Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-15781 | |
Entity Registrant Name | BERKSHIRE HILLS BANCORP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3510455 | |
Entity Address, Address Line One | 60 State Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02109 | |
City Area Code | 800 | |
Local Phone Number | 773-5601 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | BHLB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 48,928,716 | |
Entity Central Index Key | 0001108134 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 98,262 | $ 91,219 |
Short-term investments | 1,728,419 | 1,466,656 |
Total cash and cash equivalents | 1,826,681 | 1,557,875 |
Trading security, at fair value | 8,853 | 9,708 |
Marketable equity securities, at fair value | 15,709 | 18,513 |
Securities available for sale, at fair value | 1,640,512 | 1,695,232 |
Securities held to maturity (fair values of $685,370 and $491,855) | 665,786 | 465,091 |
Federal Home Loan Bank stock and other restricted securities | 19,638 | 34,873 |
Total securities | 2,350,498 | 2,223,417 |
Less: Allowance for credit losses on held to maturity securities | (130) | (104) |
Net securities | 2,350,368 | 2,223,313 |
Loans held for sale | 6,494 | 17,748 |
Total loans | 7,232,591 | 8,081,519 |
Less: Allowance for credit losses on loans | (119,044) | (127,302) |
Net loans | 7,113,547 | 7,954,217 |
Premises and equipment, net | 104,680 | 112,663 |
Other real estate owned | 85 | 149 |
Other intangible assets | 32,203 | 34,819 |
Cash surrender value of bank-owned life insurance policies | 235,426 | 232,695 |
Other assets | 327,265 | 387,230 |
Assets held for sale | 276,576 | 317,304 |
Total assets | 12,273,325 | 12,838,013 |
Liabilities | ||
Demand deposits | 2,819,012 | 2,484,249 |
NOW and other deposits | 1,696,762 | 1,003,005 |
Money market deposits | 2,398,256 | 3,371,353 |
Savings deposits | 1,065,428 | 972,116 |
Time deposits | 1,934,442 | 2,385,085 |
Total deposits | 9,913,900 | 10,215,808 |
Short-term debt | 0 | 40,000 |
Long-term Federal Home Loan Bank advances and other | 217,847 | 434,357 |
Subordinated borrowings | 97,396 | 97,280 |
Total borrowings | 315,243 | 571,637 |
Other liabilities | 222,105 | 232,730 |
Liabilities held for sale | 646,688 | 630,065 |
Total liabilities | 11,097,936 | 11,650,240 |
Shareholders’ equity | ||
Common stock ($0.01 par value; 100,000,000 shares authorized and 51,903,190 shares issued and 50,452,740 shares outstanding in 2021; 51,903,190 shares issued and 50,833,087 shares outstanding in 2020) | 528 | 528 |
Additional paid-in capital - common stock | 1,423,083 | 1,427,239 |
Unearned compensation | (11,006) | (6,245) |
Retained earnings (deficit) | (210,994) | (233,344) |
Accumulated other comprehensive income | 14,772 | 30,871 |
Treasury stock, at cost (1,450,450 shares in 2021 and 1,070,103 shares in 2020) | (40,994) | (31,276) |
Total shareholders’ equity | 1,175,389 | 1,187,773 |
Total liabilities and shareholders’ equity | $ 12,273,325 | $ 12,838,013 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fair value | $ 685,370 | $ 491,855 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 51,903,190 | 51,903,190 |
Common stock, shares outstanding (in shares) | 50,452,740 | 50,833,087 |
Treasury stock (in shares) | 1,450,450 | 1,070,103 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest and dividend income from continuing operations | ||||
Loans | $ 73,921 | $ 90,876 | $ 149,854 | $ 192,571 |
Securities and other | 11,443 | 12,812 | 23,663 | 27,312 |
Total interest and dividend income | 85,364 | 103,688 | 173,517 | 219,883 |
Interest expense from continuing operations | ||||
Deposits | 6,981 | 20,552 | 16,564 | 44,390 |
Borrowings | 2,990 | 5,546 | 6,467 | 11,475 |
Total interest expense | 9,971 | 26,098 | 23,031 | 55,865 |
Net interest income from continuing operations | 75,393 | 77,590 | 150,486 | 164,018 |
Non-interest income from continuing operations | ||||
Other, net | 2,211 | (999) | 4,359 | (1,435) |
(Loss)/gain on securities, net | (484) | 822 | (515) | (8,908) |
Total non-interest income | 22,011 | 17,381 | 48,204 | 23,017 |
Total net revenue from continuing operations | 97,404 | 94,971 | 198,690 | 187,035 |
Provision for credit losses | 0 | 29,871 | 6,500 | 64,678 |
Non-interest expense from continuing operations | ||||
Compensation and benefits | 36,970 | 39,403 | 75,705 | 76,312 |
Occupancy and equipment | 10,599 | 10,195 | 21,623 | 21,327 |
Technology and communications | 8,214 | 7,755 | 16,807 | 15,836 |
Marketing and promotion | 518 | 902 | 1,113 | 2,067 |
Professional services | 3,701 | 2,565 | 10,315 | 5,285 |
FDIC premiums and assessments | 927 | 1,658 | 2,047 | 3,140 |
Other real estate owned and foreclosures | (26) | 14 | (24) | 41 |
Amortization of intangible assets | 1,297 | 1,558 | 2,616 | 3,138 |
Goodwill impairment | 0 | 553,762 | 0 | 553,762 |
Acquisition, restructuring, and other expenses | 6 | 0 | 3,492 | 0 |
Other | 6,666 | 6,463 | 13,332 | 14,692 |
Total non-interest expense | 68,872 | 624,275 | 147,026 | 695,600 |
Income/(loss) from continuing operations before income taxes | 28,532 | (559,175) | 45,164 | (573,243) |
Income tax expense/(benefit) | 6,896 | (16,130) | 10,497 | (18,126) |
Net income/(loss) from continuing operations | 21,636 | (543,045) | 34,667 | (555,117) |
(Loss) from discontinued operations before income taxes | 0 | (8,635) | 0 | (19,264) |
Income tax (benefit) | 0 | (2,299) | 0 | (5,130) |
Net (loss) from discontinued operations | 0 | (6,336) | 0 | (14,134) |
Net income/(loss) | 21,636 | (549,381) | 34,667 | (569,251) |
Preferred stock dividend | 0 | 130 | 0 | 255 |
Income/(loss) available to common shareholders | $ 21,636 | $ (549,511) | $ 34,667 | $ (569,506) |
Basic earnings/(loss) per common share: | ||||
Continuing operations (in dollars per share) | $ 0.43 | $ (10.80) | $ 0.69 | $ (11.05) |
Discontinued operations (in dollars per share) | 0 | (0.13) | 0 | (0.28) |
Total (in dollars per share) | 0.43 | (10.93) | 0.69 | (11.33) |
Diluted earnings/(loss) per common share: | ||||
Continuing operations (in dollars per share) | 0.43 | (10.80) | 0.69 | (11.05) |
Discontinued operations (in dollars per share) | 0 | (0.13) | 0 | (0.28) |
Total (in dollars per share) | $ 0.43 | $ (10.93) | $ 0.69 | $ (11.33) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 50,321 | 50,246 | 50,327 | 50,228 |
Diluted (in shares) | 50,608 | 50,246 | 50,588 | 50,228 |
Deposit related fees | ||||
Non-interest income from continuing operations | ||||
Total fee income | $ 7,508 | $ 5,373 | $ 14,634 | $ 13,320 |
Loan fees and revenue | ||||
Non-interest income from continuing operations | ||||
Total fee income | 7,431 | 5,717 | 17,677 | 7,019 |
Insurance commissions and fees | ||||
Non-interest income from continuing operations | ||||
Total fee income | 2,292 | 2,767 | 5,422 | 5,791 |
Wealth management fees | ||||
Non-interest income from continuing operations | ||||
Total fee income | 2,519 | 2,057 | 5,291 | 4,627 |
Mortgage banking originations | ||||
Non-interest income from continuing operations | ||||
Total fee income | 534 | 1,644 | 1,336 | 2,603 |
Total fee income | ||||
Non-interest income from continuing operations | ||||
Total fee income | $ 20,284 | $ 17,558 | $ 44,360 | $ 33,360 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ 21,636 | $ (549,381) | $ 34,667 | $ (569,251) |
Other comprehensive income, before tax: | ||||
Changes in unrealized gain on debt securities available-for-sale | 5,394 | 2,999 | (21,619) | 28,614 |
Income taxes related to other comprehensive income: | ||||
Changes in unrealized gain on debt securities available-for-sale | (1,343) | (777) | 5,520 | (7,368) |
Total other comprehensive income/(loss) | 4,051 | 2,222 | (16,099) | 21,246 |
Total comprehensive income/(loss) | $ 25,687 | $ (547,159) | $ 18,568 | $ (548,005) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Preferred stock | Common stock | Additional paid-in capital | Unearned compensation | Retained earnings (deficit) | Accumulated other comprehensive income/(loss) | Treasury stock | Impact of ASC 326 Adoption | Impact of ASC 326 AdoptionRetained earnings (deficit) |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 522 | 49,585 | ||||||||
Balance at beginning of period at Dec. 31, 2019 | $ 1,758,564 | $ 40,633 | $ 517 | $ 1,422,441 | $ (8,465) | $ 361,082 | $ 11,993 | $ (69,637) | $ (24,380) | $ (24,380) |
Comprehensive income (loss) | ||||||||||
Net income (loss) | (569,251) | (569,251) | ||||||||
Other comprehensive income (loss) | 21,246 | 21,246 | ||||||||
Total comprehensive income/(loss) | (548,005) | (569,251) | 21,246 | |||||||
Conversion of preferred stock to common stock (in shares) | (261) | 522 | ||||||||
Conversion of preferred stock to common stock | 0 | $ (20,308) | $ 6 | 5,391 | 14,911 | |||||
Cash dividends declared on common shares | (24,150) | (24,150) | ||||||||
Cash dividends declared on preferred shares | (255) | (255) | ||||||||
Treasury shares repurchased (in shares) | (14) | |||||||||
Treasury shares repurchased | (473) | (473) | ||||||||
Forfeited shares (in shares) | (14) | |||||||||
Forfeited shares | 0 | (156) | 485 | (329) | ||||||
Exercise of stock options (in shares) | 33 | |||||||||
Exercise of stock options | 607 | (395) | 1,002 | |||||||
Restricted stock grants (in shares) | 108 | |||||||||
Restricted stock grants | 0 | 52 | (3,133) | 3,081 | ||||||
Stock-based compensation | 2,815 | 2,815 | ||||||||
Other, net (in shares) | (28) | |||||||||
Other, net | (583) | (3) | (580) | |||||||
Balance at end of period (in shares) at Jun. 30, 2020 | 261 | 50,192 | ||||||||
Balance at end of period at Jun. 30, 2020 | 1,164,140 | $ 20,325 | $ 523 | 1,427,728 | (8,298) | (257,352) | 33,239 | (52,025) | ||
Balance at beginning of period (in shares) at Mar. 31, 2020 | 261 | 50,199 | ||||||||
Balance at beginning of period at Mar. 31, 2020 | 1,722,278 | $ 20,325 | $ 523 | 1,427,800 | (9,764) | 304,442 | 31,017 | (52,065) | ||
Comprehensive income (loss) | ||||||||||
Net income (loss) | (549,381) | (549,381) | ||||||||
Other comprehensive income (loss) | 2,222 | 2,222 | ||||||||
Total comprehensive income/(loss) | (547,159) | (549,381) | 2,222 | |||||||
Cash dividends declared on common shares | (12,100) | (12,100) | ||||||||
Cash dividends declared on preferred shares | (130) | (130) | ||||||||
Forfeited shares (in shares) | (3) | |||||||||
Forfeited shares | 0 | (72) | 110 | (38) | ||||||
Exercise of stock options (in shares) | 9 | |||||||||
Exercise of stock options | 88 | (180) | 268 | |||||||
Restricted stock grants (in shares) | 0 | |||||||||
Restricted stock grants | 0 | 0 | 0 | 0 | ||||||
Stock-based compensation | 1,356 | 1,356 | ||||||||
Other, net (in shares) | (13) | |||||||||
Other, net | (193) | (3) | (190) | |||||||
Balance at end of period (in shares) at Jun. 30, 2020 | 261 | 50,192 | ||||||||
Balance at end of period at Jun. 30, 2020 | 1,164,140 | $ 20,325 | $ 523 | 1,427,728 | (8,298) | (257,352) | 33,239 | (52,025) | ||
Balance at beginning of period (in shares) at Dec. 31, 2020 | 0 | 50,833 | ||||||||
Balance at beginning of period at Dec. 31, 2020 | 1,187,773 | $ 0 | $ 528 | 1,427,239 | (6,245) | (233,344) | 30,871 | (31,276) | ||
Comprehensive income (loss) | ||||||||||
Net income (loss) | 34,667 | 34,667 | ||||||||
Other comprehensive income (loss) | (16,099) | (16,099) | ||||||||
Total comprehensive income/(loss) | 18,568 | 34,667 | (16,099) | |||||||
Cash dividends declared on common shares | (12,224) | (12,224) | ||||||||
Treasury shares repurchased (in shares) | (745) | |||||||||
Treasury shares repurchased | (20,750) | (20,750) | ||||||||
Forfeited shares (in shares) | (62) | |||||||||
Forfeited shares | 0 | (190) | 1,570 | (1,380) | ||||||
Exercise of stock options (in shares) | 7 | |||||||||
Exercise of stock options | 124 | (93) | 217 | |||||||
Restricted stock grants (in shares) | 439 | |||||||||
Restricted stock grants | 0 | (3,974) | (8,612) | 12,586 | ||||||
Stock-based compensation | 2,281 | 2,281 | ||||||||
Other, net (in shares) | (19) | |||||||||
Other, net | (383) | 8 | (391) | |||||||
Balance at end of period (in shares) at Jun. 30, 2021 | 0 | 50,453 | ||||||||
Balance at end of period at Jun. 30, 2021 | 1,175,389 | $ 0 | $ 528 | 1,423,083 | (11,006) | (210,994) | 14,772 | (40,994) | ||
Balance at beginning of period (in shares) at Mar. 31, 2021 | 0 | 50,988 | ||||||||
Balance at beginning of period at Mar. 31, 2021 | 1,175,139 | $ 0 | $ 528 | 1,424,349 | (7,722) | (226,516) | 10,721 | (26,221) | ||
Comprehensive income (loss) | ||||||||||
Net income (loss) | 21,636 | 21,636 | ||||||||
Other comprehensive income (loss) | 4,051 | 4,051 | ||||||||
Total comprehensive income/(loss) | 25,687 | 21,636 | 4,051 | |||||||
Cash dividends declared on common shares | (6,100) | (6,100) | ||||||||
Treasury shares repurchased (in shares) | (745) | |||||||||
Treasury shares repurchased | (20,750) | (20,750) | ||||||||
Forfeited shares (in shares) | (11) | |||||||||
Forfeited shares | 0 | 45 | 238 | (283) | ||||||
Exercise of stock options (in shares) | 2 | |||||||||
Exercise of stock options | 55 | (14) | 69 | |||||||
Restricted stock grants (in shares) | 229 | |||||||||
Restricted stock grants | 0 | (1,314) | (5,127) | 6,441 | ||||||
Stock-based compensation | 1,605 | 1,605 | ||||||||
Other, net (in shares) | (10) | |||||||||
Other, net | (247) | 3 | (250) | |||||||
Balance at end of period (in shares) at Jun. 30, 2021 | 0 | 50,453 | ||||||||
Balance at end of period at Jun. 30, 2021 | $ 1,175,389 | $ 0 | $ 528 | $ 1,423,083 | $ (11,006) | $ (210,994) | $ 14,772 | $ (40,994) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock, cash dividends declared (in dollars per share) | $ 0.12 | $ 0.24 | $ 0.24 | $ 0.48 |
Preferred stock, cash dividends declared (in dollars per share) | $ 0.48 | $ 0.96 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income/(loss) from continuing operations | $ 34,667,000 | $ (555,117,000) |
Net (loss) from discontinued operations | 0 | (14,134,000) |
Net income/(loss) | 34,667,000 | (569,251,000) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Provision for credit losses | 6,500,000 | 64,678,000 |
Net amortization of securities | 748,000 | 1,363,000 |
Change in unamortized net loan costs and premiums | (5,410,000) | 19,486,000 |
Premises and equipment depreciation and amortization expense | 5,636,000 | 5,908,000 |
Stock-based compensation expense | 2,281,000 | 2,815,000 |
Accretion of purchase accounting entries, net | (3,555,000) | (5,555,000) |
Amortization of other intangibles | 2,616,000 | 3,138,000 |
Income from cash surrender value of bank-owned life insurance policies | (2,731,000) | (2,471,000) |
Securities losses, net | 515,000 | 8,908,000 |
Net change in loans held-for-sale | 8,164,000 | (10,668,000) |
Loss on disposition of assets | 2,811,000 | 0 |
Gain on sale of real estate | (33,000) | 13,000 |
Amortization of interest in tax-advantaged projects | 207,000 | 1,586,000 |
Goodwill impairment | 0 | 553,762,000 |
Net change in other | 11,319,000 | (24,022,000) |
Net cash provided by operating activities of continuing operations | 63,735,000 | 63,824,000 |
Net cash provided by operating activities of discontinued operations | 0 | 113,332,000 |
Net cash provided by operating activities | 63,735,000 | 177,156,000 |
Cash flows from investing activities: | ||
Net decrease in trading security | 384,000 | 363,000 |
Purchases of marketable equity securities | 0 | (17,631,000) |
Proceeds from sales of marketable equity securities | 2,849,000 | 18,458,000 |
Purchases of securities available for sale | (268,923,000) | (315,949,000) |
Proceeds from sales of securities available for sale | 0 | 7,646,000 |
Proceeds from maturities, calls, and prepayments of securities available for sale | 305,361,000 | 190,348,000 |
Purchases of securities held to maturity | (219,004,000) | (1,372,000) |
Proceeds from maturities, calls, and prepayments of securities held to maturity | 17,320,000 | 23,179,000 |
Net change in loans | 831,505,000 | 85,908,000 |
Net change in Mid-Atlantic region loans held for sale | 47,131,000 | 0 |
Proceeds from surrender of bank-owned life insurance | 0 | 553,000 |
Purchase of Federal Home Loan Bank stock | 0 | (6,741,000) |
Proceeds from redemption of Federal Home Loan Bank stock | 15,235,000 | 8,621,000 |
Net investment in limited partnership tax credits | 0 | (5,854,000) |
Purchase of premises and equipment, net | (1,606,000) | (4,493,000) |
Proceeds from sales of seasoned commercial loan portfolios | 14,749,000 | 0 |
Proceeds from sale of other real estate | 142,000 | 171,000 |
Net cash provided by investing activities | 745,143,000 | (16,793,000) |
Net investing cash flows from discontinued operations | 0 | 0 |
Cash flows from financing activities: | ||
Net (decrease)/increase in deposits | (301,908,000) | 442,380,000 |
Net increase in Mid-Atlantic region deposits held for sale | 15,590,000 | 0 |
Proceeds from Federal Home Loan Bank advances and other borrowings | 0 | 326,277,000 |
Repayments of Federal Home Loan Bank advances and other borrowings | (256,555,000) | (337,287,000) |
Purchase of treasury stock | (20,750,000) | (473,000) |
Exercise of stock options | 124,000 | 607,000 |
Common and preferred stock cash dividends paid | (6,124,000) | (12,175,000) |
Settlement of derivative contracts with financial institution counterparties | 29,551,000 | (115,369,000) |
Net cash used by financing activities | (540,072,000) | 303,960,000 |
Net change in cash and cash equivalents | 268,806,000 | 464,323,000 |
Cash and cash equivalents at beginning of period | 1,557,875,000 | 579,829,000 |
Cash and cash equivalents at end of period | 1,826,681,000 | 1,044,152,000 |
Supplemental cash flow information: | ||
Interest paid on deposits | 18,515,000 | 50,037,000 |
Interest paid on borrowed funds | 6,864,000 | 12,168,000 |
Income taxes (refunded) paid, net | (1,110,000) | 396,000 |
Other non-cash changes: | ||
Other net comprehensive income | (16,099,000) | 21,246,000 |
Change in shareholder dividend payable | 6,100,000 | 12,230,000 |
Reclass of seasoned loan portfolios to held-for-sale, net | 11,660,000 | 15,549,000 |
Real estate owned acquired in settlement of loans | 0 | 224,000 |
Retained earnings (deficit) | ||
Cash flows from operating activities: | ||
Net income/(loss) | 34,667,000 | (569,251,000) |
Retained earnings (deficit) | Impact of ASC 326 Adoption | ||
Other non-cash changes: | ||
Impact to retained earnings from adoption of ASC 326, net of tax | $ 0 | $ 24,380,000 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The Consolidated Financial Statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation, headquartered in Boston, Massachusetts, and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts, and Berkshire Insurance Group, Inc. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted. The results for any interim period are not necessarily indicative of results for the full year. These consolidated financial statements should be read in conjunction with the audited financial statements and disclosures Berkshire Hills Bancorp, Inc. previously filed with the Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In management’s opinion, all adjustments necessary for a fair statement are reflected in the interim periods. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements. Actual results could differ from those estimates. Refer to Note 10 – Other Commitments, Contingencies, and Off-Balance Sheet Activities for pandemic related risks and uncertainties. Recently Adopted Accounting Principles In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. As ASU No. 2018-14 only revises disclosure requirements, the adoption did not have a material impact on the Company’s Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 removes specific exceptions to the general principles in FASB ASC Topic 740. It eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also improves financial statement preparers’ application of income tax-related guidance and simplifies: (1) franchise taxes that are partially based on income; (2) transactions with a government that result in a step up in the tax basis of goodwill; (3) separate financial statements of legal entities that are not subject to tax; and (4) enacted changes in tax laws in interim periods. The adoption of ASU No. 2019-12 did not have a material impact on the Company's Consolidated Financial Statements. In January 2020, the FASB issued ASU No. 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)”. ASU No. 2020-01 clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. In addition, this ASU provides direction that a company should not consider whether the underlying securities would be accounted for under the equity method or the fair value option when it is determining the accounting for certain forward contracts and purchased options, upon either settlement or exercise. The amendments are to be applied prospectively. The adoption of ASU No. 2020-01 did not have a material impact on the Company's Consolidated Financial Statements. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU No. 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU No. 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. The adoption of ASU 2021-01 did not significantly impact the Company’s Consolidated Financial Statements. Future Application of Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. For instance, entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. Finally, entities can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. It is anticipated that this ASU will simplify any modifications that are executed between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. |
DISCONTINUED OPERATIONS AND HEL
DISCONTINUED OPERATIONS AND HELD FOR SALE | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS AND HELD FOR SALE | DISCONTINUED OPERATIONS AND HELD FOR SALE During the first quarter of 2019, the Company reached the decision to pursue the sale of the national mortgage banking operations of First Choice Loan Services, Inc. (“FCLS”), – a subsidiary of the Bank. The decision was based on a number of strategic priorities and other factors, including the competitiveness of the mortgage industry. FCLS continued to operate and serve its customers as the Company initiated the process of identifying a buyer. As a result of these actions, the Company classified the operations of FCLS as discontinued under ASC 205-20. The Consolidated Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Cash Flows present discontinued operations retrospectively for current and prior periods. On May 7, 2020, the Company completed a transaction to sell certain assets and liabilities related to the operations of FCLS. During the fourth quarter of 2020, the Company completed the final wind-down of the operations of FCLS. Operating results for the year ended December 31, 2020, include expenses related to the wind-down of operations. As of June 30, 2021 and December 31, 2020, there were no assets or liabilities related to the discontinued operations of FCLS. The following presents operating results of the discontinued operations of FCLS for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Interest income $ — $ 764 $ — $ 1,493 Interest expense — 105 — 387 Net interest income — 659 — 1,106 Non-interest income — (5,247) — (3,889) Total net revenue — (4,588) — (2,783) Non-interest expense — 4,047 — 16,481 (Loss) from discontinued operations before income taxes — (8,635) — (19,264) Income tax (benefit) — (2,299) — (5,130) Net (loss) from discontinued operations $ — $ (6,336) $ — $ (14,134) Mid-Atlantic Branch Sale The Company has entered into an agreement to sell its eight Mid-Atlantic branches to Investors Bank of Short Hills, New Jersey, subject to customary regulatory approvals. The sale is targeted for completion in the second half of 2021. The branch sale includes loans with a total balance of $253 million and deposit accounts with a total balance of $633 million as of June 30, 2021. These balances are included in assets held for sale and liabilities held for sale on the Consolidated Balance Sheets. The buyer has agreed to pay a premium equal to 3.0% of the final deposit balance transferred. The sale includes all branch premises and equipment, and the agreement provides that the buyer intends to offer employment to all associated staff. Berkshire expects to complete the net transfer with funds from short-term investments. The branch sale will have no effect on Berkshire’s Mid-Atlantic specialized commercial lending operations, including SBA lending at its 44 Business Capital Division and its asset-based lending relationships. The following is a summary of the assets and liabilities held for sale at June 30, 2021 and December 31, 2020: (In thousands) June 30, 2021 December 31, 2020 Assets Loans $ 253,468 $ 300,599 Other assets 23,108 16,705 Total assets $ 276,576 $ 317,304 Liabilities Deposits $ 632,967 $ 617,377 Other liabilities 13,721 12,688 Total liabilities $ 646,688 $ 630,065 |
TRADING SECURITY
TRADING SECURITY | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
TRADING SECURITY | TRADING SECURITYThe Company holds a tax-advantaged economic development bond accounted for at fair value. The security had an amortized cost of $8.3 million and $8.7 million, and a fair value of $8.9 million and $9.7 million, at June 30, 2021 and December 31, 2020, respectively. As discussed further in Note 8 - Derivative Financial Instruments and Hedging Activities, the Company entered into a swap contract to swap-out the fixed rate of the security in exchange for a variable rate. The Company does not purchase securities with the intent of selling them in the near term, and there were no other securities in the trading portfolio at June 30, 2021 or December 31, 2020. |
SECURITIES AVAILABLE FOR SALE,
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES | SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES The following is a summary of securities available for sale, held to maturity, and marketable equity securities: (In thousands) Amortized Cost Gross Gross Fair Value Allowance June 30, 2021 Securities available for sale Municipal bonds and obligations $ 79,341 $ 6,300 $ — $ 85,641 $ — Agency collateralized mortgage obligations 755,840 12,266 (3,007) 765,099 — Agency mortgage-backed securities 427,307 2,650 (4,915) 425,042 — Agency commercial mortgage-backed securities 258,204 5,988 (1,573) 262,619 — Corporate bonds 50,054 1,152 (49) 51,157 — Other bonds and obligations 49,473 1,489 (8) 50,954 — Total securities available for sale 1,620,219 29,845 (9,552) 1,640,512 — Securities held to maturity Municipal bonds and obligations 288,130 18,629 (507) 306,252 90 Agency collateralized mortgage obligations 161,841 4,703 (2,014) 164,530 — Agency mortgage-backed securities 62,900 125 (1,022) 62,003 — Agency commercial mortgage-backed securities 149,571 1,017 (1,378) 149,210 — Tax advantaged economic development bonds 3,050 40 (9) 3,081 40 Other bonds and obligations 294 — — 294 — Total securities held to maturity 665,786 24,514 (4,930) 685,370 130 Marketable equity securities 15,707 126 (124) 15,709 — Total $ 2,301,712 $ 54,485 $ (14,606) $ 2,341,591 $ 130 (In thousands) Amortized Cost Gross Gross Fair Value Allowance December 31, 2020 Securities available for sale Municipal bonds and obligations $ 90,273 $ 7,530 $ — $ 97,803 $ — Agency collateralized mortgage obligations 740,225 16,836 (235) 756,826 — Agency mortgage-backed securities 433,311 4,954 (133) 438,132 — Agency commercial mortgage-backed securities 278,990 9,835 (175) 288,650 — Corporate bonds 59,098 942 (10) 60,030 — Other bonds and obligations 52,080 1,719 (8) 53,791 — Total securities available for sale 1,653,977 41,816 (561) 1,695,232 — Securities held to maturity Municipal bonds and obligations 246,520 20,106 — 266,626 64 Agency collateralized mortgage obligations 153,561 5,989 (171) 159,379 — Agency mortgage-backed securities 35,865 198 (29) 36,034 — Agency commercial mortgage-backed securities 25,481 590 (12) 26,059 — Tax advantaged economic development bonds 3,369 93 — 3,462 40 Other bonds and obligations 295 — — 295 — Total securities held to maturity 465,091 26,976 (212) 491,855 104 Marketable equity securities 18,061 767 (315) 18,513 — Total $ 2,137,129 $ 69,559 $ (1,088) $ 2,205,600 $ 104 The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three and six months ended June 30, 2021 and 2020: (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at March 31, 2021 $ 71 $ 40 $ 111 Provision for credit losses 19 — 19 Balance at June 30, 2021 $ 90 $ 40 $ 130 (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at March 31, 2020 $ 83 $ 58 $ 141 Provision for credit losses - reversal (21) (7) (28) Balance at June 30, 2020 $ 62 $ 51 $ 113 (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at December 31, 2020 $ 64 $ 40 $ 104 Impact of ASC 326 adoption — — — Provision for credit losses 26 — 26 Balance at June 30, 2021 $ 90 $ 40 $ 130 (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at December 31, 2019 $ — $ — $ — Impact of ASC 326 adoption 83 226 309 Provision for credit losses - reversal (21) (175) (196) Balance at June 30, 2020 $ 62 $ 51 $ 113 Credit Quality Information The Company monitors the credit quality of held to maturity securities through credit ratings from various rating agencies. Credit ratings express opinions about the credit quality of a security and are utilized by the Company to make informed decisions. Investment grade securities are rated BBB-/Baa3 or higher and generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade are considered to have distinctively higher credit risk than investment grade securities. For securities without credit ratings, the Company utilizes other financial information indicating the financial health of the underlying municipality, agency, or organization. As of June 30, 2021, none of the Company's investment securities were delinquent or in non-accrual status. The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at June 30, 2021 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable. Available for sale Held to maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Within 1 year $ 31,834 $ 31,860 $ 1,764 $ 1,766 Over 1 year to 5 years 4,984 5,093 4,292 4,334 Over 5 years to 10 years 57,108 58,596 23,379 24,183 Over 10 years 84,942 92,203 262,039 279,344 Total bonds and obligations 178,868 187,752 291,474 309,627 Mortgage-backed securities 1,441,351 1,452,760 374,312 375,743 Total $ 1,620,219 $ 1,640,512 $ 665,786 $ 685,370 During the three months ended June 30, 2021, purchases of AFS securities totaled $165.0 million. During the six months ended June 30, 2021, purchases of AFS securities totaled $268.9 million. During the three and six months ended June 30, 2021, there were no sales of AFS securities. During the three months ended June 30, 2020, purchases of AFS securities totaled $155.0 million and the proceeds from the sale of AFS securities totaled $4.1 million. During the six months ended June 30, 2020, purchases of AFS securities totaled $315.9 million and the proceeds from the sale of AFS securities totaled $7.6 million. During the three and six months ended June 30, 2021, there were no gross gains or losses on AFS securities. During the three months ended June 30, 2020, there were $1 thousand gross gains on AFS securities and there were no gross losses. During the six months ended June 30, 2020, there were $1 thousand gross gains on AFS securities and gross losses totaled $1 thousand. These gains and losses are included in gain/(loss) on securities, net on the consolidated statements of operations. Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows: Less Than Twelve Months Over Twelve Months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Losses Value Losses Value Losses Value June 30, 2021 Securities available for sale Agency collateralized mortgage obligations $ 3,007 $ 262,830 $ — $ — $ 3,007 $ 262,830 Agency mortgage-backed securities 4,907 297,679 8 334 4,915 298,013 Agency commercial mortgage-backed securities 1,383 94,708 190 7,713 1,573 102,421 Corporate bonds 49 9,115 — — 49 9,115 Other bonds and obligations — — 8 903 8 903 Total securities available for sale $ 9,346 $ 664,332 $ 206 $ 8,950 $ 9,552 $ 673,282 Securities held to maturity Municipal bonds and obligations $ 507 $ 30,801 $ — $ — $ 507 $ 30,801 Agency collateralized mortgage obligations 2,014 81,140 — — 2,014 81,140 Agency mortgage-backed securities 1,022 58,170 — — 1,022 58,170 Agency commercial mortgage-backed securities 1,378 92,573 — — 1,378 92,573 Tax advantaged economic development bonds 9 1,329 — — 9 1,329 Total securities held to maturity 4,930 264,013 — — 4,930 264,013 Total $ 14,276 $ 928,345 $ 206 $ 8,950 $ 14,482 $ 937,295 December 31, 2020 Securities available for sale Agency collateralized mortgage obligations $ 235 $ 77,898 $ — $ — $ 235 $ 77,898 Agency mortgage-backed securities 131 39,939 2 256 133 40,195 Agency commercial mortgage-backed securities 175 51,435 — — 175 51,435 Corporate bonds 10 4,875 — — 10 4,875 Other bonds and obligations — — 8 1,030 8 1,030 Total securities available for sale $ 551 $ 174,147 $ 10 $ 1,286 $ 561 $ 175,433 Securities held to maturity Agency collateralized mortgage obligations $ 171 $ 25,048 $ — $ — $ 171 $ 25,048 Agency mortgage-backed securities 29 20,710 — — 29 20,710 Agency commercial mortgage-backed securities 12 10,216 — — 12 10,216 Total securities held to maturity 212 55,974 — — 212 55,974 Total $ 763 $ 230,121 $ 10 $ 1,286 $ 773 $ 231,407 Debt Securities The Company expects to recover its amortized cost basis on all debt securities in its AFS and HTM portfolios. Furthermore, the Company does not intend to sell nor does it anticipate that it will be required to sell any of its securities in an unrealized loss position as of June 30, 2021, prior to this recovery. The Company’s ability and intent to hold these securities until recovery is supported by the Company’s strong capital and liquidity positions as well as its historically low portfolio turnover. The following summarizes, by investment security type, the basis for the conclusion that the debt securities in an unrealized loss position within the Company’s AFS and HTM portfolios were not other-than-temporarily impaired at June 30, 2021: AFS collateralized mortgage obligations At June 30, 2021, 27 of the 258 securities in the Company’s portfolio of AFS collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 1.1% of the amortized cost of securities in unrealized loss positions. The Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Government National Mortgage Association (“GNMA”) guarantee the contractual cash flows of all of the Company’s collateralized mortgage obligations. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. AFS commercial and residential mortgage-backed securities At June 30, 2021, 29 of the 125 securities in the Company’s portfolio of AFS mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 1.6% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. AFS corporate bonds At June 30, 2021, 4 of the 16 securities in the Company’s portfolio of AFS corporate bonds was in an unrealized loss position. Aggregate unrealized losses represents 0.5% of the amortized cost of the bond in an unrealized loss position. The Company reviews the financial strength of all of these bonds and has concluded that the amortized cost remains supported by the expected future cash flows of these securities. AFS other bonds and obligations At June 30, 2021, 2 of the 6 securities in the Company’s portfolio of other bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 0.8% of the amortized cost of securities in unrealized loss positions. The securities are all investment grade rated, and there were no material underlying credit downgrades during the quarter. All securities are performing. HTM municipal bonds and obligations At June 30, 2021, 23 of the 221 securities in the Company’s portfolio of HTM municipal bonds and obligations were in unrealized loss positions. Aggregate unrealized losses represented 1.6% of the amortized cost of securities in unrealized loss positions. The Company continually monitors the municipal bond sector of the market carefully and periodically evaluates the appropriate level of exposure to the market. At this time, the Company feels the bonds in this portfolio carry minimal risk of default and the Company is appropriately compensated for that risk. There were no material underlying credit downgrades during the quarter. All securities are performing. HTM collateralized mortgage obligations At June 30, 2021, 6 of the 14 securities in the Company’s portfolio of HTM collateralized mortgage obligations were in unrealized loss positions. Aggregate unrealized losses represented 2.4% of the amortized cost of the securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of all of the Company's collateralized residential mortgage obligations. The securities are investment grade rated, and there were no material underlying credit downgrades during the quarter. All securities are performing. HTM commercial and residential mortgage-backed securities At June 30, 2021, 12 out of 17 securities in the Company’s portfolio of HTM mortgage-backed securities were in unrealized loss positions. Aggregate unrealized losses represented 1.6% of the amortized cost of securities in unrealized loss positions. The FNMA, FHLMC, and GNMA guarantee the contractual cash flows of the Company’s mortgage-backed securities. The securities are investment grade rated and there were no material underlying credit downgrades during the quarter. All securities are performing. HTM tax-advantaged economic development bonds At June 30, 2021, 1 out of 3 securities in the Company’s portfolio of tax-advantaged economic development bonds were in an unrealized loss position. Aggregate unrealized losses represented 0.7% of the amortized cost of the security in an unrealized loss position. The Company believes that more likely than not all the principal outstanding will be collected. All securities are performing. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types: (In thousands) June 30, 2021 December 31, 2020 Construction $ 428,596 $ 454,513 Commercial multifamily 499,391 483,350 Commercial real estate owner occupied 558,483 552,413 Commercial real estate non-owner occupied 2,150,608 2,119,263 Commercial and industrial 1,436,207 1,943,164 Residential real estate 1,659,481 1,931,681 Home equity 269,610 293,981 Consumer other 230,215 303,154 Total loans $ 7,232,591 $ 8,081,519 Allowance for credit losses 119,044 127,302 Net loans $ 7,113,547 $ 7,954,217 As of June 30, 2021 and December 31, 2020, outstanding loans originated under the Small Business Administration ("SBA") Paycheck Protection Program ("PPP") totaled $173.2 million and $633.3 million, respectively. T hese loans are 100% guaranteed by the SBA and the full principal amount of the loan may qualify for forgiveness. These loans are included in commercial and industrial. During the three and six months ended June 30, 2021, the Company reclassified $2.2 million and $11.7 million of commercial loans, reflecting its intent to sell these loans. These loans are not contained in the balances within this note and are accounted for at the lower of carrying value or fair market value within loans held for sale on the Consolidated Balance Sheet. Risk characteristics relevant to each portfolio segment are as follows: Construction - Loans in this segment primarily include real estate development loans for which payment is derived from sale of the property or long term financing at completion. Credit risk is affected by cost overruns, time to sell at an adequate price, and market conditions. Commercial real estate multifamily, owner occupied and non-owner - Loans in these segments are primarily owner-occupied or income-producing properties throughout New England and Northeastern New York. The underlying cash flows generated by the properties are adversely impacted by a downturn in the economy, which in turn, will have an effect on the credit quality in this segment. Management monitors the cash flows of these loans. Commercial and industrial loans - Loans in this segment are made to businesses and are generally secured by assets of the business such as accounts receivable, inventory, marketable securities, other liquid collateral, equipment and other business assets. Repayment is expected from the cash flows of the business. Loans in this segment include asset based loans which generally have no scheduled repayment and which are closely monitored against formula based collateral advance ratios. A weakened economy, and resultant decreased consumer spending, will have an effect on the credit quality in this segment. Residential real estate - All loans in this segment are collateralized by residential real estate and repayment is dependent on the credit quality of the individual borrower. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Home equity and other consumer loans - Loans in this segment are primarily home equity lines of credit, automobile loans and other consumer loans. The overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this segment. Allowance for Credit Losses for Loans The Allowance for Credit Losses for Loans (“ACLL”) is comprised of the allowance for loan losses, and the allowance for unfunded commitments is accounted for as a separate liability in other liabilities on the balance sheet. The level of the ACLL represents management’s estimate of expected credit losses over the expected life of the loans at the balance sheet date. The Company uses a static pool migration analysis method, applying expected historical loss trend and observed economic metrics. The level of the ACLL is based on management’s ongoing review of all relevant information, from internal and external sources, relating to past and current events, utilizing a 7 quarter reasonable and supportable forecast period with a 1 year reversion period. The ACLL reserve is overlaid with qualitative factors based upon: • the existence and growth of concentrations of credit; • the volume and severity of past due financial assets, including nonaccrual assets; • the institutions lending and credit review as well as the experience and ability of relevant management and staff and; • the effect of other external factors such as regulatory, competition, regional market conditions, legal and technological environment and other events such as natural disasters; • the effect of other economic factors such as economic stimulus and customer forbearance programs. The allowance for unfunded commitments is maintained at a level by the Company to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). The Company’s activity in the allowance for credit losses for loans for the three and six months ended June 30, 2021 and June 30, 2020 was as follows: (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Three months ended June 30, 2021 Construction $ 4,397 $ — $ 4,397 $ — $ — $ (478) $ 3,919 Commercial multifamily 6,351 — 6,351 (115) 95 866 7,197 Commercial real estate owner occupied 14,257 — 14,257 (227) 40 (828) 13,242 Commercial real estate non-owner occupied 34,561 — 34,561 (2,561) 178 (1,863) 30,315 Commercial and industrial 26,071 — 26,071 (3,585) 1,266 4,473 28,225 Residential real estate 25,800 — 25,800 (220) 667 (2,604) 23,643 Home equity 5,749 — 5,749 (164) 15 (168) 5,432 Consumer other 6,614 — 6,614 (375) 249 583 7,071 Total allowance for credit losses $ 123,800 $ — $ 123,800 $ (7,247) $ 2,510 $ (19) $ 119,044 (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Three months ended June 30, 2020 Construction $ 4,573 $ — $ 4,573 $ — $ — $ 3,206 $ 7,779 Commercial multifamily 4,453 — 4,453 (50) — (104) 4,299 Commercial real estate owner occupied 11,607 — 11,607 (2,237) 610 1,572 11,552 Commercial real estate non-owner occupied 28,863 — 28,863 — 88 5,756 34,707 Commercial and industrial 24,502 — 24,502 (3,370) 2,218 (254) 23,096 Residential real estate 26,057 — 26,057 (959) 125 13,781 39,004 Home equity 7,780 — 7,780 (157) 97 301 8,021 Consumer other 5,675 — 5,675 (501) 121 5,641 10,936 Total allowance for credit losses $ 113,510 $ — $ 113,510 $ (7,274) $ 3,259 $ 29,899 $ 139,394 (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Six months ended June 30, 2021 Construction $ 5,111 $ — $ 5,111 $ — $ — $ (1,192) $ 3,919 Commercial multifamily 5,916 — 5,916 (239) 157 1,363 7,197 Commercial real estate owner occupied 12,380 — 12,380 (603) 52 1,413 13,242 Commercial real estate non-owner occupied 35,850 — 35,850 (9,220) 304 3,381 30,315 Commercial and industrial 25,013 — 25,013 (6,905) 1,911 8,206 28,225 Residential real estate 28,491 — 28,491 (598) 1,104 (5,354) 23,643 Home equity 6,482 — 6,482 (240) 39 (849) 5,432 Consumer other 8,059 — 8,059 (903) 409 (494) 7,071 Total allowance for credit losses $ 127,302 $ — $ 127,302 $ (18,708) $ 3,976 $ 6,474 $ 119,044 (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Six months ended June 30, 2020 Construction $ 2,713 $ (342) $ 2,371 $ — $ — $ 5,408 $ 7,779 Commercial multifamily 4,413 (1,842) 2,571 (50) — 1,778 4,299 Commercial real estate owner occupied 4,880 6,062 10,942 (8,613) 868 8,355 11,552 Commercial real estate non-owner occupied 16,344 11,201 27,545 (135) 135 7,162 34,707 Commercial and industrial 20,099 (2,189) 17,910 (8,284) 3,620 9,850 23,096 Residential real estate 9,970 6,799 16,769 (1,131) 221 23,145 39,004 Home equity 1,470 4,884 6,354 (234) 99 1,802 8,021 Consumer other 3,686 861 4,547 (1,259) 274 7,374 10,936 Total allowance for credit losses $ 63,575 $ 25,434 $ 89,009 $ (19,706) $ 5,217 $ 64,874 $ 139,394 The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (other liability on consolidated balance sheet), with adjustments to the reserve recognized in other noninterest expense in the consolidated statement of operations. The Company’s activity in the allowance for credit losses on unfunded commitments for the three and six months ended June 30, 2021 was as follows: Three Months Ended (In thousands) 2021 2020 Balance at beginning of period $ 7,829 $ 8,593 Expense for credit losses — — Balance at end of period $ 7,829 $ 8,593 Six Months Ended (In thousands) 2021 2020 Balance at beginning of period $ 7,629 $ 100 Impact of adopting ASC 326 — 7,993 Sub-Total 7,629 8,093 Expense for credit losses 200 500 Balance at end of period $ 7,829 $ 8,593 Credit Quality Information The Company monitors the credit quality of its portfolio by using internal risk ratings that are based on regulatory guidance. Loans that are given a Pass rating are not considered a problem credit. Loans that are classified as Special Mention loans are considered to have potential weaknesses and are evaluated closely by management. Substandard, including non-accruing loans, are loans for which a definitive weakness has been identified and which may make full collection of contractual cash flows questionable. Doubtful loans are those with identified weaknesses that make full collection of contractual cash flows, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. For commercial credits, the Company assigns an internal risk rating at origination and reviews the rating annual, semiannually, or quarterly depending on the risk rating. The rating is also reassessed at any point in time when management becomes aware of information that may affect the borrower’s ability to fulfill their obligations. The Company risk rates its residential mortgages, including 1-4 family and residential construction loans, based on a three rating system: Pass, Special Mention, and Substandard. Loans that are current within 59 days are rated Pass. Residential mortgages that are 60-89 days delinquent are rated Special Mention. Loans delinquent for 90 days or greater are rated Substandard and generally placed on non-accrual status. The following table presents the Company’s loans by risk category: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of June 30, 2021 Construction Risk rating Pass $ 35,596 $ 51,635 $ 223,937 $ 74,435 $ 30,941 $ 2,060 $ 250 $ — $ 418,854 Special Mention — — — 313 — — — — 313 Substandard — — — 9,429 — — — — 9,429 Total $ 35,596 $ 51,635 $ 223,937 $ 84,177 $ 30,941 $ 2,060 $ 250 $ — $ 428,596 Commercial multifamily: Risk rating Pass $ 23,414 $ 31,156 $ 82,932 $ 73,546 $ 77,790 $ 207,898 $ 53 $ — $ 496,789 Special Mention — — — — — — — — — Substandard — — — — — 2,462 140 — 2,602 Total $ 23,414 $ 31,156 $ 82,932 $ 73,546 $ 77,790 $ 210,360 $ 193 $ — $ 499,391 Commercial real estate owner occupied: Risk rating Pass $ 40,337 $ 51,325 $ 79,894 $ 96,160 $ 60,192 $ 205,099 $ 2,139 $ — $ 535,146 Special Mention — 535 2,859 1,136 2,677 1,793 — — 9,000 Substandard — — 1,266 2,463 1,519 9,089 — — 14,337 Total $ 40,337 $ 51,860 $ 84,019 $ 99,759 $ 64,388 $ 215,981 $ 2,139 $ — $ 558,483 Commercial real estate non-owner occupied: Risk rating Pass $ 179,475 $ 181,339 $ 313,489 $ 403,612 $ 216,824 $ 693,480 $ 17,595 $ — $ 2,005,814 Special Mention — 231 268 13,932 6,849 44,141 — — 65,421 Substandard — 7,751 3,529 2,888 19,956 45,056 193 — 79,373 Total $ 179,475 $ 189,321 $ 317,286 $ 420,432 $ 243,629 $ 782,677 $ 17,788 $ — $ 2,150,608 Commercial and industrial: Risk rating Pass $ 72,627 $ 302,687 $ 122,607 $ 201,428 $ 83,270 $ 172,671 $ 353,839 $ — $ 1,309,129 Special Mention — 2,753 15,473 10,882 16,214 900 10,519 — 56,741 Substandard 3,352 6,513 28,671 12,497 5,381 6,156 7,518 — 70,088 Doubtful — — — — — — 249 — 249 Total $ 75,979 $ 311,953 $ 166,751 $ 224,807 $ 104,865 $ 179,727 $ 372,125 $ — $ 1,436,207 Residential real estate Risk rating Pass $ 148,842 $ 138,615 $ 112,993 $ 163,659 $ 242,739 $ 835,932 $ 3,450 $ — $ 1,646,230 Special Mention — — — — — 363 — — 363 Substandard — 697 — 1,313 1,611 9,267 — — 12,888 Total $ 148,842 $ 139,312 $ 112,993 $ 164,972 $ 244,350 $ 845,562 $ 3,450 $ — $ 1,659,481 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, 2020 Construction Risk rating Pass $ 38,374 $ 255,377 $ 114,690 $ 28,474 $ 9,519 $ 2,766 $ 1,000 $ — $ 450,200 Special Mention — — 313 — — — — — 313 Substandard — — — 4,000 — — — — 4,000 Total $ 38,374 $ 255,377 $ 115,003 $ 32,474 $ 9,519 $ 2,766 $ 1,000 $ — $ 454,513 Commercial multifamily: Risk rating Pass $ 31,438 $ 57,659 $ 74,932 $ 77,746 $ 81,066 $ 153,818 $ 20 $ — $ 476,679 Special Mention — — — — — — — — — Substandard — — — — 47 6,479 145 — 6,671 Total $ 31,438 $ 57,659 $ 74,932 $ 77,746 $ 81,113 $ 160,297 $ 165 $ — $ 483,350 Commercial real estate owner occupied: Risk rating Pass $ 58,327 $ 84,839 $ 104,797 $ 64,693 $ 44,300 $ 169,197 $ 1,194 $ — $ 527,347 Special Mention 535 2,569 1,136 1,009 800 2,579 — — 8,628 Substandard — 1,266 3,597 1,685 1,439 8,451 — — 16,438 Total $ 58,862 $ 88,674 $ 109,530 $ 67,387 $ 46,539 $ 180,227 $ 1,194 $ — $ 552,413 Commercial real estate non-owner occupied: Risk rating Pass $ 180,520 $ 292,386 $ 435,440 $ 223,935 $ 303,221 $ 497,066 $ 15,393 $ — $ 1,947,961 Special Mention — 279 2,068 6,958 11,798 44,961 1,068 — 67,132 Substandard 7,804 3,529 4,235 19,632 2,124 66,651 195 — 104,170 Total $ 188,324 $ 296,194 $ 441,743 $ 250,525 $ 317,143 $ 608,678 $ 16,656 $ — $ 2,119,263 Commercial and industrial: Risk rating Pass $ 754,260 $ 159,046 $ 205,651 $ 130,985 $ 48,326 $ 148,222 $ 368,769 $ — $ 1,815,259 Special Mention 1,467 5,753 5,267 2,851 1,601 65 12,408 — 29,412 Substandard 7,392 39,822 24,951 7,765 3,504 5,630 9,099 — 98,163 Doubtful — — — — — — 330 — 330 Total $ 763,119 $ 204,621 $ 235,869 $ 141,601 $ 53,431 $ 153,917 $ 390,606 $ — $ 1,943,164 Residential real estate Risk rating Pass $ 150,583 $ 146,142 $ 272,399 $ 320,384 $ 333,159 $ 691,078 $ 3,281 $ — $ 1,917,026 Special Mention 384 — 454 1,430 — 362 — — 2,630 Substandard 991 39 703 902 417 8,964 9 — 12,025 Total $ 151,958 $ 146,181 $ 273,556 $ 322,716 $ 333,576 $ 700,404 $ 3,290 $ — $ 1,931,681 For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of June 30, 2021 Home equity: Payment performance Performing $ 1,355 $ 2,858 $ 1,418 $ 318 $ 1,800 $ 2,206 $ 257,227 $ — $ 267,182 Nonperforming — — — — — — 2,428 — 2,428 Total $ 1,355 $ 2,858 $ 1,418 $ 318 $ 1,800 $ 2,206 $ 259,655 $ — $ 269,610 Consumer other: Payment performance Performing $ 11,635 $ 12,856 $ 27,449 $ 74,896 $ 46,928 $ 44,842 $ 7,712 $ — $ 226,318 Nonperforming — 92 383 1,034 1,095 1,284 9 — 3,897 Total $ 11,635 $ 12,948 $ 27,832 $ 75,930 $ 48,023 $ 46,126 $ 7,721 $ — $ 230,215 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, 2020 Home equity: Payment performance Performing $ 2,445 $ 1,960 $ 316 $ 1,859 $ 499 $ 1,882 $ 282,123 $ — $ 291,084 Nonperforming — — 1 — — — 2,896 — 2,897 Total $ 2,445 $ 1,960 $ 317 $ 1,859 $ 499 $ 1,882 $ 285,019 $ — $ 293,981 Consumer other: Payment performance Performing $ 15,193 $ 35,317 $ 101,730 $ 69,366 $ 35,421 $ 31,327 $ 9,339 $ — $ 297,693 Nonperforming 39 316 1,511 1,599 1,585 407 4 — 5,461 Total $ 15,232 $ 35,633 $ 103,241 $ 70,965 $ 37,006 $ 31,734 $ 9,343 $ — $ 303,154 The following is a summary of loans by past due status at June 30, 2021 and December 31, 2020: (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans June 30, 2021 Construction $ — $ — $ — $ — $ 428,596 $ 428,596 Commercial multifamily 589 — 364 953 498,438 499,391 Commercial real estate owner occupied 1,569 961 3,963 6,493 551,990 558,483 Commercial real estate non-owner occupied 953 — 18,655 19,608 2,131,000 2,150,608 Commercial and industrial 2,168 3,973 9,515 15,656 1,420,551 1,436,207 Residential real estate 2,762 363 12,008 15,133 1,644,348 1,659,481 Home equity 468 114 2,428 3,010 266,600 269,610 Consumer other 1,300 262 3,801 5,363 224,852 230,215 Total $ 9,809 $ 5,673 $ 50,734 $ 66,216 $ 7,166,375 $ 7,232,591 (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans December 31, 2020 Construction $ — $ — $ — $ — $ 454,513 $ 454,513 Commercial multifamily — — 757 757 482,593 483,350 Commercial real estate owner occupied 809 631 4,894 6,334 546,079 552,413 Commercial real estate non-owner occupied 315 168 38,389 38,872 2,080,391 2,119,263 Commercial and industrial 3,016 3,259 12,982 19,257 1,923,907 1,943,164 Residential real estate 2,068 2,630 11,115 15,813 1,915,868 1,931,681 Home equity 244 284 2,897 3,425 290,556 293,981 Consumer other 2,109 777 5,364 8,250 294,904 303,154 Total $ 8,561 $ 7,749 $ 76,398 $ 92,708 $ 7,988,811 $ 8,081,519 The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of June 30, 2021 and December 31, 2020: (In thousands) Nonaccrual Amortized Cost Nonaccrual With No Related Allowance Past Due 90 Days or Greater and Accruing Interest Income Recognized on Nonaccrual At or for the three months ended June 30, 2021 Construction $ — $ — $ — $ — Commercial multifamily 364 199 — — Commercial real estate owner occupied 3,588 1,781 375 — Commercial real estate non-owner occupied 18,130 11,451 525 — Commercial and industrial 9,427 2,507 88 — Residential real estate 10,011 6,220 1,997 — Home equity 2,292 92 136 — Consumer other 3,793 10 8 — Total $ 47,605 $ 22,260 $ 3,129 $ — The commercial and industrial loans nonaccrual amortized cost as of June 30, 2021 included medallion loans with a fair value of $1.3 million and a contractual balance of $39.1 million. (In thousands) Nonaccrual Amortized Cost Nonaccrual With No Related Allowance Past Due 90 Days or Greater and Accruing Interest Income Recognized on Nonaccrual At or for the three months ended December 31, 2020 Construction $ — $ — $ — $ — Commercial multifamily 757 591 — — Commercial real estate owner occupied 4,509 2,290 385 — Commercial real estate non-owner occupied 29,572 13,912 8,817 — Commercial and industrial 12,441 4,725 541 — Residential real estate 9,711 5,739 1,404 — Home equity 2,654 159 243 — Consumer other 5,304 2 60 — Total $ 64,948 $ 27,418 $ 11,450 $ — The commercial and industrial loans nonaccrual amortized cost as of December 31, 2020 included medallion loans with a fair value of $2.3 million and a contractual balance of $53.9 million. The following table summarizes information about total loans rated Special Mention or lower at June 30, 2021 and December 31, 2020. The table below includes consumer loans that are Special Mention and Substandard accruing that are classified as performing based on payment activity. (In thousands) June 30, 2021 December 31, 2020 Non-Accrual $ 47,605 $ 64,948 Substandard Accruing 147,685 185,207 Total Classified 195,290 250,155 Special Mention 132,337 109,299 Total Criticized $ 327,627 $ 359,454 A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for collateral-dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Significant quarter over quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment: Type of Collateral (In thousands) Real Estate Investment Securities/Cash Other June 30, 2021 Construction $ — $ — $ — Commercial multifamily 200 — — Commercial real estate owner occupied 4,796 — — Commercial real estate non-owner occupied 20,392 — — Commercial and industrial 1,633 — 748 Residential real estate 5,632 — — Home equity 81 — — Consumer other 31 — — Total loans $ 32,765 $ — $ 748 December 31, 2020 Construction $ — $ — $ — Commercial multifamily 591 — — Commercial real estate owner occupied 5,714 — — Commercial real estate non-owner occupied 30,950 — — Commercial and industrial 973 36 3,758 Commercial and industrial - other — — — Residential real estate 5,081 — — Home equity 145 — — Consumer other 51 — — Total loans $ 43,505 $ 36 $ 3,758 Troubled Debt Restructuring Loans The Company’s loan portfolio also includes certain loans that have been modified in a Troubled Debt Restructuring ("TDR"), where economic concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Company’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance, or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned to performing status after considering the borrower’s sustained repayment performance for a reasonable period, generally six months. TDRs are evaluated individually for impairment and may result in a specific allowance amount allocated to an individual loan. The following table presents activity in TDRs for the three and six months ended June 30, 2021 and June 30, 2020: (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Three months ended June 30, 2021 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 741 (13) — — — 728 Commercial real estate owner occupied 1,725 (29) — — 1,266 2,962 Commercial real estate non-owner occupied 14,725 (81) — (590) 10,434 24,488 Commercial and industrial 2,633 (229) — (37) 4,443 6,810 Residential real estate 1,493 (14) — (174) — 1,305 Home equity 130 (3) — — — 127 Consumer other 34 (3) — 6 — 37 Total $ 21,481 $ (372) $ — $ (795) $ 16,143 $ 36,457 (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Three months ended June 30, 2020 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 779 — — — — 779 Commercial real estate owner occupied 7,638 (9) — (4,710) — 2,919 Commercial real estate non-owner occupied 1,373 — — — 9,793 11,166 Commercial and industrial 2,314 (34) — (2) 285 2,563 Residential real estate 2,023 (55) — — — 1,968 Home equity 278 (3) — — — 275 Consumer other 44 (1) — — — 43 Total $ 14,449 $ (102) $ — $ (4,712) $ 10,078 $ 19,713 (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Six months ended June 30, 2021 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 754 (26) — — — 728 Commercial real estate owner occupied 1,731 (35) — — 1,266 2,962 Commercial real estate non-owner occupied 13,684 (95) — (80) 10,979 24,488 Commercial and industrial 2,686 (428) — (37) 4,589 6,810 Residential real estate 1,524 (46) — (173) — 1,305 Home equity 133 (6) — — — 127 Consumer other 36 (5) — 6 — 37 Total $ 20,548 $ (641) $ — $ (284) $ 16,834 $ 36,457 (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Six months ended June 30, 2020 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 793 (14) — — — 779 Commercial real estate owner occupied 13,331 (5,702) — (4,710) — 2,919 Commercial real estate non-owner occupied 1,373 — — — 9,793 11,166 Commercial and industrial 1,449 (71) — (2) 1,187 2,563 Residential real estate 2,045 (77) — — — 1,968 Home equity 277 (2) — — — 275 Consumer other 48 (5) — — — 43 Total $ 19,316 $ (5,871) $ — $ (4,712) $ 10,980 $ 19,713 The following table presents loans modified as TDRs that occurred during the three and six months ended June 30, 2021 and 2020: (dollars in thousands) Total Three months ended June 30, 2021 TDR: Number of loans 9 Pre-modification outstanding recorded investment $ 16,143 Post-modification outstanding recorded investment $ 16,143 Three months ended June 30, 2020 TDR: Number of loans 2 Pre-modification outstanding recorded investment $ 10,078 Post-modification outstanding recorded investment $ 10,078 (dollars in thousands) Total Six months ended June 30, 2021 TDR: Number of loans 13 Pre-modification outstanding recorded investment $ 16,834 Post-modification outstanding recorded investment $ 16,834 Six months ended June 30, 2020 TDR: Number of loans 5 Pre-modification outstanding recorded investment $ 10,980 Post-modification outstanding recorded investment $ 10,980 The following table presents loans by portfolio segment modified as TDRs for which there was a payment default within twelve months following the modification during the three and six months ended June 30, 2021: (in thousands) Number of Loans Recorded Investment Three months ended June 30, 2021 Commercial and industrial 1 $ 53 Total 1 $ 53 (in thousands) Number of Loans Recorded Investment Six months ended June 30, 2021 Commercial and industrial 2 $ 71 Total 2 $ 71 There were no TDRs for which there was a payment default within twelve months following the modification during the three and six months ended June 30, 2020. Beginning in March 2020, the Company has offered three-month payment deferrals for customers with a current payment status who were negatively impacted by economic disruption caused by the COVID-19 pandemic. Refer to Note 10 - Other Commitments, Contingencies, and Off-Balance Sheet Activities for more information regarding these modifications. |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS A summary of time deposits is as follows: (In thousands) June 30, December 31, Time less than $100,000 $ 607,050 $ 663,324 Time $100,000 through $250,000 894,706 1,219,210 Time more than $250,000 432,686 502,551 Total time deposits $ 1,934,442 $ 2,385,085 Included in total deposits are brokered deposits of $358.4 million and $610.6 million at June 30, 2021 and December 31, 2020, respectively. Included in total deposits are reciprocal deposits of $99.6 million and $119.0 million at June 30, 2021 and December 31, 2020, respectively. |
BORROWED FUNDS
BORROWED FUNDS | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | BORROWED FUNDS Borrowed funds at June 30, 2021 and December 31, 2020 are summarized, as follows: June 30, 2021 December 31, 2020 Weighted Weighted Average Average (Dollars in thousands) Principal Rate Principal Rate Short-term borrowings: Advances from the FHLB $ — — % $ 40,000 1.05 % Total short-term borrowings: — — 40,000 1.05 Long-term borrowings: Advances from the FHLB and other borrowings 217,847 1.92 434,357 1.89 Subordinated borrowings 74,500 7.00 74,411 7.00 Junior subordinated borrowing - Trust I 15,464 2.00 15,464 2.06 Junior subordinated borrowing - Trust II 7,432 1.82 7,405 1.92 Total long-term borrowings: 315,243 3.12 531,637 2.61 Total $ 315,243 3.12 % $ 571,637 2.50 % Short-term debt includes Federal Home Loan Bank (“FHLB”) advances with an original maturity of less than one year and a short-term line-of-credit drawdown through a correspondent bank. The Bank also maintains a $3.0 million secured line of credit with the FHLB that bears a daily adjustable rate calculated by the FHLB. There was no outstanding balance on the FHLB line of credit for the periods ended June 30, 2021 and December 31, 2020. The Bank's available borrowing capacity with the FHLB was $1.5 billion and $1.6 billion for the periods ended June 30, 2021 and December 31, 2020, respectively. The Bank is approved to borrow on a short-term basis from the Federal Reserve Bank of Boston as a non-member bank. The Bank has pledged certain loans and securities to the Federal Reserve Bank to support this arrangement. No borrowings with the Federal Reserve Bank under this arrangement took place for the periods ended June 30, 2021 and December 31, 2020. As a participant in the SBA Paycheck Protection Program ("PPP"), the Bank may pledge originated loans as collateral at face value to the Federal Reserve Bank of Boston for term financings. As of June 30, 2021 and December 31, 2021, the Bank had no pledged PPP loans. The Bank's available borrowing capacity with the Federal Reserve Bank was $550.4 million and $815.6 million for the periods ended June 30, 2021 and December 31, 2020, respectively. Long-term FHLB advances consist of advances with an original maturity of more than one year and are subject to prepayment penalties. The advances outstanding at June 30, 2021 included callable advances totaling $10.0 million and amortizing advances totaling $4.5 million. The advances outstanding at December 31, 2020 included callable advances totaling $10.0 million and amortizing advances totaling $5.2 million. All FHLB borrowings, including the line of credit, are secured by a blanket security agreement on certain qualified collateral, principally all residential first mortgage loans and certain securities. A summary of maturities of FHLB advances as of June 30, 2021 is as follows: June 30, 2021 Weighted Average (In thousands, except rates) Principal Rate Fixed rate advances maturing: 2021 $ 139,993 1.92 % 2022 58,050 1.92 2023 10,401 2.14 2024 46 — 2025 and beyond 9,357 1.63 Total FHLB advances $ 217,847 1.92 % The Company did not have variable-rate FHLB advances for the periods ended June 30, 2021 and December 31, 2020. In September 2012, the Company issued fifteen year subordinated notes in the amount of $75.0 million at a discount of 1.15%. The interest rate is fixed at 6.875% for the first ten years. After ten years, the notes become callable and convert to an interest rate of three-month LIBOR rate plus 5.113%. The subordinated note includes reduction to the note principal balance of $154 thousand and $215 thousand for unamortized debt issuance costs as of June 30, 2021 and December 31, 2020, respectively. The Company holds 100% of the common stock of Berkshire Hills Capital Trust I (“Trust I”) which is included in other assets with a cost of $0.5 million. The sole asset of Trust I is $15.5 million of the Company’s junior subordinated debentures due in 2035. These debentures bear interest at a variable rate equal to LIBOR plus 1.85% and had a rate of 2.00% and 2.06% at June 30, 2021 and December 31, 2020, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to shareholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust I is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust I is not consolidated into the Company’s financial statements. The Company holds 100% of the common stock of SI Capital Trust II (“Trust II”) which is included in other assets with a cost of $0.2 million. The sole asset of Trust II is $8.2 million of the Company’s junior subordinated debentures due in 2036. These debentures bear interest at a variable rate equal to LIBOR plus 1.70% and had a rate of 1.82% and 1.92% at June 30, 2021 and December 31, 2020, respectively. The Company has the right to defer payments of interest for up to five years on the debentures at any time, or from time to time, with certain limitations, including a restriction on the payment of dividends to shareholders while such interest payments on the debentures have been deferred. The Company has not exercised this right to defer payments. The Company has the right to redeem the debentures at par value. Trust II is considered a variable interest entity for which the Company is not the primary beneficiary. Accordingly, Trust II is not consolidated into the Company’s financial statements. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES As of June 30, 2021, the Company held derivatives with a total notional amount of $3.9 billion. The Company had economic hedges totaling $3.9 billion and $19.1 million non-hedging derivatives, which are not designated as hedges for accounting purposes with changes in fair value recorded directly through earnings. Economic hedges included interest rate swaps totaling $3.5 billion, risk participation agreements with dealer banks of $0.4 billion, and $3.7 million in forward commitment contracts. As part of the Company’s risk management strategy, the Company enters into interest rate swap agreements to mitigate the interest rate risk inherent in certain of the Company’s assets and liabilities. Interest rate swap agreements involve the risk of dealing with both Bank customers and institutional derivative counterparties and their ability to meet contractual terms. The agreements are entered into with counterparties that meet established credit standards and contain master netting and collateral provisions protecting the at-risk party. The derivatives program is overseen by the Risk Management and Capital Committee of the Company’s Board of Directors. Based on adherence to the Company’s credit standards and the presence of the netting and collateral provisions, the Company believes that the credit risk inherent in these contracts was not significant at June 30, 2021. The Company pledged collateral to derivative counterparties in the form of cash totaling $53.9 million and securities with an amortized cost of $35.9 million and a fair value of $36.2 million as of June 30, 2021. The Company does not typically require its commercial customers to post cash or securities as collateral on its program of back-to-back economic hedges. However certain language is written into the International Swaps Dealers Association, Inc. (“ISDA”) and loan documents where, in default situations, the Bank is allowed to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. The Company may need to post additional collateral in the future in proportion to potential increases in unrealized loss positions. Information about derivative assets and liabilities at June 30, 2021, follows: Weighted Weighted Average Rate Estimated Notional Average Contract Fair Value Amount Maturity Received pay rate Asset (Liability) (In thousands) (In years) (In thousands) Economic hedges: Interest rate swap on tax advantaged economic development bond $ 8,271 8.4 0.46 % 5.09 % $ (1,422) Interest rate swaps on loans with commercial loan customers 1,759,309 6.0 4.08 % 1.91 % 110,750 Offsetting interest rate swaps on loans with commercial loan customers (1) 1,759,309 6.0 1.91 % 4.08 % (44,411) Risk participation agreements with dealer banks 353,474 6.9 486 Forward sale commitments 3,664 0.2 92 Total economic hedges 3,884,027 65,495 Non-hedging derivatives: Commitments to lend 19,142 0.2 261 Total non-hedging derivatives 19,142 261 Total $ 3,903,169 $ 65,756 (1) Fair value estimates include the impact of $68.1 million settled to market contract agreements. Information about derivative assets and liabilities at December 31, 2020, follows: Weighted Weighted Average Rate Estimated Notional Average Contract Fair Value Amount Maturity Received pay rate Asset (Liability) (In thousands) (In years) (In thousands) Economic hedges: Interest rate swap on tax advantaged economic development bond $ 8,654 8.9 0.52 % 5.09 % $ (1,778) Interest rate swaps on loans with commercial loan customers 1,734,978 6.1 4.15 % 1.95 % 159,016 Offsetting interest rate swaps on loans with commercial loan customers (1) 1,734,978 6.1 1.95 % 4.15 % (64,645) Risk participation agreements with dealer banks 326,862 8.0 665 Forward sale commitments 11,544 0.2 320 Total economic hedges 3,817,016 93,578 Non-hedging derivatives: Commitments to lend 40,099 0.2 735 Total non-hedging derivatives 40,099 735 Total $ 3,857,115 $ 94,313 (1) Fair value estimates include the impact of $97.6 million settled to market contract agreements. Economic hedges As of June 30, 2021, the Company has an interest rate swap with a $8.3 million notional amount to swap out the fixed rate of interest on an economic development bond bearing a fixed rate of 5.09%, currently within the Company’s trading portfolio under the fair value option, in exchange for a LIBOR-based floating rate. The intent of the economic hedge is to improve the Company’s asset sensitivity to changing interest rates in anticipation of favorable average floating rates of interest over the 21-year life of the bond. The fair value changes of the economic development bond are mostly offset by fair value changes of the related interest rate swap. The Company also offers certain derivative products directly to qualified commercial borrowers. The Company economically hedges derivative transactions executed with commercial borrowers by entering into mirror-image, offsetting derivatives with third-party financial institutions. The transaction allows the Company’s customer to convert a variable-rate loan to a fixed rate loan. Because the Company acts as an intermediary for its customer, changes in the fair value of the underlying derivative contracts mostly offset each other in earnings. Credit valuation loss adjustments arising from the difference in credit worthiness of the commercial loan and financial institution counterparties totaled $1.2 million as of June 30, 2021. The interest income and expense on these mirror image swaps exactly offset each other. The Company has risk participation agreements with dealer banks. Risk participation agreements occur when the Company participates on a loan and a swap where another bank is the lead. The Company gets paid a fee to take on the risk associated with having to make the lead bank whole on Berkshire’s portion of the pro-rated swap should the borrower default. Changes in fair value are recorded in current period earnings. The Company utilizes forward sale commitments to hedge interest rate risk and the associated effects on the fair value of interest rate lock commitments and loans originated for sale. The forward sale commitments are accounted for as derivatives with changes in fair value recorded in current period earnings. The Company uses the following types of forward sale commitments contracts: • Best efforts loan sales, • Mandatory delivery loan sales, and • To Be Announced (“TBA”) mortgage-backed securities sales. A best efforts contract refers to a loan sale agreement where the Company commits to deliver an individual mortgage loan of a specified principal amount and quality to an investor if the loan to the underlying borrower closes. The Company may enter into a best efforts contract once the price is known, which is shortly after the potential borrower’s interest rate is locked. A mandatory delivery contract is a loan sale agreement where the Company commits to deliver a certain principal amount of mortgage loans to an investor at a specified price on or before a specified date. Generally, the Company may enter into mandatory delivery contracts shortly after the loan closes with a customer. The Company may sell TBA mortgage-backed securities to hedge the changes in fair value of interest rate lock commitments and held for sale loans, which do not have corresponding best efforts or mandatory delivery contracts. These security sales transactions are closed once mandatory contracts are written. On the closing date the price of the security is locked-in, and the sale is paired-off with a purchase of the same security. Settlement of the security purchase/sale transaction is done with cash on a net-basis. Non-hedging derivatives The Company enters into interest rate lock commitments (“IRLCs”), or commitments to lend, for residential mortgage loans, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. IRLCs that relate to the origination of mortgage loans that will be held for sale are considered derivative financial instruments under applicable accounting guidance. Outstanding IRLCs expose the Company to the risk that the price of the mortgage loans underlying the commitments may decline due to increases in mortgage interest rates from inception of the rate lock to the funding of the loan. The IRLCs are free-standing derivatives which are carried at fair value with changes recorded in non-interest income in the Company’s consolidated statements of operations. Changes in the fair value of IRLCs subsequent to inception are based on changes in the fair value of the underlying loan resulting from the fulfillment of the commitment and changes in the probability that the loan will fund within the terms of the commitment, which is affected primarily by changes in interest rates and the passage of time. Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Economic hedges Interest rate swap on industrial revenue bond: Unrealized gain/(loss) recognized in other non-interest income $ 10 $ 13 $ 355 $ (550) Interest rate swaps on loans with commercial loan customers: Unrealized gain/(loss) recognized in other non-interest income 10,516 9,733 (49,785) 114,653 (Unfavorable)/favorable change in credit valuation adjustment recognized in other non-interest income (982) 103 1,520 (2,435) Offsetting interest rate swaps on loans with commercial loan customers: Unrealized (loss)/gain recognized in other non-interest income (10,516) (9,733) 49,785 (114,653) Risk participation agreements: Unrealized gain/(loss) recognized in other non-interest income 150 99 (179) 365 Forward commitments: Unrealized (loss)/gain recognized in other non-interest income (234) 4,937 (228) 674 Realized (loss) in other non-interest income — (6,408) — (8,330) Non-hedging derivatives Commitments to lend Unrealized gain/(loss) recognized in other non-interest income $ 76 $ (3,687) $ (474) $ (1,479) Realized gain in other non-interest income 457 3,669 1,810 12,970 Assets and Liabilities Subject to Enforceable Master Netting Arrangements Interest Rate Swap Agreements (“Swap Agreements”) The Company enters into swap agreements to facilitate the risk management strategies for commercial banking customers. The Company mitigates this risk by entering into equal and offsetting swap agreements with highly rated third party financial institutions. The swap agreements are free-standing derivatives and are recorded at fair value in the Company’s consolidated statements of condition. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral generally in the form of marketable securities is received or posted by the counterparty with net liability positions, respectively, in accordance with contract thresholds. The Company had net asset positions with its financial institution counterparties totaling $0.7 million and $1.0 million as of June 30, 2021 and December 31, 2020, respectively. The Company had net asset positions with its commercial banking counterparties totaling $111.6 million and $159.0 million as of June 30, 2021 and December 31, 2020, respectively. The Company had net liability positions with its financial institution counterparties totaling $46.1 million and $66.8 million as of June 30, 2021 and December 31, 2020, respectively. The Company had net liability positions with its commercial banking counterparties totaling $0.8 million as of June 30, 2021. The Company had no net liability positions with its commercial banking counterparties as of December 31, 2020. The Company has collateral pledged to cover this liability. The following table presents the assets and liabilities subject to an enforceable master netting arrangement as of June 30, 2021 and December 31, 2020: Offsetting of Financial Assets and Derivative Assets Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount June 30, 2021 Interest Rate Swap Agreements: Institutional counterparties $ 780 $ (52) $ 728 $ — $ — $ 728 Commercial counterparties 111,597 — 111,597 — — 111,597 Total $ 112,377 $ (52) $ 112,325 $ — $ — $ 112,325 Offsetting of Financial Liabilities and Derivative Liabilities Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount June 30, 2021 Interest Rate Swap Agreements: Institutional counterparties $ (115,134) $ 69,060 $ (46,074) $ 36,158 $ 53,882 $ 43,966 Commercial counterparties (846) — (846) — — (846) Total $ (115,980) $ 69,060 $ (46,920) $ 36,158 $ 53,882 $ 43,120 Offsetting of Financial Assets and Derivative Assets Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount December 31, 2020 Interest Rate Swap Agreements: Institutional counterparties $ 1,124 $ (78) $ 1,046 $ — $ — $ 1,046 Commercial counterparties 159,016 — 159,016 — — 159,016 Total $ 160,140 $ (78) $ 160,062 $ — $ — $ 160,062 Offsetting of Financial Liabilities and Derivative Liabilities Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount December 31, 2020 Interest Rate Swap Agreements: Institutional counterparties $ (164,543) $ 97,740 $ (66,803) $ 37,815 $ 75,070 $ 46,082 Commercial counterparties — — — — — — Total $ (164,543) $ 97,740 $ (66,803) $ 37,815 $ 75,070 $ 46,082 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At June 30, 2021, lease expiration dates ranged from 1 month to 19 years. The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities: (In thousands) June 30, 2021 December 31, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other assets $ 55,327 $ 60,018 Finance lease right-of-use assets Premises and equipment, net 6,936 7,197 Total Lease Right-of-Use Assets $ 62,263 $ 67,215 Lease Liabilities Operating lease liabilities Other liabilities $ 61,168 $ 63,894 Finance lease liabilities Other liabilities 10,127 10,383 Total Lease Liabilities $ 71,295 $ 74,277 Supplemental information related to leases was as follows: June 30, 2021 December 31, 2020 Weighted-Average Remaining Lease Term (in years) Operating leases 9.9 9.8 Finance leases 13.3 13.8 Weighted-Average Discount Rate Operating leases 2.80 % 2.81 % Finance leases 5.00 % 5.00 % The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not have any material sub-lease agreements. Lease expense for operating leases for the three months ended June 30, 2021 was $2.9 million. Lease expense for operating leases for the six months ended June 30, 2021 was $5.7 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Lease expense for operating leases for the three months ended June 30, 2020 was $3.3 million, of which $0.3 million was related to discontinued operations. Lease expense for operating leases for the six months ended June 30, 2020 was $6.8 million, of which $0.7 million was related to discontinued operations.Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Supplemental cash flow information related to leases was as follows: Three Months Ended (In thousands) June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 2,668 $ 3,423 Operating cash flows from finance leases 126 133 Financing cash flows from finance leases 131 125 (1) There were operating cash flows from operating leases related to discontinued operations of $0.3 million at June 30, 2020. Six Months Ended (In thousands) June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 5,911 $ 7,050 Operating cash flows from finance leases 253 267 Financing cash flows from finance leases 263 249 (1) There were operating cash flows from operating leases related to discontinued operations of $0.7 million at June 30, 2020. The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2021: (In thousands) Operating Leases Finance Leases 2021 $ 5,093 $ 514 2022 9,838 1,031 2023 8,650 1,037 2024 7,607 1,037 2025 5,920 1,037 Thereafter 33,569 9,223 Total undiscounted lease payments 70,677 13,879 Less amounts representing interest (9,509) (3,752) Lease liability $ 61,168 $ 10,127 |
LEASES | LEASES Substantially all of the leases in which the Company is the lessee are comprised of real estate property for branches, ATM locations, and office space. Most of the Company’s leases are classified as operating leases. At June 30, 2021, lease expiration dates ranged from 1 month to 19 years. The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities: (In thousands) June 30, 2021 December 31, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other assets $ 55,327 $ 60,018 Finance lease right-of-use assets Premises and equipment, net 6,936 7,197 Total Lease Right-of-Use Assets $ 62,263 $ 67,215 Lease Liabilities Operating lease liabilities Other liabilities $ 61,168 $ 63,894 Finance lease liabilities Other liabilities 10,127 10,383 Total Lease Liabilities $ 71,295 $ 74,277 Supplemental information related to leases was as follows: June 30, 2021 December 31, 2020 Weighted-Average Remaining Lease Term (in years) Operating leases 9.9 9.8 Finance leases 13.3 13.8 Weighted-Average Discount Rate Operating leases 2.80 % 2.81 % Finance leases 5.00 % 5.00 % The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not have any material sub-lease agreements. Lease expense for operating leases for the three months ended June 30, 2021 was $2.9 million. Lease expense for operating leases for the six months ended June 30, 2021 was $5.7 million. Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Lease expense for operating leases for the three months ended June 30, 2020 was $3.3 million, of which $0.3 million was related to discontinued operations. Lease expense for operating leases for the six months ended June 30, 2020 was $6.8 million, of which $0.7 million was related to discontinued operations.Variable lease components, such as consumer price index adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Supplemental cash flow information related to leases was as follows: Three Months Ended (In thousands) June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 2,668 $ 3,423 Operating cash flows from finance leases 126 133 Financing cash flows from finance leases 131 125 (1) There were operating cash flows from operating leases related to discontinued operations of $0.3 million at June 30, 2020. Six Months Ended (In thousands) June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 5,911 $ 7,050 Operating cash flows from finance leases 253 267 Financing cash flows from finance leases 263 249 (1) There were operating cash flows from operating leases related to discontinued operations of $0.7 million at June 30, 2020. The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2021: (In thousands) Operating Leases Finance Leases 2021 $ 5,093 $ 514 2022 9,838 1,031 2023 8,650 1,037 2024 7,607 1,037 2025 5,920 1,037 Thereafter 33,569 9,223 Total undiscounted lease payments 70,677 13,879 Less amounts representing interest (9,509) (3,752) Lease liability $ 61,168 $ 10,127 |
OTHER COMMITMENTS, CONTINGENCIE
OTHER COMMITMENTS, CONTINGENCIES, OFF-BALANCE SHEET ACTIVITIES, AND PANDEMIC IMPACT | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
OTHER COMMITMENTS, CONTINGENCIES, OFF-BALANCE SHEET ACTIVITIES, AND PANDEMIC IMPACT | OTHER COMMITMENTS, CONTINGENCIES, OFF-BALANCE SHEET ACTIVITIES, AND PANDEMIC IMPACT In December 2019, a novel strain of coronavirus (“COVID-19”) was reported to have surfaced in China and has since spread to a number of other countries, including the United States. In March 2020, the World Health Organization declared COVID-19 a global pandemic and the United States declared a National Public Health Emergency. The impact of the COVID-19 pandemic is fluid and continues to evolve, which is adversely affecting some of the Company’s clients. The COVID-19 pandemic and its associated impacts on trade (including supply chains and export levels), travel, employee productivity, unemployment, consumer spending, and other economic activities has resulted in less economic activity, lower equity market valuations and significant volatility and disruption in financial markets and has had an adverse effect on the Company’s business, financial condition and results of operations. The ultimate extent of the impact of the COVID-19 pandemic on the Company’s business, financial condition and results of operations is currently uncertain and will depend on various developments and other factors, including, among others, the duration and scope of the pandemic, as well as governmental, regulatory and private sector responses to the pandemic, and the associated impacts on the economy, financial markets, and our clients, employees, and vendors. The Company’s business, financial condition and results of operations generally rely upon the ability of the Company’s borrowers to repay their loans, the value of collateral underlying the Company’s secured loans, and demand for loans and other products and services the Company offers, which are highly dependent on the business environment in the Company’s primary markets where it operates and in the United States as a whole. At this time, it is difficult to quantify the impact COVID-19 will continue to have on the Company during the current year. These circumstances could cause the Company to experience a material adverse effect on our business operations, asset valuations, financial condition, results of operations and prospects. Material adverse impacts may include all or a combination of valuation impairments on the Company’s intangible assets, investments, loans, loan servicing rights, deferred tax assets, lease right-of-use assets, or counter-party risk derivatives. |
CAPITAL RATIOS AND SHAREHOLDERS
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY | CAPITAL RATIOS AND SHAREHOLDERS’ EQUITY The actual and required capital ratios were as follows: June 30, December 31, Minimum Capital Requirement Company (consolidated) Total capital to risk weighted assets 16.7 % 16.1 % 8.0 % Common equity tier 1 capital to risk weighted assets 14.3 13.8 4.5 Tier 1 capital to risk weighted assets 14.6 14.1 6.0 Tier 1 capital to average assets 9.5 9.4 4.0 June 30, December 31, Regulatory Minimum to be Adequately Capitalized Regulatory Bank Total capital to risk weighted assets 15.0 % 15.0 % 8.0 % 10.0 % Common equity tier 1 capital to risk weighted assets 13.8 13.9 4.5 6.5 Tier 1 capital to risk weighted assets 13.8 13.9 6.0 8.0 Tier 1 capital to average assets 8.9 9.2 4.0 5.0 The Company and the Bank are subject to regulatory capital requirements administered by 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. Failure to meet capital requirements can initiate regulatory action. At each date shown, the Company met the minimum capital requirements and the Bank met the conditions to be classified as “well capitalized” under the relevant regulatory framework. To be categorized as well capitalized, an institution must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the table above. Effective January 1, 2015, the Company and the Bank became subject to the Basel III rule that requires the Company and the Bank to assess their Common equity Tier 1 capital to risk weighted assets. The Bank's Common equity Tier 1 capital to risk weighted assets exceeds the minimum to be well capitalized. In addition, the final capital rules added a requirement to maintain a minimum conservation buffer, composed of Common equity Tier 1 capital, of 2.5% of risk-weighted assets, to be phased in over three years and applied to the Common equity Tier 1 risk-based capital ratio, the Tier 1 risk-based capital ratio, and the Total risk-based capital ratio. As of January 1, 2019, banking organizations must maintain a minimum Common equity Tier 1 risk-based capital ratio of 7.0%, a minimum Tier 1 risk-based capital ratio of 8.5%, and a minimum Total risk-based capital ratio of 10.5%. The final capital rules impose restrictions on capital distributions and certain discretionary cash bonus payments if the minimum capital conservation buffer is not met. At June 30, 2021, the capital levels of both the Company and the Bank exceeded all regulatory capital requirements and the Bank's regulatory capital ratios were above the minimum levels required to be considered well capitalized for regulatory purposes. The capital levels of both the Company and the Bank at June 30, 2021 also exceeded the minimum capital requirements including the currently applicable capital conservation buffer of 2.5%. Accumulated other comprehensive income Components of accumulated other comprehensive income is as follows: (In thousands) June 30, December 31, Other accumulated comprehensive income, before tax: Net unrealized holding gain on AFS securities $ 23,369 $ 44,988 Net unrealized holding (loss) on pension plans (3,511) (3,511) Income taxes related to items of accumulated other comprehensive income: Net unrealized tax (expense) on AFS securities (6,010) (11,530) Net unrealized tax benefit on pension plans 924 924 Accumulated other comprehensive income $ 14,772 $ 30,871 The following table presents the components of other comprehensive income for the three and six months ended June 30, 2021 and 2020: (In thousands) Before Tax Tax Effect Net of Tax Three Months Ended June 30 , 2021 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ 5,394 $ (1,343) $ 4,051 Less: reclassification adjustment for gains realized in net income — — — Net unrealized holding gain on AFS securities 5,394 (1,343) 4,051 Other comprehensive income $ 5,394 $ (1,343) $ 4,051 Three Months Ended June 30 , 2020 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 3,000 $ (777) $ 2,223 Less: reclassification adjustment for gains realized in net income 1 — 1 Net unrealized holding gain on AFS securities 2,999 (777) 2,222 Other comprehensive income $ 2,999 $ (777) $ 2,222 (In thousands) Before Tax Tax Effect Net of Tax Six Months Ended June 30 , 2021 Net unrealized holding gain on AFS securities: x Net unrealized (losses) arising during the period $ (21,619) $ 5,520 $ (16,099) Less: reclassification adjustment for gains realized in net income — — — Net unrealized holding (loss) on AFS securities (21,619) 5,520 (16,099) Other comprehensive (loss) $ (21,619) $ 5,520 $ (16,099) Six Months Ended June 30 , 2020 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 28,613 $ (7,368) $ 21,245 Less: reclassification adjustment for (losses) realized in net income (1) — (1) Net unrealized holding gain on AFS securities 28,614 (7,368) 21,246 Other comprehensive income $ 28,614 $ (7,368) $ 21,246 The following table presents the changes in each component of accumulated other comprehensive income, for the three and six months ended June 30, 2021 and 2020: (In thousands) Net unrealized Net unrealized Total Three Months Ended June 30, 2021 Balance at Beginning of Period $ 13,308 $ (2,587) $ 10,721 Other comprehensive income before reclassifications 4,051 — 4,051 Less: amounts reclassified from accumulated other comprehensive income — — — Total other comprehensive income 4,051 — 4,051 Balance at End of Period $ 17,359 $ (2,587) $ 14,772 Three Months Ended June 30, 2020 Balance at Beginning of Period $ 33,228 $ (2,211) $ 31,017 Other comprehensive income before reclassifications 2,223 — 2,223 Less: amounts reclassified from accumulated other comprehensive income 1 — 1 Total other comprehensive income 2,222 — 2,222 Balance at End of Period $ 35,450 $ (2,211) $ 33,239 Six Months Ended June 30, 2021 Balance at Beginning of Period $ 33,458 $ (2,587) $ 30,871 Other comprehensive income before reclassifications (16,099) — (16,099) Less: amounts reclassified from accumulated other comprehensive (loss) — — — Total other comprehensive (loss) (16,099) — (16,099) Balance at End of Period $ 17,359 $ (2,587) $ 14,772 Six Months Ended June 30, 2020 Balance at Beginning of Period $ 14,204 $ (2,211) $ 11,993 Other comprehensive income before reclassifications 21,245 — 21,245 Less: amounts reclassified from accumulated other comprehensive income (1) — (1) Total other comprehensive income 21,246 — 21,246 Balance at End of Period $ 35,450 $ (2,211) $ 33,239 The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and six months ended June 30, 2021 and 2020: Affected Line Item in the Three Months Ended June 30, Statement where Net Income (In thousands) 2021 2020 is Presented Realized gains on AFS securities: $ — $ 1 Non-interest income — — Tax expense — 1 Net of tax Total reclassifications for the period $ — $ 1 Net of tax Affected Line Item in the Six Months Ended June 30, Statement where Net Income (In thousands) 2021 2020 is Presented Realized gains on AFS securities: $ — $ (1) Non-interest income — — Tax expense — (1) Net of tax Total reclassifications for the period $ — $ (1) Net of tax |
EARNINGS_(LOSS) PER SHARE
EARNINGS/(LOSS) PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS/(LOSS) PER SHARE | EARNINGS/(LOSS) PER SHARE Earnings/(loss) per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method): Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2021 2020 2021 2020 Income/(loss) from continuing operations $ 21,636 $ (543,045) $ 34,667 $ (555,117) (Loss) from discontinued operations — (6,336) — (14,134) Net income/(loss) $ 21,636 $ (549,381) $ 34,667 $ (569,251) Average number of common shares issued 51,903 51,903 51,903 51,903 Less: average number of treasury shares 822 1,718 885 1,731 Less: average number of unvested stock award shares 760 461 691 472 Plus: average participating preferred shares — 522 — 528 Average number of basic shares outstanding 50,321 50,246 50,327 50,228 Plus: dilutive effect of unvested stock award shares 280 — 257 — Plus: dilutive effect of stock options outstanding 7 — 4 — Average number of diluted shares outstanding 50,608 50,246 50,588 50,228 Basic earnings/(loss) per common share: Continuing operations $ 0.43 $ (10.80) $ 0.69 $ (11.05) Discontinued operations — (0.13) — (0.28) Total $ 0.43 $ (10.93) $ 0.69 $ (11.33) Diluted earnings/(loss) per common share: Continuing operations $ 0.43 $ (10.80) $ 0.69 $ (11.05) Discontinued operations — (0.13) — (0.28) Total $ 0.43 $ (10.93) $ 0.69 $ (11.33) |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION PLANS | STOCK-BASED COMPENSATION PLANS A combined summary of activity in the Company’s stock award and stock option plans for the six months ended June 30, 2021 is presented in the following table: Non-Vested Stock Awards Outstanding Stock Options Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Exercise Price December 31, 2020 517 $ 28.35 112 $ 22.95 Granted 439 19.61 — — Acquired — — — — Stock options exercised — — (7) 16.67 Stock awards vested (79) 33.61 — — Forfeited (62) 25.19 — — Expired — — (10) 17.46 June 30, 2021 815 $ 20.02 95 $ 24.88 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS A 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. These valuation methodologies were applied to all of the Company’s financial assets and financial liabilities that are carried at fair value. Recurring Fair Value Measurements The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. June 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 8,853 $ 8,853 Securities available for sale: Municipal bonds and obligations — 85,641 — 85,641 Agency collateralized mortgage obligations — 765,099 — 765,099 Agency residential mortgage-backed securities — 425,042 — 425,042 Agency commercial mortgage-backed securities — 262,619 — 262,619 Corporate bonds — 51,157 — 51,157 Other bonds and obligations — 50,954 — 50,954 Marketable equity securities 15,037 672 — 15,709 Loans held for investment at fair value — — 1,260 1,260 Loans held for sale — 4,334 — 4,334 Derivative assets — 112,508 353 112,861 Capitalized servicing rights — — 2,356 2,356 Derivative liabilities — 47,105 — 47,105 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 9,708 $ 9,708 Securities available for sale: Municipal bonds and obligations — 97,803 — 97,803 Agency collateralized mortgage obligations — 756,826 — 756,826 Agency residential mortgage-backed securities — 438,132 — 438,132 Agency commercial mortgage-backed securities — 288,650 — 288,650 Corporate bonds — 45,030 15,000 60,030 Other bonds and obligations — 53,791 — 53,791 Marketable equity securities 17,841 672 — 18,513 Loans held for investment at fair value — — 2,265 2,265 Loans held for sale — 12,992 4,756 17,748 Derivative assets — 159,016 1,055 160,071 Capitalized servicing rights — — 3,033 3,033 Derivative liabilities — 65,758 — 65,758 There were no transfers between levels during the three months ended June 30, 2021. Trading Security at Fair Value. The Company holds one security designated as a trading security. It is a tax-advantaged economic development bond issued to the Company by a local nonprofit which provides wellness and health programs. The fair value of this security is determined based on a discounted cash flow methodology. Certain inputs to the fair value calculation are unobservable and there is little to no market activity in the security; therefore, the security meets the definition of a Level 3 security. The discount rate used in the valuation of the security is sensitive to movements in the 3-month LIBOR rate. Securities Available for Sale and Marketable Equity Securities . Marketable equity securities classified as Level 1 consist of publicly-traded equity securities for which the fair values can be obtained through quoted market prices in active exchange markets. Marketable equity securities classified as Level 2 consist of securities with infrequent trades in active exchange markets, and pricing is primarily sourced from third party pricing services. AFS securities classified as Level 2 include most of the Company’s debt securities. The pricing on Level 2 and Level 3 was primarily sourced from third party pricing services, overseen by management, and is based on models that consider standard input factors such as 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 condition, among other things. Level 3 pricing includes inputs unobservable to market participants. Loans Held for Investment. The Company’s held for investment loan portfolio includes loans originated by Company and loans acquired through business combinations. The Company intends to hold these assets until maturity as a part of its business operations. For one acquired portfolio subset, the Company previously accounted for these purchased-credit impaired loans as a pool under ASC 310, as they were determined to have common risk characteristics. These loans were recorded at fair value on acquisition date and subsequently evaluated for impairment collectively. Upon adoption of ASC 326, the Company elected the fair value option on this portfolio, recognizing an $11.2 million fair value write-down charged to Retained Earnings, net of deferred tax impact, as of January 1, 2020. The fair value of this loan portfolio is determined based on a discounted cash flow methodology. Certain inputs to the fair value calculation are unobservable; therefore, the loans meet the definition of Level 3 assets. The discount rate used in the valuation is consistent with assets that have significant credit deterioration. The cash flow assumptions include payment schedules for loans with current payment histories and estimated collateral value for delinquent loans. All of these loans were nonperforming as of June 30, 2021. Aggregate Fair Value June 30, 2021 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for investment at fair value $ 1,260 $ 39,101 $ (37,841) Aggregate Fair Value December 31, 2020 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for investment at fair value $ 2,265 $ 53,945 $ (51,680) Loans Held for Sale. The Company elected the fair value option for all loans held for sale (HFS) originated for sale on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets. Aggregate Fair Value June 30, 2021 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for sale $ 4,334 $ 4,215 $ 119 Aggregate Fair Value December 31, 2020 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for sale $ 12,992 $ 12,639 $ 353 The changes in fair value of loans held for sale for the three and six months ended June 30, 2021, were losses of $240 thousand and $234 thousand, respectively. During the three and six months ended June 30, 2021, originations of loans held for sale totaled $16.3 million and $60.4 million and sales of loans originated for sale totaled $20.3 million and $68.3 million respectively. The changes in fair value of loans held for sale for the three months ended June 30, 2020, were gains of $341 thousand from continuing operations and losses of $4.5 million from discontinued operations. During the three months ended June 30, 2020, originations of loans held for sale from continuing operations totaled $62.3 million and sales of loans originated for sale from continuing operations totaled $47.5 million. Interest Rate Swaps. The valuation of the Company’s interest rate swaps is obtained from a third-party pricing service and is determined using a discounted cash flow analysis on the expected cash flows of each derivative. The pricing analysis is based on observable inputs for the contractual terms of the derivatives, including the period to maturity and interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings. Although the Company has determined that the majority of the inputs used to value its interest rate derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2021, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. Commitments to Lend. The Company enters into commitments to lend for residential mortgage loans intended for sale, which commit the Company to lend funds to a potential borrower at a specific interest rate and within a specified period of time. The estimated fair value of commitments to originate residential mortgage loans for sale is based on quoted prices for similar loans in active markets. However, this value is adjusted by a factor which considers the likelihood that the loan in a lock position will ultimately close, and by the non-refundable costs of originating the loan. The closing ratio is derived from the Bank’s internal data and is adjusted using significant management judgment. The costs to originate are primarily based on the Company’s internal commission rates that are not observable. As such, these commitments are classified as Level 3 measurements. Forward Sale Commitments . The Company utilizes forward sale commitments as economic hedges against potential changes in the values of the commitments to lend and loans originated for sale. To Be Announced (“TBA”) mortgage-backed securities forward commitment sales are used as the hedging instrument, are classified as Level 1, and consist of publicly-traded debt securities for which identical fair values can be obtained through quoted market prices in active exchange markets. The fair values of the Company’s best efforts and mandatory delivery loan sale commitments are determined similarly to the commitments to lend using quoted prices in the market place that are observable. However, costs to originate and closing ratios included in the calculation are internally generated and are based on management’s judgment and prior experience, which are considered factors that are not observable. As such, best efforts and mandatory forward commitments are classified as Level 3 measurements. Capitalized Servicing Rights. The Company accounts for certain capitalized servicing rights at fair value in its Consolidated Financial Statements, as the Company is permitted to elect the fair value option for each specific instrument. A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three and six months ended June 30, 2021 and 2020. Assets (Liabilities) Securities Loans Capitalized Trading Available Held for Commitments Forward Servicing (In thousands) Security for Sale Investment to Lend Commitments Rights Three Months Ended June 30, 2021 March 31, 2021 $ 9,350 $ — $ 1,448 $ 185 $ 326 $ 2,968 Unrealized (loss)/gain, net recognized in other non-interest income (305) — 187 430 (234) (612) Paydown of asset (192) — (375) — — — Transfers to held for sale loans — — — (354) — — June 30, 2021 $ 8,853 $ — $ 1,260 $ 261 $ 92 $ 2,356 Six Months Ended June 30, 2021 December 31, 2020 $ 9,708 $ 15,000 $ 2,265 $ 735 $ 320 $ 3,033 Maturity of AFS security — (15,000) — — — — Unrealized (loss)/gain, net recognized in other non-interest income (471) — 601 — (228) — Unrealized gain/(loss), net recognized in discontinued operations — — — 1,248 — (677) Paydown of asset (384) — (1,606) — — — Transfers to held for sale loans — — — (1,722) — — June 30, 2021 $ 8,853 $ — $ 1,260 $ 261 $ 92 $ 2,356 Unrealized gain/(loss) relating to instruments still held at June 30, 2021 $ 581 $ — $ — $ 261 $ 92 $ — Securities Loans Capitalized Trading Available Held for Commitments Forward Servicing (In thousands) Security for Sale Investment to Lend (1) Commitments (1) Rights (1) Three Months Ended June 30, 2020 March 31, 2020 $ 9,829 $ 34,504 $ 4,895 $ 4,836 $ — $ 8,518 Adoption of ASC 326 — — — — — — Maturity of AFS security — (8,000) — — — — Unrealized gain, net recognized in other non-interest income (128) — (1,496) — 447 — Unrealized gain included in accumulated other comprehensive loss — (904) — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 2,714 — (3,690) Paydown of asset (182) — (259) — — — Transfers to held for sale loans — — — (6,401) — — Additions to servicing rights — — — — — — June 30, 2020 $ 9,519 $ 25,600 $ 3,140 $ 1,149 $ 447 $ 4,828 Six Months Ended June 30, 2020 December 31, 2020 $ 10,769 $ 42,966 $ — $ 2,628 $ — $ 12,299 Adoption of ASC 326 — — 7,660 — — Sale of AFS security — (17,000) — — — — Unrealized gain, net recognized in other non-interest income (887) — (3,712) — 447 — Unrealized (loss) included in accumulated other comprehensive income — (366) — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 13,753 — (7,471) Transfers to Level 2 — — — — — — Paydown of trading security (363) — (808) — — — Transfers to held for sale loans — — — (15,232) — — Additions to servicing rights — $ — — — — — June 30, 2020 $ 9,519 $ 25,600 $ 3,140 $ 1,149 $ 447 $ 4,828 Unrealized gains relating to instruments still held at June 30,2020 $ 491 $ (850) $ — $ 1,149 $ 447 $ — (1) Classified as assets from discontinued operations on the consolidated balance sheets. Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows: Fair Value Significant (In thousands) June 30, 2021 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading security $ 8,853 Discounted Cash Flow Discount Rate 3.38 % Loan held for investment 1,260 Discounted Cash Flow Discount Rate 25.00 % Collateral Value $6.7 - $18.3 Commitments to lend 261 Historical Trend Closing Ratio 79.15 % Pricing Model Origination Costs, per loan $ 3 Forward commitments 92 Historical Trend Closing Ratio 79.15 % Pricing Model Origination Costs, per loan $ 3 Capitalized servicing rights 2,356 Discounted cash flow Constant Prepayment Rate (CPR) 23.87 % Discount Rate 9.50 % Total $ 12,822 Fair Value Significant (In thousands) December 31, 2020 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading security $ 9,708 Discounted Cash Flow Discount Rate 2.72 % AFS Securities 15,000 Indication from Market Maker Price 102.00 % Loans held for investment 2,265 Discounted Cash Flow Discount Rate 30.00 % Collateral Value $8.1- $21.9 Commitments to lend 735 Historical Trend Closing Ratio 74.54 % Pricing Model Origination Costs, per loan $ 3 Forward commitments 320 Historical Trend Closing Ratio 74.54 % Pricing Model Origination Costs, per loan $ 3 Capitalized servicing rights 3,033 Discounted Cash Flow Constant Prepayment Rate (CPR) 26.52 % Discount Rate 10.00 % Total $ 31,061 Non-Recurring Fair Value Measurements The Company is required, on a non-recurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements in accordance with GAAP. The following is a summary of applicable non-recurring fair value measurements. There are no liabilities measured at fair value on a non-recurring basis. June 30, 2021 December 31, 2020 Fair Value Measurement Date as of June 30, 2021 Level 3 Level 3 Level 3 (In thousands) Inputs Inputs Inputs Assets Individually evaluated $ 21,135 $ 28,028 June 2021 Capitalized servicing rights 13,835 13,315 June 2021 Other real estate owned 85 149 June 2021 Total $ 35,055 $ 41,492 Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows: Fair Value (In thousands) June 30, 2021 Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Assets Individually evaluated $ 21,135 Fair Value of Collateral Discounted Cash Flow - Loss Severity 1.39% to 100.00% (57.51%) Appraised Value $0 to $11,810 ($8,089) Capitalized servicing rights 13,835 Discounted Cash Flow Constant Prepayment Rate (CPR) 7.69% to 18.25% (14.57%) Discount Rate 9.06% to 10.50% (9.34%) Other Real Estate Owned 85 Fair Value of Collateral Appraised Value $120 Total $ 35,055 (1) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. Fair Value (In thousands) December 31, 2020 Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Assets Individually evaluated $ 28,028 Fair Value of Collateral Discounted Cash Flow - loss severity 0.07% to 100.00% (46.36%) Appraised Value $0 to $11,432 ($9,800) Capitalized servicing rights 13,315 Discounted Cash Flow Constant Prepayment Rate (CPR) 14.49% to 23.29% (16.98%) Discount Rate 10.00% to 11.00% (10.56%) Other Real Estate Owned 149 Fair Value of Collateral Appraised Value $94 - $182 Total $ 41,492 (1) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. There were no Level 1 or Level 2 nonrecurring fair value measurements for the periods ended June 30, 2021 and December 31, 2020. Individually evaluated loans. Loans are generally not recorded at fair value on a recurring basis. Periodically, the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Non-recurring adjustments can also include certain impairment amounts for collateral-dependent loans calculated when establishing the allowance for credit losses. Such amounts are generally based on the fair value of the underlying collateral supporting the loan and, as a result, the carrying value of the loan less the calculated valuation amount does not necessarily represent the fair value of the loan. Real estate collateral is typically valued using appraisals or other indications of value based on recent comparable sales of similar properties or assumptions generally observable in the marketplace. However, the choice of observable data is subject to significant judgment, and there are often adjustments based on judgment in order to make observable data comparable and to consider the impact of time, the condition of properties, interest rates, and other market factors on current values. Additionally, commercial real estate appraisals frequently involve discounting of projected cash flows, which relies inherently on unobservable data. Therefore, nonrecurring fair value measurement adjustments that relate to real estate collateral have generally been classified as Level 3. Estimates of fair value for other collateral that supports commercial loans are generally based on assumptions not observable in the marketplace and therefore such valuations have been classified as Level 3. Capitalized loan servicing rights . A loan servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans exceed adequate compensation for performing the servicing. The fair value of servicing rights is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Adjustments are only recorded when the discounted cash flows derived from the valuation model are less than the carrying value of the asset. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. Summary of Estimated Fair Values of Financial Instruments The following tables summarize the estimated fair values (represents exit price), and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. June 30, 2021 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 1,826,681 $ 1,826,681 $ 1,826,681 $ — $ — Trading security 8,853 8,853 — — 8,853 Marketable equity securities 15,709 15,709 15,037 672 — Securities available for sale 1,640,512 1,640,512 — 1,640,512 — Securities held to maturity 665,786 685,370 — 682,288 3,082 FHLB bank stock and restricted securities 19,638 N/A N/A N/A N/A Net loans 7,113,547 7,333,820 — — 7,333,820 Loans held for sale 6,494 6,494 — 4,334 2,160 Accrued interest receivable 41,152 41,152 — 41,152 — Derivative assets 112,861 112,861 — 112,508 353 Financial Liabilities Total deposits $ 9,913,900 $ 9,923,159 $ — $ 9,923,159 $ — Short-term debt — — — — — Long-term Federal Home Loan Bank advances and other 217,847 218,953 — 218,953 — Subordinated borrowings 97,396 95,906 — 95,906 — Derivative liabilities 47,105 47,105 — 47,105 — December 31, 2020 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 1,557,875 $ 1,557,875 $ 1,557,875 $ — $ — Trading security 9,708 9,708 — — 9,708 Marketable equity securities 18,513 18,513 17,841 672 — Securities available for sale and other 1,695,232 1,695,232 — 1,680,232 15,000 Securities held to maturity 465,091 491,855 — 488,393 3,462 FHLB bank stock and restricted securities 34,873 N/A N/A N/A N/A Net loans 7,954,217 8,243,437 — — 8,243,437 Loans held for sale 17,748 17,748 — 12,992 4,756 Accrued interest receivable 46,919 46,919 — 46,919 — Derivative assets 160,071 160,071 — 159,016 1,055 Assets held for sale 317,304 317,304 — 16,705 300,599 Financial Liabilities Total deposits $ 10,215,808 $ 10,230,822 $ — $ 10,230,822 $ — Short-term debt 40,000 40,025 — 40,025 — Long-term Federal Home Loan Bank advances 434,357 438,064 — 438,064 — Subordinated borrowings 97,280 95,178 — 95,178 — Derivative liabilities 65,758 65,758 — 65,758 — Liabilities held for sale 630,065 631,268 — 631,268 — |
NET INTEREST INCOME AFTER PROVI
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2021 | |
Banking and Thrift, Interest [Abstract] | |
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES | NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES Presented below is net interest income after provision for credit losses for the three and six months ended June 30, 2021 and 2020, respectively. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Net interest income from continuing operations $ 75,393 $ 77,590 $ 150,486 $ 164,018 Provision for credit losses — 29,871 6,500 64,678 Net interest income from continuing operations after provision for credit losses $ 75,393 $ 47,719 $ 143,986 $ 99,340 |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The Consolidated Financial Statements (the “financial statements”) of Berkshire Hills Bancorp, Inc. and its subsidiaries (the “Company” or “Berkshire”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company is a Delaware corporation, headquartered in Boston, Massachusetts, and the holding company for Berkshire Bank (the “Bank”), a Massachusetts-chartered trust company headquartered in Pittsfield, Massachusetts, and Berkshire Insurance Group, Inc. These financial statements include the accounts of the Company, its wholly-owned subsidiaries and the Bank’s consolidated subsidiaries. In consolidation, all significant intercompany accounts and transactions are eliminated. The results of operations of companies or assets acquired are included only from the dates of acquisition. All material wholly-owned and majority-owned subsidiaries are consolidated unless GAAP requires otherwise. The Company has evaluated subsequent events for potential recognition and/or disclosure through the date these financial statements were issued. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X, and accordingly, certain information and footnote disclosures normally included in financial statements prepared according to GAAP have been omitted. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements. Actual results could differ from those estimates. |
Recently Adopted Accounting Principles and Future Application of Accounting Pronouncements | Recently Adopted Accounting Principles In August 2018, the FASB issued ASU No. 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans.” This ASU amends and modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans. The amendments in this update remove disclosures that no longer are considered cost beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. As ASU No. 2018-14 only revises disclosure requirements, the adoption did not have a material impact on the Company’s Consolidated Financial Statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 removes specific exceptions to the general principles in FASB ASC Topic 740. It eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. ASU 2019-12 also improves financial statement preparers’ application of income tax-related guidance and simplifies: (1) franchise taxes that are partially based on income; (2) transactions with a government that result in a step up in the tax basis of goodwill; (3) separate financial statements of legal entities that are not subject to tax; and (4) enacted changes in tax laws in interim periods. The adoption of ASU No. 2019-12 did not have a material impact on the Company's Consolidated Financial Statements. In January 2020, the FASB issued ASU No. 2020-01, “Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (a consensus of the FASB Emerging Issues Task Force)”. ASU No. 2020-01 clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. The amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. In addition, this ASU provides direction that a company should not consider whether the underlying securities would be accounted for under the equity method or the fair value option when it is determining the accounting for certain forward contracts and purchased options, upon either settlement or exercise. The amendments are to be applied prospectively. The adoption of ASU No. 2020-01 did not have a material impact on the Company's Consolidated Financial Statements. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” ASU No. 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU No. 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. The adoption of ASU 2021-01 did not significantly impact the Company’s Consolidated Financial Statements. Future Application of Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” ASU No. 2020-04 provides temporary optional expedients and exceptions to GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. For instance, entities can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can also elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. Finally, entities can make a one-time election to sell and/or reclassify held-to-maturity debt securities that reference an interest rate affected by reference rate reform. It is anticipated that this ASU will simplify any modifications that are executed between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. The Company is currently evaluating the impact of adopting the new guidance on the Consolidated Financial Statements. |
DISCONTINUED OPERATIONS AND H_2
DISCONTINUED OPERATIONS AND HELD FOR SALE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | The following presents operating results of the discontinued operations of FCLS for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Interest income $ — $ 764 $ — $ 1,493 Interest expense — 105 — 387 Net interest income — 659 — 1,106 Non-interest income — (5,247) — (3,889) Total net revenue — (4,588) — (2,783) Non-interest expense — 4,047 — 16,481 (Loss) from discontinued operations before income taxes — (8,635) — (19,264) Income tax (benefit) — (2,299) — (5,130) Net (loss) from discontinued operations $ — $ (6,336) $ — $ (14,134) The following is a summary of the assets and liabilities held for sale at June 30, 2021 and December 31, 2020: (In thousands) June 30, 2021 December 31, 2020 Assets Loans $ 253,468 $ 300,599 Other assets 23,108 16,705 Total assets $ 276,576 $ 317,304 Liabilities Deposits $ 632,967 $ 617,377 Other liabilities 13,721 12,688 Total liabilities $ 646,688 $ 630,065 |
SECURITIES AVAILABLE FOR SALE_2
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Securities Available for Sale, Held to Maturity, and Marketable Equity Securities | The following is a summary of securities available for sale, held to maturity, and marketable equity securities: (In thousands) Amortized Cost Gross Gross Fair Value Allowance June 30, 2021 Securities available for sale Municipal bonds and obligations $ 79,341 $ 6,300 $ — $ 85,641 $ — Agency collateralized mortgage obligations 755,840 12,266 (3,007) 765,099 — Agency mortgage-backed securities 427,307 2,650 (4,915) 425,042 — Agency commercial mortgage-backed securities 258,204 5,988 (1,573) 262,619 — Corporate bonds 50,054 1,152 (49) 51,157 — Other bonds and obligations 49,473 1,489 (8) 50,954 — Total securities available for sale 1,620,219 29,845 (9,552) 1,640,512 — Securities held to maturity Municipal bonds and obligations 288,130 18,629 (507) 306,252 90 Agency collateralized mortgage obligations 161,841 4,703 (2,014) 164,530 — Agency mortgage-backed securities 62,900 125 (1,022) 62,003 — Agency commercial mortgage-backed securities 149,571 1,017 (1,378) 149,210 — Tax advantaged economic development bonds 3,050 40 (9) 3,081 40 Other bonds and obligations 294 — — 294 — Total securities held to maturity 665,786 24,514 (4,930) 685,370 130 Marketable equity securities 15,707 126 (124) 15,709 — Total $ 2,301,712 $ 54,485 $ (14,606) $ 2,341,591 $ 130 (In thousands) Amortized Cost Gross Gross Fair Value Allowance December 31, 2020 Securities available for sale Municipal bonds and obligations $ 90,273 $ 7,530 $ — $ 97,803 $ — Agency collateralized mortgage obligations 740,225 16,836 (235) 756,826 — Agency mortgage-backed securities 433,311 4,954 (133) 438,132 — Agency commercial mortgage-backed securities 278,990 9,835 (175) 288,650 — Corporate bonds 59,098 942 (10) 60,030 — Other bonds and obligations 52,080 1,719 (8) 53,791 — Total securities available for sale 1,653,977 41,816 (561) 1,695,232 — Securities held to maturity Municipal bonds and obligations 246,520 20,106 — 266,626 64 Agency collateralized mortgage obligations 153,561 5,989 (171) 159,379 — Agency mortgage-backed securities 35,865 198 (29) 36,034 — Agency commercial mortgage-backed securities 25,481 590 (12) 26,059 — Tax advantaged economic development bonds 3,369 93 — 3,462 40 Other bonds and obligations 295 — — 295 — Total securities held to maturity 465,091 26,976 (212) 491,855 104 Marketable equity securities 18,061 767 (315) 18,513 — Total $ 2,137,129 $ 69,559 $ (1,088) $ 2,205,600 $ 104 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | The following table summarizes the activity in the allowance for credit losses for debt securities held to maturity by security type for the three and six months ended June 30, 2021 and 2020: (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at March 31, 2021 $ 71 $ 40 $ 111 Provision for credit losses 19 — 19 Balance at June 30, 2021 $ 90 $ 40 $ 130 (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at March 31, 2020 $ 83 $ 58 $ 141 Provision for credit losses - reversal (21) (7) (28) Balance at June 30, 2020 $ 62 $ 51 $ 113 (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at December 31, 2020 $ 64 $ 40 $ 104 Impact of ASC 326 adoption — — — Provision for credit losses 26 — 26 Balance at June 30, 2021 $ 90 $ 40 $ 130 (In thousands) Municipal bonds and obligations Tax advantaged economic development bonds Total Balance at December 31, 2019 $ — $ — $ — Impact of ASC 326 adoption 83 226 309 Provision for credit losses - reversal (21) (175) (196) Balance at June 30, 2020 $ 62 $ 51 $ 113 |
Schedule of Estimated Fair Value of Available for Sale (“AFS”) and Held to Maturity (“HTM”) Securities Segregated by Contractual Maturity | The amortized cost and estimated fair value of available for sale (“AFS”) and held to maturity (“HTM”) securities segregated by contractual maturity at June 30, 2021 are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Mortgage-backed securities are shown in total, as their maturities are highly variable. Available for sale Held to maturity Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Within 1 year $ 31,834 $ 31,860 $ 1,764 $ 1,766 Over 1 year to 5 years 4,984 5,093 4,292 4,334 Over 5 years to 10 years 57,108 58,596 23,379 24,183 Over 10 years 84,942 92,203 262,039 279,344 Total bonds and obligations 178,868 187,752 291,474 309,627 Mortgage-backed securities 1,441,351 1,452,760 374,312 375,743 Total $ 1,620,219 $ 1,640,512 $ 665,786 $ 685,370 |
Schedule of Securities Available for Sale and Held to Maturity with Unrealized Losses, Segregated by Duration | Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows: Less Than Twelve Months Over Twelve Months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Losses Value Losses Value Losses Value June 30, 2021 Securities available for sale Agency collateralized mortgage obligations $ 3,007 $ 262,830 $ — $ — $ 3,007 $ 262,830 Agency mortgage-backed securities 4,907 297,679 8 334 4,915 298,013 Agency commercial mortgage-backed securities 1,383 94,708 190 7,713 1,573 102,421 Corporate bonds 49 9,115 — — 49 9,115 Other bonds and obligations — — 8 903 8 903 Total securities available for sale $ 9,346 $ 664,332 $ 206 $ 8,950 $ 9,552 $ 673,282 Securities held to maturity Municipal bonds and obligations $ 507 $ 30,801 $ — $ — $ 507 $ 30,801 Agency collateralized mortgage obligations 2,014 81,140 — — 2,014 81,140 Agency mortgage-backed securities 1,022 58,170 — — 1,022 58,170 Agency commercial mortgage-backed securities 1,378 92,573 — — 1,378 92,573 Tax advantaged economic development bonds 9 1,329 — — 9 1,329 Total securities held to maturity 4,930 264,013 — — 4,930 264,013 Total $ 14,276 $ 928,345 $ 206 $ 8,950 $ 14,482 $ 937,295 December 31, 2020 Securities available for sale Agency collateralized mortgage obligations $ 235 $ 77,898 $ — $ — $ 235 $ 77,898 Agency mortgage-backed securities 131 39,939 2 256 133 40,195 Agency commercial mortgage-backed securities 175 51,435 — — 175 51,435 Corporate bonds 10 4,875 — — 10 4,875 Other bonds and obligations — — 8 1,030 8 1,030 Total securities available for sale $ 551 $ 174,147 $ 10 $ 1,286 $ 561 $ 175,433 Securities held to maturity Agency collateralized mortgage obligations $ 171 $ 25,048 $ — $ — $ 171 $ 25,048 Agency mortgage-backed securities 29 20,710 — — 29 20,710 Agency commercial mortgage-backed securities 12 10,216 — — 12 10,216 Total securities held to maturity 212 55,974 — — 212 55,974 Total $ 763 $ 230,121 $ 10 $ 1,286 $ 773 $ 231,407 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Credit Loss [Abstract] | |
Schedule of Loans | The following is a summary of total loans by regulatory call report code with sub-segmentation based on underlying collateral for certain loan types: (In thousands) June 30, 2021 December 31, 2020 Construction $ 428,596 $ 454,513 Commercial multifamily 499,391 483,350 Commercial real estate owner occupied 558,483 552,413 Commercial real estate non-owner occupied 2,150,608 2,119,263 Commercial and industrial 1,436,207 1,943,164 Residential real estate 1,659,481 1,931,681 Home equity 269,610 293,981 Consumer other 230,215 303,154 Total loans $ 7,232,591 $ 8,081,519 Allowance for credit losses 119,044 127,302 Net loans $ 7,113,547 $ 7,954,217 |
Schedule of Allowance for Credit Losses for Loans, Activity | The Company’s activity in the allowance for credit losses for loans for the three and six months ended June 30, 2021 and June 30, 2020 was as follows: (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Three months ended June 30, 2021 Construction $ 4,397 $ — $ 4,397 $ — $ — $ (478) $ 3,919 Commercial multifamily 6,351 — 6,351 (115) 95 866 7,197 Commercial real estate owner occupied 14,257 — 14,257 (227) 40 (828) 13,242 Commercial real estate non-owner occupied 34,561 — 34,561 (2,561) 178 (1,863) 30,315 Commercial and industrial 26,071 — 26,071 (3,585) 1,266 4,473 28,225 Residential real estate 25,800 — 25,800 (220) 667 (2,604) 23,643 Home equity 5,749 — 5,749 (164) 15 (168) 5,432 Consumer other 6,614 — 6,614 (375) 249 583 7,071 Total allowance for credit losses $ 123,800 $ — $ 123,800 $ (7,247) $ 2,510 $ (19) $ 119,044 (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Three months ended June 30, 2020 Construction $ 4,573 $ — $ 4,573 $ — $ — $ 3,206 $ 7,779 Commercial multifamily 4,453 — 4,453 (50) — (104) 4,299 Commercial real estate owner occupied 11,607 — 11,607 (2,237) 610 1,572 11,552 Commercial real estate non-owner occupied 28,863 — 28,863 — 88 5,756 34,707 Commercial and industrial 24,502 — 24,502 (3,370) 2,218 (254) 23,096 Residential real estate 26,057 — 26,057 (959) 125 13,781 39,004 Home equity 7,780 — 7,780 (157) 97 301 8,021 Consumer other 5,675 — 5,675 (501) 121 5,641 10,936 Total allowance for credit losses $ 113,510 $ — $ 113,510 $ (7,274) $ 3,259 $ 29,899 $ 139,394 (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Six months ended June 30, 2021 Construction $ 5,111 $ — $ 5,111 $ — $ — $ (1,192) $ 3,919 Commercial multifamily 5,916 — 5,916 (239) 157 1,363 7,197 Commercial real estate owner occupied 12,380 — 12,380 (603) 52 1,413 13,242 Commercial real estate non-owner occupied 35,850 — 35,850 (9,220) 304 3,381 30,315 Commercial and industrial 25,013 — 25,013 (6,905) 1,911 8,206 28,225 Residential real estate 28,491 — 28,491 (598) 1,104 (5,354) 23,643 Home equity 6,482 — 6,482 (240) 39 (849) 5,432 Consumer other 8,059 — 8,059 (903) 409 (494) 7,071 Total allowance for credit losses $ 127,302 $ — $ 127,302 $ (18,708) $ 3,976 $ 6,474 $ 119,044 (In thousands) Balance at Beginning of Period Impact of Adopting ASC 326 Sub-total Charge-offs Recoveries Provision for Credit Losses Balance at End of Period Six months ended June 30, 2020 Construction $ 2,713 $ (342) $ 2,371 $ — $ — $ 5,408 $ 7,779 Commercial multifamily 4,413 (1,842) 2,571 (50) — 1,778 4,299 Commercial real estate owner occupied 4,880 6,062 10,942 (8,613) 868 8,355 11,552 Commercial real estate non-owner occupied 16,344 11,201 27,545 (135) 135 7,162 34,707 Commercial and industrial 20,099 (2,189) 17,910 (8,284) 3,620 9,850 23,096 Residential real estate 9,970 6,799 16,769 (1,131) 221 23,145 39,004 Home equity 1,470 4,884 6,354 (234) 99 1,802 8,021 Consumer other 3,686 861 4,547 (1,259) 274 7,374 10,936 Total allowance for credit losses $ 63,575 $ 25,434 $ 89,009 $ (19,706) $ 5,217 $ 64,874 $ 139,394 |
Schedule of Allowance for Credit Losses on Unfunded Loan Commitments, Activity | The Company’s activity in the allowance for credit losses on unfunded commitments for the three and six months ended June 30, 2021 was as follows: Three Months Ended (In thousands) 2021 2020 Balance at beginning of period $ 7,829 $ 8,593 Expense for credit losses — — Balance at end of period $ 7,829 $ 8,593 Six Months Ended (In thousands) 2021 2020 Balance at beginning of period $ 7,629 $ 100 Impact of adopting ASC 326 — 7,993 Sub-Total 7,629 8,093 Expense for credit losses 200 500 Balance at end of period $ 7,829 $ 8,593 |
Schedule of Loans by Risk Rating | The following table presents the Company’s loans by risk category: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of June 30, 2021 Construction Risk rating Pass $ 35,596 $ 51,635 $ 223,937 $ 74,435 $ 30,941 $ 2,060 $ 250 $ — $ 418,854 Special Mention — — — 313 — — — — 313 Substandard — — — 9,429 — — — — 9,429 Total $ 35,596 $ 51,635 $ 223,937 $ 84,177 $ 30,941 $ 2,060 $ 250 $ — $ 428,596 Commercial multifamily: Risk rating Pass $ 23,414 $ 31,156 $ 82,932 $ 73,546 $ 77,790 $ 207,898 $ 53 $ — $ 496,789 Special Mention — — — — — — — — — Substandard — — — — — 2,462 140 — 2,602 Total $ 23,414 $ 31,156 $ 82,932 $ 73,546 $ 77,790 $ 210,360 $ 193 $ — $ 499,391 Commercial real estate owner occupied: Risk rating Pass $ 40,337 $ 51,325 $ 79,894 $ 96,160 $ 60,192 $ 205,099 $ 2,139 $ — $ 535,146 Special Mention — 535 2,859 1,136 2,677 1,793 — — 9,000 Substandard — — 1,266 2,463 1,519 9,089 — — 14,337 Total $ 40,337 $ 51,860 $ 84,019 $ 99,759 $ 64,388 $ 215,981 $ 2,139 $ — $ 558,483 Commercial real estate non-owner occupied: Risk rating Pass $ 179,475 $ 181,339 $ 313,489 $ 403,612 $ 216,824 $ 693,480 $ 17,595 $ — $ 2,005,814 Special Mention — 231 268 13,932 6,849 44,141 — — 65,421 Substandard — 7,751 3,529 2,888 19,956 45,056 193 — 79,373 Total $ 179,475 $ 189,321 $ 317,286 $ 420,432 $ 243,629 $ 782,677 $ 17,788 $ — $ 2,150,608 Commercial and industrial: Risk rating Pass $ 72,627 $ 302,687 $ 122,607 $ 201,428 $ 83,270 $ 172,671 $ 353,839 $ — $ 1,309,129 Special Mention — 2,753 15,473 10,882 16,214 900 10,519 — 56,741 Substandard 3,352 6,513 28,671 12,497 5,381 6,156 7,518 — 70,088 Doubtful — — — — — — 249 — 249 Total $ 75,979 $ 311,953 $ 166,751 $ 224,807 $ 104,865 $ 179,727 $ 372,125 $ — $ 1,436,207 Residential real estate Risk rating Pass $ 148,842 $ 138,615 $ 112,993 $ 163,659 $ 242,739 $ 835,932 $ 3,450 $ — $ 1,646,230 Special Mention — — — — — 363 — — 363 Substandard — 697 — 1,313 1,611 9,267 — — 12,888 Total $ 148,842 $ 139,312 $ 112,993 $ 164,972 $ 244,350 $ 845,562 $ 3,450 $ — $ 1,659,481 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, 2020 Construction Risk rating Pass $ 38,374 $ 255,377 $ 114,690 $ 28,474 $ 9,519 $ 2,766 $ 1,000 $ — $ 450,200 Special Mention — — 313 — — — — — 313 Substandard — — — 4,000 — — — — 4,000 Total $ 38,374 $ 255,377 $ 115,003 $ 32,474 $ 9,519 $ 2,766 $ 1,000 $ — $ 454,513 Commercial multifamily: Risk rating Pass $ 31,438 $ 57,659 $ 74,932 $ 77,746 $ 81,066 $ 153,818 $ 20 $ — $ 476,679 Special Mention — — — — — — — — — Substandard — — — — 47 6,479 145 — 6,671 Total $ 31,438 $ 57,659 $ 74,932 $ 77,746 $ 81,113 $ 160,297 $ 165 $ — $ 483,350 Commercial real estate owner occupied: Risk rating Pass $ 58,327 $ 84,839 $ 104,797 $ 64,693 $ 44,300 $ 169,197 $ 1,194 $ — $ 527,347 Special Mention 535 2,569 1,136 1,009 800 2,579 — — 8,628 Substandard — 1,266 3,597 1,685 1,439 8,451 — — 16,438 Total $ 58,862 $ 88,674 $ 109,530 $ 67,387 $ 46,539 $ 180,227 $ 1,194 $ — $ 552,413 Commercial real estate non-owner occupied: Risk rating Pass $ 180,520 $ 292,386 $ 435,440 $ 223,935 $ 303,221 $ 497,066 $ 15,393 $ — $ 1,947,961 Special Mention — 279 2,068 6,958 11,798 44,961 1,068 — 67,132 Substandard 7,804 3,529 4,235 19,632 2,124 66,651 195 — 104,170 Total $ 188,324 $ 296,194 $ 441,743 $ 250,525 $ 317,143 $ 608,678 $ 16,656 $ — $ 2,119,263 Commercial and industrial: Risk rating Pass $ 754,260 $ 159,046 $ 205,651 $ 130,985 $ 48,326 $ 148,222 $ 368,769 $ — $ 1,815,259 Special Mention 1,467 5,753 5,267 2,851 1,601 65 12,408 — 29,412 Substandard 7,392 39,822 24,951 7,765 3,504 5,630 9,099 — 98,163 Doubtful — — — — — — 330 — 330 Total $ 763,119 $ 204,621 $ 235,869 $ 141,601 $ 53,431 $ 153,917 $ 390,606 $ — $ 1,943,164 Residential real estate Risk rating Pass $ 150,583 $ 146,142 $ 272,399 $ 320,384 $ 333,159 $ 691,078 $ 3,281 $ — $ 1,917,026 Special Mention 384 — 454 1,430 — 362 — — 2,630 Substandard 991 39 703 902 417 8,964 9 — 12,025 Total $ 151,958 $ 146,181 $ 273,556 $ 322,716 $ 333,576 $ 700,404 $ 3,290 $ — $ 1,931,681 For home equity and consumer other loan portfolio segments, Berkshire evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an ongoing basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost based on payment activity: Term Loans Amortized Cost Basis by Origination Year (In thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of June 30, 2021 Home equity: Payment performance Performing $ 1,355 $ 2,858 $ 1,418 $ 318 $ 1,800 $ 2,206 $ 257,227 $ — $ 267,182 Nonperforming — — — — — — 2,428 — 2,428 Total $ 1,355 $ 2,858 $ 1,418 $ 318 $ 1,800 $ 2,206 $ 259,655 $ — $ 269,610 Consumer other: Payment performance Performing $ 11,635 $ 12,856 $ 27,449 $ 74,896 $ 46,928 $ 44,842 $ 7,712 $ — $ 226,318 Nonperforming — 92 383 1,034 1,095 1,284 9 — 3,897 Total $ 11,635 $ 12,948 $ 27,832 $ 75,930 $ 48,023 $ 46,126 $ 7,721 $ — $ 230,215 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Total As of December 31, 2020 Home equity: Payment performance Performing $ 2,445 $ 1,960 $ 316 $ 1,859 $ 499 $ 1,882 $ 282,123 $ — $ 291,084 Nonperforming — — 1 — — — 2,896 — 2,897 Total $ 2,445 $ 1,960 $ 317 $ 1,859 $ 499 $ 1,882 $ 285,019 $ — $ 293,981 Consumer other: Payment performance Performing $ 15,193 $ 35,317 $ 101,730 $ 69,366 $ 35,421 $ 31,327 $ 9,339 $ — $ 297,693 Nonperforming 39 316 1,511 1,599 1,585 407 4 — 5,461 Total $ 15,232 $ 35,633 $ 103,241 $ 70,965 $ 37,006 $ 31,734 $ 9,343 $ — $ 303,154 The following table summarizes information about total loans rated Special Mention or lower at June 30, 2021 and December 31, 2020. The table below includes consumer loans that are Special Mention and Substandard accruing that are classified as performing based on payment activity. (In thousands) June 30, 2021 December 31, 2020 Non-Accrual $ 47,605 $ 64,948 Substandard Accruing 147,685 185,207 Total Classified 195,290 250,155 Special Mention 132,337 109,299 Total Criticized $ 327,627 $ 359,454 |
Summary of Past Due Loans | The following is a summary of loans by past due status at June 30, 2021 and December 31, 2020: (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans June 30, 2021 Construction $ — $ — $ — $ — $ 428,596 $ 428,596 Commercial multifamily 589 — 364 953 498,438 499,391 Commercial real estate owner occupied 1,569 961 3,963 6,493 551,990 558,483 Commercial real estate non-owner occupied 953 — 18,655 19,608 2,131,000 2,150,608 Commercial and industrial 2,168 3,973 9,515 15,656 1,420,551 1,436,207 Residential real estate 2,762 363 12,008 15,133 1,644,348 1,659,481 Home equity 468 114 2,428 3,010 266,600 269,610 Consumer other 1,300 262 3,801 5,363 224,852 230,215 Total $ 9,809 $ 5,673 $ 50,734 $ 66,216 $ 7,166,375 $ 7,232,591 (In thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or Greater Past Due Total Past Due Current Total Loans December 31, 2020 Construction $ — $ — $ — $ — $ 454,513 $ 454,513 Commercial multifamily — — 757 757 482,593 483,350 Commercial real estate owner occupied 809 631 4,894 6,334 546,079 552,413 Commercial real estate non-owner occupied 315 168 38,389 38,872 2,080,391 2,119,263 Commercial and industrial 3,016 3,259 12,982 19,257 1,923,907 1,943,164 Residential real estate 2,068 2,630 11,115 15,813 1,915,868 1,931,681 Home equity 244 284 2,897 3,425 290,556 293,981 Consumer other 2,109 777 5,364 8,250 294,904 303,154 Total $ 8,561 $ 7,749 $ 76,398 $ 92,708 $ 7,988,811 $ 8,081,519 |
Summary of Loans on Nonaccrual Status and Loans Past Due | The following is a summary of loans on nonaccrual status and loans past due 90 days or more and still accruing as of June 30, 2021 and December 31, 2020: (In thousands) Nonaccrual Amortized Cost Nonaccrual With No Related Allowance Past Due 90 Days or Greater and Accruing Interest Income Recognized on Nonaccrual At or for the three months ended June 30, 2021 Construction $ — $ — $ — $ — Commercial multifamily 364 199 — — Commercial real estate owner occupied 3,588 1,781 375 — Commercial real estate non-owner occupied 18,130 11,451 525 — Commercial and industrial 9,427 2,507 88 — Residential real estate 10,011 6,220 1,997 — Home equity 2,292 92 136 — Consumer other 3,793 10 8 — Total $ 47,605 $ 22,260 $ 3,129 $ — The commercial and industrial loans nonaccrual amortized cost as of June 30, 2021 included medallion loans with a fair value of $1.3 million and a contractual balance of $39.1 million. (In thousands) Nonaccrual Amortized Cost Nonaccrual With No Related Allowance Past Due 90 Days or Greater and Accruing Interest Income Recognized on Nonaccrual At or for the three months ended December 31, 2020 Construction $ — $ — $ — $ — Commercial multifamily 757 591 — — Commercial real estate owner occupied 4,509 2,290 385 — Commercial real estate non-owner occupied 29,572 13,912 8,817 — Commercial and industrial 12,441 4,725 541 — Residential real estate 9,711 5,739 1,404 — Home equity 2,654 159 243 — Consumer other 5,304 2 60 — Total $ 64,948 $ 27,418 $ 11,450 $ — |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of individually analyzed collateral-dependent loans by loan portfolio segment: Type of Collateral (In thousands) Real Estate Investment Securities/Cash Other June 30, 2021 Construction $ — $ — $ — Commercial multifamily 200 — — Commercial real estate owner occupied 4,796 — — Commercial real estate non-owner occupied 20,392 — — Commercial and industrial 1,633 — 748 Residential real estate 5,632 — — Home equity 81 — — Consumer other 31 — — Total loans $ 32,765 $ — $ 748 December 31, 2020 Construction $ — $ — $ — Commercial multifamily 591 — — Commercial real estate owner occupied 5,714 — — Commercial real estate non-owner occupied 30,950 — — Commercial and industrial 973 36 3,758 Commercial and industrial - other — — — Residential real estate 5,081 — — Home equity 145 — — Consumer other 51 — — Total loans $ 43,505 $ 36 $ 3,758 |
Schedule of Troubled Debt Restructurings, Activity | The following table presents activity in TDRs for the three and six months ended June 30, 2021 and June 30, 2020: (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Three months ended June 30, 2021 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 741 (13) — — — 728 Commercial real estate owner occupied 1,725 (29) — — 1,266 2,962 Commercial real estate non-owner occupied 14,725 (81) — (590) 10,434 24,488 Commercial and industrial 2,633 (229) — (37) 4,443 6,810 Residential real estate 1,493 (14) — (174) — 1,305 Home equity 130 (3) — — — 127 Consumer other 34 (3) — 6 — 37 Total $ 21,481 $ (372) $ — $ (795) $ 16,143 $ 36,457 (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Three months ended June 30, 2020 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 779 — — — — 779 Commercial real estate owner occupied 7,638 (9) — (4,710) — 2,919 Commercial real estate non-owner occupied 1,373 — — — 9,793 11,166 Commercial and industrial 2,314 (34) — (2) 285 2,563 Residential real estate 2,023 (55) — — — 1,968 Home equity 278 (3) — — — 275 Consumer other 44 (1) — — — 43 Total $ 14,449 $ (102) $ — $ (4,712) $ 10,078 $ 19,713 (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Six months ended June 30, 2021 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 754 (26) — — — 728 Commercial real estate owner occupied 1,731 (35) — — 1,266 2,962 Commercial real estate non-owner occupied 13,684 (95) — (80) 10,979 24,488 Commercial and industrial 2,686 (428) — (37) 4,589 6,810 Residential real estate 1,524 (46) — (173) — 1,305 Home equity 133 (6) — — — 127 Consumer other 36 (5) — 6 — 37 Total $ 20,548 $ (641) $ — $ (284) $ 16,834 $ 36,457 (In thousands) Balance at Beginning of Period Principal Payments TDR Status Change Other Additions/(Reductions) Newly Identified TDRs Balance at End of Period Six months ended June 30, 2020 Construction $ — $ — $ — $ — $ — $ — Commercial multifamily 793 (14) — — — 779 Commercial real estate owner occupied 13,331 (5,702) — (4,710) — 2,919 Commercial real estate non-owner occupied 1,373 — — — 9,793 11,166 Commercial and industrial 1,449 (71) — (2) 1,187 2,563 Residential real estate 2,045 (77) — — — 1,968 Home equity 277 (2) — — — 275 Consumer other 48 (5) — — — 43 Total $ 19,316 $ (5,871) $ — $ (4,712) $ 10,980 $ 19,713 |
Schedule of Loans Modified as TDRs | The following table presents loans modified as TDRs that occurred during the three and six months ended June 30, 2021 and 2020: (dollars in thousands) Total Three months ended June 30, 2021 TDR: Number of loans 9 Pre-modification outstanding recorded investment $ 16,143 Post-modification outstanding recorded investment $ 16,143 Three months ended June 30, 2020 TDR: Number of loans 2 Pre-modification outstanding recorded investment $ 10,078 Post-modification outstanding recorded investment $ 10,078 (dollars in thousands) Total Six months ended June 30, 2021 TDR: Number of loans 13 Pre-modification outstanding recorded investment $ 16,834 Post-modification outstanding recorded investment $ 16,834 Six months ended June 30, 2020 TDR: Number of loans 5 Pre-modification outstanding recorded investment $ 10,980 Post-modification outstanding recorded investment $ 10,980 The following table presents loans by portfolio segment modified as TDRs for which there was a payment default within twelve months following the modification during the three and six months ended June 30, 2021: (in thousands) Number of Loans Recorded Investment Three months ended June 30, 2021 Commercial and industrial 1 $ 53 Total 1 $ 53 (in thousands) Number of Loans Recorded Investment Six months ended June 30, 2021 Commercial and industrial 2 $ 71 Total 2 $ 71 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deposits [Abstract] | |
Summary of Time Deposits | A summary of time deposits is as follows: (In thousands) June 30, December 31, Time less than $100,000 $ 607,050 $ 663,324 Time $100,000 through $250,000 894,706 1,219,210 Time more than $250,000 432,686 502,551 Total time deposits $ 1,934,442 $ 2,385,085 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowed Funds | Borrowed funds at June 30, 2021 and December 31, 2020 are summarized, as follows: June 30, 2021 December 31, 2020 Weighted Weighted Average Average (Dollars in thousands) Principal Rate Principal Rate Short-term borrowings: Advances from the FHLB $ — — % $ 40,000 1.05 % Total short-term borrowings: — — 40,000 1.05 Long-term borrowings: Advances from the FHLB and other borrowings 217,847 1.92 434,357 1.89 Subordinated borrowings 74,500 7.00 74,411 7.00 Junior subordinated borrowing - Trust I 15,464 2.00 15,464 2.06 Junior subordinated borrowing - Trust II 7,432 1.82 7,405 1.92 Total long-term borrowings: 315,243 3.12 531,637 2.61 Total $ 315,243 3.12 % $ 571,637 2.50 % |
Summary of Maturities of FHLBB Advances | A summary of maturities of FHLB advances as of June 30, 2021 is as follows: June 30, 2021 Weighted Average (In thousands, except rates) Principal Rate Fixed rate advances maturing: 2021 $ 139,993 1.92 % 2022 58,050 1.92 2023 10,401 2.14 2024 46 — 2025 and beyond 9,357 1.63 Total FHLB advances $ 217,847 1.92 % |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swap Agreements and Non-Hedging Derivative Assets and Liabilities | Information about derivative assets and liabilities at June 30, 2021, follows: Weighted Weighted Average Rate Estimated Notional Average Contract Fair Value Amount Maturity Received pay rate Asset (Liability) (In thousands) (In years) (In thousands) Economic hedges: Interest rate swap on tax advantaged economic development bond $ 8,271 8.4 0.46 % 5.09 % $ (1,422) Interest rate swaps on loans with commercial loan customers 1,759,309 6.0 4.08 % 1.91 % 110,750 Offsetting interest rate swaps on loans with commercial loan customers (1) 1,759,309 6.0 1.91 % 4.08 % (44,411) Risk participation agreements with dealer banks 353,474 6.9 486 Forward sale commitments 3,664 0.2 92 Total economic hedges 3,884,027 65,495 Non-hedging derivatives: Commitments to lend 19,142 0.2 261 Total non-hedging derivatives 19,142 261 Total $ 3,903,169 $ 65,756 (1) Fair value estimates include the impact of $68.1 million settled to market contract agreements. Information about derivative assets and liabilities at December 31, 2020, follows: Weighted Weighted Average Rate Estimated Notional Average Contract Fair Value Amount Maturity Received pay rate Asset (Liability) (In thousands) (In years) (In thousands) Economic hedges: Interest rate swap on tax advantaged economic development bond $ 8,654 8.9 0.52 % 5.09 % $ (1,778) Interest rate swaps on loans with commercial loan customers 1,734,978 6.1 4.15 % 1.95 % 159,016 Offsetting interest rate swaps on loans with commercial loan customers (1) 1,734,978 6.1 1.95 % 4.15 % (64,645) Risk participation agreements with dealer banks 326,862 8.0 665 Forward sale commitments 11,544 0.2 320 Total economic hedges 3,817,016 93,578 Non-hedging derivatives: Commitments to lend 40,099 0.2 735 Total non-hedging derivatives 40,099 735 Total $ 3,857,115 $ 94,313 (1) Fair value estimates include the impact of $97.6 million settled to market contract agreements. |
Schedule of Amounts Included in the Consolidated Statements of Income Related to Economic Hedges and Non-Hedging Derivatives | Amounts included in the Consolidated Statements of Income related to economic hedges and non-hedging derivatives were as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Economic hedges Interest rate swap on industrial revenue bond: Unrealized gain/(loss) recognized in other non-interest income $ 10 $ 13 $ 355 $ (550) Interest rate swaps on loans with commercial loan customers: Unrealized gain/(loss) recognized in other non-interest income 10,516 9,733 (49,785) 114,653 (Unfavorable)/favorable change in credit valuation adjustment recognized in other non-interest income (982) 103 1,520 (2,435) Offsetting interest rate swaps on loans with commercial loan customers: Unrealized (loss)/gain recognized in other non-interest income (10,516) (9,733) 49,785 (114,653) Risk participation agreements: Unrealized gain/(loss) recognized in other non-interest income 150 99 (179) 365 Forward commitments: Unrealized (loss)/gain recognized in other non-interest income (234) 4,937 (228) 674 Realized (loss) in other non-interest income — (6,408) — (8,330) Non-hedging derivatives Commitments to lend Unrealized gain/(loss) recognized in other non-interest income $ 76 $ (3,687) $ (474) $ (1,479) Realized gain in other non-interest income 457 3,669 1,810 12,970 |
Schedule of Assets Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Assets and Derivative Assets Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount June 30, 2021 Interest Rate Swap Agreements: Institutional counterparties $ 780 $ (52) $ 728 $ — $ — $ 728 Commercial counterparties 111,597 — 111,597 — — 111,597 Total $ 112,377 $ (52) $ 112,325 $ — $ — $ 112,325 Offsetting of Financial Assets and Derivative Assets Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Assets Condition Condition Instruments Collateral Received Net Amount December 31, 2020 Interest Rate Swap Agreements: Institutional counterparties $ 1,124 $ (78) $ 1,046 $ — $ — $ 1,046 Commercial counterparties 159,016 — 159,016 — — 159,016 Total $ 160,140 $ (78) $ 160,062 $ — $ — $ 160,062 |
Schedule of Liabilities Subject to an Enforceable Master Netting Arrangement | Offsetting of Financial Liabilities and Derivative Liabilities Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount June 30, 2021 Interest Rate Swap Agreements: Institutional counterparties $ (115,134) $ 69,060 $ (46,074) $ 36,158 $ 53,882 $ 43,966 Commercial counterparties (846) — (846) — — (846) Total $ (115,980) $ 69,060 $ (46,920) $ 36,158 $ 53,882 $ 43,120 Offsetting of Financial Liabilities and Derivative Liabilities Gross Gross Amounts Net Amounts Gross Amounts Not Offset in Recognized Statements of Statements of Financial Cash (In thousands) Liabilities Condition Condition Instruments Collateral Pledged Net Amount December 31, 2020 Interest Rate Swap Agreements: Institutional counterparties $ (164,543) $ 97,740 $ (66,803) $ 37,815 $ 75,070 $ 46,082 Commercial counterparties — — — — — — Total $ (164,543) $ 97,740 $ (66,803) $ 37,815 $ 75,070 $ 46,082 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of ROU Assets and Lease Liabilities | The following table represents the Consolidated Balance Sheets classification of the Company’s right-of-use (“ROU”) assets and lease liabilities: (In thousands) June 30, 2021 December 31, 2020 Lease Right-of-Use Assets Classification Operating lease right-of-use assets Other assets $ 55,327 $ 60,018 Finance lease right-of-use assets Premises and equipment, net 6,936 7,197 Total Lease Right-of-Use Assets $ 62,263 $ 67,215 Lease Liabilities Operating lease liabilities Other liabilities $ 61,168 $ 63,894 Finance lease liabilities Other liabilities 10,127 10,383 Total Lease Liabilities $ 71,295 $ 74,277 |
Supplemental Information Related to Leases | Supplemental information related to leases was as follows: June 30, 2021 December 31, 2020 Weighted-Average Remaining Lease Term (in years) Operating leases 9.9 9.8 Finance leases 13.3 13.8 Weighted-Average Discount Rate Operating leases 2.80 % 2.81 % Finance leases 5.00 % 5.00 % |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Months Ended (In thousands) June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 2,668 $ 3,423 Operating cash flows from finance leases 126 133 Financing cash flows from finance leases 131 125 (1) There were operating cash flows from operating leases related to discontinued operations of $0.3 million at June 30, 2020. Six Months Ended (In thousands) June 30, 2021 June 30, 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1) $ 5,911 $ 7,050 Operating cash flows from finance leases 253 267 Financing cash flows from finance leases 263 249 (1) There were operating cash flows from operating leases related to discontinued operations of $0.7 million at June 30, 2020. |
Schedule of Maturity Analysis of Operating Lease Liability | The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2021: (In thousands) Operating Leases Finance Leases 2021 $ 5,093 $ 514 2022 9,838 1,031 2023 8,650 1,037 2024 7,607 1,037 2025 5,920 1,037 Thereafter 33,569 9,223 Total undiscounted lease payments 70,677 13,879 Less amounts representing interest (9,509) (3,752) Lease liability $ 61,168 $ 10,127 |
Schedule of Maturity Analysis of Finance Lease Liability | The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2021: (In thousands) Operating Leases Finance Leases 2021 $ 5,093 $ 514 2022 9,838 1,031 2023 8,650 1,037 2024 7,607 1,037 2025 5,920 1,037 Thereafter 33,569 9,223 Total undiscounted lease payments 70,677 13,879 Less amounts representing interest (9,509) (3,752) Lease liability $ 61,168 $ 10,127 |
CAPITAL RATIOS AND SHAREHOLDE_2
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Actual and Required Capital Ratios | The actual and required capital ratios were as follows: June 30, December 31, Minimum Capital Requirement Company (consolidated) Total capital to risk weighted assets 16.7 % 16.1 % 8.0 % Common equity tier 1 capital to risk weighted assets 14.3 13.8 4.5 Tier 1 capital to risk weighted assets 14.6 14.1 6.0 Tier 1 capital to average assets 9.5 9.4 4.0 June 30, December 31, Regulatory Minimum to be Adequately Capitalized Regulatory Bank Total capital to risk weighted assets 15.0 % 15.0 % 8.0 % 10.0 % Common equity tier 1 capital to risk weighted assets 13.8 13.9 4.5 6.5 Tier 1 capital to risk weighted assets 13.8 13.9 6.0 8.0 Tier 1 capital to average assets 8.9 9.2 4.0 5.0 |
Schedule of Components of Accumulated Other Comprehensive Income | Components of accumulated other comprehensive income is as follows: (In thousands) June 30, December 31, Other accumulated comprehensive income, before tax: Net unrealized holding gain on AFS securities $ 23,369 $ 44,988 Net unrealized holding (loss) on pension plans (3,511) (3,511) Income taxes related to items of accumulated other comprehensive income: Net unrealized tax (expense) on AFS securities (6,010) (11,530) Net unrealized tax benefit on pension plans 924 924 Accumulated other comprehensive income $ 14,772 $ 30,871 |
Schedule of Components of Other Comprehensive Income | The following table presents the components of other comprehensive income for the three and six months ended June 30, 2021 and 2020: (In thousands) Before Tax Tax Effect Net of Tax Three Months Ended June 30 , 2021 Net unrealized holding gain on AFS securities: x Net unrealized gains arising during the period $ 5,394 $ (1,343) $ 4,051 Less: reclassification adjustment for gains realized in net income — — — Net unrealized holding gain on AFS securities 5,394 (1,343) 4,051 Other comprehensive income $ 5,394 $ (1,343) $ 4,051 Three Months Ended June 30 , 2020 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 3,000 $ (777) $ 2,223 Less: reclassification adjustment for gains realized in net income 1 — 1 Net unrealized holding gain on AFS securities 2,999 (777) 2,222 Other comprehensive income $ 2,999 $ (777) $ 2,222 (In thousands) Before Tax Tax Effect Net of Tax Six Months Ended June 30 , 2021 Net unrealized holding gain on AFS securities: x Net unrealized (losses) arising during the period $ (21,619) $ 5,520 $ (16,099) Less: reclassification adjustment for gains realized in net income — — — Net unrealized holding (loss) on AFS securities (21,619) 5,520 (16,099) Other comprehensive (loss) $ (21,619) $ 5,520 $ (16,099) Six Months Ended June 30 , 2020 Net unrealized holding gain on AFS securities: Net unrealized gains arising during the period $ 28,613 $ (7,368) $ 21,245 Less: reclassification adjustment for (losses) realized in net income (1) — (1) Net unrealized holding gain on AFS securities 28,614 (7,368) 21,246 Other comprehensive income $ 28,614 $ (7,368) $ 21,246 |
Schedule of Gross Changes in Each Component of Accumulated Other Comprehensive Income | The following table presents the changes in each component of accumulated other comprehensive income, for the three and six months ended June 30, 2021 and 2020: (In thousands) Net unrealized Net unrealized Total Three Months Ended June 30, 2021 Balance at Beginning of Period $ 13,308 $ (2,587) $ 10,721 Other comprehensive income before reclassifications 4,051 — 4,051 Less: amounts reclassified from accumulated other comprehensive income — — — Total other comprehensive income 4,051 — 4,051 Balance at End of Period $ 17,359 $ (2,587) $ 14,772 Three Months Ended June 30, 2020 Balance at Beginning of Period $ 33,228 $ (2,211) $ 31,017 Other comprehensive income before reclassifications 2,223 — 2,223 Less: amounts reclassified from accumulated other comprehensive income 1 — 1 Total other comprehensive income 2,222 — 2,222 Balance at End of Period $ 35,450 $ (2,211) $ 33,239 Six Months Ended June 30, 2021 Balance at Beginning of Period $ 33,458 $ (2,587) $ 30,871 Other comprehensive income before reclassifications (16,099) — (16,099) Less: amounts reclassified from accumulated other comprehensive (loss) — — — Total other comprehensive (loss) (16,099) — (16,099) Balance at End of Period $ 17,359 $ (2,587) $ 14,772 Six Months Ended June 30, 2020 Balance at Beginning of Period $ 14,204 $ (2,211) $ 11,993 Other comprehensive income before reclassifications 21,245 — 21,245 Less: amounts reclassified from accumulated other comprehensive income (1) — (1) Total other comprehensive income 21,246 — 21,246 Balance at End of Period $ 35,450 $ (2,211) $ 33,239 |
Schedule of Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified out of each component of accumulated other comprehensive income for the three and six months ended June 30, 2021 and 2020: Affected Line Item in the Three Months Ended June 30, Statement where Net Income (In thousands) 2021 2020 is Presented Realized gains on AFS securities: $ — $ 1 Non-interest income — — Tax expense — 1 Net of tax Total reclassifications for the period $ — $ 1 Net of tax Affected Line Item in the Six Months Ended June 30, Statement where Net Income (In thousands) 2021 2020 is Presented Realized gains on AFS securities: $ — $ (1) Non-interest income — — Tax expense — (1) Net of tax Total reclassifications for the period $ — $ (1) Net of tax |
EARNINGS_(LOSS) PER SHARE (Tabl
EARNINGS/(LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | Earnings/(loss) per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method): Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share data) 2021 2020 2021 2020 Income/(loss) from continuing operations $ 21,636 $ (543,045) $ 34,667 $ (555,117) (Loss) from discontinued operations — (6,336) — (14,134) Net income/(loss) $ 21,636 $ (549,381) $ 34,667 $ (569,251) Average number of common shares issued 51,903 51,903 51,903 51,903 Less: average number of treasury shares 822 1,718 885 1,731 Less: average number of unvested stock award shares 760 461 691 472 Plus: average participating preferred shares — 522 — 528 Average number of basic shares outstanding 50,321 50,246 50,327 50,228 Plus: dilutive effect of unvested stock award shares 280 — 257 — Plus: dilutive effect of stock options outstanding 7 — 4 — Average number of diluted shares outstanding 50,608 50,246 50,588 50,228 Basic earnings/(loss) per common share: Continuing operations $ 0.43 $ (10.80) $ 0.69 $ (11.05) Discontinued operations — (0.13) — (0.28) Total $ 0.43 $ (10.93) $ 0.69 $ (11.33) Diluted earnings/(loss) per common share: Continuing operations $ 0.43 $ (10.80) $ 0.69 $ (11.05) Discontinued operations — (0.13) — (0.28) Total $ 0.43 $ (10.93) $ 0.69 $ (11.33) |
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION PLANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Activity in the Stock Award and Stock Option Plans | A combined summary of activity in the Company’s stock award and stock option plans for the six months ended June 30, 2021 is presented in the following table: Non-Vested Stock Awards Outstanding Stock Options Outstanding (Shares in thousands) Number of Shares Weighted-Average Grant Date Fair Value Number of Shares Weighted-Average Exercise Price December 31, 2020 517 $ 28.35 112 $ 22.95 Granted 439 19.61 — — Acquired — — — — Stock options exercised — — (7) 16.67 Stock awards vested (79) 33.61 — — Forfeited (62) 25.19 — — Expired — — (10) 17.46 June 30, 2021 815 $ 20.02 95 $ 24.88 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis Segregated by the Level of the Valuation Inputs Within the Fair Value Hierarchy Utilized to Measure Fair Value | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value. June 30, 2021 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 8,853 $ 8,853 Securities available for sale: Municipal bonds and obligations — 85,641 — 85,641 Agency collateralized mortgage obligations — 765,099 — 765,099 Agency residential mortgage-backed securities — 425,042 — 425,042 Agency commercial mortgage-backed securities — 262,619 — 262,619 Corporate bonds — 51,157 — 51,157 Other bonds and obligations — 50,954 — 50,954 Marketable equity securities 15,037 672 — 15,709 Loans held for investment at fair value — — 1,260 1,260 Loans held for sale — 4,334 — 4,334 Derivative assets — 112,508 353 112,861 Capitalized servicing rights — — 2,356 2,356 Derivative liabilities — 47,105 — 47,105 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Inputs Inputs Inputs Fair Value Trading security $ — $ — $ 9,708 $ 9,708 Securities available for sale: Municipal bonds and obligations — 97,803 — 97,803 Agency collateralized mortgage obligations — 756,826 — 756,826 Agency residential mortgage-backed securities — 438,132 — 438,132 Agency commercial mortgage-backed securities — 288,650 — 288,650 Corporate bonds — 45,030 15,000 60,030 Other bonds and obligations — 53,791 — 53,791 Marketable equity securities 17,841 672 — 18,513 Loans held for investment at fair value — — 2,265 2,265 Loans held for sale — 12,992 4,756 17,748 Derivative assets — 159,016 1,055 160,071 Capitalized servicing rights — — 3,033 3,033 Derivative liabilities — 65,758 — 65,758 |
Schedule of Loans Held for Sale | Aggregate Fair Value June 30, 2021 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for investment at fair value $ 1,260 $ 39,101 $ (37,841) Aggregate Fair Value December 31, 2020 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for investment at fair value $ 2,265 $ 53,945 $ (51,680) Loans Held for Sale. The Company elected the fair value option for all loans held for sale (HFS) originated for sale on or after May 1, 2012. Loans HFS are classified as Level 2 as the fair value is based on input factors such as quoted prices for similar loans in active markets. Aggregate Fair Value June 30, 2021 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for sale $ 4,334 $ 4,215 $ 119 Aggregate Fair Value December 31, 2020 Aggregate Aggregate Less Aggregate (In thousands) Fair Value Unpaid Principal Unpaid Principal Loans held for sale $ 12,992 $ 12,639 $ 353 |
Schedule of Changes in Level 3 Assets That Were Measured at Fair Value on a Recurring Basis | The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three and six months ended June 30, 2021 and 2020. Assets (Liabilities) Securities Loans Capitalized Trading Available Held for Commitments Forward Servicing (In thousands) Security for Sale Investment to Lend Commitments Rights Three Months Ended June 30, 2021 March 31, 2021 $ 9,350 $ — $ 1,448 $ 185 $ 326 $ 2,968 Unrealized (loss)/gain, net recognized in other non-interest income (305) — 187 430 (234) (612) Paydown of asset (192) — (375) — — — Transfers to held for sale loans — — — (354) — — June 30, 2021 $ 8,853 $ — $ 1,260 $ 261 $ 92 $ 2,356 Six Months Ended June 30, 2021 December 31, 2020 $ 9,708 $ 15,000 $ 2,265 $ 735 $ 320 $ 3,033 Maturity of AFS security — (15,000) — — — — Unrealized (loss)/gain, net recognized in other non-interest income (471) — 601 — (228) — Unrealized gain/(loss), net recognized in discontinued operations — — — 1,248 — (677) Paydown of asset (384) — (1,606) — — — Transfers to held for sale loans — — — (1,722) — — June 30, 2021 $ 8,853 $ — $ 1,260 $ 261 $ 92 $ 2,356 Unrealized gain/(loss) relating to instruments still held at June 30, 2021 $ 581 $ — $ — $ 261 $ 92 $ — Securities Loans Capitalized Trading Available Held for Commitments Forward Servicing (In thousands) Security for Sale Investment to Lend (1) Commitments (1) Rights (1) Three Months Ended June 30, 2020 March 31, 2020 $ 9,829 $ 34,504 $ 4,895 $ 4,836 $ — $ 8,518 Adoption of ASC 326 — — — — — — Maturity of AFS security — (8,000) — — — — Unrealized gain, net recognized in other non-interest income (128) — (1,496) — 447 — Unrealized gain included in accumulated other comprehensive loss — (904) — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 2,714 — (3,690) Paydown of asset (182) — (259) — — — Transfers to held for sale loans — — — (6,401) — — Additions to servicing rights — — — — — — June 30, 2020 $ 9,519 $ 25,600 $ 3,140 $ 1,149 $ 447 $ 4,828 Six Months Ended June 30, 2020 December 31, 2020 $ 10,769 $ 42,966 $ — $ 2,628 $ — $ 12,299 Adoption of ASC 326 — — 7,660 — — Sale of AFS security — (17,000) — — — — Unrealized gain, net recognized in other non-interest income (887) — (3,712) — 447 — Unrealized (loss) included in accumulated other comprehensive income — (366) — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 13,753 — (7,471) Transfers to Level 2 — — — — — — Paydown of trading security (363) — (808) — — — Transfers to held for sale loans — — — (15,232) — — Additions to servicing rights — $ — — — — — June 30, 2020 $ 9,519 $ 25,600 $ 3,140 $ 1,149 $ 447 $ 4,828 Unrealized gains relating to instruments still held at June 30,2020 $ 491 $ (850) $ — $ 1,149 $ 447 $ — |
Schedule of Changes in Level 3 Liabilities That Were Measured at Fair Value on a Recurring Basis | The table below presents the changes in Level 3 assets and liabilities that were measured at fair value on a recurring basis for the three and six months ended June 30, 2021 and 2020. Assets (Liabilities) Securities Loans Capitalized Trading Available Held for Commitments Forward Servicing (In thousands) Security for Sale Investment to Lend Commitments Rights Three Months Ended June 30, 2021 March 31, 2021 $ 9,350 $ — $ 1,448 $ 185 $ 326 $ 2,968 Unrealized (loss)/gain, net recognized in other non-interest income (305) — 187 430 (234) (612) Paydown of asset (192) — (375) — — — Transfers to held for sale loans — — — (354) — — June 30, 2021 $ 8,853 $ — $ 1,260 $ 261 $ 92 $ 2,356 Six Months Ended June 30, 2021 December 31, 2020 $ 9,708 $ 15,000 $ 2,265 $ 735 $ 320 $ 3,033 Maturity of AFS security — (15,000) — — — — Unrealized (loss)/gain, net recognized in other non-interest income (471) — 601 — (228) — Unrealized gain/(loss), net recognized in discontinued operations — — — 1,248 — (677) Paydown of asset (384) — (1,606) — — — Transfers to held for sale loans — — — (1,722) — — June 30, 2021 $ 8,853 $ — $ 1,260 $ 261 $ 92 $ 2,356 Unrealized gain/(loss) relating to instruments still held at June 30, 2021 $ 581 $ — $ — $ 261 $ 92 $ — Securities Loans Capitalized Trading Available Held for Commitments Forward Servicing (In thousands) Security for Sale Investment to Lend (1) Commitments (1) Rights (1) Three Months Ended June 30, 2020 March 31, 2020 $ 9,829 $ 34,504 $ 4,895 $ 4,836 $ — $ 8,518 Adoption of ASC 326 — — — — — — Maturity of AFS security — (8,000) — — — — Unrealized gain, net recognized in other non-interest income (128) — (1,496) — 447 — Unrealized gain included in accumulated other comprehensive loss — (904) — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 2,714 — (3,690) Paydown of asset (182) — (259) — — — Transfers to held for sale loans — — — (6,401) — — Additions to servicing rights — — — — — — June 30, 2020 $ 9,519 $ 25,600 $ 3,140 $ 1,149 $ 447 $ 4,828 Six Months Ended June 30, 2020 December 31, 2020 $ 10,769 $ 42,966 $ — $ 2,628 $ — $ 12,299 Adoption of ASC 326 — — 7,660 — — Sale of AFS security — (17,000) — — — — Unrealized gain, net recognized in other non-interest income (887) — (3,712) — 447 — Unrealized (loss) included in accumulated other comprehensive income — (366) — — — — Unrealized gain/(loss), net recognized in discontinued operations — — — 13,753 — (7,471) Transfers to Level 2 — — — — — — Paydown of trading security (363) — (808) — — — Transfers to held for sale loans — — — (15,232) — — Additions to servicing rights — $ — — — — — June 30, 2020 $ 9,519 $ 25,600 $ 3,140 $ 1,149 $ 447 $ 4,828 Unrealized gains relating to instruments still held at June 30,2020 $ 491 $ (850) $ — $ 1,149 $ 447 $ — |
Schedule of Quantitative Information About the Significant Unobservable Inputs Within Level 3 | Quantitative information about the significant unobservable inputs within Level 3 recurring assets and liabilities is as follows: Fair Value Significant (In thousands) June 30, 2021 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading security $ 8,853 Discounted Cash Flow Discount Rate 3.38 % Loan held for investment 1,260 Discounted Cash Flow Discount Rate 25.00 % Collateral Value $6.7 - $18.3 Commitments to lend 261 Historical Trend Closing Ratio 79.15 % Pricing Model Origination Costs, per loan $ 3 Forward commitments 92 Historical Trend Closing Ratio 79.15 % Pricing Model Origination Costs, per loan $ 3 Capitalized servicing rights 2,356 Discounted cash flow Constant Prepayment Rate (CPR) 23.87 % Discount Rate 9.50 % Total $ 12,822 Fair Value Significant (In thousands) December 31, 2020 Valuation Techniques Unobservable Inputs Value Assets (Liabilities) Trading security $ 9,708 Discounted Cash Flow Discount Rate 2.72 % AFS Securities 15,000 Indication from Market Maker Price 102.00 % Loans held for investment 2,265 Discounted Cash Flow Discount Rate 30.00 % Collateral Value $8.1- $21.9 Commitments to lend 735 Historical Trend Closing Ratio 74.54 % Pricing Model Origination Costs, per loan $ 3 Forward commitments 320 Historical Trend Closing Ratio 74.54 % Pricing Model Origination Costs, per loan $ 3 Capitalized servicing rights 3,033 Discounted Cash Flow Constant Prepayment Rate (CPR) 26.52 % Discount Rate 10.00 % Total $ 31,061 June 30, 2021 December 31, 2020 Fair Value Measurement Date as of June 30, 2021 Level 3 Level 3 Level 3 (In thousands) Inputs Inputs Inputs Assets Individually evaluated $ 21,135 $ 28,028 June 2021 Capitalized servicing rights 13,835 13,315 June 2021 Other real estate owned 85 149 June 2021 Total $ 35,055 $ 41,492 |
Summary of Applicable Non-Recurring Fair Value Measurements | Quantitative information about the significant unobservable inputs within Level 3 non-recurring assets is as follows: Fair Value (In thousands) June 30, 2021 Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Assets Individually evaluated $ 21,135 Fair Value of Collateral Discounted Cash Flow - Loss Severity 1.39% to 100.00% (57.51%) Appraised Value $0 to $11,810 ($8,089) Capitalized servicing rights 13,835 Discounted Cash Flow Constant Prepayment Rate (CPR) 7.69% to 18.25% (14.57%) Discount Rate 9.06% to 10.50% (9.34%) Other Real Estate Owned 85 Fair Value of Collateral Appraised Value $120 Total $ 35,055 (1) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. Fair Value (In thousands) December 31, 2020 Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Assets Individually evaluated $ 28,028 Fair Value of Collateral Discounted Cash Flow - loss severity 0.07% to 100.00% (46.36%) Appraised Value $0 to $11,432 ($9,800) Capitalized servicing rights 13,315 Discounted Cash Flow Constant Prepayment Rate (CPR) 14.49% to 23.29% (16.98%) Discount Rate 10.00% to 11.00% (10.56%) Other Real Estate Owned 149 Fair Value of Collateral Appraised Value $94 - $182 Total $ 41,492 (1) Where dollar amounts are disclosed, the amounts represent the lowest and highest fair value of the respective assets in the population except for adjustments for market/property conditions, which represents the range of adjustments to individuals properties. |
Summary of Estimated Fair Values, and Related Carrying Amounts, of Financial Instruments | The following tables summarize the estimated fair values (represents exit price), and related carrying amounts, of the Company’s financial instruments. Certain financial instruments and all non-financial instruments are excluded. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. June 30, 2021 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 1,826,681 $ 1,826,681 $ 1,826,681 $ — $ — Trading security 8,853 8,853 — — 8,853 Marketable equity securities 15,709 15,709 15,037 672 — Securities available for sale 1,640,512 1,640,512 — 1,640,512 — Securities held to maturity 665,786 685,370 — 682,288 3,082 FHLB bank stock and restricted securities 19,638 N/A N/A N/A N/A Net loans 7,113,547 7,333,820 — — 7,333,820 Loans held for sale 6,494 6,494 — 4,334 2,160 Accrued interest receivable 41,152 41,152 — 41,152 — Derivative assets 112,861 112,861 — 112,508 353 Financial Liabilities Total deposits $ 9,913,900 $ 9,923,159 $ — $ 9,923,159 $ — Short-term debt — — — — — Long-term Federal Home Loan Bank advances and other 217,847 218,953 — 218,953 — Subordinated borrowings 97,396 95,906 — 95,906 — Derivative liabilities 47,105 47,105 — 47,105 — December 31, 2020 Carrying Fair (In thousands) Amount Value Level 1 Level 2 Level 3 Financial Assets Cash and cash equivalents $ 1,557,875 $ 1,557,875 $ 1,557,875 $ — $ — Trading security 9,708 9,708 — — 9,708 Marketable equity securities 18,513 18,513 17,841 672 — Securities available for sale and other 1,695,232 1,695,232 — 1,680,232 15,000 Securities held to maturity 465,091 491,855 — 488,393 3,462 FHLB bank stock and restricted securities 34,873 N/A N/A N/A N/A Net loans 7,954,217 8,243,437 — — 8,243,437 Loans held for sale 17,748 17,748 — 12,992 4,756 Accrued interest receivable 46,919 46,919 — 46,919 — Derivative assets 160,071 160,071 — 159,016 1,055 Assets held for sale 317,304 317,304 — 16,705 300,599 Financial Liabilities Total deposits $ 10,215,808 $ 10,230,822 $ — $ 10,230,822 $ — Short-term debt 40,000 40,025 — 40,025 — Long-term Federal Home Loan Bank advances 434,357 438,064 — 438,064 — Subordinated borrowings 97,280 95,178 — 95,178 — Derivative liabilities 65,758 65,758 — 65,758 — Liabilities held for sale 630,065 631,268 — 631,268 — |
NET INTEREST INCOME AFTER PRO_2
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Net Interest Income After Provision for Loan Losses | Presented below is net interest income after provision for credit losses for the three and six months ended June 30, 2021 and 2020, respectively. Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2021 2020 2021 2020 Net interest income from continuing operations $ 75,393 $ 77,590 $ 150,486 $ 164,018 Provision for credit losses — 29,871 6,500 64,678 Net interest income from continuing operations after provision for credit losses $ 75,393 $ 47,719 $ 143,986 $ 99,340 |
DISCONTINUED OPERATIONS AND H_3
DISCONTINUED OPERATIONS AND HELD FOR SALE - Results of Discontinued Operation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) from discontinued operations before income taxes | $ 0 | $ (8,635) | $ 0 | $ (19,264) |
Income tax (benefit) | 0 | (2,299) | 0 | (5,130) |
Net (loss) from discontinued operations | 0 | (6,336) | 0 | (14,134) |
FCLS | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 0 | 764 | 0 | 1,493 |
Interest expense | 0 | 105 | 0 | 387 |
Net interest income | 0 | 659 | 0 | 1,106 |
Non-interest income | 0 | (5,247) | 0 | (3,889) |
Total net revenue | 0 | (4,588) | 0 | (2,783) |
Non-interest expense | 0 | 4,047 | 0 | 16,481 |
(Loss) from discontinued operations before income taxes | 0 | (8,635) | 0 | (19,264) |
Income tax (benefit) | 0 | (2,299) | 0 | (5,130) |
Net (loss) from discontinued operations | $ 0 | $ (6,336) | $ 0 | $ (14,134) |
DISCONTINUED OPERATIONS AND H_4
DISCONTINUED OPERATIONS AND HELD FOR SALE - Narrative (Details) - Mid-Atlantic Branch - Discontinued Operations, Held-for-sale $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)branch | Dec. 31, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of branches sold | branch | 8 | |
Loans | $ 253,468 | $ 300,599 |
Deposits | $ 632,967 | $ 617,377 |
Premium on deposits, percent | 3.00% |
DISCONTINUED OPERATIONS AND H_5
DISCONTINUED OPERATIONS AND HELD FOR SALE - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Total assets | $ 276,576 | $ 317,304 |
Liabilities | ||
Total liabilities | 646,688 | 630,065 |
Mid-Atlantic Branch | Discontinued Operations, Held-for-sale | ||
Assets | ||
Loans | 253,468 | 300,599 |
Other assets | 23,108 | 16,705 |
Total assets | 276,576 | 317,304 |
Liabilities | ||
Deposits | 632,967 | 617,377 |
Other liabilities | 13,721 | 12,688 |
Total liabilities | $ 646,688 | $ 630,065 |
TRADING SECURITY (Details)
TRADING SECURITY (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized cost | $ 8,300 | $ 8,700 |
Trading security, at fair value | $ 8,853 | $ 9,708 |
SECURITIES AVAILABLE FOR SALE_3
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Summary of Securities Available for Sale and Held to Maturity (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Securities available for sale | ||||||
Amortized Cost | $ 1,620,219 | $ 1,653,977 | ||||
Gross Unrealized Gains | 29,845 | 41,816 | ||||
Gross Unrealized Losses | (9,552) | (561) | ||||
Securities available for sale, at fair value | 1,640,512 | 1,695,232 | ||||
Allowance | 0 | 0 | ||||
Securities held to maturity | ||||||
Amortized Cost | 665,786 | 465,091 | ||||
Gross Unrealized Gains | 24,514 | 26,976 | ||||
Gross Unrealized Losses | (4,930) | (212) | ||||
Fair Value | 685,370 | 491,855 | ||||
Allowance | 130 | 104 | $ 111 | $ 113 | $ 141 | $ 0 |
Marketable equity securities, amortized cost | 15,707 | 18,061 | ||||
Marketable equity securities, gross unrealized gains | 126 | 767 | ||||
Marketable equity securities, gross unrealized losses | (124) | (315) | ||||
Marketable equity securities, fair value | 15,709 | 18,513 | ||||
Total, amortized cost basis | 2,301,712 | 2,137,129 | ||||
Total, gross unrealized gain | 54,485 | 69,559 | ||||
Total, gross unrealized loss | (14,606) | (1,088) | ||||
Total, fair value | 2,341,591 | 2,205,600 | ||||
Total, Allowance | 130 | 104 | ||||
Municipal bonds and obligations | ||||||
Securities available for sale | ||||||
Amortized Cost | 79,341 | 90,273 | ||||
Gross Unrealized Gains | 6,300 | 7,530 | ||||
Gross Unrealized Losses | 0 | 0 | ||||
Securities available for sale, at fair value | 85,641 | 97,803 | ||||
Allowance | 0 | 0 | ||||
Securities held to maturity | ||||||
Amortized Cost | 288,130 | 246,520 | ||||
Gross Unrealized Gains | 18,629 | 20,106 | ||||
Gross Unrealized Losses | (507) | 0 | ||||
Fair Value | 306,252 | 266,626 | ||||
Allowance | 90 | 64 | 71 | 62 | 83 | 0 |
Agency collateralized mortgage obligations | ||||||
Securities available for sale | ||||||
Amortized Cost | 755,840 | 740,225 | ||||
Gross Unrealized Gains | 12,266 | 16,836 | ||||
Gross Unrealized Losses | (3,007) | (235) | ||||
Securities available for sale, at fair value | 765,099 | 756,826 | ||||
Allowance | 0 | 0 | ||||
Securities held to maturity | ||||||
Amortized Cost | 161,841 | 153,561 | ||||
Gross Unrealized Gains | 4,703 | 5,989 | ||||
Gross Unrealized Losses | (2,014) | (171) | ||||
Fair Value | 164,530 | 159,379 | ||||
Allowance | 0 | 0 | ||||
Agency mortgage-backed securities | ||||||
Securities available for sale | ||||||
Amortized Cost | 427,307 | 433,311 | ||||
Gross Unrealized Gains | 2,650 | 4,954 | ||||
Gross Unrealized Losses | (4,915) | (133) | ||||
Securities available for sale, at fair value | 425,042 | 438,132 | ||||
Allowance | 0 | 0 | ||||
Securities held to maturity | ||||||
Amortized Cost | 62,900 | 35,865 | ||||
Gross Unrealized Gains | 125 | 198 | ||||
Gross Unrealized Losses | (1,022) | (29) | ||||
Fair Value | 62,003 | 36,034 | ||||
Allowance | 0 | 0 | ||||
Agency commercial mortgage-backed securities | ||||||
Securities available for sale | ||||||
Amortized Cost | 258,204 | 278,990 | ||||
Gross Unrealized Gains | 5,988 | 9,835 | ||||
Gross Unrealized Losses | (1,573) | (175) | ||||
Securities available for sale, at fair value | 262,619 | 288,650 | ||||
Allowance | 0 | 0 | ||||
Securities held to maturity | ||||||
Amortized Cost | 149,571 | 25,481 | ||||
Gross Unrealized Gains | 1,017 | 590 | ||||
Gross Unrealized Losses | (1,378) | (12) | ||||
Fair Value | 149,210 | 26,059 | ||||
Allowance | 0 | 0 | ||||
Corporate bonds | ||||||
Securities available for sale | ||||||
Amortized Cost | 50,054 | 59,098 | ||||
Gross Unrealized Gains | 1,152 | 942 | ||||
Gross Unrealized Losses | (49) | (10) | ||||
Securities available for sale, at fair value | 51,157 | 60,030 | ||||
Allowance | 0 | 0 | ||||
Tax advantaged economic development bonds | ||||||
Securities held to maturity | ||||||
Amortized Cost | 3,050 | 3,369 | ||||
Gross Unrealized Gains | 40 | 93 | ||||
Gross Unrealized Losses | (9) | 0 | ||||
Fair Value | 3,081 | 3,462 | ||||
Allowance | 40 | 40 | $ 40 | $ 51 | $ 58 | $ 0 |
Other bonds and obligations | ||||||
Securities available for sale | ||||||
Amortized Cost | 49,473 | 52,080 | ||||
Gross Unrealized Gains | 1,489 | 1,719 | ||||
Gross Unrealized Losses | (8) | (8) | ||||
Securities available for sale, at fair value | 50,954 | 53,791 | ||||
Allowance | 0 | 0 | ||||
Securities held to maturity | ||||||
Amortized Cost | 294 | 295 | ||||
Gross Unrealized Gains | 0 | 0 | ||||
Gross Unrealized Losses | 0 | 0 | ||||
Fair Value | 294 | 295 | ||||
Allowance | $ 0 | $ 0 |
SECURITIES AVAILABLE FOR SALE_4
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Debt Securities, Held to Maturity, Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 111 | $ 141 | $ 104 | $ 0 |
Provision for credit losses | 19 | (28) | 26 | (196) |
Ending balance | 130 | 113 | 130 | 113 |
Impact of ASC 326 Adoption | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | 309 | ||
Municipal bonds and obligations | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 71 | 83 | 64 | 0 |
Provision for credit losses | 19 | (21) | 26 | (21) |
Ending balance | 90 | 62 | 90 | 62 |
Municipal bonds and obligations | Impact of ASC 326 Adoption | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 0 | 83 | ||
Tax advantaged economic development bonds | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 40 | 58 | 40 | 0 |
Provision for credit losses | 0 | (7) | 0 | (175) |
Ending balance | $ 40 | $ 51 | 40 | 51 |
Tax advantaged economic development bonds | Impact of ASC 326 Adoption | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 0 | $ 226 |
SECURITIES AVAILABLE FOR SALE_5
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Schedule of Maturity of Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available for sale, Amortized Cost | ||
Within 1 year | $ 31,834 | |
Over 1 year to 5 years | 4,984 | |
Over 5 years to 10 years | 57,108 | |
Over 10 years | 84,942 | |
Total bonds and obligations | 178,868 | |
Mortgage-backed securities | 1,441,351 | |
Amortized Cost | 1,620,219 | $ 1,653,977 |
Available for sale, Fair Value | ||
Within 1 year | 31,860 | |
Over 1 year to 5 years | 5,093 | |
Over 5 years to 10 years | 58,596 | |
Over 10 years | 92,203 | |
Total bonds and obligations | 187,752 | |
Mortgage-backed securities | 1,452,760 | |
Fair Value | 1,640,512 | 1,695,232 |
Held to maturity, Amortized Cost | ||
Within 1 year | 1,764 | |
Over 1 year to 5 years | 4,292 | |
Over 5 years to 10 years | 23,379 | |
Over 10 years | 262,039 | |
Total bonds and obligations | 291,474 | |
Mortgage-backed securities | 374,312 | |
Amortized Cost | 665,786 | 465,091 |
Held to maturity, Fair Value | ||
Within 1 year | 1,766 | |
Over 1 year to 5 years | 4,334 | |
Over 5 years to 10 years | 24,183 | |
Over 10 years | 279,344 | |
Total bonds and obligations | 309,627 | |
Mortgage-backed securities | 375,743 | |
Fair Value | $ 685,370 | $ 491,855 |
SECURITIES AVAILABLE FOR SALE_6
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)security | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)security | Jun. 30, 2020USD ($) | |
Investment Holdings [Line Items] | ||||
Purchases of securities available for sale | $ | $ 165,000,000 | $ 155,000,000 | $ 268,923,000 | $ 315,949,000 |
Proceeds from sale of available-for-sale securities | $ | 0 | 4,100,000 | 0 | 7,646,000 |
Debt securities, available-for-sale, realized gain | $ | $ 1,000 | $ 0 | 1,000 | |
Debt securities, available-for-sale, realized loss | $ | $ 0 | $ 1,000 | ||
Agency collateralized mortgage obligations | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 27 | 27 | ||
Available for sale securities portfolio, number of securities | 258 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 1.10% | |||
Mortgage-backed securities | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 29 | 29 | ||
Available for sale securities portfolio, number of securities | 125 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 1.60% | |||
Mortgage-backed securities | Held-to-maturity Securities | ||||
Investment Holdings [Line Items] | ||||
Held-to-maturity, securities in unrealized loss positions | 6 | 6 | ||
Held-to-maturity securities portfolio, number of securities | 14 | 14 | ||
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage | 2.40% | |||
Corporate bonds | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 4 | 4 | ||
Available for sale securities portfolio, number of securities | 16 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 0.50% | |||
Other bonds and obligations | ||||
Investment Holdings [Line Items] | ||||
Available-for-sale, securities in unrealized loss positions | 2 | 2 | ||
Available for sale securities portfolio, number of securities | 6 | |||
Available for sale securities, continuous unrealized loss position, aggregate losses | 0.80% | |||
Municipal bonds and obligations | Held-to-maturity Securities | ||||
Investment Holdings [Line Items] | ||||
Held-to-maturity, securities in unrealized loss positions | 23 | 23 | ||
Held-to-maturity securities portfolio, number of securities | 221 | 221 | ||
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage | 1.60% | |||
Agency mortgage-backed securities | Held-to-maturity Securities | ||||
Investment Holdings [Line Items] | ||||
Held-to-maturity, securities in unrealized loss positions | 12 | 12 | ||
Held-to-maturity securities portfolio, number of securities | 17 | 17 | ||
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage | 1.60% | |||
Tax advantaged economic development bonds | Held-to-maturity Securities | ||||
Investment Holdings [Line Items] | ||||
Held-to-maturity, securities in unrealized loss positions | 1 | 1 | ||
Held-to-maturity securities portfolio, number of securities | 3 | 3 | ||
Debt securities, continuous unrealized loss position, qualitative disclosure, aggregate losses percentage | 0.70% |
SECURITIES AVAILABLE FOR SALE_7
SECURITIES AVAILABLE FOR SALE, HELD TO MATURITY, AND MARKETABLE EQUITY SECURITIES - Summary of Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | $ 9,346 | $ 551 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 206 | 10 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 9,552 | 561 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 664,332 | 174,147 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 8,950 | 1,286 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 673,282 | 175,433 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 4,930 | 212 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 4,930 | 212 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 264,013 | 55,974 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 264,013 | 55,974 |
Securities available for sale and held to maturity | ||
Held to maturity and available for sale securities continuous unrealized loss position, less than twelve months, aggregate losses | 14,276 | 763 |
Held to maturity and available for sale securities continuous unrealized loss position, less than twelve months, fair value | 928,345 | 230,121 |
Held to maturity and available for sale securities continuous unrealized loss position, over twelve months, aggregate losses | 206 | 10 |
Held to maturity and available for sale securities continuous unrealized loss position, over twelve months, fair value | 8,950 | 1,286 |
Held to maturity and available for sale securities continuous unrealized loss position, aggregate losses | 14,482 | 773 |
Held to maturity and available for sale securities continuous unrealized loss position, fair value | 937,295 | 231,407 |
Municipal bonds and obligations | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 507 | |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | |
Held to maturity securities, accumulated unrecognized holding loss | 507 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 30,801 | |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 30,801 | |
Agency collateralized mortgage obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 3,007 | 235 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 0 | 0 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 3,007 | 235 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 262,830 | 77,898 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 0 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 262,830 | 77,898 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 2,014 | 171 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 2,014 | 171 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 81,140 | 25,048 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 81,140 | 25,048 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 4,907 | 131 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 8 | 2 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 4,915 | 133 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 297,679 | 39,939 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 334 | 256 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 298,013 | 40,195 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 1,022 | 29 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 1,022 | 29 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 58,170 | 20,710 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 58,170 | 20,710 |
Agency commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 1,383 | 175 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 190 | 0 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 1,573 | 175 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 94,708 | 51,435 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 7,713 | 0 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 102,421 | 51,435 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 1,378 | 12 |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss | 1,378 | 12 |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 92,573 | 10,216 |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | 0 |
Held to maturity securities, accumulated unrecognized holding loss, fair value | 92,573 | 10,216 |
Corporate bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 49 | 10 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 0 | 0 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 49 | 10 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 9,115 | 4,875 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 0 | 0 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 9,115 | 4,875 |
Other bonds and obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt securities, available for sale securities, less than twelve months, gross unrealized losses | 0 | 0 |
Debt securities, available for sale securities, over twelve months, gross unrealized losses | 8 | 8 |
Debt securities, available for sale securities, continuous unrealized loss position, accumulated loss | 8 | 8 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Abstract] | ||
Debt securities, available for sale securities, continuous unrealized loss position, less than twelve months, fair value | 0 | 0 |
Debt securities, available for sale securities, continuous unrealized loss position, over twelve months, fair value | 903 | 1,030 |
Debt securities, available for sale securities, continuous unrealized loss position, fair value | 903 | $ 1,030 |
Tax advantaged economic development bonds | ||
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Held-to-maturity securities, continuous unrealized loss position, less than twelve months, accumulated loss | 9 | |
Held-to-maturity securities, continuous unrealized loss position, over twelve months, gross unrealized losses | 0 | |
Held to maturity securities, accumulated unrecognized holding loss | 9 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Held to maturity securities, accumulated unrecognized holding loss, less than twelve months, fair value | 1,329 | |
Held to maturity securities, accumulated unrecognized holding loss, over twelve months, fair value | 0 | |
Held to maturity securities, accumulated unrecognized holding loss, fair value | $ 1,329 |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES Summary of Total Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | $ 7,232,591 | $ 8,081,519 | ||||
Allowance for credit losses | 119,044 | $ 123,800 | 127,302 | $ 139,394 | $ 113,510 | $ 63,575 |
Net loans | 7,113,547 | 7,954,217 | ||||
Commercial | Construction | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 428,596 | 454,513 | ||||
Allowance for credit losses | 3,919 | 4,397 | 5,111 | 7,779 | 4,573 | 2,713 |
Commercial | Commercial multifamily | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 499,391 | 483,350 | ||||
Allowance for credit losses | 7,197 | 6,351 | 5,916 | 4,299 | 4,453 | 4,413 |
Commercial real estate | Commercial real estate owner occupied | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 558,483 | 552,413 | ||||
Allowance for credit losses | 13,242 | 14,257 | 12,380 | 11,552 | 11,607 | 4,880 |
Commercial real estate | Commercial real estate non-owner occupied | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 2,150,608 | 2,119,263 | ||||
Allowance for credit losses | 30,315 | 34,561 | 35,850 | 34,707 | 28,863 | 16,344 |
Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 1,436,207 | 1,943,164 | ||||
Allowance for credit losses | 28,225 | 26,071 | 25,013 | 23,096 | 24,502 | 20,099 |
Residential mortgages | Residential real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 1,659,481 | 1,931,681 | ||||
Allowance for credit losses | 23,643 | 25,800 | 28,491 | 39,004 | 26,057 | 9,970 |
Consumer loans | Home equity | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 269,610 | 293,981 | ||||
Allowance for credit losses | 5,432 | 5,749 | 6,482 | 8,021 | 7,780 | 1,470 |
Consumer loans | Consumer other | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total loans | 230,215 | 303,154 | ||||
Allowance for credit losses | $ 7,071 | $ 6,614 | $ 8,059 | $ 10,936 | $ 5,675 | $ 3,686 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Net loans | $ 7,113,547 | $ 7,113,547 | $ 7,954,217 |
Commercial loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, reclassification, held for sale | 2,200 | 11,700 | |
Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Financing receivable, nonaccrual, medallion loans, fair value | 1,300 | 1,300 | 2,300 |
Financing receivable, nonaccrual, medallion loans, contractual balance | 39,100 | 39,100 | 53,900 |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Net loans | $ 173,200 | $ 173,200 | $ 633,300 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | $ 123,800 | $ 113,510 | $ 127,302 | $ 63,575 |
Charge-offs | (7,247) | (7,274) | (18,708) | (19,706) |
Recoveries | 2,510 | 3,259 | 3,976 | 5,217 |
Provision for Credit Losses | (19) | 29,899 | 6,474 | 64,874 |
Balance at End of Period | 119,044 | 139,394 | 119,044 | 139,394 |
Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 4,397 | 4,573 | 5,111 | 2,713 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for Credit Losses | (478) | 3,206 | (1,192) | 5,408 |
Balance at End of Period | 3,919 | 7,779 | 3,919 | 7,779 |
Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 6,351 | 4,453 | 5,916 | 4,413 |
Charge-offs | (115) | (50) | (239) | (50) |
Recoveries | 95 | 0 | 157 | 0 |
Provision for Credit Losses | 866 | (104) | 1,363 | 1,778 |
Balance at End of Period | 7,197 | 4,299 | 7,197 | 4,299 |
Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 14,257 | 11,607 | 12,380 | 4,880 |
Charge-offs | (227) | (2,237) | (603) | (8,613) |
Recoveries | 40 | 610 | 52 | 868 |
Provision for Credit Losses | (828) | 1,572 | 1,413 | 8,355 |
Balance at End of Period | 13,242 | 11,552 | 13,242 | 11,552 |
Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 34,561 | 28,863 | 35,850 | 16,344 |
Charge-offs | (2,561) | 0 | (9,220) | (135) |
Recoveries | 178 | 88 | 304 | 135 |
Provision for Credit Losses | (1,863) | 5,756 | 3,381 | 7,162 |
Balance at End of Period | 30,315 | 34,707 | 30,315 | 34,707 |
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 26,071 | 24,502 | 25,013 | 20,099 |
Charge-offs | (3,585) | (3,370) | (6,905) | (8,284) |
Recoveries | 1,266 | 2,218 | 1,911 | 3,620 |
Provision for Credit Losses | 4,473 | (254) | 8,206 | 9,850 |
Balance at End of Period | 28,225 | 23,096 | 28,225 | 23,096 |
Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 25,800 | 26,057 | 28,491 | 9,970 |
Charge-offs | (220) | (959) | (598) | (1,131) |
Recoveries | 667 | 125 | 1,104 | 221 |
Provision for Credit Losses | (2,604) | 13,781 | (5,354) | 23,145 |
Balance at End of Period | 23,643 | 39,004 | 23,643 | 39,004 |
Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 5,749 | 7,780 | 6,482 | 1,470 |
Charge-offs | (164) | (157) | (240) | (234) |
Recoveries | 15 | 97 | 39 | 99 |
Provision for Credit Losses | (168) | 301 | (849) | 1,802 |
Balance at End of Period | 5,432 | 8,021 | 5,432 | 8,021 |
Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 6,614 | 5,675 | 8,059 | 3,686 |
Charge-offs | (375) | (501) | (903) | (1,259) |
Recoveries | 249 | 121 | 409 | 274 |
Provision for Credit Losses | 583 | 5,641 | (494) | 7,374 |
Balance at End of Period | 7,071 | 10,936 | 7,071 | 10,936 |
Impact of ASC 326 Adoption | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | 25,434 |
Impact of ASC 326 Adoption | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | (342) |
Impact of ASC 326 Adoption | Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | (1,842) |
Impact of ASC 326 Adoption | Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | 6,062 |
Impact of ASC 326 Adoption | Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | 11,201 |
Impact of ASC 326 Adoption | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | (2,189) |
Impact of ASC 326 Adoption | Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | 6,799 |
Impact of ASC 326 Adoption | Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | 4,884 |
Impact of ASC 326 Adoption | Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | 861 |
Sub-total | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 123,800 | 113,510 | 127,302 | 89,009 |
Sub-total | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 4,397 | 4,573 | 5,111 | 2,371 |
Sub-total | Commercial | Commercial multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 6,351 | 4,453 | 5,916 | 2,571 |
Sub-total | Commercial real estate | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 14,257 | 11,607 | 12,380 | 10,942 |
Sub-total | Commercial real estate | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 34,561 | 28,863 | 35,850 | 27,545 |
Sub-total | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 26,071 | 24,502 | 25,013 | 17,910 |
Sub-total | Residential mortgages | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 25,800 | 26,057 | 28,491 | 16,769 |
Sub-total | Consumer loans | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 5,749 | 7,780 | 6,482 | 6,354 |
Sub-total | Consumer loans | Consumer other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | $ 6,614 | $ 5,675 | $ 8,059 | $ 4,547 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses Activity, Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 7,829 | $ 8,593 | $ 7,629 | $ 100 |
Expense for credit losses | 0 | 0 | 200 | 500 |
Balance at end of period | $ 7,829 | $ 8,593 | 7,829 | 8,593 |
Impact of ASC 326 Adoption | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | 0 | 7,993 | ||
Sub-total | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 7,629 | $ 8,093 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES Loan Risk by Category (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | $ 7,232,591 | $ 8,081,519 |
Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 35,596 | 38,374 |
2020 | 51,635 | 255,377 |
2019 | 223,937 | 115,003 |
2018 | 84,177 | 32,474 |
2017 | 30,941 | 9,519 |
Prior | 2,060 | 2,766 |
Revolving Loans Amortized Cost Basis | 250 | 1,000 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 428,596 | 454,513 |
Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 23,414 | 31,438 |
2020 | 31,156 | 57,659 |
2019 | 82,932 | 74,932 |
2018 | 73,546 | 77,746 |
2017 | 77,790 | 81,113 |
Prior | 210,360 | 160,297 |
Revolving Loans Amortized Cost Basis | 193 | 165 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 499,391 | 483,350 |
Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 40,337 | 58,862 |
2020 | 51,860 | 88,674 |
2019 | 84,019 | 109,530 |
2018 | 99,759 | 67,387 |
2017 | 64,388 | 46,539 |
Prior | 215,981 | 180,227 |
Revolving Loans Amortized Cost Basis | 2,139 | 1,194 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 558,483 | 552,413 |
Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 179,475 | 188,324 |
2020 | 189,321 | 296,194 |
2019 | 317,286 | 441,743 |
2018 | 420,432 | 250,525 |
2017 | 243,629 | 317,143 |
Prior | 782,677 | 608,678 |
Revolving Loans Amortized Cost Basis | 17,788 | 16,656 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 2,150,608 | 2,119,263 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 75,979 | 763,119 |
2020 | 311,953 | 204,621 |
2019 | 166,751 | 235,869 |
2018 | 224,807 | 141,601 |
2017 | 104,865 | 53,431 |
Prior | 179,727 | 153,917 |
Revolving Loans Amortized Cost Basis | 372,125 | 390,606 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 1,436,207 | 1,943,164 |
Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 148,842 | 151,958 |
2020 | 139,312 | 146,181 |
2019 | 112,993 | 273,556 |
2018 | 164,972 | 322,716 |
2017 | 244,350 | 333,576 |
Prior | 845,562 | 700,404 |
Revolving Loans Amortized Cost Basis | 3,450 | 3,290 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 1,659,481 | 1,931,681 |
Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 1,355 | 2,445 |
2020 | 2,858 | 1,960 |
2019 | 1,418 | 317 |
2018 | 318 | 1,859 |
2017 | 1,800 | 499 |
Prior | 2,206 | 1,882 |
Revolving Loans Amortized Cost Basis | 259,655 | 285,019 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 269,610 | 293,981 |
Consumer loans | Home equity | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 1,355 | 2,445 |
2020 | 2,858 | 1,960 |
2019 | 1,418 | 316 |
2018 | 318 | 1,859 |
2017 | 1,800 | 499 |
Prior | 2,206 | 1,882 |
Revolving Loans Amortized Cost Basis | 257,227 | 282,123 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 267,182 | 291,084 |
Consumer loans | Home equity | Nonperforming | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 1 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 2,428 | 2,896 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 2,428 | 2,897 |
Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 11,635 | 15,232 |
2020 | 12,948 | 35,633 |
2019 | 27,832 | 103,241 |
2018 | 75,930 | 70,965 |
2017 | 48,023 | 37,006 |
Prior | 46,126 | 31,734 |
Revolving Loans Amortized Cost Basis | 7,721 | 9,343 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 230,215 | 303,154 |
Consumer loans | Consumer other | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 11,635 | 15,193 |
2020 | 12,856 | 35,317 |
2019 | 27,449 | 101,730 |
2018 | 74,896 | 69,366 |
2017 | 46,928 | 35,421 |
Prior | 44,842 | 31,327 |
Revolving Loans Amortized Cost Basis | 7,712 | 9,339 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 226,318 | 297,693 |
Consumer loans | Consumer other | Nonperforming | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 39 |
2020 | 92 | 316 |
2019 | 383 | 1,511 |
2018 | 1,034 | 1,599 |
2017 | 1,095 | 1,585 |
Prior | 1,284 | 407 |
Revolving Loans Amortized Cost Basis | 9 | 4 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 3,897 | 5,461 |
Pass | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 35,596 | 38,374 |
2020 | 51,635 | 255,377 |
2019 | 223,937 | 114,690 |
2018 | 74,435 | 28,474 |
2017 | 30,941 | 9,519 |
Prior | 2,060 | 2,766 |
Revolving Loans Amortized Cost Basis | 250 | 1,000 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 418,854 | 450,200 |
Pass | Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 23,414 | 31,438 |
2020 | 31,156 | 57,659 |
2019 | 82,932 | 74,932 |
2018 | 73,546 | 77,746 |
2017 | 77,790 | 81,066 |
Prior | 207,898 | 153,818 |
Revolving Loans Amortized Cost Basis | 53 | 20 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 496,789 | 476,679 |
Pass | Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 40,337 | 58,327 |
2020 | 51,325 | 84,839 |
2019 | 79,894 | 104,797 |
2018 | 96,160 | 64,693 |
2017 | 60,192 | 44,300 |
Prior | 205,099 | 169,197 |
Revolving Loans Amortized Cost Basis | 2,139 | 1,194 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 535,146 | 527,347 |
Pass | Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 179,475 | 180,520 |
2020 | 181,339 | 292,386 |
2019 | 313,489 | 435,440 |
2018 | 403,612 | 223,935 |
2017 | 216,824 | 303,221 |
Prior | 693,480 | 497,066 |
Revolving Loans Amortized Cost Basis | 17,595 | 15,393 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 2,005,814 | 1,947,961 |
Pass | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 72,627 | 754,260 |
2020 | 302,687 | 159,046 |
2019 | 122,607 | 205,651 |
2018 | 201,428 | 130,985 |
2017 | 83,270 | 48,326 |
Prior | 172,671 | 148,222 |
Revolving Loans Amortized Cost Basis | 353,839 | 368,769 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 1,309,129 | 1,815,259 |
Pass | Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 148,842 | 150,583 |
2020 | 138,615 | 146,142 |
2019 | 112,993 | 272,399 |
2018 | 163,659 | 320,384 |
2017 | 242,739 | 333,159 |
Prior | 835,932 | 691,078 |
Revolving Loans Amortized Cost Basis | 3,450 | 3,281 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 1,646,230 | 1,917,026 |
Special Mention | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 132,337 | 109,299 |
Special Mention | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 313 |
2018 | 313 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 313 | 313 |
Special Mention | Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 0 | 0 |
Special Mention | Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 535 |
2020 | 535 | 2,569 |
2019 | 2,859 | 1,136 |
2018 | 1,136 | 1,009 |
2017 | 2,677 | 800 |
Prior | 1,793 | 2,579 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 9,000 | 8,628 |
Special Mention | Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 0 |
2020 | 231 | 279 |
2019 | 268 | 2,068 |
2018 | 13,932 | 6,958 |
2017 | 6,849 | 11,798 |
Prior | 44,141 | 44,961 |
Revolving Loans Amortized Cost Basis | 0 | 1,068 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 65,421 | 67,132 |
Special Mention | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 1,467 |
2020 | 2,753 | 5,753 |
2019 | 15,473 | 5,267 |
2018 | 10,882 | 2,851 |
2017 | 16,214 | 1,601 |
Prior | 900 | 65 |
Revolving Loans Amortized Cost Basis | 10,519 | 12,408 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 56,741 | 29,412 |
Special Mention | Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 384 |
2020 | 0 | 0 |
2019 | 0 | 454 |
2018 | 0 | 1,430 |
2017 | 0 | 0 |
Prior | 363 | 362 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 363 | 2,630 |
Substandard | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 147,685 | 185,207 |
Substandard | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 9,429 | 4,000 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 9,429 | 4,000 |
Substandard | Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 47 |
Prior | 2,462 | 6,479 |
Revolving Loans Amortized Cost Basis | 140 | 145 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 2,602 | 6,671 |
Substandard | Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 1,266 |
2019 | 1,266 | 3,597 |
2018 | 2,463 | 1,685 |
2017 | 1,519 | 1,439 |
Prior | 9,089 | 8,451 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 14,337 | 16,438 |
Substandard | Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 7,804 |
2020 | 7,751 | 3,529 |
2019 | 3,529 | 4,235 |
2018 | 2,888 | 19,632 |
2017 | 19,956 | 2,124 |
Prior | 45,056 | 66,651 |
Revolving Loans Amortized Cost Basis | 193 | 195 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 79,373 | 104,170 |
Substandard | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 3,352 | 7,392 |
2020 | 6,513 | 39,822 |
2019 | 28,671 | 24,951 |
2018 | 12,497 | 7,765 |
2017 | 5,381 | 3,504 |
Prior | 6,156 | 5,630 |
Revolving Loans Amortized Cost Basis | 7,518 | 9,099 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 70,088 | 98,163 |
Substandard | Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 991 |
2020 | 697 | 39 |
2019 | 0 | 703 |
2018 | 1,313 | 902 |
2017 | 1,611 | 417 |
Prior | 9,267 | 8,964 |
Revolving Loans Amortized Cost Basis | 0 | 9 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | 12,888 | 12,025 |
Doubtful | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 249 | 330 |
Revolving Loans Converted to Term | 0 | 0 |
Total loans | $ 249 | $ 330 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Past Due (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | $ 7,232,591 | $ 8,081,519 |
Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 428,596 | 454,513 |
Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 499,391 | 483,350 |
Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 558,483 | 552,413 |
Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 2,150,608 | 2,119,263 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 1,436,207 | 1,943,164 |
Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 1,659,481 | 1,931,681 |
Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 269,610 | 293,981 |
Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 230,215 | 303,154 |
30-59 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 9,809 | 8,561 |
30-59 Days Past Due | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 0 | 0 |
30-59 Days Past Due | Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 589 | 0 |
30-59 Days Past Due | Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 1,569 | 809 |
30-59 Days Past Due | Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 953 | 315 |
30-59 Days Past Due | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 2,168 | 3,016 |
30-59 Days Past Due | Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 2,762 | 2,068 |
30-59 Days Past Due | Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 468 | 244 |
30-59 Days Past Due | Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 1,300 | 2,109 |
60-89 Days Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 5,673 | 7,749 |
60-89 Days Past Due | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 0 | 0 |
60-89 Days Past Due | Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 0 | 0 |
60-89 Days Past Due | Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 961 | 631 |
60-89 Days Past Due | Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 0 | 168 |
60-89 Days Past Due | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 3,973 | 3,259 |
60-89 Days Past Due | Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 363 | 2,630 |
60-89 Days Past Due | Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 114 | 284 |
60-89 Days Past Due | Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 262 | 777 |
90 Days or Greater Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 50,734 | 76,398 |
90 Days or Greater Past Due | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 0 | 0 |
90 Days or Greater Past Due | Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 364 | 757 |
90 Days or Greater Past Due | Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 3,963 | 4,894 |
90 Days or Greater Past Due | Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 18,655 | 38,389 |
90 Days or Greater Past Due | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 9,515 | 12,982 |
90 Days or Greater Past Due | Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 12,008 | 11,115 |
90 Days or Greater Past Due | Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 2,428 | 2,897 |
90 Days or Greater Past Due | Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 3,801 | 5,364 |
Total Past Due | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 66,216 | 92,708 |
Total Past Due | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 0 | 0 |
Total Past Due | Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 953 | 757 |
Total Past Due | Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 6,493 | 6,334 |
Total Past Due | Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 19,608 | 38,872 |
Total Past Due | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 15,656 | 19,257 |
Total Past Due | Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 15,133 | 15,813 |
Total Past Due | Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 3,010 | 3,425 |
Total Past Due | Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 5,363 | 8,250 |
Current | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 7,166,375 | 7,988,811 |
Current | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 428,596 | 454,513 |
Current | Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 498,438 | 482,593 |
Current | Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 551,990 | 546,079 |
Current | Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 2,131,000 | 2,080,391 |
Current | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 1,420,551 | 1,923,907 |
Current | Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 1,644,348 | 1,915,868 |
Current | Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 266,600 | 290,556 |
Current | Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | $ 224,852 | $ 294,904 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES Summary of Nonaccrual Loans and Loans Past Due (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | $ 47,605 | $ 64,948 |
Nonaccrual With No Related Allowance | 22,260 | 27,418 |
Past Due 90 Days or Greater and Accruing | 3,129 | 11,450 |
Interest Income Recognized on Nonaccrual | 0 | 0 |
Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or Greater and Accruing | 0 | 0 |
Interest Income Recognized on Nonaccrual | 0 | 0 |
Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 364 | 757 |
Nonaccrual With No Related Allowance | 199 | 591 |
Past Due 90 Days or Greater and Accruing | 0 | 0 |
Interest Income Recognized on Nonaccrual | 0 | 0 |
Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 3,588 | 4,509 |
Nonaccrual With No Related Allowance | 1,781 | 2,290 |
Past Due 90 Days or Greater and Accruing | 375 | 385 |
Interest Income Recognized on Nonaccrual | 0 | 0 |
Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 18,130 | 29,572 |
Nonaccrual With No Related Allowance | 11,451 | 13,912 |
Past Due 90 Days or Greater and Accruing | 525 | 8,817 |
Interest Income Recognized on Nonaccrual | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 9,427 | 12,441 |
Nonaccrual With No Related Allowance | 2,507 | 4,725 |
Past Due 90 Days or Greater and Accruing | 88 | 541 |
Interest Income Recognized on Nonaccrual | 0 | 0 |
Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 10,011 | 9,711 |
Nonaccrual With No Related Allowance | 6,220 | 5,739 |
Past Due 90 Days or Greater and Accruing | 1,997 | 1,404 |
Interest Income Recognized on Nonaccrual | 0 | 0 |
Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 2,292 | 2,654 |
Nonaccrual With No Related Allowance | 92 | 159 |
Past Due 90 Days or Greater and Accruing | 136 | 243 |
Interest Income Recognized on Nonaccrual | 0 | 0 |
Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 3,793 | 5,304 |
Nonaccrual With No Related Allowance | 10 | 2 |
Past Due 90 Days or Greater and Accruing | 8 | 60 |
Interest Income Recognized on Nonaccrual | $ 0 | $ 0 |
LOANS AND RELATED ALLOWANCE FOR
LOANS AND RELATED ALLOWANCE FOR CREDIT LOSSES Summary of Total Loans Rated Special Mention or Lower (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | $ 7,232,591 | $ 8,081,519 |
Non-Accrual | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 47,605 | 64,948 |
Substandard Accruing | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 147,685 | 185,207 |
Total Classified | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 195,290 | 250,155 |
Special Mention | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | 132,337 | 109,299 |
Total Criticized | Performing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans | $ 327,627 | $ 359,454 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | $ 47,605 | $ 64,948 |
Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 32,765 | 43,505 |
Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 36 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 748 | 3,758 |
Commercial | Construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial | Construction | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial | Construction | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial | Construction | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial | Commercial multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 364 | 757 |
Commercial | Commercial multifamily | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 200 | 591 |
Commercial | Commercial multifamily | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial | Commercial multifamily | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial real estate | Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 3,588 | 4,509 |
Commercial real estate | Commercial real estate owner occupied | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 4,796 | 5,714 |
Commercial real estate | Commercial real estate owner occupied | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial real estate | Commercial real estate owner occupied | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial real estate | Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 18,130 | 29,572 |
Commercial real estate | Commercial real estate non-owner occupied | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 20,392 | 30,950 |
Commercial real estate | Commercial real estate non-owner occupied | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial real estate | Commercial real estate non-owner occupied | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 9,427 | 12,441 |
Commercial and industrial | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 1,633 | 973 |
Commercial and industrial | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 36 |
Commercial and industrial | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 748 | 3,758 |
Commercial and industrial | Commercial and industrial - other | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | |
Commercial and industrial | Commercial and industrial - other | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | |
Commercial and industrial | Commercial and industrial - other | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | |
Residential mortgages | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 10,011 | 9,711 |
Residential mortgages | Residential real estate | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 5,632 | 5,081 |
Residential mortgages | Residential real estate | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Residential mortgages | Residential real estate | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Consumer loans | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 2,292 | 2,654 |
Consumer loans | Home equity | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 81 | 145 |
Consumer loans | Home equity | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Consumer loans | Home equity | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Consumer loans | Consumer other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 3,793 | 5,304 |
Consumer loans | Consumer other | Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 31 | 51 |
Consumer loans | Consumer other | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | 0 | 0 |
Consumer loans | Consumer other | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Nonaccrual Amortized Cost | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES Schedule of Troubled Debt Restructurings, Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | $ 21,481 | $ 14,449 | $ 20,548 | $ 19,316 |
Principal Payments | (372) | (102) | (641) | (5,871) |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | (795) | (4,712) | (284) | (4,712) |
Newly Identified TDRs | 16,143 | 10,078 | 16,834 | 10,980 |
Balance at End of Period | 36,457 | 19,713 | 36,457 | 19,713 |
Commercial | Construction | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | 0 | 0 | 0 | 0 |
Principal Payments | 0 | 0 | 0 | 0 |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | 0 | 0 | 0 | 0 |
Newly Identified TDRs | 0 | 0 | 0 | 0 |
Balance at End of Period | 0 | 0 | 0 | 0 |
Commercial | Commercial multifamily | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | 741 | 779 | 754 | 793 |
Principal Payments | (13) | 0 | (26) | (14) |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | 0 | 0 | 0 | 0 |
Newly Identified TDRs | 0 | 0 | 0 | 0 |
Balance at End of Period | 728 | 779 | 728 | 779 |
Commercial real estate | Commercial real estate owner occupied | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | 1,725 | 7,638 | 1,731 | 13,331 |
Principal Payments | (29) | (9) | (35) | (5,702) |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | 0 | (4,710) | 0 | (4,710) |
Newly Identified TDRs | 1,266 | 0 | 1,266 | 0 |
Balance at End of Period | 2,962 | 2,919 | 2,962 | 2,919 |
Commercial real estate | Commercial real estate non-owner occupied | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | 14,725 | 1,373 | 13,684 | 1,373 |
Principal Payments | (81) | 0 | (95) | 0 |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | (590) | 0 | (80) | 0 |
Newly Identified TDRs | 10,434 | 9,793 | 10,979 | 9,793 |
Balance at End of Period | 24,488 | 11,166 | 24,488 | 11,166 |
Commercial and industrial | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | 2,633 | 2,314 | 2,686 | 1,449 |
Principal Payments | (229) | (34) | (428) | (71) |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | (37) | (2) | (37) | (2) |
Newly Identified TDRs | 4,443 | 285 | 4,589 | 1,187 |
Balance at End of Period | 6,810 | 2,563 | 6,810 | 2,563 |
Residential mortgages | Residential real estate | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | 1,493 | 2,023 | 1,524 | 2,045 |
Principal Payments | (14) | (55) | (46) | (77) |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | (174) | 0 | (173) | 0 |
Newly Identified TDRs | 0 | 0 | 0 | 0 |
Balance at End of Period | 1,305 | 1,968 | 1,305 | 1,968 |
Consumer loans | Home equity | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | 130 | 278 | 133 | 277 |
Principal Payments | (3) | (3) | (6) | (2) |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | 0 | 0 | 0 | 0 |
Newly Identified TDRs | 0 | 0 | 0 | 0 |
Balance at End of Period | 127 | 275 | 127 | 275 |
Consumer loans | Consumer other | ||||
Trouble Debt Restructuring on Financing Receivables [Roll Forward] | ||||
Balance at Beginning of Period | 34 | 44 | 36 | 48 |
Principal Payments | (3) | (1) | (5) | (5) |
TDR Status Change | 0 | 0 | 0 | 0 |
Other Additions/(Reductions) | 6 | 0 | 6 | 0 |
Newly Identified TDRs | 0 | 0 | 0 | 0 |
Balance at End of Period | $ 37 | $ 43 | $ 37 | $ 43 |
LOANS AND ALLOWANCE FOR CRED_12
LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | Jun. 30, 2021USD ($)loan | Jun. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 9,000 | 2,000 | 13,000 | 5,000 |
Pre-modification outstanding recorded investment | $ 16,143 | $ 10,078 | $ 16,834 | $ 10,980 |
Post-modification outstanding recorded investment | $ 16,143 | $ 10,078 | $ 16,834 | $ 10,980 |
Number of Loans | loan | 1 | 2 | ||
Recorded Investment | $ 53 | $ 71 | ||
Commercial and industrial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 1 | 2 | ||
Recorded Investment | $ 53 | $ 71 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time less than $100,000 | $ 607,050 | $ 663,324 |
Time $100,000 through $250,000 | 894,706 | 1,219,210 |
Time more than $250,000 | 432,686 | 502,551 |
Total time deposits | 1,934,442 | 2,385,085 |
Brokered time deposits | 358,400 | 610,600 |
Reciprocal deposits | $ 99,600 | $ 119,000 |
BORROWED FUNDS - Summary of Bor
BORROWED FUNDS - Summary of Borrowed Funds (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Principal, Short-term borrowings | $ 0 | $ 40,000 |
Principal, Long-term borrowings | 315,243 | 531,637 |
Total borrowings | $ 315,243 | $ 571,637 |
Weighted average rate on short-term borrowings | 0.00% | 1.05% |
Weighted average rate on long-term borrowings | 3.12% | 2.61% |
Weighted average rate | 3.12% | 2.50% |
Advances from the FHLB | ||
Debt Instrument [Line Items] | ||
Principal, Short-term borrowings | $ 0 | $ 40,000 |
Principal, Long-term borrowings | $ 217,847 | $ 434,357 |
Weighted average rate on short-term borrowings | 0.00% | 1.05% |
Weighted average rate on long-term borrowings | 1.92% | 1.89% |
Subordinated borrowings | ||
Debt Instrument [Line Items] | ||
Principal, Long-term borrowings | $ 74,500 | $ 74,411 |
Weighted average rate on long-term borrowings | 7.00% | 7.00% |
Junior subordinated borrowing - Trust I | ||
Debt Instrument [Line Items] | ||
Principal, Long-term borrowings | $ 15,464 | $ 15,464 |
Weighted average rate on long-term borrowings | 2.00% | 2.06% |
Junior subordinated borrowing - Trust II | ||
Debt Instrument [Line Items] | ||
Principal, Long-term borrowings | $ 7,432 | $ 7,405 |
Weighted average rate on long-term borrowings | 1.82% | 1.92% |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |
Sep. 30, 2012 | Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Line of credit, current | $ 3,000,000 | ||
Short-term debt | 0 | $ 40,000,000 | |
Long-term borrowings | 315,243,000 | 531,637,000 | |
Advances from the FHLB | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | 0 | 0 | |
Line of credit facility, remaining borrowing capacity | 1,500,000,000 | 1,600,000,000 | |
Short-term debt | 0 | 40,000,000 | |
Long-term borrowings | 217,847,000 | 434,357,000 | |
Federal Home Loan Bank Certificates And Obligations F H L B Callable Advances | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 10,000,000 | 10,000,000 | |
Federal Home Loan Bank Certificates And Obligations F H L B Amortizing Advances | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 4,500,000 | 5,200,000 | |
Subordinated borrowings | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 74,500,000 | 74,411,000 | |
Maturity period | 15 years | ||
Principal amount of debt issued | $ 75,000,000 | ||
Discount rate | 1.15% | ||
Fixed interest rate | 6.875% | ||
Maturity period with fixed interest rate | 10 years | ||
Subordinated borrowings | LIBOR | |||
Debt Instrument [Line Items] | |||
Interest rate margin | 5.113% | ||
Unamortized debt issuance expense | $ 154,000 | $ 215,000 | |
Junior subordinated borrowing | Trust I | |||
Debt Instrument [Line Items] | |||
Common stock of trust | 100.00% | ||
Common stock of trust included in other asset | $ 500,000 | ||
Sole asset of trust in form of debt | $ 15,500,000 | ||
Variable interest rate | 2.00% | 2.06% | |
Period up to which interest payments can be deferred | 5 years | ||
Junior subordinated borrowing | Trust II | |||
Debt Instrument [Line Items] | |||
Common stock of trust | 100.00% | ||
Common stock of trust included in other asset | $ 200,000 | ||
Sole asset of trust in form of debt | $ 8,200,000 | ||
Variable interest rate | 1.82% | 1.92% | |
Period up to which interest payments can be deferred | 5 years | ||
Junior subordinated borrowing | LIBOR | Trust I | |||
Debt Instrument [Line Items] | |||
Interest rate margin | 1.85% | ||
Junior subordinated borrowing | LIBOR | Trust II | |||
Debt Instrument [Line Items] | |||
Interest rate margin | 1.70% | ||
Federal Reserve Bank Advances | |||
Debt Instrument [Line Items] | |||
Line of credit facility, remaining borrowing capacity | $ 550,400,000 | $ 815,600,000 | |
Short-term debt | $ 0 | $ 0 |
BORROWED FUNDS - Summary of Mat
BORROWED FUNDS - Summary of Maturities of FHLB (Details) - Fixed rate advances $ in Thousands | Jun. 30, 2021USD ($) |
Principal | |
2021 | $ 139,993 |
2022 | 58,050 |
2023 | 10,401 |
2024 | 46 |
2025 and beyond | 9,357 |
Total FHLB advances | $ 217,847 |
Weighted Average Rate | |
Weighted Average Rate | |
2021 | 1.92% |
2022 | 1.92% |
2023 | 2.14% |
2024 | 0.00% |
2025 and beyond | 1.63% |
Total FHLB advances | 1.92% |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Notional amount | $ 3,903,169,000 | $ 3,857,115,000 |
Cash collateral pledged | 53,900,000 | |
Amortized cost of securities pledged as collateral to derivative counterparties | 35,900,000 | |
Fair value of securities as pledged collateral to derivative counterparties | 36,200,000 | |
Commercial counterparties | ||
Derivative [Line Items] | ||
Net asset position | 700,000 | 1,000,000 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | 8,300,000 | |
Cash collateral pledged | 53,882,000 | 75,070,000 |
Interest rate swaps | Commercial counterparties | ||
Derivative [Line Items] | ||
Cash collateral pledged | 0 | 0 |
Net asset position | 111,600,000 | 159,000,000 |
Derivative liability, amount offset against collateral | 800,000 | 0 |
Interest rate swaps | Institutional counterparties | ||
Derivative [Line Items] | ||
Cash collateral pledged | 53,882,000 | 75,070,000 |
Derivative liability, amount offset against collateral | 46,100,000 | 66,800,000 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 19,142,000 | $ 40,099,000 |
Economic hedges | ||
Derivative [Line Items] | ||
Notional amount | 3,900,000,000 | |
Credit valuation adjustments | $ 1,200,000 | |
Economic hedges | Interest rate swap on tax advantaged economic development bond | ||
Derivative [Line Items] | ||
Fixed rate of interest | 5.09% | |
Maturity period | 21 years | |
Economic hedges | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional amount | $ 3,500,000,000 | |
Economic hedges | Risk participation agreements with dealer banks | ||
Derivative [Line Items] | ||
Notional amount | 400,000,000 | |
Economic hedges | Forward sale commitments | ||
Derivative [Line Items] | ||
Notional amount | $ 3,700,000 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 3,903,169 | $ 3,857,115 |
Estimated fair value asset (liability) | 65,756 | 94,313 |
Impact of settled to market contracts | 68,100 | 97,600 |
Interest rate swaps | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 8,300 | |
Total economic hedges | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 3,900,000 | |
Total economic hedges | Interest rate swaps | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 3,500,000 | |
Total economic hedges | Risk participation agreements with dealer banks | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 400,000 | |
Total economic hedges | Forward sale commitments | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 3,700 | |
Designated as Hedging Instrument | Total economic hedges | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 3,884,027 | 3,817,016 |
Estimated fair value asset (liability) | 65,495 | 93,578 |
Designated as Hedging Instrument | Total economic hedges | Interest rate swaps | Interest rate swap on tax advantaged economic development bond | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 8,271 | $ 8,654 |
Weighted average maturity | 8 years 4 months 24 days | 8 years 10 months 24 days |
Weighted average rate, received | 0.46% | 0.52% |
Weighted average rate, contract pay rate | 5.09% | 5.09% |
Estimated fair value asset (liability) | $ (1,422) | $ (1,778) |
Designated as Hedging Instrument | Total economic hedges | Interest rate swaps | Loans with commercial loan customers | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 1,759,309 | $ 1,734,978 |
Weighted average maturity | 6 years | 6 years 1 month 6 days |
Weighted average rate, received | 4.08% | 4.15% |
Weighted average rate, contract pay rate | 1.91% | 1.95% |
Estimated fair value asset (liability) | $ 110,750 | $ 159,016 |
Designated as Hedging Instrument | Total economic hedges | Reverse interest rate swaps | Loans with commercial loan customers | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 1,759,309 | $ 1,734,978 |
Weighted average maturity | 6 years | 6 years 1 month 6 days |
Weighted average rate, received | 1.91% | 1.95% |
Weighted average rate, contract pay rate | 4.08% | 4.15% |
Estimated fair value asset (liability) | $ (44,411) | $ (64,645) |
Designated as Hedging Instrument | Total economic hedges | Risk participation agreements with dealer banks | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 353,474 | $ 326,862 |
Weighted average maturity | 6 years 10 months 24 days | 8 years |
Estimated fair value asset (liability) | $ 486 | $ 665 |
Designated as Hedging Instrument | Total economic hedges | Forward sale commitments | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 3,664 | $ 11,544 |
Weighted average maturity | 2 months 12 days | 2 months 12 days |
Estimated fair value asset (liability) | $ 92 | $ 320 |
Not Designated as Hedging Instrument | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | 19,142 | 40,099 |
Estimated fair value asset (liability) | 261 | 735 |
Not Designated as Hedging Instrument | Commitments to lend | ||
Interest rate swap agreements and non-hedging derivative assets and liabilities | ||
Notional amount | $ 19,142 | $ 40,099 |
Weighted average maturity | 2 months 12 days | 2 months 12 days |
Estimated fair value asset (liability) | $ 261 | $ 735 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Economic Hedges and Non-hedging Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest rate swaps | Economic hedges | Industrial revenue bond | ||||
Derivative [Line Items] | ||||
Unrealized gain/(loss) recognized in other non-interest income | $ 10 | $ 13 | $ 355 | $ (550) |
Interest rate swaps | Economic hedges | Loans with commercial loan customers | ||||
Derivative [Line Items] | ||||
Unrealized gain/(loss) recognized in other non-interest income | 10,516 | 9,733 | (49,785) | 114,653 |
(Unfavorable)/favorable change in credit valuation adjustment recognized in other non-interest income | (982) | 103 | 1,520 | (2,435) |
Reverse interest rate swaps | Economic hedges | Loans with commercial loan customers | ||||
Derivative [Line Items] | ||||
Unrealized gain/(loss) recognized in other non-interest income | (10,516) | (9,733) | 49,785 | (114,653) |
Risk participation agreements | Economic hedges | ||||
Derivative [Line Items] | ||||
Unrealized gain/(loss) recognized in other non-interest income | 150 | 99 | (179) | 365 |
Forward commitments | Economic hedges | ||||
Derivative [Line Items] | ||||
Unrealized gain/(loss) recognized in other non-interest income | (234) | 4,937 | (228) | 674 |
Realized (loss) in other non-interest income | 0 | (6,408) | 0 | (8,330) |
Commitments to lend | Non-hedging derivatives | ||||
Derivative [Line Items] | ||||
Unrealized gain/(loss) recognized in other non-interest income | 76 | (3,687) | (474) | (1,479) |
Realized (loss) in other non-interest income | $ 457 | $ 3,669 | $ 1,810 | $ 12,970 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Offsetting of Financial Assets and Derivative Assets (Details) - Interest rate swaps - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting of Financial Assets and Derivative Assets | ||
Gross Amounts of Recognized Assets | $ 112,377 | $ 160,140 |
Gross Amounts Offset in the Statements of Condition | (52) | (78) |
Net Amounts of Assets Presented in the Statements of Condition | 112,325 | 160,062 |
Gross Amounts Not Offset in the Statements of Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received | 0 | 0 |
Net Amount | 112,325 | 160,062 |
Institutional counterparties | ||
Offsetting of Financial Assets and Derivative Assets | ||
Gross Amounts of Recognized Assets | 780 | 1,124 |
Gross Amounts Offset in the Statements of Condition | (52) | (78) |
Net Amounts of Assets Presented in the Statements of Condition | 728 | 1,046 |
Gross Amounts Not Offset in the Statements of Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received | 0 | 0 |
Net Amount | 728 | 1,046 |
Commercial counterparties | ||
Offsetting of Financial Assets and Derivative Assets | ||
Gross Amounts of Recognized Assets | 111,597 | 159,016 |
Gross Amounts Offset in the Statements of Condition | 0 | 0 |
Net Amounts of Assets Presented in the Statements of Condition | 111,597 | 159,016 |
Gross Amounts Not Offset in the Statements of Condition, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Statements of Condition, Cash Collateral Received | 0 | 0 |
Net Amount | $ 111,597 | $ 159,016 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Offsetting Financial Liabilities and Derivative Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts not offset in the Statements of Condition, cash collateral pledged | $ 53,900 | |
Interest rate swaps | ||
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | (115,980) | $ (164,543) |
Gross amounts offset in the Statements of Condition | 69,060 | 97,740 |
Net amounts of liabilities presented in the Statements of Condition | (46,920) | (66,803) |
Gross amounts not offset in the Statements of Condition, financial instruments | 36,158 | 37,815 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 53,882 | 75,070 |
Net Amount | 43,120 | 46,082 |
Interest rate swaps | Institutional counterparties | ||
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | (115,134) | (164,543) |
Gross amounts offset in the Statements of Condition | 69,060 | 97,740 |
Net amounts of liabilities presented in the Statements of Condition | (46,074) | (66,803) |
Gross amounts not offset in the Statements of Condition, financial instruments | 36,158 | 37,815 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 53,882 | 75,070 |
Net Amount | 43,966 | 46,082 |
Interest rate swaps | Commercial counterparties | ||
Offsetting of Financial Liabilities and Derivative Liabilities | ||
Gross amounts of recognized liabilities | (846) | 0 |
Gross amounts offset in the Statements of Condition | 0 | 0 |
Net amounts of liabilities presented in the Statements of Condition | (846) | 0 |
Gross amounts not offset in the Statements of Condition, financial instruments | 0 | 0 |
Gross amounts not offset in the Statements of Condition, cash collateral pledged | 0 | 0 |
Net Amount | $ (846) | $ 0 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease expense | $ 2.9 | $ 3.3 | $ 5.7 | $ 6.8 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease contract term | 1 month | 1 month | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease contract term | 19 years | 19 years | ||
Discontinued Operations | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease expense | $ 0.3 | $ 0.7 |
LEASES - Assets and Liabilities
LEASES - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lease Right-of-Use Assets | ||
Operating lease right-of-use assets | $ 55,327 | $ 60,018 |
Finance lease right-of-use assets | 6,936 | 7,197 |
Total Lease Right-of-Use Assets | 62,263 | 67,215 |
Lease Liabilities | ||
Operating lease liabilities | 61,168 | 63,894 |
Finance lease liabilities | 10,127 | 10,383 |
Total Lease Liabilities | $ 71,295 | $ 74,277 |
Operating lease, right of use asset, statement of financial position | Other assets | Other assets |
Finance lease, right of use asset, statement of financial position | Premises and equipment, net | Premises and equipment, net |
Operating lease, liability, statement of financial position | Other liabilities | Other liabilities |
Finance lease, liability, statement of financial position | Other liabilities | Other liabilities |
LEASES - Supplemental Lease Inf
LEASES - Supplemental Lease Information (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Weighted-Average Remaining Lease Term (in years) | ||
Operating leases | 9 years 10 months 24 days | 9 years 9 months 18 days |
Finance leases | 13 years 3 months 18 days | 13 years 9 months 18 days |
Weighted-Average Discount Rate | ||
Operating leases | 2.80% | 2.81% |
Finance leases | 5.00% | 5.00% |
LEASES - Supplemental Cash Flow
LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 2,668 | $ 3,423 | $ 5,911 | $ 7,050 |
Operating cash flows from finance leases | 126 | 133 | 253 | 267 |
Financing cash flows from finance leases | $ 131 | 125 | $ 263 | 249 |
Discontinued Operations | ||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 300 | $ 700 |
LEASES - Maturity Analysis of L
LEASES - Maturity Analysis of Lease Liability (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2021 | $ 5,093 | |
2022 | 9,838 | |
2023 | 8,650 | |
2024 | 7,607 | |
2025 | 5,920 | |
Thereafter | 33,569 | |
Total undiscounted lease payments | 70,677 | |
Less amounts representing interest | (9,509) | |
Lease liability | 61,168 | $ 63,894 |
Finance Leases | ||
2021 | 514 | |
2022 | 1,031 | |
2023 | 1,037 | |
2024 | 1,037 | |
2025 | 1,037 | |
Thereafter | 9,223 | |
Total undiscounted lease payments | 13,879 | |
Less amounts representing interest | (3,752) | |
Lease liability | $ 10,127 | $ 10,383 |
OTHER COMMITMENTS, CONTINGENC_2
OTHER COMMITMENTS, CONTINGENCIES, OFF-BALANCE SHEET ACTIVITIES, AND PANDEMIC IMPACT Narrative (Details) $ in Millions | Jun. 30, 2021USD ($)loan | Dec. 31, 2020USD ($)loan |
Commitments and Contingencies Disclosure [Abstract] | ||
Active modified loans | loan | 71 | 746 |
Active modified loans, carrying value | $ | $ 98 | $ 316 |
CAPITAL RATIOS AND SHAREHOLDE_3
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Actual and Required Capital Ratios (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Tier 1 capital to risk-weighted assets | ||
Total capital to risk weighted assets | 0.167 | 0.161 |
Common equity tier 1 capital to risk weighted assets | 14.30% | 13.80% |
Tier 1 capital to risk weighted assets | 0.146 | 0.141 |
Tier 1 capital to average assets | 0.095 | 0.094 |
Bank | ||
Tier 1 capital to risk-weighted assets | ||
Total capital to risk weighted assets | 0.150 | 0.150 |
Common equity tier 1 capital to risk weighted assets | 13.80% | 13.90% |
Tier 1 capital to risk weighted assets | 0.138 | 0.139 |
Tier 1 capital to average assets | 0.089 | 0.092 |
CAPITAL RATIOS AND SHAREHOLDE_4
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Components of AOCI (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders’ equity | $ 1,175,389 | $ 1,175,139 | $ 1,187,773 | $ 1,164,140 | $ 1,722,278 | $ 1,758,564 |
Accumulated other comprehensive income | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Total shareholders’ equity | 14,772 | 10,721 | 30,871 | 33,239 | 31,017 | 11,993 |
Net unrealized holding gain on AFS securities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other accumulated comprehensive income (loss), before tax | 23,369 | 44,988 | ||||
Income taxes related to items of accumulated other comprehensive income | (6,010) | (11,530) | ||||
Total shareholders’ equity | 17,359 | 13,308 | 33,458 | 35,450 | 33,228 | 14,204 |
Net unrealized holding (loss) on pension plans | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Other accumulated comprehensive income (loss), before tax | (3,511) | (3,511) | ||||
Income taxes related to items of accumulated other comprehensive income | 924 | 924 | ||||
Total shareholders’ equity | $ (2,587) | $ (2,587) | $ (2,587) | $ (2,211) | $ (2,211) | $ (2,211) |
CAPITAL RATIOS AND SHAREHOLDE_5
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Components of OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net unrealized gains (losses) arising during the period | ||||
Net of Tax | $ 4,051 | $ 2,223 | $ (16,099) | $ 21,245 |
Less: reclassification adjustment for gains (losses) realized in net income | ||||
Net of Tax | 0 | 1 | 0 | (1) |
Other comprehensive income (loss) | ||||
Before Tax | 5,394 | 2,999 | (21,619) | 28,614 |
Tax Effect | (1,343) | (777) | 5,520 | (7,368) |
Total other comprehensive income/(loss) | 4,051 | 2,222 | (16,099) | 21,246 |
Net unrealized holding gain on AFS securities | ||||
Net unrealized gains (losses) arising during the period | ||||
Before Tax | 5,394 | 3,000 | (21,619) | 28,613 |
Tax Effect | (1,343) | (777) | 5,520 | (7,368) |
Net of Tax | 4,051 | 2,223 | (16,099) | 21,245 |
Less: reclassification adjustment for gains (losses) realized in net income | ||||
Before Tax | 0 | 1 | 0 | (1) |
Tax Effect | 0 | 0 | 0 | 0 |
Net of Tax | 0 | 1 | 0 | (1) |
Other comprehensive income (loss) | ||||
Before Tax | 5,394 | 2,999 | (21,619) | 28,614 |
Tax Effect | (1,343) | (777) | 5,520 | (7,368) |
Total other comprehensive income/(loss) | $ 4,051 | $ 2,222 | $ (16,099) | $ 21,246 |
CAPITAL RATIOS AND SHAREHOLDE_6
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 1,175,139 | $ 1,722,278 | $ 1,187,773 | $ 1,758,564 |
Other comprehensive income before reclassifications | 4,051 | 2,223 | (16,099) | 21,245 |
Less: amounts reclassified from accumulated other comprehensive income | 0 | 1 | 0 | (1) |
Total other comprehensive income/(loss) | 4,051 | 2,222 | (16,099) | 21,246 |
Balance at end of period | 1,175,389 | 1,164,140 | 1,175,389 | 1,164,140 |
Accumulated other comprehensive income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 10,721 | 31,017 | 30,871 | 11,993 |
Total other comprehensive income/(loss) | 4,051 | 2,222 | (16,099) | 21,246 |
Balance at end of period | 14,772 | 33,239 | 14,772 | 33,239 |
Net unrealized holding gain on AFS securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 13,308 | 33,228 | 33,458 | 14,204 |
Other comprehensive income before reclassifications | 4,051 | 2,223 | (16,099) | 21,245 |
Less: amounts reclassified from accumulated other comprehensive income | 0 | 1 | 0 | (1) |
Total other comprehensive income/(loss) | 4,051 | 2,222 | (16,099) | 21,246 |
Balance at end of period | 17,359 | 35,450 | 17,359 | 35,450 |
Net unrealized holding (loss) on pension plans | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (2,587) | (2,211) | (2,587) | (2,211) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Less: amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Total other comprehensive income/(loss) | 0 | 0 | 0 | 0 |
Balance at end of period | $ (2,587) | $ (2,211) | $ (2,587) | $ (2,211) |
CAPITAL RATIOS AND SHAREHOLDE_7
CAPITAL RATIOS AND SHAREHOLDERS' EQUITY - Amounts Reclassified Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Non-interest income | $ 22,011 | $ 17,381 | $ 48,204 | $ 23,017 |
Tax expense | (6,896) | 16,130 | (10,497) | 18,126 |
Income/(loss) available to common shareholders | 21,636 | (549,511) | 34,667 | (569,506) |
Amount Reclassified From Accumulated Other Comprehensive Income (loss) | ||||
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Income/(loss) available to common shareholders | 0 | 1 | 0 | (1) |
Realized gains on AFS securities | Amount Reclassified From Accumulated Other Comprehensive Income (loss) | ||||
Amounts reclassified out of each component of accumulated other comprehensive income | ||||
Non-interest income | 0 | 1 | 0 | (1) |
Tax expense | 0 | 0 | 0 | 0 |
Income/(loss) available to common shareholders | $ 0 | $ 1 | $ 0 | $ (1) |
EARNINGS_(LOSS) PER SHARE - Sch
EARNINGS/(LOSS) PER SHARE - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings per share | ||||
Income/(loss) from continuing operations | $ 21,636 | $ (543,045) | $ 34,667 | $ (555,117) |
(Loss) from discontinued operations | 0 | (6,336) | 0 | (14,134) |
Net income/(loss) | $ 21,636 | $ (549,381) | $ 34,667 | $ (569,251) |
Average number of common shares issued (in shares) | 51,903 | 51,903 | 51,903 | 51,903 |
Less: average number of treasury shares (in shares) | 822 | 1,718 | 885 | 1,731 |
Less: average number of unvested stock award shares (in shares) | 760 | 461 | 691 | 472 |
Plus: average participating preferred shares (in shares) | 0 | 522 | 0 | 528 |
Average number of basic common shares outstanding (in shares) | 50,321 | 50,246 | 50,327 | 50,228 |
Average number of diluted common shares outstanding (in shares) | 50,608 | 50,246 | 50,588 | 50,228 |
Basic earnings/(loss) per common share: | ||||
Continuing operations (in dollars per share) | $ 0.43 | $ (10.80) | $ 0.69 | $ (11.05) |
Discontinued operations (in dollars per share) | 0 | (0.13) | 0 | (0.28) |
Total (in dollars per share) | 0.43 | (10.93) | 0.69 | (11.33) |
Diluted earnings/(loss) per common share: | ||||
Continuing operations (in dollars per share) | 0.43 | (10.80) | 0.69 | (11.05) |
Discontinued operations (in dollars per share) | 0 | (0.13) | 0 | (0.28) |
Total (in dollars per share) | $ 0.43 | $ (10.93) | $ 0.69 | $ (11.33) |
Unvested stock award shares | ||||
Earnings per share | ||||
Plus: dilutive effect of share-based payment arrangements (in shares) | 280 | 0 | 257 | 0 |
Stock options | ||||
Earnings per share | ||||
Plus: dilutive effect of share-based payment arrangements (in shares) | 7 | 0 | 4 | 0 |
EARNINGS_(LOSS) PER SHARE - Nar
EARNINGS/(LOSS) PER SHARE - Narrative (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2021 | |
Unvested stock award shares | ||
Anti-dilutive securities | ||
Securities excluded from the earnings per share calculations (in shares) | 480 | 434 |
Stock options | ||
Anti-dilutive securities | ||
Securities excluded from the earnings per share calculations (in shares) | 96 | 94 |
STOCK-BASED COMPENSATION PLAN_2
STOCK-BASED COMPENSATION PLANS - Summary of Activity (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Non-Vested Stock Awards Outstanding | ||||
Number of Shares | ||||
Balance at the beginning of the period (in shares) | 517 | |||
Granted (in shares) | 439 | |||
Acquired (in shares) | 0 | |||
Stock awards vested (in shares) | (79) | |||
Forfeited (in shares) | (62) | |||
Expired (in shares) | 0 | |||
Balance at the end of the period (in shares) | 815 | 815 | ||
Weighted-Average Grant Date Fair Value | ||||
Balance at the beginning of the period (in dollars per share) | $ 28.35 | |||
Granted (in dollars per share) | 19.61 | |||
Stock awards vested (in dollars per share) | 33.61 | |||
Forfeited (in dollars per share) | 25.19 | |||
Expired (in dollars per share) | 0 | |||
Balance at the end of the period (in dollars per share) | $ 20.02 | 20.02 | ||
Weighted-Average Exercise Price | ||||
Acquired (in dollars per share) | $ 0 | |||
Stock Options Outstanding | ||||
Number of Shares | ||||
Stock awards vested (in shares) | (35) | (44) | (79) | (97) |
Number of Shares | ||||
Balance at the beginning of the period (in shares) | 112 | |||
Granted (in shares) | 0 | |||
Acquired (in shares) | 0 | |||
Stock options exercised (in shares) | (7) | |||
Forfeited (in shares) | 0 | |||
Expired (in shares) | (10) | |||
Balance at the end of the period (in shares) | 95 | 95 | ||
Weighted-Average Exercise Price | ||||
Balance at the beginning of the period (in dollars per share) | $ 22.95 | |||
Granted (in dollars per share) | 0 | |||
Acquired (in dollars per share) | 0 | |||
Stock options exercised (in dollars per share) | 16.67 | |||
Forfeited (in dollars per share) | 0 | |||
Expired (in dollars per share) | 17.46 | |||
Balance at the end of the period (in dollars per share) | $ 24.88 | $ 24.88 |
STOCK-BASED COMPENSATION PLAN_3
STOCK-BASED COMPENSATION PLANS - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise of stock options | $ 124 | $ 607 | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise of stock options | $ 55 | $ 87 | $ 124 | $ 607 |
Stock awards vested (in shares) | 35 | 44 | 79 | 97 |
Non-Vested Stock Awards Outstanding | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock awards vested (in shares) | 79 | |||
Total compensation cost | $ 1,600 | $ 1,400 | $ 2,300 | $ 2,800 |
FAIR VALUE MEASUREMENTS - Measu
FAIR VALUE MEASUREMENTS - Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | $ 1,640,512 | $ 1,695,232 |
Marketable equity securities | 15,709 | 18,513 |
Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 8,853 | 9,708 |
Securities available for sale, at fair value | 1,640,512 | 1,695,232 |
Marketable equity securities | 15,709 | 18,513 |
Loans held for investment at fair value | 7,333,820 | 8,243,437 |
Loans held for sale | 6,494 | 17,748 |
Derivative assets | 112,861 | 160,071 |
Derivative liabilities | 47,105 | 65,758 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 0 | 0 |
Securities available for sale, at fair value | 0 | 0 |
Marketable equity securities | 15,037 | 17,841 |
Loans held for investment at fair value | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 0 | 0 |
Securities available for sale, at fair value | 1,640,512 | 1,680,232 |
Marketable equity securities | 672 | 672 |
Loans held for investment at fair value | 0 | 0 |
Loans held for sale | 4,334 | 12,992 |
Derivative assets | 112,508 | 159,016 |
Derivative liabilities | 47,105 | 65,758 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 8,853 | 9,708 |
Securities available for sale, at fair value | 0 | 15,000 |
Marketable equity securities | 0 | 0 |
Loans held for investment at fair value | 7,333,820 | 8,243,437 |
Loans held for sale | 2,160 | 4,756 |
Derivative assets | 353 | 1,055 |
Derivative liabilities | 0 | 0 |
Recurring | Total Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 8,853 | 9,708 |
Loans held for sale | 4,334 | 17,748 |
Derivative assets | 112,861 | 160,071 |
Capitalized servicing rights | 2,356 | 3,033 |
Derivative liabilities | 47,105 | 65,758 |
Recurring | Total Fair Value | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 85,641 | 97,803 |
Recurring | Total Fair Value | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 765,099 | 756,826 |
Recurring | Total Fair Value | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 425,042 | 438,132 |
Recurring | Total Fair Value | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 262,619 | 288,650 |
Recurring | Total Fair Value | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 51,157 | 60,030 |
Recurring | Total Fair Value | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 50,954 | 53,791 |
Recurring | Total Fair Value | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 15,709 | 18,513 |
Loans held for investment at fair value | 1,260 | 2,265 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 0 | 0 |
Loans held for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Capitalized servicing rights | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring | Level 1 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 1 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 15,037 | 17,841 |
Loans held for investment at fair value | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 0 | 0 |
Loans held for sale | 4,334 | 12,992 |
Derivative assets | 112,508 | 159,016 |
Capitalized servicing rights | 0 | 0 |
Derivative liabilities | 47,105 | 65,758 |
Recurring | Level 2 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 85,641 | 97,803 |
Recurring | Level 2 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 765,099 | 756,826 |
Recurring | Level 2 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 425,042 | 438,132 |
Recurring | Level 2 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 262,619 | 288,650 |
Recurring | Level 2 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 51,157 | 45,030 |
Recurring | Level 2 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 50,954 | 53,791 |
Recurring | Level 2 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 672 | 672 |
Loans held for investment at fair value | 0 | 0 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading security | 8,853 | 9,708 |
Securities available for sale, at fair value | 15,000 | |
Loans held for sale | 0 | 4,756 |
Derivative assets | 353 | 1,055 |
Capitalized servicing rights | 2,356 | 3,033 |
Derivative liabilities | 0 | 0 |
Recurring | Level 3 | Debt securities | Municipal bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Agency commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Debt securities | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 15,000 |
Recurring | Level 3 | Debt securities | Other bonds and obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, at fair value | 0 | 0 |
Recurring | Level 3 | Marketable equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable equity securities | 0 | 0 |
Loans held for investment at fair value | $ 1,260 | $ 2,265 |
FAIR VALUE MEASUREMENTS - Narra
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($) | Jan. 01, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number of trading securities in the portfolio | security | 1 | ||||
Retained earnings write-down | $ 210,994 | $ 210,994 | $ 233,344 | ||
Continuing Operations | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Payments for origination of mortgage loans held-for-sale | 16,300 | $ 62,300 | 60,400 | ||
Proceeds from sale and collection of loans held-for-sale | 20,300 | 47,500 | 68,300 | ||
Continuing Operations | Loans Held for Sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Gains (losses) in fair value of loans held for sale included in earnings | $ (240) | 341 | $ (234) | ||
Discontinued Operations | Loans Held for Sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Gains (losses) in fair value of loans held for sale included in earnings | $ (4,500) | ||||
Impact of ASC 326 Adoption | Accounting Standards Update 2016-13 | Loans Held for Investment | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Retained earnings write-down | $ 11,200 |
FAIR VALUE MEASUREMENTS - Loans
FAIR VALUE MEASUREMENTS - Loans Held for Investment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate Unpaid Principal | $ 276,576 | $ 317,304 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate Unpaid Principal | 16,705 | |
Loans Held for Investment | Continuing Operations | Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Held for Investment | 1,260 | 2,265 |
Aggregate Unpaid Principal | 39,101 | 53,945 |
Aggregate Fair Value Less Aggregate Unpaid Principal | $ (37,841) | $ (51,680) |
FAIR VALUE MEASUREMENTS - Loa_2
FAIR VALUE MEASUREMENTS - Loans Held for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans Held for Sale | ||
Aggregate Unpaid Principal | $ 276,576 | $ 317,304 |
Level 2 | ||
Loans Held for Sale | ||
Aggregate Fair Value | 4,334 | 12,992 |
Aggregate Unpaid Principal | 16,705 | |
Recurring | Level 2 | ||
Loans Held for Sale | ||
Aggregate Fair Value | 4,334 | 12,992 |
Continuing Operations | Recurring | Loans Held for Sale | Level 2 | ||
Loans Held for Sale | ||
Aggregate Fair Value | 4,334 | 12,992 |
Aggregate Unpaid Principal | 4,215 | 12,639 |
Aggregate Fair Value Less Aggregate Unpaid Principal | $ 119 | $ 353 |
FAIR VALUE MEASUREMENTS - Chang
FAIR VALUE MEASUREMENTS - Changes in Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments to lend | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Unrealized (loss)/gain, net recognized in other non-interest income | $ 430 | $ 0 | $ 0 | $ 0 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 261 | 1,149 | 261 | 1,149 |
Derivative Asset (Liability) | ||||
Beginning balance | 185 | 4,836 | 735 | 2,628 |
Unrealized (loss)/gain, net recognized in other non-interest income | 430 | 0 | 0 | 0 |
Transfers to held for sale loans | (354) | (6,401) | (1,722) | (15,232) |
Ending balance | 261 | 1,149 | 261 | 1,149 |
Forward Commitments | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Unrealized (loss)/gain, net recognized in other non-interest income | (234) | 447 | (228) | 447 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 92 | 447 | 92 | 447 |
Derivative Asset (Liability) | ||||
Beginning balance | 326 | 0 | 320 | 0 |
Unrealized (loss)/gain, net recognized in other non-interest income | (234) | 447 | (228) | 447 |
Ending balance | 92 | 447 | 92 | 447 |
Trading Security | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Balance at the beginning of the period | 9,350 | 9,829 | 9,708 | 10,769 |
Unrealized (loss)/gain, net recognized in other non-interest income | (305) | (128) | (471) | (887) |
Paydown of asset | (192) | (182) | (384) | (363) |
Balance at the end of the period | 8,853 | 9,519 | 8,853 | 9,519 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 491 | 491 | ||
Derivative Asset (Liability) | ||||
Unrealized (loss)/gain, net recognized in other non-interest income | (305) | (128) | (471) | (887) |
Trading Security | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Unrealized gains (losses) relating to instruments still held at the end of the period | 581 | 581 | ||
Securities Available for Sale | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Balance at the beginning of the period | 0 | 34,504 | 15,000 | 42,966 |
Maturity of AFS security | (8,000) | (15,000) | ||
Sale of AFS security | (17,000) | |||
Unrealized (loss) included in accumulated other comprehensive income (loss) | (904) | (366) | ||
Balance at the end of the period | 0 | 25,600 | 0 | 25,600 |
Unrealized gains (losses) relating to instruments still held at the end of the period | (850) | (850) | ||
Loans Held for Investment | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Balance at the beginning of the period | 1,448 | 4,895 | 2,265 | 0 |
Unrealized (loss)/gain, net recognized in other non-interest income | 187 | (1,496) | 601 | (3,712) |
Paydown of asset | (375) | (259) | (1,606) | (808) |
Balance at the end of the period | 1,260 | 3,140 | 1,260 | 3,140 |
Unrealized gains (losses) relating to instruments still held at the end of the period | 0 | 0 | 0 | 0 |
Derivative Asset (Liability) | ||||
Unrealized (loss)/gain, net recognized in other non-interest income | 187 | (1,496) | 601 | (3,712) |
Loans Held for Investment | Impact of ASC 326 Adoption | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Balance at the beginning of the period | 0 | 7,660 | ||
Capitalized Servicing Rights | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Balance at the beginning of the period | 2,968 | 8,518 | 3,033 | 12,299 |
Unrealized (loss)/gain, net recognized in other non-interest income | (612) | 0 | 0 | |
Additions to servicing rights | 0 | 0 | ||
Balance at the end of the period | 2,356 | 4,828 | 2,356 | 4,828 |
Derivative Asset (Liability) | ||||
Unrealized (loss)/gain, net recognized in other non-interest income | $ (612) | 0 | 0 | |
Discontinued Operations | Commitments to lend | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Unrealized gain/(loss), net recognized in discontinued operations | 2,714 | 1,248 | 13,753 | |
Derivative Asset (Liability) | ||||
Unrealized gain/(loss), net recognized in discontinued operations | 2,714 | 1,248 | 13,753 | |
Discontinued Operations | Trading Security | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Unrealized gain/(loss), net recognized in discontinued operations | 0 | 0 | ||
Derivative Asset (Liability) | ||||
Unrealized gain/(loss), net recognized in discontinued operations | 0 | 0 | ||
Discontinued Operations | Capitalized Servicing Rights | ||||
Changes in Level 3 assets that were measured at fair value on a recurring basis | ||||
Unrealized gain/(loss), net recognized in discontinued operations | (3,690) | (677) | (7,471) | |
Derivative Asset (Liability) | ||||
Unrealized gain/(loss), net recognized in discontinued operations | $ (3,690) | $ (677) | $ (7,471) |
FAIR VALUE MEASUREMENTS - Unobs
FAIR VALUE MEASUREMENTS - Unobservable Inputs Recurring (Details) uSDPerLoan in Thousands, $ in Thousands | Jun. 30, 2021USD ($)uSDPerLoan | Dec. 31, 2020USD ($)uSDPerLoan |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Trading security | $ 8,853 | $ 9,708 |
Securities available for sale, at fair value | 1,640,512 | 1,695,232 |
Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Securities available for sale, at fair value | 0 | 15,000 |
Level 3 | Recurring | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Trading security | 8,853 | 9,708 |
Securities available for sale, at fair value | 15,000 | |
Loan held for investment | 1,260 | 2,265 |
Total | $ 12,822 | $ 31,061 |
Level 3 | Recurring | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Trading security, Significant Unobservable Input Value | 0.0338 | 0.0272 |
Loan held for investment, Significant Unobservable Input Value | 0.2500 | 0.3000 |
Level 3 | Recurring | Commitments to lend | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset | $ 261 | $ 735 |
Level 3 | Recurring | Commitments to lend | Historical Trend | Closing Ratio | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset, Significant Unobservable Input Value | 0.7915 | 0.7454 |
Level 3 | Recurring | Commitments to lend | Pricing Model | Origination Costs, per loan | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset, Significant Unobservable Input Value | uSDPerLoan | 3 | 3 |
Level 3 | Recurring | Forward commitments | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset | $ 92 | $ 320 |
Level 3 | Recurring | Forward commitments | Historical Trend | Closing Ratio | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset, Significant Unobservable Input Value | 0.7915 | 0.7454 |
Level 3 | Recurring | Forward commitments | Pricing Model | Origination Costs, per loan | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Derivative asset, Significant Unobservable Input Value | uSDPerLoan | 3 | 3 |
Level 3 | Recurring | Capitalized servicing rights | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights | $ 2,356 | $ 3,033 |
Level 3 | Recurring | Capitalized servicing rights | Discounted Cash Flow | Discount Rate | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights, Significant Unobservable Input Value | 0.0950 | 0.1000 |
Level 3 | Recurring | Capitalized servicing rights | Discounted Cash Flow | Constant Prepayment Rate (CPR) | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights, Significant Unobservable Input Value | 0.2387 | 0.2652 |
Available-for-sale Securities | Level 3 | Recurring | Indication from Market Maker | Price | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
AFS Securities, Significant Unobservable Input Value | 0.010200 | |
Minimum | Level 3 | Recurring | Discounted Cash Flow | Collateral Value | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Loan held for investment, Significant Unobservable Input Value | 6,700,000 | 8,100,000 |
Maximum | Level 3 | Recurring | Discounted Cash Flow | Collateral Value | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Loan held for investment, Significant Unobservable Input Value | 18,300,000 | 21,900,000 |
FAIR VALUE MEASUREMENTS - Mea_2
FAIR VALUE MEASUREMENTS - Measured on Non-recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned | $ 85 | $ 149 |
Non-recurring | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated | 21,135 | 28,028 |
Capitalized servicing rights | 13,835 | 13,315 |
Other real estate owned | 85 | 149 |
Total | $ 35,055 | $ 41,492 |
FAIR VALUE MEASUREMENTS - Uno_2
FAIR VALUE MEASUREMENTS - Unobservable Inputs Non-recurring (Details) security in Thousands, $ in Thousands | Jun. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned | $ 85 | $ 149 |
Non-recurring | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated | 21,135 | 28,028 |
Capitalized servicing rights | 13,835 | 13,315 |
Other real estate owned | 85 | 149 |
Total | 35,055 | 41,492 |
Non-recurring | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated | $ 21,135 | $ 28,028 |
Non-recurring | Minimum | Discounted Cash Flow - Loss Severity | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated, Unobservable Inputs, Range (Weighted Average) | 0.0139 | 0.0007 |
Non-recurring | Minimum | Appraised Value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated, Unobservable Inputs, Range (Weighted Average) | 0 | 0 |
Non-recurring | Maximum | Discounted Cash Flow - Loss Severity | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated, Unobservable Inputs, Range (Weighted Average) | 1 | 1 |
Non-recurring | Maximum | Appraised Value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated, Unobservable Inputs, Range (Weighted Average) | 11,810,000 | 11,432,000 |
Non-recurring | Weighted Average | Discounted Cash Flow - Loss Severity | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated, Unobservable Inputs, Range (Weighted Average) | 0.5751 | 0.4636 |
Non-recurring | Weighted Average | Appraised Value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Individually evaluated, Unobservable Inputs, Range (Weighted Average) | 8,089,000 | 9,800,000 |
Non-recurring | Capitalized servicing rights | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights | $ 13,835 | $ 13,315 |
Non-recurring | Capitalized servicing rights | Minimum | Constant Prepayment Rate (CPR) | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights, Unobservable Inputs, Range (Weighted Average) | 0.0769 | 0.1449 |
Non-recurring | Capitalized servicing rights | Minimum | Discount Rate | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights, Unobservable Inputs, Range (Weighted Average) | 0.0906 | 0.1000 |
Non-recurring | Capitalized servicing rights | Maximum | Constant Prepayment Rate (CPR) | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights, Unobservable Inputs, Range (Weighted Average) | 0.1825 | 0.2329 |
Non-recurring | Capitalized servicing rights | Maximum | Discount Rate | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights, Unobservable Inputs, Range (Weighted Average) | 0.1050 | 0.1100 |
Non-recurring | Capitalized servicing rights | Weighted Average | Constant Prepayment Rate (CPR) | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights, Unobservable Inputs, Range (Weighted Average) | 0.1457 | 0.1698 |
Non-recurring | Capitalized servicing rights | Weighted Average | Discount Rate | Discounted Cash Flow | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Capitalized servicing rights, Unobservable Inputs, Range (Weighted Average) | 0.0934 | 0.1056 |
Other Real Estate Owned | Non-recurring | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other real estate owned | $ 85 | $ 149 |
Other Real Estate Owned | Non-recurring | Minimum | Appraised Value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other Real Estate Owned, Unobservable Inputs, Range (Weighted Average) | security | 94 | |
Other Real Estate Owned | Non-recurring | Maximum | Appraised Value | Fair Value of Collateral | Level 3 | ||
Quantitative information about the significant unobservable inputs within Level 3 | ||
Other Real Estate Owned, Unobservable Inputs, Range (Weighted Average) | security | 120 | 182 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Values and Carrying Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Assets | ||
Marketable equity securities | $ 15,709 | $ 18,513 |
Securities available for sale, at fair value | 1,640,512 | 1,695,232 |
Securities held to maturity | 685,370 | 491,855 |
FHLB bank stock and restricted securities | 19,638 | 34,873 |
Assets held for sale | 276,576 | 317,304 |
Financial Liabilities | ||
Liabilities held for sale | 646,688 | 630,065 |
Level 1 | ||
Financial Assets | ||
Cash and cash equivalents | 1,826,681 | 1,557,875 |
Trading security | 0 | 0 |
Marketable equity securities | 15,037 | 17,841 |
Securities available for sale, at fair value | 0 | 0 |
Securities held to maturity | 0 | 0 |
Net loans | 0 | 0 |
Loans held for sale | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Assets held for sale | 0 | |
Financial Liabilities | ||
Total deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term Federal Home Loan Bank advances and other | 0 | 0 |
Subordinated borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Liabilities held for sale | 0 | |
Level 2 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Trading security | 0 | 0 |
Marketable equity securities | 672 | 672 |
Securities available for sale, at fair value | 1,640,512 | 1,680,232 |
Securities held to maturity | 682,288 | 488,393 |
Net loans | 0 | 0 |
Loans held for sale | 4,334 | 12,992 |
Accrued interest receivable | 41,152 | 46,919 |
Derivative assets | 112,508 | 159,016 |
Assets held for sale | 16,705 | |
Financial Liabilities | ||
Total deposits | 9,923,159 | 10,230,822 |
Short-term debt | 0 | 40,025 |
Long-term Federal Home Loan Bank advances and other | 218,953 | 438,064 |
Subordinated borrowings | 95,906 | 95,178 |
Derivative liabilities | 47,105 | 65,758 |
Liabilities held for sale | 631,268 | |
Level 3 | ||
Financial Assets | ||
Cash and cash equivalents | 0 | 0 |
Trading security | 8,853 | 9,708 |
Marketable equity securities | 0 | 0 |
Securities available for sale, at fair value | 0 | 15,000 |
Securities held to maturity | 3,082 | 3,462 |
Net loans | 7,333,820 | 8,243,437 |
Loans held for sale | 2,160 | 4,756 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 353 | 1,055 |
Assets held for sale | 300,599 | |
Financial Liabilities | ||
Total deposits | 0 | 0 |
Short-term debt | 0 | 0 |
Long-term Federal Home Loan Bank advances and other | 0 | 0 |
Subordinated borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Liabilities held for sale | 0 | |
Carrying Amount | ||
Financial Assets | ||
Cash and cash equivalents | 1,826,681 | 1,557,875 |
Trading security | 8,853 | 9,708 |
Marketable equity securities | 15,709 | 18,513 |
Securities available for sale, at fair value | 1,640,512 | 1,695,232 |
Securities held to maturity | 665,786 | 465,091 |
FHLB bank stock and restricted securities | 19,638 | 34,873 |
Net loans | 7,113,547 | 7,954,217 |
Loans held for sale | 6,494 | 17,748 |
Accrued interest receivable | 41,152 | 46,919 |
Derivative assets | 112,861 | 160,071 |
Assets held for sale | 317,304 | |
Financial Liabilities | ||
Total deposits | 9,913,900 | 10,215,808 |
Short-term debt | 0 | 40,000 |
Long-term Federal Home Loan Bank advances and other | 217,847 | 434,357 |
Subordinated borrowings | 97,396 | 97,280 |
Derivative liabilities | 47,105 | 65,758 |
Liabilities held for sale | 630,065 | |
Fair Value | ||
Financial Assets | ||
Cash and cash equivalents | 1,826,681 | 1,557,875 |
Trading security | 8,853 | 9,708 |
Marketable equity securities | 15,709 | 18,513 |
Securities available for sale, at fair value | 1,640,512 | 1,695,232 |
Securities held to maturity | 685,370 | 491,855 |
Net loans | 7,333,820 | 8,243,437 |
Loans held for sale | 6,494 | 17,748 |
Accrued interest receivable | 41,152 | 46,919 |
Derivative assets | 112,861 | 160,071 |
Assets held for sale | 317,304 | |
Financial Liabilities | ||
Total deposits | 9,923,159 | 10,230,822 |
Short-term debt | 0 | 40,025 |
Long-term Federal Home Loan Bank advances and other | 218,953 | 438,064 |
Subordinated borrowings | 95,906 | 95,178 |
Derivative liabilities | $ 47,105 | 65,758 |
Liabilities held for sale | $ 631,268 |
NET INTEREST INCOME AFTER PRO_3
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Banking and Thrift, Interest [Abstract] | ||||
Net interest income from continuing operations | $ 75,393 | $ 77,590 | $ 150,486 | $ 164,018 |
Provision for credit losses | 0 | 29,871 | 6,500 | 64,678 |
Net interest income from continuing operations after provision for credit losses | $ 75,393 | $ 47,719 | $ 143,986 | $ 99,340 |
Uncategorized Items - bhlb-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |