Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Securities available for sale, at fair value, amortized cost | $ 1,037,990 | $ 1,127,057 |
| Securities held to maturity, allowance for credit losses | 4 | 5 |
| Securities held to maturity, fair value | 137,030 | 174,188 |
| Loans, allowance for credit losses - loans | 51,082 | 45,413 |
| Debt issuance costs | $ 468 | $ 778 |
| Preferred stock, par value | $ 100 | |
| Preferred stock, shares authorized | 210,000 | |
| Preferred stock, shares issued | 172,921 | 172,921 |
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 50,000,000 | 50,000,000 |
| Common stock, shares issued | 16,099,556 | 16,099,556 |
| Treasury stock, shares | 692,150 | 759,555 |
| Series A 3% Preferred Stock [Member] | ||
| Preferred stock, par value | $ 100 | $ 100 |
| Preferred stock, shares authorized | 1,533 | 1,533 |
| Preferred stock, shares issued | 1,435 | 1,435 |
| Preferred stock, dividend percentage | 3.00% | 3.00% |
| Series B-1 8.48% Preferred Stock [Member] | ||
| Preferred stock, par value | $ 100 | $ 100 |
| Preferred stock, shares authorized | 200,000 | 200,000 |
| Preferred stock, shares issued | 171,486 | 171,486 |
| Preferred stock, dividend percentage | 8.48% | 8.48% |
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Interest income: | |||
| Interest and fees on loans | $ 258,583 | $ 170,819 | $ 147,898 |
| Interest and dividends on investment securities | 23,623 | 24,541 | 19,091 |
| Other interest income | 3,927 | 747 | 216 |
| Total interest income | 286,133 | 196,107 | 167,205 |
| Interest expense: | |||
| Deposits | 107,361 | 22,994 | 8,118 |
| Short-term borrowings | 6,890 | 1,500 | 120 |
| Long-term borrowings | 6,167 | 4,241 | 4,237 |
| Total interest expense | 120,418 | 28,735 | 12,475 |
| Net interest income | 165,715 | 167,372 | 154,730 |
| Provision (benefit) for credit losses | 13,681 | 13,311 | (8,336) |
| Net interest income after provision (benefit) for credit losses | 152,034 | 154,061 | 163,066 |
| Noninterest income: | |||
| Service charges on deposits | 4,625 | 5,889 | 5,571 |
| Insurance income | 6,708 | 6,364 | 5,750 |
| Card Interchange Income | 8,220 | 8,205 | 8,498 |
| Investment advisory | 10,955 | 11,493 | 11,672 |
| Company owned life insurance | 12,106 | 5,542 | 2,947 |
| Investments in limited partnerships | 1,783 | 1,293 | 2,081 |
| Loan servicing | 479 | 507 | 415 |
| Income from derivative instruments, net | 1,350 | 1,919 | 2,695 |
| Net gain on sale of loans held for sale | 566 | 1,227 | 2,950 |
| Net (loss) gain on investment securities | (3,576) | (15) | 71 |
| Net (loss) gain on other assets | (6) | (16) | 441 |
| Net loss on tax credit investments | (252) | (815) | (431) |
| Other | 5,286 | 4,678 | 4,246 |
| Total noninterest income | 48,244 | 46,271 | 46,906 |
| Noninterest expense: | |||
| Salaries and employee benefits | 71,889 | 69,633 | 60,893 |
| Occupancy and equipment | 14,798 | 15,103 | 14,371 |
| Professional services | 5,259 | 5,592 | 6,535 |
| Computer and data processing | 20,110 | 17,638 | 14,112 |
| Supplies and postage | 1,873 | 1,943 | 1,769 |
| FDIC assessments | 4,902 | 2,440 | 2,624 |
| Advertising and promotions | 1,926 | 2,013 | 1,704 |
| Amortization of intangibles | 910 | 986 | 1,060 |
| Restructuring charges | 114 | 1,619 | 111 |
| Other | 15,444 | 12,395 | 9,571 |
| Total noninterest expense | 137,225 | 129,362 | 112,750 |
| Income (loss) before income taxes | 63,053 | 70,970 | 97,222 |
| Income tax expense | 12,789 | 14,397 | 19,525 |
| Net income (loss) | 50,264 | 56,573 | 77,697 |
| Preferred stock dividends | 1,459 | 1,459 | 1,460 |
| Net income available to common shareholders | $ 48,805 | $ 55,114 | $ 76,237 |
| Earnings per common share (Note 19): | |||
| Basic | $ 3.17 | $ 3.58 | $ 4.81 |
| Diluted | 3.15 | 3.56 | 4.78 |
| Cash dividends declared per common share | $ 1.2 | $ 1.16 | $ 1.08 |
| Weighted average common shares outstanding: | |||
| Basic | 15,376 | 15,384 | 15,841 |
| Diluted | 15,475 | 15,471 | 15,937 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 50,264 | $ 56,573 | $ 77,697 |
| Other comprehensive income (loss), net of tax: | |||
| Securities available for sale and transferred securities | 16,728 | (123,663) | (19,714) |
| Hedging derivative instruments | (824) | 3,575 | 1,476 |
| Pension and post-retirement obligations | 1,642 | (4,192) | 2,903 |
| Total other comprehensive income (loss), net of tax | 17,546 | (124,280) | (15,335) |
| Comprehensive income (loss) | $ 67,810 | $ (67,707) | $ 62,362 |
Consolidated Statements of Changes in Shareholders' Equity - USD ($) |
Total |
Series A 3% Preferred Stock [Member] |
Series B-1 8.48% Preferred Stock [Member] |
Preferred Equity [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Retained Earnings [Member]
Series A 3% Preferred Stock [Member]
|
Retained Earnings [Member]
Series B-1 8.48% Preferred Stock [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member] |
Treasury Stock [Member] |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2020 | $ 468,363,000 | $ 17,328,000 | $ 161,000 | $ 125,118,000 | $ 324,850,000 | $ 2,128,000 | $ (1,222,000) | ||||
| Comprehensive income (loss): | |||||||||||
| Net Income (Loss) | 77,697,000 | 77,697,000 | |||||||||
| Other comprehensive income (loss), net of tax | (15,335,000) | (15,335,000) | |||||||||
| Common stock issued | 301,000 | 3,000 | 298,000 | ||||||||
| Purchase of common stock for treasury | (9,235,000) | (9,235,000) | |||||||||
| Purchases of 8.48% preferred stock | (43,000) | (36,000) | (7,000) | ||||||||
| Share-based compensation plans: | |||||||||||
| Share-based compensation | 1,743,000 | 1,743,000 | |||||||||
| Restricted stock units released | (574,000) | 574,000 | |||||||||
| Restricted stock awards issued, net | (223,000) | 223,000 | |||||||||
| Stock awards | 191,000 | 45,000 | 146,000 | ||||||||
| Cash dividends declared: | |||||||||||
| Preferred stock dividends per share | $ (4,000) | $ (1,456,000) | $ (4,000) | $ (1,456,000) | |||||||
| Common stock dividends per share | (17,080,000) | (17,080,000) | |||||||||
| Balance at Dec. 31, 2021 | 505,142,000 | 17,292,000 | 161,000 | 126,105,000 | 384,007,000 | (13,207,000) | (9,216,000) | ||||
| Comprehensive income (loss): | |||||||||||
| Net Income (Loss) | 56,573,000 | 56,573,000 | |||||||||
| Other comprehensive income (loss), net of tax | (124,280,000) | (124,280,000) | |||||||||
| Purchase of common stock for treasury | (15,340,000) | (15,340,000) | |||||||||
| Share-based compensation plans: | |||||||||||
| Share-based compensation | 2,551,000 | 2,551,000 | |||||||||
| Restricted stock units released | (1,628,000) | 1,628,000 | |||||||||
| Restricted stock awards issued, net | (360,000) | 360,000 | |||||||||
| Stock awards | 199,000 | (32,000) | 231,000 | ||||||||
| Cash dividends declared: | |||||||||||
| Preferred stock dividends per share | (4,000) | (1,455,000) | (4,000) | (1,455,000) | |||||||
| Common stock dividends per share | (17,781,000) | (17,781,000) | |||||||||
| Balance at Dec. 31, 2022 | 405,605,000 | 17,292,000 | 161,000 | 126,636,000 | 421,340,000 | (137,487,000) | (22,337,000) | ||||
| Comprehensive income (loss): | |||||||||||
| Net Income (Loss) | 50,264,000 | 50,264,000 | |||||||||
| Other comprehensive income (loss), net of tax | 17,546,000 | 17,546,000 | |||||||||
| Purchase of common stock for treasury | (571,000) | (571,000) | |||||||||
| Share-based compensation plans: | |||||||||||
| Share-based compensation | 1,674,000 | 1,674,000 | |||||||||
| Restricted stock units released | (1,764,000) | 1,764,000 | |||||||||
| Restricted stock awards issued, net | (590,000) | 590,000 | |||||||||
| Stock awards | 195,000 | (115,000) | 310,000 | ||||||||
| Cash dividends declared: | |||||||||||
| Preferred stock dividends per share | $ (4,000) | $ (1,455,000) | $ (4,000) | $ (1,455,000) | |||||||
| Common stock dividends per share | (18,458,000) | (18,458,000) | |||||||||
| Balance at Dec. 31, 2023 | $ 454,796,000 | $ 17,292,000 | $ 161,000 | $ 125,841,000 | $ 451,687,000 | $ (119,941,000) | $ (20,244,000) |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Common stock dividends per share, declared | $ 1.2 | $ 1.16 | $ 1.08 |
| Series A 3% Preferred Stock [Member] | |||
| Preferred stock, dividend percentage | 3.00% | 3.00% | 3.00% |
| Preferred stock dividends per share, declared | $ 3 | $ 3 | $ 3 |
| Series B-1 8.48% Preferred Stock [Member] | |||
| Preferred stock, dividend percentage | 8.48% | 8.48% | 8.48% |
| Preferred stock dividends per share, declared | $ 8.48 | $ 8.48 | $ 8.48 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Cash flows from operating activities: | |||
| Net income | $ 50,264 | $ 56,573 | $ 77,697 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 8,091 | 8,112 | 8,049 |
| Net amortization of premiums on securities | 3,466 | 4,970 | 5,493 |
| Provision (benefit) for credit losses | 13,681 | 13,311 | (8,336) |
| Share-based compensation | 1,674 | 2,551 | 1,743 |
| Deferred income tax (benefit) expense | (1,348) | (4,382) | 5,218 |
| Proceeds from sale of loans held for sale | 19,316 | 31,556 | 81,334 |
| Originations of loans held for sale | (19,570) | (24,677) | (80,281) |
| Income on company owned life insurance | (12,106) | (5,542) | (2,947) |
| Net gain on sale of loans held for sale | (566) | (1,227) | (2,950) |
| Net loss (gain) on investment securities | 3,576 | 15 | (71) |
| Net loss (gain) on other assets | 6 | 16 | (441) |
| Restructuring charges | 114 | 1,619 | 392 |
| Increase in other assets | (56,076) | (29,902) | (9,342) |
| Increase (decrease) in other liabilities | 372 | 80,580 | (2,596) |
| Net cash provided by operating activities | 10,894 | 133,573 | 72,962 |
| Cash flows from investing activities: | |||
| Purchases of available for sale securities | (51,472) | (75,269) | (784,064) |
| Purchases of held to maturity securities | (3,145) | (38,551) | (18,425) |
| Proceeds from principal payments, maturities and calls on available for sale securities | 83,412 | 122,591 | 150,919 |
| Proceeds from principal payments, maturities and calls on held to maturity securities | 43,601 | 54,479 | 83,684 |
| Proceeds from sales of securities available for sale | 50,515 | 6,252 | 51,891 |
| Net loan originations | (420,234) | (376,251) | (90,058) |
| Purchases of company owned life insurance, net of benefits received | (53,655) | (35,564) | (20,056) |
| Proceeds from surrender of company owned life insurance | 43,880 | 25,522 | 0 |
| Proceeds from sales of other assets | 0 | 0 | 3,510 |
| Purchases of premises and equipment | (2,992) | (8,369) | (9,403) |
| Cash consideration paid for acquisition, net of cash acquired | 0 | 0 | (1,420) |
| Net cash used in investing activities | (310,090) | (325,160) | (633,422) |
| Cash flows from financing activities: | |||
| Net increase in deposits | 283,488 | 102,334 | 548,723 |
| Net (decrease) increase in short-term borrowings | (20,000) | 175,000 | 24,700 |
| Repurchase of preferred stock | 0 | 0 | (43) |
| Issuance of long-term debt | 50,000 | 0 | 0 |
| Purchases of common stock for treasury | (571) | (15,340) | (9,235) |
| Cash dividends paid to preferred shareholders | (1,459) | (1,459) | (1,460) |
| Cash dividends paid to common shareholders | (18,286) | (17,594) | (16,991) |
| Net cash used in financing activities | 293,172 | 242,941 | 545,694 |
| Net (decrease) increase in cash and cash equivalents | (6,024) | 51,354 | (14,766) |
| Cash and cash equivalents, beginning of period | 130,466 | 79,112 | 93,878 |
| Cash and cash equivalents, end of period | $ 124,442 | $ 130,466 | $ 79,112 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 50,264 | $ 56,573 | $ 77,697 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financial Institutions, Inc. (individually referred to herein as the “Parent Company” and together with all of its subsidiaries, collectively referred to herein as the “Company”) is a financial holding company organized in 1931 under the laws of New York State (“New York”). At December 31, 2023, the Company conducted its business through its subsidiaries: Five Star Bank (the “Bank”), a New York chartered bank; SDN Insurance Agency, LLC (“SDN”), a full-service insurance agency; and Courier Capital, LLC (“Courier Capital”), a Securities and Exchange Commission (“SEC”)-registered investment advisory and wealth management firm. The Company provides a full range of banking and related financial services to consumer, commercial and municipal customers through its bank and non-bank subsidiaries. On May 1, 2023, the Company completed the merger of its wholly-owned SEC-registered investments advisory firms, under which HNP Capital, LLC merged with and into Courier Capital. The merger was accounted for under Accounting Standards Codification (“ASC”) 805-50-15 — Transactions Between Entities Under Common Control, as an exchange of assets in which Courier Capital recognized the assets and liabilities transferred at historical cost basis at the date of transfer. Corn Hill Innovations Lab, LLC, which oversaw the Company’s Banking-as-a-Service (“BaaS”) and financial technology (“FinTech”) relationships, was dissolved on March 28, 2023, and all assets and liabilities were transferred to the Bank. The accounting and reporting policies conform to general practices within the banking industry and to accounting standards set by the Financial Accounting Standards Board (“FASB”) under accounting principles generally accepted in the Unites States of America (“GAAP”). The Company has evaluated events and transactions for potential recognition or disclosure through the day the financial statements were issued and determined there were no material recognizable subsequent events. The following is a description of the Company’s significant accounting policies. (a.) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. (b.) Use of Estimates In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the statement of financial condition and reported amounts of revenue and expenses during the reporting period. Material estimates relate to the determination of the allowance for credit losses, the carrying value of goodwill and deferred tax assets, and assumptions used in the defined benefit pension plan accounting. These estimates and assumptions are based on management’s best estimates and judgment and are evaluated on an ongoing basis using historical experience and other factors, including the current economic environment. The Company adjusts these estimates and assumptions when facts and circumstances dictate. As future events cannot be determined with precision, actual results could differ significantly from the Company’s estimates. (c.) Cash Flow Reporting Cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits in other banks. Net cash flows are reported for loans, deposit transactions and short-term borrowings. Supplemental cash flow information is summarized as follows for the years ended December 31 (in thousands):
(1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (d.) Investment Securities Investment securities are classified as either available for sale (“AFS”) or held to maturity (“HTM”). Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and are recorded at amortized cost. Other investment securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a component of comprehensive income (loss) and shareholders’ equity. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. (e.) Loans Held for Sale and Loan Servicing Rights The Company generally makes the determination of whether to identify a mortgage as held for sale at the time the loan is closed based on the Company’s intent and ability to hold the loan. Loans held for sale are recorded at the lower of cost or market computed on the aggregate portfolio basis. The amount by which cost exceeds market value, if any, is accounted for as a valuation allowance with changes included in the determination of results of operations for the period in which the change occurs. The amount of loan origination costs and fees are deferred at origination and recognized as part of the gain or loss on sale of the loans, determined using the specific identification method, in the consolidated statements of income. The Company originates and sells certain residential real estate loans in the secondary market. The Company typically retains the right to service the mortgages upon sale. Mortgage-servicing rights (“MSRs”) represent the cost of acquiring the contractual rights to service loans for others. MSRs are recorded at their fair value at the time a loan is sold, and servicing rights are retained. MSRs are reported in other assets in the consolidated statements of financial position and are amortized to noninterest income in the consolidated statements of income in proportion to and over the period of estimated net servicing income. The Company uses a valuation model that calculates the present value of future cash flows to determine the fair value of servicing rights. In using this valuation method, the Company incorporates assumptions to estimate future net servicing income, which include estimates of the cost to service the loan, the discount rate, an inflation rate and prepayment speeds. On a quarterly basis, the Company evaluates its MSRs for impairment and charges any such impairment to current period earnings. In order to evaluate its MSRs, the Company stratifies the related mortgage loans on the basis of their predominant risk characteristics, such as interest rates, year of origination and term, using discounted cash flows and market-based assumptions. Impairment of MSRs is recognized through a valuation allowance, determined by estimating the fair value of each stratum and comparing it to its carrying value. Subsequent increases in fair value are adjusted through the valuation allowance, but only to the extent of the valuation allowance. Mortgage loan servicing includes collecting monthly mortgagor payments, forwarding payments and related accounting reports to investors, collecting escrow deposits for the payment of mortgagor property taxes and insurance, paying taxes and insurance from escrow funds when due and administrating foreclosure actions when necessary. Loan servicing income (a component of noninterest income in the consolidated statements of income) consists of fees earned for servicing mortgage loans sold to third parties, net of amortization expense and impairment losses associated with capitalized mortgage servicing assets. (f.) Loans Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Loans are carried at the principal amount outstanding, net of any unearned income and unamortized deferred fees and costs on originated loans. Loan origination fees and certain direct loan origination costs are deferred, and the net amount is amortized into net interest income over the contractual life of the related loans or over the commitment period as an adjustment of yield. Interest income on loans is based on the principal balance outstanding computed using the effective interest method. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) A loan is considered delinquent when a payment has not been received in accordance with the contractual terms. The accrual of interest income for commercial loans is discontinued when there is a clear indication that the borrower’s cash flow may not be sufficient to meet payments as they become due, while the accrual of interest income for retail loans is discontinued when loans reach specific delinquency levels. Loans are generally placed on nonaccrual status when contractually past due 90 days or more as to interest or principal payments, unless the loan is well secured and in the process of collection. Additionally, if management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on a nonaccrual status immediately, rather than delaying such action until the loans become 90 days past due. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed, amortization of related deferred loan fees or costs is suspended, and income is recorded only to the extent that interest payments are subsequently received in cash and a determination has been made that the principal balance of the loan is collectible. If collectability of the principal is in doubt, payments received are applied to loan principal. A nonaccrual loan may be returned to accrual status when all delinquent principal and interest payments become current in accordance with the terms of the loan agreement, the borrower has demonstrated a period of sustained performance (generally a minimum of six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The Company’s loan policy dictates the guidelines to be followed in determining when a loan is charged-off. All charge offs are approved by the Bank’s senior loan officers or loan committees, depending on the amount of the charge off, and are reported in aggregate to the Bank’s Board of Directors. Commercial business and commercial mortgage loans are charged-off when a determination is made that the financial condition of the borrower indicates that the loan will not be collectible in the ordinary course of business. Residential mortgage loans and home equities are generally charged-off or written down when the credit becomes severely delinquent, and the balance exceeds the fair value of the property less costs to sell. Indirect and other consumer loans, both secured and unsecured, are generally charged-off in full during the month in which the loan becomes 120 days past due, unless the collateral is in the process of repossession in accordance with the Company’s policy. The Company evaluates loan modifications to determine whether a modification represents a new loan or a continuation of an existing loan and discloses information about the type and magnitude of certain loan modifications made to borrowers experiencing financial difficulty. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or a combination of these concessions. See Allowance for Credit Losses below for further policy discussion and see Note 5, Loans, for additional information. (g.) Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company enters into off-balance sheet financial instruments consisting of commitments to extend credit, standby letters of credit and financial guarantees. Such financial instruments are recorded in the consolidated financial statements when they are funded or when related fees are incurred or received. The Company periodically evaluates the credit risks inherent in these commitments and establishes loss allowances for such risks if and when these are deemed necessary. The Company recognizes as liabilities the fair value of the obligations undertaken in issuing the guarantees under the standby letters of credit, net of the related amortization at inception. The fair value approximates the unamortized fees received from the customers for issuing the standby letters of credit. The fees are deferred and recognized on a straight-line basis over the commitment period. Standby letters of credit outstanding typically have original terms ranging from to five years. Fees received for providing loan commitments and letters of credit that result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to other income as banking fees and commissions over the commitment period when funding is not expected. (h.) Allowance for Credit Losses The allowance for credit losses (“ACL”) is evaluated on a regular basis and established through charges to earnings in the form of a provision (benefit) for credit losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Portfolio Segmentation and “Pooled Loans” Calculation Loans are pooled based on their homogeneous risk characteristics. Once loans have been segmented into pools, a loss rate is applied to the amortized cost basis. The Company has divided its portfolio into six segments, as the loans within the segments have similar characteristics. Characteristics considered include: purpose, tenor, amortization, repayment source, payment frequency, collateral and recourse. The Company has identified six portfolio segments of loans including Commercial Loans/Lines, Commercial Mortgage, Indirect Loans, Direct Loans, Residential Lines of Credit, and Residential Loans. The Company utilizes the Discounted Cash Flow (“DCF”) method for its pooled segment calculation. The DCF method implements a probability of default with loss given default and exposure at default estimation. The probability of default and loss given default are applied to future cash flows that are adjusted to present value and these discounted expected losses become the Allowance for Credit Losses. DCF analysis is reliant upon a variety of loan-level data, peripheral model outputs and key assumptions. The data fields required to create the contractual portion of the forward-looking cash flow schedule relate to the terms of each loan and include information regarding payment amount, payment frequency, interest rate, interest type, maturity date, amortization term, etc. Contractual terms must be adjusted for prepayments to arrive at expected cashflows. The Company modeled amortizing/installment notes with a prepayment rate, annualized to one-year. For loans where principal collection is dominated by borrower election, e.g., lines of credit, interest-only, etc., and not by contractual obligation, the Company modeled a statistical tendency to repay as a curtailment rate, normalized to a one-year rate. The Company uses forecasts to predict how modeled economic factors will perform. The Company currently elects to forecast economic factors over a period for which it can produce a reliable and defensible forecast from widely accepted economic forecast resources. After the forecast period, the following eight quarters are reverted on a straight-line basis to the economic factor’s average. The Company uses an eight-quarter straight-line reversion to reduce the potential for a spike impact on the model caused by a rapid reversion. Additionally, as the Company is past its point of forecast, a straight-line reversion represents a most-likely scenario absent a reasonable and supportable forecast. In the Company’s analysis at the portfolio level, it found that the best model for predicting defaults considers the National Unemployment Rate. With the large number of observations afforded by using peer data, the default curve is less sensitive to unusual loss events and has a much smoother shape. The national unemployment rate is an extremely strong predictor of defaults and explains almost all variation in the default rate. The reserve is calculated based on a life of loan basis. The life of loan is assumed with consideration of prepayments and contractual maturity dates. If a given loan does not have a populated maturity date, based upon historical experience, the Company elected to amortize the loan for a length of time equal to the average life of the loan’s segment before the remaining balance will balloon with the exception of Commercial Demand Lines of Credit where the Company uses one year, reflecting the demand nature of these exposures with annual review. Management also considers Qualitative Factors (“QF”) that are likely to cause estimated credit losses with the Company’s existing portfolio to differ from historical loss experience, including but not limited to: national and local economic trends and conditions (excluding national unemployment), levels and trends in delinquencies, non-accrual loans and classified assets, trends in volume, terms and concentrations of loans, changes in lending policies and procedures, quality of credit review function and administration, and changes in regulatory environment, management, markets and product offerings. The Company will periodically assess what adjustments are necessary to qualitatively adjust the ACL based on their assessment of current expected credit losses. The range for the QF in a specific pool represents the difference, in basis points, between the portfolio segment loss explained by the regression analysis (r-squared factor) and the total loss for that period, looking back to 2006, when the Company experienced its highest four quarter loss rate. In this approach, the Company is capturing, based upon historical experience, its largest potential loss rate. Where possible, the QFs are calculated using available data sources to support the allocation of basis points within the ranges. For example, delinquency for a segment is mapped backed to 2006 and current delinquency is allocated a QF based upon where it lies in that range. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Individually Evaluated Loans Excluded from pooled analysis are loans to be individually evaluated due to the assets not maintaining similar risk characteristics to those in the six designated segments. These loans are generally considered to be collateral dependent and, therefore, an analysis of the collateral position versus the pooled loan discounted cash flow approach better reflects the potential loss. Individually evaluated accounts include: loans over 90 days past due, loans to borrowers experiencing financial difficulty, loans placed on non-accrual status and classified assets with exposure greater than $2.0 million. Held to Maturity (“HTM”) Debt Securities The Company’s HTM debt securities are also required to utilize the current expected credit losses approach to estimate expected credit losses. The Company’s HTM debt securities included securities that are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. The Company also carries a portfolio of HTM municipal bonds. The Company measures its allowance for credit losses on HTM debt securities on a collective basis by major security type. The estimate is based on historical credit losses, if any, adjusted for current conditions and reasonable and supportable forecasts. The Company considers the nature of the collateral, potential future changes in collateral values and available loss information. Available for Sale (“AFS”) Debt Securities For AFS securities in an unrealized loss position, the Company first assesses whether (i) it intends to sell, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security’s amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of provision for credit losses. AFS securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Accrued Interest Receivable Accrued interest receivable balances are presented separately within other assets on the statement of financial condition. Accrued interest receivable that is included in the amortized cost of financial receivables and debt securities are excluded from related disclosure requirements. The Company does not measure an allowance for credit losses for accrued interest receivable as the Company writes off accrued interest receivable, in a timely manner, by reversing interest income. For commercial loans, the write off typically occurs upon becoming 90 days past due. For consumer loans, the write off typically occurs upon becoming 120 days past due. Historically, the Company has not experienced uncollectible accrued interest receivable on its investment securities. However, the Company would generally write off accrued interest receivable by reversing interest income if the Company does not reasonably expect to receive payments. Due to the timely manner in which accrued interest receivables are written off, the amounts of such write offs are immaterial. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Reserve for Unfunded Commitments The reserve for unfunded commitments (the “Unfunded Reserve”) represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized as a provision for credit loss expense in the consolidated statements of income. The Unfunded Reserve is determined by estimating expected future fundings, under each segment, and applying the expected loss rates. Expected future fundings are based on historical averages of funding rates (i.e., the likelihood of draws taken). Average funding rates are determined based on the most recent 20 quarters (5 years) of actual fundings on lines of credit. The average funding rate for each segment is compared to the current funding rate on each line to determine the average fundings available to be drawn. The fund up rate (the difference between the average funding rate and the current funding rate) for each segment is then applied within the Current Expected Credit Losses (“CECL”) model to the unfunded commitment balance to estimate the expected future fundings under each segment. The loss rate derived for each segment in the current CECL calculation is then applied to the expected future fundings to derive the estimate of allowance for credit losses for unfunded commitments. (i.) Other Real Estate Owned Other real estate owned consists of properties acquired through foreclosure or by acceptance of a deed in lieu of foreclosure. These assets are initially recorded at fair value less estimated costs to sell, which establishes the cost basis. Subsequently, other real estate owned is carried at the lower of the cost basis or fair value less estimated selling costs. At the time of foreclosure, or when foreclosure occurs in-substance, the excess, if any, of the loan over the fair market value of the assets received, less estimated selling costs, is charged to the allowance for credit losses and any subsequent valuation write-downs are charged to other expense. In connection with the determination of the allowance for credit losses and the valuation of other real estate owned, management obtains appraisals for properties. Operating costs associated with the properties are charged to expense as incurred. Gains on the sale of other real estate owned are included in income when title has passed, and the sale has met the minimum down payment requirements prescribed by GAAP. The balance of other real estate owned was $142 thousand and $19 thousand at December 31, 2023 and 2022, respectively. (j.) Company Owned Life Insurance (“COLI”) The Company holds life insurance policies on certain current and former employees and is the owner and beneficiary of the policies. The Company invests in these policies to provide an efficient form of funding for long-term retirement and other employee benefit costs. Certain life insurance policies have a stable value contract that provides limited cash surrender value protection from declines in the value of the policy’s underlying investments and may result in an extended surrender redemption period. The cash surrender value of these policies is included as an asset on the consolidated statements of financial condition, and changes in cash surrender value are recorded as noninterest income on the consolidated statements of income. In the event of the death of an insured individual under these policies, the Company would receive a death benefit which would be recorded as noninterest income. (k.) Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The Company generally amortizes buildings and building improvements over a period of –39 years and software, furniture and equipment over a period of –10 years. Leasehold improvements are amortized over the shorter of the lease term or the useful life of the improvements. Premises and equipment are periodically reviewed for impairment or when circumstances present indicators of impairment. (l.) Goodwill and Other Intangible Assets The excess of the cost of an acquisition over the fair value of the net assets acquired consists primarily of goodwill, core deposit intangibles, and other identifiable intangible assets. Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company’s intangible assets consist of core deposits and other intangible assets (primarily customer relationships). Core deposit intangible assets are amortized on an accelerated basis over their estimated life of approximately . Other intangible assets are amortized on an accelerated basis over their weighted average estimated life of approximately twenty years. The Company reviews long-lived assets and certain identifiable intangibles for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, in which case an impairment charge would be recorded. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of each reporting unit is calculated and compared to the recorded book value. If the calculated fair value of the reporting unit exceeds its carrying value, then goodwill is not considered impaired. However, if the carrying value of a reporting unit exceeds its calculated fair value, a goodwill impairment charge is recognized. See Note 7, Goodwill and Other Intangible Assets, for additional information on goodwill and other intangible assets. (m.) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Stock The non-marketable investments in FHLB and FRB stock are included in other assets in the consolidated statements of financial condition at par value or cost and are periodically reviewed for impairment. The dividends received relative to these investments are included in other noninterest income in the consolidated statements of income. As a member of the FHLB system, the Company is required to maintain a specified investment in FHLB of New York (“FHLBNY”) stock in proportion to its volume of certain transactions with the FHLB. FHLBNY stock totaled $11.0 million and $13.0 million as of December 31, 2023 and 2022, respectively. As a member of the FRB system, the Company is required to maintain a specified investment in FRB stock based on a ratio relative to the Company’s capital. FRB stock totaled $6.4 million as of December 31, 2023 and 2022. (n.) Equity Method Investments The Company has investments in limited partnerships, primarily Small Business Investment Companies, and accounts for these investments under the equity method. These investments are included in other assets in the consolidated statements of financial condition and totaled $16.9 million and $12.9 million as of December 31, 2023 and 2022, respectively. (o.) Derivative Instruments and Hedging Activities FASB Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative. Changes in fair value of the Company’s derivatives designated in a qualifying hedging relationship are recorded in accumulated other comprehensive income (loss). Changes in fair value of the Company’s derivatives not designated in a qualifying hedging relationship are recognized directly in earnings. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear on our statements of cash flows in the same categories as the cash flow of the hedged item. (p.) Treasury Stock Acquisitions of treasury stock are recorded at cost. The reissuance of shares in treasury is recorded at weighted-average cost. (q.) Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over financial assets is deemed surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred assets and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (r.) Revenue Recognition ASC 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, derivatives and investment securities, as well as revenue related to our loan servicing activities, as these activities are subject to other GAAP. Descriptions of our primary revenue-generating activities that are within the scope of ASC 606, which are presented in our income statements as components of noninterest income are as follows: • Transactions and service-based revenues - these include service charges on deposits, investment advisory, and ATM and debit card fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur or, in some cases, within 90 days of the service period. Fees may be fixed or, where applicable, based on a percentage of transaction size or managed assets. • Insurance income - Insurance commissions are received on the sale of insurance products, and revenue is recognized upon the placement date of the insurance policies. Payment is normally received within the policy period. In addition to placement, SDN also provides insurance policy related risk management services. Revenue is recognized as these services are provided. (s.) Employee Benefits The Company maintains an employer sponsored 401(k) plan where participants may make contributions in the form of salary deferrals and the Company may provide discretionary matching contributions in accordance with the terms of the plan. Contributions due under the terms of our defined contribution plans are accrued as earned by employees. The Company also participates in a non-contributory defined benefit pension plan for certain employees who meet participation requirements. The actuarially determined pension benefit is based on years of service and the employee’s highest average compensation during five consecutive years of employment. The Company’s policy is to at least fund the minimum amount required by the Employment Retirement Income Security Act of 1974. The cost of the pension is based on actuarial computations of current and future benefits for employees and is charged to noninterest expense in the consolidated statements of income. The Company also provides post-retirement benefits, principally health and dental care, to retirees of a previously acquired entity. The Company has closed the post-retirement plan to new participants. The Company recognizes an asset or a liability for a pension plan’s overfunded status or underfunded status, respectively, in the consolidated financial statements and reports changes in the funded status as a component of other comprehensive income, net of applicable taxes, in the year in which changes occur. (t.) Share-Based Compensation Plans Compensation expense for stock options, restricted stock awards and restricted stock units is based on the fair value of the award on the measurement date, which, for the Company, is the date of grant, and is recognized ratably over the service period of the award. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The fair value of restricted stock awards is generally the closing market price of the Company’s common stock on the date of grant. The fair value of restricted stock unit awards is generally equal to the closing market price of the Company’s common stock on the date of grant reduced by the present value of the dividends expected to be paid on the underlying shares. The Company accounts for forfeitures as they occur. Share-based compensation expense is included in the consolidated statements of income under salaries and employee benefits for awards granted to management and in other noninterest expense for awards granted to directors. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (u.) Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is recognized on deferred tax assets if, based upon the weight of available evidence, it is more likely than not that some or all of the assets may not be realized. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company has investments directly and indirectly in several limited partnerships formed by third parties that generate investment tax credits related to rehabilitation of certified real property and qualified affordable housing projects. As a limited partner in the partnerships, the Company has determined that it is not the primary beneficiary of these investments because the general partners have the power to direct the activities that most significantly influence the economic performance of their respective partnerships and have the obligation to absorb expected losses and the right to receive residual returns. As the Company is not the primary beneficiary of these investments, it does not consolidate them. For limited partnerships that generate tax credits related to the rehabilitation of certified real property, at the time that a structure is placed into service, the limited partnership is eligible for federal and New York State tax credits. The federal tax credit impact is recorded as a reduction of income tax expense. For a New York State tax credit generated after January 1, 2015, the amount not used in the current tax year is treated as a refund or overpayment of tax to be credited to next year’s tax. Since the realization of the tax credit does not depend on the Company’s generation of future taxable income or the Company’s ongoing tax status or tax position, the credit is not considered an element of income tax accounting (ASC 740). The Company includes the tax credit in non-interest income as opposed to a reduction of income tax expense. At the time that a structure is placed into service, the Company records a loss on tax credit investments in noninterest income to reduce the investment to the present value of the expected cash flows from its partnership interest. For limited partnerships that generate tax credits related to qualified affordable housing projects, the investments are accounted for using the proportional amortization method. Under this method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net amount as a reduction of income tax expense. The tax credit investments are included in other assets in the consolidated statements of financial condition and totaled $68.3 million and $55.6 million as of December 31, 2023 and 2022, respectively. The Company does not have any loss reserves recorded related to these investments because it believes the likelihood of any loss is remote. For all legally binding unfunded equity commitments, the Company increases its recognized investment and recognizes a liability. As of December 31, 2023 and 2022, the Company had liabilities of $14.0 million and $4.8 million, respectively, related to these investments that are included in other liabilities in the consolidated statements of financial condition. The Company continues to invest in these limited partnerships. (v.) Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in shareholders’ equity during a period, except those resulting from transactions with shareholders. In addition to net income, other components of the Company’s comprehensive income (loss) include the after-tax effect of changes in net unrealized gain / loss on securities available for sale, changes in unrealized gain / loss on hedging derivative instruments and changes in net actuarial gain/loss on defined benefit post-retirement plans. Comprehensive income (loss) is reported in the accompanying consolidated statements of changes in shareholders’ equity and consolidated statements of comprehensive (loss) income. See Note 16, Accumulated Other Comprehensive Income (Loss), for additional information. (w.) Earnings Per Common Share The Company calculates earnings per common share (“EPS”) using the two-class method in accordance with FASB ASC Topic 260, “Earnings Per Share”. The two-class method requires the Company to present EPS as if all of the earnings for the period are distributed to common shareholders and any participating securities, regardless of whether any actual dividends or distributions are made. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Basic EPS is computed by dividing distributed and undistributed earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Distributed and undistributed earnings available to common shareholders represent net income reduced by preferred stock dividends and distributed and undistributed earnings available to participating securities. Common shares outstanding include common stock and vested restricted stock awards. Diluted EPS reflects the assumed conversion of all potential dilutive securities. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 19, Earnings Per Common Share. (x.) Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications did not result in any changes to previously reported net income or shareholders’ equity. (y.) Recent Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current-period gross write-offs for financing receivables by year of origination in the vintage disclosures. ASU 2022-02 became effective for the Company on January 1, 2023 and was applied on a prospective basis. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. See Note 5, Loans, for additional information regarding loan refinancings and restructurings made when a borrower is experiencing financial difficulties and updates to vintage disclosures. In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging — Portfolio Layer Method. The ASU expands the scope in which an entity can apply the portfolio layer method of hedge accounting, allowing for more consistent accounting for similar hedges. The amendments in this update became effective for the Company on January 1, 2023. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Standards Not Yet Effective In March 2023, the FASB issued ASU No. 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The ASU allows for entities to consistently account for tax credit equity investments utilizing the proportional amortization method across all types of tax credits when certain requirements are met. The election of proportional amortization method must be made on a programmatic basis rather than an individual investment basis. For previously held tax credit investments, the amendments will be applied either on a modified retrospective basis or a retrospective basis. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments expand the disclosure requirements of segment expenses, as well as adding disclosure of the title and position of the chief operation decision maker “CODM” and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources is also required. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance may require additional disclosure in the Company’s financial statement related to segments. In December 2023, the FASB issued ASU 2023-09, Income Tax (Topic 740): Improvements to Income Tax Disclosures. The amendments expand the disclosure requirements of income taxes, primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred income tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. Early adoption is permitted. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements. |
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Restructuring Charges |
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| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Charges | (2.) RESTRUCTURING CHARGES On July 17, 2020, the Bank announced management’s decision to adopt a full-service branch model that streamlines retail branches to better align with shifting customer needs and preferences. The transformation resulted in six branch closures and a reduction in staffing. The announcement was the result of a nine-month comprehensive assessment of all lines of business and functional areas, conducted in partnership with a leading process improvement organization. The data-driven analysis identified, among other things, overlapping service areas, automation opportunities and streamlining of processes and operations that would enhance customer experiences and facilitate the long-term sustainability of current and future branches. The announced consolidations represented about ten percent of the branch network and impacted approximately six percent of the total Company workforce. Where possible, those impacted were offered alternative roles or the opportunity to apply for open positions in other areas of the Company. Separated associates received a comprehensive severance package based on tenure. In October 2020, the Company announced the planned closure of one additional branch in January 2021. This location was not included in the branch consolidations announced in July 2020, as alternative options were being considered and consolidation was not possible given its significant distance from other Bank branches. The Company incurred total pre-tax expense related to the branch closures of approximately $1.7 million, including approximately $0.2 million in employee severance, $0.5 million in lease termination costs and $1.0 million in valuation adjustments on branch facilities during 2020. Additional related restructuring charges of $200 thousand and $1.6 million were incurred in 2023 and 2022, respectively, as a result of property valuation adjustments to write-down certain real estate assets to fair market value based on existing purchase offers and current market conditions. The following table represents the consolidated statements of income classification of the Company’s restructuring charges (in thousands):
The following table represents the changes in the restructuring reserve (in thousands):
In contemplation of the transactions noted above, certain long-lived assets had met the held for sale criteria as of December 31, 2023 and 2022. Long lived totaled $629 thousand and $1.5 million as of December 31, 2023 and 2022, respectively. For the year ended December 31, 2023 the Company recognized a $44 thousand gain on the sale of long-lived assets held for sale. |
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Investment Securities |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | (3.) INVESTMENT SECURITIES The amortized cost and fair value of investment securities are summarized below (in thousands).
(3.) INVESTMENT SECURITIES (Continued)
The Company elected to exclude accrued interest receivable (“AIR”) from the amortized cost basis of debt securities disclosed throughout this footnote. For AFS debt securities, AIR totaled $2.1 million as of December 31, 2023 and December 31, 2022. For HTM debt securities, AIR totaled $571 thousand and $695 thousand as of December 31, 2023 and December 31, 2022, respectively. AIR is included in other assets on the Company’s consolidated statements of financial condition. For the years ended December 31, 2023 and 2022, credit loss (credit) expense for HTM investment securities was a credit of $1 thousand and less than $1 thousand, respectively. Investment securities with a total fair value of $845.2 million and $850.4 million at December 31, 2023 and 2022, respectively, were pledged as collateral to secure public deposits and for other purposes required or permitted by law. Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):
Sales of securities available for sale for the years ended December 31 were as follows (in thousands):
(3.) INVESTMENT SECURITIES (Continued) The scheduled maturities of securities available for sale and securities held to maturity at December 31, 2023 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31 are summarized as follows (in thousands):
(3.) INVESTMENT SECURITIES (Continued) The total number of available for sale securities positions, for which an allowance for credit losses has not been recorded, in the investment portfolio in an unrealized loss position at December 31, 2023 was 201 compared to 226 at December 31, 2022. At December 31, 2023, the Company had a position in 198 investment securities with a fair value of $835.5 million and a total unrealized loss of $151.5 million that has been in a continuous unrealized loss position for more than 12 months. At December 31, 2023, there were a total of three securities positions in the Company’s investment portfolio with a fair value of $8 thousand and a total unrealized loss of less than $1 thousand that had been in a continuous unrealized loss position for less than 12 months. At December 31, 2022, the Company had a position in 127 investment securities with a fair value of $760.2 million and a total unrealized loss of $155.1 million that has been in a continuous unrealized loss position for more than 12 months. At December 31, 2022, there were a total of 99 securities positions in the Company’s investment portfolio with a fair value of $193.8 million and a total unrealized loss of $17.9 million that had been in a continuous unrealized loss position for less than 12 months. The unrealized loss on investment securities was predominantly caused by changes in market interest rates subsequent to purchase. The fair value of most of the investment securities in the Company’s portfolio fluctuates as market interest rates change. Securities Available for Sale As of December 31, 2023, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities are impaired due to reasons of credit quality. This is based upon our analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to our available for sale securities and in consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, the Company expects to recover the amortized cost basis of its investments and more than likely will not need to sell before the recovery period for operating purposes, with no impairment identified. As the portfolio is managed from a liquidity, earnings, and risk standpoint, sales from the AFS portfolio may be warranted based upon prevailing market factors. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Securities Held to Maturity The Company’s HTM investment securities include debt securities that are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. In addition, the Company’s HTM investment securities include debt securities that are issued by state and local government agencies, or municipal bonds. The Company monitors the credit quality of our municipal bonds through the use of a credit rating agency or by ratings that are derived by an internal scoring model. The scoring methodology for the internally derived ratings is based on a series of financial ratios for the municipality being reviewed as compared to typical industry figures. This information is used to determine the financial strengths and weaknesses of the municipality, which is indicated with a numeric rating. This number is then converted into a letter rating to better match the system used by the credit rating agencies. As of December 31, 2023, $64.6 million of our were rated as an equivalent to Standard & Poor’s A/AA/AAA, with $4.2 million internally rated to be the equivalent of Standard & Poor’s A/AA/AAA rating. Additionally, no municipal bonds were rated below investment grade. As of December 31, 2022, $90.6 million of our were rated as an equivalent to Standard & Poor’s A/AA/AAA, with $6.9 million internally rated to be the equivalent of Standard & Poor’s A/AA/AAA rating. Additionally, as of December 31, 2022, no municipal bonds were rated below investment grade. As of December 31, 2023, the Company had no past due or nonaccrual held to maturity investment securities. |
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Loans Held for Sale and Loan Servicing Rights |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held For Sale And Loan Servicing Rights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held for Sale and Loan Servicing Rights | (4.) LOANS HELD FOR SALE AND LOAN SERVICING RIGHTS Loans held for sale were entirely comprised of residential real estate loans and totaled $1.4 million and $550 thousand as of December 31, 2023 and 2022, respectively. The Company sells certain qualifying newly originated or refinanced residential real estate loans on the secondary market. Residential real estate loans serviced for others, which are not included in the consolidated statements of financial condition, amounted to $269.4 million and $275.3 million as of December 31, 2023 and 2022, respectively. In connection with these mortgage-servicing activities, the Company administered escrow and other custodial funds which amounted to approximately $4.8 million as of December 31, 2023 and 2022. The activity in capitalized loan servicing assets is summarized as follows for the years ended December 31 (in thousands):
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Loans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans | (5.) LOANS The Company’s loan portfolio consisted of the following at December 31 (in thousands):
(5.) LOANS (Continued) The Company elected to exclude AIR from the amortized cost basis of loans disclosed throughout this footnote. As of December 31, 2023 and December 31, 2022, AIR for loans totaled $21.8 million and $16.6 million, respectively, and is included in other assets on the Company’s consolidated statements of financial condition. The Company’s significant concentrations of credit risk in the loan portfolio relate to a geographic concentration in the communities that the Company serves. Certain executive officers, directors and their business interests are customers of the Company. Transactions with these parties are based on the same terms as similar transactions with unrelated third parties and do not carry more than normal credit risk. Borrowings by these related parties amounted to $40.0 million and $37.8 million at December 31, 2023 and 2022, respectively. During 2023, new borrowings amounted to $10.7 million (including borrowings of executive officers and directors that were outstanding at the time of their appointment), and repayments and other reductions were $8.5 million. Past Due Loans Aging The Company’s recorded investment, by loan class, in current and nonaccrual loans, as well as an analysis of accruing delinquent loans is set forth as of December 31 (in thousands):
There was $21 thousand and $1 thousand in consumer overdrafts which were past due greater than 90 days as of December 31, 2023 and 2022, respectively. Consumer overdrafts are overdrawn deposit accounts which have been reclassified as loans but by their terms do not accrue interest.
(5.) LOANS (Continued) Interest income on nonaccrual loans, if recognized, is recorded using the cash basis method of accounting. There was no interest income recognized on nonaccrual loans during the years ended December 31, 2023, 2022 and 2021. For the years ended December 31, 2023, 2022 and 2021, estimated interest income of $589 thousand, $391 thousand, and $211 thousand, respectively, would have been recorded if all such loans had been accruing interest according to their original contractual terms. Loans Modifications for Borrower Experiencing Financial Difficulty Loans may be modified when it is determined that a borrower is experiencing financial difficulty. Loan modifications may include principal forgiveness, interest rate reduction, an other-than-insignificant payment delay, and term extensions, or a combination of these concessions. The following table presents the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by loan class and type of concession granted as of December 31, 2023 (in thousands):
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
The Company closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified during the year ended December 31, 2023 (in thousands):
(5.) LOANS (Continued) Collateral Dependent Loans Management has determined that specific commercial loans on nonaccrual status, all loans that have had their terms restructured when a borrower is experiencing financial difficulty, and other loans deemed appropriate by management where repayment is expected to be provided substantially through the operation or sale of the collateral to be collateral dependent loans. The amortized cost basis of collateral dependent loans categorized by collateral type are set forth as of the dates indicated (in thousands):
Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors such as the fair value of collateral. The Company analyzes commercial business and commercial mortgage loans individually by classifying the loans as to credit risk. Risk ratings are updated any time the situation warrants. The Company uses the following definitions for risk ratings: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Company’s credit position at some future date. Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans that do not meet the criteria above that are analyzed individually as part of the process described above are considered “uncriticized” or pass-rated loans and are included in groups of homogeneous loans with similar risk and loss characteristics. (5.) LOANS (Continued) The following tables sets forth the Company’s commercial loan portfolio, categorized by internally assigned asset classification, as of the dates indicated (in thousands):
(5.) LOANS (Continued) The Company utilizes payment status as a means of identifying and reporting problem and potential problem retail loans. The Company considers nonaccrual loans and loans past due greater than 90 days and still accruing interest to be non-performing. The following tables sets forth the Company’s retail loan portfolio, categorized by payment status, as of the dates indicated (in thousands):
(5.) LOANS (Continued)
Allowance for Credit Losses – Loans The following tables set forth the changes in the allowance for credit losses – loans for the years ended December 31 (in thousands):
(5.) LOANS (Continued) Risk Characteristics Commercial business loans primarily consist of loans to small to mid-sized businesses in our market area in a diverse range of industries. These loans are of higher risk and typically are made on the basis of the borrower’s ability to make repayment from the cash flow of the borrower’s business. Further, the collateral securing the loans may depreciate over time, may be difficult to appraise and may fluctuate in value. The credit risk related to commercial loans is largely influenced by general economic conditions, inflation and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any. Commercial mortgage loans generally have larger balances and involve a greater degree of risk than residential mortgage loans, potentially resulting in higher potential losses on an individual customer basis. Loan repayment is often dependent on the successful operation and management of the properties, as well as on the collateral securing the loan. Economic events, inflation or conditions in the real estate market could have an adverse impact on the cash flows generated by properties securing the Company’s commercial real estate loans and on the value of such properties. Residential real estate loans (comprised of conventional mortgages and home equity loans) and residential real estate lines (comprised of home equity lines) are generally made based on the borrower’s ability to make repayment from his or her employment and other income but are secured by real property whose value tends to be more easily ascertainable. Credit risk for these types of loans is generally influenced by general economic conditions, inflation, the characteristics of individual borrowers, and the nature of the loan collateral. Consumer indirect and other consumer loans may entail greater credit risk than residential mortgage loans and home equities, particularly in the case of other consumer loans which are unsecured or, in the case of indirect consumer loans, secured by depreciable assets, such as automobiles. In such cases, any repossessed collateral for a defaulted consumer loan may not provide an adequate source of repayment of the outstanding loan balance. In addition, consumer loan collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be affected by adverse personal circumstances such as job loss, illness or personal bankruptcy, including the heightened risk that such circumstances may arise as a result inflation. Furthermore, the application of various federal and state laws, including bankruptcy and insolvency laws, may limit the amount which can be recovered on such loans. |
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Premises and Equipment, Net |
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| Premises and Equipment, Net | (6.) PREMISES AND EQUIPMENT, NET Major classes of premises and equipment at December 31 are summarized as follows (in thousands):
(1) The premises and equipment balances exclude amounts reclassified to assets held for sale. See Note 2, Restructuring Charges, for additional information. Depreciation and amortization expense included in occupancy and equipment expense on the consolidated statements of income for the years ended December 31 was as follows (in thousands):
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Goodwill and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | (7.) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performs its annual impairment test of goodwill as of October 1st of each year. See Note 1, Summary of Significant Accounting Policies, for the Company’s accounting policy for goodwill and other intangible assets. The Company considered the continued capital markets downturn for bank stocks due to macroeconomic pressures, including inflation, along with volatility in the banking industry as a result of recent bank failures during the first half of 2023, a “triggering event” for purposes of a goodwill impairment test, and a quantitative assessment of the Banking reporting unit was performed in the second quarter of 2023. Based on this quantitative assessment, the Company concluded that there was no goodwill impairment as of June 30, 2023. At that time, a qualitative assessment was performed for the SDN and Courier Capital reporting units and the Company concluded no quantitative assessment was deemed necessary as of June 30, 2023. The Company completed annual impairment assessments for all reporting units during the fourth quarter of 2023, utilizing a quantitative assessment. Based on the results of the 2023 annual impairment tests, management concluded that there was no goodwill impairment. There were no goodwill impairment charges recorded in 2023, 2022 or 2021. Declines in the market value of the Company’s publicly traded stock price or declines in the Company’s ability to generate future cash flows may increase the potential that goodwill recorded on the Company’s consolidated statement of financial condition be designated as impaired and that the Company may incur a goodwill write-down in the future. The change in the balance for goodwill during the years ended December 31 was as follows (in thousands):
(1) All Other includes the SDN, Courier Capital and HNP prior to the May 1, 2023 merger. The amounts are reported net of $4.7 million accumulated impairment related to the SDN reporting unit. Other Intangible Assets The Company has other intangible assets that are amortized, consisting of core deposit intangibles and other intangibles (primarily related to customer relationships). Changes in the gross carrying amount, accumulated amortization and net book value for the years ended December 31 were as follows (in thousands):
(7.) GOODWILL AND OTHER INTANGIBLE ASSETS (Continued) Other intangibles amortization expense was $910 thousand for the year ended December 31, 2023. Core deposit intangibles and other intangibles amortization expense was $3 thousand and $983 thousand, respectively, for the year ended December 31, 2022. Core deposit intangibles and other intangibles amortization expense was $25 thousand and $1.0 million, respectively, for the year ended December 31, 2021. Estimated amortization expense of other intangible assets for each of the next five years is as follows (in thousands):
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | (8.) LEASES Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”), establishes a right of use model that requires a lessee to record a right of use asset and a lease liability for all leases with terms longer than 12 months. The Company is obligated under a number of non-cancellable operating lease agreements for land, buildings and equipment with terms, including renewal options reasonably certain to be exercised, extending through 2061. Two building leases were subleased with terms that extended through December 31, 2024. The following table represents the consolidated statements of financial condition classification of the Company’s right of use assets and lease liabilities as of December 31 (in thousands):
The weighted average remaining lease term for operating leases was 20.6 years at December 31, 2023 and the weighted-average discount rate used in the measurement of operating lease liabilities was 3.91%. The Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term for the discount rate. (8.) LEASES (Continued) The following table represents lease costs and other lease information for the years ended December 31 (in thousands):
(1) Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. Future minimum payments under non-cancellable operating leases with initial or remaining terms of one year or more are as follows at December 31, 2023 (in thousands):
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Other Assets and Other Liabilities |
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| Other Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets and Other Liabilities | (9.) OTHER ASSETS AND OTHER LIABILITIES A summary of other assets and other liabilities as of December 31 is as follows (in thousands):
Included in other assets at December 31, 2023 was a receivable of $37.9 million related to the surrender of a COLI policy in connection with the surrender and redeploy strategy during the fourth quarter of 2023. The Company expects to receive the proceeds from this transaction in the first half of 2024. |
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Deposits |
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| Deposits | (10.) DEPOSITS A summary of deposits as of December 31 is as follows (in thousands):
As of December 31, 2023 and 2022, the aggregate amount of uninsured deposits (deposits in amounts greater than $250 thousand, which is the maximum amount for federal deposit insurance) was $1.82 billion, or 35% of total deposits, and $1.29 billion, or 26% of total deposits, respectively. The portion of time deposits by account that were in excess of the FDIC insurance limit at December 31, 2023 and 2022 amounted to $302.6 million and $258.7 million, respectively. As of December 31, 2023 and 2022, respectively, $206.8 million and $207.2 million of interest-bearing demand deposits and $50.0 million and $140.0 million of time deposits are brokered deposit accounts. (10.) DEPOSITS (Continued) Interest expense by deposit type for the years ended December 31 is summarized as follows (in thousands):
Interest expense included in the table above attributable to brokered deposits was $20.2 million, $5.1 million and $588 thousand for the years ended December 31, 2023, 2022 and 2021, respectively. |
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Borrowings |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings | (11.) BORROWINGS The Company classifies borrowings as short-term or long-term in accordance with the original terms of the applicable agreement. Outstanding borrowings consisted of the following as of December 31 (in thousands):
Short-term borrowings Short-term FHLB borrowings have original maturities of less than one year and include overnight borrowings which the Company typically utilizes to address short-term funding needs as they arise. Short-term FHLB borrowings at December 31, 2023 and 2022 consisted of $107.0 million and $205.0 million, respectively. The FHLB borrowings are collateralized by securities from the Company’s investment portfolio and certain qualifying loans. In May 2023, we borrowed $15.0 million under the FRB Bank Term Funding Program at an interest rate of 4.80%, which matures on May 8, 2024. In December 2023, we borrowed an additional $50.0 million under the program at an interest rate of 4.89%, which matures on December 13, 2024, and $13.0 million at an interest rate of 4.88%, which matures on December 20, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits. At December 31, 2023 and 2022, the Company’s short-term borrowings had a weighted average rate of 5.29% and 4.60%, respectively. As of December 31, 2023, $50.0 million of the short-term borrowings balance is designated as a cash-flow hedge, which became effective in April 2022, at a fixed rate of 0.787%; $30.0 million is designated as a cash-flow hedge, which became effective in January 2023, at a fixed rate of 3.669%; and $25.0 million is designated as a cash-flow hedge, which became effective in May 2023, at a fixed rate of 3.4615%. The Parent has a revolving line of credit with a commercial bank allowing borrowings up to $20.0 million in total as an additional source of working capital. At December 31, 2023 and 2022, no amounts have been drawn on the line of credit. Long-term borrowings As of December 31, 2023 we had a long-term advance payable to FHLB of $50.0 million. The advance matures on January 20, 2026 and bears interest at a fixed rate of 4.05%. FHLB advances are collateralized by securities from our investment portfolio and certain qualifying loans.
(11.) BORROWINGS (Continued) On October 7, 2020, the Company completed a private placement of $35.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2030 to qualified institutional buyers and accredited institutional investors that were subsequently exchanged for subordinated notes with substantially the same terms (the “2020 Notes”) registered under the Securities Act of 1933, as amended. The 2020 Notes have a maturity date of October 15, 2030 and bear interest, payable semi-annually, at the rate of 4.375% per annum, until October 15, 2025. Commencing on that date, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate (“SOFR”) plus 4.265%, payable quarterly until maturity. Proceeds, net of debt issuance costs of $779 thousand, were $34.2 million. The net proceeds from this offering were used for general corporate purposes, including but not limited to, contribution of capital to the Bank to support both organic growth and regulatory capital ratios. The 2020 Notes qualify as Tier 2 capital for regulatory purposes. On April 15, 2015, the Company issued $40.0 million of 6.0% fixed to floating rate subordinated notes due April 15, 2030 (the “2015 Notes”) in a registered public offering. The 2015 Notes bear interest at a fixed rate of 6.0% per year, payable semi-annually, for the first 10 years. From April 15, 2025 to the April 15, 2030 maturity date, the interest rate will reset quarterly to an annual interest rate equal to the then current three-month CME Term SOFR plus 4.20561%. The 2015 Notes are redeemable by the Company at any quarterly interest payment date beginning on April 15, 2025 to maturity at par, plus accrued and unpaid interest. Proceeds, net of debt issuance costs of $1.1 million, were $38.9 million. The net proceeds from this offering were used for general corporate purposes, including but not limited to, contribution of capital to the Bank to support both organic growth and opportunistic acquisitions. The 2015 Notes qualify as Tier 2 capital for regulatory purposes. The Company adopted ASU 2015-03 that requires debt issuance costs to be reported as a direct deduction from the face value of the 2015 Notes and the 2020 Notes, and not as a deferred charge. The debt issuance costs will be amortized as an adjustment to interest expense through April 15, 2025 for the 2015 Notes and through October 15, 2025 for the 2020 Notes. |
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Derivative Instrument and Hedging Activities |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities | (12.) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities, and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate caps and interest rate swaps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. During 2023, such derivatives were used to hedge the variable cash flows associated with short-term borrowings. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following table summarizes the terms of the Company’s outstanding interest rate swap agreements entered into to manage its exposure to the variability in future cash flows as of December 31, 2023 (dollars in thousands):
(12.) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Continued) For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings. During the next twelve months, the Company estimates that $2.6 million in accumulated other comprehensive loss will be reclassified as a decrease to interest expense. Interest Rate Swaps The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. These interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain one or more of the following provisions: (a) if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, the Company could also be declared in default on its derivative obligations, and (b) if the Company fails to maintain its status as a well-capitalized institution, the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. Mortgage Banking Derivatives The Company extends rate lock agreements to borrowers related to the origination of residential mortgage loans. To mitigate the interest rate risk inherent in these rate lock agreements when the Company intends to sell the related loan, once originated, as well as closed residential mortgage loans held for sale, the Company enters into forward commitments to sell individual residential mortgages. Rate lock agreements and forward commitments are considered derivatives and are recorded at fair value. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of December 31 (in thousands):
(1) The Company was holding collateral of $40.4 million and $54.3 million against its net obligations under these contracts at December 31, 2023 and December 31, 2022, respectively. (12.) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Continued) Effect of Derivative Instruments on the Income Statement The table below presents the effect of the Company’s derivative financial instruments on the income statement for the years ended December 31 (in thousands):
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | (13.) COMMITMENTS AND CONTINGENCIES Financial Instruments with Off-Balance Sheet Risk The Company has financial instruments with off-balance sheet risk established in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk extending beyond amounts recognized in the financial statements. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is essentially the same as that involved with extending loans to customers. The Company uses the same credit underwriting policies in making commitments and conditional obligations as for on-balance sheet instruments. Off-balance sheet commitments as of December 31 consist of the following (in thousands):
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. Commitments generally have fixed expiration dates or other termination clauses which may require payment of a fee. Commitments may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if any, is based on management’s credit evaluation of the borrower. Standby letters of credit are conditional lending commitments issued by the Company to guarantee the performance of a customer to a third party. These standby letters of credit are primarily issued to support private borrowing arrangements. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. Unfunded Commitments At December 31, 2023 and December 31, 2022, the allowance for credit losses for unfunded commitments totaled $3.6 million and $4.1 million, respectively, and was included in other liabilities on the Company’s consolidated statements of financial condition. For the years ended December 31, 2023 and 2021, credit loss (benefit) expense for unfunded commitments was of a benefit of $531 thousand and $1.4 million, respectively, and for the year ended December 31, 2022 was a credit loss expense of $2.3 million, and was included in provision (benefit) for credit losses on the Company’s consolidated statements of income. Contingent Liabilities and Litigation In the ordinary course of business there are various threatened and pending legal proceedings against the Company. Management believes that the aggregate liability, if any, arising from such litigation would not have a material adverse effect on the Company’s consolidated financial statements. (13) COMMITMENTS AND CONTINGENCIES (Continued) The Company is party to an action filed against it on May 16, 2017 by Matthew L. Chipego, Charlene Mowry, Constance C. Churchill and Joseph W. Ewing in the Court of Common Pleas in Philadelphia, Pennsylvania. Plaintiffs sought and were granted class certification to represent classes of consumers in New York and Pennsylvania seeking to recover statutory damages, interest and declaratory relief. The plaintiffs specifically claim that the notices the Bank sent to defaulting consumers after their vehicles were repossessed did not comply with the relevant portions of the Uniform Commercial Code in New York and Pennsylvania. The Company disputes and believes it has meritorious defenses against these claims and plans to vigorously defend itself. On September 30, 2021, the Court granted plaintiffs’ motion for class certification and certified four different classes (two classes of New York consumers and two classes of Pennsylvania consumers). There are approximately 5,200 members in the New York classes and 300 members in the Pennsylvania classes. On September 26, 2022, the lower Court denied the plaintiffs’ motion for partial summary judgment for most of the relief they seek and found that there were questions of fact as to whether the members of the class had purchased the subject vehicles for “consumer use” within the meaning of the relevant statutes. The Court also denied the Company’s motion for partial summary judgment and seeking an offset in the form of recoupment reducing any liability that may be imposed against the Company by the amounts that the borrowers owe for failing to repay their motor vehicle loans, determining that the Court could not enter a judgment on recoupment – which is a set off from liability – without first determining whether there was liability. On October 7, 2022, the Superior Court of Pennsylvania granted the Company’s December 20, 2021 Request for an Interlocutory Appeal of the denial of the Company’s motion to dismiss the claims brought by New York borrowers for lack of subject matter jurisdiction and lack of standing. In a Memorandum filed on February 13, 2024, the Superior Court affirmed the decision of the lower court, holding that trial court has subject matter jurisdiction over the New York part of this action and that the New York plaintiffs have standing to pursue relief against the Company. The Superior Court also remanded the case to the lower court for further proceedings, which will include the completion of any remaining discovery and an adjudication of the open claims and defenses that have been asserted in the case. Once the lower court has issued a final adjudication, the parties will have an opportunity to appeal adverse rulings in the case. The Company has not accrued a contingent liability for this matter at this time because, given its defenses, it is unable to conclude whether a liability is probable to occur nor is it able to currently reasonably estimate the amount of potential loss. If the Company settles these claims or the action is not resolved in its favor, the Company may suffer reputational damage and incur legal costs, settlements or judgments that exceed the amounts covered by its insurer. The Company can provide no assurances that its insurer will cover the full legal costs, settlements or judgments it incurs. If the Company is unsuccessful in defending itself from these claims or if its insurer does not cover the full amount of legal costs it incurs, the result may materially adversely affect the Company’s business, results of operations and financial condition. |
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Regulatory Matters |
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| Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Matters | (14.) REGULATORY MATTERS General The supervision and regulation of financial and bank holding companies and their subsidiaries is intended primarily for the protection of depositors, the deposit insurance fund regulated by the FDIC and the banking system as a whole, and not for the protection of shareholders or creditors of bank holding companies. The various bank regulatory agencies have broad enforcement power over financial holding companies and banks, including the power to impose substantial fines, operational restrictions and other penalties for violations of laws and regulations and for safety and soundness considerations. Capital Banks and bank holding companies are subject to various regulatory capital requirements administered by state and federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. The Basel III Capital Rules, a comprehensive capital framework for U.S. banking organizations, became effective for the Company and the Bank on January 1, 2015 (subject to a phase-in period for certain provisions). Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the maintenance of minimum amounts and ratios (set forth in the table that follows) of Common Equity Tier 1 capital (“CET1”), Tier 1 capital and Total capital to risk-weighted assets, and of Tier 1 capital to adjusted quarterly average assets (each as defined in the regulations). (14.) REGULATORY MATTERS (Continued) The Economic Growth Act provided for a potential exception from the Basel III Rules for community banks that maintain a Community Bank Leverage Ratio (“CBLR”) of at least 8.0% to 10.0%. The CBLR is calculated by dividing Tier 1 capital by the bank’s average total consolidated assets. In the final rules approved by the FDIC in September 2019, qualifying community banking organizations that opt in to using the CBLR are considered to be in compliance with the Basel III Rules as long as the bank maintains a CBLR of greater than 9.0%. If a bank is not a qualifying community banking organization, does not opt in to using the CBLR, or cannot maintain a CBLR of greater than 9.0%, the bank would have to comply with the Basel III Rules. The Company determined to comply with the Basel III Rules instead of using the CBLR framework. The Company’s and the Bank’s Common Equity Tier 1 capital includes common stock and related paid-in capital, net of treasury stock, and retained earnings. In connection with the adoption of the Basel III Capital Rules, The Company elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1. Common Equity Tier 1 for both the Company and the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities. Tier 1 capital includes Common Equity Tier 1 capital and additional Tier 1 capital. For the Company, additional Tier 1 capital at December 31, 2023 includes, subject to limitation, $17.3 million of preferred stock. Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital for both the Company and the Bank includes a permissible portion of the allowance for credit losses. Tier 2 capital for the Company also includes qualified subordinated debt. At December 31, 2023, the Company’s Tier 2 capital included $74.5 million of Subordinated Notes. The Common Equity Tier 1, Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets. Risk-weighted assets are calculated based on regulatory requirements and include total assets, with certain exclusions, allocated by risk weight category, and certain off-balance-sheet items, among other things. The leverage ratio is calculated by dividing Tier 1 capital by adjusted quarterly average total assets, which exclude goodwill and other intangible assets, among other things. The Basel III Capital Rules require the Company and the Bank to maintain (i) a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 4.5%, plus a 2.5% “capital conservation buffer” (which is added to the 4.5% Common Equity Tier 1 capital ratio, effectively resulting in a minimum ratio of Common Equity Tier 1 capital to risk-weighted assets of at least 7.0%), (ii) a minimum ratio of Tier 1 capital to risk-weighted assets of at least 6.0%, plus the capital conservation buffer (which is added to the 6.0% Tier 1 capital ratio, effectively resulting in a minimum Tier 1 capital ratio of 8.5%), (iii) a minimum ratio of Total capital (that is, Tier 1 plus Tier 2) to risk-weighted assets of at least 8.0%, plus the capital conservation buffer (which is added to the 8.0% total capital ratio, effectively resulting in a minimum total capital ratio of 10.5%) and (iv) a minimum leverage ratio of 4.0%, calculated as the ratio of Tier 1 capital to average quarterly assets. The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have any current applicability to the Company or the Bank. The capital conservation buffer is designed to absorb losses during periods of economic stress and effectively increases the minimum required risk-weighted capital ratios. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets below the effective minimum will face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall. (14.) REGULATORY MATTERS (Continued) The following table presents actual and required capital ratios as of December 31, 2023 and 2022 for the Company and the Bank under the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules (dollars in thousands):
As of December 31, 2023 and 2022, the Company and Bank were considered “well capitalized” under all regulatory capital guidelines. Such determination has been made based on the Tier 1 leverage, CET1 capital, Tier 1 capital and total capital ratios. Federal Reserve Requirements The Bank is typically required to maintain cash on hand or on deposit at the FRB of New York according to the reserve requirements set by the FRB. In March 2020, the FRB reduced the required reserve to 0%. Accordingly, as of December 31, 2023 and 2022, the Bank was not required to maintain a reserve balance at the FRB of New York. Dividend Restrictions In the ordinary course of business, the Company is dependent upon dividends from the Bank to provide funds for the payment of dividends to shareholders and to provide for other cash requirements. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. |
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Shareholders' Equity |
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity | (15.) SHAREHOLDERS’ EQUITY The Company’s authorized capital stock consists of 50,210,000 shares of capital stock, 50,000,000 of which are common stock, par value $0.01 per share, and 210,000 of which are preferred stock, par value $100 per share, which is designated into two classes: Class A of which 10,000 shares are authorized, and Class B of which 200,000 shares are authorized. There are two series of Class A preferred stock: Series A 3% preferred stock, and the Series A preferred stock. There is one series of Class B preferred stock: Series B-1 8.48% preferred stock. There were 172,921 shares of preferred stock issued and outstanding as of December 31, 2023 and 2022. Common Stock The following table sets forth the changes in the number of shares of common stock for the years ended December 31:
Share Repurchase Programs In June 2022, the Company’s Board of Directors (“the Board”) authorized a share repurchase program for up to 766,447 shares of common stock (the “2022 Share Repurchase Program”). Repurchased shares are recorded in treasury stock, at cost, which includes any applicable transaction costs. As of December 31, 2023, there have been no shares repurchased under the 2022 Share Repurchase Program. In November 2020, the Board authorized a share repurchase program of common stock for up to 801,879 shares of common stock (the “2020 Share Repurchase Program”). The 2020 Repurchase Program was completed in March 2022. Under the 2020 Share Repurchase Program, 461,191 shares were repurchased at an average price of $31.99 during the first quarter of 2022, and 340,688 shares were repurchased at an average price of $26.44 during the year ended December 31, 2021. (15.) SHAREHOLDERS’ EQUITY (Continued) Preferred Stock Series A 3% Preferred Stock. There were 1,435 shares of Series A 3% preferred stock issued and outstanding as of December 31, 2023 and 2022. Holders of Series A 3% preferred stock are entitled to receive an annual dividend of $3.00 per share, which is cumulative and payable quarterly. Holders of Series A 3% preferred stock have no pre-emptive right to, or right to purchase or subscribe for, any additional shares of the Company’s capital stock and have no voting rights. Dividend or dissolution payments to the Class A shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments can be declared and paid, or set apart for payment, to the holders of Class B preferred stock or common stock. The Series A 3% preferred stock is not convertible into any other of the Company’s securities. Series B-1 8.48% Preferred Stock. There were 171,486 shares of Series B-1 8.48% preferred stock issued and outstanding as of December 31, 2023 and 2022. Holders of Series B-1 8.48% preferred stock are entitled to receive an annual dividend of $8.48 per share, which is cumulative and payable quarterly. Holders of Series B-1 8.48% preferred stock have no pre-emptive right to, or right to purchase or subscribe for, any additional shares of the Company’s common stock and have no voting rights. Accumulated dividends on the Series B-1 8.48% preferred stock do not bear interest, and the Series B-1 8.48% preferred stock is not subject to redemption. Dividend or dissolution payments to the Class B shareholders must be declared and paid, or set apart for payment, before any dividends or dissolution payments are declared and paid, or set apart for payment, to the holders of common stock. The Series B-1 8.48% preferred stock is not convertible into any other of the Company’s securities. |
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Accumulated Other Comprehensive Income (Loss) |
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| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive (Loss) Income | (16.) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the components of other comprehensive income (loss) for the years ended December 31 (in thousands):
(1) Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. (16.) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Continued) Activity in accumulated other comprehensive income (loss), net of tax, was as follows (in thousands):
The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31 (in thousands):
(1) These items are included in the computation of net periodic pension expense. See Note 20, Employee Benefit Plans, for additional information. |
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Share-Based Compensation |
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| Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | (17.) SHARE-BASED COMPENSATION The Company maintains certain stock-based compensation plans, approved by the Company’s shareholders, that are administered by the Management Development and Compensation Committee (the “Compensation Committee”) of the Board. The share-based compensation plans were established to allow for the granting of compensation awards to attract, motivate and retain employees, executive officers and non-employee directors who contribute to the long-term growth and profitability of the Company and to give such persons a proprietary interest in the Company, thereby enhancing their personal interest in the Company’s success. In May 2015, the Company’s shareholders approved the 2015 Long-Term Incentive Plan (the “2015 Plan”) to replace the 2009 Management Stock Incentive Plan and the 2009 Directors’ Stock Incentive Plan (collectively, the “2009 Plans”). A total of 438,076 shares transferred from the 2009 Plans were available for grant pursuant to the 2015 Plan. In addition, any shares subject to outstanding awards under the 2009 Plans that were canceled, expired, forfeited or otherwise not issued or are settled in cash became available for future award grants under the 2015 Plan. In June 2021, the Company's shareholders approved the Amended and Restated 2015 Long-Term Incentive Plan (the “Plan”), which increased the total number of shares available for grant under the Plan by 734,000 shares. As of December 31, 2023, there were approximately 516,000 shares available for grant under the 2015 Plan. Under the 2015 Plan, the Compensation Committee may establish and prescribe grant guidelines including various terms and conditions for the granting of stock-based compensation. For stock options, the exercise price of each option equals the closing market price of the Company’s common stock on the date of the grant. All options expire after a period of ten years from the date of grant and generally become fully exercisable over a period of 3 to 5 years from the grant date. When an option recipient exercises their options, the Company issues shares from treasury stock and records the proceeds as additions to capital. The Company uses the Black-Scholes valuation method to estimate the fair value of its stock option awards. Shares of restricted stock awards granted to employees generally vest over 2 to 3 years from the grant date. Fifty percent of the shares of restricted stock awards granted to non-employee directors generally vests on the date of grant and the remaining fifty percent generally vests one year from the grant date. Vesting of the shares may be based on years of service, established performance measures or both. If restricted stock awards are forfeited before they vest, the shares are reacquired into treasury stock. The grant-date fair value for restricted stock awards is generally equal to the closing market price of the Company’s common stock on the date of grant. The grant-date fair value for restricted stock unit awards is generally equal to the closing market price of the Company’s common stock on the date of grant reduced by the present value of the dividends expected to be paid on the underlying shares. The Company awards grants of performance-based restricted stock units (“PSUs”) to certain members of management. In 2020, the Compensation Committee approved new PSUs under the 2015 Plan. Fifty percent of the shares subject to each grant that ultimately vest are contingent on achieving specified return on average equity (“ROAE”) targets relative to the market index the Compensation Committee has selected as a peer group for this purpose. These shares will be earned based on the Company’s achievement of a relative ROAE performance requirement, on a percentile basis, compared to the market index over a three-year performance period. The shares earned based on the achievement of the ROAE performance requirement, if any, will vest on the third anniversary of the grant date assuming the recipient’s continuous service to the Company. The remaining fifty percent of the PSUs that ultimately vest are contingent upon achievement of an average return on average assets (“ROAA”) performance requirement over a three-year performance period. The shares earned based on the achievement of the ROAA performance requirement, if any, will vest on the third anniversary of the grant date assuming the recipient’s continuous service to the Company. The restricted stock awards granted to the directors and the restricted stock units granted to employees in 2023, 2022 and 2021 do not have rights to dividends or dividend equivalents. There were no stock options awarded during 2023, 2022 or 2021. There was no unrecognized compensation expense related to unvested stock options as of December 31, 2023. There was no stock option activity for the year ended December 31, 2023. The following table is a summary of restricted stock award activity for the year ended December 31, 2023:
(17.) SHARE-BASED COMPENSATION (Continued) The weighted average grant date fair value of restricted stock granted during the years ended December 31, 2023, 2022 and 2021 was $16.34, $26.53, and $32.06, respectively. The total fair value of restricted stock units that vested during the years ended December 31, 2023, 2022 and 2021 was $265 thousand, $282 thousand and $353 thousand, respectively. The following is a summary of restricted stock units’ activity for the year ended December 31, 2023:
The weighted average grant date fair value of restricted stock units granted during the years ended December 31, 2023, 2022 and 2021 was $16.46, $28.38, and $27.55, respectively. The total fair value of restricted stock units that vested during the years ended December 31, 2023, 2022 and 2021 was $976 thousand, $1.1 million and $682 thousand, respectively. The following is a summary of performance-based restricted stock units’ activity for the year ended December 31, 2023:
The weighted average grant date fair value of PSUs granted during the years ended December 31, 2023, 2022 and 2021 was $16.66, $29.35, and $27.58, respectively. The total fair value of PSUs that vested during the years ended December 31, 2023 and 2022 was $491 thousand and $556 thousand respectively. For PSUs that vested during 2021, the threshold performance for any payout had not been met, and no shares were paid out or vested. The Company amortizes the expense related to share-based compensation over the vesting period. Share-based compensation expense is recorded as a component of salaries and employee benefits in the consolidated statements of income for awards granted to management and as a component of other noninterest expense for awards granted to directors. The share-based compensation expense and the total income tax benefit included in the statements on income for the years ended December 31 was as follows (in thousands):
As of December 31, 2023, there was $3.0 million of unrecognized compensation expense related to unvested restricted stock awards and restricted stock units that is expected to be recognized over a weighted average period of 1.83 years. |
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | (18.) INCOME TAXES The income tax expense for the years ended December 31 consisted of the following (in thousands):
Income tax expense differed from the statutory federal income tax rate for the years ended December 31 as follows:
Total income tax expense (benefit) was as follows for the years ended December 31 (in thousands):
The Company recognizes deferred income taxes for the estimated future tax effects of differences between the tax and financial statement bases of assets and liabilities considering enacted tax laws. These differences result in deferred tax assets and liabilities, which are included in other assets in the Company’s consolidated statements of financial condition. The Company also assesses the likelihood that deferred tax assets will be realizable based on, among other considerations, future taxable income and establishes, if necessary, a valuation allowance for those deferred tax assets determined to not likely be realizable. A deferred tax asset valuation allowance is recognized if, based on the weight of available evidence (both positive and negative), it is more likely than not that some portion or all of the deferred tax assets will not be realized. The future realization of deferred tax benefits depends upon the existence of sufficient taxable income within the carry-back and carry-forward periods. Management’s judgment is required in determining the appropriate recognition of deferred tax assets and liabilities, including projections of future taxable income. In 2023 and 2022, the Company recognized the impact of its investments in limited partnerships that generated qualifying tax credits resulting in a $3.0 million and $2.6 million reduction in income tax expense, respectively, and an $252 thousand and $815 thousand net loss recorded in noninterest income, respectively. See Note 1, Summary of Significant Accounting Policies, for the Company’s accounting policy for income taxes and these tax credit investments. (18.) INCOME TAXES (Continued) The Company’s net deferred tax asset is included in other assets in the consolidated statements of financial condition. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows at December 31 (in thousands):
Based upon the Company’s historical and projected future levels of pre-tax and taxable income, the scheduled reversals of taxable temporary differences to offset future deductible amounts, and prudent and feasible tax planning strategies, management believes it is more likely than not that the deferred tax assets will be realized. Therefore, no valuation allowance has been recorded as of December 31, 2023 and 2022. The Company and its subsidiaries are primarily subject to federal and New York income taxes. The federal income tax years currently open for audit are 2018 through 2023. The New York income tax years currently open for audit are 2020 through 2023. At December 31, 2023, the Company had no federal or New York net operating loss, capital loss or tax credit carryforwards.
The Company’s unrecognized tax benefits and changes in unrecognized tax benefits were not significant as of or for the years ended December 31, 2023, 2022 and 2021. There were no material interest or penalties recorded in the income statement in income tax expense for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023 and 2022, there were no amounts accrued for interest or penalties related to uncertain tax positions. |
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Earnings Per Common Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | (19.) EARNINGS PER COMMON SHARE The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for each of the years ended December 31 (in thousands, except per share amounts). All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities.
For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive:
There were no participating securities outstanding for the years ended December 2023, 2022 and 2021. Therefore, the two-class method of calculating basic and diluted EPS was not applicable for the years presented. |
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Employee Benefit Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee Benefit Plans | (20.) EMPLOYEE BENEFIT PLANS Supplemental Executive Retirement Agreements The Company has non-qualified Supplemental Executive Retirement Agreements (“SERPs”) covering certain former executives. The unfunded liability related to the SERPs was $374 thousand and $697 thousand at December 31, 2023 and 2022, respectively. SERP expense was $17 thousand, $28 thousand and $39 thousand for 2023, 2022 and 2021, respectively. Defined Contribution Plan Employees that meet specified eligibility conditions are eligible to participate in the Company sponsored 401(k) plan. Under the plan, participants may make contributions, in the form of salary deferrals, up to the maximum Internal Revenue Code limit. The Company is also permitted to make additional discretionary contributions, although no such additional discretionary contributions were made in 2023, 2022 or 2021. Defined Benefit Pension Plan The Company participates in The New York State Bankers Retirement System (the “Plan”), a defined benefit pension plan covering substantially all employees. For employees hired prior to December 31, 2006, who met participation requirements on or before January 1, 2008 (“Tier 1 Participant”), the benefits are generally based on years of service and the employee’s highest average compensation during five consecutive years of employment. Effective January 1, 2016, the Plan was amended to open the Plan to eligible employees who were hired on and after January 1, 2007 (“Tier 2 Participant”) and provide these eligible participants with a cash balance benefit formula. As part of the reorganization the Company implemented in December 2022, the Plan was amended such that effective January 31, 2023, benefits under Tier 1 will be frozen to future accruals and going forward all participants will be earning benefits under Tier 2. (20.) EMPLOYEE BENEFIT PLANS (Continued) The following table provides a reconciliation of the Company’s changes in the Plan’s benefit obligations, fair value of assets and a statement of the funded status as of and for the year ended December 31 (in thousands):
The accumulated benefit obligation was $73.9 million and $70.2 million at December 31, 2023 and 2022, respectively. The Company’s funding policy is to contribute, at a minimum, an actuarially determined amount that will satisfy the minimum funding requirements determined under the appropriate sections of the Internal Revenue Code. The Company has no minimum required contribution for the 2024 fiscal year. Estimated benefit payments under the Plan over the next ten years at December 31, 2023 are as follows (in thousands):
Net periodic pension cost consists of the following components for the years ended December 31 (in thousands):
The actuarial assumptions used to determine the net periodic pension cost were as follows:
(20.) EMPLOYEE BENEFIT PLANS (Continued) The actuarial assumptions used to determine the projected benefit obligation were as follows:
The weighted average discount rate was based upon the projected benefit cash flows and the market yields of high-grade corporate bonds that are available to pay such cash flows. The Plan’s overall investment strategy is to invest in a diversified portfolio while managing the variability between the assets and projected liabilities of underfunded pension plans. The Plan’s Board Members approved a migration (the “Migration”) of substantially all of the Plan’s assets to one fund, Commingled Pensions Trust Fund (LDI Diversified Balanced) of JPMorgan Chase Bank, N.A. (“JPMCB LDI Diversified Balanced Fund” or the “Fund”). The Fund is a collective investment fund managed by the Plan’s trustee (the “Trustee”) under the Declaration of Trust. The Trustee is the Fund’s manager and makes day-to-day investment decisions for the Fund. The Fund is a group trust within the meaning of Internal Revenue Service Revenue Ruling 81-100, as amended. In reliance upon exemptions from the registration requirements of the federal securities laws, neither the Fund nor the Fund’s Units are registered with the SEC or any state securities commission. Because the Fund is not subject to registration under federal or state securities laws, certain protections that might otherwise be provided to investors in registered funds are not available to investors in the Fund. However, as a bank-sponsored collective investment trust holding qualified retirement plan assets, the Fund is required to comply with applicable provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the Trustee is subject to supervision and regulation by the Office of the Comptroller of the Currency and the Department of Labor. Prior to the Migration, the Plan’s overall investment strategy was to achieve a mix of approximately 97% of investments for long-term growth and 3% for near-term benefit payments with a wide diversification of asset types, fund strategies, and fund managers. The Board made the election in their December 2018 meeting and the Migration had an effective trade date of February 28, 2019. The Fund employs a liability driven investing (“LDI”) strategy for pension plans that are seeking a solution that is balanced between growth and hedging. The Bloomberg Barclays Long A U.S. Corporate Index, the Fund’s primary liability-performance benchmark, is used as a proxy for plan projected liabilities. The growth-oriented portion of the Fund invests in a mix of asset classes that the Fund’s Trustee believes will collectively maximize total risk-adjusted return through a combination of capital appreciation and income. This portion of the Fund will comprise between 35% and 90% of the portfolio and will invest directly or indirectly via underlying funds in a broad mix of global equity, credit, global fixed income, real estate and cash-plus strategies. The remaining portion of the Fund, between 10% and 65% of the portfolio, provides exposure to U.S. long duration fixed income and is used to minimize volatility relative to a plan’s projected liabilities. This portion of the Fund will invest directly or indirectly via underlying funds in investment grade corporate bonds and securities issued by the U.S. Treasury and its agencies or instrumentalities. The following table represents the Plan’s target asset allocation and actual asset allocation, respectively, as of December 31, 2023 and 2022:
Cash equivalents include repurchase agreements, banker’s acceptances, commercial paper, negotiable certificates of deposit, U.S. government securities with less than one year to maturity and funds (including the Commingled Pension Trust Fund (Liquidity) of JPMorgan Chase Bank, N.A. (“JPMorgan”)) established to invest in these types of highly liquid, high-quality instruments. Equity securities primarily include investments in common stocks, depository receipts, preferred stocks, commingled pension trust funds, exchange traded funds and real estate investment trusts. Fixed income securities include corporate bonds, government issues, credit card receivables, mortgage-backed securities, municipals, commingled pension trust funds and other asset backed securities. Alternative investments are real estate interests and related investments held within a commingled pension trust fund. (20.) EMPLOYEE BENEFIT PLANS (Continued) The Fund is valued utilizing the valuation policies set forth by JP Morgan’s asset management committee. Underlying investments for which market quotations are readily available are valued at their market value. Underlying investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors, third-party broker-dealers or methodologies as approved by the asset management committee. Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third-party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Equities and other exchange-traded instruments are valued at the last sales price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date. Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services. The Fund invests in the Commingled Pension Trust Fund (“Strategic Property Fund”) of JPMorgan (the “SPF”), which holds significant amounts of investments which have been fair valued at December 31, 2023 and 2022. During the years ended December 31, 2023 and 2022, there were no transfers in or out of Levels 1, 2 or 3. In addition, there were no changes in valuation methodologies during the years ended December 31, 2023 and 2022. The major categories of Plan assets measured at fair value on a recurring basis as of December 31 are presented in the following tables (in thousands).
At December 31, 2023, the portfolio was substantially managed by one investment firm, with control of approximately 98% of the Plan’s assets. A portfolio concentration of 98% in the JPMCB LDI Diversified Balanced Fund, a commingled pension trust fund (“CPTF”), existed at December 31, 2023. (20.) EMPLOYEE BENEFIT PLANS (Continued)
At December 31, 2022, the portfolio was substantially managed by one investment firm, with control of approximately 96% of the Plan’s assets. A portfolio concentration of 96% in the JPMCB LDI Diversified Balanced Fund, a CPTF, existed at December 31, 2022. Postretirement Benefit Plan An entity acquired by the Company provided health and dental care benefits to retired employees who met specified age and service requirements through a postretirement health and dental care plan in which both the acquired entity and the retirees shared the cost. The plan provided for substantially the same medical insurance coverage as for active employees until their death and was integrated with Medicare for those retirees aged 65 or older. In 2001, the plan’s eligibility requirements were amended to curtail eligible benefit payments to only retired employees and active employees who had already met the then-applicable age and service requirements under the Plan. In 2003, retirees under age 65 began contributing to health coverage at the same cost-sharing level as that of active employees. Retirees ages 65 or older were offered new Medicare supplemental plans as alternatives to the plan historically offered. The cost sharing of medical coverage was standardized throughout the group of retirees aged 65 or older. In addition, to be consistent with the administration of the Company’s dental plan for active employees, all retirees who continued dental coverage began paying the full monthly premium. As of December 31, 2023 and 2022, there was no accrued liability related to this plan. The postretirement expense for the plan that was included in salaries and employee benefits in the consolidated statements of income was not significant for the years ended December 31, 2023, 2022 and 2021. This plan is unfunded. |
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | (21.) FAIR VALUE MEASUREMENTS Determination of Fair Value — Assets Measured at Fair Value on a Recurring and Nonrecurring Basis Valuation Hierarchy The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. There have been no changes in the valuation techniques used during the current period. The fair value hierarchy is as follows: • Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. (21.) FAIR VALUE MEASUREMENTS (Continued) • Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. • Level 3 - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Transfers between levels of the fair value hierarchy are recorded as of the end of the reporting period. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Securities available for sale: Securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Derivative instruments: The fair value of derivative instruments is determined using quoted secondary market prices for similar financial instruments and are classified as Level 2 in the fair value hierarchy. Loans held for sale: The fair value of loans held for sale is determined using quoted secondary market prices and investor commitments. Loans held for sale are classified as Level 2 in the fair value hierarchy. Collateral dependent loans: Fair value of collateral dependent loans with specific allocations of the allowance for credit losses - loans is measured based on the value of the collateral securing these loans and is classified as Level 3 in the fair value hierarchy. Collateral may be real estate and/or business assets including equipment, inventory and/or accounts receivable and collateral value is determined based on appraisals performed by qualified licensed appraisers hired by the Company. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Appraised and reported values may be discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and the client’s business. Such discounts are typically significant and result in a Level 3 classification of the inputs for determining fair value. Collateral dependent loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the same factors identified above. Long-lived assets held for sale: The fair value of the long-lived assets held for sale was based on estimated market prices from independently prepared current appraisals, adjusted for expected costs to sell, and are classified as Level 3 in the fair value hierarchy. (21.) FAIR VALUE MEASUREMENTS (Continued) Loan servicing rights: Loan servicing rights do not trade in an active market with readily observable market data. As a result, the Company estimates the fair value of loan servicing rights by using a discounted cash flow model to calculate the present value of estimated future net servicing income. The assumptions used in the discounted cash flow model are those that the Company believes market participants would use in estimating future net servicing income, including estimates of loan prepayment rates, servicing costs, ancillary income, impound account balances, and discount rates. The significant unobservable inputs used in the fair value measurement of the Company’s loan servicing rights are the constant prepayment rates and weighted average discount rate. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. Although the constant prepayment rate and the discount rate are not directly interrelated, they will generally move in opposite directions. Loan servicing rights are classified as Level 3 measurements due to the use of significant unobservable inputs, as well as significant management judgment and estimation. Other real estate owned (foreclosed assets): Nonrecurring adjustments to certain commercial and residential real estate properties classified as other real estate owned are measured at the lower of carrying amount or fair value, less costs to sell. Fair values are generally based on third-party appraisals of the property, resulting in a Level 3 classification. The appraisals are sometimes further discounted based on management’s historical knowledge, changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Such discounts are typically significant and result in a Level 3 classification of the inputs for determining fair value. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. Commitments to extend credit and letters of credit: Commitments to extend credit and fund letters of credit are principally at current interest rates, and, therefore, the carrying amount approximates fair value. The fair value of commitments is not material. Assets Measured at Fair Value The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and non-recurring basis as of December 31 (in thousands):
(21.) FAIR VALUE MEASUREMENTS (Continued)
There were no transfers between Levels 1 and 2 during the years ended December 31, 2023 and 2022. There were no liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2023 and 2022.
There were no transfers between Levels 1 and 2 during the years ended December 31, 2022 and 2021. There were no liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2022 and 2021. The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2023.
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3) Weighted averages. (21.) FAIR VALUE MEASUREMENTS (Continued) Changes in Level 3 Fair Value Measurements There were no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the years ended December 31, 2023 and 2022. Disclosures about Fair Value of Financial Instruments The assumptions used below are expected to approximate those that market participants would use in valuing these financial instruments. Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses. In some cases, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument. Care should be exercised in deriving conclusions about our business, its value or financial position based on the fair value information of financial instruments presented below. The estimated fair value approximates carrying value for cash and cash equivalents, FHLB and FRB stock, accrued interest receivable, non-maturity deposits, short-term borrowings and accrued interest payable. Fair value estimates for other financial instruments not included elsewhere in this disclosure are discussed below. Securities held to maturity: The fair value of the Company’s investment securities held to maturity is primarily measured using information from a third-party pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Loans: The fair value of the Company’s loans was estimated by discounting the expected future cash flows using the current interest rates at which similar loans would be made for the same remaining maturities. Loans were first segregated by type, such as commercial, residential mortgage, and consumer, and were then further segmented into fixed and variable rate and loan quality categories. Expected future cash flows were projected based on contractual cash flows, adjusted for estimated prepayments. Time deposits: The fair value of time deposits was estimated using a discounted cash flow approach that applies prevailing market interest rates for similar maturity instruments. The fair values of the Company’s time deposit liabilities do not take into consideration the value of the Company’s long-term relationships with depositors, which may have significant value. Long-term borrowings: Long-term borrowings consist of $75 million of subordinated notes and $50 million of long-term borrowings from the FHLB. The subordinated notes are publicly traded and are valued based on market prices, which are characterized as Level 2 liabilities in the fair value hierarchy. The FHLB borrowings are valued using discounted cash flows based on current market rates for borrowings with similar remaining maturities and are characterized as Level 2 liabilities in the fair value hierarchy. (21.) FAIR VALUE MEASUREMENTS (Continued) The following presents the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of December 31, 2023 and 2022 (in thousands):
(1) Comprised of collateral dependent loans. |
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Parent Company Financial Information |
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| Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Parent Company Financial Information | (22.) PARENT COMPANY FINANCIAL INFORMATION Condensed financial statements pertaining only to the Parent are presented below (in thousands).
(22.) PARENT COMPANY FINANCIAL INFORMATION (Continued)
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Segment Reporting |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | (23.) SEGMENT REPORTING The Company has one reportable segment, Banking, which includes all of the Company’s retail and commercial banking operations. This reportable segment has been identified and organized based on the nature of the underlying products and services applicable to the segment, the type of customers to whom those products and services are offered and the distribution channel through which those products and services are made available. All other segments that do not meet the quantitative threshold for separate reporting have been grouped as “All Other,” which include the activities of SDN, Courier Capital and HNP, prior to the May 1, 2023 merger. Refer to Note 1, Summary of Significant Accounting Policies, for further details on the merger. SDN is a full-service insurance agency that provides a broad range of insurance services to both personal and business clients, and Courier Capital is an investment advisor and wealth management firm that provides customized investment management, investment consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Also included in “All Other” are Holding Company amounts, which are the primary differences between segment amounts and consolidated totals, along with amounts to eliminate balances and transactions between segments. (23.) SEGMENT REPORTING (Continued) The following table presents information regarding the Company’s business segments as of the dates indicated (in thousands).
The following table presents information regarding the Company’s business segments for the periods indicated (in thousands).
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Subsequent Event |
12 Months Ended |
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Dec. 31, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Event | (24.) SUBSEQUENT EVENT The Bank discovered fraudulent activity associated with deposit transactions conducted over the course of several business days ending in early March 2024 by an in-market business customer of the Bank. The Bank continues to investigate this matter to determine the potential exposure to the Company, which the Company currently estimates could be $18.9 million, or $14.1 million net of taxes. The ultimate financial impact could be lower and will depend, in part on the Bank’s success in its efforts to recover the funds. The Bank plans to pursue all available sources of recovery and other means of mitigating the potential loss. The Bank is working with the appropriate law enforcement authorities in connection with this matter. The Company may be limited in what information it can disclose due to the ongoing investigation. Based on the Bank’s review of the circumstances of fraudulent activity, the Bank believes this incident is an isolated occurrence involving a single deposit-only business relationship. |
Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Principles of Consolidation | (a.) Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. |
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| Use of Estimates | (b.) Use of Estimates In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the statement of financial condition and reported amounts of revenue and expenses during the reporting period. Material estimates relate to the determination of the allowance for credit losses, the carrying value of goodwill and deferred tax assets, and assumptions used in the defined benefit pension plan accounting. These estimates and assumptions are based on management’s best estimates and judgment and are evaluated on an ongoing basis using historical experience and other factors, including the current economic environment. The Company adjusts these estimates and assumptions when facts and circumstances dictate. As future events cannot be determined with precision, actual results could differ significantly from the Company’s estimates. |
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| Cash Flow Reporting | (c.) Cash Flow Reporting Cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits in other banks. Net cash flows are reported for loans, deposit transactions and short-term borrowings. Supplemental cash flow information is summarized as follows for the years ended December 31 (in thousands):
(1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) |
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| Investment Securities | (d.) Investment Securities Investment securities are classified as either available for sale (“AFS”) or held to maturity (“HTM”). Debt securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and are recorded at amortized cost. Other investment securities are classified as available for sale and recorded at fair value, with unrealized gains and losses excluded from earnings and reported as a component of comprehensive income (loss) and shareholders’ equity. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. |
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| Loans Held For Sale And Loan Servicing Rights | (e.) Loans Held for Sale and Loan Servicing Rights The Company generally makes the determination of whether to identify a mortgage as held for sale at the time the loan is closed based on the Company’s intent and ability to hold the loan. Loans held for sale are recorded at the lower of cost or market computed on the aggregate portfolio basis. The amount by which cost exceeds market value, if any, is accounted for as a valuation allowance with changes included in the determination of results of operations for the period in which the change occurs. The amount of loan origination costs and fees are deferred at origination and recognized as part of the gain or loss on sale of the loans, determined using the specific identification method, in the consolidated statements of income. The Company originates and sells certain residential real estate loans in the secondary market. The Company typically retains the right to service the mortgages upon sale. Mortgage-servicing rights (“MSRs”) represent the cost of acquiring the contractual rights to service loans for others. MSRs are recorded at their fair value at the time a loan is sold, and servicing rights are retained. MSRs are reported in other assets in the consolidated statements of financial position and are amortized to noninterest income in the consolidated statements of income in proportion to and over the period of estimated net servicing income. The Company uses a valuation model that calculates the present value of future cash flows to determine the fair value of servicing rights. In using this valuation method, the Company incorporates assumptions to estimate future net servicing income, which include estimates of the cost to service the loan, the discount rate, an inflation rate and prepayment speeds. On a quarterly basis, the Company evaluates its MSRs for impairment and charges any such impairment to current period earnings. In order to evaluate its MSRs, the Company stratifies the related mortgage loans on the basis of their predominant risk characteristics, such as interest rates, year of origination and term, using discounted cash flows and market-based assumptions. Impairment of MSRs is recognized through a valuation allowance, determined by estimating the fair value of each stratum and comparing it to its carrying value. Subsequent increases in fair value are adjusted through the valuation allowance, but only to the extent of the valuation allowance. Mortgage loan servicing includes collecting monthly mortgagor payments, forwarding payments and related accounting reports to investors, collecting escrow deposits for the payment of mortgagor property taxes and insurance, paying taxes and insurance from escrow funds when due and administrating foreclosure actions when necessary. Loan servicing income (a component of noninterest income in the consolidated statements of income) consists of fees earned for servicing mortgage loans sold to third parties, net of amortization expense and impairment losses associated with capitalized mortgage servicing assets. |
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| Loans | (f.) Loans Loans are classified as held for investment when management has both the intent and ability to hold the loan for the foreseeable future, or until maturity or payoff. Loans are carried at the principal amount outstanding, net of any unearned income and unamortized deferred fees and costs on originated loans. Loan origination fees and certain direct loan origination costs are deferred, and the net amount is amortized into net interest income over the contractual life of the related loans or over the commitment period as an adjustment of yield. Interest income on loans is based on the principal balance outstanding computed using the effective interest method. A loan is considered delinquent when a payment has not been received in accordance with the contractual terms. The accrual of interest income for commercial loans is discontinued when there is a clear indication that the borrower’s cash flow may not be sufficient to meet payments as they become due, while the accrual of interest income for retail loans is discontinued when loans reach specific delinquency levels. Loans are generally placed on nonaccrual status when contractually past due 90 days or more as to interest or principal payments, unless the loan is well secured and in the process of collection. Additionally, if management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on a nonaccrual status immediately, rather than delaying such action until the loans become 90 days past due. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed, amortization of related deferred loan fees or costs is suspended, and income is recorded only to the extent that interest payments are subsequently received in cash and a determination has been made that the principal balance of the loan is collectible. If collectability of the principal is in doubt, payments received are applied to loan principal. A nonaccrual loan may be returned to accrual status when all delinquent principal and interest payments become current in accordance with the terms of the loan agreement, the borrower has demonstrated a period of sustained performance (generally a minimum of six months) and the ultimate collectability of the total contractual principal and interest is no longer in doubt. The Company’s loan policy dictates the guidelines to be followed in determining when a loan is charged-off. All charge offs are approved by the Bank’s senior loan officers or loan committees, depending on the amount of the charge off, and are reported in aggregate to the Bank’s Board of Directors. Commercial business and commercial mortgage loans are charged-off when a determination is made that the financial condition of the borrower indicates that the loan will not be collectible in the ordinary course of business. Residential mortgage loans and home equities are generally charged-off or written down when the credit becomes severely delinquent, and the balance exceeds the fair value of the property less costs to sell. Indirect and other consumer loans, both secured and unsecured, are generally charged-off in full during the month in which the loan becomes 120 days past due, unless the collateral is in the process of repossession in accordance with the Company’s policy. The Company evaluates loan modifications to determine whether a modification represents a new loan or a continuation of an existing loan and discloses information about the type and magnitude of certain loan modifications made to borrowers experiencing financial difficulty. Loan modifications to borrowers experiencing financial difficulty may be in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay, a term extension, or a combination of these concessions. See Allowance for Credit Losses below for further policy discussion and see Note 5, Loans, for additional information. |
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| Off-Balance Sheet Financial Instruments | (g.) Off-Balance Sheet Financial Instruments In the ordinary course of business, the Company enters into off-balance sheet financial instruments consisting of commitments to extend credit, standby letters of credit and financial guarantees. Such financial instruments are recorded in the consolidated financial statements when they are funded or when related fees are incurred or received. The Company periodically evaluates the credit risks inherent in these commitments and establishes loss allowances for such risks if and when these are deemed necessary. The Company recognizes as liabilities the fair value of the obligations undertaken in issuing the guarantees under the standby letters of credit, net of the related amortization at inception. The fair value approximates the unamortized fees received from the customers for issuing the standby letters of credit. The fees are deferred and recognized on a straight-line basis over the commitment period. Standby letters of credit outstanding typically have original terms ranging from to five years. Fees received for providing loan commitments and letters of credit that result in loans are typically deferred and amortized to interest income over the life of the related loan, beginning with the initial borrowing. Fees on commitments and letters of credit are amortized to other income as banking fees and commissions over the commitment period when funding is not expected. |
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| Allowance for Credit Losses | (h.) Allowance for Credit Losses The allowance for credit losses (“ACL”) is evaluated on a regular basis and established through charges to earnings in the form of a provision (benefit) for credit losses. When a loan or portion of a loan is determined to be uncollectible, the portion deemed uncollectible is charged against the allowance and subsequent recoveries, if any, are credited to the allowance. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. Portfolio Segmentation and “Pooled Loans” Calculation Loans are pooled based on their homogeneous risk characteristics. Once loans have been segmented into pools, a loss rate is applied to the amortized cost basis. The Company has divided its portfolio into six segments, as the loans within the segments have similar characteristics. Characteristics considered include: purpose, tenor, amortization, repayment source, payment frequency, collateral and recourse. The Company has identified six portfolio segments of loans including Commercial Loans/Lines, Commercial Mortgage, Indirect Loans, Direct Loans, Residential Lines of Credit, and Residential Loans. The Company utilizes the Discounted Cash Flow (“DCF”) method for its pooled segment calculation. The DCF method implements a probability of default with loss given default and exposure at default estimation. The probability of default and loss given default are applied to future cash flows that are adjusted to present value and these discounted expected losses become the Allowance for Credit Losses. DCF analysis is reliant upon a variety of loan-level data, peripheral model outputs and key assumptions. The data fields required to create the contractual portion of the forward-looking cash flow schedule relate to the terms of each loan and include information regarding payment amount, payment frequency, interest rate, interest type, maturity date, amortization term, etc. Contractual terms must be adjusted for prepayments to arrive at expected cashflows. The Company modeled amortizing/installment notes with a prepayment rate, annualized to one-year. For loans where principal collection is dominated by borrower election, e.g., lines of credit, interest-only, etc., and not by contractual obligation, the Company modeled a statistical tendency to repay as a curtailment rate, normalized to a one-year rate. The Company uses forecasts to predict how modeled economic factors will perform. The Company currently elects to forecast economic factors over a period for which it can produce a reliable and defensible forecast from widely accepted economic forecast resources. After the forecast period, the following eight quarters are reverted on a straight-line basis to the economic factor’s average. The Company uses an eight-quarter straight-line reversion to reduce the potential for a spike impact on the model caused by a rapid reversion. Additionally, as the Company is past its point of forecast, a straight-line reversion represents a most-likely scenario absent a reasonable and supportable forecast. In the Company’s analysis at the portfolio level, it found that the best model for predicting defaults considers the National Unemployment Rate. With the large number of observations afforded by using peer data, the default curve is less sensitive to unusual loss events and has a much smoother shape. The national unemployment rate is an extremely strong predictor of defaults and explains almost all variation in the default rate. The reserve is calculated based on a life of loan basis. The life of loan is assumed with consideration of prepayments and contractual maturity dates. If a given loan does not have a populated maturity date, based upon historical experience, the Company elected to amortize the loan for a length of time equal to the average life of the loan’s segment before the remaining balance will balloon with the exception of Commercial Demand Lines of Credit where the Company uses one year, reflecting the demand nature of these exposures with annual review. Management also considers Qualitative Factors (“QF”) that are likely to cause estimated credit losses with the Company’s existing portfolio to differ from historical loss experience, including but not limited to: national and local economic trends and conditions (excluding national unemployment), levels and trends in delinquencies, non-accrual loans and classified assets, trends in volume, terms and concentrations of loans, changes in lending policies and procedures, quality of credit review function and administration, and changes in regulatory environment, management, markets and product offerings. The Company will periodically assess what adjustments are necessary to qualitatively adjust the ACL based on their assessment of current expected credit losses. The range for the QF in a specific pool represents the difference, in basis points, between the portfolio segment loss explained by the regression analysis (r-squared factor) and the total loss for that period, looking back to 2006, when the Company experienced its highest four quarter loss rate. In this approach, the Company is capturing, based upon historical experience, its largest potential loss rate. Where possible, the QFs are calculated using available data sources to support the allocation of basis points within the ranges. For example, delinquency for a segment is mapped backed to 2006 and current delinquency is allocated a QF based upon where it lies in that range. Individually Evaluated Loans Excluded from pooled analysis are loans to be individually evaluated due to the assets not maintaining similar risk characteristics to those in the six designated segments. These loans are generally considered to be collateral dependent and, therefore, an analysis of the collateral position versus the pooled loan discounted cash flow approach better reflects the potential loss. Individually evaluated accounts include: loans over 90 days past due, loans to borrowers experiencing financial difficulty, loans placed on non-accrual status and classified assets with exposure greater than $2.0 million. Held to Maturity (“HTM”) Debt Securities The Company’s HTM debt securities are also required to utilize the current expected credit losses approach to estimate expected credit losses. The Company’s HTM debt securities included securities that are issued by U.S. government agencies or U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. The Company also carries a portfolio of HTM municipal bonds. The Company measures its allowance for credit losses on HTM debt securities on a collective basis by major security type. The estimate is based on historical credit losses, if any, adjusted for current conditions and reasonable and supportable forecasts. The Company considers the nature of the collateral, potential future changes in collateral values and available loss information. Available for Sale (“AFS”) Debt Securities For AFS securities in an unrealized loss position, the Company first assesses whether (i) it intends to sell, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either case is affirmative, any previously recognized allowances are charged-off and the security’s amortized cost is written down to fair value through income. If neither case is affirmative, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. Adjustments to the allowance are reported in our income statement as a component of provision for credit losses. AFS securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. Accrued Interest Receivable Accrued interest receivable balances are presented separately within other assets on the statement of financial condition. Accrued interest receivable that is included in the amortized cost of financial receivables and debt securities are excluded from related disclosure requirements. The Company does not measure an allowance for credit losses for accrued interest receivable as the Company writes off accrued interest receivable, in a timely manner, by reversing interest income. For commercial loans, the write off typically occurs upon becoming 90 days past due. For consumer loans, the write off typically occurs upon becoming 120 days past due. Historically, the Company has not experienced uncollectible accrued interest receivable on its investment securities. However, the Company would generally write off accrued interest receivable by reversing interest income if the Company does not reasonably expect to receive payments. Due to the timely manner in which accrued interest receivables are written off, the amounts of such write offs are immaterial. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Reserve for Unfunded Commitments The reserve for unfunded commitments (the “Unfunded Reserve”) represents the expected credit losses on off-balance sheet commitments such as unfunded commitments to extend credit and standby letters of credit. However, a liability is not recognized for commitments unconditionally cancellable by the Company. The Unfunded Reserve is recognized as a liability (other liabilities in the consolidated statements of financial condition), with adjustments to the reserve recognized as a provision for credit loss expense in the consolidated statements of income. The Unfunded Reserve is determined by estimating expected future fundings, under each segment, and applying the expected loss rates. Expected future fundings are based on historical averages of funding rates (i.e., the likelihood of draws taken). Average funding rates are determined based on the most recent 20 quarters (5 years) of actual fundings on lines of credit. The average funding rate for each segment is compared to the current funding rate on each line to determine the average fundings available to be drawn. The fund up rate (the difference between the average funding rate and the current funding rate) for each segment is then applied within the Current Expected Credit Losses (“CECL”) model to the unfunded commitment balance to estimate the expected future fundings under each segment. The loss rate derived for each segment in the current CECL calculation is then applied to the expected future fundings to derive the estimate of allowance for credit losses for unfunded commitments. |
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| Other Real Estate Owned | (i.) Other Real Estate Owned Other real estate owned consists of properties acquired through foreclosure or by acceptance of a deed in lieu of foreclosure. These assets are initially recorded at fair value less estimated costs to sell, which establishes the cost basis. Subsequently, other real estate owned is carried at the lower of the cost basis or fair value less estimated selling costs. At the time of foreclosure, or when foreclosure occurs in-substance, the excess, if any, of the loan over the fair market value of the assets received, less estimated selling costs, is charged to the allowance for credit losses and any subsequent valuation write-downs are charged to other expense. In connection with the determination of the allowance for credit losses and the valuation of other real estate owned, management obtains appraisals for properties. Operating costs associated with the properties are charged to expense as incurred. Gains on the sale of other real estate owned are included in income when title has passed, and the sale has met the minimum down payment requirements prescribed by GAAP. The balance of other real estate owned was $142 thousand and $19 thousand at December 31, 2023 and 2022, respectively. |
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| Company Owned Life Insurance ("COLI") | (j.) Company Owned Life Insurance (“COLI”) The Company holds life insurance policies on certain current and former employees and is the owner and beneficiary of the policies. The Company invests in these policies to provide an efficient form of funding for long-term retirement and other employee benefit costs. Certain life insurance policies have a stable value contract that provides limited cash surrender value protection from declines in the value of the policy’s underlying investments and may result in an extended surrender redemption period. The cash surrender value of these policies is included as an asset on the consolidated statements of financial condition, and changes in cash surrender value are recorded as noninterest income on the consolidated statements of income. In the event of the death of an insured individual under these policies, the Company would receive a death benefit which would be recorded as noninterest income. |
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| Premises and Equipment | (k.) Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed on the straight-line method over the estimated useful lives of the assets. The Company generally amortizes buildings and building improvements over a period of –39 years and software, furniture and equipment over a period of –10 years. Leasehold improvements are amortized over the shorter of the lease term or the useful life of the improvements. Premises and equipment are periodically reviewed for impairment or when circumstances present indicators of impairment. |
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| Goodwill and Other Intangible Assets | (l.) Goodwill and Other Intangible Assets The excess of the cost of an acquisition over the fair value of the net assets acquired consists primarily of goodwill, core deposit intangibles, and other identifiable intangible assets. Intangible assets are acquired assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. The Company’s intangible assets consist of core deposits and other intangible assets (primarily customer relationships). Core deposit intangible assets are amortized on an accelerated basis over their estimated life of approximately . Other intangible assets are amortized on an accelerated basis over their weighted average estimated life of approximately twenty years. The Company reviews long-lived assets and certain identifiable intangibles for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, in which case an impairment charge would be recorded. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Goodwill is not amortized but, instead, is subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of each reporting unit is calculated and compared to the recorded book value. If the calculated fair value of the reporting unit exceeds its carrying value, then goodwill is not considered impaired. However, if the carrying value of a reporting unit exceeds its calculated fair value, a goodwill impairment charge is recognized. See Note 7, Goodwill and Other Intangible Assets, for additional information on goodwill and other intangible assets. |
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| Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Stock | (m.) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) Stock The non-marketable investments in FHLB and FRB stock are included in other assets in the consolidated statements of financial condition at par value or cost and are periodically reviewed for impairment. The dividends received relative to these investments are included in other noninterest income in the consolidated statements of income. As a member of the FHLB system, the Company is required to maintain a specified investment in FHLB of New York (“FHLBNY”) stock in proportion to its volume of certain transactions with the FHLB. FHLBNY stock totaled $11.0 million and $13.0 million as of December 31, 2023 and 2022, respectively. As a member of the FRB system, the Company is required to maintain a specified investment in FRB stock based on a ratio relative to the Company’s capital. FRB stock totaled $6.4 million as of December 31, 2023 and 2022. |
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| Equity Method Investments | (n.) Equity Method Investments The Company has investments in limited partnerships, primarily Small Business Investment Companies, and accounts for these investments under the equity method. These investments are included in other assets in the consolidated statements of financial condition and totaled $16.9 million and $12.9 million as of December 31, 2023 and 2022, respectively. |
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| Derivative Instruments and Hedging Activities | (o.) Derivative Instruments and Hedging Activities FASB Accounting Standards Codification (“ASC”) Topic 815, Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative. Changes in fair value of the Company’s derivatives designated in a qualifying hedging relationship are recorded in accumulated other comprehensive income (loss). Changes in fair value of the Company’s derivatives not designated in a qualifying hedging relationship are recognized directly in earnings. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Cash flows from the settlement of derivatives, including both economic hedges and those designated in hedge accounting relationships, appear on our statements of cash flows in the same categories as the cash flow of the hedged item. |
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| Treasury Stock | (p.) Treasury Stock Acquisitions of treasury stock are recorded at cost. The reissuance of shares in treasury is recorded at weighted-average cost. |
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| Transfers of Financial Assets | (q.) Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over financial assets is deemed surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of the right) to pledge or exchange the transferred assets and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
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| Revenue Recognition | (r.) Revenue Recognition ASC 606, Revenue from Contracts with Customers (“ASC 606”), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The majority of our revenue-generating transactions are not subject to ASC 606, including revenue generated from financial instruments, such as our loans, letters of credit, derivatives and investment securities, as well as revenue related to our loan servicing activities, as these activities are subject to other GAAP. Descriptions of our primary revenue-generating activities that are within the scope of ASC 606, which are presented in our income statements as components of noninterest income are as follows: • Transactions and service-based revenues - these include service charges on deposits, investment advisory, and ATM and debit card fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur or, in some cases, within 90 days of the service period. Fees may be fixed or, where applicable, based on a percentage of transaction size or managed assets. •
Insurance income - Insurance commissions are received on the sale of insurance products, and revenue is recognized upon the placement date of the insurance policies. Payment is normally received within the policy period. In addition to placement, SDN also provides insurance policy related risk management services. Revenue is recognized as these services are provided. |
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| Employee Benefits | (s.) Employee Benefits The Company maintains an employer sponsored 401(k) plan where participants may make contributions in the form of salary deferrals and the Company may provide discretionary matching contributions in accordance with the terms of the plan. Contributions due under the terms of our defined contribution plans are accrued as earned by employees. The Company also participates in a non-contributory defined benefit pension plan for certain employees who meet participation requirements. The actuarially determined pension benefit is based on years of service and the employee’s highest average compensation during five consecutive years of employment. The Company’s policy is to at least fund the minimum amount required by the Employment Retirement Income Security Act of 1974. The cost of the pension is based on actuarial computations of current and future benefits for employees and is charged to noninterest expense in the consolidated statements of income. The Company also provides post-retirement benefits, principally health and dental care, to retirees of a previously acquired entity. The Company has closed the post-retirement plan to new participants. The Company recognizes an asset or a liability for a pension plan’s overfunded status or underfunded status, respectively, in the consolidated financial statements and reports changes in the funded status as a component of other comprehensive income, net of applicable taxes, in the year in which changes occur. |
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| Share-Based Compensation Plans | (t.) Share-Based Compensation Plans Compensation expense for stock options, restricted stock awards and restricted stock units is based on the fair value of the award on the measurement date, which, for the Company, is the date of grant, and is recognized ratably over the service period of the award. The fair value of stock options is estimated using the Black-Scholes option-pricing model. The fair value of restricted stock awards is generally the closing market price of the Company’s common stock on the date of grant. The fair value of restricted stock unit awards is generally equal to the closing market price of the Company’s common stock on the date of grant reduced by the present value of the dividends expected to be paid on the underlying shares. The Company accounts for forfeitures as they occur. Share-based compensation expense is included in the consolidated statements of income under salaries and employee benefits for awards granted to management and in other noninterest expense for awards granted to directors. |
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| Income Taxes | (u.) Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is recognized on deferred tax assets if, based upon the weight of available evidence, it is more likely than not that some or all of the assets may not be realized. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company has investments directly and indirectly in several limited partnerships formed by third parties that generate investment tax credits related to rehabilitation of certified real property and qualified affordable housing projects. As a limited partner in the partnerships, the Company has determined that it is not the primary beneficiary of these investments because the general partners have the power to direct the activities that most significantly influence the economic performance of their respective partnerships and have the obligation to absorb expected losses and the right to receive residual returns. As the Company is not the primary beneficiary of these investments, it does not consolidate them. For limited partnerships that generate tax credits related to the rehabilitation of certified real property, at the time that a structure is placed into service, the limited partnership is eligible for federal and New York State tax credits. The federal tax credit impact is recorded as a reduction of income tax expense. For a New York State tax credit generated after January 1, 2015, the amount not used in the current tax year is treated as a refund or overpayment of tax to be credited to next year’s tax. Since the realization of the tax credit does not depend on the Company’s generation of future taxable income or the Company’s ongoing tax status or tax position, the credit is not considered an element of income tax accounting (ASC 740). The Company includes the tax credit in non-interest income as opposed to a reduction of income tax expense. At the time that a structure is placed into service, the Company records a loss on tax credit investments in noninterest income to reduce the investment to the present value of the expected cash flows from its partnership interest. For limited partnerships that generate tax credits related to qualified affordable housing projects, the investments are accounted for using the proportional amortization method. Under this method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net amount as a reduction of income tax expense. The tax credit investments are included in other assets in the consolidated statements of financial condition and totaled $68.3 million and $55.6 million as of December 31, 2023 and 2022, respectively. The Company does not have any loss reserves recorded related to these investments because it believes the likelihood of any loss is remote. For all legally binding unfunded equity commitments, the Company increases its recognized investment and recognizes a liability. As of December 31, 2023 and 2022, the Company had liabilities of $14.0 million and $4.8 million, respectively, related to these investments that are included in other liabilities in the consolidated statements of financial condition. The Company continues to invest in these limited partnerships. |
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| Comprehensive Income (Loss) | (v.) Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in shareholders’ equity during a period, except those resulting from transactions with shareholders. In addition to net income, other components of the Company’s comprehensive income (loss) include the after-tax effect of changes in net unrealized gain / loss on securities available for sale, changes in unrealized gain / loss on hedging derivative instruments and changes in net actuarial gain/loss on defined benefit post-retirement plans. Comprehensive income (loss) is reported in the accompanying consolidated statements of changes in shareholders’ equity and consolidated statements of comprehensive (loss) income. See Note 16, Accumulated Other Comprehensive Income (Loss), for additional information. |
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| Earnings Per Common Share | (w.) Earnings Per Common Share The Company calculates earnings per common share (“EPS”) using the two-class method in accordance with FASB ASC Topic 260, “Earnings Per Share”. The two-class method requires the Company to present EPS as if all of the earnings for the period are distributed to common shareholders and any participating securities, regardless of whether any actual dividends or distributions are made. All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities. (1.) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Basic EPS is computed by dividing distributed and undistributed earnings available to common shareholders by the weighted average number of common shares outstanding for the period. Distributed and undistributed earnings available to common shareholders represent net income reduced by preferred stock dividends and distributed and undistributed earnings available to participating securities. Common shares outstanding include common stock and vested restricted stock awards. Diluted EPS reflects the assumed conversion of all potential dilutive securities. A reconciliation of the weighted-average shares used in calculating basic earnings per common share and the weighted average common shares used in calculating diluted earnings per common share for the reported periods is provided in Note 19, Earnings Per Common Share. |
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| Reclassifications | (x.) Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications did not result in any changes to previously reported net income or shareholders’ equity. |
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| Recent Accounting Pronouncements | (y.) Recent Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, Financial Instruments — Credit Losses (Topic 326): Troubled Debt Restructuring and Vintage Disclosures. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current-period gross write-offs for financing receivables by year of origination in the vintage disclosures. ASU 2022-02 became effective for the Company on January 1, 2023 and was applied on a prospective basis. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. See Note 5, Loans, for additional information regarding loan refinancings and restructurings made when a borrower is experiencing financial difficulties and updates to vintage disclosures. In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging — Portfolio Layer Method. The ASU expands the scope in which an entity can apply the portfolio layer method of hedge accounting, allowing for more consistent accounting for similar hedges. The amendments in this update became effective for the Company on January 1, 2023. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Standards Not Yet Effective In March 2023, the FASB issued ASU No. 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. The ASU allows for entities to consistently account for tax credit equity investments utilizing the proportional amortization method across all types of tax credits when certain requirements are met. The election of proportional amortization method must be made on a programmatic basis rather than an individual investment basis. For previously held tax credit investments, the amendments will be applied either on a modified retrospective basis or a retrospective basis. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments expand the disclosure requirements of segment expenses, as well as adding disclosure of the title and position of the chief operation decision maker “CODM” and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources is also required. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The adoption of this guidance may require additional disclosure in the Company’s financial statement related to segments. In December 2023, the FASB issued ASU 2023-09, Income Tax (Topic 740): Improvements to Income Tax Disclosures. The amendments expand the disclosure requirements of income taxes, primarily related to the income tax rate reconciliation and income taxes paid. The guidance also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred income tax liabilities. The amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2025. Early adoption is permitted. The adoption of this guidance will not have a material impact on the Company’s consolidated financial statements. |
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Summary of Significant Accounting Policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Supplemental Cash Flow Information | Supplemental cash flow information is summarized as follows for the years ended December 31 (in thousands):
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Restructuring Charges (Tables) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Consolidated Statements of Income Classification of Restructuring Charges | The following table represents the consolidated statements of income classification of the Company’s restructuring charges (in thousands):
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| Summary of Changes in Restructuring Reserve | The following table represents the changes in the restructuring reserve (in thousands):
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Investment Securities (Tables) |
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortized Cost and Fair Value of Investment Securities | The amortized cost and fair value of investment securities are summarized below (in thousands).
(3.) INVESTMENT SECURITIES (Continued)
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| Interest and Dividends on Securities | Interest and dividends on securities for the years ended December 31 are summarized as follows (in thousands):
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| Sales of Securities Available for Sale | Sales of securities available for sale for the years ended December 31 were as follows (in thousands):
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| Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity | The scheduled maturities of securities available for sale and securities held to maturity at December 31, 2023 are shown below (in thousands). Actual expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
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| Investments Gross Unrealized Losses and Fair Value | Unrealized losses on investment securities for which an allowance for credit losses has not been recorded and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31 are summarized as follows (in thousands):
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Loans Held for Sale and Loan Servicing Rights (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans Held For Sale And Loan Servicing Rights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Activity in Capitalized Mortgage Servicing Assets | The activity in capitalized loan servicing assets is summarized as follows for the years ended December 31 (in thousands):
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Loans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loans and Leases Receivable Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loan Portfolio | The Company’s loan portfolio consisted of the following at December 31 (in thousands):
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| Recorded Investment by Loan Class in Current and Nonaccrual Loans | The Company’s recorded investment, by loan class, in current and nonaccrual loans, as well as an analysis of accruing delinquent loans is set forth as of December 31 (in thousands):
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| Amortized Cost basis of Loans Modified to Borrowers Experiencing Financial Difficulty | The following table presents the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by loan class and type of concession granted as of December 31, 2023 (in thousands):
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| Financial Effect of the Modifications Made to Borrowers Experiencing Financial Difficulty | The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
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| Performance of Loans that are Modified to Borrowers Experiencing Financial Difficulty | The following table depicts the performance of loans that have been modified during the year ended December 31, 2023 (in thousands):
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| Summary of Collateral Dependent Loans | The amortized cost basis of collateral dependent loans categorized by collateral type are set forth as of the dates indicated (in thousands):
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| Commercial Loan Portfolio Categorized by Internally Assigned Asset Classification | The following tables sets forth the Company’s commercial loan portfolio, categorized by internally assigned asset classification, as of the dates indicated (in thousands):
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| Retail Loan Portfolio Categorized by Performance Status | The following tables sets forth the Company’s retail loan portfolio, categorized by payment status, as of the dates indicated (in thousands):
(5.) LOANS (Continued)
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| Changes in the Allowance for Loan Losses | The following tables set forth the changes in the allowance for credit losses – loans for the years ended December 31 (in thousands):
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Premises and Equipment, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Major Classes of Premises and Equipment and Depreciation and Amortization Expense | Major classes of premises and equipment at December 31 are summarized as follows (in thousands):
(1) The premises and equipment balances exclude amounts reclassified to assets held for sale. See Note 2, Restructuring Charges, for additional information. Depreciation and amortization expense included in occupancy and equipment expense on the consolidated statements of income for the years ended December 31 was as follows (in thousands):
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Carrying Amount of Goodwill | The change in the balance for goodwill during the years ended December 31 was as follows (in thousands):
(1)
All Other includes the SDN, Courier Capital and HNP prior to the May 1, 2023 merger. The amounts are reported net of $4.7 million accumulated impairment related to the SDN reporting unit. |
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| Changes in Gross Carrying Amount Accumulated Amortization and Net Book Value | Changes in the gross carrying amount, accumulated amortization and net book value for the years ended December 31 were as follows (in thousands):
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| Estimated Amortization Expense of Other Intangible Assets | Estimated amortization expense of other intangible assets for each of the next five years is as follows (in thousands):
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Classification of Right of Use Assets and Lease Liabilities | The following table represents the consolidated statements of financial condition classification of the Company’s right of use assets and lease liabilities as of December 31 (in thousands):
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| Summary of Lease Costs and Other Lease Information | The following table represents lease costs and other lease information for the years ended December 31 (in thousands):
(1)
Variable lease costs primarily represent variable payments such as common area maintenance, insurance, taxes and utilities. |
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| Summary of Future Minimum Payments Under Non-cancellable Operating Leases | Future minimum payments under non-cancellable operating leases with initial or remaining terms of one year or more are as follows at December 31, 2023 (in thousands):
|
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Other Assets and Other Liabilities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Other Assets and Other Liabilities | A summary of other assets and other liabilities as of December 31 is as follows (in thousands):
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Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Deposits | A summary of deposits as of December 31 is as follows (in thousands):
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| Interest Expense by Deposits Type | Interest expense by deposit type for the years ended December 31 is summarized as follows (in thousands):
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Borrowings (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Outstanding Borrowings | Outstanding borrowings consisted of the following as of December 31 (in thousands):
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Derivative Instrument and Hedging Activities (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's Outstanding Interest Rate Swaps | The following table summarizes the terms of the Company’s outstanding interest rate swap agreements entered into to manage its exposure to the variability in future cash flows as of December 31, 2023 (dollars in thousands):
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| Fair Values of Derivative Instruments on the Balance Sheet | The table below presents the notional amounts, respective fair values of the Company’s derivative financial instruments, as well as their classification on the balance sheet as of December 31 (in thousands):
(1)
The Company was holding collateral of $40.4 million and $54.3 million against its net obligations under these contracts at December 31, 2023 and December 31, 2022, respectively. |
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| Effect of Derivative Instruments on the Income Statement | The table below presents the effect of the Company’s derivative financial instruments on the income statement for the years ended December 31 (in thousands):
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Off-Balance Sheet Commitments | Off-balance sheet commitments as of December 31 consist of the following (in thousands):
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Regulatory Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Actual and Required Capital Ratios | The following table presents actual and required capital ratios as of December 31, 2023 and 2022 for the Company and the Bank under the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules (dollars in thousands):
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Shareholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Shares of Common Stock | The following table sets forth the changes in the number of shares of common stock for the years ended December 31:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income (loss) for the years ended December 31 (in thousands):
(1)
Includes amounts related to the amortization/accretion of unrealized net gains and losses related to the Company’s reclassification of available for sale investment securities to the held to maturity category. The unrealized net gains/losses will be amortized/accreted over the remaining life of the investment securities as an adjustment of yield. |
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| Components of Accumulated Other Comprehensive Income (Loss) | Activity in accumulated other comprehensive income (loss), net of tax, was as follows (in thousands):
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| Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income (loss) for the years ended December 31 (in thousands):
(1)
These items are included in the computation of net periodic pension expense. See Note 20, Employee Benefit Plans, for additional information. |
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Share-Based Compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Restricted Stock Award Activity | The following table is a summary of restricted stock award activity for the year ended December 31, 2023:
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| Summary of Restricted Stock Units Activity | The following is a summary of restricted stock units’ activity for the year ended December 31, 2023:
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| Summary of Performance Based Restricted Stock Units Activity | The following is a summary of performance-based restricted stock units’ activity for the year ended December 31, 2023:
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| Share-Based Compensation Expense and The Total Income Tax Benefit Included In Consolidated Statements of Income | The share-based compensation expense and the total income tax benefit included in the statements on income for the years ended December 31 was as follows (in thousands):
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Expense (Benefit) | The income tax expense for the years ended December 31 consisted of the following (in thousands):
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| Income Tax Expense Differed From Statutory Federal Income Tax Rate | Income tax expense differed from the statutory federal income tax rate for the years ended December 31 as follows:
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| Income Tax Expense Allocation | Total income tax expense (benefit) was as follows for the years ended December 31 (in thousands):
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| Net Deferred Tax Assets | The Company’s net deferred tax asset is included in other assets in the consolidated statements of financial condition. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows at December 31 (in thousands):
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Earnings Per Common Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Earnings and Shares Used in Calculating Basic and Diluted EPS | The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS for each of the years ended December 31 (in thousands, except per share amounts). All outstanding unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities.
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| Shares Excluded from Computation of Diluted EPS | For each of the periods presented, average shares subject to the following instruments were excluded from the computation of diluted EPS because the effect would be antidilutive:
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Employee Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status | The following table provides a reconciliation of the Company’s changes in the Plan’s benefit obligations, fair value of assets and a statement of the funded status as of and for the year ended December 31 (in thousands):
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| Estimated Benefit Payments Under The Pension Plan | Estimated benefit payments under the Plan over the next ten years at December 31, 2023 are as follows (in thousands):
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| Components Of Net Periodic Benefit Expense | Net periodic pension cost consists of the following components for the years ended December 31 (in thousands):
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| Actuarial Assumptions Used | The actuarial assumptions used to determine the net periodic pension cost were as follows:
The actuarial assumptions used to determine the projected benefit obligation were as follows:
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| Plan's Target Asset Allocation And Actual Asset Allocation | The following table represents the Plan’s target asset allocation and actual asset allocation, respectively, as of December 31, 2023 and 2022:
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| The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis | The major categories of Plan assets measured at fair value on a recurring basis as of December 31 are presented in the following tables (in thousands).
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets Measured at Fair Value on a Recurring and Non-Recurring Basis | The following tables present for each of the fair-value hierarchy levels the Company’s assets that are measured at fair value on a recurring and non-recurring basis as of December 31 (in thousands):
(21.) FAIR VALUE MEASUREMENTS (Continued)
There were no transfers between Levels 1 and 2 during the years ended December 31, 2023 and 2022. There were no liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2023 and 2022.
There were no transfers between Levels 1 and 2 during the years ended December 31, 2022 and 2021. There were no liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2022 and 2021. |
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| Additional Quantitative Information about Assets Measured at Fair Value on Recurring and Non-Recurring Basis | The following table presents additional quantitative information about assets measured at fair value on a recurring and nonrecurring basis for which the Company has utilized Level 3 inputs to determine fair value (dollars in thousands) at December 31, 2023.
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. (3)
Weighted averages. |
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| Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments | The following presents the carrying amount, estimated fair value, and placement in the fair value measurement hierarchy of the Company’s financial instruments as of December 31, 2023 and 2022 (in thousands):
(1)
Comprised of collateral dependent loans. |
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Parent Company Financial Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Statements of Financial Condition |
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| Condensed Statements of Income |
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| Condensed Statements of Cash Flows |
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Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segment Assets | The following table presents information regarding the Company’s business segments as of the dates indicated (in thousands).
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| Business Segment Profit (Loss) | The following table presents information regarding the Company’s business segments for the periods indicated (in thousands).
|
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Summary of Significant Accounting Policies (Summary of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Supplemental information: | |||
| Cash paid for interest | $ 133,847 | $ 32,571 | $ 14,709 |
| Cash paid for income taxes, net of refunds received | 6,298 | 3,398 | 10,832 |
| Noncash investing and financing activities: | |||
| Real estate and other assets acquired in settlement of loans | 142 | 19 | 0 |
| Accrued and declared unpaid dividends | 4,982 | 4,811 | 4,624 |
| Common stock issued for acquisition | 0 | 0 | 301 |
| Assets acquired and liabilities assumed in business combinations: | |||
| Fair value of assets acquired | $ 0 | $ 0 | $ 712 |
Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
USD ($)
Segment
|
Dec. 31, 2022
USD ($)
|
|
| Significant Accounting Policies [Line Items] | ||
| Days past due when loans are generally charged-off in full, in days | 120 days | |
| Number of identified portfolio segments | Segment | 6 | |
| Number of designated segments | Segment | 6 | |
| Days past due when loans are generally placed on nonaccrual status, in days | 90 days | |
| Other real estate owned | $ 142 | $ 19 |
| FHLB stock | 11,000 | 13,000 |
| FRB stock | 6,400 | 6,400 |
| Equity method investments, asset amount | 314,357 | 262,992 |
| Tax credit investments | 68,253 | 55,568 |
| Investment related liabilities | 14,000 | 4,800 |
| Other Assets [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Tax credit investments | 68,300 | 55,600 |
| Small Business Investment Companies [Member] | Other Assets [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Equity method investments, asset amount | $ 16,900 | $ 12,900 |
| Core Deposits [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Estimated average life | 9 years 6 months | |
| Other Intangible Assets [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Estimated average life | 20 years | |
| Minimum [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Standby letters of credit outstanding original term, in years | 1 year | |
| Loans placed on non-accrual status and criticized assets with exposure | $ 2,000 | |
| Minimum [Member] | Building And Building Improvements [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Premise and equipment, estimated useful lives, in years | 15 years | |
| Minimum [Member] | Software, Furniture And Equipment [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Premise and equipment, estimated useful lives, in years | 3 years | |
| Maximum [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Standby letters of credit outstanding original term, in years | 5 years | |
| Maximum [Member] | Building And Building Improvements [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Premise and equipment, estimated useful lives, in years | 39 years | |
| Maximum [Member] | Software, Furniture And Equipment [Member] | ||
| Significant Accounting Policies [Line Items] | ||
| Premise and equipment, estimated useful lives, in years | 10 years |
Restructuring Charges (Narrative) (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Jul. 17, 2020
Branch
|
Oct. 31, 2020
Branch
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Restructuring Cost And Reserve [Line Items] | |||||
| Number of bank branch closure | Branch | 6 | ||||
| Percentage of branch network | 10.00% | ||||
| Percentage of branch network impact | 6.00% | ||||
| Number of additional branches planned to close | Branch | 1 | ||||
| Pre tax expense related branch closures | $ 1,700 | ||||
| Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Occupancy, Net | ||||
| Long lived assets held for sale | $ 629 | $ 1,500 | |||
| Gain on sale of long lived assets | 44 | ||||
| Restructuring charges | $ 200 | $ 1,600 | |||
| Employee Severance [Member] | |||||
| Restructuring Cost And Reserve [Line Items] | |||||
| Pre tax expense related branch closures | 200 | ||||
| Lease Termination Costs [Member] | |||||
| Restructuring Cost And Reserve [Line Items] | |||||
| Pre tax expense related branch closures | 500 | ||||
| Valuation Adjustments On Branch Facilities [Member] | |||||
| Restructuring Cost And Reserve [Line Items] | |||||
| Pre tax expense related branch closures | $ 1,000 | ||||
Restructuring Charges (Summary of Consolidated Statements of Income Classification of Restructuring Charges) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Restructuring Cost And Reserve [Line Items] | |||
| Release of restructuring reserve | $ (53) | $ (59) | $ (192) |
| Valuation adjustments | 200 | 1,600 | |
| Other | 82 | ||
| Total | 114 | 1,619 | 122 |
| Restructuring Charges [Member] | |||
| Restructuring Cost And Reserve [Line Items] | |||
| Release of restructuring reserve | (4) | 0 | 0 |
| Valuation adjustments | 200 | 1,619 | 111 |
| Other | $ (82) | $ 0 | $ 11 |
Restructuring Charges (Summary of Changes in Restructuring Reserve) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Restructuring and Related Activities [Abstract] | |||
| Beginning Balance | $ 302 | $ 445 | $ 1,245 |
| Restructuring charges | 114 | 1,619 | 122 |
| Other | 82 | ||
| Cash payments | (53) | (59) | (192) |
| Charges against assets | (200) | (1,703) | (730) |
| Ending balance | $ 245 | $ 302 | $ 445 |
Investment Securities (Amortized Cost and Fair Value of Investment Securities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | $ 1,037,990 | $ 1,127,057 |
| Securities available for sale, Unrealized Gains | 1,286 | 338 |
| Securities available for sale, Unrealized Losses | 151,546 | 173,024 |
| Securities available for sale | 887,730 | 954,371 |
| Securities held to maturity, Amortized Cost | 148,160 | 188,980 |
| Securities held to maturity, Unrealized Gains | 34 | 24 |
| Securities held to maturity, Unrealized Losses | 11,164 | 14,816 |
| Securities held to maturity, fair value | 137,030 | 174,188 |
| Allowance for credit losses, Amortized Cost | (4) | (5) |
| Held To Maturity Securities Net | 148,156 | 188,975 |
| U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 24,535 | 24,535 |
| Securities available for sale, Unrealized Gains | 0 | 0 |
| Securities available for sale, Unrealized Losses | 2,724 | 3,420 |
| Securities available for sale | 21,811 | 21,115 |
| Securities held to maturity, Amortized Cost | 16,513 | 16,363 |
| Securities held to maturity, Unrealized Gains | 0 | 0 |
| Securities held to maturity, Unrealized Losses | 530 | 848 |
| Securities held to maturity, fair value | 15,983 | 15,515 |
| State And Political Subdivisions [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities held to maturity, Amortized Cost | 68,854 | 97,583 |
| Securities held to maturity, Unrealized Gains | 34 | 24 |
| Securities held to maturity, Unrealized Losses | 5,106 | 7,172 |
| Securities held to maturity, fair value | 63,782 | 90,435 |
| Mortgage-Backed Securities, Federal National Mortgage Association [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 449,418 | 545,797 |
| Securities available for sale, Unrealized Gains | 0 | 0 |
| Securities available for sale, Unrealized Losses | 61,219 | 76,193 |
| Securities available for sale | 388,199 | 469,604 |
| Securities held to maturity, Amortized Cost | 5,729 | 8,332 |
| Securities held to maturity, Unrealized Gains | 0 | 0 |
| Securities held to maturity, Unrealized Losses | 467 | 582 |
| Securities held to maturity, fair value | 5,262 | 7,750 |
| Mortgage-Backed Securities, Federal Home Loan Mortgage Corporation [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 402,399 | 410,829 |
| Securities available for sale, Unrealized Gains | 488 | 0 |
| Securities available for sale, Unrealized Losses | 59,665 | 68,608 |
| Securities available for sale | 343,222 | 342,221 |
| Securities held to maturity, Amortized Cost | 7,648 | 7,959 |
| Securities held to maturity, Unrealized Gains | 0 | 0 |
| Securities held to maturity, Unrealized Losses | 1,269 | 1,396 |
| Securities held to maturity, fair value | 6,379 | 6,563 |
| Mortgage-Backed Securities, Government National Mortgage Association [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 126,417 | 112,202 |
| Securities available for sale, Unrealized Gains | 252 | 1 |
| Securities available for sale, Unrealized Losses | 21,409 | 18,037 |
| Securities available for sale | 105,260 | 94,166 |
| Securities held to maturity, Amortized Cost | 20,223 | 22,541 |
| Securities held to maturity, Unrealized Gains | 0 | 0 |
| Securities held to maturity, Unrealized Losses | 1,703 | 2,116 |
| Securities held to maturity, fair value | 18,520 | 20,425 |
| Collateralized Mortgage Obligations, Federal National Mortgage Association [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 10,954 | 12,175 |
| Securities available for sale, Unrealized Gains | 0 | 0 |
| Securities available for sale, Unrealized Losses | 2,343 | 2,603 |
| Securities available for sale | 8,611 | 9,572 |
| Securities held to maturity, Amortized Cost | 11,432 | 14,268 |
| Securities held to maturity, Unrealized Gains | 0 | 0 |
| Securities held to maturity, Unrealized Losses | 851 | 1,119 |
| Securities held to maturity, fair value | 10,581 | 13,149 |
| Collateralized Mortgage Obligations, Federal Home Loan Mortgage Corporation [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 19,766 | 21,519 |
| Securities available for sale, Unrealized Gains | 0 | 0 |
| Securities available for sale, Unrealized Losses | 4,186 | 4,163 |
| Securities available for sale | 15,580 | 17,356 |
| Securities held to maturity, Amortized Cost | 14,196 | 17,712 |
| Securities held to maturity, Unrealized Gains | 0 | 0 |
| Securities held to maturity, Unrealized Losses | 968 | 1,253 |
| Securities held to maturity, fair value | 13,228 | 16,459 |
| Collateralized Mortgage Obligations, Privately Issued [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 0 | 0 |
| Securities available for sale, Unrealized Gains | 325 | 337 |
| Securities available for sale, Unrealized Losses | 0 | 0 |
| Securities available for sale | 325 | 337 |
| Collateralized Mortgage Obligations Government National Mortgage Association [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 4,501 | |
| Securities available for sale, Unrealized Gains | 221 | |
| Securities available for sale, Unrealized Losses | 0 | |
| Securities available for sale | 4,722 | |
| Securities held to maturity, Amortized Cost | 3,565 | 4,222 |
| Securities held to maturity, Unrealized Gains | 0 | 0 |
| Securities held to maturity, Unrealized Losses | 270 | 330 |
| Securities held to maturity, fair value | 3,295 | 3,892 |
| Mortgage-Backed Securities [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Amortized Cost | 1,013,455 | 1,102,522 |
| Securities available for sale, Unrealized Gains | 1,286 | 338 |
| Securities available for sale, Unrealized Losses | 148,822 | 169,604 |
| Securities available for sale | 865,919 | 933,256 |
| Securities held to maturity, Amortized Cost | 62,793 | 75,034 |
| Securities held to maturity, Unrealized Gains | 0 | 0 |
| Securities held to maturity, Unrealized Losses | 5,528 | 6,796 |
| Securities held to maturity, fair value | $ 57,265 | $ 68,238 |
Investment Securities (Narrative) (Details) |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
USD ($)
Security
|
Dec. 31, 2022
USD ($)
Security
|
|
| Schedule Of Investments [Line Items] | ||
| Securities pledged as collateral | $ 845,200,000 | $ 850,400,000 |
| Number of security positions, unrealized loss position | Security | 201 | 226 |
| Number of security positions, unrealized loss position for more than 12 months | Security | 198 | 127 |
| Securities, 12 months or longer, Fair Value | $ 835,522,000 | $ 760,210,000 |
| Securities, 12 months or longer, Unrealized Losses | $ 151,546,000 | $ 155,102,000 |
| Number of security positions, unrealized loss position for less than 12 months | Security | 3 | 99 |
| Securities, Less than 12 months, Fair Value | $ 8,000 | $ 193,800,000 |
| Securities, Less than 12 months, Unrealized Losses | 0 | 17,922,000 |
| Available for sale securities, allowance for credit loss | 0 | |
| Securities held to maturity, Amortized Cost | $ 148,160,000 | $ 188,980,000 |
| Investment, Type [Extensible Enumeration] | Municipal Bonds [Member] | Municipal Bonds [Member] |
| Investment securities, past due | $ 4,416,251,000 | $ 3,998,718,000 |
| Impairment on securities | 0 | |
| Municipal Bonds [Member] | ||
| Schedule Of Investments [Line Items] | ||
| Securities held to maturity, Amortized Cost | 64,600,000 | 90,600,000 |
| Internally rated held-to-maturity securities | 4,200,000 | 6,900,000 |
| Maximum [Member] | ||
| Schedule Of Investments [Line Items] | ||
| Securities, Less than 12 months, Unrealized Losses | 1,000 | |
| Total Past Due [Member] | ||
| Schedule Of Investments [Line Items] | ||
| Investment securities, past due | 29,347,000 | 16,709,000 |
| Available for Sale Securities [Member] | ||
| Schedule Of Investments [Line Items] | ||
| Accrued interest receivable | 2,100,000 | 2,100,000 |
| Held To Maturity Investment Securities [Member] | ||
| Schedule Of Investments [Line Items] | ||
| Accrued interest receivable | 571,000 | 695,000 |
| Credit Loss Benefit Expense | 1,000 | |
| Held To Maturity Investment Securities [Member] | Maximum [Member] | ||
| Schedule Of Investments [Line Items] | ||
| Credit Loss Benefit Expense | $ 1,000 | |
| Held To Maturity Investment Securities [Member] | Total Past Due [Member] | ||
| Schedule Of Investments [Line Items] | ||
| Investment securities, past due | $ 0 | |
Investment Securities (Interest and Dividends on Securities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Investments [Abstract] | |||
| Taxable interest and dividends | $ 22,048 | $ 22,498 | $ 16,736 |
| Tax-exempt interest and dividends | 1,575 | 2,043 | 2,355 |
| Total interest and dividends on securities | $ 23,623 | $ 24,541 | $ 19,091 |
Investment Securities (Sales of Securities Available for Sale) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Investments [Abstract] | |||
| Proceeds from sales | $ 50,515 | $ 6,252 | $ 51,891 |
| Gross realized gains | 0 | 0 | 251 |
| Gross realized losses | $ 3,576 | $ 15 | $ 180 |
Investment Securities (Scheduled Maturities of Securities Available for Sale and Securities Held to Maturity) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Investments [Abstract] | ||
| Debt securities available for sale, Due in one year or less, Amortized Cost | $ 37 | |
| Debt securities available for sale, Due from one to five years, Amortized Cost | 41,028 | |
| Debt securities available for sale, Due after five years through ten years, Amortized Cost | 133,978 | |
| Debt securities available for sale, Due after ten years, Amortized Cost | 862,947 | |
| Securities available for sale, Amortized Cost | 1,037,990 | $ 1,127,057 |
| Debt securities available for sale, Due in one year or less, Fair Value | 36 | |
| Debt securities available for sale, Due from one to five years, Fair Value | 37,505 | |
| Debt securities available for sale, Due after five years through ten years, Fair Value | 119,497 | |
| Debt securities available for sale, Due after ten years, Fair Value | 730,692 | |
| Debt securities available for sale, Fair Value | 887,730 | 954,371 |
| Debt securities held to maturity, Due in one year or less, Amortized Cost | 26,357 | |
| Debt securities held to maturity, Due from one to five years, Amortized Cost | 30,785 | |
| Debt securities held to maturity, Due after five years through ten years, Amortized Cost | 30,028 | |
| Debt securities held to maturity, Due after ten years, Amortized Cost | 60,990 | |
| Securities held to maturity, Amortized Cost | 148,160 | 188,980 |
| Debt securities held to maturity, Due in one year or less, Fair Value | 26,202 | |
| Debt securities held to maturity, Due from one to five years, Fair Value | 30,100 | |
| Debt securities held to maturity, Due after five years through ten years, Fair Value | 27,140 | |
| Debt securities held to maturity, Due after ten years, Fair Value | 53,588 | |
| Securities held to maturity, Fair Value | $ 137,030 | $ 174,188 |
Investment Securities (Investments Gross Unrealized Losses and Fair Value) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Less than 12 months, Fair Value | $ 8 | $ 193,800 |
| Securities available for sale, Less than 12 months, Unrealized Losses | 0 | 17,922 |
| Securities available for sale, 12 months or longer, Fair Value | 835,522 | 760,210 |
| Securities available for sale, 12 months or longer, Unrealized Losses | 151,546 | 155,102 |
| Securities available for sale, Fair Value, Total | 835,530 | 954,010 |
| Securities available for sale, Unrealized Losses, Total | 151,546 | 173,024 |
| Total Securities, Less than 12 months, Fair Value | 8 | 193,800 |
| Total Securities, Less than 12 months, Unrealized Losses | 0 | 17,922 |
| Total Securities, 12 months or longer, Fair Value | 835,522 | 760,210 |
| Total Securities, 12 months or longer, Unrealized Losses | 151,546 | 155,102 |
| Total Securities, Fair Value | 835,530 | 954,010 |
| Total Securities, Unrealized Losses | 151,546 | 173,024 |
| U.S. Government Agencies And Government Sponsored Enterprises [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Less than 12 months, Fair Value | 0 | 0 |
| Securities available for sale, Less than 12 months, Unrealized Losses | 0 | 0 |
| Securities available for sale, 12 months or longer, Fair Value | 21,811 | 21,115 |
| Securities available for sale, 12 months or longer, Unrealized Losses | 2,724 | 3,420 |
| Securities available for sale, Fair Value, Total | 21,811 | 21,115 |
| Securities available for sale, Unrealized Losses, Total | 2,724 | 3,420 |
| Collateralized Mortgage Obligations [Member] | Federal National Mortgage Association [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Less than 12 months, Fair Value | 0 | 1,000 |
| Securities available for sale, Less than 12 months, Unrealized Losses | 0 | 94 |
| Securities available for sale, 12 months or longer, Fair Value | 8,611 | 8,572 |
| Securities available for sale, 12 months or longer, Unrealized Losses | 2,343 | 2,509 |
| Securities available for sale, Fair Value, Total | 8,611 | 9,572 |
| Securities available for sale, Unrealized Losses, Total | 2,343 | 2,603 |
| Collateralized Mortgage Obligations [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Less than 12 months, Fair Value | 0 | 0 |
| Securities available for sale, Less than 12 months, Unrealized Losses | 0 | 0 |
| Securities available for sale, 12 months or longer, Fair Value | 15,580 | 17,356 |
| Securities available for sale, 12 months or longer, Unrealized Losses | 4,186 | 4,163 |
| Securities available for sale, Fair Value, Total | 15,580 | 17,356 |
| Securities available for sale, Unrealized Losses, Total | 4,186 | 4,163 |
| Mortgage-Backed Securities [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Less than 12 months, Fair Value | 8 | 193,800 |
| Securities available for sale, Less than 12 months, Unrealized Losses | 0 | 17,922 |
| Securities available for sale, 12 months or longer, Fair Value | 813,711 | 739,095 |
| Securities available for sale, 12 months or longer, Unrealized Losses | 148,822 | 151,682 |
| Securities available for sale, Fair Value, Total | 813,719 | 932,895 |
| Securities available for sale, Unrealized Losses, Total | 148,822 | 169,604 |
| Mortgage-Backed Securities [Member] | Federal National Mortgage Association [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Less than 12 months, Fair Value | 8 | 154,006 |
| Securities available for sale, Less than 12 months, Unrealized Losses | 0 | 14,708 |
| Securities available for sale, 12 months or longer, Fair Value | 388,191 | 315,598 |
| Securities available for sale, 12 months or longer, Unrealized Losses | 61,219 | 61,485 |
| Securities available for sale, Fair Value, Total | 388,199 | 469,604 |
| Securities available for sale, Unrealized Losses, Total | 61,219 | 76,193 |
| Mortgage-Backed Securities [Member] | Federal Home Loan Mortgage Corporation [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Less than 12 months, Fair Value | 0 | 28,493 |
| Securities available for sale, Less than 12 months, Unrealized Losses | 0 | 2,199 |
| Securities available for sale, 12 months or longer, Fair Value | 314,854 | 313,728 |
| Securities available for sale, 12 months or longer, Unrealized Losses | 59,665 | 66,409 |
| Securities available for sale, Fair Value, Total | 314,854 | 342,221 |
| Securities available for sale, Unrealized Losses, Total | 59,665 | 68,608 |
| Mortgage-Backed Securities [Member] | Government National Mortgage Association [Member] | ||
| Schedule of Debt Securities Available For Sale and Held To Maturity Securities [Line Item] | ||
| Securities available for sale, Less than 12 months, Fair Value | 0 | 10,301 |
| Securities available for sale, Less than 12 months, Unrealized Losses | 0 | 921 |
| Securities available for sale, 12 months or longer, Fair Value | 86,475 | 83,841 |
| Securities available for sale, 12 months or longer, Unrealized Losses | 21,409 | 17,116 |
| Securities available for sale, Fair Value, Total | 86,475 | 94,142 |
| Securities available for sale, Unrealized Losses, Total | $ 21,409 | $ 18,037 |
Loans Held for Sale and Loan Servicing Rights (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Servicing Assets at Fair Value [Line Items] | ||
| Loans held for sale | $ 1,370 | $ 550 |
| Residential real estate mortgages serviced for others | 269,400 | 275,300 |
| Escrow and other custodial funds | 4,800 | 4,800 |
| Residential Real Estate Loans [Member] | ||
| Servicing Assets at Fair Value [Line Items] | ||
| Loans held for sale | $ 1,400 | $ 550 |
Loans Held for Sale and Loan Servicing Rights (Activity in Capitalized Mortgage Serving Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Loans Held For Sale And Loan Servicing Rights [Abstract] | |||
| Mortgage servicing assets, beginning of year | $ 1,470 | $ 1,518 | $ 1,376 |
| Originations | 436 | 210 | 520 |
| Amortization | (446) | (258) | (378) |
| Mortgage servicing assets, end of year | 1,460 | 1,470 | 1,518 |
| Valuation allowance | (78) | 0 | (1) |
| Mortgage servicing assets, net, end of year | $ 1,382 | $ 1,470 | $ 1,517 |
Loans (Loan Portfolio) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Principal Amount Outstanding | $ 4,416,251 | $ 3,998,718 |
| Net Deferred Loan (Fees) Costs | 45,888 | 51,731 |
| Loans, Net | 4,462,139 | 4,050,449 |
| Allowance for credit losses - loans | (51,082) | (45,413) |
| Total loans, net | 4,411,057 | 4,005,036 |
| Commercial Business [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Principal Amount Outstanding | 734,947 | 663,611 |
| Net Deferred Loan (Fees) Costs | 753 | 638 |
| Loans, Net | 735,700 | 664,249 |
| Commercial Mortgage [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Principal Amount Outstanding | 2,009,269 | 1,683,814 |
| Net Deferred Loan (Fees) Costs | (3,950) | (3,974) |
| Loans, Net | 2,005,319 | 1,679,840 |
| Residential Real Estate Loans [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Principal Amount Outstanding | 637,173 | 576,279 |
| Net Deferred Loan (Fees) Costs | 12,649 | 13,681 |
| Loans, Net | 649,822 | 589,960 |
| Residential Real Estate Lines [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Principal Amount Outstanding | 73,972 | 74,432 |
| Net Deferred Loan (Fees) Costs | 3,395 | 3,238 |
| Loans, Net | 77,367 | 77,670 |
| Consumer Indirect [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Principal Amount Outstanding | 915,723 | 985,580 |
| Net Deferred Loan (Fees) Costs | 33,108 | 38,040 |
| Loans, Net | 948,831 | 1,023,620 |
| Other Consumer [Member] | ||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
| Principal Amount Outstanding | 45,167 | 15,002 |
| Net Deferred Loan (Fees) Costs | (67) | 108 |
| Loans, Net | $ 45,100 | $ 15,110 |
Loans (Narrative) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Loans | $ 4,411,057,000 | $ 4,005,036,000 | |
| Accrued interest receivable | 24,481,000 | 19,371,000 | |
| Loans, related parties | 40,000,000 | 37,800,000 | |
| Loans, related parties, new borrowings | 10,700,000 | ||
| Loans, related parties, repayments and other reductions | 8,500,000 | ||
| Interest income on nonaccrual loans | 0 | 0 | $ 0 |
| Estimated interest income | $ 589,000 | 391,000 | $ 211,000 |
| Days past due when loans are generally placed on nonaccrual status, in days | 90 days | ||
| Consumer Overdrafts [Member] | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Past due greater than 90 days and still accruing interest | $ 21,000 | 1,000 | |
| Other Assets [Member] | |||
| Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
| Accrued interest receivable | $ 21,800,000 | $ 16,600,000 | |
Loans (Recorded Investment by Loan Class in Current and Nonaccrual Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | $ 4,416,251 | $ 3,998,718 |
| Investment securities, nonaccrual | 26,639 | 10,197 |
| Nonaccrual with no allowance | 21,316 | 8,185 |
| 30 to 59 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 25,268 | 14,494 |
| 60 to 89 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 4,058 | 2,214 |
| Greater than 90 Days [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 21 | 1 |
| Total Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 29,347 | 16,709 |
| Current [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 4,360,265 | 3,971,812 |
| Commercial Business [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 734,947 | 663,611 |
| Investment securities, nonaccrual | 5,664 | 340 |
| Nonaccrual with no allowance | 341 | 233 |
| Commercial Business [Member] | 30 to 59 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 341 | 176 |
| Commercial Business [Member] | 60 to 89 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 0 | 10 |
| Commercial Business [Member] | Greater than 90 Days [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 0 | 0 |
| Commercial Business [Member] | Total Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 341 | 186 |
| Commercial Business [Member] | Current [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 728,942 | 663,085 |
| Commercial Mortgage [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 2,009,269 | 1,683,814 |
| Investment securities, nonaccrual | 10,563 | 2,564 |
| Nonaccrual with no allowance | 10,563 | 659 |
| Commercial Mortgage [Member] | 30 to 59 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 5,900 | 0 |
| Commercial Mortgage [Member] | 60 to 89 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 727 | 0 |
| Commercial Mortgage [Member] | Greater than 90 Days [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 0 | 0 |
| Commercial Mortgage [Member] | Total Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 6,627 | 0 |
| Commercial Mortgage [Member] | Current [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 1,992,079 | 1,681,250 |
| Residential Real Estate Loans [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 637,173 | 576,279 |
| Investment securities, nonaccrual | 6,364 | 4,071 |
| Nonaccrual with no allowance | 6,364 | 4,071 |
| Residential Real Estate Loans [Member] | 30 to 59 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 2,614 | 1,306 |
| Residential Real Estate Loans [Member] | 60 to 89 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 80 | 28 |
| Residential Real Estate Loans [Member] | Greater than 90 Days [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 0 | 0 |
| Residential Real Estate Loans [Member] | Total Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 2,694 | 1,334 |
| Residential Real Estate Loans [Member] | Current [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 628,115 | 570,874 |
| Residential Real Estate Lines [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 73,972 | 74,432 |
| Investment securities, nonaccrual | 221 | 142 |
| Nonaccrual with no allowance | 221 | 142 |
| Residential Real Estate Lines [Member] | 30 to 59 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 163 | 264 |
| Residential Real Estate Lines [Member] | 60 to 89 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 20 | 102 |
| Residential Real Estate Lines [Member] | Greater than 90 Days [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 0 | 0 |
| Residential Real Estate Lines [Member] | Total Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 183 | 366 |
| Residential Real Estate Lines [Member] | Current [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 73,568 | 73,924 |
| Consumer Indirect [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 915,723 | 985,580 |
| Investment securities, nonaccrual | 3,814 | 3,079 |
| Nonaccrual with no allowance | 3,814 | 3,079 |
| Consumer Indirect [Member] | 30 to 59 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 16,128 | 12,637 |
| Consumer Indirect [Member] | 60 to 89 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 3,204 | 2,073 |
| Consumer Indirect [Member] | Greater than 90 Days [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 0 | 0 |
| Consumer Indirect [Member] | Total Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 19,332 | 14,710 |
| Consumer Indirect [Member] | Current [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 892,577 | 967,791 |
| Other Consumer [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 45,167 | 15,002 |
| Investment securities, nonaccrual | 13 | 1 |
| Nonaccrual with no allowance | 13 | 1 |
| Other Consumer [Member] | 30 to 59 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 122 | 111 |
| Other Consumer [Member] | 60 to 89 Days Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 27 | 1 |
| Other Consumer [Member] | Greater than 90 Days [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 21 | 1 |
| Other Consumer [Member] | Total Past Due [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | 170 | 113 |
| Other Consumer [Member] | Current [Member] | ||
| Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
| Total Loans | $ 44,984 | $ 14,888 |
Loans (Amortized Cost basis of Loans Modified to Borrowers Experiencing Financial Difficulty) (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 935 |
| Percentage of total loans | 0.00% |
| Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Term Extension [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 935 |
| Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Combination - Term Extension and Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Combination - Term Extension and Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Business [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Percentage of total loans | 0.00% |
| Commercial Business [Member] | Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Commercial Business [Member] | Term Extension [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Business [Member] | Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Business [Member] | Combination - Term Extension and Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Business [Member] | Combination - Term Extension and Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Percentage of total loans | 0.00% |
| Commercial Mortgage [Member] | Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Commercial Mortgage [Member] | Term Extension [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | Combination - Term Extension and Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | Combination - Term Extension and Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Loans [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 935 |
| Percentage of total loans | 0.10% |
| Residential Real Estate Loans [Member] | Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Residential Real Estate Loans [Member] | Term Extension [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 935 |
| Residential Real Estate Loans [Member] | Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Loans [Member] | Combination - Term Extension and Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Loans [Member] | Combination - Term Extension and Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Lines [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Percentage of total loans | 0.00% |
| Residential Real Estate Lines [Member] | Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Residential Real Estate Lines [Member] | Term Extension [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Lines [Member] | Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Lines [Member] | Combination - Term Extension and Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Lines [Member] | Combination - Term Extension and Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Percentage of total loans | 0.00% |
| Other Consumer [Member] | Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
| Other Consumer [Member] | Term Extension [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | Combination - Term Extension and Principal Forgiveness [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | Combination - Term Extension and Interest Rate Reduction [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
Loans (Financial Effect of the Modifications Made to Borrowers Experiencing Financial Difficulty) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Residential Mortgage [Member] | Extended Maturity [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Added Weighted Average Loans Life | 10 years |
Loans (Performance of Loans that are Modified to Borrowers Experiencing Financial Difficulty) (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 935 |
| Extended Maturity [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 935 |
| Extended Maturity [Member] | Current | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 611 |
| Extended Maturity [Member] | 30-89 Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Extended Maturity [Member] | 90+ Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 324 |
| Commercial Business [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Business [Member] | Extended Maturity [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Business [Member] | Extended Maturity [Member] | Current | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Business [Member] | Extended Maturity [Member] | 30-89 Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Business [Member] | Extended Maturity [Member] | 90+ Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | Extended Maturity [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | Extended Maturity [Member] | Current | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | Extended Maturity [Member] | 30-89 Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Commercial Mortgage [Member] | Extended Maturity [Member] | 90+ Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Loans [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 935 |
| Residential Real Estate Loans [Member] | Extended Maturity [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 935 |
| Residential Real Estate Loans [Member] | Extended Maturity [Member] | Current | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Loans [Member] | Extended Maturity [Member] | 30-89 Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Loans [Member] | Extended Maturity [Member] | 90+ Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Lines [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Lines [Member] | Extended Maturity [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Lines [Member] | Extended Maturity [Member] | Current | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 611 |
| Residential Real Estate Lines [Member] | Extended Maturity [Member] | 30-89 Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Residential Real Estate Lines [Member] | Extended Maturity [Member] | 90+ Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 324 |
| Consumer Indirect [Member] | Extended Maturity [Member] | Current | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Consumer Indirect [Member] | Extended Maturity [Member] | 30-89 Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Consumer Indirect [Member] | Extended Maturity [Member] | 90+ Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | Extended Maturity [Member] | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | Extended Maturity [Member] | Current | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | Extended Maturity [Member] | 30-89 Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | 0 |
| Other Consumer [Member] | Extended Maturity [Member] | 90+ Days Past Due | |
| Financing Receivable, Modified [Line Items] | |
| Financing receivables, amortized cost basis | $ 0 |
Loans (Summary of Collateral Dependent Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Financing Receivable, Impaired [Line Items] | ||
| Collateral dependent loans on business assets | $ 8,698 | $ 147 |
| Collateral dependent loans on real property | 31,575 | 22,585 |
| Collateral dependent loans | 40,273 | 22,732 |
| Collateral dependent loan with specific reserve | 2,757 | 1,278 |
| Commercial Business [Member] | ||
| Financing Receivable, Impaired [Line Items] | ||
| Collateral dependent loans on business assets | 8,698 | 147 |
| Collateral dependent loans on real property | 5,000 | 993 |
| Collateral dependent loans | 13,698 | 1,140 |
| Collateral dependent loan with specific reserve | 2,198 | 126 |
| Commercial Mortgage [Member] | ||
| Financing Receivable, Impaired [Line Items] | ||
| Collateral dependent loans on business assets | 0 | 0 |
| Collateral dependent loans on real property | 26,575 | 21,592 |
| Collateral dependent loans | 26,575 | 21,592 |
| Collateral dependent loan with specific reserve | $ 559 | $ 1,152 |
Loans (Commercial Loan Portfolio Categorized by Internally Assigned Asset Classification) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Commercial Business [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | $ 120,176 | $ 146,819 |
| Prior Fiscal Year 1 | 129,680 | 107,424 |
| Prior Fiscal Year 2 | 79,560 | 69,851 |
| Prior Fiscal Year 3 | 49,531 | 29,693 |
| Prior Fiscal Year 4 | 22,099 | 40,146 |
| Prior | 65,933 | 22,501 |
| Revolving Loans Amortized Cost Basis | 268,721 | 247,815 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 735,700 | 664,249 |
| Commercial Business [Member] | Uncriticized [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 111,035 | 146,581 |
| Prior Fiscal Year 1 | 124,572 | 105,001 |
| Prior Fiscal Year 2 | 77,079 | 61,115 |
| Prior Fiscal Year 3 | 49,531 | 29,644 |
| Prior Fiscal Year 4 | 21,971 | 39,625 |
| Prior | 64,648 | 21,467 |
| Revolving Loans Amortized Cost Basis | 257,585 | 244,848 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 706,421 | 648,281 |
| Commercial Business [Member] | Special Mention [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 7,532 | 238 |
| Prior Fiscal Year 1 | 0 | 2,351 |
| Prior Fiscal Year 2 | 2,400 | 8,736 |
| Prior Fiscal Year 3 | 0 | 7 |
| Prior Fiscal Year 4 | 114 | 5 |
| Prior | 0 | 0 |
| Revolving Loans Amortized Cost Basis | 2,442 | 1,809 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 12,488 | 13,146 |
| Commercial Business [Member] | Substandard [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 1,609 | 0 |
| Prior Fiscal Year 1 | 11 | 72 |
| Prior Fiscal Year 2 | 81 | 0 |
| Prior Fiscal Year 3 | 0 | 42 |
| Prior Fiscal Year 4 | 0 | 516 |
| Prior | 888 | 1,034 |
| Revolving Loans Amortized Cost Basis | 8,532 | 1,158 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 11,121 | 2,822 |
| Commercial Business [Member] | Doubtful [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | 0 |
| Prior Fiscal Year 1 | 5,097 | 0 |
| Prior Fiscal Year 2 | 0 | 0 |
| Prior Fiscal Year 3 | 0 | 0 |
| Prior Fiscal Year 4 | 14 | 0 |
| Prior | 397 | 0 |
| Revolving Loans Amortized Cost Basis | 162 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 5,670 | 0 |
| Commercial Business [Member] | Current Period Gross Write-offs [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | |
| Prior Fiscal Year 1 | 5 | |
| Prior Fiscal Year 2 | 3 | |
| Prior Fiscal Year 3 | 31 | |
| Prior Fiscal Year 4 | 8 | |
| Prior | 235 | |
| Revolving Loans Amortized Cost Basis | 0 | |
| Revolving Loans Converted to Term | 0 | |
| Total | 282 | |
| Commercial Mortgage [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 351,767 | 467,850 |
| Prior Fiscal Year 1 | 604,518 | 380,340 |
| Prior Fiscal Year 2 | 350,362 | 262,887 |
| Prior Fiscal Year 3 | 219,127 | 172,132 |
| Prior Fiscal Year 4 | 151,208 | 126,874 |
| Prior | 328,337 | 269,757 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 2,005,319 | 1,679,840 |
| Commercial Mortgage [Member] | Uncriticized [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 350,370 | 464,863 |
| Prior Fiscal Year 1 | 603,686 | 380,138 |
| Prior Fiscal Year 2 | 328,916 | 260,463 |
| Prior Fiscal Year 3 | 209,213 | 171,918 |
| Prior Fiscal Year 4 | 151,022 | 116,770 |
| Prior | 294,703 | 248,771 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 1,937,910 | 1,642,923 |
| Commercial Mortgage [Member] | Special Mention [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | 0 |
| Prior Fiscal Year 1 | 494 | 0 |
| Prior Fiscal Year 2 | 17,136 | 2,319 |
| Prior Fiscal Year 3 | 8,982 | 136 |
| Prior Fiscal Year 4 | 119 | 0 |
| Prior | 11,355 | 11,784 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 38,086 | 14,239 |
| Commercial Mortgage [Member] | Substandard [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | 2,987 |
| Prior Fiscal Year 1 | 338 | 202 |
| Prior Fiscal Year 2 | 212 | 105 |
| Prior Fiscal Year 3 | 918 | 78 |
| Prior Fiscal Year 4 | 0 | 10,104 |
| Prior | 17,291 | 9,202 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 18,759 | 22,678 |
| Commercial Mortgage [Member] | Doubtful [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 1,397 | 0 |
| Prior Fiscal Year 1 | 0 | 0 |
| Prior Fiscal Year 2 | 4,098 | 0 |
| Prior Fiscal Year 3 | 14 | 0 |
| Prior Fiscal Year 4 | 67 | 0 |
| Prior | 4,988 | 0 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 10,564 | $ 0 |
| Commercial Mortgage [Member] | Current Period Gross Write-offs [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 981 | |
| Prior Fiscal Year 1 | 0 | |
| Prior Fiscal Year 2 | 0 | |
| Prior Fiscal Year 3 | 13 | |
| Prior Fiscal Year 4 | 0 | |
| Prior | 18 | |
| Revolving Loans Amortized Cost Basis | 0 | |
| Revolving Loans Converted to Term | 0 | |
| Total | $ 1,012 |
Loans (Retail Loan Portfolio Categorized by Performance Status) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Residential Real Estate Loans [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | $ 112,704 | $ 79,882 |
| Prior Fiscal Year 1 | 80,501 | 86,126 |
| Prior Fiscal Year 2 | 81,513 | 119,329 |
| Prior Fiscal Year 3 | 110,955 | 77,232 |
| Prior Fiscal Year 4 | 71,462 | 56,197 |
| Prior | 192,687 | 171,194 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 649,822 | 589,960 |
| Residential Real Estate Loans [Member] | Performing [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 112,704 | 79,882 |
| Prior Fiscal Year 1 | 80,117 | 85,821 |
| Prior Fiscal Year 2 | 80,323 | 118,819 |
| Prior Fiscal Year 3 | 109,601 | 76,437 |
| Prior Fiscal Year 4 | 70,325 | 55,520 |
| Prior | 190,388 | 169,410 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 643,458 | 585,889 |
| Residential Real Estate Loans [Member] | Non-Performing [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | 0 |
| Prior Fiscal Year 1 | 384 | 305 |
| Prior Fiscal Year 2 | 1,190 | 510 |
| Prior Fiscal Year 3 | 1,354 | 795 |
| Prior Fiscal Year 4 | 1,137 | 677 |
| Prior | 2,299 | 1,784 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 6,364 | 4,071 |
| Residential Real Estate Loans [Member] | Current Period Gross Write-offs [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | |
| Prior Fiscal Year 1 | 0 | |
| Prior Fiscal Year 2 | 0 | |
| Prior Fiscal Year 3 | 0 | |
| Prior Fiscal Year 4 | 32 | |
| Prior | 95 | |
| Revolving Loans Amortized Cost Basis | 0 | |
| Revolving Loans Converted to Term | 0 | |
| Total | 127 | |
| Residential Real Estate Lines [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | 0 |
| Prior Fiscal Year 1 | 0 | 0 |
| Prior Fiscal Year 2 | 0 | 0 |
| Prior Fiscal Year 3 | 0 | 0 |
| Prior Fiscal Year 4 | 0 | 0 |
| Prior | 0 | 0 |
| Revolving Loans Amortized Cost Basis | 72,183 | 70,976 |
| Revolving Loans Converted to Term | 5,184 | 6,694 |
| Total | 77,367 | 77,670 |
| Residential Real Estate Lines [Member] | Performing [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | 0 |
| Prior Fiscal Year 1 | 0 | 0 |
| Prior Fiscal Year 2 | 0 | 0 |
| Prior Fiscal Year 3 | 0 | 0 |
| Prior Fiscal Year 4 | 0 | 0 |
| Prior | 0 | 0 |
| Revolving Loans Amortized Cost Basis | 72,128 | 70,942 |
| Revolving Loans Converted to Term | 5,018 | 6,586 |
| Total | 77,146 | 77,528 |
| Residential Real Estate Lines [Member] | Non-Performing [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | 0 |
| Prior Fiscal Year 1 | 0 | 0 |
| Prior Fiscal Year 2 | 0 | 0 |
| Prior Fiscal Year 3 | 0 | 0 |
| Prior Fiscal Year 4 | 0 | 0 |
| Prior | 0 | 0 |
| Revolving Loans Amortized Cost Basis | 55 | 34 |
| Revolving Loans Converted to Term | 166 | 108 |
| Total | 221 | 142 |
| Residential Real Estate Lines [Member] | Current Period Gross Write-offs [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 0 | |
| Prior Fiscal Year 1 | 0 | |
| Prior Fiscal Year 2 | 0 | |
| Prior Fiscal Year 3 | 0 | |
| Prior Fiscal Year 4 | 0 | |
| Prior | 0 | |
| Revolving Loans Amortized Cost Basis | 28 | |
| Revolving Loans Converted to Term | 13 | |
| Total | 41 | |
| Consumer Indirect [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 247,918 | 441,080 |
| Prior Fiscal Year 1 | 337,452 | 333,111 |
| Prior Fiscal Year 2 | 234,164 | 127,096 |
| Prior Fiscal Year 3 | 79,032 | 60,362 |
| Prior Fiscal Year 4 | 31,315 | 39,557 |
| Prior | 18,950 | 22,414 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 948,831 | 1,023,620 |
| Consumer Indirect [Member] | Performing [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 247,194 | 440,332 |
| Prior Fiscal Year 1 | 336,369 | 331,902 |
| Prior Fiscal Year 2 | 232,891 | 126,664 |
| Prior Fiscal Year 3 | 78,652 | 59,981 |
| Prior Fiscal Year 4 | 31,091 | 39,352 |
| Prior | 18,820 | 22,310 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 945,017 | 1,020,541 |
| Consumer Indirect [Member] | Non-Performing [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 724 | 748 |
| Prior Fiscal Year 1 | 1,083 | 1,209 |
| Prior Fiscal Year 2 | 1,273 | 432 |
| Prior Fiscal Year 3 | 380 | 381 |
| Prior Fiscal Year 4 | 224 | 205 |
| Prior | 130 | 104 |
| Revolving Loans Amortized Cost Basis | 0 | 0 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 3,814 | 3,079 |
| Consumer Indirect [Member] | Current Period Gross Write-offs [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 1,371 | |
| Prior Fiscal Year 1 | 6,279 | |
| Prior Fiscal Year 2 | 5,845 | |
| Prior Fiscal Year 3 | 1,787 | |
| Prior Fiscal Year 4 | 1,282 | |
| Prior | 1,459 | |
| Revolving Loans Amortized Cost Basis | 0 | |
| Revolving Loans Converted to Term | 0 | |
| Total | 18,023 | |
| Other Consumer [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 35,496 | 6,463 |
| Prior Fiscal Year 1 | 3,990 | 2,664 |
| Prior Fiscal Year 2 | 1,424 | 2,043 |
| Prior Fiscal Year 3 | 949 | 761 |
| Prior Fiscal Year 4 | 217 | 213 |
| Prior | 256 | 308 |
| Revolving Loans Amortized Cost Basis | 2,768 | 2,658 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 45,100 | 15,110 |
| Other Consumer [Member] | Performing [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 35,483 | 6,463 |
| Prior Fiscal Year 1 | 3,990 | 2,664 |
| Prior Fiscal Year 2 | 1,424 | 2,043 |
| Prior Fiscal Year 3 | 949 | 761 |
| Prior Fiscal Year 4 | 217 | 213 |
| Prior | 256 | 308 |
| Revolving Loans Amortized Cost Basis | 2,747 | 2,656 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 45,066 | 15,108 |
| Other Consumer [Member] | Non-Performing [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 13 | 0 |
| Prior Fiscal Year 1 | 0 | 0 |
| Prior Fiscal Year 2 | 0 | 0 |
| Prior Fiscal Year 3 | 0 | 0 |
| Prior Fiscal Year 4 | 0 | 0 |
| Prior | 0 | 0 |
| Revolving Loans Amortized Cost Basis | 21 | 2 |
| Revolving Loans Converted to Term | 0 | 0 |
| Total | 34 | $ 2 |
| Other Consumer [Member] | Current Period Gross Write-offs [Member] | ||
| Financing Receivable Recorded Investment [Line Items] | ||
| Current Fiscal Year | 902 | |
| Prior Fiscal Year 1 | 127 | |
| Prior Fiscal Year 2 | 105 | |
| Prior Fiscal Year 3 | 52 | |
| Prior Fiscal Year 4 | 31 | |
| Prior | 20 | |
| Revolving Loans Amortized Cost Basis | 47 | |
| Revolving Loans Converted to Term | 0 | |
| Total | $ 1,284 |
Loans (Changes in the Allowance for Credit Losses) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Financing Receivable, Allowance for Credit Losses [Line Items] | |||
| Beginning balance | $ 45,413 | $ 39,676 | $ 52,420 |
| Charge-offs | (20,769) | (16,720) | (13,219) |
| Recoveries | 12,225 | 11,482 | 7,459 |
| Provision (benefit) | 14,213 | 10,975 | (6,984) |
| Ending balance | 51,082 | 45,413 | 39,676 |
| Commercial Business [Member] | |||
| Financing Receivable, Allowance for Credit Losses [Line Items] | |||
| Beginning balance | 12,585 | 11,099 | 13,580 |
| Charge-offs | (282) | (312) | (669) |
| Recoveries | 391 | 376 | 881 |
| Provision (benefit) | 408 | 1,422 | (2,693) |
| Ending balance | 13,102 | 12,585 | 11,099 |
| Commercial Mortgage [Member] | |||
| Financing Receivable, Allowance for Credit Losses [Line Items] | |||
| Beginning balance | 14,412 | 14,777 | 21,763 |
| Charge-offs | (1,012) | (1,170) | (3,999) |
| Recoveries | 977 | 2,023 | 185 |
| Provision (benefit) | 1,481 | (1,218) | (3,172) |
| Ending balance | 15,858 | 14,412 | 14,777 |
| Residential Real Estate Loans [Member] | |||
| Financing Receivable, Allowance for Credit Losses [Line Items] | |||
| Beginning balance | 3,301 | 1,604 | 3,924 |
| Charge-offs | (127) | (303) | (148) |
| Recoveries | 38 | 24 | 92 |
| Provision (benefit) | 2,074 | 1,976 | (2,264) |
| Ending balance | 5,286 | 3,301 | 1,604 |
| Residential Real Estate Lines [Member] | |||
| Financing Receivable, Allowance for Credit Losses [Line Items] | |||
| Beginning balance | 608 | 379 | 674 |
| Charge-offs | (41) | (38) | (141) |
| Recoveries | 0 | 39 | 0 |
| Provision (benefit) | 197 | 228 | (154) |
| Ending balance | 764 | 608 | 379 |
| Consumer Indirect [Member] | |||
| Financing Receivable, Allowance for Credit Losses [Line Items] | |||
| Beginning balance | 14,238 | 11,611 | 12,165 |
| Charge-offs | (18,023) | (13,215) | (7,236) |
| Recoveries | 10,428 | 8,677 | 5,980 |
| Provision (benefit) | 7,456 | 7,165 | 702 |
| Ending balance | 14,099 | 14,238 | 11,611 |
| Other Consumer [Member] | |||
| Financing Receivable, Allowance for Credit Losses [Line Items] | |||
| Beginning balance | 269 | 206 | 314 |
| Charge-offs | (1,284) | (1,682) | (1,026) |
| Recoveries | 391 | 343 | 321 |
| Provision (benefit) | 2,597 | 1,402 | 597 |
| Ending balance | $ 1,973 | $ 269 | $ 206 |
Premises and Equipment, Net (Major Classes of Premises and Equipment) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
||
|---|---|---|---|---|
| Property, Plant and Equipment [Line Items] | ||||
| Premises and equipment | [1] | $ 102,989 | $ 101,199 | |
| Accumulated depreciation and amortization | [1] | (63,087) | (59,213) | |
| Premises and equipment, net | [1] | 39,902 | 41,986 | |
| Land and Land Improvements [Member] | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Premises and equipment | [1] | 5,019 | 5,019 | |
| Buildings and Leasehold Improvements [Member] | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Premises and equipment | [1] | 52,601 | 51,206 | |
| Furniture Fixtures Equipment and Vehicles [Member] | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Premises and equipment | [1] | $ 45,369 | $ 44,974 | |
| ||||
Premises and Equipment, Net (Depreciation and Amortization Expense Included in Consolidated Statements of Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization | $ 8,091 | $ 8,112 | $ 8,049 |
| Premises and Equipment, Net [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization | 5,025 | 4,859 | 4,564 |
| Premises and Equipment, Net [Member] | Occupancy and Equipment Expense [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization | 3,658 | 3,971 | 3,905 |
| Premises and Equipment, Net [Member] | Computer and Data Processing Expense [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Depreciation and amortization | $ 1,367 | $ 888 | $ 659 |
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Finite Lived Intangible Assets [Line Items] | ||||
| Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 |
| Amortization during the year | 910 | 986 | 1,060 | |
| Core Deposits [Member] | ||||
| Finite Lived Intangible Assets [Line Items] | ||||
| Amortization during the year | 3 | 25 | ||
| Other Intangible Assets [Member] | ||||
| Finite Lived Intangible Assets [Line Items] | ||||
| Amortization during the year | 910 | $ 983 | $ 1,000 | |
| SDN Reporting Unit [Member] | ||||
| Finite Lived Intangible Assets [Line Items] | ||||
| Goodwill and intangible asset impairment | $ 4,700 | |||
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Goodwill [Line Items] | ||
| Goodwill, beginning balance | $ 67,071 | $ 67,071 |
| No activity during the period | 0 | 0 |
| Goodwill, ending balance | 67,071 | 67,071 |
| Banking [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill, beginning balance | 48,536 | 48,536 |
| No activity during the period | 0 | 0 |
| Goodwill, ending balance | 48,536 | 48,536 |
| All Other [Member] | ||
| Goodwill [Line Items] | ||
| Goodwill, beginning balance | 18,535 | 18,535 |
| No activity during the period | 0 | 0 |
| Goodwill, ending balance | $ 18,535 | $ 18,535 |
Goodwill and Other Intangible Assets (Changes in Gross Carrying Amount Accumulated Amortization and Net Book Value) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Goodwill [Line Items] | ||
| Net book value | $ 5,433 | $ 6,343 |
| Core Deposits [Member] | ||
| Goodwill [Line Items] | ||
| Gross carrying amount | 2,042 | 2,042 |
| Accumulated amortization | (2,042) | (2,042) |
| Net book value | 0 | 0 |
| Other Intangible Assets [Member] | ||
| Goodwill [Line Items] | ||
| Gross carrying amount | 14,545 | 14,545 |
| Accumulated amortization | (9,112) | (8,202) |
| Net book value | $ 5,433 | $ 6,343 |
Goodwill and Other Intangible Assets (Estimated Amortization Expense of Other Intangible Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| 2024 | $ 838 | |
| 2025 | 766 | |
| 2026 | 694 | |
| 2027 | 623 | |
| 2028 | 551 | |
| Thereafter | 1,961 | |
| Net book value | $ 5,433 | $ 6,343 |
Leases (Narrative) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
BuildingLease
| |
| Leases [Abstract] | |
| Operating leases term description | The Company is obligated under a number of non-cancellable operating lease agreements for land, buildings and equipment with terms, including renewal options reasonably certain to be exercised, extending through 2061. |
| Sublease extension terms | Two building leases were subleased with terms that extended through December 31, 2024. |
| Number of buildings subleased | 2 |
| Operating leases, weighted average remaining lease term | 20 years 7 months 6 days |
| Operating leases, weighted-average discount rate | 3.91% |
Leases (Summary of Classification of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Operating Lease Right of Use Assets: | ||
| Gross carrying amount | $ 38,684 | $ 36,723 |
| Accumulated amortization | (7,160) | (5,603) |
| Net book value | $ 31,524 | $ 31,120 |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
| Operating Lease Liabilities: | ||
| Operating lease right of use obligations | $ 33,788 | $ 33,229 |
| Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Leases (Summary of Lease Costs and Other Lease Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Lease Costs: | |||||
| Operating lease costs | $ 3,082 | $ 2,885 | $ 2,830 | ||
| Variable lease costs | [1] | 406 | 475 | 427 | |
| Sublease income | (106) | (69) | (23) | ||
| Net lease costs | 3,382 | 3,291 | 3,234 | ||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||
| Operating cash flows from operating leases | 2,963 | 2,587 | 2,647 | ||
| Right of use assets obtained in exchange for new operating lease liabilities | $ 2,249 | $ 11,006 | $ 4,251 | ||
| |||||
Leases (Summary of Future Minimum Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Leases [Abstract] | ||
| 2024 | $ 2,984 | |
| 2025 | 2,887 | |
| 2026 | 2,733 | |
| 2027 | 2,703 | |
| 2028 | 2,420 | |
| Thereafter | 37,013 | |
| Total future minimum operating lease payments | 50,740 | |
| Amounts representing interest | (16,952) | |
| Present value of net future minimum operating lease payments | $ 33,788 | $ 33,229 |
Other Assets and Other Liabilities - Summary of Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Other Assets [Abstract] | ||
| Tax credit investments | $ 68,253 | $ 55,568 |
| Net deferred tax asset | 48,733 | 53,427 |
| Derivative instruments | 43,506 | 54,557 |
| Operating lease right of use assets | 31,524 | 31,120 |
| Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) stock | 17,406 | 19,385 |
| Accrued interest receivable | 24,481 | 19,371 |
| Other | 80,454 | 29,564 |
| Total other assets | 314,357 | 262,992 |
| Other Liabilities | ||
| Collateral on derivative instruments | 40,350 | 54,300 |
| Derivative instruments | 37,521 | 47,751 |
| Operating lease right of use obligations | 33,788 | 33,229 |
| Accrued interest expense | 19,412 | 5,983 |
| Other | 52,570 | 41,758 |
| Total other liabilities | $ 183,641 | $ 183,021 |
Other Assets and Other Liabilities (Narrative) (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Other Assets [Abstract] | |
| Receivables related to the surrender of a COLI policy | $ 37.9 |
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Deposits [Abstract] | ||
| Noninterest-bearing demand | $ 1,010,614 | $ 1,139,214 |
| Interest-bearing demand | 713,158 | 863,822 |
| Savings and money market | 2,084,444 | 1,643,516 |
| Certificates of deposit, due: Within one year | 1,310,495 | 1,238,202 |
| Certificates of deposit, due: One to two years | 79,684 | 35,046 |
| Certificates of deposit, due: Two to three years | 12,391 | 4,952 |
| Certificates of deposit, due: Three to four years | 1,634 | 3,386 |
| Certificates of deposit, due: Four to five years | 492 | 1,286 |
| Certificates of deposit, due: Thereafter | 0 | 0 |
| Total time deposits | 1,404,696 | 1,282,872 |
| Total deposits | $ 5,212,912 | $ 4,929,424 |
Deposits (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Deposit Liability [Line Items] | |||
| Aggregate amount of uninsured deposits | $ 1,820,000 | $ 1,290,000 | |
| Percentage of uninsured deposits | 35.00% | 26.00% | |
| Time Deposit in Excess of FDIC Insurance Limit | $ 302,600 | $ 258,700 | |
| Interest-bearing demand deposits | 713,158 | 863,822 | |
| Time deposits | 1,404,696 | 1,282,872 | |
| Interest expense | 107,361 | 22,994 | $ 8,118 |
| Federal Deposit Insurance [Member] | Maximum [Member] | |||
| Deposit Liability [Line Items] | |||
| Aggregate amount of uninsured deposits | 250 | ||
| Brokered Deposit [Member] | |||
| Deposit Liability [Line Items] | |||
| Interest-bearing demand deposits | 206,800 | 207,200 | |
| Time deposits | 50,000 | 140,000 | |
| Interest expense | $ 20,200 | $ 5,100 | $ 588 |
Deposits (Interest Expense by Deposits Type) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Deposits [Abstract] | |||
| Interest-bearing demand | $ 7,127 | $ 2,180 | $ 1,156 |
| Savings and money market | 41,424 | 9,778 | 3,363 |
| Time deposits | 58,810 | 11,036 | 3,599 |
| Total interest expense on deposits | $ 107,361 | $ 22,994 | $ 8,118 |
Borrowings (Components of Outstanding Borrowings) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Short-term borrowings: | ||
| Total short-term borrowings | $ 185,000 | $ 205,000 |
| Long-term borrowings: | ||
| FHLB borrowings | 50,000 | 0 |
| Subordinated notes, net | 74,532 | 74,222 |
| Total long-term borrowings | 124,532 | 74,222 |
| Total borrowings | 309,532 | 279,222 |
| FHLB borrowings | ||
| Short-term borrowings: | ||
| Short-term borrowings | 107,000 | 205,000 |
| Long-term borrowings: | ||
| FHLB borrowings | 50,000 | |
| FRB borrowings | ||
| Short-term borrowings: | ||
| Short-term borrowings | $ 78,000 | $ 0 |
Borrowings (Narrative) (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Oct. 07, 2021 |
Apr. 15, 2015 |
Dec. 31, 2023 |
May 31, 2023 |
Dec. 31, 2023 |
Jan. 31, 2023 |
Dec. 31, 2022 |
Apr. 30, 2022 |
Oct. 07, 2020 |
|
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Short -term Borrowings under FRB | $ 185,000,000 | $ 185,000,000 | $ 205,000,000 | ||||||
| Short-term Borrowing funding bank name | FRB | ||||||||
| Short-term borrowings, weighted average rate | 5.29% | 5.29% | 4.60% | ||||||
| Line of credit drawn amount | $ 0 | $ 0 | $ 0 | ||||||
| FHLB Advances, Long term | 50,000,000 | $ 50,000,000 | 0 | ||||||
| Debt instrument, maturity date | Jan. 20, 2026 | ||||||||
| 2020 Notes [Member] | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Debt issuance cost amortization date | Oct. 15, 2025 | ||||||||
| 2020 Notes [Member] | Private Placement [Member] | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Debt instrument, aggregate principal amount | $ 35,000,000 | ||||||||
| Debt instrument, maturity date | Oct. 15, 2030 | ||||||||
| Debt instrument, payment terms | The 2020 Notes have a maturity date of October 15, 2030 and bear interest, payable semi-annually, at the rate of 4.375% per annum, until October 15, 2025. Commencing on that date, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate (“SOFR”) plus 4.265%, payable quarterly until maturity. | ||||||||
| Debt instrument, interest rate | 4.375% | ||||||||
| Debt issuance costs | $ 779,000 | ||||||||
| Proceeds from issuance of debt, net | $ 34,200,000 | ||||||||
| 2020 Notes [Member] | Private Placement [Member] | Secured Overnight Financing Rate (“SOFR”) [Member] | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Debt instrument, percentage of basis spread on variable rate | 4.265% | ||||||||
| 2015 Notes [Member] | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Debt instrument, aggregate principal amount | $ 40,000,000 | ||||||||
| Debt instrument, interest rate | 6.00% | ||||||||
| Debt issuance costs | $ 1,100,000 | ||||||||
| Proceeds from issuance of debt, net | $ 38,900,000 | ||||||||
| Number of years at stated rate | 10 years | ||||||||
| Debt issuance cost amortization date | Apr. 15, 2025 | ||||||||
| 2015 Notes [Member] | Secured Overnight Financing Rate SOFR Chicago Mercantile Exchange [Member] | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Debt instrument, percentage of basis spread on variable rate | 4.20561% | ||||||||
| Commercial Bank [Member] | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Revolving line of credit allowing borrowings | 20,000,000 | $ 20,000,000 | |||||||
| Federal Home Loan Borrowings Short Term Advances [Member] | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Short-term borrowings | 107,000,000 | 107,000,000 | 205,000,000 | ||||||
| FHLB Advances, Long term | $ 50,000,000 | $ 50,000,000 | |||||||
| FHLB, Advances interest rate | 4.05% | 4.05% | |||||||
| Derivative, Fixed Interest Rate | 3.4615% | 3.669% | 0.787% | ||||||
| Short term borrowings balance designated as cash flow hedge | $ 25,000,000 | $ 30,000,000 | $ 50,000,000 | ||||||
| Federal Reserve Bank Advances [Member] | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Short-term borrowings | $ 78,000,000 | $ 78,000,000 | $ 0 | ||||||
| 4.80% Federal Reserve Bank Advances Member | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Short -term Borrowings under FRB | $ 15,000,000 | ||||||||
| Debt instrument, maturity date | May 08, 2024 | ||||||||
| FRB, Advances interest rate | 4.80% | ||||||||
| 4.89 % Federal Reserve Bank Advances Member | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Short -term Borrowings under FRB | $ 50,000,000 | 50,000,000 | |||||||
| Debt instrument, maturity date | Dec. 13, 2024 | ||||||||
| FRB, Advances interest rate | 4.89% | ||||||||
| 4.88 % Federal Reserve Bank Advances Member | |||||||||
| Short Term And Long Term Borrowings [Line Items] | |||||||||
| Short -term Borrowings under FRB | $ 13,000,000 | $ 13,000,000 | |||||||
| Debt instrument, maturity date | Dec. 20, 2024 | ||||||||
| FRB, Advances interest rate | 4.88% | ||||||||
Derivative Instrument and Hedging Activities (Summary of Company's Outstanding Interest Rate Swaps) (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| Interest Rate Swap Transaction One [Member] | |
| Debt Instrument [Line Items] | |
| Derivative, Contract End Date | Apr. 11, 2027 |
| Derivatives Effective Date | Apr. 11, 2022 |
| Derivative Liability, Notional Amount | $ 50,000 |
| Derivative, Fixed Interest Rate | 0.787% |
| Interest Rate Swap Transaction Two [Member] | |
| Debt Instrument [Line Items] | |
| Derivative, Contract End Date | Jan. 24, 2026 |
| Derivatives Effective Date | Jan. 24, 2023 |
| Derivative Liability, Notional Amount | $ 30,000 |
| Derivative, Fixed Interest Rate | 3.669% |
| Interest Rate Swap Transaction Three [Member] | |
| Debt Instrument [Line Items] | |
| Derivative, Contract End Date | May 05, 2026 |
| Derivatives Effective Date | May 05, 2023 |
| Derivative Liability, Notional Amount | $ 25,000 |
| Derivative, Fixed Interest Rate | 3.4615% |
Derivative Instrument and Hedging Activities - (Narrative) (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Estimated reclassification to interest expense during next twelve months | $ 2.6 |
Derivative Instrument and Hedging Activities (Fair Values of Derivative Instruments on the Balance Sheet) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
||
|---|---|---|---|---|
| Derivatives, Fair Value [Line Items] | ||||
| Asset derivatives | $ 43,506 | $ 54,557 | ||
| Liability derivatives | 37,521 | 47,751 | ||
| Derivatives Designated as Hedging Instruments [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Gross notional amount | 105,000 | 50,000 | ||
| Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Asset derivatives | 5,939 | 6,725 | ||
| Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Liability derivatives | 0 | 0 | ||
| Derivatives Not Designated as Hedging Instruments [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Gross notional amount | 1,191,307 | 1,118,767 | ||
| Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Asset derivatives | 37,567 | 47,832 | ||
| Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Liability derivatives | 37,521 | 47,751 | ||
| Cash Flow Hedge of Interest Rate Risk [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Gross notional amount | 105,000 | 50,000 | ||
| Cash Flow Hedge of Interest Rate Risk [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Asset derivatives | 5,939 | 6,725 | ||
| Cash Flow Hedge of Interest Rate Risk [Member] | Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Liability derivatives | 0 | 0 | ||
| Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Gross notional amount | [1] | 1,104,804 | 1,006,386 | |
| Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Asset derivatives | [1] | 37,517 | 47,736 | |
| Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Liability derivatives | [1] | 37,519 | 47,738 | |
| Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Gross notional amount | 81,211 | 104,497 | ||
| Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Asset derivatives | 0 | 0 | ||
| Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Liability derivatives | 0 | 0 | ||
| Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Gross notional amount | 5,292 | 7,884 | ||
| Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Asset derivatives | 50 | 96 | ||
| Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | ||||
| Derivatives, Fair Value [Line Items] | ||||
| Liability derivatives | $ 2 | $ 13 | ||
| ||||
Derivative Instrument and Hedging Activities (Fair Values of Derivative Instruments on the Balance Sheet) (Parenthetical) (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
| Derivatives, Fair Value [Line Items] | ||
| Obligations secured with cash | $ 40.4 | $ 54.3 |
Derivative Instrument and Hedging Activities (Effect of Derivative Instruments on the Income Statement) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) recognized in income | $ 1,350 | $ 1,919 | $ 2,695 |
| Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (loss) recognized in income | Gain (loss) recognized in income | Gain (loss) recognized in income |
| Derivatives Not Designated as Hedging Instruments [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) recognized in income | $ 1,350 | $ 1,918 | $ 2,695 |
| Interest Rate Swap [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) recognized in income | 1,276 | 2,035 | 2,852 |
| Credit Contract [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) recognized in income | 109 | 39 | 74 |
| Mortgage Banking [Member] | Derivatives Not Designated as Hedging Instruments [Member] | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gain (loss) recognized in income | $ (35) | $ (156) | $ (231) |
Commitments and Contingencies (Off-Balance Sheet Commitments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
| Off-balance sheet commitments | ||
| Commitments To Extend Credit [Member] | ||
| Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
| Off-balance sheet commitments | 1,200,617 | 1,435,323 |
| Standby Letters Of Credit [Member] | ||
| Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
| Off-balance sheet commitments | $ 13,498 | $ 17,181 |
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Commitments And Contingencies [Line Items] | ||||
| Allowance for credit loss | $ 51,082 | $ 45,413 | $ 39,676 | $ 52,420 |
| Unfunded Commitments [Member] | Provision for Credit Losses [Member] | ||||
| Commitments And Contingencies [Line Items] | ||||
| Credit loss (benefit) expense | 531 | (2,300) | $ 1,400 | |
| Unfunded Commitments [Member] | Other Liabilities [Member] | ||||
| Commitments And Contingencies [Line Items] | ||||
| Allowance for credit loss | $ 3,600 | $ 4,100 | ||
Regulatory Matters (Narrative) (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Mar. 31, 2020 |
Sep. 30, 2019 |
|
| Federal Reserve Bank Of New York [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| Required Reserve | 0.00% | ||
| Subordinated Notes Due April 15, 2030 [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| Tier 2 capital | $ 74.5 | ||
| Preferred Equity [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| Tier 1 capital | $ 17.3 | ||
| Fully Phased-in [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| Capital Conservation Buffer | 0.025 | ||
| Minimum [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| CET1 capital, For Capital Adequacy Purposes, Ratio | 0.045 | ||
| Tier 1 capital, For Capital Adequacy Purposes, Ratio | 0.06 | ||
| Total risk-based capital, For Capital Adequacy Purposes, Ratio | 0.08 | ||
| Minimum [Member] | Fully Phased-in [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| CET1 capital, For Capital Adequacy Purposes, Ratio | 0.07 | ||
| Tier 1 capital, For Capital Adequacy Purposes, Ratio | 0.085 | ||
| Total risk-based capital, For Capital Adequacy Purposes, Ratio | 0.105 | ||
| Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 0.04 | ||
| Community Bank Leverage Ratio [Member] | Bank Maintains More Than Community Bank Leverage Ratio Percent [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| Percentage of adequate CBLR to be maintained for qualifying and not qualifying community banking organizations | 0.09 | ||
| Community Bank Leverage Ratio [Member] | Bank Does Not Maintain More Than Community Bank Leverage Ratio Percent [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| Percentage of adequate CBLR to be maintained for qualifying and not qualifying community banking organizations | 0.09 | ||
| Community Bank Leverage Ratio [Member] | Minimum [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| Percentage of community bank leverage ratio | 0.08 | ||
| Community Bank Leverage Ratio [Member] | Maximum [Member] | |||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
| Percentage of community bank leverage ratio | 0.10 |
Regulatory Matters (Actual and Required Capital Ratios) (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|---|---|---|
| Parent Company [Member] | ||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| Tier 1 leverage, Actual Amount | $ 509,412 | $ 478,852 |
| Tier 1 leverage, Actual Ratio | 0.0818 | 0.0833 |
| Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 248,974 | $ 229,928 |
| Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 0.04 | 0.04 |
| Tier 1 leverage, Well Capitalized, Amount | $ 311,217 | $ 287,410 |
| Tier 1 leverage, Well Capitalized, Ratio | 0.05 | 0.05 |
| CET1 capital, Actual Amount | $ 492,120 | $ 461,560 |
| CET1 capital, Actual Ratio | 0.0943 | 0.0942 |
| CET1 capital, For Capital Adequacy Purposes, Amount | $ 365,311 | $ 342,852 |
| CET1 capital, For Capital Adequacy Purposes, Ratio | 0.07 | 0.07 |
| CET1 capital, Well Capitalized, Amount | $ 339,217 | $ 318,363 |
| CET1 capital, Well Capitalized, Ratio | 0.065 | 0.065 |
| Tier 1 capital, Actual Amount | $ 509,412 | $ 478,852 |
| Tier 1 capital, Actual Ratio | 0.0976 | 0.0978 |
| Tier 1 capital, For Capital Adequacy Buffer Purposes, Amount | $ 443,592 | $ 416,321 |
| Tier 1 capital, For Capital Adequacy Buffer Purposes, Ratio | 0.085 | 0.085 |
| Tier 1 capital, Well Capitalized, Amount | $ 417,498 | $ 391,831 |
| Tier 1 capital, Well Capitalized, Ratio | 0.08 | 0.08 |
| Total risk-based capital, Actual Amount | $ 632,860 | $ 593,969 |
| Total risk-based capital, Actual Ratio | 0.1213 | 0.1213 |
| Total risk-based capital, For Capital Adequacy Purposes, Amount | $ 547,966 | $ 514,278 |
| Total risk-based capital, For Capital Adequacy Purposes, Ratio | 0.105 | 0.105 |
| Total risk-based capital, Well Capitalized, Amount | $ 521,872 | $ 489,789 |
| Total risk-based capital, Well Capitalized, Ratio | 0.10 | 0.10 |
| Bank [Member] | ||
| Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
| Tier 1 leverage, Actual Amount | $ 562,775 | $ 525,997 |
| Tier 1 leverage, Actual Ratio | 0.0906 | 0.0917 |
| Tier 1 leverage, For Capital Adequacy Purposes, Amount | $ 248,385 | $ 229,434 |
| Tier 1 leverage, For Capital Adequacy Purposes, Ratio | 0.04 | 0.04 |
| Tier 1 leverage, Well Capitalized, Amount | $ 310,481 | $ 286,793 |
| Tier 1 leverage, Well Capitalized, Ratio | 0.05 | 0.05 |
| CET1 capital, Actual Amount | $ 562,775 | $ 525,997 |
| CET1 capital, Actual Ratio | 0.1082 | 0.1077 |
| CET1 capital, For Capital Adequacy Purposes, Amount | $ 364,191 | $ 341,944 |
| CET1 capital, For Capital Adequacy Purposes, Ratio | 0.07 | 0.07 |
| CET1 capital, Well Capitalized, Amount | $ 338,177 | $ 317,520 |
| CET1 capital, Well Capitalized, Ratio | 0.065 | 0.065 |
| Tier 1 capital, Actual Amount | $ 562,775 | $ 525,997 |
| Tier 1 capital, Actual Ratio | 0.1082 | 0.1077 |
| Tier 1 capital, For Capital Adequacy Buffer Purposes, Amount | $ 442,232 | $ 415,218 |
| Tier 1 capital, For Capital Adequacy Buffer Purposes, Ratio | 0.085 | 0.085 |
| Tier 1 capital, Well Capitalized, Amount | $ 416,218 | $ 390,794 |
| Tier 1 capital, Well Capitalized, Ratio | 0.08 | 0.08 |
| Total risk-based capital, Actual Amount | $ 611,691 | $ 566,891 |
| Total risk-based capital, Actual Ratio | 0.1176 | 0.116 |
| Total risk-based capital, For Capital Adequacy Purposes, Amount | $ 546,286 | $ 512,917 |
| Total risk-based capital, For Capital Adequacy Purposes, Ratio | 0.105 | 0.105 |
| Total risk-based capital, Well Capitalized, Amount | $ 520,272 | $ 488,492 |
| Total risk-based capital, Well Capitalized, Ratio | 0.10 | 0.10 |
Shareholders' Equity (Narrative) (Details) - $ / shares |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Mar. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2022 |
Nov. 30, 2020 |
|
| Shareholders Equity [Line Items] | ||||||
| Capital shares authorized | 50,210,000 | |||||
| Common stock, shares authorized | 50,000,000 | 50,000,000 | ||||
| Common stock, par value | $ 0.01 | $ 0.01 | ||||
| Preferred stock, shares authorized | 210,000 | |||||
| Preferred stock, par value | $ 100 | |||||
| Preferred stock, shares issued | 172,921 | 172,921 | ||||
| Preferred stock, shares outstanding | 172,921 | 172,921 | ||||
| Shares of common stock authorized to be repurchased | 766,447 | 801,879 | ||||
| Number of shares repurchased | 461,191 | 340,688 | ||||
| Stock repurchased average price | $ 31.99 | $ 26.44 | ||||
| Treasury stock purchases | 0 | |||||
| Preferred Class A [Member] | ||||||
| Shareholders Equity [Line Items] | ||||||
| Preferred stock, shares authorized | 10,000 | |||||
| Preferred Class B [Member] | ||||||
| Shareholders Equity [Line Items] | ||||||
| Preferred stock, shares authorized | 200,000 | |||||
| Series A 3% Preferred Stock [Member] | ||||||
| Shareholders Equity [Line Items] | ||||||
| Preferred stock, shares authorized | 1,533 | 1,533 | ||||
| Preferred stock, par value | $ 100 | $ 100 | ||||
| Preferred stock, shares issued | 1,435 | 1,435 | ||||
| Preferred stock, shares outstanding | 1,435 | 1,435 | ||||
| Preferred stock, dividend percentage | 3.00% | 3.00% | 3.00% | |||
| Preferred stock, dividend per share | $ 3.00 | |||||
| Series B-1 8.48% Preferred Stock [Member] | ||||||
| Shareholders Equity [Line Items] | ||||||
| Preferred stock, shares authorized | 200,000 | 200,000 | ||||
| Preferred stock, par value | $ 100 | $ 100 | ||||
| Preferred stock, shares issued | 171,486 | 171,486 | ||||
| Preferred stock, shares outstanding | 171,486 | 171,486 | ||||
| Preferred stock, dividend percentage | 8.48% | 8.48% | 8.48% | |||
| Preferred stock, dividend per share | $ 8.48 | |||||
Shareholders' Equity (Changes in Shares of Common Stock) (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Shareholders Equity [Line Items] | |||
| Treasury stock, beginning balance | 759,555 | ||
| Shares issued, beginning balance | 16,099,556 | 16,099,556 | 16,099,556 |
| Treasury stock purchases | 0 | ||
| Treasury stock, ending balance | 692,150 | 759,555 | |
| Shares issued, ending balance | 16,099,556 | 16,099,556 | 16,099,556 |
| Common Stock [Member] | |||
| Shareholders Equity [Line Items] | |||
| Shares outstanding, beginning balance | 15,340,001 | 15,745,453 | 16,041,926 |
| Shares issued for Landmark Group acquisition | 12,831 | ||
| Restricted stock awards issued | 20,185 | 12,242 | 9,350 |
| Restricted stock units released | 59,984 | 55,912 | 24,069 |
| Stock awards | 10,591 | 7,856 | 5,972 |
| Treasury stock purchases | (23,355) | (481,462) | (348,695) |
| Shares outstanding, ending balance | 15,407,406 | 15,340,001 | 15,745,453 |
| Treasury Stock [Member] | |||
| Shareholders Equity [Line Items] | |||
| Treasury stock, beginning balance | 759,555 | 354,103 | 57,630 |
| Shares issued for Landmark Group acquisition | (12,831) | ||
| Restricted stock awards issued | (20,185) | (12,242) | (9,350) |
| Restricted stock units released | (59,984) | (55,912) | (24,069) |
| Stock awards | (10,591) | (7,856) | (5,972) |
| Treasury stock purchases | 23,355 | 481,462 | 348,695 |
| Treasury stock, ending balance | 692,150 | 759,555 | 354,103 |
Accumulated Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
| Other comprehensive income (loss), Pre-tax Amount | $ 23,590 | $ (167,092) | $ (20,617) | ||
| Other comprehensive income (loss), Tax Effect | 6,044 | (42,812) | (5,282) | ||
| Total other comprehensive income (loss), net of tax | 17,546 | (124,280) | (15,335) | ||
| Securities Available for Sale and Transferred Securities [Member] | |||||
| Other comprehensive income (loss), before Reclassifications, Pre-tax Amount | 18,849 | (166,380) | (26,643) | ||
| Reclassification, Pre-tax Amount | [1] | 3,642 | 117 | 139 | |
| Other comprehensive income (loss), Pre-tax Amount | 22,491 | (166,263) | (26,504) | ||
| Other comprehensive income (loss), before Reclassifications, Tax Effect | 4,829 | (42,630) | (6,826) | ||
| Reclassification, Tax Effect | [1] | 934 | 30 | 36 | |
| Other comprehensive income (loss), Tax Effect | 5,763 | (42,600) | (6,790) | ||
| Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | 14,020 | (123,750) | (19,817) | ||
| Amounts reclassified from accumulated other comprehensive income (loss) | [1] | 2,708 | 87 | 103 | |
| Total other comprehensive income (loss), net of tax | 16,728 | (123,663) | (19,714) | ||
| Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | |||||
| Other comprehensive income (loss), Pre-tax Amount | (1,108) | 4,807 | 1,984 | ||
| Other comprehensive income (loss), Tax Effect | (284) | 1,232 | 508 | ||
| Total other comprehensive income (loss), net of tax | (824) | 3,575 | 1,476 | ||
| Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | |||||
| Other comprehensive income (loss), Pre-tax Amount | (2,470) | (3,162) | 5,932 | ||
| Other comprehensive income (loss), Tax Effect | (633) | (810) | 1,520 | ||
| Total other comprehensive income (loss), net of tax | (1,837) | (2,352) | 4,412 | ||
| Accumulated Defined Benefit Plans Adjustment, Net Prior Service Including Portion Attributable to Noncontrolling Interest [Member] | |||||
| Other comprehensive income (loss), Pre-tax Amount | 4,677 | 296 | 741 | ||
| Other comprehensive income (loss), Tax Effect | 1,198 | 76 | 190 | ||
| Total other comprehensive income (loss), net of tax | 3,479 | 220 | 551 | ||
| Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] | |||||
| Other comprehensive income (loss), Pre-tax Amount | 2,207 | (5,636) | 3,903 | ||
| Other comprehensive income (loss), Tax Effect | 565 | (1,444) | 1,000 | ||
| Total other comprehensive income (loss), net of tax | $ 1,642 | $ (4,192) | $ 2,903 | ||
| |||||
Accumulated Other Comprehensive Income (Loss) (Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Balance | $ 405,605 | $ 505,142 | $ 468,363 |
| Total other comprehensive income (loss), net of tax | 17,546 | (124,280) | (15,335) |
| Balance | 454,796 | 405,605 | 505,142 |
| Hedging Derivative Instruments [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Balance | 4,735 | 1,160 | (316) |
| Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (824) | 3,575 | 1,476 |
| Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
| Total other comprehensive income (loss), net of tax | (824) | 3,575 | 1,476 |
| Balance | 3,911 | 4,735 | 1,160 |
| Securities Available-For-Sale and Transferred Securities [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Balance | (128,634) | (4,971) | 14,743 |
| Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | 14,020 | (123,750) | (19,817) |
| Amounts reclassified from accumulated other comprehensive income (loss) | 2,708 | 87 | 103 |
| Total other comprehensive income (loss), net of tax | 16,728 | (123,663) | (19,714) |
| Balance | (111,906) | (128,634) | (4,971) |
| Pension And Post-Retirement Obligations [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Balance | (13,588) | (9,396) | (12,299) |
| Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | (1,837) | (4,412) | 2,352 |
| Amounts reclassified from accumulated other comprehensive income (loss) | 3,479 | 220 | 551 |
| Total other comprehensive income (loss), net of tax | 1,642 | (4,192) | 2,903 |
| Balance | (11,946) | (13,588) | (9,396) |
| Accumulated Other Comprehensive Income (Loss) [Member] | |||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
| Balance | (137,487) | (13,207) | 2,128 |
| Other comprehensive income (loss), before Reclassifications, Net-of-tax Amount | 11,359 | (124,587) | (15,989) |
| Amounts reclassified from accumulated other comprehensive income (loss) | 6,187 | 307 | 654 |
| Total other comprehensive income (loss), net of tax | 17,546 | (124,280) | (15,335) |
| Balance | $ (119,941) | $ (137,487) | $ (13,207) |
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Net gain (loss) on investment securities | $ (3,576) | $ (15) | $ 71 | ||||
| Interest income | 165,715 | 167,372 | 154,730 | ||||
| Income (loss) before income taxes | 63,053 | 70,970 | 97,222 | ||||
| Income tax (expense) benefit | (12,789) | (14,397) | (19,525) | ||||
| Net income (loss) | 50,264 | 56,573 | 77,697 | ||||
| Securities Available for Sale and Transferred Securities [Member] | |||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Reclassification before tax | [1] | (3,642) | (117) | (139) | |||
| Reclassification tax | [1] | 934 | 30 | 36 | |||
| Total reclassified for the period | [1] | (2,708) | (87) | (103) | |||
| Prior Service Credit [Member] | |||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Reclassification before tax | [2] | 3,413 | 0 | ||||
| Net Actuarial Losses [Member] | |||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Reclassification before tax | [2] | (1,264) | (296) | ||||
| Pension And Post-Retirement Obligations [Member] | |||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Net income (loss) | (3,479) | (220) | |||||
| Reclassification before tax | (4,677) | (296) | |||||
| Reclassification tax | 1,198 | 76 | |||||
| Total reclassified for the period | (3,479) | (220) | (551) | ||||
| AOCI Attributable to Parent [Member] | |||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Total reclassified for the period | (6,187) | (307) | $ (654) | ||||
| Reclassification out of Accumulated Other Comprehensive Income [Member] | Securities Available for Sale and Transferred Securities [Member] | |||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||
| Net gain (loss) on investment securities | (3,576) | (15) | |||||
| Interest income | (66) | (102) | |||||
| Income (loss) before income taxes | (3,642) | (117) | |||||
| Income tax (expense) benefit | 934 | 30 | |||||
| Total reclassified for the period | $ (2,708) | $ (87) | |||||
| |||||||
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Expiration period | 10 years | |||
| Stock options awarded | 0 | 0 | 0 | |
| Unrecognized compensation expense | $ 0 | |||
| Restricted Stock Awards [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Grant date fair value | $ 16.34 | $ 26.53 | $ 32.06 | |
| Total fair value vested | $ 265 | $ 282 | $ 353 | |
| Unrecognized compensation expense | $ 3,000 | |||
| Expected recognition expense period, weighted average period in years | 1 year 9 months 29 days | |||
| PSUs [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Grant date fair value | $ 16.66 | $ 29.35 | $ 27.58 | |
| Total fair value vested | $ 491 | $ 556 | ||
| Restricted Stock Unit [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Grant date fair value | $ 16.46 | $ 28.38 | $ 27.55 | |
| Total fair value vested | $ 976 | $ 1,100 | $ 682 | |
| 2015 Long-Term Incentive Plan [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Number of shares available for grant | 516,000 | 734,000 | ||
| Non-employee Directors Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | Vested Immediately [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share based compensation, vesting percentage | 50.00% | |||
| Non-employee Directors Stock Incentive Plan [Member] | Restricted Stock Awards [Member] | Vested After Completion of One-Year Service Requirement [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share based compensation, vesting percentage | 50.00% | |||
| Management Stock Incentive Plan [Member] | PSUs [Member] | ROAE Return on Average Equity [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share based compensation, vesting percentage | 50.00% | |||
| Required service period | 3 years | |||
| Share-based vesting description | The shares earned based on the achievement of the ROAE performance requirement, if any, will vest on the third anniversary of the grant date assuming the recipient’s continuous service to the Company. | |||
| Management Stock Incentive Plan [Member] | PSUs [Member] | ROAA Performance Requirement [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Share based compensation, vesting percentage | 50.00% | |||
| Required service period | 3 years | |||
| Share-based vesting description | The shares earned based on the achievement of the ROAA performance requirement, if any, will vest on the third anniversary of the grant date assuming the recipient’s continuous service to the Company. | |||
| Maximum [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting period | 5 years | |||
| Maximum [Member] | Restricted Stock Awards [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting period | 3 years | |||
| Maximum [Member] | 2015 Long-Term Incentive Plan [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Maximum number of grants authorized | 438,076 | |||
| Minimum [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting period | 3 years | |||
| Minimum [Member] | Restricted Stock Awards [Member] | ||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
| Award vesting period | 2 years | |||
Share-Based Compensation (Summary of Restricted Stock Award) (Details) - Restricted Stock Awards [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Outstanding at beginning of year, Number of Shares | 6,121 | ||
| Granted, Number of Shares | 20,185 | ||
| Vested, Number of Shares | (16,219) | ||
| Forfeited, number of shares | 0 | ||
| Outstanding at end of period, Number of Shares | 10,087 | 6,121 | |
| Outstanding at beginning of year, Weighted Average Grant Date Fair Value | $ 26.53 | ||
| Granted, Weighted Average Grant Date Fair Value | 16.34 | $ 26.53 | $ 32.06 |
| Vested, Weighted Average Grant Date Fair Value | 20.19 | ||
| Forfeited, Weighted Average Grant Date Fair Value | 0 | ||
| Outstanding at end of period, Weighted Average Grant Date Fair Value | $ 16.34 | $ 26.53 | |
Share-Based Compensation (Summary of Restricted Stock Units) (Details) - Restricted Stock Unit [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Outstanding at beginning of year, Number of Shares | 182,399 | ||
| Granted, Number of Shares | 148,110 | ||
| Vested, Number of Shares | (40,087) | ||
| Forfeited, number of shares | (62,036) | ||
| Outstanding at end of period, Number of Shares | 228,386 | 182,399 | |
| Outstanding at beginning of year, Weighted Average Grant Date Fair Value | $ 27.4 | ||
| Granted, Weighted Average Grant Date Fair Value | 16.46 | $ 28.38 | $ 27.55 |
| Vested, Weighted Average Grant Date Fair Value | 25.28 | ||
| Forfeited, Weighted Average Grant Date Fair Value | 22.93 | ||
| Outstanding at end of period, Weighted Average Grant Date Fair Value | $ 21.89 | $ 27.4 | |
Share-Based Compensation (Summary of Performance Stock Award) (Details) - PSUs [Member] - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Outstanding at beginning of year, Number of Shares | 66,332 | ||
| Granted, Number of Shares | 53,060 | ||
| Vested, Number of Shares | (15,938) | ||
| Forfeited, number of shares | (25,688) | ||
| Outstanding at end of period, Number of Shares | 77,766 | 66,332 | |
| Outstanding at beginning of year, Weighted Average Grant Date Fair Value | $ 27.88 | ||
| Granted, Weighted Average Grant Date Fair Value | 16.66 | $ 29.35 | $ 27.58 |
| Vested, Weighted Average Grant Date Fair Value | 25.6 | ||
| Forfeited, Weighted Average Grant Date Fair Value | 23.24 | ||
| Outstanding at end of period, Weighted Average Grant Date Fair Value | $ 22.22 | $ 27.88 | |
Share-Based Compensation (Share-Based Compensation Expense And The Total Income Tax Benefit Included In Consolidated Statements Of Income In Consolidated Statements of Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation expense | $ 1,674 | $ 2,551 | $ 1,743 |
| Income tax benefit realized for compensation costs | 444 | 486 | 265 |
| Salaries and Employee Benefits [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation expense | 1,346 | 2,234 | 1,460 |
| Other Noninterest Expense [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Total share-based compensation expense | $ 328 | $ 317 | $ 283 |
Income Taxes (Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Current tax expense: | |||
| Federal | $ 13,302 | $ 15,371 | $ 11,453 |
| State | 835 | 3,408 | 2,854 |
| Total current tax expense | 14,137 | 18,779 | 14,307 |
| Deferred tax (benefit) expense: | |||
| Federal | (1,136) | (3,250) | 4,384 |
| State | (212) | (1,132) | 834 |
| Total deferred tax (benefit) expense | (1,348) | (4,382) | 5,218 |
| Total income tax expense | $ 12,789 | $ 14,397 | $ 19,525 |
Income Taxes (Income Tax Expense Differed From Statutory Federal Income Tax Rate) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Statutory federal tax rate | 21.00% | 21.00% | 21.00% |
| Tax exempt interest income | (0.80%) | (0.90%) | (0.70%) |
| Tax credits and adjustments | (2.10%) | (2.60%) | (2.60%) |
| Non-taxable earnings on company owned life insurance | 0.90% | 0.00% | (0.60%) |
| State taxes, net of federal tax benefit | 0.80% | 2.50% | 3.00% |
| Nondeductible expenses | 0.30% | 0.20% | 0.00% |
| Other, net | 0.20% | 0.10% | 0.00% |
| Effective tax rate | 20.30% | 20.30% | 20.10% |
Income Taxes (Income Tax Expense Allocation) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Disclosure [Abstract] | |||
| Income tax expense | $ 12,789 | $ 14,397 | $ 19,525 |
| Shareholder’s equity | $ 6,044 | $ (42,812) | $ (5,282) |
Income Taxes (Net Deferred Tax Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Allowance for credit losses | $ 14,011 | $ 12,695 |
| Leases - right of use obligations | 8,657 | 8,505 |
| Deferred compensation | 1,471 | 1,615 |
| Investment in limited partnerships | 785 | 1,381 |
| SERP agreements | 92 | 179 |
| Share-based compensation | 930 | 975 |
| Net unrealized loss on securities available for sale | 38,549 | 44,312 |
| Accrued pension costs | 297 | 229 |
| Other | 1,395 | 1,206 |
| Gross deferred tax assets | 66,187 | 71,097 |
| Leases - right of use assets | 8,077 | 7,964 |
| Prepaid expenses | 929 | 637 |
| Intangible assets | 2,760 | 2,580 |
| Depreciation and amortization | 3,833 | 4,080 |
| Loan servicing assets | 354 | 377 |
| Deferred loan origination costs | 154 | 401 |
| Other | 1,347 | 1,631 |
| Gross deferred tax liabilities | 17,454 | 17,670 |
| Net deferred tax asset | $ 48,733 | $ 53,427 |
Income Taxes (Narrative) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Income Tax Contingency [Line Items] | |||
| Noninterest income | $ 48,244,000 | $ 46,271,000 | $ 46,906,000 |
| Deferred Tax Assets, Valuation Allowance | 0 | 0 | |
| Interest or penalties recorded in income statement | 0 | 0 | $ 0 |
| Amounts accrued for interest or penalties | 0 | 0 | |
| Domestic Country [Member] | |||
| Income Tax Contingency [Line Items] | |||
| Operating loss carryforwards | 0 | ||
| Partnership [Member] | |||
| Income Tax Contingency [Line Items] | |||
| Investment Tax Credit | 3,000,000 | 2,600,000 | |
| Noninterest income | $ 252,000 | $ 815,000 | |
Earnings Per Common Share (Reconciliation of Earnings and Shares Used in Calculating Basic and Diluted EPS) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Earnings Per Share [Abstract] | |||
| Net income available to common shareholders | $ 48,805 | $ 55,114 | $ 76,237 |
| Weighted average common shares outstanding: | |||
| Total shares issued | 16,100 | 16,100 | 16,100 |
| Unvested restricted stock awards | (8) | (5) | (5) |
| Treasury shares | (716) | (711) | (254) |
| Total basic weighted average common shares outstanding | 15,376 | 15,384 | 15,841 |
| Incremental shares from assumed: | |||
| Vesting of restricted stock awards | 99 | 87 | 96 |
| Total diluted weighted average common shares outstanding | 15,475 | 15,471 | 15,937 |
| Basic earnings per common share | $ 3.17 | $ 3.58 | $ 4.81 |
| Diluted earnings per common share | $ 3.15 | $ 3.56 | $ 4.78 |
Earnings Per Common Share (Shares Excluded from Computation of Diluted EPS) (Details) - shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Restricted Stock Awards [Member] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive shares excluded from computation of diluted EPS | 155 | 1 | 3 |
Earnings Per Common Share (Narrative) (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Earnings Per Share [Abstract] | |||
| Participating securities | 0 | 0 | 0 |
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Contribution to pension plan in excess of minimum required contribution | $ 0 | $ 0 | $ 0 |
| Accumulated benefit obligation | $ 73,900 | $ 70,200 | |
| Investment strategy, percentage in long-term growth | 97.00% | ||
| Investment strategy, percentage in near-term benefit payments | 3.00% | ||
| Percentage of Plan assets | 98.00% | 96.00% | |
| Postretirement benefit plan, accrued liabilities | $ 0 | $ 0 | |
| Minimum [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Employer contribution | $ 0 | ||
| Percentage of portfolio invest directly or indirectly | 35.00% | ||
| Percentage of remaining portfolio invest directly or indirectly | 10.00% | ||
| Maximum [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Percentage of portfolio invest directly or indirectly | 90.00% | ||
| Percentage of remaining portfolio invest directly or indirectly | 65.00% | ||
| SERP [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Unfunded pension liability | $ 374 | 697 | |
| Pension expense | $ 17 | $ 28 | $ 39 |
| Investment Firm One [Member] | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Portfolio management, controlled percentage | 98.00% | 96.00% | |
Employee Benefit Plans (Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Change in projected benefit obligation: | |||
| Projected benefit obligation at beginning of period | $ 74,172 | $ 97,682 | |
| Service cost | 1,788 | 3,485 | $ 4,196 |
| Interest cost | 3,421 | 2,588 | 2,202 |
| Actuarial gain (loss) | 3,507 | (25,055) | |
| Benefits paid and plan expenses | (4,638) | (4,528) | |
| Prior year service costs due to plan amendments | (3,905) | 0 | |
| Projected benefit obligation at end of period | 74,345 | 74,172 | 97,682 |
| Change in plan assets: | |||
| Fair value of plan assets at beginning of period | 73,276 | 104,227 | |
| Actual return on plan assets | 4,549 | (26,422) | |
| Benefits paid and plan expenses | (4,639) | (4,529) | |
| Fair value of plan assets at end of period | 73,186 | 73,276 | $ 104,227 |
| Funded status at end of period | $ (1,159) | $ (896) | |
Employee Benefit Plans (Estimated Benefit Payments Under The Pension Plan) (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Retirement Benefits [Abstract] | |
| 2024 | $ 4,359 |
| 2025 | 4,532 |
| 2026 | 4,856 |
| 2027 | 4,854 |
| 2028 | 5,103 |
| 2029 - 2032 | $ 26,149 |
Employee Benefit Plans (Components Of Net Periodic Benefit Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Retirement Benefits [Abstract] | |||
| Service cost | $ 1,788 | $ 3,485 | $ 4,196 |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Labor and Related Expense | Labor and Related Expense | Labor and Related Expense |
| Interest cost on projected benefit obligation | $ 3,421 | $ 2,588 | $ 2,202 |
| Expected return on plan assets | (3,511) | (4,565) | (5,225) |
| Amortization of unrecognized loss | 1,264 | 250 | 724 |
| Amortization of unrecognized prior service credit | (492) | 0 | 0 |
| Net periodic pension cost | $ 2,470 | $ 1,758 | $ 1,897 |
Employee Benefit Plans (Actuarial Assumptions Used, Net Periodic Pension Cost) (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Retirement Benefits [Abstract] | |||
| Weighted average discount rate | 4.98% | 2.70% | 2.32% |
| Rate of compensation increase | 3.00% | 3.00% | 3.00% |
| Expected long-term rate of return | 6.00% | 5.25% | 5.25% |
Employee Benefit Plans (Actuarial Assumptions Used, Projected Benefit Obligation) (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Retirement Benefits [Abstract] | |||
| Weighted average discount rate | 4.78% | 4.98% | 2.70% |
| Rate of compensation increase | 4.00% | 3.00% | 3.00% |
Employee Benefit Plans (Plan's Target Asset Allocation And Actual Asset Allocation) (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Actual Allocation | 98.00% | 96.00% |
| Cash and Cash Equivalents [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Target Allocation | 0.00% | 0.00% |
| Actual Allocation | 0.14% | 16.59% |
| Equity Securities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Target Allocation | 30.00% | 30.00% |
| Actual Allocation | 31.51% | 25.05% |
| Fixed Income Securities [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Target Allocation | 15.00% | 15.00% |
| Actual Allocation | 36.14% | 21.70% |
| Alternative Investments [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Target Allocation | 55.00% | 55.00% |
| Actual Allocation | 32.21% | 36.66% |
Employee Benefit Plans (The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Cash equivalents | $ 1,202 | $ 12,156 |
| Equity securities | 22,714 | 18,356 |
| Fixed income securities | 26,052 | 15,901 |
| Total Plan investments | 73,186 | 73,276 |
| Foreign Currencies [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Cash equivalents | 15 | 7 |
| Short Term Investment Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Cash equivalents | 1,187 | 12,149 |
| Commingled Pension Trust Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Equity securities | 22,714 | 18,356 |
| Fixed income securities | 23,218 | 15,898 |
| Total Plan investments | 26,050 | 26,863 |
| All Other Corporate Bonds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Fixed income securities | 2 | 3 |
| Level 1 Inputs [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Cash equivalents | 15 | 7 |
| Total Plan investments | 15 | 7 |
| Level 1 Inputs [Member] | Foreign Currencies [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Cash equivalents | 15 | 7 |
| Level 2 Inputs [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Cash equivalents | 1,187 | 12,149 |
| Equity securities | 22,714 | 18,356 |
| Fixed income securities | 26,052 | 15,901 |
| Total Plan investments | 73,171 | 73,269 |
| Level 2 Inputs [Member] | Short Term Investment Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Cash equivalents | 1,187 | 12,149 |
| Level 2 Inputs [Member] | Commingled Pension Trust Funds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Equity securities | 22,714 | 18,356 |
| Fixed income securities | 23,218 | 15,898 |
| Total Plan investments | 26,050 | 26,863 |
| Level 2 Inputs [Member] | All Other Corporate Bonds [Member] | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Fixed income securities | $ 2 | $ 3 |
Fair Value Measurements (Assets Measured At Fair Value On A Recurring And Non-Recurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Securities available for sale | $ 887,730 | $ 954,371 | |
| Loan Servicing Rights [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 1,382 | ||
| Collateral Dependent Financing Receivable [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 37,516 | ||
| Other Real Estate Owned Other Receivable [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 142 | ||
| Long Lived Assets Held For Sale [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 629 | ||
| Measured On A Recurring Basis [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Liabilities at fair value | 46 | 81 | |
| Assets at fair value | 893,669 | 961,096 | |
| Measured On A Recurring Basis [Member] | Derivative Instruments, Liabilities [Member] | Cash Flow Hedging [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 6,725 | ||
| Measured On A Recurring Basis [Member] | Derivative Instruments, Liabilities [Member] | Interest Rate Products [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Liabilities at fair value | (37,519) | (47,738) | |
| Measured On A Recurring Basis [Member] | Derivative Instruments, Liabilities [Member] | Mortgage Banking [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Liabilities at fair value | (2) | (13) | |
| Measured On A Recurring Basis [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Securities available for sale | 21,811 | 21,115 | |
| Measured On A Recurring Basis [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Securities available for sale | 865,919 | 933,256 | |
| Measured On A Recurring Basis [Member] | Derivative Financial Instruments, Assets [Member] | Cash Flow Hedging [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 5,939 | ||
| Measured On A Recurring Basis [Member] | Derivative Financial Instruments, Assets [Member] | Interest Rate Products [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 37,517 | 47,736 | |
| Measured On A Recurring Basis [Member] | Derivative Financial Instruments, Assets [Member] | Mortgage Banking [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 50 | 96 | |
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Liabilities at fair value | 46 | 81 | |
| Assets at fair value | 893,669 | 961,096 | |
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Liabilities [Member] | Cash Flow Hedging [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 6,725 | ||
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Liabilities [Member] | Interest Rate Products [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Liabilities at fair value | (37,519) | (47,738) | |
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Instruments, Liabilities [Member] | Mortgage Banking [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Liabilities at fair value | (2) | (13) | |
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Securities available for sale | 21,811 | 21,115 | |
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Collateralized Mortgage-Backed Securities [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Securities available for sale | 865,919 | 933,256 | |
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Financial Instruments, Assets [Member] | Cash Flow Hedging [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 5,939 | ||
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Financial Instruments, Assets [Member] | Interest Rate Products [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 37,517 | 47,736 | |
| Measured On A Recurring Basis [Member] | Level 2 Inputs [Member] | Derivative Financial Instruments, Assets [Member] | Mortgage Banking [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 50 | 96 | |
| Measured On A Nonrecurring Basis [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Liabilities at fair value | 0 | 0 | $ 0 |
| Assets at fair value | 41,039 | 25,002 | |
| Measured On A Nonrecurring Basis [Member] | Loans Held For Sale [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 1,370 | 550 | |
| Measured On A Nonrecurring Basis [Member] | Loan Servicing Rights [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 1,382 | 1,470 | |
| Measured On A Nonrecurring Basis [Member] | Collateral Dependent Financing Receivable [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 37,516 | 21,454 | |
| Measured On A Nonrecurring Basis [Member] | Other Real Estate Owned Other Receivable [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 142 | 19 | |
| Measured On A Nonrecurring Basis [Member] | Long Lived Assets Held For Sale [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 629 | 1,509 | |
| Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 1,370 | 550 | |
| Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Loans Held For Sale [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 1,370 | 550 | |
| Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Collateral Dependent Financing Receivable [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 0 | ||
| Measured On A Nonrecurring Basis [Member] | Level 2 Inputs [Member] | Long Lived Assets Held For Sale [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 0 | ||
| Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 39,669 | 24,452 | |
| Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Loan Servicing Rights [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 1,382 | 1,470 | |
| Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Collateral Dependent Financing Receivable [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 37,516 | 21,454 | |
| Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Other Real Estate Owned Other Receivable [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | 142 | 19 | |
| Measured On A Nonrecurring Basis [Member] | Level 3 Inputs [Member] | Long Lived Assets Held For Sale [Member] | |||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
| Assets at fair value | $ 629 | $ 1,509 |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Level 1 to Level 2 transfers, assets amount | $ 0 | $ 0 | $ 0 |
| Assets measured at fair value on recurring basis using significant unobservable inputs | 0 | 0 | |
| Long-term borrowings | 124,532 | 74,222 | |
| FHLB [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Long-term borrowings | 50,000 | ||
| Subordinated notes [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Long-term borrowings | 75,000 | ||
| Measured On A Nonrecurring Basis [Member] | |||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
| Liabilities measured at fair value on nonrecurring basis | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (Additional Quantitative Information about Assets Measured at Fair Value on Recurring and Non-Recurring Basis) (Details) $ in Thousands |
12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
| ||||||||
| Collateral Dependent Loans [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Assets at fair value | $ 37,516 | |||||||
| Collateral Dependent Loans [Member] | Weighted Average [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 48.80% | [1],[2],[3] | ||||||
| Collateral Dependent Loans [Member] | Minimum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 0.00% | [1],[2] | ||||||
| Collateral Dependent Loans [Member] | Maximum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 92.00% | [1],[2] | ||||||
| Loan Servicing Rights [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Assets at fair value | $ 1,382 | |||||||
| Loan Servicing Rights [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 10.20% | [3] | ||||||
| Loan Servicing Rights [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Constant Prepayment Rate [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 12.80% | [3] | ||||||
| Long-lived Assets Held for Sale [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Assets at fair value | $ 629 | |||||||
| Long-lived Assets Held for Sale [Member] | Minimum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 12.40% | [1],[2] | ||||||
| Long-lived Assets Held for Sale [Member] | Maximum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 46.30% | [1],[2] | ||||||
| Other Real Estate Owned [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Assets at fair value | $ 142 | |||||||
| Other Real Estate Owned [Member] | Minimum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 34.00% | [1],[2] | ||||||
| Other Real Estate Owned [Member] | Maximum [Member] | Appraisal of Collateral [Member] | Appraisal Adjustments [Member] | ||||||||
| Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||||||||
| Unobservable Input Value or Range | 47.70% | [1],[2] | ||||||
| ||||||||
Fair Value Measurements (Carrying Amount, Estimated Fair Value, and Placement in Fair Value Hierarchy of Financial Instruments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
||
|---|---|---|---|---|
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Securities available for sale | $ 887,730 | $ 954,371 | ||
| Securities held to maturity, fair value | 137,030 | 174,188 | ||
| Accrued interest receivable | 24,481 | 19,371 | ||
| FHLB and FRB stock | 17,406 | 19,385 | ||
| Carrying Amount [Member] | Level 1 Inputs [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Cash and cash equivalents | 124,442 | 130,466 | ||
| Accrued interest receivable | 24,481 | 19,371 | ||
| Non-maturity deposits | 3,808,216 | 3,646,552 | ||
| Short-term borrowings | 185,000 | 205,000 | ||
| Accrued interest payable | 19,412 | 5,983 | ||
| Carrying Amount [Member] | Level 2 Inputs [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Securities available for sale | 887,730 | 954,371 | ||
| Securities held to maturity, fair value | 148,156 | 188,975 | ||
| Loans held for sale | 1,370 | 550 | ||
| Loans | 4,373,541 | 3,983,582 | ||
| FHLB and FRB stock | 17,406 | 19,385 | ||
| Time deposits | 1,404,696 | 1,282,872 | ||
| Long-term borrowings | 124,532 | 74,222 | ||
| Carrying Amount [Member] | Level 2 Inputs [Member] | Cash Flow Hedging [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Derivative instruments, assets | 5,939 | 6,725 | ||
| Derivative instruments, liabilities | 0 | 0 | ||
| Carrying Amount [Member] | Level 2 Inputs [Member] | Interest Rate Products [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Derivative instruments, assets | 37,517 | 47,736 | ||
| Derivative instruments, liabilities | 37,519 | 47,738 | ||
| Carrying Amount [Member] | Level 2 Inputs [Member] | Credit Contract [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Derivative instruments, liabilities | 0 | 0 | ||
| Carrying Amount [Member] | Level 2 Inputs [Member] | Mortgage Banking [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Derivative instruments, assets | 50 | 96 | ||
| Derivative instruments, liabilities | 2 | 13 | ||
| Carrying Amount [Member] | Level 3 Inputs [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Loans | [1] | 37,516 | 21,454 | |
| Long-lived assets held for sale | 629 | 1,509 | ||
| Estimated Fair Value [Member] | Level 1 Inputs [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Cash and cash equivalents | 124,442 | 130,466 | ||
| Accrued interest receivable | 24,481 | 19,371 | ||
| Non-maturity deposits | 3,808,216 | 3,646,552 | ||
| Short-term borrowings | 185,000 | 205,000 | ||
| Accrued interest payable | 19,412 | 5,983 | ||
| Estimated Fair Value [Member] | Level 2 Inputs [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Securities available for sale | 887,730 | 954,371 | ||
| Securities held to maturity, fair value | 137,030 | 174,188 | ||
| Loans held for sale | 1,370 | 550 | ||
| Loans | 4,143,918 | 3,867,285 | ||
| FHLB and FRB stock | 17,406 | 19,385 | ||
| Time deposits | 1,398,352 | 1,268,957 | ||
| Long-term borrowings | 128,363 | 70,814 | ||
| Estimated Fair Value [Member] | Level 2 Inputs [Member] | Cash Flow Hedging [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Derivative instruments, assets | 5,939 | 6,725 | ||
| Derivative instruments, liabilities | 0 | 0 | ||
| Estimated Fair Value [Member] | Level 2 Inputs [Member] | Interest Rate Products [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Derivative instruments, assets | 37,517 | 47,736 | ||
| Derivative instruments, liabilities | 37,519 | 47,738 | ||
| Estimated Fair Value [Member] | Level 2 Inputs [Member] | Credit Contract [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Derivative instruments, liabilities | 0 | 0 | ||
| Estimated Fair Value [Member] | Level 2 Inputs [Member] | Mortgage Banking [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Derivative instruments, assets | 50 | 96 | ||
| Derivative instruments, liabilities | 2 | 13 | ||
| Estimated Fair Value [Member] | Level 3 Inputs [Member] | ||||
| Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||||
| Loans | [1] | 37,516 | 21,454 | |
| Long-lived assets held for sale | $ 629 | $ 1,509 | ||
| ||||
Parent Company Financial Information (Condensed Statements of Financial Condition) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Condensed Financial Statements Captions Line Items | ||||
| Other assets | $ 314,357 | $ 262,992 | ||
| Total assets | 6,160,881 | 5,797,272 | ||
| Deposits | 5,212,912 | 4,929,424 | ||
| Long-term borrowings, net of issuance costs of $468 and $778, respectively | 124,532 | 74,222 | ||
| Other liabilities | 183,641 | 183,021 | ||
| Shareholders’ equity | 454,796 | 405,605 | $ 505,142 | $ 468,363 |
| Total liabilities and shareholders’ equity | 6,160,881 | 5,797,272 | ||
| Parent Company [Member] | ||||
| Condensed Financial Statements Captions Line Items | ||||
| Cash and due from subsidiary | 16,331 | 23,802 | ||
| Investment in and receivables due from subsidiary | 518,680 | 462,253 | ||
| Other assets | 7,216 | 6,698 | ||
| Total assets | 542,227 | 492,753 | ||
| Deposits | 2 | 0 | ||
| Long-term borrowings, net of issuance costs of $468 and $778, respectively | 74,532 | 74,222 | ||
| Other liabilities | 12,897 | 12,926 | ||
| Shareholders’ equity | 454,796 | 405,605 | ||
| Total liabilities and shareholders’ equity | $ 542,227 | $ 492,753 |
Parent Company Financial Information (Condensed Statements of Financial Condition) (Parenthetical) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Condensed Financial Statements Captions Line Items | ||
| Debt issuance costs | $ 468 | $ 778 |
| Parent Company [Member] | ||
| Condensed Financial Statements Captions Line Items | ||
| Debt issuance costs | $ 468 | $ 778 |
Parent Company Financial Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Condensed Financial Statements Captions Line Items | |||
| Interest expense | $ 120,418 | $ 28,735 | $ 12,475 |
| Income before income tax benefit and equity in undistributed earnings of subsidiary | 63,053 | 70,970 | 97,222 |
| Income tax (expense) benefit | (12,789) | (14,397) | (19,525) |
| Net income (loss) | 50,264 | 56,573 | 77,697 |
| Parent Company [Member] | |||
| Condensed Financial Statements Captions Line Items | |||
| Dividends from subsidiary and associated companies | 18,000 | 32,000 | 24,000 |
| Management and service fees from subsidiaries | 527 | 511 | 147 |
| Other income (loss) | 463 | (4) | 93 |
| Total income | 18,990 | 32,507 | 24,240 |
| Interest expense | 4,242 | 4,242 | 4,237 |
| Operating expenses | 3,119 | 3,213 | 3,379 |
| Total expense | 7,361 | 7,455 | 7,616 |
| Income before income tax benefit and equity in undistributed earnings of subsidiary | 11,629 | 25,052 | 16,624 |
| Income tax (expense) benefit | 1,647 | 1,848 | 1,999 |
| Income before equity in undistributed earnings of subsidiary | 13,276 | 26,900 | 18,623 |
| Equity in undistributed earnings of subsidiary | 36,988 | 29,673 | 59,074 |
| Net income (loss) | $ 50,264 | $ 56,573 | $ 77,697 |
Parent Company Financial Information (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Condensed Financial Statements Captions Line Items | |||
| Net Income (Loss) | $ 50,264 | $ 56,573 | $ 77,697 |
| Depreciation and amortization | 8,091 | 8,112 | 8,049 |
| Share-based compensation | 1,674 | 2,551 | 1,743 |
| Increase in other assets | (56,076) | (29,902) | (9,342) |
| Increase (decrease) in other liabilities | 372 | 80,580 | (2,596) |
| Net cash provided by operating activities | 10,894 | 133,573 | 72,962 |
| Purchases of premises and equipment | (2,992) | (8,369) | (9,403) |
| Net cash paid for acquisition | 0 | 0 | (1,420) |
| Net cash used in investing activities | (310,090) | (325,160) | (633,422) |
| Issuance of long-term debt, net of issuance costs | 50,000 | 0 | 0 |
| Net cash used in financing activities | 293,172 | 242,941 | 545,694 |
| Net (decrease) increase in cash and cash equivalents | (6,024) | 51,354 | (14,766) |
| Cash and cash equivalents, beginning of period | 130,466 | 79,112 | 93,878 |
| Cash and cash equivalents, end of period | 124,442 | 130,466 | 79,112 |
| Parent Company [Member] | |||
| Condensed Financial Statements Captions Line Items | |||
| Net Income (Loss) | 50,264 | 56,573 | 77,697 |
| Equity in undistributed earnings of subsidiary | (36,988) | (29,673) | (59,074) |
| Depreciation and amortization | 76 | 77 | 367 |
| Share-based compensation | 1,674 | 2,551 | 1,743 |
| Increase in other assets | (399) | (577) | (1,448) |
| Increase (decrease) in other liabilities | 111 | 7,477 | (86) |
| Net cash provided by operating activities | 14,738 | 36,428 | 19,199 |
| Capital investment in subsidiaries | (1,893) | (1,551) | 0 |
| Net cash used in investing activities | (1,893) | (1,551) | 0 |
| Purchase of preferred and common shares | (571) | (15,340) | (9,235) |
| Proceeds from issuance of preferred and common shares | 0 | 0 | (43) |
| Dividends paid | (19,745) | (19,053) | (18,451) |
| Net cash used in financing activities | (20,316) | (34,393) | (27,729) |
| Net (decrease) increase in cash and cash equivalents | (7,471) | 484 | (8,530) |
| Cash and cash equivalents, beginning of period | 23,802 | 23,318 | 31,848 |
| Cash and cash equivalents, end of period | $ 16,331 | $ 23,802 | $ 23,318 |
Segment Reporting (Narrative) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
Segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 1 |
Segment Reporting (Business Segment Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Segment Reporting Information [Line Items] | |||
| Goodwill | $ 67,071 | $ 67,071 | $ 67,071 |
| Other intangible assets, net | 5,433 | 6,343 | |
| Total assets | 6,160,881 | 5,797,272 | |
| Banking [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 48,536 | 48,536 | 48,536 |
| All Other [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 18,535 | 18,535 | $ 18,535 |
| Operating Segment [Member] | Banking [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 48,536 | 48,536 | |
| Other intangible assets, net | 0 | 0 | |
| Total assets | 6,117,748 | 5,756,441 | |
| Operating Segment [Member] | All Other [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Goodwill | 18,535 | 18,535 | |
| Other intangible assets, net | 5,433 | 6,343 | |
| Total assets | $ 43,133 | $ 40,831 |
Segment Reporting (Business Segment Profit (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | $ 165,715 | $ 167,372 | $ 154,730 |
| (Provision) benefit for credit losses - loans | (13,681) | (13,311) | 8,336 |
| Noninterest income | 48,244 | 46,271 | 46,906 |
| Noninterest expense | (137,225) | (129,362) | (112,750) |
| Income (loss) before income taxes | 63,053 | 70,970 | 97,222 |
| Income tax (expense) benefit | (12,789) | (14,397) | (19,525) |
| Net income (loss) | 50,264 | 56,573 | 77,697 |
| Operating Segment [Member] | Banking [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | 169,957 | 171,613 | 158,967 |
| (Provision) benefit for credit losses - loans | (13,681) | (13,311) | 8,336 |
| Noninterest income | 31,893 | 30,519 | 31,340 |
| Noninterest expense | (121,822) | (113,703) | (95,882) |
| Income (loss) before income taxes | 66,347 | 75,118 | 102,761 |
| Income tax (expense) benefit | (13,618) | (15,510) | (21,038) |
| Net income (loss) | 52,729 | 59,608 | 81,723 |
| Operating Segment [Member] | All Other [Member] | |||
| Segment Reporting Information [Line Items] | |||
| Net interest income (expense) | (4,242) | (4,241) | (4,237) |
| (Provision) benefit for credit losses - loans | 0 | 0 | 0 |
| Noninterest income | 16,351 | 15,752 | 15,566 |
| Noninterest expense | (15,403) | (15,659) | (16,868) |
| Income (loss) before income taxes | (3,294) | (4,148) | (5,539) |
| Income tax (expense) benefit | 829 | 1,113 | 1,513 |
| Net income (loss) | $ (2,465) | $ (3,035) | $ (4,026) |
Subsequent Event (Narrative) (Details) - Subsequent Event [Member] - Maximum [Member] $ in Millions |
1 Months Ended |
|---|---|
|
Mar. 31, 2024
USD ($)
| |
| Subsequent Event [Line Items] | |
| Deposit activity, the Bank's potential exposure for fraudulent activity | $ 18.9 |
| Deposit activity, the Bank's potential net income impact for fraudulent activity | $ (14.1) |