
|
N/A
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Central Pacific Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
At September 30, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Leverage capital
|
|
$
|
550,913
|
|
|
9.4
|
%
|
|
$
|
235,625
|
|
|
4.0
|
%
|
|
$
|
294,531
|
|
|
5.0
|
%
|
|
Tier 1 risk-based capital
|
|
550,913
|
|
|
12.4
|
|
|
267,577
|
|
|
6.0
|
|
|
356,770
|
|
|
8.0
|
|
|||
|
Total risk-based capital
|
|
600,511
|
|
|
13.5
|
|
|
356,770
|
|
|
8.0
|
|
|
445,962
|
|
|
10.0
|
|
|||
|
CET1 risk-based capital
|
|
550,913
|
|
|
12.4
|
|
|
200,683
|
|
|
4.5
|
|
|
289,875
|
|
|
6.5
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
At December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Leverage capital
|
|
$
|
533,166
|
|
|
9.3
|
%
|
|
$
|
230,638
|
|
|
4.0
|
%
|
|
$
|
288,298
|
|
|
5.0
|
%
|
|
Tier 1 risk-based capital
|
|
533,166
|
|
|
12.7
|
|
|
252,667
|
|
|
6.0
|
|
|
336,889
|
|
|
8.0
|
|
|||
|
Total risk-based capital
|
|
582,325
|
|
|
13.8
|
|
|
336,889
|
|
|
8.0
|
|
|
421,111
|
|
|
10.0
|
|
|||
|
CET1 risk-based capital
|
|
533,166
|
|
|
12.7
|
|
|
189,500
|
|
|
4.5
|
|
|
273,722
|
|
|
6.5
|
|
|||
|
Rate Change
|
|
Estimated Net Interest Income Sensitivity
|
|
|
+100 bp
|
|
1.99
|
%
|
|
-100 bp
|
|
(3.90
|
)%
|
|
|
|
Issuer Purchases of Equity Securities
|
||||||||||||
|
Period
|
|
Total
Number of Shares Purchased |
|
Average
Price Paid per Share |
|
Total Shares
Purchased as Part of Publicly Announced Programs |
|
Maximum Dollar
Value of Shares That May Yet Be Purchased Under the Program |
||||||
|
July 1-31, 2019
|
|
11,100
|
|
|
$
|
29.74
|
|
|
11,100
|
|
|
$
|
29,612,363
|
|
|
August 1-31, 2019
|
|
67,000
|
|
|
28.34
|
|
|
67,000
|
|
|
27,713,654
|
|
||
|
September 1-30, 2019
|
|
62,500
|
|
|
28.58
|
|
|
62,500
|
|
|
25,927,436
|
|
||
|
Total
|
|
140,600
|
|
|
$
|
28.56
|
|
|
140,600
|
|
|
25,927,436
|
|
|
|
|
|
|
|
|
CENTRAL PACIFIC FINANCIAL CORP.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
Date:
|
November 5, 2019
|
/s/ Paul K. Yonamine
|
|
|
|
Paul K. Yonamine
|
|
|
|
Chairman and Chief Executive Officer
|
|
|
|
|
|
Date:
|
November 5, 2019
|
/s/ David S. Morimoto
|
|
|
|
David S. Morimoto
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
(1)
|
I have reviewed this quarterly report on Form 10-Q of the Company;
|
|
(2)
|
Based on my knowledge, this quarterly 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 quarterly report;
|
|
(3)
|
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this quarterly report;
|
|
(4)
|
The Company’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(e)) for the Company and we 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 Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly 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 Company’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 quarterly report based on such evaluation; and
|
|
(d)
|
disclosed in this quarterly report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
|
|
(5)
|
The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’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 Company’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 Company’s internal control over financial reporting.
|
|
Date:
|
November 5, 2019
|
/s/ Paul K. Yonamine
|
|
|
|
Paul K. Yonamine
|
|
|
|
Chairman and Chief Executive Officer
|
|
(1)
|
I have reviewed this quarterly report on Form 10-Q of the Company;
|
|
(2)
|
Based on my knowledge, this quarterly 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 quarterly report;
|
|
(3)
|
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this quarterly report;
|
|
(4)
|
The Company’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(e)) for the Company and we 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 Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly 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 Company’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 quarterly report based on such evaluation; and
|
|
(d)
|
disclosed in this quarterly report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and
|
|
(5)
|
The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’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 Company’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 Company’s internal control over financial reporting.
|
|
Date:
|
November 5, 2019
|
/s/ David S. Morimoto
|
|
|
|
David S. Morimoto
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Company.
|
|
Date:
|
November 5, 2019
|
/s/ Paul K. Yonamine
|
|
|
|
Paul K. Yonamine
|
|
|
|
Chairman and Chief Executive Officer
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
|
(2)
|
The information contained in the Report fairly presents, in all material aspects, the financial condition and results of operations of the Company.
|
|
Date:
|
November 5, 2019
|
/s/ David S. Morimoto
|
|
|
|
David S. Morimoto
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|