Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Sep. 30, 2014 | Nov. 05, 2014 | |
DOCUMENT AND ENTITY INFORMATION [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'FFBC | ' |
Entity Registrant Name | 'FIRST FINANCIAL BANCORP /OH/ | ' |
Entity Central Index Key | '0000708955 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 61,372,311 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $121,360 | $117,620 |
Interest-bearing deposits with other banks | 22,365 | 25,830 |
Investment securities available-for-sale, at market value (cost $944,217 at September 30, 2014 and $945,052 at December 31, 2013) | 929,594 | 913,601 |
Investment securities held-to-maturity (market value $901,659 at September 30, 2014 and $824,985 at December 31, 2013) | 900,521 | 837,272 |
Other investments | 49,986 | 47,427 |
Loans held for sale | 16,816 | 8,114 |
Loans | ' | ' |
Commercial | 1,304,782 | 1,035,668 |
Real estate - construction | 193,776 | 80,741 |
Real estate-commercial | 1,952,055 | 1,496,987 |
Real estate-residential | 426,558 | 352,931 |
Installment | 47,561 | 47,133 |
Home equity | 416,099 | 376,454 |
Credit card | 35,925 | 35,592 |
Lease financing | 73,216 | 80,135 |
Total loans, excluding covered loans | 4,449,972 | 3,505,641 |
Less: Allowance for loan and lease losses - uncovered | 42,454 | 43,829 |
Net loans - excluding covered loans | 4,407,518 | 3,461,812 |
Covered loans | 332,265 | 457,873 |
Less: Allowance for loan and lease losses - covered | 11,535 | 18,901 |
Net loans - covered | 320,730 | 438,972 |
Net loans | 4,728,248 | 3,900,784 |
Premises and equipment | 141,851 | 137,110 |
Goodwill | 137,458 | 95,050 |
Other intangibles | 8,542 | 5,924 |
FDIC indemnification asset | 24,160 | 45,091 |
Interest Receivable and Other Assets | 272,568 | 283,390 |
Total assets | 7,353,469 | 6,417,213 |
Deposits | ' | ' |
Interest-bearing | 1,214,726 | 1,125,723 |
Savings | 1,827,590 | 1,612,005 |
Time | 1,247,334 | 952,327 |
Total interest-bearing deposits | 4,289,650 | 3,690,055 |
Noninterest-bearing | 1,243,367 | 1,147,452 |
Total deposits | 5,533,017 | 4,837,507 |
Federal funds purchased and securities sold under agreements to repurchase | 113,303 | 94,749 |
Federal Home Loan Bank short-term borrowings | 806,000 | 654,000 |
Total short-term borrowings | 919,303 | 748,749 |
Long-term debt | 52,656 | 60,780 |
Total borrowed funds | 971,959 | 809,529 |
Accrued interest and other liabilities | 74,581 | 88,016 |
Total liabilities | 6,579,557 | 5,735,052 |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock - no par value Authorized - 160,000,000 shares Issued - 68,730,731 shares in 2014 and 2013 | 574,209 | 577,076 |
Retained earnings | 344,118 | 324,192 |
Accumulated other comprehensive loss | -20,888 | -31,281 |
Treasury stock, at cost, 7,362,258 shares in 2014 and 11,197,685 shares in 2013 | -123,527 | -187,826 |
Total shareholders' equity | 773,912 | 682,161 |
Total liabilities and shareholders' equity | $7,353,469 | $6,417,213 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | $944,217 | $945,052 |
Held-to-maturity Securities, Fair Value | $901,659 | $824,985 |
Common Stock, No Par Value | $0 | $0 |
Common Stock, Shares Authorized | 160,000,000 | 160,000,000 |
Common Stock, Shares, Issued | 68,730,731 | 68,730,731 |
Treasury Stock, Shares | 7,362,258 | 11,197,685 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Interest income | ' | ' | ' | ' |
Loans, including fees | $53,725 | $52,908 | $151,749 | $163,955 |
Investment securities | ' | ' | ' | ' |
Taxable | 10,227 | 8,267 | 31,019 | 24,938 |
Tax-exempt | 894 | 541 | 2,500 | 1,681 |
Total interest on investment securities | 11,121 | 8,808 | 33,519 | 26,619 |
Other earning assets | -1,455 | -2,185 | -4,162 | -5,213 |
Total interest income | 63,391 | 59,531 | 181,106 | 185,361 |
Interest expense | ' | ' | ' | ' |
Deposits | 4,218 | 2,856 | 11,140 | 10,000 |
Short-term borrowings | 354 | 286 | 975 | 920 |
Long-term borrowings | 456 | 617 | 1,505 | 1,925 |
Total interest expense | 5,028 | 3,759 | 13,620 | 12,845 |
Net interest income | 58,363 | 55,772 | 167,486 | 172,516 |
Provision for Loan and Lease Losses | 1,093 | 1,413 | 2,281 | 6,863 |
Provision for loan and lease losses covered | -200 | 5,293 | -2,805 | 6,052 |
Net interest income after provision for loan and lease losses | 57,470 | 49,066 | 168,010 | 159,601 |
Noninterest income | ' | ' | ' | ' |
Service charges on deposit accounts | 5,263 | 5,447 | 15,172 | 15,369 |
Trust and wealth management fees | 3,207 | 3,366 | 10,258 | 10,813 |
Bankcard income | 2,859 | 2,637 | 8,101 | 8,215 |
Net gains from sales of loans | 1,660 | 751 | 2,793 | 2,546 |
Gains on sales of investment securities | 0 | 0 | 50 | 1,724 |
FDIC loss sharing income | -192 | 5,555 | 408 | 7,105 |
Accelerated discount on covered loans | 789 | 1,711 | 2,425 | 5,581 |
Other | 2,925 | 2,824 | 7,816 | 9,251 |
Total noninterest income | 16,511 | 22,291 | 47,023 | 60,604 |
Noninterest expenses | ' | ' | ' | ' |
Salaries and employee benefits | 28,686 | 23,834 | 79,562 | 77,379 |
Pension settlement charges | 0 | -1,396 | 0 | -5,712 |
Net occupancy | 4,577 | 5,101 | 14,381 | 16,650 |
Furniture and equipment | 2,265 | 2,213 | 6,325 | 6,834 |
Data processing | 4,393 | 2,584 | 10,021 | 7,612 |
Marketing | 939 | 1,192 | 2,555 | 3,271 |
Communication | 541 | 865 | 1,726 | 2,479 |
Professional services | 1,568 | 1,528 | 4,741 | 5,095 |
State intangible tax | 648 | 1,010 | 1,936 | 3,028 |
FDIC assessments | 1,126 | 1,107 | 3,334 | 3,380 |
Loss (gain) - other real estate owned | 844 | 184 | 1,575 | 902 |
Loss (gain) - covered other real estate owned | 1,433 | -204 | 1,002 | 2,165 |
Loss sharing expense | 1,002 | 1,724 | 4,036 | 5,588 |
Other | 6,263 | 5,859 | 17,182 | 19,425 |
Total noninterest expenses | 51,419 | 48,801 | 146,372 | 155,190 |
Income before income taxes | 22,562 | 22,556 | 68,661 | 65,015 |
Income tax expense | 7,218 | 7,645 | 22,260 | 20,451 |
Net income | $15,344 | $14,911 | $46,401 | $44,564 |
Earnings per common share | ' | ' | ' | ' |
Basic | $0.26 | $0.26 | $0.80 | $0.78 |
Diluted | $0.26 | $0.26 | $0.79 | $0.77 |
Cash dividends declared per share | $0.15 | $0.27 | $0.45 | $0.79 |
Average common shares outstanding - basic | 59,403,109 | 57,201,390 | 57,907,203 | 57,309,934 |
Average common shares outstanding - diluted | 60,112,932 | 58,012,588 | 58,639,394 | 58,143,372 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $15,344 | $14,911 | $46,401 | $44,564 |
Other comprehensive (loss) income, net of tax | ' | ' | ' | ' |
Unrealized gains (losses) on investment securities arising during the period | -256 | -4,003 | 10,077 | -22,570 |
Change in retirement obligation | 189 | 1,166 | 663 | 11,976 |
Unrealized gain (loss) on derivatives | 760 | -818 | -334 | -2 |
Unrealized gain (loss) on foreign currency exchange | -12 | 6 | -13 | -21 |
Other comprehensive income (loss) | 681 | -3,649 | 10,393 | -10,617 |
Comprehensive income | $16,025 | $11,262 | $56,794 | $33,947 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning Balances at Dec. 31, 2012 | $710,425 | $579,293 | $330,004 | ($18,677) | ($180,195) |
Beginning Balances (in shares) at Dec. 31, 2012 | ' | 68,730,731 | ' | ' | -10,684,496 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 44,564 | ' | 44,564 | ' | ' |
Other comprehensive income (loss) | -10,617 | ' | ' | -10,617 | ' |
Cash dividends declared : | ' | ' | ' | ' | ' |
Common stock at $0.45 per share in 2014 and $0.79 per share in 2013 | -45,575 | ' | -45,575 | ' | ' |
Purchase of common stock, in shares | ' | ' | ' | ' | -540,400 |
Purchase of common stock | -8,339 | ' | ' | ' | -8,339 |
Excess tax benefit on share-based compensation | 133 | 133 | ' | ' | ' |
Exercise of stock options, net of shares purchased (in shares) | ' | ' | ' | ' | 44,105 |
Exercise of stock options, net of shares purchased | -275 | -1,016 | ' | ' | 741 |
Restricted stock awards, net of forfeitures (in shares) | ' | ' | ' | ' | 152,504 |
Restricted stock awards, net of forfeitures | -1,326 | -4,030 | ' | ' | 2,704 |
Share-based compensation expense | 3,049 | 3,049 | ' | ' | ' |
Ending Balances at Sep. 30, 2013 | 692,039 | 577,429 | 328,993 | -29,294 | -185,089 |
Ending Balances (in shares) at Sep. 30, 2013 | ' | 68,730,731 | ' | ' | -11,028,287 |
Beginning Balances at Dec. 31, 2013 | 682,161 | 577,076 | 324,192 | -31,281 | -187,826 |
Beginning Balances (in shares) at Dec. 31, 2013 | ' | 68,730,731 | ' | ' | -11,197,685 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 46,401 | ' | 46,401 | ' | ' |
Other comprehensive income (loss) | 10,393 | ' | ' | 10,393 | ' |
Cash dividends declared : | ' | ' | ' | ' | ' |
Common stock at $0.45 per share in 2014 and $0.79 per share in 2013 | -26,475 | ' | -26,475 | ' | ' |
Purchase of common stock, in shares | ' | ' | ' | ' | -40,255 |
Purchase of common stock | -697 | ' | ' | ' | -697 |
Common stock ssued in connection with business combinations, in shares | ' | ' | ' | ' | 3,657,937 |
Common stock ssued in connection with business combinations | 60,429 | -946 | ' | ' | 61,375 |
Excess tax benefit on share-based compensation | 149 | 149 | ' | ' | ' |
Exercise of stock options, net of shares purchased (in shares) | ' | ' | ' | ' | 36,830 |
Exercise of stock options, net of shares purchased | -155 | -771 | ' | ' | 616 |
Restricted stock awards, net of forfeitures (in shares) | ' | ' | ' | ' | 180,915 |
Restricted stock awards, net of forfeitures | -1,186 | -4,191 | ' | ' | 3,005 |
Share-based compensation expense | 2,892 | 2,892 | ' | ' | ' |
Ending Balances at Sep. 30, 2014 | $773,912 | $574,209 | $344,118 | ($20,888) | ($123,527) |
Ending Balances (in shares) at Sep. 30, 2014 | ' | 68,730,731 | ' | ' | -7,362,258 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Common Stock, Dividends, Per Share, Declared | $0.15 | $0.27 | $0.45 | $0.79 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating activities | ' | ' |
Net income | $46,401 | $44,564 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan and lease losses | -524 | 12,915 |
Depreciation and amortization | 9,465 | 11,057 |
Stock-based compensation expense | 2,892 | 3,049 |
Pension (income) expense | -853 | 5,309 |
Net amortization of premiums/accretion of discounts on investment securities | 5,523 | 11,327 |
Gains on sales of investment securities | -50 | -1,724 |
Originations of loans held for sale | -93,561 | -126,881 |
Net gains from sales of loans held for sale | -2,793 | -2,546 |
Proceeds from sales of loans held for sale | 85,977 | 131,979 |
Deferred income taxes | -20,137 | -5,621 |
Increase in interest receivable | -2,849 | -462 |
Increase in cash surrender value of life insurance | -4,608 | -3,781 |
Increase in prepaid expenses | -2,303 | -2,688 |
Decrease in indemnification asset | -20,931 | -41,475 |
Decrease in accrued expenses | -5,515 | -6,013 |
Decrease in interest payable | -72 | -418 |
Other | 5,917 | 13,699 |
Net cash provided by operating activities | 43,841 | 125,240 |
Investing activities | ' | ' |
Proceeds from sales of securities available-for-sale | 92,573 | 92,684 |
Proceeds from calls, paydowns and maturities of securities available-for-sale | 75,691 | 160,460 |
Purchases of securities available-for-sale | -142,307 | -109,816 |
Proceeds from calls, paydowns and maturities of securities held-to-maturity | 74,392 | 134,089 |
Purchases of securities held-to-maturity | 140,426 | 13,476 |
Net decrease in interest-bearing deposits with other banks | 3,465 | 13,927 |
Net increase in loans and leases - excluding covered loans | -343,050 | -261,546 |
Net decrease in covered assets | 116,701 | 180,074 |
Proceeds from disposal of other real estate owned | 28,713 | 23,590 |
Purchases of premises and equipment | -7,591 | -6,017 |
Cash acquired from business combinations | 34,300 | 0 |
Net cash (used in) provided by investing activities | -207,539 | 213,969 |
Financing activities | ' | ' |
Net increase (decrease) in total deposits | 126,905 | -226,833 |
Net increase (decrease) in short-term borrowings | 95,663 | -898 |
Payments on long-term borrowings | -28,930 | -14,093 |
Cash dividends paid on common stock | -25,717 | -45,983 |
Treasury stock purchase | -697 | -8,339 |
Proceeds from exercise of stock options | 65 | 0 |
Excess tax benefit on share-based compensation | 149 | 133 |
Net cash provided by (used in) financing activities | 167,438 | -296,013 |
Cash and due from banks: | ' | ' |
Net increase in cash and due from banks | 3,740 | 43,196 |
Cash and due from banks at beginning of period | 117,620 | 134,502 |
Cash and due from banks at end of period | 121,360 | 177,698 |
Supplemental schedule for investing activities | ' | ' |
Assets acquired, net of purchase considerations | 630,451 | 0 |
Liabilities assumed | 672,859 | 0 |
Goodwill | $42,408 | $0 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | |
The Consolidated Financial Statements of First Financial Bancorp. (First Financial or the Company), a bank holding company principally serving Ohio, Indiana and Kentucky, include the accounts and operations of First Financial and its wholly-owned subsidiary – First Financial Bank, N.A. (First Financial Bank or the Bank). All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods’ amounts have been made to conform to the current period’s presentation and had no effect on net earnings. | |
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. These estimates, assumptions and judgments are inherently subjective and may be susceptible to significant change. Actual realized amounts could differ materially from these estimates. | |
These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and serve to update the First Financial Bancorp. Annual Report on Form 10-K (Form 10-K) for the year ended December 31, 2013. These interim financial statements may not include all information and notes necessary to constitute a complete set of financial statements under GAAP applicable to annual periods and accordingly should be read in conjunction with the financial information contained in the Form 10-K. Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Consolidated Balance Sheet as of December 31, 2013 has been derived from the audited financial statements in the Company’s 2013 Form 10-K. |
RECENTLY_ADOPTED_AND_ISSUED_AC
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS | 9 Months Ended |
Sep. 30, 2014 | |
Recently Adopted and Issued Accounting Standards [Abstract] | ' |
Recently Adopted and Issued Accounting Standards Disclosure [Text Block] | ' |
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS | |
In January 2014, the FASB issued an update (ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure) which clarifies when an in substance repossession or foreclosure occurs, that is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan receivable should be de-recognized and the real estate property recognized. The provisions of ASU 2014-04 become effective for First Financial for the interim reporting period ended March 31, 2015. First Financial does not anticipate this update will have a material impact on its Consolidated Financial Statements. | |
In April 2014, the FASB issued an update (ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity) which redefines what constitutes a discontinued operation. Under the revised standard, a discontinued operation is a component of an entity or group of components that has been disposed of by sale, disposed of other than by sale or is classified as held for sale, that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or an acquired business or nonprofit activity that is classified as held for sale on the date of the acquisition. A strategic shift that has or will have a major effect on an entity’s operations and financial results could include the disposal of a major line of business, a major geographic area, a major equity method investment or other major parts of an entity. The new guidance eliminates the criteria prohibiting an entity from reporting a discontinued operation if it has certain continuing cash flows or involvement with the component after the disposal and requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The provisions of ASU 2014-08 become effective for all interim and annual periods subsequent to January 1, 2015. First Financial does not anticipate this update will have a material impact on its Consolidated Financial Statements. | |
In May 2014, the FASB issued an update (ASU 2014-09, Revenue from Contracts with Customers) which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. Under the revised standard, an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU applies to all contracts with customers except those that are within the scope of other topics in the FASB Accounting Standards Codification. Certain of the ASU’s provisions also apply to transfers of nonfinancial assets, including in-substance nonfinancial assets that are not an output of an entity’s ordinary activities, such as sales of property, plant, and equipment; real estate; or intangible assets. The ASU also requires significantly expanded disclosures about revenue recognition. The provisions of ASU 2014-09 become effective for interim and annual reporting periods beginning after December 15, 2016. Early application is not permitted. First Financial is currently evaluating the impact of this update on its Consolidated Financial Statements. | |
In June 2014, the FASB issued an update (ASU 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures) that requires repurchase-to-maturity transactions to be accounted for as secured borrowings rather than as sales with a forward repurchase commitment and eliminates current guidance on repurchase financings. The ASU requires separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty. If the derecognition criteria are met, the initial transfer will generally be accounted for as a sale and the repurchase agreement will generally be accounted for as a secured borrowing. The ASU requires new disclosures for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. The ASU also requires new disclosures for transfers of financial assets that are accounted for as sales that involve an agreement with the transferee entered into in contemplation of the initial transfer that result in the transferor retaining substantially all of the exposure to the economic return on the transferred financial assets throughout the term of the transaction. The provisions of ASU 2014-11 become effective for all interim and annual periods subsequent to December 15, 2014. Early adoption is prohibited. First Financial is currently evaluating the impact of this update on its Consolidated Financial Statements. | |
In August 2014, the FASB issued an update (ASU 2014-14, Receivables - Troubled Debt Restructurings by Creditors: Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure) that requires a mortgage loan be derecognized and a separate other receivable be recognized upon foreclosure if the following conditions are met: a) the loan has a government guarantee that is not separable from the loan before foreclosure, b) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim and c) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. The amendments in this ASU become effective for all interim and annual periods subsequent to December 15, 2014. First Financial does not anticipate this update will have a material impact on its Consolidated Financial Statements. | |
In August 2014, the FASB issued an update (ASU 2014-15, Presentation of Financial Statements-Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern) that requires management perform a going concern evaluation similar to the auditor’s evaluation required by standards issued by the PCAOB and the AICPA. The ASU requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists for both annual and interim reporting periods. If management concludes that substantial doubt about an entity’s ability to continue as a going concern, the notes to the financial statements are required to include a statement that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The provisions in this ASU become effective for interim and annual periods ending after December 15, 2016. Early adoption is permitted. First Financial does not anticipate this update will have a material impact on its Consolidated Financial Statements. |
INVESTMENTS
INVESTMENTS | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
INVESTMENTS | ' | ||||||||||||||||||||||||||||||||
INVESTMENTS | |||||||||||||||||||||||||||||||||
The following is a summary of held-to-maturity and available-for-sale investment securities as of September 30, 2014: | |||||||||||||||||||||||||||||||||
Held-to-maturity | Available-for-sale | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | |||||||||||||||||||||||||
cost | gain | loss | value | cost | gain | loss | value | ||||||||||||||||||||||||||
U.S. Treasuries | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 97 | $ | 0 | $ | (3 | ) | $ | 94 | ||||||||||||||||
Securities of U.S. government agencies and corporations | 17,917 | 0 | (231 | ) | 17,686 | 12,304 | 3 | (37 | ) | 12,270 | |||||||||||||||||||||||
Mortgage-backed securities | 832,728 | 5,290 | (4,656 | ) | 833,362 | 700,167 | 4,967 | (19,273 | ) | 685,861 | |||||||||||||||||||||||
Obligations of state and other political subdivisions | 26,308 | 442 | (418 | ) | 26,332 | 49,824 | 588 | (1,008 | ) | 49,404 | |||||||||||||||||||||||
Asset-backed securities | 0 | 0 | 0 | 0 | 76,693 | 244 | (1 | ) | 76,936 | ||||||||||||||||||||||||
Other securities | 23,568 | 770 | (59 | ) | 24,279 | 105,132 | 1,576 | (1,679 | ) | 105,029 | |||||||||||||||||||||||
Total | $ | 900,521 | $ | 6,502 | $ | (5,364 | ) | $ | 901,659 | $ | 944,217 | $ | 7,378 | $ | (22,001 | ) | $ | 929,594 | |||||||||||||||
The following is a summary of held-to-maturity and available-for-sale investment securities as of December 31, 2013: | |||||||||||||||||||||||||||||||||
Held-to-maturity | Available-for-sale | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | |||||||||||||||||||||||||
cost | gain | loss | value | cost | gain | loss | value | ||||||||||||||||||||||||||
U.S. Treasuries | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 97 | $ | 0 | $ | (7 | ) | $ | 90 | ||||||||||||||||
Securities of U.S. government agencies and corporations | 18,981 | 0 | (791 | ) | 18,190 | 9,980 | 0 | (404 | ) | 9,576 | |||||||||||||||||||||||
Mortgage-backed securities | 775,025 | 1,337 | (12,229 | ) | 764,133 | 678,267 | 5,372 | (28,593 | ) | 655,046 | |||||||||||||||||||||||
Obligations of state and other political subdivisions | 25,788 | 152 | (1,039 | ) | 24,901 | 33,410 | 10 | (3,097 | ) | 30,323 | |||||||||||||||||||||||
Asset-backed securities | 0 | 0 | 0 | 0 | 114,209 | 1 | (616 | ) | 113,594 | ||||||||||||||||||||||||
Other securities | 17,478 | 283 | 0 | 17,761 | 109,089 | 262 | (4,379 | ) | 104,972 | ||||||||||||||||||||||||
Total | $ | 837,272 | $ | 1,772 | $ | (14,059 | ) | $ | 824,985 | $ | 945,052 | $ | 5,645 | $ | (37,096 | ) | $ | 913,601 | |||||||||||||||
The following table provides a summary of investment securities by estimated weighted average life as of September 30, 2014. Estimated lives on certain investment securities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
Held-to-maturity | Available-for-sale | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Market | Amortized | Market | |||||||||||||||||||||||||||||
cost | value | cost | value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 268 | $ | 271 | $ | 12,735 | $ | 12,738 | |||||||||||||||||||||||||
Due after one year through five years | 402,027 | 401,829 | 348,661 | 346,665 | |||||||||||||||||||||||||||||
Due after five years through ten years | 354,896 | 355,179 | 266,513 | 260,869 | |||||||||||||||||||||||||||||
Due after ten years | 143,330 | 144,380 | 316,308 | 309,322 | |||||||||||||||||||||||||||||
Total | $ | 900,521 | $ | 901,659 | $ | 944,217 | $ | 929,594 | |||||||||||||||||||||||||
The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: | |||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | loss | value | loss | value | loss | ||||||||||||||||||||||||||||
Securities of U.S. government agencies and corporations | $ | 1,470 | $ | (5 | ) | $ | 17,944 | $ | (126 | ) | $ | 19,414 | $ | (131 | ) | ||||||||||||||||||
Mortgage-backed securities | 252,959 | (2,616 | ) | 496,254 | (20,077 | ) | 749,213 | (22,693 | ) | ||||||||||||||||||||||||
Obligations of state and other political subdivisions | 14,267 | (174 | ) | 38,578 | (1,323 | ) | 52,845 | (1,497 | ) | ||||||||||||||||||||||||
Asset-backed securities | 10,510 | (1 | ) | 0 | 0 | 10,510 | (1 | ) | |||||||||||||||||||||||||
Other securities | 9,254 | (93 | ) | 30,440 | (1,304 | ) | 39,694 | (1,397 | ) | ||||||||||||||||||||||||
Total | $ | 288,460 | $ | (2,889 | ) | $ | 583,216 | $ | (22,830 | ) | $ | 871,676 | $ | (25,719 | ) | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||
(Dollars in thousands) | value | loss | value | loss | value | loss | |||||||||||||||||||||||||||
Securities of U.S. government agencies and corporations | $ | 27,851 | $ | (970 | ) | $ | 0 | $ | 0 | $ | 27,851 | $ | (970 | ) | |||||||||||||||||||
Mortgage-backed securities | 966,718 | (32,432 | ) | 108,929 | (6,101 | ) | 1,075,647 | (38,533 | ) | ||||||||||||||||||||||||
Obligations of state and other political subdivisions | 66,502 | (5,294 | ) | 1,935 | (46 | ) | 68,437 | (5,340 | ) | ||||||||||||||||||||||||
Asset-backed securities | 93,355 | (616 | ) | 0 | 0 | 93,355 | (616 | ) | |||||||||||||||||||||||||
Other securities | 54,866 | (2,142 | ) | 7,798 | (561 | ) | 62,664 | (2,703 | ) | ||||||||||||||||||||||||
Total | $ | 1,209,292 | $ | (41,454 | ) | $ | 118,662 | $ | (6,708 | ) | $ | 1,327,954 | $ | (48,162 | ) | ||||||||||||||||||
Gains and losses on debt securities are generally due to fluctuations in current market yields relative to the yields of the debt securities at their amortized cost. All securities with unrealized losses are reviewed quarterly to determine if any impairment is considered other than temporary, requiring a write-down to fair value. First Financial considers the percentage loss on a security, duration of the loss, average life or duration of the security, credit rating of the security as well as payment performance and the Company's intent and ability to hold the security to maturity when determining whether any impairment is other than temporary. At this time First Financial does not intend to sell, and it is not more likely than not that the Company will be required to sell debt securities temporarily impaired prior to maturity or recovery of the recorded value. First Financial had no other than temporary impairment related to its investment securities portfolio as of September 30, 2014 or December 31, 2013. | |||||||||||||||||||||||||||||||||
For further detail on the fair value of investment securities, see Note 15 – Fair Value Disclosures. |
LOANS
LOANS | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||
LOANS (excluding covered loans) | ' | ||||||||||||||||||||||||||||
LOANS - EXCLUDING COVERED LOANS | |||||||||||||||||||||||||||||
First Financial offers clients a variety of commercial and consumer loan and lease products with various interest rates and payment terms. While lending activities are primarily concentrated in Ohio, Indiana and Kentucky, where the Bank currently operates banking centers, First Financial also provides equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector throughout the United States. | |||||||||||||||||||||||||||||
During the third quarter 2014, First Financial completed the mergers of The First Bexley Bank (First Bexley), Insight Bank (Insight) and Guernsey Bancorp, Inc (Guernsey). Loans acquired in connection with those mergers were recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan and lease loss (ALLL). See Note 16 – Business Combinations for further detail. | |||||||||||||||||||||||||||||
First Financial also has loans that were previously acquired that are covered under loss sharing agreements. See Note 5 – Covered Loans for further detail. | |||||||||||||||||||||||||||||
Credit Quality. To facilitate the monitoring of credit quality for commercial loans, and for purposes of determining an appropriate allowance for loan and lease losses, First Financial utilizes the following categories of credit grades: | |||||||||||||||||||||||||||||
Pass - Higher quality loans that do not fit any of the other categories described below. | |||||||||||||||||||||||||||||
Special Mention - First Financial assigns a special mention rating to loans and leases with potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or in First Financial's credit position at some future date. | |||||||||||||||||||||||||||||
Substandard - First Financial assigns a substandard rating to loans or leases that are inadequately protected by the current sound financial worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard loans and leases have well-defined weaknesses that jeopardize repayment of the debt. Substandard loans and leases are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not addressed. | |||||||||||||||||||||||||||||
Doubtful - First Financial assigns a doubtful rating to loans and leases with all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. | |||||||||||||||||||||||||||||
The credit grades described above, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. | |||||||||||||||||||||||||||||
First Financial considers repayment performance as the best indicator of credit quality for consumer loans. Consumer loans that have principal and interest payments that are past due by ninety days or more are generally classified as nonperforming. Additionally, consumer loans that have been modified in a troubled debt restructuring (TDR) are also classified as nonperforming. | |||||||||||||||||||||||||||||
Commercial and consumer credit exposure by risk attribute was as follows: | |||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Leasing | Total | ||||||||||||||||||||||||
Pass | $ | 1,262,525 | $ | 188,144 | $ | 1,867,535 | $ | 71,314 | $ | 3,389,518 | |||||||||||||||||||
Special Mention | 23,592 | 3,830 | 26,917 | 1,902 | 56,241 | ||||||||||||||||||||||||
Substandard | 18,665 | 1,802 | 57,603 | 0 | 78,070 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 1,304,782 | $ | 193,776 | $ | 1,952,055 | $ | 73,216 | $ | 3,523,829 | |||||||||||||||||||
(Dollars in thousands) | Real Estate | Installment | Home Equity | Other | Total | ||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Performing | $ | 419,862 | $ | 47,163 | $ | 413,518 | $ | 35,925 | $ | 916,468 | |||||||||||||||||||
Nonperforming | 6,696 | 398 | 2,581 | 0 | 9,675 | ||||||||||||||||||||||||
Total | $ | 426,558 | $ | 47,561 | $ | 416,099 | $ | 35,925 | $ | 926,143 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Leasing | Total | ||||||||||||||||||||||||
Pass | $ | 991,161 | $ | 78,872 | $ | 1,422,215 | $ | 80,135 | $ | 2,572,383 | |||||||||||||||||||
Special Mention | 23,053 | 65 | 23,832 | 0 | 46,950 | ||||||||||||||||||||||||
Substandard | 21,454 | 1,804 | 50,940 | 0 | 74,198 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 1,035,668 | $ | 80,741 | $ | 1,496,987 | $ | 80,135 | $ | 2,693,531 | |||||||||||||||||||
(Dollars in thousands) | Real Estate | Installment | Home Equity | Other | Total | ||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Performing | $ | 344,325 | $ | 46,559 | $ | 373,472 | $ | 35,592 | $ | 799,948 | |||||||||||||||||||
Nonperforming | 8,606 | 574 | 2,982 | 0 | 12,162 | ||||||||||||||||||||||||
Total | $ | 352,931 | $ | 47,133 | $ | 376,454 | $ | 35,592 | $ | 812,110 | |||||||||||||||||||
Delinquency. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the date of the scheduled payment. | |||||||||||||||||||||||||||||
Loan delinquency, including loans classified as nonaccrual, was as follows: | |||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30 – 59 | 60 – 89 | > 90 days | Total | Current | Total | > 90 days | ||||||||||||||||||||||
days | days | past due | past | past due | |||||||||||||||||||||||||
past due | past due | due | and | ||||||||||||||||||||||||||
accruing | |||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Commercial | $ | 2,063 | $ | 333 | $ | 1,727 | $ | 4,123 | $ | 1,300,659 | $ | 1,304,782 | $ | 0 | |||||||||||||||
Real estate - construction | 0 | 0 | 223 | 223 | 193,553 | 193,776 | 0 | ||||||||||||||||||||||
Real estate - commercial | 5,697 | 2,359 | 12,144 | 20,200 | 1,931,855 | 1,952,055 | 0 | ||||||||||||||||||||||
Real estate - residential | 1,384 | 311 | 4,225 | 5,920 | 420,638 | 426,558 | 0 | ||||||||||||||||||||||
Installment | 106 | 82 | 223 | 411 | 47,150 | 47,561 | 0 | ||||||||||||||||||||||
Home equity | 1,043 | 553 | 951 | 2,547 | 413,552 | 416,099 | 0 | ||||||||||||||||||||||
Other | 490 | 215 | 249 | 954 | 108,187 | 109,141 | 249 | ||||||||||||||||||||||
Total | $ | 10,783 | $ | 3,853 | $ | 19,742 | $ | 34,378 | $ | 4,415,594 | $ | 4,449,972 | $ | 249 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | > 90 days | Total | Current | Total | > 90 days | ||||||||||||||||||||||
days | days | past due | past | past due and accruing | |||||||||||||||||||||||||
past due | past due | due | |||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Commercial | $ | 2,016 | $ | 161 | $ | 7,136 | $ | 9,313 | $ | 1,026,355 | $ | 1,035,668 | $ | 0 | |||||||||||||||
Real estate - construction | 0 | 0 | 223 | 223 | 80,518 | 80,741 | 0 | ||||||||||||||||||||||
Real estate - commercial | 7,800 | 4,269 | 12,732 | 24,801 | 1,472,186 | 1,496,987 | 0 | ||||||||||||||||||||||
Real estate - residential | 2,030 | 685 | 5,526 | 8,241 | 344,690 | 352,931 | 0 | ||||||||||||||||||||||
Installment | 213 | 40 | 379 | 632 | 46,501 | 47,133 | 0 | ||||||||||||||||||||||
Home equity | 985 | 292 | 1,648 | 2,925 | 373,529 | 376,454 | 0 | ||||||||||||||||||||||
Other | 680 | 144 | 218 | 1,042 | 114,685 | 115,727 | 218 | ||||||||||||||||||||||
Total | $ | 13,724 | $ | 5,591 | $ | 27,862 | $ | 47,177 | $ | 3,458,464 | $ | 3,505,641 | $ | 218 | |||||||||||||||
Nonaccrual. Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are ninety days or more past due. Generally, loans are classified as nonaccrual due to the continued failure to adhere to contractual payment terms by the borrower, coupled with other pertinent factors such as insufficient collateral value. When a loan is classified as nonaccrual, the accrual of interest income is discontinued, and previously accrued but unpaid interest is reversed. Any payments received while a loan is on nonaccrual status are applied as a reduction to the carrying value of the loan. A loan may return to accrual status if collection of future principal and interest payments is no longer doubtful. | |||||||||||||||||||||||||||||
Troubled Debt Restructurings. A loan modification is considered a TDR when two conditions are met: 1) the borrower is experiencing financial difficulty and 2) concessions are made by the Company that would not otherwise be considered for a borrower with similar credit characteristics. The most common types of modifications include interest rate reductions, maturity extensions and modifications to principal amortization, including interest only structures. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is managed by the Company’s credit administration group for resolution, which may result in foreclosure in the case of real estate. | |||||||||||||||||||||||||||||
TDRs are generally classified as nonaccrual for a minimum period of six months and may qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement. | |||||||||||||||||||||||||||||
First Financial had 246 TDRs totaling $26.6 million at September 30, 2014, including $13.4 million on accrual status and $13.2 million classified as nonaccrual. First Financial had an insignificant amount of commitments outstanding to lend additional funds to borrowers whose loan terms have been modified through TDRs at September 30, 2014. At September 30, 2014, the allowance for loan and lease losses included reserves of $2.9 million related to TDRs. For the three and nine months ended September 30, 2014, First Financial charged off $0.1 million and $0.9 million, respectively, for the portion of TDRs determined to be uncollectible. Additionally, at September 30, 2014, approximately $10.8 million of accruing TDRs have been performing in accordance with the restructured terms for more than one year. | |||||||||||||||||||||||||||||
First Financial had 217 TDRs totaling $28.1 million at December 31, 2013, including $15.1 million of loans on accrual status and $13.0 million classified as nonaccrual. First Financial had an insignificant amount of commitments outstanding to lend additional funds to borrowers whose loan terms had been modified through TDRs. At December 31, 2013, the allowance for loan and lease losses included reserves of $4.4 million related to TDRs. For the year ended December 31, 2013, First Financial charged off $2.8 million for the portion of TDRs determined to be uncollectible. At December 31, 2013, approximately $9.0 million of the accruing TDRs had been performing in accordance with the restructured terms for more than one year. | |||||||||||||||||||||||||||||
The following tables provide information on loan modifications classified as TDRs during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number of loans | Pre-modification loan balance | Period end balance | Number of loans | Pre-modification loan balance | Period end balance | |||||||||||||||||||||||
Commercial | 6 | $ | 3,712 | $ | 3,384 | 4 | $ | 494 | $ | 490 | |||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 2 | 375 | 373 | 10 | 2,502 | 2,493 | |||||||||||||||||||||||
Real estate - residential | 7 | 322 | 264 | 3 | 387 | 367 | |||||||||||||||||||||||
Installment | 3 | 6 | 6 | 3 | 34 | 33 | |||||||||||||||||||||||
Home equity | 6 | 126 | 125 | 5 | 294 | 216 | |||||||||||||||||||||||
Total | 24 | $ | 4,541 | $ | 4,152 | 25 | $ | 3,711 | $ | 3,599 | |||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number of loans | Pre-modification loan balance | Period end balance | Number of loans | Pre-modification loan balance | Period end balance | |||||||||||||||||||||||
Commercial | 11 | $ | 3,938 | $ | 3,594 | 14 | $ | 8,233 | $ | 6,105 | |||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 11 | 2,583 | 2,453 | 17 | 4,752 | 4,719 | |||||||||||||||||||||||
Real estate - residential | 30 | 1,712 | 1,527 | 33 | 2,356 | 2,178 | |||||||||||||||||||||||
Installment | 6 | 21 | 19 | 14 | 188 | 115 | |||||||||||||||||||||||
Home equity | 26 | 791 | 758 | 35 | 1,176 | 887 | |||||||||||||||||||||||
Total | 84 | $ | 9,045 | $ | 8,351 | 113 | $ | 16,705 | $ | 14,004 | |||||||||||||||||||
The following table provides information on how TDRs were modified during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, (2) | September 30, (2) | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Extended maturities | $ | 3,505 | $ | 2,179 | $ | 4,402 | $ | 8,848 | |||||||||||||||||||||
Adjusted interest rates | 0 | 0 | 301 | 520 | |||||||||||||||||||||||||
Combination of rate and maturity changes | 402 | 613 | 1,643 | 850 | |||||||||||||||||||||||||
Forbearance | 0 | 0 | 320 | 0 | |||||||||||||||||||||||||
Other (1) | 245 | 807 | 1,685 | 3,786 | |||||||||||||||||||||||||
Total | $ | 4,152 | $ | 3,599 | $ | 8,351 | $ | 14,004 | |||||||||||||||||||||
(1) Includes covenant modifications and other concessions, or combination of concessions, that do not consist of interest rate adjustments, forbearance and maturity extensions | |||||||||||||||||||||||||||||
(2) Balances are as of period end | |||||||||||||||||||||||||||||
First Financial considers repayment performance as an indication of the effectiveness of the Company's loan modifications. Borrowers classified as a TDR that are ninety days or more past due on any principal or interest payments, or that prematurely terminate a restructured loan agreement without satisfying the contractual principal balance (for example, in a deed-in-lieu arrangement), are considered to be in payment default of the terms of the TDR agreement. | |||||||||||||||||||||||||||||
The following table provides information on TDRs for which there was a payment default during the period that occurred within twelve months of the loan modification: | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number | Period end | Number of loans | Period end | |||||||||||||||||||||||||
of loans | balance | balance | |||||||||||||||||||||||||||
Commercial | 0 | $ | 0 | 1 | $ | 29 | |||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Real estate - commercial | 0 | 0 | 1 | 3 | |||||||||||||||||||||||||
Real estate - residential | 1 | 1 | 0 | 0 | |||||||||||||||||||||||||
Installment | 0 | 0 | 1 | 17 | |||||||||||||||||||||||||
Home equity | 0 | 0 | 2 | 54 | |||||||||||||||||||||||||
Total | 1 | $ | 1 | 5 | $ | 103 | |||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number | Period end | Number of loans | Period end | |||||||||||||||||||||||||
of loans | balance | balance | |||||||||||||||||||||||||||
Commercial | 1 | $ | 143 | 4 | $ | 4,882 | |||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Real estate - commercial | 0 | 0 | 2 | 63 | |||||||||||||||||||||||||
Real estate - residential | 3 | 28 | 3 | 185 | |||||||||||||||||||||||||
Installment | 1 | 0 | 4 | 26 | |||||||||||||||||||||||||
Home equity | 3 | 92 | 5 | 64 | |||||||||||||||||||||||||
Total | 8 | $ | 263 | 18 | $ | 5,220 | |||||||||||||||||||||||
Impaired Loans. Loans classified as nonaccrual and loans modified as TDRs are considered impaired. The following table provides information on nonaccrual loans, TDRs and total impaired loans. | |||||||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||
Nonaccrual loans (1) | |||||||||||||||||||||||||||||
Commercial | $ | 6,486 | $ | 7,934 | |||||||||||||||||||||||||
Real estate-construction | 223 | 223 | |||||||||||||||||||||||||||
Real estate-commercial | 25,262 | 17,286 | |||||||||||||||||||||||||||
Real estate-residential | 6,696 | 8,606 | |||||||||||||||||||||||||||
Installment | 398 | 574 | |||||||||||||||||||||||||||
Home equity | 2,581 | 2,982 | |||||||||||||||||||||||||||
Other | 0 | 0 | |||||||||||||||||||||||||||
Nonaccrual loans (1) | 41,646 | 37,605 | |||||||||||||||||||||||||||
Accruing troubled debt restructurings | 13,369 | 15,094 | |||||||||||||||||||||||||||
Total impaired loans | $ | 55,015 | $ | 52,699 | |||||||||||||||||||||||||
(1) Nonaccrual loans include nonaccrual TDRs of $13.2 million and $13.0 million as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Interest income effect on impaired loans | |||||||||||||||||||||||||||||
Gross amount of interest that would have been recorded under original terms | $ | 838 | $ | 1,142 | $ | 2,342 | $ | 3,399 | |||||||||||||||||||||
Interest included in income | |||||||||||||||||||||||||||||
Nonaccrual loans | 168 | 130 | 329 | 472 | |||||||||||||||||||||||||
Troubled debt restructurings | 110 | 115 | 320 | 316 | |||||||||||||||||||||||||
Total interest included in income | 278 | 245 | 649 | 788 | |||||||||||||||||||||||||
Net impact on interest income | $ | 560 | $ | 897 | $ | 1,693 | $ | 2,611 | |||||||||||||||||||||
Commitments outstanding to borrowers with nonaccrual loans | $ | 0 | $ | 0 | |||||||||||||||||||||||||
First Financial individually reviews all impaired commercial loan relationships greater than $250,000, as well as consumer loan TDRs greater than $100,000, to determine if a specific allowance is necessary based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. Specific allowances are based on expected cash flows, discounted using the loan's initial effective interest rate, or the fair value of the collateral for certain collateral dependent loans. | |||||||||||||||||||||||||||||
First Financial's investment in impaired loans was as follows: | |||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Current balance | Contractual | Related | Average | YTD interest | Quarterly interest | |||||||||||||||||||||||
principal | allowance | current | income | income | |||||||||||||||||||||||||
balance | balance | recognized | recognized | ||||||||||||||||||||||||||
Loans with no related allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 6,581 | $ | 7,981 | $ | 0 | $ | 6,095 | $ | 97 | $ | 44 | |||||||||||||||||
Real estate - construction | 223 | 443 | 0 | 223 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 19,031 | 23,970 | 0 | 13,927 | 201 | 75 | |||||||||||||||||||||||
Real estate - residential | 9,077 | 10,520 | 0 | 9,466 | 128 | 45 | |||||||||||||||||||||||
Installment | 415 | 459 | 0 | 512 | 6 | 2 | |||||||||||||||||||||||
Home equity | 3,009 | 3,968 | 0 | 3,018 | 40 | 15 | |||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total | 38,336 | 47,341 | 0 | 33,241 | 472 | 181 | |||||||||||||||||||||||
Loans with an allowance recorded | |||||||||||||||||||||||||||||
Commercial | 3,076 | 3,284 | 802 | 4,694 | 43 | 17 | |||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 11,372 | 12,467 | 3,338 | 10,229 | 102 | 69 | |||||||||||||||||||||||
Real estate - residential | 2,130 | 2,190 | 368 | 2,106 | 30 | 10 | |||||||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Home equity | 101 | 101 | 2 | 101 | 2 | 1 | |||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total | 16,679 | 18,042 | 4,510 | 17,130 | 177 | 97 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | 9,657 | 11,265 | 802 | 10,789 | 140 | 61 | |||||||||||||||||||||||
Real estate - construction | 223 | 443 | 0 | 223 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 30,403 | 36,437 | 3,338 | 24,156 | 303 | 144 | |||||||||||||||||||||||
Real estate - residential | 11,207 | 12,710 | 368 | 11,572 | 158 | 55 | |||||||||||||||||||||||
Installment | 415 | 459 | 0 | 512 | 6 | 2 | |||||||||||||||||||||||
Home equity | 3,110 | 4,069 | 2 | 3,119 | 42 | 16 | |||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total | $ | 55,015 | $ | 65,383 | $ | 4,510 | $ | 50,371 | $ | 649 | $ | 278 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Current | Contractual | Related | Average | Interest | ||||||||||||||||||||||||
balance | principal | allowance | current | income | |||||||||||||||||||||||||
balance | balance | recognized | |||||||||||||||||||||||||||
Loans with no related allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 5,212 | $ | 7,083 | $ | 0 | $ | 10,712 | $ | 165 | |||||||||||||||||||
Real estate - construction | 223 | 443 | 0 | 599 | 0 | ||||||||||||||||||||||||
Real estate - commercial | 12,355 | 16,431 | 0 | 16,563 | 380 | ||||||||||||||||||||||||
Real estate - residential | 10,291 | 12,087 | 0 | 10,225 | 152 | ||||||||||||||||||||||||
Installment | 642 | 663 | 0 | 463 | 6 | ||||||||||||||||||||||||
Home equity | 3,208 | 4,108 | 0 | 3,145 | 44 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 148 | 0 | ||||||||||||||||||||||||
Total | 31,931 | 40,815 | 0 | 41,855 | 747 | ||||||||||||||||||||||||
Loans with an allowance recorded | |||||||||||||||||||||||||||||
Commercial | 7,013 | 8,353 | 2,080 | 5,047 | 71 | ||||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 726 | 7 | ||||||||||||||||||||||||
Real estate - commercial | 11,638 | 14,424 | 2,872 | 21,098 | 110 | ||||||||||||||||||||||||
Real estate - residential | 2,016 | 2,072 | 348 | 1,997 | 37 | ||||||||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Home equity | 101 | 101 | 2 | 101 | 2 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 167 | 0 | ||||||||||||||||||||||||
Total | 20,768 | 24,950 | 5,302 | 29,136 | 227 | ||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | 12,225 | 15,436 | 2,080 | 15,759 | 236 | ||||||||||||||||||||||||
Real estate - construction | 223 | 443 | 0 | 1,325 | 7 | ||||||||||||||||||||||||
Real estate - commercial | 23,993 | 30,855 | 2,872 | 37,661 | 490 | ||||||||||||||||||||||||
Real estate - residential | 12,307 | 14,159 | 348 | 12,222 | 189 | ||||||||||||||||||||||||
Installment | 642 | 663 | 0 | 463 | 6 | ||||||||||||||||||||||||
Home equity | 3,309 | 4,209 | 2 | 3,246 | 46 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 315 | 0 | ||||||||||||||||||||||||
Total | $ | 52,699 | $ | 65,765 | $ | 5,302 | $ | 70,991 | $ | 974 | |||||||||||||||||||
OREO. Other real estate owned (OREO) is comprised of properties acquired by the Company through the loan foreclosure or repossession process, or other resolution activity that results in partial or total satisfaction of problem loans. | |||||||||||||||||||||||||||||
Changes in OREO were as follows: | |||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 13,370 | $ | 11,798 | $ | 19,806 | $ | 12,526 | |||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||
Commercial | 883 | 608 | 2,274 | 2,924 | |||||||||||||||||||||||||
Residential | 174 | 265 | 1,517 | 645 | |||||||||||||||||||||||||
Total additions | 1,057 | 873 | 3,791 | 3,569 | |||||||||||||||||||||||||
Disposals | |||||||||||||||||||||||||||||
Commercial | 2,197 | 500 | 10,243 | 2,382 | |||||||||||||||||||||||||
Residential | 77 | 154 | 505 | 805 | |||||||||||||||||||||||||
Total disposals | 2,274 | 654 | 10,748 | 3,187 | |||||||||||||||||||||||||
Valuation adjustment | |||||||||||||||||||||||||||||
Commercial | 772 | 71 | 1,310 | 632 | |||||||||||||||||||||||||
Residential | 65 | 142 | 223 | 472 | |||||||||||||||||||||||||
Total valuation adjustment | 837 | 213 | 1,533 | 1,104 | |||||||||||||||||||||||||
Balance at end of period | $ | 11,316 | $ | 11,804 | $ | 11,316 | $ | 11,804 | |||||||||||||||||||||
COVERED_LOANS
COVERED LOANS | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Covered Loans [Abstract] | ' | |||||||||||||||||||||||||||
LOANS (covered) | ' | |||||||||||||||||||||||||||
COVERED LOANS | ||||||||||||||||||||||||||||
Loans acquired in Federal Deposit Insurance Corporation (FDIC)-assisted transactions initially covered under loss sharing agreements whereby the FDIC will reimburse First Financial for the majority of any losses incurred are referred to as covered loans. Pursuant to the terms of each loss sharing agreement, covered loans are subject to a stated loss threshold whereby the FDIC will reimburse First Financial for 80% of losses up to the stated loss threshold and 95% of losses in excess of the threshold. These loss sharing agreements provide for partial loss protection on single-family, residential loans for a period of ten years and First Financial is required to share any recoveries of previously charged-off amounts for the same time period, on the same pro-rata basis with the FDIC. All other loans are provided loss protection for a period of five years and recoveries of previously charged-off amounts must be shared with the FDIC for an additional three year period, again on the same pro-rata basis. | ||||||||||||||||||||||||||||
Covered loans totaled $332.3 million as of September 30, 2014 and $457.9 million as of December 31, 2013. The Company's loss sharing agreements with the FDIC related to non-single family loans expired effective October 1, 2014, and as a result, approximately $190.3 million, or 57.3%, of the Company's covered loan portfolio will no longer be covered by FDIC loss sharing effective that date. The ten year period of loss protection on all other covered loans and covered OREO will expire during the third quarter of 2019. The expiration of loss sharing protection will result in a reclassification of loan balances and the related allowance for loan and lease losses in the Consolidated Balance Sheets from covered loans to uncovered loans as of October 1, 2014, but will not have an effect on the accounting for these loans. | ||||||||||||||||||||||||||||
The following table reflects the carrying value of all covered loans: | ||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(Dollars in thousands) | Loans | Loans | Total | Loans | Loans | Total | ||||||||||||||||||||||
accounted | excluded | covered | accounted | excluded | covered | |||||||||||||||||||||||
for under | from FASB | loans | for under | from FASB | loans | |||||||||||||||||||||||
FASB ASC | ASC Topic | FASB ASC | ASC Topic | |||||||||||||||||||||||||
Topic 310-30 | 310-30 | Topic 310-30 | 310-30 | |||||||||||||||||||||||||
Commercial | $ | 22,403 | $ | 1,341 | $ | 23,744 | $ | 41,172 | $ | 1,144 | $ | 42,316 | ||||||||||||||||
Real estate - construction | 1,748 | 0 | 1,748 | 8,556 | 0 | 8,556 | ||||||||||||||||||||||
Real estate - commercial | 178,618 | 5,295 | 183,913 | 263,146 | 5,487 | 268,633 | ||||||||||||||||||||||
Real estate - residential | 72,315 | 0 | 72,315 | 80,733 | 0 | 80,733 | ||||||||||||||||||||||
Installment | 3,073 | 497 | 3,570 | 5,073 | 568 | 5,641 | ||||||||||||||||||||||
Home equity | 1,128 | 43,730 | 44,858 | 975 | 48,649 | 49,624 | ||||||||||||||||||||||
Other covered loans | 0 | 2,117 | 2,117 | 0 | 2,370 | 2,370 | ||||||||||||||||||||||
Total covered loans | $ | 279,285 | $ | 52,980 | $ | 332,265 | $ | 399,655 | $ | 58,218 | $ | 457,873 | ||||||||||||||||
Purchased Impaired Loans. First Financial accounts for the majority of loans acquired in FDIC transactions under FASB ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, except loans with revolving privileges, which are outside the scope of this guidance, and loans for which cash flows could not be estimated, which are accounted for under the cost recovery method. These loans include loans previously covered under loss sharing agreements as well as loans that remain subject to FDIC loss sharing coverage. Loans accounted for under FASB ASC Topic 310-30 are referred to as purchased impaired loans. Purchased impaired loans are not classified as nonperforming assets as the loans are considered to be performing under FASB ASC Topic 310-30. Therefore, interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows (accretable difference) is recognized on all covered purchased impaired loans. | ||||||||||||||||||||||||||||
The outstanding balance of all purchased impaired loans, including all contractual principal, interest, fees and penalties, was $337.5 million and $493.6 million as of September 30, 2014 and December 31, 2013, respectively. These balances exclude contractual interest not yet accrued. | ||||||||||||||||||||||||||||
Changes in the carrying amount of accretable difference for purchased impaired loans were as follows: | ||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 127,764 | $ | 173,920 | $ | 133,671 | $ | 224,694 | ||||||||||||||||||||
Reclassification from/(to) nonaccretable difference | (2,295 | ) | (4,979 | ) | 19,864 | (5,687 | ) | |||||||||||||||||||||
Accretion | (8,158 | ) | (13,772 | ) | (26,808 | ) | (46,971 | ) | ||||||||||||||||||||
Other net activity (1) | (4,250 | ) | (8,347 | ) | (13,666 | ) | (25,214 | ) | ||||||||||||||||||||
Balance at end of period | $ | 113,061 | $ | 146,822 | $ | 113,061 | $ | 146,822 | ||||||||||||||||||||
(1) Includes the impact of loan repayments and charge-offs. | ||||||||||||||||||||||||||||
First Financial regularly reviews its forecast of expected cash flows for purchased impaired loans. The Company recognized a reclassification from accretable to nonaccretable difference of $2.3 million during the third quarter of 2014 due to changes in the cash flow expectations related to certain loan pools. However, First Financial recognized a $19.9 million reclassification from nonaccretable difference to accretable difference during the first nine months of 2014. During the third quarter of 2013, First Financial recognized a $5.0 million reclassification from accretable to nonaccretable difference and $5.7 million for the first nine months of 2013. These reclassifications can result in impairment and provision expense in the current period or yield adjustments on the related loan pools on a prospective basis. For further detail on impairment and provision expense related to covered purchased impaired loans, see "Covered Loans" in Note 6 - Allowance for Loan and Lease Losses. | ||||||||||||||||||||||||||||
Credit Quality. For further discussion of First Financial's monitoring of credit quality for commercial and consumer loans, including discussion of the risk attributes noted below, please see Note 4 - Loans, excluding covered loans. | ||||||||||||||||||||||||||||
Covered commercial and consumer credit exposure by risk attribute was as follows: | ||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Total | ||||||||||||||||||||||||
Pass | $ | 14,790 | $ | 1,605 | $ | 150,628 | $ | 167,023 | ||||||||||||||||||||
Special Mention | 418 | 0 | 4,924 | 5,342 | ||||||||||||||||||||||||
Substandard | 8,536 | 143 | 28,361 | 37,040 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 23,744 | $ | 1,748 | $ | 183,913 | $ | 209,405 | ||||||||||||||||||||
(Dollars in thousands) | Real estate | Installment | Home equity | Other | Total | |||||||||||||||||||||||
residential | ||||||||||||||||||||||||||||
Performing | $ | 72,315 | $ | 3,570 | $ | 41,416 | $ | 2,117 | $ | 119,418 | ||||||||||||||||||
Nonperforming | 0 | 0 | 3,442 | 0 | 3,442 | |||||||||||||||||||||||
Total | $ | 72,315 | $ | 3,570 | $ | 44,858 | $ | 2,117 | $ | 122,860 | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Total | ||||||||||||||||||||||||
Pass | $ | 25,196 | $ | 1,714 | $ | 182,621 | $ | 209,531 | ||||||||||||||||||||
Special Mention | 2,011 | 0 | 12,904 | 14,915 | ||||||||||||||||||||||||
Substandard | 14,693 | 6,842 | 73,108 | 94,643 | ||||||||||||||||||||||||
Doubtful | 416 | 0 | 0 | 416 | ||||||||||||||||||||||||
Total | $ | 42,316 | $ | 8,556 | $ | 268,633 | $ | 319,505 | ||||||||||||||||||||
(Dollars in thousands) | Real estate | Installment | Home | Other | Total | |||||||||||||||||||||||
residential | equity | |||||||||||||||||||||||||||
Performing | $ | 80,733 | $ | 5,636 | $ | 47,731 | $ | 2,370 | $ | 136,470 | ||||||||||||||||||
Nonperforming | 0 | 5 | 1,893 | 0 | 1,898 | |||||||||||||||||||||||
Total | $ | 80,733 | $ | 5,641 | $ | 49,624 | $ | 2,370 | $ | 138,368 | ||||||||||||||||||
Delinquency. Covered loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. | ||||||||||||||||||||||||||||
Covered loan delinquency, excluding loans accounted for under FASB ASC Topic 310-30, was as follows: | ||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | > 90 days | Total | Current | Total | > 90 days | |||||||||||||||||||||
days | days | past due | past | past due and | ||||||||||||||||||||||||
past due | past due | due | accruing | |||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
Commercial | $ | 0 | $ | 49 | $ | 656 | $ | 705 | $ | 636 | $ | 1,341 | $ | 0 | ||||||||||||||
Real estate - commercial | 0 | 144 | 251 | 395 | 4,900 | 5,295 | 0 | |||||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 497 | 497 | 0 | |||||||||||||||||||||
Home equity | 361 | 0 | 3,086 | 3,447 | 40,283 | 43,730 | 0 | |||||||||||||||||||||
All other | 23 | 3 | 3 | 29 | 2,088 | 2,117 | 3 | |||||||||||||||||||||
Total | $ | 384 | $ | 196 | $ | 3,996 | $ | 4,576 | $ | 48,404 | $ | 52,980 | $ | 3 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | > 90 days | Total | Current | Total | > 90 days | |||||||||||||||||||||
days | days | past due | past | past due and | ||||||||||||||||||||||||
past due | past due | due | accruing | |||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
Commercial | $ | 60 | $ | 335 | $ | 483 | $ | 878 | $ | 266 | $ | 1,144 | $ | 0 | ||||||||||||||
Real estate - commercial | 184 | 0 | 1,263 | 1,447 | 4,040 | 5,487 | 0 | |||||||||||||||||||||
Installment | 0 | 0 | 5 | 5 | 563 | 568 | 0 | |||||||||||||||||||||
Home equity | 239 | 36 | 1,727 | 2,002 | 46,647 | 48,649 | 0 | |||||||||||||||||||||
All other | 9 | 4 | 0 | 13 | 2,357 | 2,370 | 0 | |||||||||||||||||||||
Total | $ | 492 | $ | 375 | $ | 3,478 | $ | 4,345 | $ | 53,873 | $ | 58,218 | $ | 0 | ||||||||||||||
Nonaccrual. Purchased impaired loans are classified as performing, even though they may be contractually past due, as any nonpayment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period covered loan loss provision or prospective yield adjustments. | ||||||||||||||||||||||||||||
Similar to uncovered loans, covered loans accounted for outside FASB ASC Topic 310-30 are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are 90 days or more past due. Generally, loans are classified as nonaccrual due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value. The accrual of interest income is discontinued and previously accrued, but unpaid interest is reversed when a loan is classified as nonaccrual. Any payments received while a loan is classified as nonaccrual are applied as a reduction to the carrying value of the loan. A loan may be returned to accrual status if collection of future principal and interest payments is no longer doubtful. | ||||||||||||||||||||||||||||
Information as to covered nonaccrual loans, excluding loans accounted for under FASB ASC Topic 310-30, was as follows: | ||||||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Impaired loans | ||||||||||||||||||||||||||||
Nonaccrual loans (1) | ||||||||||||||||||||||||||||
Commercial | $ | 906 | $ | 540 | ||||||||||||||||||||||||
Real estate-commercial | 256 | 1,349 | ||||||||||||||||||||||||||
Installment | 0 | 5 | ||||||||||||||||||||||||||
Home equity | 3,442 | 1,893 | ||||||||||||||||||||||||||
All other | 0 | 0 | ||||||||||||||||||||||||||
Nonaccrual loans | 4,604 | 3,787 | ||||||||||||||||||||||||||
Accruing troubled debt restructurings | 70 | 335 | ||||||||||||||||||||||||||
Total impaired loans | $ | 4,674 | $ | 4,122 | ||||||||||||||||||||||||
(1) Nonaccrual loans include nonaccrual TDRs of $0.9 million and $0.9 million as of September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest income effect on impaired loans | ||||||||||||||||||||||||||||
Gross amount of interest that would have been recorded under original terms | $ | 72 | $ | 81 | $ | 201 | $ | 334 | ||||||||||||||||||||
Interest included in income | ||||||||||||||||||||||||||||
Nonaccrual loans | 18 | 6 | 34 | 20 | ||||||||||||||||||||||||
Troubled debt restructurings | 0 | 3 | 1 | 6 | ||||||||||||||||||||||||
Total interest included in income | 18 | 9 | 35 | 26 | ||||||||||||||||||||||||
Net impact on interest income | $ | 54 | $ | 72 | $ | 166 | $ | 308 | ||||||||||||||||||||
Impaired Loans. Covered loans classified as nonaccrual, excluding loans accounted for under FASB ASC Topic 310-30, are considered impaired. First Financial’s investment in covered impaired loans, excluding loans accounted for under FASB ASC Topic 310-30, was as follows: | ||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Current balance | Unpaid | Related | Average | YTD interest | Quarterly interest | ||||||||||||||||||||||
principal | allowance | balance | income | income | ||||||||||||||||||||||||
balance | recognized | recognized | ||||||||||||||||||||||||||
Loans with no related allowance recorded | ||||||||||||||||||||||||||||
Commercial | $ | 960 | $ | 1,302 | $ | 0 | $ | 936 | $ | 16 | $ | 6 | ||||||||||||||||
Real estate - commercial | 256 | 395 | 0 | 819 | 2 | 1 | ||||||||||||||||||||||
Installment | 0 | 0 | 0 | 1 | 0 | 0 | ||||||||||||||||||||||
Home equity | 0 | 4,908 | 0 | 2,493 | 17 | 11 | ||||||||||||||||||||||
All other | 3,458 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 4,674 | $ | 6,605 | $ | 0 | $ | 4,249 | $ | 35 | $ | 18 | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Current balance | Unpaid | Related | Average | Interest | |||||||||||||||||||||||
principal | allowance | balance | income | |||||||||||||||||||||||||
balance | recognized | |||||||||||||||||||||||||||
Loans with no related allowance recorded | ||||||||||||||||||||||||||||
Commercial | $ | 875 | $ | 1,131 | $ | 0 | $ | 1,832 | $ | 11 | ||||||||||||||||||
Real estate - commercial | 1,349 | 2,648 | 0 | 1,786 | 4 | |||||||||||||||||||||||
Installment | 5 | 5 | 0 | 2 | 0 | |||||||||||||||||||||||
Home equity | 1,893 | 2,899 | 0 | 2,611 | 15 | |||||||||||||||||||||||
All other | 0 | 0 | 0 | 8 | 0 | |||||||||||||||||||||||
Total | $ | 4,122 | $ | 6,683 | $ | 0 | $ | 6,239 | $ | 30 | ||||||||||||||||||
Covered OREO. Covered OREO is comprised of properties acquired by the Company through the loan foreclosure or repossession process, or other resolution activities that result in partial or total satisfaction of problem covered loans. These properties remain subject to loss sharing agreements whereby the FDIC reimburses First Financial for the majority of any losses incurred. | ||||||||||||||||||||||||||||
Changes in covered OREO were as follows: | ||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 19,439 | $ | 22,475 | $ | 27,120 | $ | 28,862 | ||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||
Commercial | 0 | 8,572 | 3,937 | 21,063 | ||||||||||||||||||||||||
Residential | 118 | 95 | 409 | 472 | ||||||||||||||||||||||||
Total additions | 118 | 8,667 | 4,346 | 21,535 | ||||||||||||||||||||||||
Disposals | ||||||||||||||||||||||||||||
Commercial | 7,498 | 2,865 | 17,429 | 19,513 | ||||||||||||||||||||||||
Residential | 38 | 76 | 536 | 890 | ||||||||||||||||||||||||
Total disposals | 7,536 | 2,941 | 17,965 | 20,403 | ||||||||||||||||||||||||
Valuation adjustment | ||||||||||||||||||||||||||||
Commercial | 718 | 451 | 2,186 | 2,133 | ||||||||||||||||||||||||
Residential | 123 | 0 | 135 | 111 | ||||||||||||||||||||||||
Total valuation adjustment | 841 | 451 | 2,321 | 2,244 | ||||||||||||||||||||||||
Balance at end of period | $ | 11,180 | $ | 27,750 | $ | 11,180 | $ | 27,750 | ||||||||||||||||||||
ALLOWANCE_FOR_LOAN_AND_LEASE_L
ALLOWANCE FOR LOAN AND LEASE LOSSES | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSSES | ' | ||||||||||||||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSSES | |||||||||||||||||||||||||||||||||
Loans, excluding covered loans. For each reporting period, management maintains the allowance for loan and lease losses at a level that it considers sufficient to absorb probable loan and lease losses inherent in the portfolio. There were no material changes to First Financial's accounting policies or methodology related to the allowance for loan and lease losses during the first nine months of 2014. | |||||||||||||||||||||||||||||||||
The allowance is increased by provision expense and decreased by actual charge-offs, net of recoveries of amounts previously charged-off. First Financial's policy is to charge-off all or a portion of a loan when, in management's opinion, it is unlikely to collect the principal amount owed in full either through payments from the borrower or from the liquidation of collateral. | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 42,027 | $ | 47,047 | $ | 43,829 | $ | 47,777 | |||||||||||||||||||||||||
Provision for loan and lease losses | 1,093 | 1,413 | 2,281 | 6,863 | |||||||||||||||||||||||||||||
Loans charged off | (1,816 | ) | (5,111 | ) | (6,427 | ) | (12,515 | ) | |||||||||||||||||||||||||
Recoveries | 1,150 | 2,165 | 2,771 | 3,389 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 42,454 | $ | 45,514 | $ | 42,454 | $ | 45,514 | |||||||||||||||||||||||||
Total loans | $ | 4,449,972 | $ | 3,430,916 | $ | 4,449,972 | $ | 3,430,916 | |||||||||||||||||||||||||
Allowance for loan and lease losses to total ending loans | 0.95 | % | 1.33 | % | 0.95 | % | 1.33 | % | |||||||||||||||||||||||||
Year-to-date changes in the allowance for loan and lease losses by loan category were as follows: | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Residential | Installment | Home Equity | Other | Total | |||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 10,568 | $ | 824 | $ | 20,478 | $ | 3,379 | $ | 365 | $ | 5,209 | $ | 3,006 | $ | 43,829 | |||||||||||||||||
Provision for loan and lease losses | 517 | 274 | 855 | 61 | (153 | ) | 721 | 6 | 2,281 | ||||||||||||||||||||||||
Gross charge-offs | 1,310 | 0 | 1,944 | 701 | 205 | 1,396 | 871 | 6,427 | |||||||||||||||||||||||||
Recoveries | 1,185 | 0 | 771 | 161 | 173 | 186 | 295 | 2,771 | |||||||||||||||||||||||||
Total net charge-offs | 125 | 0 | 1,173 | 540 | 32 | 1,210 | 576 | 3,656 | |||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,960 | $ | 1,098 | $ | 20,160 | $ | 2,900 | $ | 180 | $ | 4,720 | $ | 2,436 | $ | 42,454 | |||||||||||||||||
Ending allowance on loans individually evaluated for impairment | $ | 802 | $ | 0 | $ | 3,338 | $ | 368 | $ | 0 | $ | 2 | $ | 0 | $ | 4,510 | |||||||||||||||||
Ending allowance on loans collectively evaluated for impairment | 10,158 | 1,098 | 16,822 | 2,532 | 180 | 4,718 | 2,436 | 37,944 | |||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,960 | $ | 1,098 | $ | 20,160 | $ | 2,900 | $ | 180 | $ | 4,720 | $ | 2,436 | $ | 42,454 | |||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | $ | 7,913 | $ | 0 | $ | 20,763 | $ | 3,215 | $ | 104 | $ | 614 | $ | 0 | $ | 32,609 | |||||||||||||||||
Ending balance of loans collectively evaluated for impairment | 1,296,869 | 193,776 | 1,931,292 | 423,343 | 47,457 | 415,485 | 109,141 | 4,417,363 | |||||||||||||||||||||||||
Total loans | $ | 1,304,782 | $ | 193,776 | $ | 1,952,055 | $ | 426,558 | $ | 47,561 | $ | 416,099 | $ | 109,141 | $ | 4,449,972 | |||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Residential | Installment | Home Equity | Other | Total | |||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 7,926 | $ | 3,268 | $ | 24,151 | $ | 3,599 | $ | 522 | $ | 5,173 | $ | 3,138 | $ | 47,777 | |||||||||||||||||
Provision for loan and lease losses | 5,385 | (3,115 | ) | 2,659 | 593 | (132 | ) | 1,937 | 1,387 | 8,714 | |||||||||||||||||||||||
Gross charge-offs | 3,415 | 1 | 8,326 | 1,016 | 335 | 2,409 | 1,781 | 17,283 | |||||||||||||||||||||||||
Recoveries | 672 | 672 | 1,994 | 203 | 310 | 508 | 262 | 4,621 | |||||||||||||||||||||||||
Total net charge-offs | 2,743 | (671 | ) | 6,332 | 813 | 25 | 1,901 | 1,519 | 12,662 | ||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,568 | $ | 824 | $ | 20,478 | $ | 3,379 | $ | 365 | $ | 5,209 | $ | 3,006 | $ | 43,829 | |||||||||||||||||
Ending allowance on loans individually evaluated for impairment | $ | 2,080 | $ | 0 | $ | 2,872 | $ | 348 | $ | 0 | $ | 2 | $ | 0 | $ | 5,302 | |||||||||||||||||
Ending allowance on loans collectively evaluated for impairment | 8,488 | 824 | 17,606 | 3,031 | 365 | 5,207 | 3,006 | 38,527 | |||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,568 | $ | 824 | $ | 20,478 | $ | 3,379 | $ | 365 | $ | 5,209 | $ | 3,006 | $ | 43,829 | |||||||||||||||||
Loans - excluding covered loans | |||||||||||||||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | $ | 10,391 | $ | 0 | $ | 18,023 | $ | 3,493 | $ | 122 | $ | 648 | $ | 0 | $ | 32,677 | |||||||||||||||||
Ending balance of loans collectively evaluated for impairment | 1,025,277 | 80,741 | 1,478,964 | 349,438 | 47,011 | 375,806 | 115,727 | 3,472,964 | |||||||||||||||||||||||||
Total loans - excluding covered loans | $ | 1,035,668 | $ | 80,741 | $ | 1,496,987 | $ | 352,931 | $ | 47,133 | $ | 376,454 | $ | 115,727 | $ | 3,505,641 | |||||||||||||||||
Covered Loans. The majority of covered loans are accounted for under FASB ASC Topic 310-30, whereby First Financial is required to periodically re-estimate the expected cash flows on the loans. First Financial updated the valuations related to covered loans during the third quarter 2014 and realized net recoveries of $0.7 million during the quarter. As a result of improved cash flow expectations from the updated valuations as well as net charge-off activity during the period, First Financial recognized negative provision expense, or impairment recapture, of $0.2 million during the third quarter, resulting in an allowance for covered loan losses of $11.5 million as of September 30, 2014. First Financial recognized negative provision expense on covered loans of $2.8 million and realized net charge-offs of $4.6 million for the first nine months of 2014. For the third quarter of 2013, First Financial recognized provision expense on covered loans of $5.3 million related to net charge-offs of $15.0 million during the period. For the first nine months of 2013, the Company recognized provision expense on covered loans of $6.1 million and net charge-offs of $28.0 million. | |||||||||||||||||||||||||||||||||
First Financial recognized loss sharing expenses of $1.0 million and $1.7 million for the third quarters of 2014 and 2013, respectively, primarily related to attorney fees, appraisal costs and delinquent taxes. The Company also recognized gains on covered OREO of $1.4 million for the third quarter of 2014 and losses on covered OREO of $0.2 million for the third quarter of 2013. The net payable due to the FDIC under loss sharing agreements related to covered loan provision expense, gains/losses on covered OREO and loss sharing expenses of $0.2 million was recognized as negative FDIC loss sharing income and a corresponding decrease to the FDIC indemnification asset during the third quarter of 2014. The net receivable due from the FDIC under loss sharing agreements of $5.6 million for the third quarter of 2013, was recognized as negative FDIC loss sharing income and a corresponding decrease to the FDIC indemnification asset. | |||||||||||||||||||||||||||||||||
On a year-to-date basis, First Financial recognized loss sharing expenses of $4.0 million and $5.6 million for 2014 and 2013 respectively. Similarly, on a year-to-date basis, First Financial recognized gains on covered OREO of $1.0 million for 2014 and $2.2 million for 2013. The receivable due from the FDIC under loss sharing agreements related to covered loan provision expense, gains/losses on covered OREO and loss sharing expenses of $0.4 million for the first nine months of 2014 and $7.1 million for the comparable period in 2013, was recognized as FDIC loss sharing income and a corresponding increase to the FDIC indemnification asset. | |||||||||||||||||||||||||||||||||
The allowance for loan and lease losses on covered loans is presented in the table below: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Commercial | $ | 5,468 | $ | 9,400 | |||||||||||||||||||||||||||||
Real estate - commercial | 5,186 | 8,515 | |||||||||||||||||||||||||||||||
Real estate - residential | 750 | 761 | |||||||||||||||||||||||||||||||
Installment | 131 | 225 | |||||||||||||||||||||||||||||||
Total | $ | 11,535 | $ | 18,901 | |||||||||||||||||||||||||||||
Changes in the allowance for loan and lease losses on covered loans were as follows: | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 12,425 | $ | 32,961 | $ | 18,901 | $ | 45,190 | |||||||||||||||||||||||||
Provision for loan and lease losses | (200 | ) | 5,293 | (2,805 | ) | 6,052 | |||||||||||||||||||||||||||
Loans charged-off | (3,053 | ) | (21,009 | ) | (13,778 | ) | (35,374 | ) | |||||||||||||||||||||||||
Recoveries | 2,363 | 6,014 | 9,217 | 7,391 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 11,535 | $ | 23,259 | $ | 11,535 | $ | 23,259 | |||||||||||||||||||||||||
Total loans | $ | 332,265 | $ | 518,524 | $ | 332,265 | $ | 518,524 | |||||||||||||||||||||||||
Allowance for loan and lease losses to total ending loans | 3.47 | % | 4.49 | % | 3.47 | % | 4.49 | % | |||||||||||||||||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | |||
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||
Goodwill. Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess cost of the acquisition over the fair value of net assets acquired is recorded as goodwill. During the third quarter of 2014, First Financial recorded additions to goodwill related to the acquisitions of First Bexley, Insight and Guernsey. For further detail, see Note 16 – Business Combinations. | ||||
Changes in the carrying amount of goodwill for the quarter ended September 30, 2014 are shown below. | ||||
(Dollars in thousands) | ||||
Balance at January 1, 2014 | $ | 95,050 | ||
Goodwill resulting from business combinations | 42,408 | |||
Balance at September 30, 2014 | $ | 137,458 | ||
Goodwill is not amortized, but is measured for impairment on an annual basis as of October 1 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. First Financial performed its most recent annual impairment test as of October 1, 2013 and no impairment was indicated. As of September 30, 2014, no events or changes in circumstances indicated that the fair value of a reporting unit was below its carrying value. | ||||
Other intangible assets. Other intangible assets consist primarily of core deposit intangibles. Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships. Core deposit intangibles are recorded at their estimated fair value as of the acquisition date and are then amortized on an accelerated basis over their estimated useful lives. Core deposit intangibles were $8.2 million and $5.9 million as of September 30, 2014 and December 31, 2013, respectively. First Financial recorded additions to core deposit intangibles of $3.5 million related to the third quarter 2014 acquisitions. First Financial's core deposit intangibles have an estimated weighted average remaining life of 6.8 years. Amortization expense for the three months ended September 30, 2014 and 2013 was $0.5 million and $0.4 million, respectively. Amortization expense recognized on intangible assets for the nine months ended September 30, 2014 and 2013 was $1.2 million and $1.1 million, respectively. |
BORROWINGS
BORROWINGS | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
BORROWINGS | ' | ||||||||||||||
BORROWINGS | |||||||||||||||
Short-term borrowings on the Consolidated Balance Sheets include repurchase agreements utilized for corporate sweep accounts with cash management account agreements in place, overnight advances from the Federal Loan Home Bank (FHLB) and a short-term line of credit. All repurchase agreements are subject to terms and conditions of repurchase/security agreements between First Financial Bank and the client. To secure the Bank's liability to the client, First Financial Bank is authorized to sell or repurchase U.S. Treasury, government agency and mortgage-backed securities. | |||||||||||||||
First Financial had $806.0 million in short-term borrowings with the FHLB at September 30, 2014, including $74.9 million of advances that were added as a result of acquisitions during the third quarter 2014, and $654.0 million as of December 31, 2013. These short-term borrowings are used to manage the Company's normal liquidity needs and support the Company's asset and liability management strategies. | |||||||||||||||
During the second quarter of 2014, First Financial entered into a short-term credit facility with an unaffiliated bank for $15.0 million. This facility can have a variable or fixed interest rate and provides First Financial additional liquidity, if needed, for various corporate activities, including the repurchase of First Financial shares and the payment of dividends to shareholders. As of September 30, 2014, there was no outstanding balance. The credit agreement requires First Financial to maintain certain covenants related to asset quality and capital levels. First Financial was in compliance with all covenants associated with this line of credit as of September 30, 2014. | |||||||||||||||
Long-term debt primarily consists of FHLB long-term advances and repurchase agreements utilizing investment securities pledged as collateral. These instruments are primarily utilized to reduce overnight liquidity risk and to mitigate interest rate sensitivity on the Consolidated Balance Sheets. First Financial has $25.0 million in repurchase agreements which have remaining maturities of less than 1 year and a weighted average rate of 3.54%. Securities pledged as collateral in conjunction with the repurchase agreements are included within Investment securities on the Consolidated Balance Sheets. | |||||||||||||||
The following is a summary of long-term debt: | |||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||
(Dollars in thousands) | Amount | Average rate | Amount | Average rate | |||||||||||
Federal Home Loan Bank | $ | 26,881 | 3.01 | % | $ | 7,505 | 3.72 | % | |||||||
National Market Repurchase Agreement | 25,000 | 3.54 | % | 52,500 | 3.49 | % | |||||||||
Capital loan with municipality | 775 | 0 | % | 775 | 0 | % | |||||||||
Total long-term debt | $ | 52,656 | 3.22 | % | $ | 60,780 | 3.48 | % | |||||||
Under Federal Reserve Board guidelines, a company can issue qualifying debentures up to 25% of qualifying Tier I capital. First Financial has the capacity to issue approximately $167.7 million in additional qualifying debentures under these guidelines. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ' | |||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||||||||||
Shareholders’ equity is affected by transactions and valuations of asset and liability positions that require adjustments to accumulated other comprehensive income (loss). The related tax effects allocated to other comprehensive income and reclassifications out of accumulated other comprehensive income (loss) are as follows: | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total accumulated | |||||||||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Prior to | Reclassification | Pre-tax | Tax-effect | Net of tax | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||
Reclassification | from | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | $ | (374 | ) | $ | 0 | $ | (374 | ) | $ | 118 | $ | (256 | ) | $ | (5,956 | ) | $ | (256 | ) | $ | (6,212 | ) | ||||||||||
Unrealized gain (loss) on derivatives | 1,096 | (117 | ) | 1,213 | (453 | ) | 760 | (492 | ) | 760 | 268 | |||||||||||||||||||||
Retirement obligation | 0 | (302 | ) | 302 | (113 | ) | 189 | (15,091 | ) | 189 | (14,902 | ) | ||||||||||||||||||||
Foreign currency translation | (12 | ) | 0 | (12 | ) | 0 | (12 | ) | (30 | ) | (12 | ) | (42 | ) | ||||||||||||||||||
Total | $ | 710 | $ | (419 | ) | $ | 1,129 | $ | (448 | ) | $ | 681 | $ | (21,569 | ) | $ | 681 | $ | (20,888 | ) | ||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total accumulated | |||||||||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Prior to | Reclassification | Pre-tax | Tax-effect | Net of tax | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||
Reclassification | from | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | $ | (5,956 | ) | $ | 0 | $ | (5,956 | ) | $ | 1,953 | $ | (4,003 | ) | $ | (5,765 | ) | $ | (4,003 | ) | $ | (9,768 | ) | ||||||||||
Unrealized gain (loss) on derivatives | (1,475 | ) | (161 | ) | (1,314 | ) | 496 | (818 | ) | 673 | (818 | ) | (145 | ) | ||||||||||||||||||
Retirement obligation | 0 | (1,873 | ) | 1,873 | (707 | ) | 1,166 | (20,528 | ) | 1,166 | (19,362 | ) | ||||||||||||||||||||
Foreign currency translation | 6 | 0 | 6 | 0 | 6 | (25 | ) | 6 | (19 | ) | ||||||||||||||||||||||
Total | $ | (7,425 | ) | $ | (2,034 | ) | $ | (5,391 | ) | $ | 1,742 | $ | (3,649 | ) | $ | (25,645 | ) | $ | (3,649 | ) | $ | (29,294 | ) | |||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total accumulated | |||||||||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Prior to | Reclassification | Pre-tax | Tax-effect | Net of tax | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||
Reclassification | from | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | $ | 15,869 | $ | 50 | $ | 15,819 | $ | (5,742 | ) | $ | 10,077 | $ | (16,289 | ) | $ | 10,077 | $ | (6,212 | ) | |||||||||||||
Unrealized gain (loss) on derivatives | (881 | ) | (348 | ) | (533 | ) | 199 | (334 | ) | 602 | (334 | ) | 268 | |||||||||||||||||||
Retirement obligation | 0 | (1,059 | ) | 1,059 | (396 | ) | 663 | (15,565 | ) | 663 | (14,902 | ) | ||||||||||||||||||||
Foreign currency translation | (13 | ) | 0 | (13 | ) | 0 | (13 | ) | (29 | ) | (13 | ) | (42 | ) | ||||||||||||||||||
Total | $ | 14,975 | $ | (1,357 | ) | $ | 16,332 | $ | (5,939 | ) | $ | 10,393 | $ | (31,281 | ) | $ | 10,393 | $ | (20,888 | ) | ||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total accumulated | |||||||||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Prior to | Reclassification | Pre-tax | Tax-effect | Net of tax | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||
Reclassification | from | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | $ | (34,212 | ) | $ | 1,724 | $ | (35,936 | ) | $ | 13,366 | $ | (22,570 | ) | $ | 12,802 | $ | (22,570 | ) | $ | (9,768 | ) | |||||||||||
Unrealized gain (loss) on derivatives | (298 | ) | (295 | ) | (3 | ) | 1 | (2 | ) | (143 | ) | (2 | ) | (145 | ) | |||||||||||||||||
Retirement obligation | 11,719 | (7,523 | ) | 19,242 | (7,266 | ) | 11,976 | (31,338 | ) | 11,976 | (19,362 | ) | ||||||||||||||||||||
Foreign currency translation | (21 | ) | 0 | (21 | ) | 0 | (21 | ) | 2 | (21 | ) | (19 | ) | |||||||||||||||||||
Total | $ | (22,812 | ) | $ | (6,094 | ) | $ | (16,718 | ) | $ | 6,101 | $ | (10,617 | ) | $ | (18,677 | ) | $ | (10,617 | ) | $ | (29,294 | ) | |||||||||
The following table presents the activity reclassified from accumulated other comprehensive income into income during the three and nine month periods: | ||||||||||||||||||||||||||||||||
Amount reclassified from | ||||||||||||||||||||||||||||||||
accumulated other comprehensive income (1) | ||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | Affected Line Item in the Consolidated Statements of Income | |||||||||||||||||||||||||||
Gains and losses on cash flow hedges | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (117 | ) | $ | (161 | ) | $ | (348 | ) | $ | (295 | ) | Interest expense - deposits | |||||||||||||||||||
Realized gains and losses on securities available-for-sale | 0 | 0 | 50 | 1,724 | Gains on sales of investments securities | |||||||||||||||||||||||||||
Defined benefit pension plan | ||||||||||||||||||||||||||||||||
Amortization of prior service cost (2) | 103 | 105 | 309 | 317 | Salaries and employee benefits | |||||||||||||||||||||||||||
Recognized net actuarial loss (2) | (405 | ) | (582 | ) | (1,368 | ) | (2,128 | ) | Salaries and employee benefits | |||||||||||||||||||||||
Pension settlement charges | 0 | (1,396 | ) | 0 | (5,712 | ) | Pension settlement charges | |||||||||||||||||||||||||
Amortization and settlement charges of defined benefit pension items | (302 | ) | (1,873 | ) | (1,059 | ) | (7,523 | ) | ||||||||||||||||||||||||
Total reclassifications for the period, before tax | $ | (419 | ) | $ | (2,034 | ) | $ | (1,357 | ) | $ | (6,094 | ) | ||||||||||||||||||||
(1) Negative amount are reductions to net income. | ||||||||||||||||||||||||||||||||
(2) Included in the computation of net periodic pension cost (see Note 13 - Employee Benefit Plans for additional details). |
DERIVATIVES
DERIVATIVES | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
DERIVATIVES | ' | ||||||||||||||||||||||||||
DERIVATIVES | |||||||||||||||||||||||||||
First Financial uses derivative instruments, including interest rate caps, floors and swaps, to meet the needs of its clients while managing the interest rate risk associated with certain transactions. First Financial primarily utilizes interest rate swaps as a means to offer borrowers credit-based products that meet their needs and may from time to time utilize interest rate swaps to manage the interest rate risk profile of the Company. First Financial does not use derivatives for speculative purposes. | |||||||||||||||||||||||||||
Interest rate swap agreements establish the basis on which interest rate payments are exchanged with counterparties, referred to as the notional amount. As only interest rate payments are exchanged, the cash requirements and credit risk associated with interest rate swaps are significantly less than the notional amount and the Company’s credit risk exposure is limited to the market value of the instruments. First Financial manages this market value credit risk through counterparty credit policies. These policies require the Company to maintain a total derivative notional position of less than 35% of assets, total credit exposure of less than 3% of capital and no single counterparty credit risk exposure greater than $20.0 million. The Company is currently below all single counterparty and portfolio limits. At September 30, 2014, the Company had a total counterparty notional amount outstanding of approximately $697.4 million, spread among nine counterparties, with an outstanding liability from these contracts of $8.4 million. At December 31, 2013, the Company had a total counterparty notional amount outstanding of approximately $561.6 million, spread among nine counterparties, with an outstanding liability from these contracts of $9.3 million. | |||||||||||||||||||||||||||
First Financial’s exposure to credit loss, in the event of nonperformance by a borrower, is limited to the market value of the derivative instrument associated with that borrower. First Financial monitors its derivative credit exposure to borrowers by monitoring the creditworthiness of the related loan customers through the normal credit review processes the Company performs on all borrowers. Additionally, the Company monitors derivative credit risk exposure related to problem loans through the Company's allowance for loan and lease losses committee. First Financial considers the market value of a derivative instrument to be part of the carrying value of the related loan for these purposes as the borrower is contractually obligated to pay First Financial this amount in the event the derivative contract is terminated. | |||||||||||||||||||||||||||
Fair Value Hedges. First Financial utilizes interest rate swaps designated as fair value hedges as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. The following table details the location and amounts recognized in the Consolidated Balance Sheets for fair value hedges: | |||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Estimated fair value | Estimated fair value | ||||||||||||||||||||||||||
(Dollars in thousands) | Balance sheet location | Notional | Gain | Loss | Notional | Gain | Loss | ||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||||
Fair value hedges - instruments associated with loans | |||||||||||||||||||||||||||
Pay fixed interest rate swaps with counterparty | Accrued interest and other liabilities | $ | 8,913 | $ | 0 | $ | (528 | ) | $ | 9,836 | $ | 0 | $ | (865 | ) | ||||||||||||
Matched interest rate swaps with borrower | Accrued interest and other assets | 406,276 | 9,373 | (753 | ) | 451,744 | 11,710 | (1,767 | ) | ||||||||||||||||||
Matched interest rate swaps with counterparty | Accrued interest and other liabilities | 406,276 | 753 | (9,469 | ) | 451,744 | 1,767 | (11,799 | ) | ||||||||||||||||||
Total | $ | 821,465 | $ | 10,126 | $ | (10,750 | ) | $ | 913,324 | $ | 13,477 | $ | (14,431 | ) | |||||||||||||
In connection with its use of derivative instruments, First Financial and its counterparties are required to post cash collateral to offset the market position of the derivative instruments under certain conditions. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties. First Financial classifies the derivative cash collateral outstanding with its counterparties as an adjustment to the fair value of the derivative contracts within Accrued interest and other assets or Accrued interest and other liabilities in the Consolidated Balance Sheets. | |||||||||||||||||||||||||||
The following table discloses the gross and net amounts of liabilities recognized in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
(Dollars in thousands) | Gross amounts of recognized liabilities | Gross amounts offset in the Consolidated Balance Sheets | Net amounts of liabilities presented in the Consolidated Balance Sheets | Gross amounts of recognized liabilities | Gross amounts offset in the Consolidated Balance Sheets | Net amounts of liabilities presented in the Consolidated Balance Sheets | |||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||
Pay fixed interest rate swaps with counterparty | $ | 528 | $ | 0 | $ | 528 | $ | 865 | $ | (663 | ) | $ | 202 | ||||||||||||||
Matched interest rate swaps with counterparty | 10,222 | (8,610 | ) | 1,612 | 13,566 | (9,533 | ) | 4,033 | |||||||||||||||||||
Total | $ | 10,750 | $ | (8,610 | ) | $ | 2,140 | $ | 14,431 | $ | (10,196 | ) | $ | 4,235 | |||||||||||||
The following table details the derivative financial instruments, the average remaining maturities and the weighted-average interest rates being paid and received by First Financial at September 30, 2014: | |||||||||||||||||||||||||||
Weighted-average rate | |||||||||||||||||||||||||||
(Dollars in thousands) | Notional | Average | Fair | Receive | Pay | ||||||||||||||||||||||
amount | maturity | value | |||||||||||||||||||||||||
(years) | |||||||||||||||||||||||||||
Asset conversion swaps | |||||||||||||||||||||||||||
Pay fixed interest rate swaps with counterparty | $ | 8,913 | 2.3 | $ | (528 | ) | 2.11 | % | 6.85 | % | |||||||||||||||||
Receive fixed, matched interest rate swaps with borrower | 406,276 | 4.1 | 8,620 | 4.67 | % | 2.71 | % | ||||||||||||||||||||
Pay fixed, matched interest rate swaps with counterparty | 406,276 | 4.1 | (8,716 | ) | 2.71 | % | 4.67 | % | |||||||||||||||||||
Total asset conversion swaps | $ | 821,465 | 4 | $ | (624 | ) | 3.67 | % | 3.72 | % | |||||||||||||||||
Cash Flow Hedges. First Financial utilizes interest rate swaps designated as cash flow hedges to hedge against interest rate volatility on indexed floating rate deposits, totaling $250.0 million as of September 30, 2014 and $100.0 million as of December 31, 2013. These interest rate swaps qualify for hedge accounting and involve the receipt by First Financial of variable-rate interest amounts in exchange for fixed-rate interest payments by First Financial and have a remaining weighted average term of approximately 5 years. Accrued interest and other assets included $0.2 million at September 30, 2014 and $0.8 million at December 31, 2013, respectively, reflecting the fair value of these cash flow hedges. | |||||||||||||||||||||||||||
Credit Derivatives. In conjunction with participating interests in commercial loans, First Financial periodically enters into risk participation agreements with other counterparties whereby First Financial assumes a portion of the credit exposure associated with an interest rate swap on the participated loan in exchange for a fee. Under these agreements, First Financial will make payments to the counterparty if the loan customer defaults on its obligation to perform under the interest rate swap contract with the counterparty. The total notional value of these agreements totaled $32.3 million as of September 30, 2014 and $13.3 million as of December 31, 2013. The fair value of these agreements were recorded as liabilities of $49 thousand and $28 thousand on the Consolidated Balance Sheets as of September 30, 2014 and December 31, 2013, respectively. |
INCOME_TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
For the third quarter 2014, income tax expense was $7.2 million, resulting in an effective tax rate of 32.0%, compared with income tax expense of $7.6 million and an effective tax rate of 33.9% for the comparable period in 2013. For the first nine months of 2014, income tax expense was $22.3 million, resulting in an effective tax rate of 32.4%, compared with income tax expense of $20.5 million, and an effective tax rate of 31.5% for the comparable period in 2013. The decrease in the effective tax rate for the third quarter 2014, as compared to the same period in 2013, was primarily the result of higher tax-exempt income earned in 2014 and lower state tax expense, partially offset by non-deductible acquisition costs. The increase in the effective tax rate for the nine months ended September 30, 2014, as compared to the same periods in 2013, was primarily the result of a favorable tax reversal related to both an intercompany tax obligation associated with an unconsolidated former Irwin subsidiary as well as a favorable change in state tax laws in 2013, partially offset by higher tax-exempt income earned in 2014. | |
First Financial had no FASB ASC Topic 740-10 unrecognized tax benefits recorded at September 30, 2014, and December 31, 2013. Further, the Company does not expect the total amount of unrecognized tax benefits to significantly increase within the next twelve months. | |
First Financial regularly reviews its tax positions and establishes reserves for income tax-related uncertainties based on estimates of whether it is more likely than not that the tax uncertainty would be sustained upon challenge by the appropriate tax authorities, which would then result in additional taxes, penalties and interest due. Management determined that no reserve for income tax-related uncertainties was necessary as of September 30, 2014 and December 31, 2013. | |
First Financial and its subsidiaries are subject to U.S. federal income tax as well as state and local income tax in several jurisdictions. Tax years prior to 2011 have been closed and are no longer subject to U.S. federal income tax examinations. The tax year 2011 is currently under examination by the federal taxing authority. At this time, First Financial is not aware of any material impact to the Company's financial position and results of operations as a result of this examination. Tax years 2012 and 2013 remain open to examination by the federal taxing authority. | |
First Financial is no longer subject to state and local income tax examinations for years prior to 2010. Tax years 2010 through 2013 remain open to state and local examination in various jurisdictions. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
In the normal course of business, First Financial offers a variety of financial instruments with off-balance-sheet risk to assist clients in meeting their requirements for liquidity and credit enhancement. These financial instruments include standby letters of credit and outstanding commitments to extend credit. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. | |
First Financial’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for standby letters of credit, and outstanding commitments to extend credit, is represented by the contractual amounts of those instruments. First Financial uses the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. | |
First Financial utilizes the allowance for loan and lease losses methodology to maintain a reserve that it considers sufficient to absorb probable losses inherent in standby letters of credit and outstanding loan commitments and records the reserve within Accrued interest and other liabilities on the Consolidated Balance Sheets. | |
Letters of credit. Letters of credit are conditional commitments issued by First Financial to guarantee the performance of a client to a third party. First Financial’s portfolio of standby letters of credit consists primarily of performance assurances made on behalf of clients who have a contractual commitment to produce or deliver goods or services. The risk to First Financial arises from its obligation to make payment in the event of the client's contractual default to produce the contracted good or service to a third party. First Financial issued letters of credit (including standby letters of credit) aggregating $22.1 million and $14.0 million at September 30, 2014, and December 31, 2013, respectively. Management conducts regular reviews of these instruments on an individual client basis. | |
Loan commitments. Loan commitments are agreements to extend credit to a client as long as there is no violation of any condition established in the commitment agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by First Financial upon extension of credit, is based on management’s credit evaluation of the client. The collateral held varies, but may include securities, real estate, inventory, plant or equipment. First Financial had commitments outstanding to extend credit totaling $1.7 billion and $1.4 billion at September 30, 2014 and December 31, 2013, respectively. | |
Contingencies/Litigation. First Financial and its subsidiaries are engaged in various matters of litigation, other assertions of improper or fraudulent loan practices or lending violations and other matters from time to time, and have a number of unresolved claims pending. Additionally, as part of the ordinary course of business, First Financial and its subsidiaries are parties to litigation involving claims to the ownership of funds in particular accounts, the collection of delinquent accounts, challenges to security interests in collateral and foreclosure interests that are incidental to our regular business activities. While the ultimate liability with respect to these other litigation matters and claims cannot be determined at this time, First Financial believes that damages, if any, and other amounts relating to pending matters are not probable or cannot be reasonably estimated as of September 30, 2014. Reserves are established for these various matters of litigation, when appropriate, under FASB ASC Topic 450, Contingencies, based in part upon the advice of legal counsel. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | |||||||||||||||||
First Financial sponsors a non-contributory defined benefit pension plan covering substantially all employees and uses a December 31 measurement date for the plan. | |||||||||||||||||
First Financial made no cash contributions to fund the pension plan during the nine months ended September 30, 2014 and does not expect to make cash contributions to the plan through the remainder of the year. First Financial made no cash contributions to fund the pension plan in 2013. As a result of the plan’s actuarial projections for 2014, First Financial recorded income related to its pension plan of $0.3 million for the third quarter of 2014 and $0.9 million for the nine months ended September 30, 2014. | |||||||||||||||||
As a result of lump sum distributions from the pension plan during 2013, First Financial was required to re-measure the plan's assets and liabilities and recognized pension settlement charges of $1.4 million and $5.7 million for the three and nine months ended September 30, 2013, respectively. Consistent with FASB ASC Topic 715, Compensation - Retirement Benefits, pension settlement charges are an acceleration of previously deferred costs that would have been recognized in future periods and are triggered when lump sum distributions exceed an annual accounting threshold for the plan. Associates are eligible to request a lump sum distribution from the Company's pension plan at retirement or upon leaving the Company. | |||||||||||||||||
First Financial recorded $19.2 million of pre-tax adjustments to other comprehensive income related to changes in the values of the Company's plan assets and pension obligations for the nine months ended September 30, 2013 as a result of the pension plan re-measurement and pension settlement charges discussed above. Including the pension settlement charges as well as the impact of the plan's updated actuarial projections, First Financial recorded expenses related to its pension plan of $1.1 million and $5.3 million for the three months and nine months ended September 30, 2013, respectively. | |||||||||||||||||
The accounting threshold for lump sum distributions from the plan reset on January 1, 2014. However, the Company could incur pension settlement charges again if lump sum distributions exceed the annual accounting threshold in future periods. | |||||||||||||||||
The following table sets forth information concerning amounts recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 1,007 | $ | 916 | $ | 3,089 | $ | 2,789 | |||||||||
Interest cost | 551 | 566 | 1,791 | 1,752 | |||||||||||||
Expected return on assets | (2,208 | ) | (2,231 | ) | (6,792 | ) | (6,755 | ) | |||||||||
Amortization of prior service cost | (103 | ) | (105 | ) | (309 | ) | (317 | ) | |||||||||
Net actuarial loss | 405 | 582 | 1,368 | 2,128 | |||||||||||||
Settlement charge | 0 | 1,396 | 0 | 5,712 | |||||||||||||
Net periodic benefit (income) cost | $ | (348 | ) | $ | 1,124 | $ | (853 | ) | $ | 5,309 | |||||||
EARNINGS_PER_COMMON_SHARE
EARNINGS PER COMMON SHARE | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
EARNINGS PER COMMON SHARE | ' | ||||||||||||||||
EARNINGS PER COMMON SHARE | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | |||||||||||||||||
Net income available to common shareholders | $ | 15,344 | $ | 14,911 | $ | 46,401 | $ | 44,564 | |||||||||
Denominator | |||||||||||||||||
Basic earnings per common share - weighted average shares | 59,403,109 | 57,201,390 | 57,907,203 | 57,309,934 | |||||||||||||
Effect of dilutive securities — | |||||||||||||||||
Employee stock awards | 576,543 | 698,194 | 594,082 | 725,862 | |||||||||||||
Warrants | 133,280 | 113,004 | 138,109 | 107,576 | |||||||||||||
Diluted earnings per common share - adjusted weighted average shares | 60,112,932 | 58,012,588 | 58,639,394 | 58,143,372 | |||||||||||||
Earnings per share available to common shareholders | |||||||||||||||||
Basic | $ | 0.26 | $ | 0.26 | $ | 0.8 | $ | 0.78 | |||||||||
Diluted | $ | 0.26 | $ | 0.26 | $ | 0.79 | $ | 0.77 | |||||||||
Warrants to purchase 465,117 shares of the Company's common stock were outstanding as of September 30, 2014 and 2013. These warrants, each representing the right to purchase one share of common stock, no par value per share, have an exercise price of $12.12 and expire on December 23, 2018. | |||||||||||||||||
Stock options and warrants, where the exercise price was greater than the average market price of the common shares, were not included in the computation of net income per diluted share as they would have been antidilutive. These out-of-the-money options were 378,017 and 596,666 at September 30, 2014 and 2013, respectively. | |||||||||||||||||
During the second quarter of 2014, the Company received shareholder authorization to issue up to 10,000,000 preferred shares. As of September 30, 2014, no preferred shares were issued or outstanding. |
FAIR_VALUE_DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE DISCLOSURES | ' | ||||||||||||||||
FAIR VALUE DISCLOSURES | |||||||||||||||||
Fair Value Measurement | |||||||||||||||||
The fair value framework as disclosed in the Fair Value Measurements and Disclosure Topic of FASB ASC Topic 825, Financial Instruments (Fair Value Topic) includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2) and the lowest priority to unobservable inputs (Level 3). When determining the fair value measurements for assets and liabilities, First Financial looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, First Financial looks to observable market data for similar assets and liabilities and classifies such items as Level 2. Certain assets and liabilities are not actively traded in observable markets and First Financial must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. | |||||||||||||||||
The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value and in estimating its fair value disclosures for financial instruments. | |||||||||||||||||
Cash and short-term investments. The carrying amounts reported in the Consolidated Balance Sheets for cash and short-term investments, such as federal funds sold, approximated the fair value of those instruments. The Company classifies cash and short-term investments in Level 1 of the fair value hierarchy. | |||||||||||||||||
Investment securities. Investment securities classified as trading and available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar investment securities. First Financial compiles prices from various sources who may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment securities not valued based upon the methods above are considered Level 3. | |||||||||||||||||
First Financial utilizes information provided by a third-party investment securities administrator in analyzing the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic. The administrator’s evaluation of investment security portfolio pricing is performed using a combination of prices and data from other sources, along with internally developed matrix pricing models and assistance from the administrator’s internal fixed income analysts and trading desk. The administrator’s month-end pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, previous evaluation prices and between the various pricing services. These processes produce a series of quality assurance reports on which price exceptions are identified, reviewed and where appropriate, securities are repriced. In the event of a materially different price, the administrator will report the variance as a “price challenge” and review the pricing methodology in detail. The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager. | |||||||||||||||||
First Financial reviews the pricing methodologies utilized by the administrator to ensure the fair value determination is consistent with the applicable accounting guidance and that the investments are properly classified in the fair value hierarchy. Further, the Company periodically validates the fair values for a sample of securities in the portfolio by comparing the fair values provided by the administrator to prices from other independent sources for the same or similar securities. First Financial analyzes unusual or significant variances, conducts additional research with the administrator, if necessary, and takes appropriate action based on its findings. | |||||||||||||||||
Loans held for sale. Loans held for sale are carried at the lower of cost or fair value. These loans currently consist of one-to-four family residential real estate loans originated for sale to qualified third parties. Fair value is based on the contractual price to be received from these third parties, which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, First Financial records any fair value adjustments on a nonrecurring basis. Gains and losses on the sale of loans are recorded as net gains from sales of loans within noninterest income in the Consolidated Statements of Income. | |||||||||||||||||
Loans - excluding covered loans. The fair value of commercial, commercial real estate, residential real estate and consumer loans were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or repricing frequency. The Company classifies the estimated fair value of uncovered loans as Level 3 in the fair value hierarchy. | |||||||||||||||||
Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impaired loans are valued at the lower of cost or fair value for purposes of determining the appropriate amount of impairment to be allocated to the allowance for loan and lease losses. Fair value is generally measured based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed third party appraiser (Level 3). The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable borrower financial statements if not considered significant. Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3). Impaired loans are measured at fair value on a nonrecurring basis through the Company's allowance for loan and lease losses process. Any fair value adjustments are recorded in the period incurred as provision for loan and lease losses on the Consolidated Statements of Income. | |||||||||||||||||
Covered loans. Fair values for covered loans accounted for under FASB ASC Topic 310-30 are based on a discounted cash flow methodology that considers factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of the loan and whether or not the loan was amortizing and a discount rate reflecting the Company's assessment of risk inherent in the cash flow estimates. These covered loans are grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. First Financial estimated the cash flows expected to be collected on these loans based upon the expected remaining life of the underlying loans, which includes the effects of estimated prepayments. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. | |||||||||||||||||
Fair values for covered loans accounted for outside of FASB ASC Topic 310-30 were estimated by discounting the future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or repricing frequency. The carrying amount of accrued interest approximates its fair value. | |||||||||||||||||
The Company classifies the estimated fair value of covered loans as Level 3 in the fair value hierarchy. | |||||||||||||||||
FDIC indemnification asset. Fair value of the FDIC indemnification asset was estimated using projected cash flows related to the loss sharing agreements based on the expected reimbursements for losses and the applicable loss sharing percentages. The expected cash flows are discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursement from the FDIC. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. The Company classifies the estimated fair value of the indemnification asset as Level 3 in the fair value hierarchy. | |||||||||||||||||
Deposits. The fair value of demand deposits, savings accounts and certain money-market deposits was the amount payable on demand at the reporting date. The carrying amounts for variable-rate certificates of deposit approximated their fair values at the reporting date. The fair value of fixed-rate certificates of deposit was estimated using a discounted cash flow calculation which applies the interest rates currently offered for deposits of similar remaining maturities. The carrying amount of accrued interest approximates its fair value. The Company classifies the estimated fair value of deposit liabilities as Level 2 in the fair value hierarchy. | |||||||||||||||||
Borrowings. The carrying amounts of federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings approximate their fair values. The Company classifies the estimated fair value of short-term borrowings as Level 1 of the fair value hierarchy. | |||||||||||||||||
The fair value of long-term debt is estimated using a discounted cash flow calculation which utilizes the interest rates currently offered for borrowings of similar remaining maturities. Third-party valuations are used for long-term debt with embedded options, such as call features. The Company classifies the estimated fair value of long-term debt as Level 2 in the fair value hierarchy. | |||||||||||||||||
Commitments to extend credit and standby letters of credit. Pricing of these financial instruments is based on the credit quality and relationship, fees, interest rates, probability of funding and compensating balance and other covenants or requirements. Loan commitments generally have fixed expiration dates, are variable rate and contain termination and other clauses which provide for relief from funding in the event that there is a significant deterioration in the credit quality of the client. Many loan commitments are expected to expire without being drawn upon. The rates and terms of the commitments to extend credit and the standby letters of credit are competitive with those in First Financial’s market area. The carrying amounts are reasonable estimates of the fair value of these financial instruments. Carrying amounts, which are comprised of the | |||||||||||||||||
unamortized fee income and, where necessary, reserves for any expected credit losses from these financial instruments, are immaterial. | |||||||||||||||||
Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the derivative instruments at the reporting date, using primarily observable market inputs such as interest rate yield curves. The discounted net present value calculated represents the cost to terminate the derivative instrument if First Financial should choose to do so. Additionally, First Financial utilizes the allowance for loan and lease losses methodology to value the credit risk component of both the derivative assets and liabilities. The credit valuation adjustment is recorded as an adjustment to the fair value of the derivative asset or liability on the reporting date. Derivative instruments are classified as Level 2 in the fair value hierarchy. | |||||||||||||||||
The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows: | |||||||||||||||||
Carrying | Estimated fair value | ||||||||||||||||
(Dollars in thousands) | value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
September 30, 2014 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and short-term investments | $ | 143,725 | $ | 143,725 | $ | 143,725 | $ | 0 | $ | 0 | |||||||
Investment securities held-to-maturity | 900,521 | 901,659 | 0 | 901,659 | 0 | ||||||||||||
Other investments | 49,986 | 49,986 | 0 | 49,986 | 0 | ||||||||||||
Loans held for sale | 16,816 | 16,816 | 0 | 16,816 | 0 | ||||||||||||
Loans - excluding covered loans | 4,407,518 | 4,416,740 | 0 | 0 | 4,416,740 | ||||||||||||
Covered loans | 320,730 | 318,372 | 0 | 0 | 318,372 | ||||||||||||
FDIC indemnification asset | 24,160 | 12,482 | 0 | 0 | 12,482 | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing | $ | 1,243,367 | $ | 1,243,367 | $ | 0 | $ | 1,243,367 | $ | 0 | |||||||
Interest-bearing demand | 1,214,726 | 1,214,726 | 0 | 1,214,726 | 0 | ||||||||||||
Savings | 1,827,590 | 1,827,590 | 0 | 1,827,590 | 0 | ||||||||||||
Time | 1,247,334 | 1,244,218 | 0 | 1,244,218 | 0 | ||||||||||||
Total deposits | 5,533,017 | 5,529,901 | 0 | 5,529,901 | 0 | ||||||||||||
Short-term borrowings | 919,303 | 919,303 | 919,303 | 0 | 0 | ||||||||||||
Long-term debt | 52,656 | 54,385 | 0 | 54,385 | 0 | ||||||||||||
Carrying | Estimated fair value | ||||||||||||||||
(Dollars in thousands) | value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
31-Dec-13 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and short-term investments | $ | 143,450 | $ | 143,450 | $ | 143,450 | $ | 0 | $ | 0 | |||||||
Investment securities held-to-maturity | 837,272 | 824,985 | 0 | 824,985 | 0 | ||||||||||||
Other investments | 47,427 | 47,427 | 0 | 47,427 | 0 | ||||||||||||
Loans held for sale | 8,114 | 8,114 | 0 | 8,114 | 0 | ||||||||||||
Loans - excluding covered loans | 3,461,812 | 3,455,776 | 0 | 0 | 3,455,776 | ||||||||||||
Covered loans | 438,972 | 451,545 | 0 | 0 | 451,545 | ||||||||||||
FDIC indemnification asset | 45,091 | 34,820 | 0 | 0 | 34,820 | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing | $ | 1,147,452 | $ | 1,147,452 | $ | 0 | $ | 1,147,452 | $ | 0 | |||||||
Interest-bearing demand | 1,125,723 | 1,125,723 | 0 | 1,125,723 | 0 | ||||||||||||
Savings | 1,612,005 | 1,612,005 | 0 | 1,612,005 | 0 | ||||||||||||
Time | 952,327 | 951,220 | 0 | 951,220 | 0 | ||||||||||||
Total deposits | 4,837,507 | 4,836,400 | 0 | 4,836,400 | 0 | ||||||||||||
Short-term borrowings | 748,749 | 748,749 | 748,749 | 0 | 0 | ||||||||||||
Long-term debt | 60,780 | 62,706 | 0 | 62,706 | 0 | ||||||||||||
The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows: | |||||||||||||||||
Fair value measurements using | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets/liabilities | |||||||||||||
at fair value | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Assets | |||||||||||||||||
Derivatives | $ | 0 | $ | 10,126 | $ | 0 | $ | 10,126 | |||||||||
Investment securities available-for-sale | 8,258 | 921,336 | 0 | 929,594 | |||||||||||||
Total | $ | 8,258 | $ | 931,462 | $ | 0 | $ | 939,720 | |||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | 0 | $ | 10,578 | $ | 0 | $ | 10,578 | |||||||||
Fair value measurements using | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets/liabilities | |||||||||||||
at fair value | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Derivatives | $ | 0 | $ | 13,477 | $ | 0 | $ | 13,477 | |||||||||
Investment securities available-for-sale | 7,976 | 905,625 | 0 | 913,601 | |||||||||||||
Total | $ | 7,976 | $ | 919,102 | $ | 0 | $ | 927,078 | |||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | 0 | $ | 14,431 | $ | 0 | $ | 14,431 | |||||||||
(1) Amounts represent the impact of legally enforceable master netting arrangements that allow First Financial to settle positive and negative positions and also cash collateral held with the same counterparties. | |||||||||||||||||
Certain financial assets and liabilities are measured at fair value on a nonrecurring basis. Adjustments to the fair market value of these assets usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis. | |||||||||||||||||
Fair value measurements using | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
September 30, 2014 | |||||||||||||||||
Assets | |||||||||||||||||
Impaired loans (1) | $ | 0 | $ | 0 | $ | 10,308 | |||||||||||
OREO | 0 | 0 | 7,316 | ||||||||||||||
Covered OREO | 0 | 0 | 6,605 | ||||||||||||||
Fair value measurements using | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Impaired loans (1) | $ | 0 | $ | 0 | $ | 13,699 | |||||||||||
OREO | 0 | 0 | 5,358 | ||||||||||||||
Covered OREO | 0 | 0 | 8,937 | ||||||||||||||
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses. Fair values are determined using actual market prices (Level 1), observable market data for similar assets and liabilities (Level 2), and independent third party valuations and borrower records, discounted as appropriate (Level 3). |
BUSINESS_COMBINATIONS
BUSINESS COMBINATIONS | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
BUSINESS COMBINATIONS | ' | |||||||||||||||
BUSINESS COMBINATIONS | ||||||||||||||||
First Financial completed three business combinations in the Columbus, Ohio market during the quarter ended September 30, 2014 as follows: | ||||||||||||||||
First Bexley. Founded in 2006 and conducting operations out of one full service branch location in Bexley, Ohio, First Bexley served commercial and consumer clients throughout Columbus and central Ohio. Under the merger agreement, First Financial acquired First Bexley in a cash and stock transaction in which First Bexley was merged with and into First Financial Bank on August 7, 2014. | ||||||||||||||||
Insight. Insight was founded in 2006 and conducted operations out of one full service location in Worthington, Ohio, and a mortgage origination office in Newark, Ohio, and provided commercial and consumer banking services to clients throughout Columbus and central Ohio. Under the merger agreement, First Financial acquired Insight in a cash and stock transaction in which Insight merged with and into First Financial Bank on August 7, 2014. | ||||||||||||||||
Guernsey. Headquartered in Worthington, Ohio, Guernsey conducted operations out of three full service branches, and served commercial and consumer clients throughout Columbus and central Ohio. Under the terms of the merger agreement, First Financial acquired Guernsey for cash consideration and the transfer of a single bank-owned property to Guernsey's sole shareholder. The Company also paid off all amounts due under a promissory note to a third party on behalf of Guernsey. The Guernsey Bank, an Ohio state chartered bank and wholly-owned subsidiary of Guernsey, merged with and into First Financial as part of the agreement on August 21, 2014. | ||||||||||||||||
The First Bexley, Insight and Guernsey transactions were accounted for using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition dates, in accordance with FASB ASC Topic 805, Business Combinations. The fair value measurements of assets acquired and liabilities assumed are subject to refinement for up to one year after the closing date of the acquisitions as additional information relative to closing date fair values become available. The measurement periods end in August 2015. | ||||||||||||||||
The following table provides the purchase price calculation as of the acquisition dates and the identifiable assets purchased and the liabilities assumed at their estimated fair value. These fair value measurements are based on third-party valuations. | ||||||||||||||||
(Dollars in thousands) | First Bexley | Insight | Guernsey | Total | ||||||||||||
Purchase consideration | ||||||||||||||||
Cash consideration | $ | 10,810 | $ | 9,880 | $ | 13,500 | $ | 34,190 | ||||||||
Stock consideration | 33,699 | 26,730 | 0 | 60,429 | ||||||||||||
Other consideration | 0 | 0 | 2,523 | 2,523 | ||||||||||||
Total purchase consideration | $ | 44,509 | $ | 36,610 | $ | 16,023 | $ | 97,142 | ||||||||
Assets acquired | ||||||||||||||||
Loans | $ | 314,807 | $ | 219,008 | $ | 72,448 | $ | 606,263 | ||||||||
Intangible assets | 1,280 | 1,277 | 999 | 3,556 | ||||||||||||
Other assets | 25,517 | 30,882 | 61,375 | 117,774 | ||||||||||||
Total assets | $ | 341,604 | $ | 251,167 | $ | 134,822 | $ | 727,593 | ||||||||
Liabilities assumed | ||||||||||||||||
Deposits | $ | 273,860 | $ | 179,330 | $ | 115,415 | $ | 568,605 | ||||||||
Borrowings | 40,000 | 44,149 | 10,742 | 94,891 | ||||||||||||
Other liabilities | 1,454 | 7,303 | 606 | 9,363 | ||||||||||||
Total liabilities | $ | 315,314 | $ | 230,782 | $ | 126,763 | $ | 672,859 | ||||||||
Net identifiable assets | $ | 26,290 | $ | 20,385 | $ | 8,059 | $ | 54,734 | ||||||||
Goodwill | $ | 18,219 | $ | 16,225 | $ | 7,964 | $ | 42,408 | ||||||||
The amount of goodwill arising from the First Bexley, Insight and Guernsey acquisitions reflects the increased market share and related synergies that are expected to result from the acquisitions. The goodwill arising from the First Bexley and Insight transactions is not deductible for income tax purposes as the mergers were accounted for as tax-free exchanges. The tax-free exchanges resulted in a carryover of tax attributes and tax basis to the Company's subsequent income tax filings and was adjusted for any fair value adjustments required in accounting for the acquisitions. The goodwill arising from the Guernsey transaction is deductible for tax purposes as the Guernsey transaction is considered a taxable exchange. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Basis of Presentation Policy | ' |
The Consolidated Financial Statements of First Financial Bancorp. (First Financial or the Company), a bank holding company principally serving Ohio, Indiana and Kentucky, include the accounts and operations of First Financial and its wholly-owned subsidiary – First Financial Bank, N.A. (First Financial Bank or the Bank). All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods’ amounts have been made to conform to the current period’s presentation and had no effect on net earnings. | |
Use of Estimates, Policy | ' |
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. These estimates, assumptions and judgments are inherently subjective and may be susceptible to significant change. Actual realized amounts could differ materially from these estimates. | |
Goodwill and Intangible Assets, Goodwill, Policy | ' |
Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess cost of the acquisition over the fair value of net assets acquired is recorded as goodwill. | |
Goodwill and Intangible Assets, Goodwill Impairment Policy | ' |
Goodwill is not amortized, but is measured for impairment on an annual basis as of October 1 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. | |
Goodwill and Intangible Assets, Policy | ' |
Other intangible assets consist primarily of core deposit intangibles. Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships. Core deposit intangibles are recorded at their estimated fair value as of the acquisition date and are then amortized on an accelerated basis over their estimated useful lives. | |
Income Tax, Policy | ' |
First Financial regularly reviews its tax positions and establishes reserves for income tax-related uncertainties based on estimates of whether it is more likely than not that the tax uncertainty would be sustained upon challenge by the appropriate tax authorities, which would then result in additional taxes, penalties and interest due. | |
Commitments and Contingencies, Policy | ' |
In the normal course of business, First Financial offers a variety of financial instruments with off-balance-sheet risk to assist clients in meeting their requirements for liquidity and credit enhancement. These financial instruments include standby letters of credit and outstanding commitments to extend credit. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. | |
First Financial’s exposure to credit loss, in the event of nonperformance by the other party to the financial instrument for standby letters of credit, and outstanding commitments to extend credit, is represented by the contractual amounts of those instruments. First Financial uses the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. | |
Fair Value of Financial Instruments, Policy | ' |
Fair Value Measurement | |
The fair value framework as disclosed in the Fair Value Measurements and Disclosure Topic of FASB ASC Topic 825, Financial Instruments (Fair Value Topic) includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2) and the lowest priority to unobservable inputs (Level 3). When determining the fair value measurements for assets and liabilities, First Financial looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, First Financial looks to observable market data for similar assets and liabilities and classifies such items as Level 2. Certain assets and liabilities are not actively traded in observable markets and First Financial must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. | |
The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value and in estimating its fair value disclosures for financial instruments. | |
Cash and short-term investments. The carrying amounts reported in the Consolidated Balance Sheets for cash and short-term investments, such as federal funds sold, approximated the fair value of those instruments. The Company classifies cash and short-term investments in Level 1 of the fair value hierarchy. | |
Investment securities. Investment securities classified as trading and available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar investment securities. First Financial compiles prices from various sources who may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment securities not valued based upon the methods above are considered Level 3. | |
First Financial utilizes information provided by a third-party investment securities administrator in analyzing the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic. The administrator’s evaluation of investment security portfolio pricing is performed using a combination of prices and data from other sources, along with internally developed matrix pricing models and assistance from the administrator’s internal fixed income analysts and trading desk. The administrator’s month-end pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, previous evaluation prices and between the various pricing services. These processes produce a series of quality assurance reports on which price exceptions are identified, reviewed and where appropriate, securities are repriced. In the event of a materially different price, the administrator will report the variance as a “price challenge” and review the pricing methodology in detail. The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager. | |
First Financial reviews the pricing methodologies utilized by the administrator to ensure the fair value determination is consistent with the applicable accounting guidance and that the investments are properly classified in the fair value hierarchy. Further, the Company periodically validates the fair values for a sample of securities in the portfolio by comparing the fair values provided by the administrator to prices from other independent sources for the same or similar securities. First Financial analyzes unusual or significant variances, conducts additional research with the administrator, if necessary, and takes appropriate action based on its findings. | |
Loans held for sale. Loans held for sale are carried at the lower of cost or fair value. These loans currently consist of one-to-four family residential real estate loans originated for sale to qualified third parties. Fair value is based on the contractual price to be received from these third parties, which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, First Financial records any fair value adjustments on a nonrecurring basis. Gains and losses on the sale of loans are recorded as net gains from sales of loans within noninterest income in the Consolidated Statements of Income. | |
Loans - excluding covered loans. The fair value of commercial, commercial real estate, residential real estate and consumer loans were estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or repricing frequency. The Company classifies the estimated fair value of uncovered loans as Level 3 in the fair value hierarchy. | |
Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impaired loans are valued at the lower of cost or fair value for purposes of determining the appropriate amount of impairment to be allocated to the allowance for loan and lease losses. Fair value is generally measured based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an income or market valuation approach based on an appraisal conducted by an independent, licensed third party appraiser (Level 3). The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable borrower financial statements if not considered significant. Likewise, values for inventory and accounts receivable collateral are based on borrower financial statement balances or aging reports on a discounted basis as appropriate (Level 3). Impaired loans are measured at fair value on a nonrecurring basis through the Company's allowance for loan and lease losses process. Any fair value adjustments are recorded in the period incurred as provision for loan and lease losses on the Consolidated Statements of Income. | |
Covered loans. Fair values for covered loans accounted for under FASB ASC Topic 310-30 are based on a discounted cash flow methodology that considers factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of the loan and whether or not the loan was amortizing and a discount rate reflecting the Company's assessment of risk inherent in the cash flow estimates. These covered loans are grouped together according to similar characteristics and were treated in the aggregate when applying various valuation techniques. First Financial estimated the cash flows expected to be collected on these loans based upon the expected remaining life of the underlying loans, which includes the effects of estimated prepayments. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. | |
Fair values for covered loans accounted for outside of FASB ASC Topic 310-30 were estimated by discounting the future cash flows using current interest rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities or repricing frequency. The carrying amount of accrued interest approximates its fair value. | |
The Company classifies the estimated fair value of covered loans as Level 3 in the fair value hierarchy. | |
FDIC indemnification asset. Fair value of the FDIC indemnification asset was estimated using projected cash flows related to the loss sharing agreements based on the expected reimbursements for losses and the applicable loss sharing percentages. The expected cash flows are discounted to reflect the uncertainty of the timing and receipt of the loss sharing reimbursement from the FDIC. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. The Company classifies the estimated fair value of the indemnification asset as Level 3 in the fair value hierarchy. | |
Deposits. The fair value of demand deposits, savings accounts and certain money-market deposits was the amount payable on demand at the reporting date. The carrying amounts for variable-rate certificates of deposit approximated their fair values at the reporting date. The fair value of fixed-rate certificates of deposit was estimated using a discounted cash flow calculation which applies the interest rates currently offered for deposits of similar remaining maturities. The carrying amount of accrued interest approximates its fair value. The Company classifies the estimated fair value of deposit liabilities as Level 2 in the fair value hierarchy. | |
Borrowings. The carrying amounts of federal funds purchased and securities sold under agreements to repurchase and other short-term borrowings approximate their fair values. The Company classifies the estimated fair value of short-term borrowings as Level 1 of the fair value hierarchy. | |
The fair value of long-term debt is estimated using a discounted cash flow calculation which utilizes the interest rates currently offered for borrowings of similar remaining maturities. Third-party valuations are used for long-term debt with embedded options, such as call features. The Company classifies the estimated fair value of long-term debt as Level 2 in the fair value hierarchy. | |
Commitments to extend credit and standby letters of credit. Pricing of these financial instruments is based on the credit quality and relationship, fees, interest rates, probability of funding and compensating balance and other covenants or requirements. Loan commitments generally have fixed expiration dates, are variable rate and contain termination and other clauses which provide for relief from funding in the event that there is a significant deterioration in the credit quality of the client. Many loan commitments are expected to expire without being drawn upon. The rates and terms of the commitments to extend credit and the standby letters of credit are competitive with those in First Financial’s market area. The carrying amounts are reasonable estimates of the fair value of these financial instruments. Carrying amounts, which are comprised of the | |
unamortized fee income and, where necessary, reserves for any expected credit losses from these financial instruments, are immaterial. | |
Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the derivative instruments at the reporting date, using primarily observable market inputs such as interest rate yield curves. The discounted net present value calculated represents the cost to terminate the derivative instrument if First Financial should choose to do so. Additionally, First Financial utilizes the allowance for loan and lease losses methodology to value the credit risk component of both the derivative assets and liabilities. The credit valuation adjustment is recorded as an adjustment to the fair value of the derivative asset or liability on the reporting date. Derivative instruments are classified as Level 2 in the fair value hierarchy. | |
Credit Risk | ' |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | ' |
These policies require the Company to maintain a total derivative notional position of less than 35% of assets, total credit exposure of less than 3% of capital and no single counterparty credit risk exposure greater than $20.0 million. | |
Non Covered Loans | ' |
Loans and Leases Receivable, Past Due Status, Policy | ' |
Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the date of the scheduled payment. | |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | ' |
Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are ninety days or more past due. Generally, loans are classified as nonaccrual due to the continued failure to adhere to contractual payment terms by the borrower, coupled with other pertinent factors such as insufficient collateral value. When a loan is classified as nonaccrual, the accrual of interest income is discontinued, and previously accrued but unpaid interest is reversed. Any payments received while a loan is on nonaccrual status are applied as a reduction to the carrying value of the loan. A loan may return to accrual status if collection of future principal and interest payments is no longer doubtful. | |
Loans and Leases Receivable, Troubled Debt Restructuring Policy | ' |
A loan modification is considered a TDR when two conditions are met: 1) the borrower is experiencing financial difficulty and 2) concessions are made by the Company that would not otherwise be considered for a borrower with similar credit characteristics. The most common types of modifications include interest rate reductions, maturity extensions and modifications to principal amortization, including interest only structures. Modified terms are dependent upon the financial position and needs of the individual borrower. If the modification agreement is violated, the loan is managed by the Company’s credit administration group for resolution, which may result in foreclosure in the case of real estate. | |
TDRs are generally classified as nonaccrual for a minimum period of six months and may qualify for return to accrual status once they have demonstrated performance with the restructured terms of the loan agreement. | |
Impaired Financing Receivable, Policy | ' |
Loans classified as nonaccrual and loans modified as TDRs are considered impaired. | |
First Financial individually reviews all impaired commercial loan relationships greater than $250,000, as well as consumer loan TDRs greater than $100,000, to determine if a specific allowance is necessary based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. Specific allowances are based on expected cash flows, discounted using the loan's initial effective interest rate, or the fair value of the collateral for certain collateral dependent loans. | |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy | ' |
Other real estate owned (OREO) is comprised of properties acquired by the Company through the loan foreclosure or repossession process, or other resolution activity that results in partial or total satisfaction of problem loans. | |
Loans and Leases Receivable, Allowance for Loan Losses Policy | ' |
For each reporting period, management maintains the allowance for loan and lease losses at a level that it considers sufficient to absorb probable loan and lease losses inherent in the portfolio. There were no material changes to First Financial's accounting policies or methodology related to the allowance for loan and lease losses during the first nine months of 2014. | |
The allowance is increased by provision expense and decreased by actual charge-offs, net of recoveries of amounts previously charged-off. First Financial's policy is to charge-off all or a portion of a loan when, in management's opinion, it is unlikely to collect the principal amount owed in full either through payments from the borrower or from the liquidation of collateral. | |
Covered Loans | ' |
Loans and Leases Receivable, Past Due Status, Policy | ' |
Covered loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. | |
Impaired Financing Receivable, Policy | ' |
Covered loans classified as nonaccrual, excluding loans accounted for under FASB ASC Topic 310-30, are considered impaired. | |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy | ' |
Covered OREO is comprised of properties acquired by the Company through the loan foreclosure or repossession process, or other resolution activities that result in partial or total satisfaction of problem covered loans. These properties remain subject to loss sharing agreements whereby the FDIC reimburses First Financial for the majority of any losses incurred. | |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy | ' |
First Financial accounts for the majority of loans acquired in FDIC transactions under FASB ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, except loans with revolving privileges, which are outside the scope of this guidance, and loans for which cash flows could not be estimated, which are accounted for under the cost recovery method. These loans include loans previously covered under loss sharing agreements as well as loans that remain subject to FDIC loss sharing coverage. Loans accounted for under FASB ASC Topic 310-30 are referred to as purchased impaired loans. Purchased impaired loans are not classified as nonperforming assets as the loans are considered to be performing under FASB ASC Topic 310-30. Therefore, interest income, through accretion of the difference between the carrying value of the loans and the expected cash flows (accretable difference) is recognized on all covered purchased impaired loans. | |
Loans and Leases Receivable, Allowance for Loan Losses Policy | ' |
The majority of covered loans are accounted for under FASB ASC Topic 310-30, whereby First Financial is required to periodically re-estimate the expected cash flows on the loans. | |
Covered Loans | Loans Accounted for Under FASB ASC Topic 310-30 | ' |
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy | ' |
Purchased impaired loans are classified as performing, even though they may be contractually past due, as any nonpayment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period covered loan loss provision or prospective yield adjustments. | |
Covered Loans | Loans Excluded from FASB ASC Topic 310-30 | ' |
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy | ' |
Similar to uncovered loans, covered loans accounted for outside FASB ASC Topic 310-30 are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are 90 days or more past due. Generally, loans are classified as nonaccrual due to the continued failure to adhere to contractual payment terms by the borrower coupled with other pertinent factors, such as insufficient collateral value. The accrual of interest income is discontinued and previously accrued, but unpaid interest is reversed when a loan is classified as nonaccrual. Any payments received while a loan is classified as nonaccrual are applied as a reduction to the carrying value of the loan. A loan may be returned to accrual status if collection of future principal and interest payments is no longer doubtful. | |
Fair Value Hedges | ' |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | ' |
First Financial utilizes interest rate swaps designated as fair value hedges as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. |
INVESTMENTS_Tables
INVESTMENTS (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Held-To-Maturity and Available-For-Sale Investment Securities | ' | ||||||||||||||||||||||||||||||||
The following is a summary of held-to-maturity and available-for-sale investment securities as of September 30, 2014: | |||||||||||||||||||||||||||||||||
Held-to-maturity | Available-for-sale | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | |||||||||||||||||||||||||
cost | gain | loss | value | cost | gain | loss | value | ||||||||||||||||||||||||||
U.S. Treasuries | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 97 | $ | 0 | $ | (3 | ) | $ | 94 | ||||||||||||||||
Securities of U.S. government agencies and corporations | 17,917 | 0 | (231 | ) | 17,686 | 12,304 | 3 | (37 | ) | 12,270 | |||||||||||||||||||||||
Mortgage-backed securities | 832,728 | 5,290 | (4,656 | ) | 833,362 | 700,167 | 4,967 | (19,273 | ) | 685,861 | |||||||||||||||||||||||
Obligations of state and other political subdivisions | 26,308 | 442 | (418 | ) | 26,332 | 49,824 | 588 | (1,008 | ) | 49,404 | |||||||||||||||||||||||
Asset-backed securities | 0 | 0 | 0 | 0 | 76,693 | 244 | (1 | ) | 76,936 | ||||||||||||||||||||||||
Other securities | 23,568 | 770 | (59 | ) | 24,279 | 105,132 | 1,576 | (1,679 | ) | 105,029 | |||||||||||||||||||||||
Total | $ | 900,521 | $ | 6,502 | $ | (5,364 | ) | $ | 901,659 | $ | 944,217 | $ | 7,378 | $ | (22,001 | ) | $ | 929,594 | |||||||||||||||
The following is a summary of held-to-maturity and available-for-sale investment securities as of December 31, 2013: | |||||||||||||||||||||||||||||||||
Held-to-maturity | Available-for-sale | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Unrealized | Unrealized | Market | Amortized | Unrealized | Unrealized | Market | |||||||||||||||||||||||||
cost | gain | loss | value | cost | gain | loss | value | ||||||||||||||||||||||||||
U.S. Treasuries | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 97 | $ | 0 | $ | (7 | ) | $ | 90 | ||||||||||||||||
Securities of U.S. government agencies and corporations | 18,981 | 0 | (791 | ) | 18,190 | 9,980 | 0 | (404 | ) | 9,576 | |||||||||||||||||||||||
Mortgage-backed securities | 775,025 | 1,337 | (12,229 | ) | 764,133 | 678,267 | 5,372 | (28,593 | ) | 655,046 | |||||||||||||||||||||||
Obligations of state and other political subdivisions | 25,788 | 152 | (1,039 | ) | 24,901 | 33,410 | 10 | (3,097 | ) | 30,323 | |||||||||||||||||||||||
Asset-backed securities | 0 | 0 | 0 | 0 | 114,209 | 1 | (616 | ) | 113,594 | ||||||||||||||||||||||||
Other securities | 17,478 | 283 | 0 | 17,761 | 109,089 | 262 | (4,379 | ) | 104,972 | ||||||||||||||||||||||||
Total | $ | 837,272 | $ | 1,772 | $ | (14,059 | ) | $ | 824,985 | $ | 945,052 | $ | 5,645 | $ | (37,096 | ) | $ | 913,601 | |||||||||||||||
Summary of Investment Securities by Estimated Maturity | ' | ||||||||||||||||||||||||||||||||
The following table provides a summary of investment securities by estimated weighted average life as of September 30, 2014. Estimated lives on certain investment securities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
Held-to-maturity | Available-for-sale | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Amortized | Market | Amortized | Market | |||||||||||||||||||||||||||||
cost | value | cost | value | ||||||||||||||||||||||||||||||
Due in one year or less | $ | 268 | $ | 271 | $ | 12,735 | $ | 12,738 | |||||||||||||||||||||||||
Due after one year through five years | 402,027 | 401,829 | 348,661 | 346,665 | |||||||||||||||||||||||||||||
Due after five years through ten years | 354,896 | 355,179 | 266,513 | 260,869 | |||||||||||||||||||||||||||||
Due after ten years | 143,330 | 144,380 | 316,308 | 309,322 | |||||||||||||||||||||||||||||
Total | $ | 900,521 | $ | 901,659 | $ | 944,217 | $ | 929,594 | |||||||||||||||||||||||||
Age of Gross Unrealized Losses and Associated Fair Value by Investment Category | ' | ||||||||||||||||||||||||||||||||
The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: | |||||||||||||||||||||||||||||||||
September 30, 2014 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
value | loss | value | loss | value | loss | ||||||||||||||||||||||||||||
Securities of U.S. government agencies and corporations | $ | 1,470 | $ | (5 | ) | $ | 17,944 | $ | (126 | ) | $ | 19,414 | $ | (131 | ) | ||||||||||||||||||
Mortgage-backed securities | 252,959 | (2,616 | ) | 496,254 | (20,077 | ) | 749,213 | (22,693 | ) | ||||||||||||||||||||||||
Obligations of state and other political subdivisions | 14,267 | (174 | ) | 38,578 | (1,323 | ) | 52,845 | (1,497 | ) | ||||||||||||||||||||||||
Asset-backed securities | 10,510 | (1 | ) | 0 | 0 | 10,510 | (1 | ) | |||||||||||||||||||||||||
Other securities | 9,254 | (93 | ) | 30,440 | (1,304 | ) | 39,694 | (1,397 | ) | ||||||||||||||||||||||||
Total | $ | 288,460 | $ | (2,889 | ) | $ | 583,216 | $ | (22,830 | ) | $ | 871,676 | $ | (25,719 | ) | ||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||
(Dollars in thousands) | value | loss | value | loss | value | loss | |||||||||||||||||||||||||||
Securities of U.S. government agencies and corporations | $ | 27,851 | $ | (970 | ) | $ | 0 | $ | 0 | $ | 27,851 | $ | (970 | ) | |||||||||||||||||||
Mortgage-backed securities | 966,718 | (32,432 | ) | 108,929 | (6,101 | ) | 1,075,647 | (38,533 | ) | ||||||||||||||||||||||||
Obligations of state and other political subdivisions | 66,502 | (5,294 | ) | 1,935 | (46 | ) | 68,437 | (5,340 | ) | ||||||||||||||||||||||||
Asset-backed securities | 93,355 | (616 | ) | 0 | 0 | 93,355 | (616 | ) | |||||||||||||||||||||||||
Other securities | 54,866 | (2,142 | ) | 7,798 | (561 | ) | 62,664 | (2,703 | ) | ||||||||||||||||||||||||
Total | $ | 1,209,292 | $ | (41,454 | ) | $ | 118,662 | $ | (6,708 | ) | $ | 1,327,954 | $ | (48,162 | ) | ||||||||||||||||||
LOANS_Tables
LOANS (Tables) (Non Covered Loans) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Non Covered Loans | ' | ||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||||||||||||||||||||||
Commercial and Consumer Credit Exposure by Risk Attribute | ' | ||||||||||||||||||||||||||||
Commercial and consumer credit exposure by risk attribute was as follows: | |||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Leasing | Total | ||||||||||||||||||||||||
Pass | $ | 1,262,525 | $ | 188,144 | $ | 1,867,535 | $ | 71,314 | $ | 3,389,518 | |||||||||||||||||||
Special Mention | 23,592 | 3,830 | 26,917 | 1,902 | 56,241 | ||||||||||||||||||||||||
Substandard | 18,665 | 1,802 | 57,603 | 0 | 78,070 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 1,304,782 | $ | 193,776 | $ | 1,952,055 | $ | 73,216 | $ | 3,523,829 | |||||||||||||||||||
(Dollars in thousands) | Real Estate | Installment | Home Equity | Other | Total | ||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Performing | $ | 419,862 | $ | 47,163 | $ | 413,518 | $ | 35,925 | $ | 916,468 | |||||||||||||||||||
Nonperforming | 6,696 | 398 | 2,581 | 0 | 9,675 | ||||||||||||||||||||||||
Total | $ | 426,558 | $ | 47,561 | $ | 416,099 | $ | 35,925 | $ | 926,143 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Leasing | Total | ||||||||||||||||||||||||
Pass | $ | 991,161 | $ | 78,872 | $ | 1,422,215 | $ | 80,135 | $ | 2,572,383 | |||||||||||||||||||
Special Mention | 23,053 | 65 | 23,832 | 0 | 46,950 | ||||||||||||||||||||||||
Substandard | 21,454 | 1,804 | 50,940 | 0 | 74,198 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 1,035,668 | $ | 80,741 | $ | 1,496,987 | $ | 80,135 | $ | 2,693,531 | |||||||||||||||||||
(Dollars in thousands) | Real Estate | Installment | Home Equity | Other | Total | ||||||||||||||||||||||||
Residential | |||||||||||||||||||||||||||||
Performing | $ | 344,325 | $ | 46,559 | $ | 373,472 | $ | 35,592 | $ | 799,948 | |||||||||||||||||||
Nonperforming | 8,606 | 574 | 2,982 | 0 | 12,162 | ||||||||||||||||||||||||
Total | $ | 352,931 | $ | 47,133 | $ | 376,454 | $ | 35,592 | $ | 812,110 | |||||||||||||||||||
Loan Delinquency, including Nonaccrual Loans | ' | ||||||||||||||||||||||||||||
Loan delinquency, including loans classified as nonaccrual, was as follows: | |||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30 – 59 | 60 – 89 | > 90 days | Total | Current | Total | > 90 days | ||||||||||||||||||||||
days | days | past due | past | past due | |||||||||||||||||||||||||
past due | past due | due | and | ||||||||||||||||||||||||||
accruing | |||||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Commercial | $ | 2,063 | $ | 333 | $ | 1,727 | $ | 4,123 | $ | 1,300,659 | $ | 1,304,782 | $ | 0 | |||||||||||||||
Real estate - construction | 0 | 0 | 223 | 223 | 193,553 | 193,776 | 0 | ||||||||||||||||||||||
Real estate - commercial | 5,697 | 2,359 | 12,144 | 20,200 | 1,931,855 | 1,952,055 | 0 | ||||||||||||||||||||||
Real estate - residential | 1,384 | 311 | 4,225 | 5,920 | 420,638 | 426,558 | 0 | ||||||||||||||||||||||
Installment | 106 | 82 | 223 | 411 | 47,150 | 47,561 | 0 | ||||||||||||||||||||||
Home equity | 1,043 | 553 | 951 | 2,547 | 413,552 | 416,099 | 0 | ||||||||||||||||||||||
Other | 490 | 215 | 249 | 954 | 108,187 | 109,141 | 249 | ||||||||||||||||||||||
Total | $ | 10,783 | $ | 3,853 | $ | 19,742 | $ | 34,378 | $ | 4,415,594 | $ | 4,449,972 | $ | 249 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | > 90 days | Total | Current | Total | > 90 days | ||||||||||||||||||||||
days | days | past due | past | past due and accruing | |||||||||||||||||||||||||
past due | past due | due | |||||||||||||||||||||||||||
Loans | |||||||||||||||||||||||||||||
Commercial | $ | 2,016 | $ | 161 | $ | 7,136 | $ | 9,313 | $ | 1,026,355 | $ | 1,035,668 | $ | 0 | |||||||||||||||
Real estate - construction | 0 | 0 | 223 | 223 | 80,518 | 80,741 | 0 | ||||||||||||||||||||||
Real estate - commercial | 7,800 | 4,269 | 12,732 | 24,801 | 1,472,186 | 1,496,987 | 0 | ||||||||||||||||||||||
Real estate - residential | 2,030 | 685 | 5,526 | 8,241 | 344,690 | 352,931 | 0 | ||||||||||||||||||||||
Installment | 213 | 40 | 379 | 632 | 46,501 | 47,133 | 0 | ||||||||||||||||||||||
Home equity | 985 | 292 | 1,648 | 2,925 | 373,529 | 376,454 | 0 | ||||||||||||||||||||||
Other | 680 | 144 | 218 | 1,042 | 114,685 | 115,727 | 218 | ||||||||||||||||||||||
Total | $ | 13,724 | $ | 5,591 | $ | 27,862 | $ | 47,177 | $ | 3,458,464 | $ | 3,505,641 | $ | 218 | |||||||||||||||
Loans Restructured During Period | ' | ||||||||||||||||||||||||||||
The following tables provide information on loan modifications classified as TDRs during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number of loans | Pre-modification loan balance | Period end balance | Number of loans | Pre-modification loan balance | Period end balance | |||||||||||||||||||||||
Commercial | 6 | $ | 3,712 | $ | 3,384 | 4 | $ | 494 | $ | 490 | |||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 2 | 375 | 373 | 10 | 2,502 | 2,493 | |||||||||||||||||||||||
Real estate - residential | 7 | 322 | 264 | 3 | 387 | 367 | |||||||||||||||||||||||
Installment | 3 | 6 | 6 | 3 | 34 | 33 | |||||||||||||||||||||||
Home equity | 6 | 126 | 125 | 5 | 294 | 216 | |||||||||||||||||||||||
Total | 24 | $ | 4,541 | $ | 4,152 | 25 | $ | 3,711 | $ | 3,599 | |||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number of loans | Pre-modification loan balance | Period end balance | Number of loans | Pre-modification loan balance | Period end balance | |||||||||||||||||||||||
Commercial | 11 | $ | 3,938 | $ | 3,594 | 14 | $ | 8,233 | $ | 6,105 | |||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 11 | 2,583 | 2,453 | 17 | 4,752 | 4,719 | |||||||||||||||||||||||
Real estate - residential | 30 | 1,712 | 1,527 | 33 | 2,356 | 2,178 | |||||||||||||||||||||||
Installment | 6 | 21 | 19 | 14 | 188 | 115 | |||||||||||||||||||||||
Home equity | 26 | 791 | 758 | 35 | 1,176 | 887 | |||||||||||||||||||||||
Total | 84 | $ | 9,045 | $ | 8,351 | 113 | $ | 16,705 | $ | 14,004 | |||||||||||||||||||
Loans Restructured, Modifications | ' | ||||||||||||||||||||||||||||
The following table provides information on how TDRs were modified during the three and nine months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, (2) | September 30, (2) | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Extended maturities | $ | 3,505 | $ | 2,179 | $ | 4,402 | $ | 8,848 | |||||||||||||||||||||
Adjusted interest rates | 0 | 0 | 301 | 520 | |||||||||||||||||||||||||
Combination of rate and maturity changes | 402 | 613 | 1,643 | 850 | |||||||||||||||||||||||||
Forbearance | 0 | 0 | 320 | 0 | |||||||||||||||||||||||||
Other (1) | 245 | 807 | 1,685 | 3,786 | |||||||||||||||||||||||||
Total | $ | 4,152 | $ | 3,599 | $ | 8,351 | $ | 14,004 | |||||||||||||||||||||
(1) Includes covenant modifications and other concessions, or combination of concessions, that do not consist of interest rate adjustments, forbearance and maturity extensions | |||||||||||||||||||||||||||||
(2) Balances are as of period end | |||||||||||||||||||||||||||||
Loan Restructuring, Loans with a Payment Default Within 12 Months of Loan Modification | ' | ||||||||||||||||||||||||||||
The following table provides information on TDRs for which there was a payment default during the period that occurred within twelve months of the loan modification: | |||||||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number | Period end | Number of loans | Period end | |||||||||||||||||||||||||
of loans | balance | balance | |||||||||||||||||||||||||||
Commercial | 0 | $ | 0 | 1 | $ | 29 | |||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Real estate - commercial | 0 | 0 | 1 | 3 | |||||||||||||||||||||||||
Real estate - residential | 1 | 1 | 0 | 0 | |||||||||||||||||||||||||
Installment | 0 | 0 | 1 | 17 | |||||||||||||||||||||||||
Home equity | 0 | 0 | 2 | 54 | |||||||||||||||||||||||||
Total | 1 | $ | 1 | 5 | $ | 103 | |||||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Number | Period end | Number of loans | Period end | |||||||||||||||||||||||||
of loans | balance | balance | |||||||||||||||||||||||||||
Commercial | 1 | $ | 143 | 4 | $ | 4,882 | |||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||
Real estate - commercial | 0 | 0 | 2 | 63 | |||||||||||||||||||||||||
Real estate - residential | 3 | 28 | 3 | 185 | |||||||||||||||||||||||||
Installment | 1 | 0 | 4 | 26 | |||||||||||||||||||||||||
Home equity | 3 | 92 | 5 | 64 | |||||||||||||||||||||||||
Total | 8 | $ | 263 | 18 | $ | 5,220 | |||||||||||||||||||||||
Nonaccrual, Restructured and Impaired Loans | ' | ||||||||||||||||||||||||||||
The following table provides information on nonaccrual loans, TDRs and total impaired loans. | |||||||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Impaired loans | |||||||||||||||||||||||||||||
Nonaccrual loans (1) | |||||||||||||||||||||||||||||
Commercial | $ | 6,486 | $ | 7,934 | |||||||||||||||||||||||||
Real estate-construction | 223 | 223 | |||||||||||||||||||||||||||
Real estate-commercial | 25,262 | 17,286 | |||||||||||||||||||||||||||
Real estate-residential | 6,696 | 8,606 | |||||||||||||||||||||||||||
Installment | 398 | 574 | |||||||||||||||||||||||||||
Home equity | 2,581 | 2,982 | |||||||||||||||||||||||||||
Other | 0 | 0 | |||||||||||||||||||||||||||
Nonaccrual loans (1) | 41,646 | 37,605 | |||||||||||||||||||||||||||
Accruing troubled debt restructurings | 13,369 | 15,094 | |||||||||||||||||||||||||||
Total impaired loans | $ | 55,015 | $ | 52,699 | |||||||||||||||||||||||||
(1) Nonaccrual loans include nonaccrual TDRs of $13.2 million and $13.0 million as of September 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Interest income effect on impaired loans | |||||||||||||||||||||||||||||
Gross amount of interest that would have been recorded under original terms | $ | 838 | $ | 1,142 | $ | 2,342 | $ | 3,399 | |||||||||||||||||||||
Interest included in income | |||||||||||||||||||||||||||||
Nonaccrual loans | 168 | 130 | 329 | 472 | |||||||||||||||||||||||||
Troubled debt restructurings | 110 | 115 | 320 | 316 | |||||||||||||||||||||||||
Total interest included in income | 278 | 245 | 649 | 788 | |||||||||||||||||||||||||
Net impact on interest income | $ | 560 | $ | 897 | $ | 1,693 | $ | 2,611 | |||||||||||||||||||||
Commitments outstanding to borrowers with nonaccrual loans | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Investment in Impaired Loans | ' | ||||||||||||||||||||||||||||
First Financial's investment in impaired loans was as follows: | |||||||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Current balance | Contractual | Related | Average | YTD interest | Quarterly interest | |||||||||||||||||||||||
principal | allowance | current | income | income | |||||||||||||||||||||||||
balance | balance | recognized | recognized | ||||||||||||||||||||||||||
Loans with no related allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 6,581 | $ | 7,981 | $ | 0 | $ | 6,095 | $ | 97 | $ | 44 | |||||||||||||||||
Real estate - construction | 223 | 443 | 0 | 223 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 19,031 | 23,970 | 0 | 13,927 | 201 | 75 | |||||||||||||||||||||||
Real estate - residential | 9,077 | 10,520 | 0 | 9,466 | 128 | 45 | |||||||||||||||||||||||
Installment | 415 | 459 | 0 | 512 | 6 | 2 | |||||||||||||||||||||||
Home equity | 3,009 | 3,968 | 0 | 3,018 | 40 | 15 | |||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total | 38,336 | 47,341 | 0 | 33,241 | 472 | 181 | |||||||||||||||||||||||
Loans with an allowance recorded | |||||||||||||||||||||||||||||
Commercial | 3,076 | 3,284 | 802 | 4,694 | 43 | 17 | |||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 11,372 | 12,467 | 3,338 | 10,229 | 102 | 69 | |||||||||||||||||||||||
Real estate - residential | 2,130 | 2,190 | 368 | 2,106 | 30 | 10 | |||||||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Home equity | 101 | 101 | 2 | 101 | 2 | 1 | |||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total | 16,679 | 18,042 | 4,510 | 17,130 | 177 | 97 | |||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | 9,657 | 11,265 | 802 | 10,789 | 140 | 61 | |||||||||||||||||||||||
Real estate - construction | 223 | 443 | 0 | 223 | 0 | 0 | |||||||||||||||||||||||
Real estate - commercial | 30,403 | 36,437 | 3,338 | 24,156 | 303 | 144 | |||||||||||||||||||||||
Real estate - residential | 11,207 | 12,710 | 368 | 11,572 | 158 | 55 | |||||||||||||||||||||||
Installment | 415 | 459 | 0 | 512 | 6 | 2 | |||||||||||||||||||||||
Home equity | 3,110 | 4,069 | 2 | 3,119 | 42 | 16 | |||||||||||||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total | $ | 55,015 | $ | 65,383 | $ | 4,510 | $ | 50,371 | $ | 649 | $ | 278 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
(Dollars in thousands) | Current | Contractual | Related | Average | Interest | ||||||||||||||||||||||||
balance | principal | allowance | current | income | |||||||||||||||||||||||||
balance | balance | recognized | |||||||||||||||||||||||||||
Loans with no related allowance recorded | |||||||||||||||||||||||||||||
Commercial | $ | 5,212 | $ | 7,083 | $ | 0 | $ | 10,712 | $ | 165 | |||||||||||||||||||
Real estate - construction | 223 | 443 | 0 | 599 | 0 | ||||||||||||||||||||||||
Real estate - commercial | 12,355 | 16,431 | 0 | 16,563 | 380 | ||||||||||||||||||||||||
Real estate - residential | 10,291 | 12,087 | 0 | 10,225 | 152 | ||||||||||||||||||||||||
Installment | 642 | 663 | 0 | 463 | 6 | ||||||||||||||||||||||||
Home equity | 3,208 | 4,108 | 0 | 3,145 | 44 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 148 | 0 | ||||||||||||||||||||||||
Total | 31,931 | 40,815 | 0 | 41,855 | 747 | ||||||||||||||||||||||||
Loans with an allowance recorded | |||||||||||||||||||||||||||||
Commercial | 7,013 | 8,353 | 2,080 | 5,047 | 71 | ||||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 726 | 7 | ||||||||||||||||||||||||
Real estate - commercial | 11,638 | 14,424 | 2,872 | 21,098 | 110 | ||||||||||||||||||||||||
Real estate - residential | 2,016 | 2,072 | 348 | 1,997 | 37 | ||||||||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Home equity | 101 | 101 | 2 | 101 | 2 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 167 | 0 | ||||||||||||||||||||||||
Total | 20,768 | 24,950 | 5,302 | 29,136 | 227 | ||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Commercial | 12,225 | 15,436 | 2,080 | 15,759 | 236 | ||||||||||||||||||||||||
Real estate - construction | 223 | 443 | 0 | 1,325 | 7 | ||||||||||||||||||||||||
Real estate - commercial | 23,993 | 30,855 | 2,872 | 37,661 | 490 | ||||||||||||||||||||||||
Real estate - residential | 12,307 | 14,159 | 348 | 12,222 | 189 | ||||||||||||||||||||||||
Installment | 642 | 663 | 0 | 463 | 6 | ||||||||||||||||||||||||
Home equity | 3,309 | 4,209 | 2 | 3,246 | 46 | ||||||||||||||||||||||||
Other | 0 | 0 | 0 | 315 | 0 | ||||||||||||||||||||||||
Total | $ | 52,699 | $ | 65,765 | $ | 5,302 | $ | 70,991 | $ | 974 | |||||||||||||||||||
Changes in Other Real Estate Owned | ' | ||||||||||||||||||||||||||||
Changes in OREO were as follows: | |||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||
Balance at beginning of period | $ | 13,370 | $ | 11,798 | $ | 19,806 | $ | 12,526 | |||||||||||||||||||||
Additions | |||||||||||||||||||||||||||||
Commercial | 883 | 608 | 2,274 | 2,924 | |||||||||||||||||||||||||
Residential | 174 | 265 | 1,517 | 645 | |||||||||||||||||||||||||
Total additions | 1,057 | 873 | 3,791 | 3,569 | |||||||||||||||||||||||||
Disposals | |||||||||||||||||||||||||||||
Commercial | 2,197 | 500 | 10,243 | 2,382 | |||||||||||||||||||||||||
Residential | 77 | 154 | 505 | 805 | |||||||||||||||||||||||||
Total disposals | 2,274 | 654 | 10,748 | 3,187 | |||||||||||||||||||||||||
Valuation adjustment | |||||||||||||||||||||||||||||
Commercial | 772 | 71 | 1,310 | 632 | |||||||||||||||||||||||||
Residential | 65 | 142 | 223 | 472 | |||||||||||||||||||||||||
Total valuation adjustment | 837 | 213 | 1,533 | 1,104 | |||||||||||||||||||||||||
Balance at end of period | $ | 11,316 | $ | 11,804 | $ | 11,316 | $ | 11,804 | |||||||||||||||||||||
LOANS_covered_Tables
LOANS (covered) (Tables) (Covered Loans) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||
Covered Loans | ' | |||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | |||||||||||||||||||||||||||
Carrying Value of Purchased Impaired and Nonimpaired Loans | ' | |||||||||||||||||||||||||||
The following table reflects the carrying value of all covered loans: | ||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
(Dollars in thousands) | Loans | Loans | Total | Loans | Loans | Total | ||||||||||||||||||||||
accounted | excluded | covered | accounted | excluded | covered | |||||||||||||||||||||||
for under | from FASB | loans | for under | from FASB | loans | |||||||||||||||||||||||
FASB ASC | ASC Topic | FASB ASC | ASC Topic | |||||||||||||||||||||||||
Topic 310-30 | 310-30 | Topic 310-30 | 310-30 | |||||||||||||||||||||||||
Commercial | $ | 22,403 | $ | 1,341 | $ | 23,744 | $ | 41,172 | $ | 1,144 | $ | 42,316 | ||||||||||||||||
Real estate - construction | 1,748 | 0 | 1,748 | 8,556 | 0 | 8,556 | ||||||||||||||||||||||
Real estate - commercial | 178,618 | 5,295 | 183,913 | 263,146 | 5,487 | 268,633 | ||||||||||||||||||||||
Real estate - residential | 72,315 | 0 | 72,315 | 80,733 | 0 | 80,733 | ||||||||||||||||||||||
Installment | 3,073 | 497 | 3,570 | 5,073 | 568 | 5,641 | ||||||||||||||||||||||
Home equity | 1,128 | 43,730 | 44,858 | 975 | 48,649 | 49,624 | ||||||||||||||||||||||
Other covered loans | 0 | 2,117 | 2,117 | 0 | 2,370 | 2,370 | ||||||||||||||||||||||
Total covered loans | $ | 279,285 | $ | 52,980 | $ | 332,265 | $ | 399,655 | $ | 58,218 | $ | 457,873 | ||||||||||||||||
Carrying Amount of Accretable Yield for Purchased Impaired and Nonimpaired Loans | ' | |||||||||||||||||||||||||||
Changes in the carrying amount of accretable difference for purchased impaired loans were as follows: | ||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 127,764 | $ | 173,920 | $ | 133,671 | $ | 224,694 | ||||||||||||||||||||
Reclassification from/(to) nonaccretable difference | (2,295 | ) | (4,979 | ) | 19,864 | (5,687 | ) | |||||||||||||||||||||
Accretion | (8,158 | ) | (13,772 | ) | (26,808 | ) | (46,971 | ) | ||||||||||||||||||||
Other net activity (1) | (4,250 | ) | (8,347 | ) | (13,666 | ) | (25,214 | ) | ||||||||||||||||||||
Balance at end of period | $ | 113,061 | $ | 146,822 | $ | 113,061 | $ | 146,822 | ||||||||||||||||||||
(1) Includes the impact of loan repayments and charge-offs | ||||||||||||||||||||||||||||
Commercial and Consumer Credit Exposure by Risk Attribute | ' | |||||||||||||||||||||||||||
Covered commercial and consumer credit exposure by risk attribute was as follows: | ||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Total | ||||||||||||||||||||||||
Pass | $ | 14,790 | $ | 1,605 | $ | 150,628 | $ | 167,023 | ||||||||||||||||||||
Special Mention | 418 | 0 | 4,924 | 5,342 | ||||||||||||||||||||||||
Substandard | 8,536 | 143 | 28,361 | 37,040 | ||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total | $ | 23,744 | $ | 1,748 | $ | 183,913 | $ | 209,405 | ||||||||||||||||||||
(Dollars in thousands) | Real estate | Installment | Home equity | Other | Total | |||||||||||||||||||||||
residential | ||||||||||||||||||||||||||||
Performing | $ | 72,315 | $ | 3,570 | $ | 41,416 | $ | 2,117 | $ | 119,418 | ||||||||||||||||||
Nonperforming | 0 | 0 | 3,442 | 0 | 3,442 | |||||||||||||||||||||||
Total | $ | 72,315 | $ | 3,570 | $ | 44,858 | $ | 2,117 | $ | 122,860 | ||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Total | ||||||||||||||||||||||||
Pass | $ | 25,196 | $ | 1,714 | $ | 182,621 | $ | 209,531 | ||||||||||||||||||||
Special Mention | 2,011 | 0 | 12,904 | 14,915 | ||||||||||||||||||||||||
Substandard | 14,693 | 6,842 | 73,108 | 94,643 | ||||||||||||||||||||||||
Doubtful | 416 | 0 | 0 | 416 | ||||||||||||||||||||||||
Total | $ | 42,316 | $ | 8,556 | $ | 268,633 | $ | 319,505 | ||||||||||||||||||||
(Dollars in thousands) | Real estate | Installment | Home | Other | Total | |||||||||||||||||||||||
residential | equity | |||||||||||||||||||||||||||
Performing | $ | 80,733 | $ | 5,636 | $ | 47,731 | $ | 2,370 | $ | 136,470 | ||||||||||||||||||
Nonperforming | 0 | 5 | 1,893 | 0 | 1,898 | |||||||||||||||||||||||
Total | $ | 80,733 | $ | 5,641 | $ | 49,624 | $ | 2,370 | $ | 138,368 | ||||||||||||||||||
Loan Delinquency, including Nonaccrual Loans | ' | |||||||||||||||||||||||||||
Covered loan delinquency, excluding loans accounted for under FASB ASC Topic 310-30, was as follows: | ||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | > 90 days | Total | Current | Total | > 90 days | |||||||||||||||||||||
days | days | past due | past | past due and | ||||||||||||||||||||||||
past due | past due | due | accruing | |||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
Commercial | $ | 0 | $ | 49 | $ | 656 | $ | 705 | $ | 636 | $ | 1,341 | $ | 0 | ||||||||||||||
Real estate - commercial | 0 | 144 | 251 | 395 | 4,900 | 5,295 | 0 | |||||||||||||||||||||
Installment | 0 | 0 | 0 | 0 | 497 | 497 | 0 | |||||||||||||||||||||
Home equity | 361 | 0 | 3,086 | 3,447 | 40,283 | 43,730 | 0 | |||||||||||||||||||||
All other | 23 | 3 | 3 | 29 | 2,088 | 2,117 | 3 | |||||||||||||||||||||
Total | $ | 384 | $ | 196 | $ | 3,996 | $ | 4,576 | $ | 48,404 | $ | 52,980 | $ | 3 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | 30 - 59 | 60 - 89 | > 90 days | Total | Current | Total | > 90 days | |||||||||||||||||||||
days | days | past due | past | past due and | ||||||||||||||||||||||||
past due | past due | due | accruing | |||||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||||
Commercial | $ | 60 | $ | 335 | $ | 483 | $ | 878 | $ | 266 | $ | 1,144 | $ | 0 | ||||||||||||||
Real estate - commercial | 184 | 0 | 1,263 | 1,447 | 4,040 | 5,487 | 0 | |||||||||||||||||||||
Installment | 0 | 0 | 5 | 5 | 563 | 568 | 0 | |||||||||||||||||||||
Home equity | 239 | 36 | 1,727 | 2,002 | 46,647 | 48,649 | 0 | |||||||||||||||||||||
All other | 9 | 4 | 0 | 13 | 2,357 | 2,370 | 0 | |||||||||||||||||||||
Total | $ | 492 | $ | 375 | $ | 3,478 | $ | 4,345 | $ | 53,873 | $ | 58,218 | $ | 0 | ||||||||||||||
Covered Nonaccrual Loans | ' | |||||||||||||||||||||||||||
Information as to covered nonaccrual loans, excluding loans accounted for under FASB ASC Topic 310-30, was as follows: | ||||||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Impaired loans | ||||||||||||||||||||||||||||
Nonaccrual loans (1) | ||||||||||||||||||||||||||||
Commercial | $ | 906 | $ | 540 | ||||||||||||||||||||||||
Real estate-commercial | 256 | 1,349 | ||||||||||||||||||||||||||
Installment | 0 | 5 | ||||||||||||||||||||||||||
Home equity | 3,442 | 1,893 | ||||||||||||||||||||||||||
All other | 0 | 0 | ||||||||||||||||||||||||||
Nonaccrual loans | 4,604 | 3,787 | ||||||||||||||||||||||||||
Accruing troubled debt restructurings | 70 | 335 | ||||||||||||||||||||||||||
Total impaired loans | $ | 4,674 | $ | 4,122 | ||||||||||||||||||||||||
(1) Nonaccrual loans include nonaccrual TDRs of $0.9 million and $0.9 million as of September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Interest income effect on impaired loans | ||||||||||||||||||||||||||||
Gross amount of interest that would have been recorded under original terms | $ | 72 | $ | 81 | $ | 201 | $ | 334 | ||||||||||||||||||||
Interest included in income | ||||||||||||||||||||||||||||
Nonaccrual loans | 18 | 6 | 34 | 20 | ||||||||||||||||||||||||
Troubled debt restructurings | 0 | 3 | 1 | 6 | ||||||||||||||||||||||||
Total interest included in income | 18 | 9 | 35 | 26 | ||||||||||||||||||||||||
Net impact on interest income | $ | 54 | $ | 72 | $ | 166 | $ | 308 | ||||||||||||||||||||
Investment in Impaired Loans | ' | |||||||||||||||||||||||||||
First Financial’s investment in covered impaired loans, excluding loans accounted for under FASB ASC Topic 310-30, was as follows: | ||||||||||||||||||||||||||||
As of September 30, 2014 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Current balance | Unpaid | Related | Average | YTD interest | Quarterly interest | ||||||||||||||||||||||
principal | allowance | balance | income | income | ||||||||||||||||||||||||
balance | recognized | recognized | ||||||||||||||||||||||||||
Loans with no related allowance recorded | ||||||||||||||||||||||||||||
Commercial | $ | 960 | $ | 1,302 | $ | 0 | $ | 936 | $ | 16 | $ | 6 | ||||||||||||||||
Real estate - commercial | 256 | 395 | 0 | 819 | 2 | 1 | ||||||||||||||||||||||
Installment | 0 | 0 | 0 | 1 | 0 | 0 | ||||||||||||||||||||||
Home equity | 0 | 4,908 | 0 | 2,493 | 17 | 11 | ||||||||||||||||||||||
All other | 3,458 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 4,674 | $ | 6,605 | $ | 0 | $ | 4,249 | $ | 35 | $ | 18 | ||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Current balance | Unpaid | Related | Average | Interest | |||||||||||||||||||||||
principal | allowance | balance | income | |||||||||||||||||||||||||
balance | recognized | |||||||||||||||||||||||||||
Loans with no related allowance recorded | ||||||||||||||||||||||||||||
Commercial | $ | 875 | $ | 1,131 | $ | 0 | $ | 1,832 | $ | 11 | ||||||||||||||||||
Real estate - commercial | 1,349 | 2,648 | 0 | 1,786 | 4 | |||||||||||||||||||||||
Installment | 5 | 5 | 0 | 2 | 0 | |||||||||||||||||||||||
Home equity | 1,893 | 2,899 | 0 | 2,611 | 15 | |||||||||||||||||||||||
All other | 0 | 0 | 0 | 8 | 0 | |||||||||||||||||||||||
Total | $ | 4,122 | $ | 6,683 | $ | 0 | $ | 6,239 | $ | 30 | ||||||||||||||||||
Changes in Other Real Estate Owned | ' | |||||||||||||||||||||||||||
Changes in covered OREO were as follows: | ||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Balance at beginning of period | $ | 19,439 | $ | 22,475 | $ | 27,120 | $ | 28,862 | ||||||||||||||||||||
Additions | ||||||||||||||||||||||||||||
Commercial | 0 | 8,572 | 3,937 | 21,063 | ||||||||||||||||||||||||
Residential | 118 | 95 | 409 | 472 | ||||||||||||||||||||||||
Total additions | 118 | 8,667 | 4,346 | 21,535 | ||||||||||||||||||||||||
Disposals | ||||||||||||||||||||||||||||
Commercial | 7,498 | 2,865 | 17,429 | 19,513 | ||||||||||||||||||||||||
Residential | 38 | 76 | 536 | 890 | ||||||||||||||||||||||||
Total disposals | 7,536 | 2,941 | 17,965 | 20,403 | ||||||||||||||||||||||||
Valuation adjustment | ||||||||||||||||||||||||||||
Commercial | 718 | 451 | 2,186 | 2,133 | ||||||||||||||||||||||||
Residential | 123 | 0 | 135 | 111 | ||||||||||||||||||||||||
Total valuation adjustment | 841 | 451 | 2,321 | 2,244 | ||||||||||||||||||||||||
Balance at end of period | $ | 11,180 | $ | 27,750 | $ | 11,180 | $ | 27,750 | ||||||||||||||||||||
ALLOWANCE_FOR_LOAN_AND_LEASE_L1
ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses by Classification | ' | ||||||||||||||||||||||||||||||||
Year-to-date changes in the allowance for loan and lease losses by loan category were as follows: | |||||||||||||||||||||||||||||||||
Nine months ended September 30, 2014 | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Residential | Installment | Home Equity | Other | Total | |||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 10,568 | $ | 824 | $ | 20,478 | $ | 3,379 | $ | 365 | $ | 5,209 | $ | 3,006 | $ | 43,829 | |||||||||||||||||
Provision for loan and lease losses | 517 | 274 | 855 | 61 | (153 | ) | 721 | 6 | 2,281 | ||||||||||||||||||||||||
Gross charge-offs | 1,310 | 0 | 1,944 | 701 | 205 | 1,396 | 871 | 6,427 | |||||||||||||||||||||||||
Recoveries | 1,185 | 0 | 771 | 161 | 173 | 186 | 295 | 2,771 | |||||||||||||||||||||||||
Total net charge-offs | 125 | 0 | 1,173 | 540 | 32 | 1,210 | 576 | 3,656 | |||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,960 | $ | 1,098 | $ | 20,160 | $ | 2,900 | $ | 180 | $ | 4,720 | $ | 2,436 | $ | 42,454 | |||||||||||||||||
Ending allowance on loans individually evaluated for impairment | $ | 802 | $ | 0 | $ | 3,338 | $ | 368 | $ | 0 | $ | 2 | $ | 0 | $ | 4,510 | |||||||||||||||||
Ending allowance on loans collectively evaluated for impairment | 10,158 | 1,098 | 16,822 | 2,532 | 180 | 4,718 | 2,436 | 37,944 | |||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,960 | $ | 1,098 | $ | 20,160 | $ | 2,900 | $ | 180 | $ | 4,720 | $ | 2,436 | $ | 42,454 | |||||||||||||||||
Loans | |||||||||||||||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | $ | 7,913 | $ | 0 | $ | 20,763 | $ | 3,215 | $ | 104 | $ | 614 | $ | 0 | $ | 32,609 | |||||||||||||||||
Ending balance of loans collectively evaluated for impairment | 1,296,869 | 193,776 | 1,931,292 | 423,343 | 47,457 | 415,485 | 109,141 | 4,417,363 | |||||||||||||||||||||||||
Total loans | $ | 1,304,782 | $ | 193,776 | $ | 1,952,055 | $ | 426,558 | $ | 47,561 | $ | 416,099 | $ | 109,141 | $ | 4,449,972 | |||||||||||||||||
Twelve months ended December 31, 2013 | |||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Commercial | Construction | Commercial | Residential | Installment | Home Equity | Other | Total | |||||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 7,926 | $ | 3,268 | $ | 24,151 | $ | 3,599 | $ | 522 | $ | 5,173 | $ | 3,138 | $ | 47,777 | |||||||||||||||||
Provision for loan and lease losses | 5,385 | (3,115 | ) | 2,659 | 593 | (132 | ) | 1,937 | 1,387 | 8,714 | |||||||||||||||||||||||
Gross charge-offs | 3,415 | 1 | 8,326 | 1,016 | 335 | 2,409 | 1,781 | 17,283 | |||||||||||||||||||||||||
Recoveries | 672 | 672 | 1,994 | 203 | 310 | 508 | 262 | 4,621 | |||||||||||||||||||||||||
Total net charge-offs | 2,743 | (671 | ) | 6,332 | 813 | 25 | 1,901 | 1,519 | 12,662 | ||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,568 | $ | 824 | $ | 20,478 | $ | 3,379 | $ | 365 | $ | 5,209 | $ | 3,006 | $ | 43,829 | |||||||||||||||||
Ending allowance on loans individually evaluated for impairment | $ | 2,080 | $ | 0 | $ | 2,872 | $ | 348 | $ | 0 | $ | 2 | $ | 0 | $ | 5,302 | |||||||||||||||||
Ending allowance on loans collectively evaluated for impairment | 8,488 | 824 | 17,606 | 3,031 | 365 | 5,207 | 3,006 | 38,527 | |||||||||||||||||||||||||
Ending allowance for loan and lease losses | $ | 10,568 | $ | 824 | $ | 20,478 | $ | 3,379 | $ | 365 | $ | 5,209 | $ | 3,006 | $ | 43,829 | |||||||||||||||||
Loans - excluding covered loans | |||||||||||||||||||||||||||||||||
Ending balance of loans individually evaluated for impairment | $ | 10,391 | $ | 0 | $ | 18,023 | $ | 3,493 | $ | 122 | $ | 648 | $ | 0 | $ | 32,677 | |||||||||||||||||
Ending balance of loans collectively evaluated for impairment | 1,025,277 | 80,741 | 1,478,964 | 349,438 | 47,011 | 375,806 | 115,727 | 3,472,964 | |||||||||||||||||||||||||
Total loans - excluding covered loans | $ | 1,035,668 | $ | 80,741 | $ | 1,496,987 | $ | 352,931 | $ | 47,133 | $ | 376,454 | $ | 115,727 | $ | 3,505,641 | |||||||||||||||||
Changes in the Allowance for Loan and Lease Losses for the Current and Comparable Quarter | ' | ||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 42,027 | $ | 47,047 | $ | 43,829 | $ | 47,777 | |||||||||||||||||||||||||
Provision for loan and lease losses | 1,093 | 1,413 | 2,281 | 6,863 | |||||||||||||||||||||||||||||
Loans charged off | (1,816 | ) | (5,111 | ) | (6,427 | ) | (12,515 | ) | |||||||||||||||||||||||||
Recoveries | 1,150 | 2,165 | 2,771 | 3,389 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 42,454 | $ | 45,514 | $ | 42,454 | $ | 45,514 | |||||||||||||||||||||||||
Total loans | $ | 4,449,972 | $ | 3,430,916 | $ | 4,449,972 | $ | 3,430,916 | |||||||||||||||||||||||||
Allowance for loan and lease losses to total ending loans | 0.95 | % | 1.33 | % | 0.95 | % | 1.33 | % | |||||||||||||||||||||||||
Covered Loans | ' | ||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Losses by Classification | ' | ||||||||||||||||||||||||||||||||
The allowance for loan and lease losses on covered loans is presented in the table below: | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | September 30, 2014 | 31-Dec-13 | |||||||||||||||||||||||||||||||
Commercial | $ | 5,468 | $ | 9,400 | |||||||||||||||||||||||||||||
Real estate - commercial | 5,186 | 8,515 | |||||||||||||||||||||||||||||||
Real estate - residential | 750 | 761 | |||||||||||||||||||||||||||||||
Installment | 131 | 225 | |||||||||||||||||||||||||||||||
Total | $ | 11,535 | $ | 18,901 | |||||||||||||||||||||||||||||
Changes in the Allowance for Loan and Lease Losses for the Current and Comparable Quarter | ' | ||||||||||||||||||||||||||||||||
Changes in the allowance for loan and lease losses on covered loans were as follows: | |||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 12,425 | $ | 32,961 | $ | 18,901 | $ | 45,190 | |||||||||||||||||||||||||
Provision for loan and lease losses | (200 | ) | 5,293 | (2,805 | ) | 6,052 | |||||||||||||||||||||||||||
Loans charged-off | (3,053 | ) | (21,009 | ) | (13,778 | ) | (35,374 | ) | |||||||||||||||||||||||||
Recoveries | 2,363 | 6,014 | 9,217 | 7,391 | |||||||||||||||||||||||||||||
Balance at end of period | $ | 11,535 | $ | 23,259 | $ | 11,535 | $ | 23,259 | |||||||||||||||||||||||||
Total loans | $ | 332,265 | $ | 518,524 | $ | 332,265 | $ | 518,524 | |||||||||||||||||||||||||
Allowance for loan and lease losses to total ending loans | 3.47 | % | 4.49 | % | 3.47 | % | 4.49 | % | |||||||||||||||||||||||||
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||
Changes in the Carrying Amount of Goodwill | ' | |||
(Dollars in thousands) | ||||
Balance at January 1, 2014 | $ | 95,050 | ||
Goodwill resulting from business combinations | 42,408 | |||
Balance at September 30, 2014 | $ | 137,458 | ||
BORROWINGS_Tables
BORROWINGS (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||
Summary of Long-term Debt [Table Text Block] | ' | ||||||||||||||
The following is a summary of long-term debt: | |||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||
(Dollars in thousands) | Amount | Average rate | Amount | Average rate | |||||||||||
Federal Home Loan Bank | $ | 26,881 | 3.01 | % | $ | 7,505 | 3.72 | % | |||||||
National Market Repurchase Agreement | 25,000 | 3.54 | % | 52,500 | 3.49 | % | |||||||||
Capital loan with municipality | 775 | 0 | % | 775 | 0 | % | |||||||||
Total long-term debt | $ | 52,656 | 3.22 | % | $ | 60,780 | 3.48 | % | |||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||
Related Tax Effects Allocated to Other Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||||
The related tax effects allocated to other comprehensive income and reclassifications out of accumulated other comprehensive income (loss) are as follows: | ||||||||||||||||||||||||||||||||
Three months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total accumulated | |||||||||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Prior to | Reclassification | Pre-tax | Tax-effect | Net of tax | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||
Reclassification | from | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | $ | (374 | ) | $ | 0 | $ | (374 | ) | $ | 118 | $ | (256 | ) | $ | (5,956 | ) | $ | (256 | ) | $ | (6,212 | ) | ||||||||||
Unrealized gain (loss) on derivatives | 1,096 | (117 | ) | 1,213 | (453 | ) | 760 | (492 | ) | 760 | 268 | |||||||||||||||||||||
Retirement obligation | 0 | (302 | ) | 302 | (113 | ) | 189 | (15,091 | ) | 189 | (14,902 | ) | ||||||||||||||||||||
Foreign currency translation | (12 | ) | 0 | (12 | ) | 0 | (12 | ) | (30 | ) | (12 | ) | (42 | ) | ||||||||||||||||||
Total | $ | 710 | $ | (419 | ) | $ | 1,129 | $ | (448 | ) | $ | 681 | $ | (21,569 | ) | $ | 681 | $ | (20,888 | ) | ||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total accumulated | |||||||||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Prior to | Reclassification | Pre-tax | Tax-effect | Net of tax | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||
Reclassification | from | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | $ | (5,956 | ) | $ | 0 | $ | (5,956 | ) | $ | 1,953 | $ | (4,003 | ) | $ | (5,765 | ) | $ | (4,003 | ) | $ | (9,768 | ) | ||||||||||
Unrealized gain (loss) on derivatives | (1,475 | ) | (161 | ) | (1,314 | ) | 496 | (818 | ) | 673 | (818 | ) | (145 | ) | ||||||||||||||||||
Retirement obligation | 0 | (1,873 | ) | 1,873 | (707 | ) | 1,166 | (20,528 | ) | 1,166 | (19,362 | ) | ||||||||||||||||||||
Foreign currency translation | 6 | 0 | 6 | 0 | 6 | (25 | ) | 6 | (19 | ) | ||||||||||||||||||||||
Total | $ | (7,425 | ) | $ | (2,034 | ) | $ | (5,391 | ) | $ | 1,742 | $ | (3,649 | ) | $ | (25,645 | ) | $ | (3,649 | ) | $ | (29,294 | ) | |||||||||
Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total accumulated | |||||||||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Prior to | Reclassification | Pre-tax | Tax-effect | Net of tax | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||
Reclassification | from | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | $ | 15,869 | $ | 50 | $ | 15,819 | $ | (5,742 | ) | $ | 10,077 | $ | (16,289 | ) | $ | 10,077 | $ | (6,212 | ) | |||||||||||||
Unrealized gain (loss) on derivatives | (881 | ) | (348 | ) | (533 | ) | 199 | (334 | ) | 602 | (334 | ) | 268 | |||||||||||||||||||
Retirement obligation | 0 | (1,059 | ) | 1,059 | (396 | ) | 663 | (15,565 | ) | 663 | (14,902 | ) | ||||||||||||||||||||
Foreign currency translation | (13 | ) | 0 | (13 | ) | 0 | (13 | ) | (29 | ) | (13 | ) | (42 | ) | ||||||||||||||||||
Total | $ | 14,975 | $ | (1,357 | ) | $ | 16,332 | $ | (5,939 | ) | $ | 10,393 | $ | (31,281 | ) | $ | 10,393 | $ | (20,888 | ) | ||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||||||||||||||
Total other comprehensive income | Total accumulated | |||||||||||||||||||||||||||||||
other comprehensive income | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Prior to | Reclassification | Pre-tax | Tax-effect | Net of tax | Beginning Balance | Net Activity | Ending Balance | ||||||||||||||||||||||||
Reclassification | from | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | $ | (34,212 | ) | $ | 1,724 | $ | (35,936 | ) | $ | 13,366 | $ | (22,570 | ) | $ | 12,802 | $ | (22,570 | ) | $ | (9,768 | ) | |||||||||||
Unrealized gain (loss) on derivatives | (298 | ) | (295 | ) | (3 | ) | 1 | (2 | ) | (143 | ) | (2 | ) | (145 | ) | |||||||||||||||||
Retirement obligation | 11,719 | (7,523 | ) | 19,242 | (7,266 | ) | 11,976 | (31,338 | ) | 11,976 | (19,362 | ) | ||||||||||||||||||||
Foreign currency translation | (21 | ) | 0 | (21 | ) | 0 | (21 | ) | 2 | (21 | ) | (19 | ) | |||||||||||||||||||
Total | $ | (22,812 | ) | $ | (6,094 | ) | $ | (16,718 | ) | $ | 6,101 | $ | (10,617 | ) | $ | (18,677 | ) | $ | (10,617 | ) | $ | (29,294 | ) | |||||||||
Other Accumulated Comprehensive income reclassified from AOCI [Table Text Block] | ' | |||||||||||||||||||||||||||||||
The following table presents the activity reclassified from accumulated other comprehensive income into income during the three and nine month periods: | ||||||||||||||||||||||||||||||||
Amount reclassified from | ||||||||||||||||||||||||||||||||
accumulated other comprehensive income (1) | ||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | Affected Line Item in the Consolidated Statements of Income | |||||||||||||||||||||||||||
Gains and losses on cash flow hedges | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (117 | ) | $ | (161 | ) | $ | (348 | ) | $ | (295 | ) | Interest expense - deposits | |||||||||||||||||||
Realized gains and losses on securities available-for-sale | 0 | 0 | 50 | 1,724 | Gains on sales of investments securities | |||||||||||||||||||||||||||
Defined benefit pension plan | ||||||||||||||||||||||||||||||||
Amortization of prior service cost (2) | 103 | 105 | 309 | 317 | Salaries and employee benefits | |||||||||||||||||||||||||||
Recognized net actuarial loss (2) | (405 | ) | (582 | ) | (1,368 | ) | (2,128 | ) | Salaries and employee benefits | |||||||||||||||||||||||
Pension settlement charges | 0 | (1,396 | ) | 0 | (5,712 | ) | Pension settlement charges | |||||||||||||||||||||||||
Amortization and settlement charges of defined benefit pension items | (302 | ) | (1,873 | ) | (1,059 | ) | (7,523 | ) | ||||||||||||||||||||||||
Total reclassifications for the period, before tax | $ | (419 | ) | $ | (2,034 | ) | $ | (1,357 | ) | $ | (6,094 | ) | ||||||||||||||||||||
(1) Negative amount are reductions to net income. | ||||||||||||||||||||||||||||||||
(2) Included in the computation of net periodic pension cost (see Note 13 - Employee Benefit Plans for additional details). |
DERIVATIVES_Tables
DERIVATIVES (Tables) | 9 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Summary of Derivative Financial Instruments and Balances | ' | ||||||||||||||||||||||||||
The following table details the location and amounts recognized in the Consolidated Balance Sheets for fair value hedges: | |||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Estimated fair value | Estimated fair value | ||||||||||||||||||||||||||
(Dollars in thousands) | Balance sheet location | Notional | Gain | Loss | Notional | Gain | Loss | ||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||||
Fair value hedges - instruments associated with loans | |||||||||||||||||||||||||||
Pay fixed interest rate swaps with counterparty | Accrued interest and other liabilities | $ | 8,913 | $ | 0 | $ | (528 | ) | $ | 9,836 | $ | 0 | $ | (865 | ) | ||||||||||||
Matched interest rate swaps with borrower | Accrued interest and other assets | 406,276 | 9,373 | (753 | ) | 451,744 | 11,710 | (1,767 | ) | ||||||||||||||||||
Matched interest rate swaps with counterparty | Accrued interest and other liabilities | 406,276 | 753 | (9,469 | ) | 451,744 | 1,767 | (11,799 | ) | ||||||||||||||||||
Total | $ | 821,465 | $ | 10,126 | $ | (10,750 | ) | $ | 913,324 | $ | 13,477 | $ | (14,431 | ) | |||||||||||||
Disclosure by Type of Financial Instrument [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table discloses the gross and net amounts of liabilities recognized in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
(Dollars in thousands) | Gross amounts of recognized liabilities | Gross amounts offset in the Consolidated Balance Sheets | Net amounts of liabilities presented in the Consolidated Balance Sheets | Gross amounts of recognized liabilities | Gross amounts offset in the Consolidated Balance Sheets | Net amounts of liabilities presented in the Consolidated Balance Sheets | |||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||
Pay fixed interest rate swaps with counterparty | $ | 528 | $ | 0 | $ | 528 | $ | 865 | $ | (663 | ) | $ | 202 | ||||||||||||||
Matched interest rate swaps with counterparty | 10,222 | (8,610 | ) | 1,612 | 13,566 | (9,533 | ) | 4,033 | |||||||||||||||||||
Total | $ | 10,750 | $ | (8,610 | ) | $ | 2,140 | $ | 14,431 | $ | (10,196 | ) | $ | 4,235 | |||||||||||||
Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received | ' | ||||||||||||||||||||||||||
The following table details the derivative financial instruments, the average remaining maturities and the weighted-average interest rates being paid and received by First Financial at September 30, 2014: | |||||||||||||||||||||||||||
Weighted-average rate | |||||||||||||||||||||||||||
(Dollars in thousands) | Notional | Average | Fair | Receive | Pay | ||||||||||||||||||||||
amount | maturity | value | |||||||||||||||||||||||||
(years) | |||||||||||||||||||||||||||
Asset conversion swaps | |||||||||||||||||||||||||||
Pay fixed interest rate swaps with counterparty | $ | 8,913 | 2.3 | $ | (528 | ) | 2.11 | % | 6.85 | % | |||||||||||||||||
Receive fixed, matched interest rate swaps with borrower | 406,276 | 4.1 | 8,620 | 4.67 | % | 2.71 | % | ||||||||||||||||||||
Pay fixed, matched interest rate swaps with counterparty | 406,276 | 4.1 | (8,716 | ) | 2.71 | % | 4.67 | % | |||||||||||||||||||
Total asset conversion swaps | $ | 821,465 | 4 | $ | (624 | ) | 3.67 | % | 3.72 | % | |||||||||||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plan Amounts Recognized in the Consolidated Balance Sheets and Consolidated Statements of Income | ' | ||||||||||||||||
The following table sets forth information concerning amounts recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Service cost | $ | 1,007 | $ | 916 | $ | 3,089 | $ | 2,789 | |||||||||
Interest cost | 551 | 566 | 1,791 | 1,752 | |||||||||||||
Expected return on assets | (2,208 | ) | (2,231 | ) | (6,792 | ) | (6,755 | ) | |||||||||
Amortization of prior service cost | (103 | ) | (105 | ) | (309 | ) | (317 | ) | |||||||||
Net actuarial loss | 405 | 582 | 1,368 | 2,128 | |||||||||||||
Settlement charge | 0 | 1,396 | 0 | 5,712 | |||||||||||||
Net periodic benefit (income) cost | $ | (348 | ) | $ | 1,124 | $ | (853 | ) | $ | 5,309 | |||||||
EARNINGS_PER_COMMON_SHARE_Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(Dollars in thousands, except per share data) | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator | |||||||||||||||||
Net income available to common shareholders | $ | 15,344 | $ | 14,911 | $ | 46,401 | $ | 44,564 | |||||||||
Denominator | |||||||||||||||||
Basic earnings per common share - weighted average shares | 59,403,109 | 57,201,390 | 57,907,203 | 57,309,934 | |||||||||||||
Effect of dilutive securities — | |||||||||||||||||
Employee stock awards | 576,543 | 698,194 | 594,082 | 725,862 | |||||||||||||
Warrants | 133,280 | 113,004 | 138,109 | 107,576 | |||||||||||||
Diluted earnings per common share - adjusted weighted average shares | 60,112,932 | 58,012,588 | 58,639,394 | 58,143,372 | |||||||||||||
Earnings per share available to common shareholders | |||||||||||||||||
Basic | $ | 0.26 | $ | 0.26 | $ | 0.8 | $ | 0.78 | |||||||||
Diluted | $ | 0.26 | $ | 0.26 | $ | 0.79 | $ | 0.77 | |||||||||
FAIR_VALUE_DISCLOSURES_Tables
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||
The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows: | |||||||||||||||||
Carrying | Estimated fair value | ||||||||||||||||
(Dollars in thousands) | value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
September 30, 2014 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and short-term investments | $ | 143,725 | $ | 143,725 | $ | 143,725 | $ | 0 | $ | 0 | |||||||
Investment securities held-to-maturity | 900,521 | 901,659 | 0 | 901,659 | 0 | ||||||||||||
Other investments | 49,986 | 49,986 | 0 | 49,986 | 0 | ||||||||||||
Loans held for sale | 16,816 | 16,816 | 0 | 16,816 | 0 | ||||||||||||
Loans - excluding covered loans | 4,407,518 | 4,416,740 | 0 | 0 | 4,416,740 | ||||||||||||
Covered loans | 320,730 | 318,372 | 0 | 0 | 318,372 | ||||||||||||
FDIC indemnification asset | 24,160 | 12,482 | 0 | 0 | 12,482 | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing | $ | 1,243,367 | $ | 1,243,367 | $ | 0 | $ | 1,243,367 | $ | 0 | |||||||
Interest-bearing demand | 1,214,726 | 1,214,726 | 0 | 1,214,726 | 0 | ||||||||||||
Savings | 1,827,590 | 1,827,590 | 0 | 1,827,590 | 0 | ||||||||||||
Time | 1,247,334 | 1,244,218 | 0 | 1,244,218 | 0 | ||||||||||||
Total deposits | 5,533,017 | 5,529,901 | 0 | 5,529,901 | 0 | ||||||||||||
Short-term borrowings | 919,303 | 919,303 | 919,303 | 0 | 0 | ||||||||||||
Long-term debt | 52,656 | 54,385 | 0 | 54,385 | 0 | ||||||||||||
Carrying | Estimated fair value | ||||||||||||||||
(Dollars in thousands) | value | Total | Level 1 | Level 2 | Level 3 | ||||||||||||
31-Dec-13 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and short-term investments | $ | 143,450 | $ | 143,450 | $ | 143,450 | $ | 0 | $ | 0 | |||||||
Investment securities held-to-maturity | 837,272 | 824,985 | 0 | 824,985 | 0 | ||||||||||||
Other investments | 47,427 | 47,427 | 0 | 47,427 | 0 | ||||||||||||
Loans held for sale | 8,114 | 8,114 | 0 | 8,114 | 0 | ||||||||||||
Loans - excluding covered loans | 3,461,812 | 3,455,776 | 0 | 0 | 3,455,776 | ||||||||||||
Covered loans | 438,972 | 451,545 | 0 | 0 | 451,545 | ||||||||||||
FDIC indemnification asset | 45,091 | 34,820 | 0 | 0 | 34,820 | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits | |||||||||||||||||
Noninterest-bearing | $ | 1,147,452 | $ | 1,147,452 | $ | 0 | $ | 1,147,452 | $ | 0 | |||||||
Interest-bearing demand | 1,125,723 | 1,125,723 | 0 | 1,125,723 | 0 | ||||||||||||
Savings | 1,612,005 | 1,612,005 | 0 | 1,612,005 | 0 | ||||||||||||
Time | 952,327 | 951,220 | 0 | 951,220 | 0 | ||||||||||||
Total deposits | 4,837,507 | 4,836,400 | 0 | 4,836,400 | 0 | ||||||||||||
Short-term borrowings | 748,749 | 748,749 | 748,749 | 0 | 0 | ||||||||||||
Long-term debt | 60,780 | 62,706 | 0 | 62,706 | 0 | ||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows: | |||||||||||||||||
Fair value measurements using | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets/liabilities | |||||||||||||
at fair value | |||||||||||||||||
September 30, 2014 | |||||||||||||||||
Assets | |||||||||||||||||
Derivatives | $ | 0 | $ | 10,126 | $ | 0 | $ | 10,126 | |||||||||
Investment securities available-for-sale | 8,258 | 921,336 | 0 | 929,594 | |||||||||||||
Total | $ | 8,258 | $ | 931,462 | $ | 0 | $ | 939,720 | |||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | 0 | $ | 10,578 | $ | 0 | $ | 10,578 | |||||||||
Fair value measurements using | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | Assets/liabilities | |||||||||||||
at fair value | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Derivatives | $ | 0 | $ | 13,477 | $ | 0 | $ | 13,477 | |||||||||
Investment securities available-for-sale | 7,976 | 905,625 | 0 | 913,601 | |||||||||||||
Total | $ | 7,976 | $ | 919,102 | $ | 0 | $ | 927,078 | |||||||||
Liabilities | |||||||||||||||||
Derivatives | $ | 0 | $ | 14,431 | $ | 0 | $ | 14,431 | |||||||||
(1) Amounts represent the impact of legally enforceable master netting arrangements that allow First Financial to settle positive and negative positions and also cash collateral held with the same counterparties. | |||||||||||||||||
Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ' | ||||||||||||||||
The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis. | |||||||||||||||||
Fair value measurements using | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
September 30, 2014 | |||||||||||||||||
Assets | |||||||||||||||||
Impaired loans (1) | $ | 0 | $ | 0 | $ | 10,308 | |||||||||||
OREO | 0 | 0 | 7,316 | ||||||||||||||
Covered OREO | 0 | 0 | 6,605 | ||||||||||||||
Fair value measurements using | |||||||||||||||||
(Dollars in thousands) | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
Assets | |||||||||||||||||
Impaired loans (1) | $ | 0 | $ | 0 | $ | 13,699 | |||||||||||
OREO | 0 | 0 | 5,358 | ||||||||||||||
Covered OREO | 0 | 0 | 8,937 | ||||||||||||||
(1) Amounts represent the fair value of collateral for impaired loans allocated to the allowance for loan and lease losses. Fair values are determined using actual market prices (Level 1), observable market data for similar assets and liabilities (Level 2), and independent third party valuations and borrower records, discounted as appropriate (Level 3). |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Purchase price calculation as of the acquisition dates | ' | |||||||||||||||
The following table provides the purchase price calculation as of the acquisition dates and the identifiable assets purchased and the liabilities assumed at their estimated fair value. These fair value measurements are based on third-party valuations. | ||||||||||||||||
(Dollars in thousands) | First Bexley | Insight | Guernsey | Total | ||||||||||||
Purchase consideration | ||||||||||||||||
Cash consideration | $ | 10,810 | $ | 9,880 | $ | 13,500 | $ | 34,190 | ||||||||
Stock consideration | 33,699 | 26,730 | 0 | 60,429 | ||||||||||||
Other consideration | 0 | 0 | 2,523 | 2,523 | ||||||||||||
Total purchase consideration | $ | 44,509 | $ | 36,610 | $ | 16,023 | $ | 97,142 | ||||||||
Assets acquired | ||||||||||||||||
Loans | $ | 314,807 | $ | 219,008 | $ | 72,448 | $ | 606,263 | ||||||||
Intangible assets | 1,280 | 1,277 | 999 | 3,556 | ||||||||||||
Other assets | 25,517 | 30,882 | 61,375 | 117,774 | ||||||||||||
Total assets | $ | 341,604 | $ | 251,167 | $ | 134,822 | $ | 727,593 | ||||||||
Liabilities assumed | ||||||||||||||||
Deposits | $ | 273,860 | $ | 179,330 | $ | 115,415 | $ | 568,605 | ||||||||
Borrowings | 40,000 | 44,149 | 10,742 | 94,891 | ||||||||||||
Other liabilities | 1,454 | 7,303 | 606 | 9,363 | ||||||||||||
Total liabilities | $ | 315,314 | $ | 230,782 | $ | 126,763 | $ | 672,859 | ||||||||
Net identifiable assets | $ | 26,290 | $ | 20,385 | $ | 8,059 | $ | 54,734 | ||||||||
Goodwill | $ | 18,219 | $ | 16,225 | $ | 7,964 | $ | 42,408 | ||||||||
INVESTMENTS_Summary_of_HeldToM
INVESTMENTS - Summary of Held-To-Maturity and Available-For-Sale Investment Securities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Total | $900,521 | $837,272 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 6,502 | 1,772 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -5,364 | -14,059 |
Held-to-Maturity Market Value | 901,659 | 824,985 |
Total | 944,217 | 945,052 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 7,378 | 5,645 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | -22,001 | -37,096 |
Investment securities available-for-sale | 929,594 | 913,601 |
U.S. Treasuries | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Total | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 97 | 97 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | -3 | -7 |
Investment securities available-for-sale | 94 | 90 |
Securities of U.S. government agencies and corporations | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Total | 17,917 | 18,981 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -231 | -791 |
Held-to-Maturity Market Value | 17,686 | 18,190 |
Total | 12,304 | 9,980 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 3 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | -37 | -404 |
Investment securities available-for-sale | 12,270 | 9,576 |
Mortgage-backed securities | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Total | 832,728 | 775,025 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 5,290 | 1,337 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -4,656 | -12,229 |
Held-to-Maturity Market Value | 833,362 | 764,133 |
Total | 700,167 | 678,267 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 4,967 | 5,372 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | -19,273 | -28,593 |
Investment securities available-for-sale | 685,861 | 655,046 |
Obligations of state and other political subdivisions | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Total | 26,308 | 25,788 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 442 | 152 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -418 | -1,039 |
Held-to-Maturity Market Value | 26,332 | 24,901 |
Total | 49,824 | 33,410 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 588 | 10 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | -1,008 | -3,097 |
Investment securities available-for-sale | 49,404 | 30,323 |
Asset-backed Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Total | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 0 | 0 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 76,693 | 114,209 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 244 | 1 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | -1 | -616 |
Investment securities available-for-sale | 76,936 | 113,594 |
Other securities | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Total | 23,568 | 17,478 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 770 | 283 |
Held-to-maturity Securities, Accumulated Unrecognized Holding Loss | -59 | 0 |
Held-to-Maturity Market Value | 24,279 | 17,761 |
Total | 105,132 | 109,089 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 1,576 | 262 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | -1,679 | -4,379 |
Investment securities available-for-sale | $105,029 | $104,972 |
INVESTMENTS_Summary_of_Investm
INVESTMENTS - Summary of Investment Securities by Estimated Maturity (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Held-to-Maturity Amortized Cost | ' | ' |
Due in one year or less | $268 | ' |
Due after one year through five years | 402,027 | ' |
Due after five years through ten years | 354,896 | ' |
Due after ten years | 143,330 | ' |
Total | 900,521 | 837,272 |
Held-to-Maturity Market Value | ' | ' |
Due in one year or less | 271 | ' |
Due after one year through five years | 401,829 | ' |
Due after five years through ten years | 355,179 | ' |
Due after ten years | 144,380 | ' |
Held-to-Maturity Market Value | 901,659 | 824,985 |
Available-for-Sale Amortized Cost | ' | ' |
Due in one year or less | 12,735 | ' |
Due after one year through five years | 348,661 | ' |
Due after five years through ten years | 266,513 | ' |
Due after ten years | 316,308 | ' |
Total | 944,217 | 945,052 |
Available-for-Sale Market Value | ' | ' |
Due in one year or less | 12,738 | ' |
Due after one year through five years | 346,665 | ' |
Due after five years through ten years | 260,869 | ' |
Due after ten years | 309,322 | ' |
Available-for-Sale Market Value | $929,594 | $913,601 |
INVESTMENTS_Age_of_Gross_Unrea
INVESTMENTS - Age of Gross Unrealized Losses and Associated Fair Value by Investment Category (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months Fair Value | $288,460 | $1,209,292 |
Less than 12 Months Unrealized Loss | -2,889 | -41,454 |
12 Months or More Fair Value | 583,216 | 118,662 |
12 Months or More Unrealized Loss | -22,830 | -6,708 |
Total Fair Value | 871,676 | 1,327,954 |
Total Unrealized Loss | -25,719 | -48,162 |
Securities of U.S. government agencies and corporations | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months Fair Value | 1,470 | 27,851 |
Less than 12 Months Unrealized Loss | -5 | -970 |
12 Months or More Fair Value | 17,944 | 0 |
12 Months or More Unrealized Loss | -126 | 0 |
Total Fair Value | 19,414 | 27,851 |
Total Unrealized Loss | -131 | -970 |
Mortgage-backed securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months Fair Value | 252,959 | 966,718 |
Less than 12 Months Unrealized Loss | -2,616 | -32,432 |
12 Months or More Fair Value | 496,254 | 108,929 |
12 Months or More Unrealized Loss | -20,077 | -6,101 |
Total Fair Value | 749,213 | 1,075,647 |
Total Unrealized Loss | -22,693 | -38,533 |
Obligations of state and other political subdivisions | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months Fair Value | 14,267 | 66,502 |
Less than 12 Months Unrealized Loss | -174 | -5,294 |
12 Months or More Fair Value | 38,578 | 1,935 |
12 Months or More Unrealized Loss | -1,323 | -46 |
Total Fair Value | 52,845 | 68,437 |
Total Unrealized Loss | -1,497 | -5,340 |
Asset-backed Securities [Member] | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months Fair Value | 10,510 | 93,355 |
Less than 12 Months Unrealized Loss | -1 | -616 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 10,510 | 93,355 |
Total Unrealized Loss | -1 | -616 |
Other securities | ' | ' |
Investments, Unrealized Loss Position [Line Items] | ' | ' |
Less than 12 Months Fair Value | 9,254 | 54,866 |
Less than 12 Months Unrealized Loss | -93 | -2,142 |
12 Months or More Fair Value | 30,440 | 7,798 |
12 Months or More Unrealized Loss | -1,304 | -561 |
Total Fair Value | 39,694 | 62,664 |
Total Unrealized Loss | ($1,397) | ($2,703) |
LOANS_Additional_Information_D
LOANS - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructured Loans, Nonaccrual Status | $13,200,000 | ' | $13,200,000 | ' | ' | $13,000,000 | ' | ' |
Total loans | 332,265,000 | 518,524,000 | 332,265,000 | 518,524,000 | ' | 457,873,000 | ' | ' |
Gain (loss) on sale of other real estate owned | -844,000 | -184,000 | -1,575,000 | -902,000 | ' | ' | ' | ' |
Non Covered Loans | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructured Loans, Nonaccrual Status | 13,200,000 | ' | 13,200,000 | ' | ' | 13,000,000 | ' | ' |
Real Estate Acquired Through Foreclosure | 11,316,000 | 11,804,000 | 11,316,000 | 11,804,000 | 13,370,000 | 19,806,000 | 11,798,000 | 12,526,000 |
Write-downs | 837,000 | 213,000 | 1,533,000 | 1,104,000 | ' | ' | ' | ' |
Covered Loans | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructured Loans, Nonaccrual Status | 900,000 | ' | 900,000 | ' | ' | 900,000 | ' | ' |
Loans, Federal Deposit Insurance Corporation Reimbursement Percentage on Losses Below Threshold | ' | ' | 80.00% | ' | ' | ' | ' | ' |
Loans, Federal Deposit Insurance Corporation Reimbursement Percentage on Losses Above Threshold | ' | ' | 95.00% | ' | ' | ' | ' | ' |
Real Estate Acquired Through Foreclosure | 11,180,000 | 27,750,000 | 11,180,000 | 27,750,000 | 19,439,000 | 27,120,000 | 22,475,000 | 28,862,000 |
Write-downs | 841,000 | 451,000 | 2,321,000 | 2,244,000 | ' | ' | ' | ' |
Commercial | Non Covered Loans | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | ' | ' | 250,000 | ' | ' | ' | ' | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Total loans | 279,285,000 | ' | 279,285,000 | ' | ' | 399,655,000 | ' | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | Covered Loans | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding balance including contractual principal, interest, fees, and penalties | $337,500,000 | ' | $337,500,000 | ' | ' | $493,600,000 | ' | ' |
LOANS_Commercial_and_Consumer_
LOANS - Commercial and Consumer Credit Exposure by Risk Attribute (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | $1,304,782 | $1,035,668 |
Real Estate - Construction | 193,776 | 80,741 |
Real Estate - Commercial | 1,952,055 | 1,496,987 |
Lease financing | 73,216 | 80,135 |
Total Commercial | 3,523,829 | 2,693,531 |
Real Estate Residential | 426,558 | 352,931 |
Installment | 47,561 | 47,133 |
Home equity | 416,099 | 376,454 |
Other | 35,925 | 35,592 |
Total | 926,143 | 812,110 |
Pass | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 1,262,525 | 991,161 |
Real Estate - Construction | 188,144 | 78,872 |
Real Estate - Commercial | 1,867,535 | 1,422,215 |
Lease financing | 71,314 | 80,135 |
Total Commercial | 3,389,518 | 2,572,383 |
Special Mention | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 23,592 | 23,053 |
Real Estate - Construction | 3,830 | 65 |
Real Estate - Commercial | 26,917 | 23,832 |
Lease financing | 1,902 | 0 |
Total Commercial | 56,241 | 46,950 |
Substandard | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 18,665 | 21,454 |
Real Estate - Construction | 1,802 | 1,804 |
Real Estate - Commercial | 57,603 | 50,940 |
Lease financing | 0 | 0 |
Total Commercial | 78,070 | 74,198 |
Doubtful | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Commercial | 0 | 0 |
Real Estate - Construction | 0 | 0 |
Real Estate - Commercial | 0 | 0 |
Lease financing | 0 | 0 |
Total Commercial | 0 | 0 |
Performing | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Real Estate Residential | 419,862 | 344,325 |
Installment | 47,163 | 46,559 |
Home equity | 413,518 | 373,472 |
Other | 35,925 | 35,592 |
Total | 916,468 | 799,948 |
Nonperforming | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Real Estate Residential | 6,696 | 8,606 |
Installment | 398 | 574 |
Home equity | 2,581 | 2,982 |
Other | 0 | 0 |
Total | $9,675 | $12,162 |
LOANS_Loan_Delinquency_includi
LOANS - Loan Delinquency, including Nonaccrual Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | $10,783 | $13,724 |
60 - 89 days past due | 3,853 | 5,591 |
> 90 days past due | 19,742 | 27,862 |
Total Past due | 34,378 | 47,177 |
Current | 4,415,594 | 3,458,464 |
Total loans, excluding covered loans | 4,449,972 | 3,505,641 |
> 90 days past due and still accruing | 249 | 218 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 2,063 | 2,016 |
60 - 89 days past due | 333 | 161 |
> 90 days past due | 1,727 | 7,136 |
Total Past due | 4,123 | 9,313 |
Current | 1,300,659 | 1,026,355 |
Total loans, excluding covered loans | 1,304,782 | 1,035,668 |
> 90 days past due and still accruing | 0 | 0 |
Real estate-construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 0 | 0 |
60 - 89 days past due | 0 | 0 |
> 90 days past due | 223 | 223 |
Total Past due | 223 | 223 |
Current | 193,553 | 80,518 |
Total loans, excluding covered loans | 193,776 | 80,741 |
> 90 days past due and still accruing | 0 | 0 |
Real estate-commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 5,697 | 7,800 |
60 - 89 days past due | 2,359 | 4,269 |
> 90 days past due | 12,144 | 12,732 |
Total Past due | 20,200 | 24,801 |
Current | 1,931,855 | 1,472,186 |
Total loans, excluding covered loans | 1,952,055 | 1,496,987 |
> 90 days past due and still accruing | 0 | 0 |
Real estate - residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 1,384 | 2,030 |
60 - 89 days past due | 311 | 685 |
> 90 days past due | 4,225 | 5,526 |
Total Past due | 5,920 | 8,241 |
Current | 420,638 | 344,690 |
Total loans, excluding covered loans | 426,558 | 352,931 |
> 90 days past due and still accruing | 0 | 0 |
Installment | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 106 | 213 |
60 - 89 days past due | 82 | 40 |
> 90 days past due | 223 | 379 |
Total Past due | 411 | 632 |
Current | 47,150 | 46,501 |
Total loans, excluding covered loans | 47,561 | 47,133 |
> 90 days past due and still accruing | 0 | 0 |
Home equity | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 1,043 | 985 |
60 - 89 days past due | 553 | 292 |
> 90 days past due | 951 | 1,648 |
Total Past due | 2,547 | 2,925 |
Current | 413,552 | 373,529 |
Total loans, excluding covered loans | 416,099 | 376,454 |
> 90 days past due and still accruing | 0 | 0 |
All other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 490 | 680 |
60 - 89 days past due | 215 | 144 |
> 90 days past due | 249 | 218 |
Total Past due | 954 | 1,042 |
Current | 108,187 | 114,685 |
Total loans, excluding covered loans | 109,141 | 115,727 |
> 90 days past due and still accruing | 249 | 218 |
Non Covered Loans | Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans, excluding covered loans | 1,304,782 | 1,035,668 |
Non Covered Loans | Real estate-construction | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans, excluding covered loans | 193,776 | 80,741 |
Non Covered Loans | Real estate-commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans, excluding covered loans | 1,952,055 | 1,496,987 |
Non Covered Loans | Real estate - residential | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans, excluding covered loans | 426,558 | 352,931 |
Non Covered Loans | Installment | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans, excluding covered loans | 47,561 | 47,133 |
Non Covered Loans | Home equity | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans, excluding covered loans | 416,099 | 376,454 |
Non Covered Loans | All other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Total loans, excluding covered loans | $109,141 | $115,727 |
LOANS_Restructured_Loans_Detai
LOANS - Restructured Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
loans | D | loans | |||
loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured loans, Number of Loans | 24 | 25 | 84 | 113 | ' |
Restructured loans, Restructured loans, Pre-Modification Loan Balance | $4,541,000 | $3,711,000 | $9,045,000 | $16,705,000 | ' |
Restructured loans, Period End Balance | 4,152,000 | 3,599,000 | 8,351,000 | 14,004,000 | ' |
Restructured loans with payment default within 12 months of modification, Number of Loans | 1 | 5 | 8 | 18 | ' |
Restructured loans with payment default within 12 months of modification, Period End Balance | 1,000 | 103,000 | 263,000 | 5,220,000 | ' |
Restructured loans on accrual status | 13,369,000 | ' | 13,369,000 | ' | 15,094,000 |
Restructured Loans, Nonaccrual Status | 13,200,000 | ' | 13,200,000 | ' | 13,000,000 |
Commercial | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured loans, Number of Loans | 6 | 4 | 11 | 14 | ' |
Restructured loans, Restructured loans, Pre-Modification Loan Balance | 3,712,000 | 494,000 | 3,938,000 | 8,233,000 | ' |
Restructured loans, Period End Balance | 3,384,000 | 490,000 | 3,594,000 | 6,105,000 | ' |
Restructured loans with payment default within 12 months of modification, Number of Loans | 0 | 1 | 1 | 4 | ' |
Restructured loans with payment default within 12 months of modification, Period End Balance | 0 | 29,000 | 143,000 | 4,882,000 | ' |
Real estate-construction | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured loans, Number of Loans | 0 | 0 | 0 | 0 | ' |
Restructured loans, Restructured loans, Pre-Modification Loan Balance | 0 | 0 | 0 | 0 | ' |
Restructured loans, Period End Balance | 0 | 0 | 0 | 0 | ' |
Restructured loans with payment default within 12 months of modification, Number of Loans | 0 | 0 | 0 | 0 | ' |
Restructured loans with payment default within 12 months of modification, Period End Balance | 0 | 0 | 0 | 0 | ' |
Real estate-commercial | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured loans, Number of Loans | 2 | 10 | 11 | 17 | ' |
Restructured loans, Restructured loans, Pre-Modification Loan Balance | 375,000 | 2,502,000 | 2,583,000 | 4,752,000 | ' |
Restructured loans, Period End Balance | 373,000 | 2,493,000 | 2,453,000 | 4,719,000 | ' |
Restructured loans with payment default within 12 months of modification, Number of Loans | 0 | 1 | 0 | 2 | ' |
Restructured loans with payment default within 12 months of modification, Period End Balance | 0 | 3,000 | 0 | 63,000 | ' |
Residential | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured loans, Number of Loans | 7 | 3 | 30 | 33 | ' |
Restructured loans, Restructured loans, Pre-Modification Loan Balance | 322,000 | 387,000 | 1,712,000 | 2,356,000 | ' |
Restructured loans, Period End Balance | 264,000 | 367,000 | 1,527,000 | 2,178,000 | ' |
Restructured loans with payment default within 12 months of modification, Number of Loans | 1 | 0 | 3 | 3 | ' |
Restructured loans with payment default within 12 months of modification, Period End Balance | 1,000 | 0 | 28,000 | 185,000 | ' |
Installment | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured loans, Number of Loans | 3 | 3 | 6 | 14 | ' |
Restructured loans, Restructured loans, Pre-Modification Loan Balance | 6,000 | 34,000 | 21,000 | 188,000 | ' |
Restructured loans, Period End Balance | 6,000 | 33,000 | 19,000 | 115,000 | ' |
Restructured loans with payment default within 12 months of modification, Number of Loans | 0 | 1 | 1 | 4 | ' |
Restructured loans with payment default within 12 months of modification, Period End Balance | 0 | 17,000 | 0 | 26,000 | ' |
Home equity | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured loans, Number of Loans | 6 | 5 | 26 | 35 | ' |
Restructured loans, Restructured loans, Pre-Modification Loan Balance | 126,000 | 294,000 | 791,000 | 1,176,000 | ' |
Restructured loans, Period End Balance | 125,000 | 216,000 | 758,000 | 887,000 | ' |
Restructured loans with payment default within 12 months of modification, Number of Loans | 0 | 2 | 3 | 5 | ' |
Restructured loans with payment default within 12 months of modification, Period End Balance | 0 | 54,000 | 92,000 | 64,000 | ' |
Non Covered Loans | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Extended Maturities | 3,505,000 | 2,179,000 | 4,402,000 | 8,848,000 | ' |
Adjusted Interest Rates | 0 | 0 | 301,000 | 520,000 | ' |
Combined Rate And Maturity | 402,000 | 613,000 | 1,643,000 | 850,000 | ' |
Forebearance Agreements | 0 | 0 | 320,000 | 0 | ' |
Other | 245,000 | 807,000 | 1,685,000 | 3,786,000 | ' |
Total | 4,152,000 | 3,599,000 | 8,351,000 | 14,004,000 | ' |
Number of Restructured Loans | 246 | ' | 246 | ' | 217 |
Total restructured loans | 26,600,000 | ' | 26,600,000 | ' | 28,100,000 |
Restructured loans on accrual status | 13,400,000 | ' | 13,400,000 | ' | 15,100,000 |
Restructured Loans, Nonaccrual Status | 13,200,000 | ' | 13,200,000 | ' | 13,000,000 |
Allowance for loan and lease losses lncluded in reserves for restructured loans | 2,900,000 | ' | 2,900,000 | ' | 4,400,000 |
Restructured loans uncollectible portion written off | 100,000 | ' | 900,000 | ' | 2,800,000 |
Accruing TDRs performing in accordance with restructured terms for more than one year | 10,800,000 | ' | 10,800,000 | ' | 9,000,000 |
Restructured loans performance threshold (days) | ' | ' | 90 | ' | ' |
Non Covered Loans | Residential | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | ' | ' | $100,000 | ' | ' |
LOANS_Nonaccrual_Restructured_
LOANS - Nonaccrual, Restructured and Impaired Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Commercial | Commercial | Commercial | Real estate-construction | Real estate-construction | Real estate-construction | Real estate-commercial | Real estate-commercial | Real estate-commercial | Real estate - residential | Real estate - residential | Real estate - residential | Installment | Installment | Installment | Home equity | Home equity | Home equity | Other | Other | Other | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | |||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonaccrual loans | $41,646,000 | $41,646,000 | $37,605,000 | ' | $6,486,000 | $6,486,000 | $7,934,000 | $223,000 | $223,000 | $223,000 | $25,262,000 | $25,262,000 | $17,286,000 | $6,696,000 | $6,696,000 | $8,606,000 | $398,000 | $398,000 | $574,000 | $2,581,000 | $2,581,000 | $2,982,000 | $0 | $0 | $0 | ' | ' | ' | ' | ' |
Restructured loans - accrual status | 13,369,000 | 13,369,000 | 15,094,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,400,000 | ' | 13,400,000 | ' | 15,100,000 |
Restructured loans - nonaccrual status | 13,200,000 | 13,200,000 | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | ' | 13,200,000 | ' | 13,000,000 |
Total restructured loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,600,000 | ' | 26,600,000 | ' | 28,100,000 |
Total impaired loans | 55,015,000 | 55,015,000 | 52,699,000 | ' | 9,657,000 | 9,657,000 | 12,225,000 | 223,000 | 223,000 | 223,000 | 30,403,000 | 30,403,000 | 23,993,000 | 11,207,000 | 11,207,000 | 12,307,000 | 415,000 | 415,000 | 642,000 | 3,110,000 | 3,110,000 | 3,309,000 | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Interest income effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount of interest that would have been recorded under original terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 838,000 | 1,142,000 | 2,342,000 | 3,399,000 | ' |
Interest included in income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonaccrual loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 168,000 | 130,000 | 329,000 | 472,000 | ' |
Restructured loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,000 | 115,000 | 320,000 | 316,000 | ' |
Interest income recognized | 278,000 | 649,000 | 974,000 | ' | 61,000 | 140,000 | 236,000 | 0 | 0 | 7,000 | 144,000 | 303,000 | 490,000 | 55,000 | 158,000 | 189,000 | 2,000 | 6,000 | 6,000 | 16,000 | 42,000 | 46,000 | 0 | 0 | 0 | 278,000 | 245,000 | 649,000 | 788,000 | ' |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 560,000 | 897,000 | 1,693,000 | 2,611,000 | ' |
Loans and Leases Receivable-Nonaccrual, future commitment to lend | $0 | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LOANS_Investment_in_Impaired_L
LOANS - Investment in Impaired Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Commercial | Commercial | Commercial | Real estate-construction | Real estate-construction | Real estate-construction | Real estate-commercial | Real estate-commercial | Real estate-commercial | Real estate - residential | Real estate - residential | Real estate - residential | Installment | Installment | Installment | Home equity | Home equity | Home equity | Other | Other | Other | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | Impaired Financing Receivables With Related Allowance [Member] | ||||
Commercial | Commercial | Real estate-construction | Real estate-construction | Real estate-commercial | Real estate-commercial | Real estate - residential | Real estate - residential | Installment | Installment | Other | Other | Commercial | Commercial | Real estate-construction | Real estate-construction | Real estate-commercial | Real estate-commercial | Real estate - residential | Real estate - residential | Installment | Installment | Home equity | Home equity | Other | Other | Commercial | Commercial | Real estate-construction | Real estate-construction | Real estate-commercial | Real estate-commercial | Real estate - residential | Real estate - residential | Installment | Installment | Home equity | Home equity | Other | Other | ||||||||||||||||||||||||||||||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current balance | $55,015 | $55,015 | $52,699 | $9,657 | $9,657 | $12,225 | $223 | $223 | $223 | $30,403 | $30,403 | $23,993 | $11,207 | $11,207 | $12,307 | $415 | $415 | $642 | $3,110 | $3,110 | $3,309 | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $38,336 | $31,931 | $6,581 | $5,212 | $223 | $223 | $19,031 | $12,355 | $9,077 | $10,291 | $415 | $642 | $3,009 | $3,208 | $0 | $0 | $16,679 | $20,768 | $3,076 | $7,013 | $0 | $0 | $11,372 | $11,638 | $2,130 | $2,016 | $0 | $0 | $101 | $101 | $0 | $0 |
Contractual Principal Balance | 65,383 | 65,383 | 65,765 | 11,265 | 11,265 | 15,436 | 443 | 443 | 443 | 36,437 | 36,437 | 30,855 | 12,710 | 12,710 | 14,159 | 459 | 459 | 663 | 4,069 | 4,069 | 4,209 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,341 | 40,815 | 7,981 | 7,083 | 443 | 443 | 23,970 | 16,431 | 10,520 | 12,087 | 459 | 663 | 3,968 | 4,108 | 0 | 0 | 18,042 | 24,950 | 3,284 | 8,353 | 0 | 0 | 12,467 | 14,424 | 2,190 | 2,072 | 0 | 0 | 101 | 101 | 0 | 0 |
Related Allowance | 4,510 | 4,510 | 5,302 | 802 | 802 | 2,080 | 0 | 0 | 0 | 3,338 | 3,338 | 2,872 | 368 | 368 | 348 | 0 | 0 | 0 | 2 | 2 | 2 | 0 | 0 | 0 | 4,510 | ' | 4,510 | ' | 5,302 | 802 | 2,080 | 0 | 0 | 3,338 | 2,872 | 368 | 348 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,510 | 5,302 | 802 | 2,080 | 0 | 0 | 3,338 | 2,872 | 368 | 348 | 0 | 0 | 2 | 2 | 0 | 0 |
Average current balance | ' | 50,371 | 70,991 | ' | 10,789 | 15,759 | ' | 223 | 1,325 | ' | 24,156 | 37,661 | ' | 11,572 | 12,222 | ' | 512 | 463 | ' | 3,119 | 3,246 | ' | 0 | 315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,241 | 41,855 | 6,095 | 10,712 | 223 | 599 | 13,927 | 16,563 | 9,466 | 10,225 | 512 | 463 | 3,018 | 3,145 | 0 | 148 | 17,130 | 29,136 | 4,694 | 5,047 | 0 | 726 | 10,229 | 21,098 | 2,106 | 1,997 | 0 | 0 | 101 | 101 | 0 | 167 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 181 | 472 | 747 | 44 | 97 | 165 | 0 | 0 | 0 | 75 | 201 | 380 | 45 | 128 | 152 | 2 | 6 | 6 | 15 | 40 | 44 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 97 | 177 | 227 | 17 | 43 | 71 | 0 | 0 | 7 | 69 | 102 | 110 | 10 | 30 | 37 | 0 | 0 | 0 | 1 | 2 | 2 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income recognized | $278 | $649 | $974 | $61 | $140 | $236 | $0 | $0 | $7 | $144 | $303 | $490 | $55 | $158 | $189 | $2 | $6 | $6 | $16 | $42 | $46 | $0 | $0 | $0 | $278 | $245 | $649 | $788 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LOANS_Changes_in_Other_Real_Es
LOANS - Changes in Other Real Estate Owned (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Disposals | ' | ' | $28,713 | $23,590 |
Non Covered Loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 13,370 | 11,798 | 19,806 | 12,526 |
Additions | 1,057 | 873 | 3,791 | 3,569 |
Disposals | 2,274 | 654 | 10,748 | 3,187 |
Write-downs | 837 | 213 | 1,533 | 1,104 |
Balance at end of period | 11,316 | 11,804 | 11,316 | 11,804 |
Non Covered Loans | Commercial | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Additions | 883 | 608 | 2,274 | 2,924 |
Disposals | 2,197 | 500 | 10,243 | 2,382 |
Write-downs | 772 | 71 | 1,310 | 632 |
Non Covered Loans | Residential | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Additions | 174 | 265 | 1,517 | 645 |
Disposals | 77 | 154 | 505 | 805 |
Write-downs | $65 | $142 | $223 | $472 |
LOANS_covered_Additional_Infor
LOANS (covered) - Additional Information (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Loans Accounted for Under FASB ASC Topic 310-30 | Loans Accounted for Under FASB ASC Topic 310-30 | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | ||||
Loans Accounted for Under FASB ASC Topic 310-30 | Loans Accounted for Under FASB ASC Topic 310-30 | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans, Federal Deposit Insurance Corporation Reimbursement Percentage on Losses Below Threshold | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' |
Loans, Federal Deposit Insurance Corporation Reimbursement Percentage on Losses Above Threshold | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | ' |
Loans-FDIC Coverage Lost | $190,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans-FDIC Coverage Lost percentage | 57.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covered loans | 332,265,000 | 457,873,000 | 518,524,000 | 279,285,000 | 399,655,000 | ' | ' | ' | ' | ' | ' |
Outstanding balance including contractual principal, interest, fees, and penalties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 337,500,000 | 493,600,000 |
Reclassification from/(to) non-accretable difference | ' | ' | ' | ' | ' | ($2,295,000) | ($4,979,000) | $19,864,000 | ($5,687,000) | ' | ' |
LOANS_covered_Carrying_Value_o
LOANS (covered) - Carrying Value of Purchased Impaired and Nonimpaired Loans (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $332,265 | $457,873 | $518,524 |
Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 23,744 | 42,316 | ' |
Real estate-construction | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,748 | 8,556 | ' |
Real estate-commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 183,913 | 268,633 | ' |
Real estate - residential | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 72,315 | 80,733 | ' |
Installment | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 3,570 | 5,641 | ' |
Home equity | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 44,858 | 49,624 | ' |
Other | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,117 | 2,370 | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 279,285 | 399,655 | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 22,403 | 41,172 | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | Real estate-construction | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,748 | 8,556 | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | Real estate-commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 178,618 | 263,146 | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | Real estate - residential | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 72,315 | 80,733 | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | Installment | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 3,073 | 5,073 | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | Home equity | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,128 | 975 | ' |
Loans Accounted for Under FASB ASC Topic 310-30 | Other | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Loans Excluded from FASB ASC Topic 310-30 | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 52,980 | 58,218 | ' |
Loans Excluded from FASB ASC Topic 310-30 | Commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,341 | 1,144 | ' |
Loans Excluded from FASB ASC Topic 310-30 | Real estate-construction | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Loans Excluded from FASB ASC Topic 310-30 | Real estate-commercial | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 5,295 | 5,487 | ' |
Loans Excluded from FASB ASC Topic 310-30 | Real estate - residential | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Loans Excluded from FASB ASC Topic 310-30 | Installment | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 497 | 568 | ' |
Loans Excluded from FASB ASC Topic 310-30 | Home equity | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 43,730 | 48,649 | ' |
Loans Excluded from FASB ASC Topic 310-30 | Other | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $2,117 | $2,370 | ' |
LOANS_covered_Carrying_Amount_
LOANS (covered) - Carrying Amount of Accretable Yield for Purchased Impaired and Nonimpaired Loans (Details) (Covered Loans, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Covered Loans | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' | ' | ' | ' |
Balance at beginning of period | $127,764 | $173,920 | $133,671 | $224,694 |
Reclassification from/(to) non-accretable difference | -2,295 | -4,979 | 19,864 | -5,687 |
Accretion | -8,158 | -13,772 | -26,808 | -46,971 |
Other net activity | -4,250 | -8,347 | -13,666 | -25,214 |
Balance at end of period | $113,061 | $146,822 | $113,061 | $146,822 |
LOANS_covered_Covered_Commerci
LOANS (covered) - Covered Commercial and Consumer Credit Exposure by Risk Attribute (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | $332,265 | $457,873 | $518,524 |
Commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 23,744 | 42,316 | ' |
Real estate-commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 183,913 | 268,633 | ' |
Residential real estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 72,315 | 80,733 | ' |
Installment | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 3,570 | 5,641 | ' |
Home equity | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 44,858 | 49,624 | ' |
Other | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 2,117 | 2,370 | ' |
Commercial total | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 209,405 | 319,505 | ' |
Commercial total | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 167,023 | 209,531 | ' |
Commercial total | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 5,342 | 14,915 | ' |
Commercial total | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 37,040 | 94,643 | ' |
Commercial total | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 416 | ' |
Commercial total | Commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 23,744 | 42,316 | ' |
Commercial total | Commercial | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 14,790 | 25,196 | ' |
Commercial total | Commercial | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 418 | 2,011 | ' |
Commercial total | Commercial | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 8,536 | 14,693 | ' |
Commercial total | Commercial | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 416 | ' |
Commercial total | Real estate - construction | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 1,748 | 8,556 | ' |
Commercial total | Real estate - construction | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 1,605 | 1,714 | ' |
Commercial total | Real estate - construction | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Commercial total | Real estate - construction | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 143 | 6,842 | ' |
Commercial total | Real estate - construction | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Commercial total | Real estate-commercial | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 183,913 | 268,633 | ' |
Commercial total | Real estate-commercial | Pass | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 150,628 | 182,621 | ' |
Commercial total | Real estate-commercial | Special Mention | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 4,924 | 12,904 | ' |
Commercial total | Real estate-commercial | Substandard | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 28,361 | 73,108 | ' |
Commercial total | Real estate-commercial | Doubtful | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Total | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 122,860 | 138,368 | ' |
Total | Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 119,418 | 136,470 | ' |
Total | Nonperforming | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 3,442 | 1,898 | ' |
Total | Residential real estate | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 72,315 | 80,733 | ' |
Total | Residential real estate | Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 72,315 | 80,733 | ' |
Total | Residential real estate | Nonperforming | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 0 | ' |
Total | Installment | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 3,570 | 5,641 | ' |
Total | Installment | Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 3,570 | 5,636 | ' |
Total | Installment | Nonperforming | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 0 | 5 | ' |
Total | Home equity | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 44,858 | 49,624 | ' |
Total | Home equity | Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 41,416 | 47,731 | ' |
Total | Home equity | Nonperforming | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 3,442 | 1,893 | ' |
Total | Other | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 2,117 | 2,370 | ' |
Total | Other | Performing | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | 2,117 | 2,370 | ' |
Total | Other | Nonperforming | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Total loans | $0 | $0 | ' |
LOANS_covered_Covered_Loan_Del
LOANS (covered) - Covered Loan Delinquency, Excluding Loans Accounted for Under FASB ASC Topic 310-30 (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | $10,783 | $13,724 |
60 - 89 days past due | 3,853 | 5,591 |
> 90 days past due | 19,742 | 27,862 |
Total Past due | 34,378 | 47,177 |
Current | 4,415,594 | 3,458,464 |
> 90 days past due and still accruing | 249 | 218 |
Commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 2,063 | 2,016 |
60 - 89 days past due | 333 | 161 |
> 90 days past due | 1,727 | 7,136 |
Total Past due | 4,123 | 9,313 |
Current | 1,300,659 | 1,026,355 |
> 90 days past due and still accruing | 0 | 0 |
Real estate-commercial | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 5,697 | 7,800 |
60 - 89 days past due | 2,359 | 4,269 |
> 90 days past due | 12,144 | 12,732 |
Total Past due | 20,200 | 24,801 |
Current | 1,931,855 | 1,472,186 |
> 90 days past due and still accruing | 0 | 0 |
Installment | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 106 | 213 |
60 - 89 days past due | 82 | 40 |
> 90 days past due | 223 | 379 |
Total Past due | 411 | 632 |
Current | 47,150 | 46,501 |
> 90 days past due and still accruing | 0 | 0 |
All other | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 490 | 680 |
60 - 89 days past due | 215 | 144 |
> 90 days past due | 249 | 218 |
Total Past due | 954 | 1,042 |
Current | 108,187 | 114,685 |
> 90 days past due and still accruing | 249 | 218 |
Covered Loans | Loans Excluded from FASB ASC Topic 310-30 | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 384 | 492 |
60 - 89 days past due | 196 | 375 |
> 90 days past due | 3,996 | 3,478 |
Total Past due | 4,576 | 4,345 |
Current | 48,404 | 53,873 |
Total | 52,980 | 58,218 |
> 90 days past due and still accruing | 3 | 0 |
Covered Loans | Commercial | Loans Excluded from FASB ASC Topic 310-30 | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 0 | 60 |
60 - 89 days past due | 49 | 335 |
> 90 days past due | 656 | 483 |
Total Past due | 705 | 878 |
Current | 636 | 266 |
Total | 1,341 | 1,144 |
> 90 days past due and still accruing | 0 | 0 |
Covered Loans | Real estate-commercial | Loans Excluded from FASB ASC Topic 310-30 | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 0 | 184 |
60 - 89 days past due | 144 | 0 |
> 90 days past due | 251 | 1,263 |
Total Past due | 395 | 1,447 |
Current | 4,900 | 4,040 |
Total | 5,295 | 5,487 |
> 90 days past due and still accruing | 0 | 0 |
Covered Loans | Installment | Loans Excluded from FASB ASC Topic 310-30 | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 0 | 0 |
60 - 89 days past due | 0 | 0 |
> 90 days past due | 0 | 5 |
Total Past due | 0 | 5 |
Current | 497 | 563 |
Total | 497 | 568 |
> 90 days past due and still accruing | 0 | 0 |
Covered Loans | Home equity | Loans Excluded from FASB ASC Topic 310-30 | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 361 | 239 |
60 - 89 days past due | 0 | 36 |
> 90 days past due | 3,086 | 1,727 |
Total Past due | 3,447 | 2,002 |
Current | 40,283 | 46,647 |
Total | 43,730 | 48,649 |
> 90 days past due and still accruing | 0 | 0 |
Covered Loans | All other | Loans Excluded from FASB ASC Topic 310-30 | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
30 - 59 days past due | 23 | 9 |
60 - 89 days past due | 3 | 4 |
> 90 days past due | 3 | 0 |
Total Past due | 29 | 13 |
Current | 2,088 | 2,357 |
Total | 2,117 | 2,370 |
> 90 days past due and still accruing | $3 | $0 |
LOANS_covered_Covered_Nonaccru
LOANS (covered) - Covered Nonaccrual Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
Commercial | Commercial | Commercial | Real estate-commercial | Real estate-commercial | Real estate-commercial | Installment | Installment | Installment | Home equity | Home equity | Home equity | All other | All other | All other | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | ||||
Commercial | Commercial | Real estate-commercial | Real estate-commercial | Installment | Installment | Home equity | Home equity | All other | All other | ||||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonaccrual loans | $41,646,000 | $41,646,000 | $37,605,000 | $6,486,000 | $6,486,000 | $7,934,000 | $25,262,000 | $25,262,000 | $17,286,000 | $398,000 | $398,000 | $574,000 | $2,581,000 | $2,581,000 | $2,982,000 | $0 | $0 | $0 | $4,604,000 | ' | $4,604,000 | ' | $3,787,000 | $906,000 | $540,000 | $256,000 | $1,349,000 | $0 | $5,000 | $3,442,000 | $1,893,000 | $0 | $0 |
Restructured loans - accrual status | 13,369,000 | 13,369,000 | 15,094,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000 | ' | 70,000 | ' | 335,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total impaired loans | 55,015,000 | 55,015,000 | 52,699,000 | 9,657,000 | 9,657,000 | 12,225,000 | 30,403,000 | 30,403,000 | 23,993,000 | 415,000 | 415,000 | 642,000 | 3,110,000 | 3,110,000 | 3,309,000 | 0 | 0 | 0 | 4,674,000 | ' | 4,674,000 | ' | 4,122,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructured Loans, Nonaccrual Status | 13,200,000 | 13,200,000 | 13,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | 900,000 | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount of interest that would have been recorded under original terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,000 | 81,000 | 201,000 | 334,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonaccrual loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000 | 6,000 | 34,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Impaired, Interest Income Recorded on Restructured Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 3,000 | 1,000 | 6,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income recognized | 278,000 | 649,000 | 974,000 | 61,000 | 140,000 | 236,000 | 144,000 | 303,000 | 490,000 | 2,000 | 6,000 | 6,000 | 16,000 | 42,000 | 46,000 | 0 | 0 | 0 | 18,000 | 9,000 | 35,000 | 26,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net impact on interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $54,000 | $72,000 | $166,000 | $308,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LOANS_covered_Investment_in_Co
LOANS (covered) - Investment in Covered Impaired Loans, excluding Loans Accounted for under FASB ASC Topic 310-30 (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Commercial | Commercial | Commercial | Real estate-commercial | Real estate-commercial | Real estate-commercial | Home equity | Home equity | Home equity | Installment | Installment | Installment | Other | Other | Other | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | Loans with no related allowance recorded [member] | ||||
Commercial | Commercial | Real estate-commercial | Real estate-commercial | Home equity | Home equity | Installment | Installment | Other | Other | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | Covered Loans | ||||||||||||||||||||||||||
Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | Loans Excluded from FASB ASC Topic 310-30 | ||||||||||||||||||||||||||||||||||||
Commercial | Commercial | Commercial | Real estate-commercial | Real estate-commercial | Real estate-commercial | Home equity | Home equity | Home equity | Installment | Installment | Installment | Other | Other | Other | |||||||||||||||||||||||||||||||||||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current balance | $55,015 | $55,015 | $52,699 | $9,657 | $9,657 | $12,225 | $30,403 | $30,403 | $23,993 | $3,110 | $3,110 | $3,309 | $415 | $415 | $642 | $0 | $0 | $0 | $4,674 | ' | $4,674 | ' | $4,122 | $38,336 | $31,931 | $6,581 | $5,212 | $19,031 | $12,355 | $3,009 | $3,208 | $415 | $642 | $0 | $0 | $4,674 | $4,674 | $4,122 | $960 | $960 | $875 | $256 | $256 | $1,349 | $0 | $0 | $1,893 | $0 | $0 | $5 | $3,458 | $3,458 | $0 |
Unpaid Principal Balance | 65,383 | 65,383 | 65,765 | 11,265 | 11,265 | 15,436 | 36,437 | 36,437 | 30,855 | 4,069 | 4,069 | 4,209 | 459 | 459 | 663 | 0 | 0 | 0 | ' | ' | ' | ' | ' | 47,341 | 40,815 | 7,981 | 7,083 | 23,970 | 16,431 | 3,968 | 4,108 | 459 | 663 | 0 | 0 | 6,605 | 6,605 | 6,683 | 1,302 | 1,302 | 1,131 | 395 | 395 | 2,648 | 4,908 | 4,908 | 2,899 | 0 | 0 | 5 | 0 | 0 | 0 |
Related Allowance | 4,510 | 4,510 | 5,302 | 802 | 802 | 2,080 | 3,338 | 3,338 | 2,872 | 2 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Average current balance | ' | 50,371 | 70,991 | ' | 10,789 | 15,759 | ' | 24,156 | 37,661 | ' | 3,119 | 3,246 | ' | 512 | 463 | ' | 0 | 315 | ' | ' | ' | ' | ' | 33,241 | 41,855 | 6,095 | 10,712 | 13,927 | 16,563 | 3,018 | 3,145 | 512 | 463 | 0 | 148 | ' | 4,249 | 6,239 | ' | 936 | 1,832 | ' | 819 | 1,786 | ' | 2,493 | 2,611 | ' | 1 | 2 | ' | 0 | 8 |
Interest income recognized | $278 | $649 | $974 | $61 | $140 | $236 | $144 | $303 | $490 | $16 | $42 | $46 | $2 | $6 | $6 | $0 | $0 | $0 | $18 | $9 | $35 | $26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18 | $35 | $30 | $6 | $16 | $11 | $1 | $2 | $4 | $11 | $17 | $15 | $0 | $0 | $0 | $0 | $0 | $0 |
LOANS_covered_Changes_in_Cover
LOANS (covered) - Changes in Covered Other Real Estate Owned (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Disposals | ' | ' | $28,713 | $23,590 |
Covered Loans | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Balance at beginning of period | 19,439 | 22,475 | 27,120 | 28,862 |
Additions | 118 | 8,667 | 4,346 | 21,535 |
Disposals | 7,536 | 2,941 | 17,965 | 20,403 |
Write-downs | 841 | 451 | 2,321 | 2,244 |
Balance at end of period | 11,180 | 27,750 | 11,180 | 27,750 |
Covered Loans | Commercial | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Additions | 0 | 8,572 | 3,937 | 21,063 |
Disposals | 7,498 | 2,865 | 17,429 | 19,513 |
Write-downs | 718 | 451 | 2,186 | 2,133 |
Covered Loans | Residential | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Additions | 118 | 95 | 409 | 472 |
Disposals | 38 | 76 | 536 | 890 |
Write-downs | $123 | $0 | $135 | $111 |
ALLOWANCE_FOR_LOAN_AND_LEASE_L2
ALLOWANCE FOR LOAN AND LEASE LOSSES - Changes in the Allowance for Loan and Lease Losses for the Current and Comparable Quarter and Year-to-Date (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Receivables [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $42,027 | $47,047 | $43,829 | $47,777 |
Provision for loan and lease losses | 1,093 | 1,413 | 2,281 | 6,863 |
Loans charged off | -1,816 | -5,111 | -6,427 | -12,515 |
Recoveries | 1,150 | 2,165 | 2,771 | 3,389 |
Balance at end of period | 42,454 | 45,514 | 42,454 | 45,514 |
Total loans | $4,449,972 | $3,430,916 | $4,449,972 | $3,430,916 |
Allowance for loan and lease losses to total ending loans | 0.95% | 1.33% | 0.95% | 1.33% |
ALLOWANCE_FOR_LOAN_AND_LEASE_L3
ALLOWANCE FOR LOAN AND LEASE LOSSES - Changes in the Allowance for Loan and Lease Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 |
Non Covered Loans | Non Covered Loans | Commercial | Commercial | Commercial | Commercial | Commercial | Real estate-construction | Real estate-construction | Real estate-construction | Real estate-construction | Real estate-construction | Real estate-commercial | Real estate-commercial | Real estate-commercial | Real estate-commercial | Real estate-commercial | Real estate - residential | Real estate - residential | Real estate - residential | Real estate - residential | Real estate - residential | Installment | Installment | Installment | Installment | Installment | Home equity | Home equity | Home equity | Home equity | Home equity | All other | All other | All other | All other | All other | ||||||
Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | Non Covered Loans | |||||||||||||||||||||||||||||
Allowance for loan and lease losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | $42,027 | $47,047 | $43,829 | $47,777 | ' | $43,829 | $47,777 | $10,568 | ' | $7,926 | $10,568 | ' | $824 | ' | $3,268 | $824 | ' | $20,478 | ' | $24,151 | $20,478 | ' | $3,379 | ' | $3,599 | $3,379 | ' | $365 | ' | $522 | $365 | ' | $5,209 | ' | $5,173 | $5,209 | ' | $3,006 | ' | $3,138 | $3,006 | ' |
Provision for loan and lease losses | 1,093 | 1,413 | 2,281 | 6,863 | ' | 2,281 | 8,714 | ' | ' | ' | 517 | 5,385 | ' | ' | ' | 274 | -3,115 | ' | ' | ' | 855 | 2,659 | ' | ' | ' | 61 | 593 | ' | ' | ' | -153 | -132 | ' | ' | ' | 721 | 1,937 | ' | ' | ' | 6 | 1,387 |
Gross charge-offs | 1,816 | 5,111 | 6,427 | 12,515 | ' | 6,427 | 17,283 | ' | ' | ' | 1,310 | 3,415 | ' | ' | ' | 0 | 1 | ' | ' | ' | 1,944 | 8,326 | ' | ' | ' | 701 | 1,016 | ' | ' | ' | 205 | 335 | ' | ' | ' | 1,396 | 2,409 | ' | ' | ' | 871 | 1,781 |
Recoveries | 1,150 | 2,165 | 2,771 | 3,389 | ' | 2,771 | 4,621 | ' | ' | ' | 1,185 | 672 | ' | ' | ' | 0 | 672 | ' | ' | ' | 771 | 1,994 | ' | ' | ' | 161 | 203 | ' | ' | ' | 173 | 310 | ' | ' | ' | 186 | 508 | ' | ' | ' | 295 | 262 |
Total net charge-offs | ' | ' | 3,656 | ' | ' | ' | 12,662 | 125 | ' | ' | ' | 2,743 | 0 | ' | ' | ' | -671 | 1,173 | ' | ' | ' | 6,332 | 540 | ' | ' | ' | 813 | 32 | ' | ' | ' | 25 | 1,210 | ' | ' | ' | 1,901 | 576 | ' | ' | ' | 1,519 |
Balance at end of period | 42,454 | 45,514 | 42,454 | 45,514 | ' | ' | 43,829 | 10,960 | ' | 7,926 | ' | 10,568 | 1,098 | ' | 3,268 | ' | 824 | 20,160 | ' | 24,151 | ' | 20,478 | 2,900 | ' | 3,599 | ' | 3,379 | 180 | ' | 522 | ' | 365 | 4,720 | ' | 5,173 | ' | 5,209 | 2,436 | ' | 3,138 | ' | 3,006 |
Ending allowance on loans individually evaluated for impairment | 4,510 | ' | 4,510 | ' | 5,302 | 4,510 | 5,302 | 802 | 2,080 | ' | 802 | 2,080 | 0 | 0 | ' | 0 | 0 | 3,338 | 2,872 | ' | 3,338 | 2,872 | 368 | 348 | ' | 368 | 348 | 0 | 0 | ' | 0 | 0 | ' | ' | ' | 2 | 2 | 0 | 0 | ' | 0 | 0 |
Ending allowance on loans collectively evaluated for impairment | ' | ' | ' | ' | ' | 37,944 | 38,527 | ' | ' | ' | 10,158 | 8,488 | ' | ' | ' | 1,098 | 824 | ' | ' | ' | 16,822 | 17,606 | ' | ' | ' | 2,532 | 3,031 | ' | ' | ' | 180 | 365 | ' | ' | ' | 4,718 | 5,207 | ' | ' | ' | 2,436 | 3,006 |
Loans and Leases: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance of loans individually evaluated for impairment | ' | ' | ' | ' | ' | 32,609 | 32,677 | ' | ' | ' | 7,913 | 10,391 | ' | ' | ' | 0 | 0 | ' | ' | ' | 20,763 | 18,023 | ' | ' | ' | 3,215 | 3,493 | ' | ' | ' | 104 | 122 | ' | ' | ' | 614 | 648 | ' | ' | ' | 0 | 0 |
Ending balance of loans collectively evaluated for impairment | ' | ' | ' | ' | ' | 4,417,363 | 3,472,964 | ' | ' | ' | 1,296,869 | 1,025,277 | ' | ' | ' | 193,776 | 80,741 | ' | ' | ' | 1,931,292 | 1,478,964 | ' | ' | ' | 423,343 | 349,438 | ' | ' | ' | 47,457 | 47,011 | ' | ' | ' | 415,485 | 375,806 | ' | ' | ' | 109,141 | 115,727 |
Loans and Leases Receivable, Net of Deferred Income | $4,449,972 | ' | $4,449,972 | ' | $3,505,641 | ' | ' | $1,304,782 | $1,035,668 | ' | $1,304,782 | $1,035,668 | $193,776 | $80,741 | ' | $193,776 | $80,741 | $1,952,055 | $1,496,987 | ' | $1,952,055 | $1,496,987 | $426,558 | $352,931 | ' | $426,558 | $352,931 | $47,561 | $47,133 | ' | $47,561 | $47,133 | $416,099 | $376,454 | ' | $416,099 | $376,454 | $109,141 | $115,727 | ' | $109,141 | $115,727 |
ALLOWANCE_FOR_LOAN_AND_LEASE_L4
ALLOWANCE FOR LOAN AND LEASE LOSSES - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Net charge-offs | $700,000 | $15,000,000 | $4,600,000 | $28,000,000 |
Provision for loan and lease losses | -200,000 | 5,293,000 | -2,805,000 | 6,052,000 |
Allowance for covered loan losses | 11,500,000 | ' | 11,500,000 | ' |
Loss sharing expense | 1,002,000 | 1,724,000 | 4,036,000 | 5,588,000 |
Loss (gain) - covered other real estate owned | 1,433,000 | -204,000 | 1,002,000 | 2,165,000 |
FDIC loss sharing income | ($192,000) | $5,555,000 | $408,000 | $7,105,000 |
ALLOWANCE_FOR_LOAN_AND_LEASE_L5
ALLOWANCE FOR LOAN AND LEASE LOSSES - Allowance for Loan and Lease Losses on Covered Loans (Details) (Covered Loans, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending allowance on loans acquired with deteriorated credit quality (ASC 310-30) | $11,535 | $18,901 |
Commercial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending allowance on loans acquired with deteriorated credit quality (ASC 310-30) | 5,468 | 9,400 |
Real estate-commercial | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending allowance on loans acquired with deteriorated credit quality (ASC 310-30) | 5,186 | 8,515 |
Real estate - residential | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending allowance on loans acquired with deteriorated credit quality (ASC 310-30) | 750 | 761 |
Installment | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Ending allowance on loans acquired with deteriorated credit quality (ASC 310-30) | $131 | $225 |
ALLOWANCE_FOR_LOAN_AND_LEASE_L6
ALLOWANCE FOR LOAN AND LEASE LOSSES - Allowance for Loan and Lease Losses on Covered Loans for the Current and Comparable Quarter and Year-to-Date (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Balance at beginning of period | $12,425 | $32,961 | $18,901 | $45,190 | ' |
Provision for loan and lease losses | -200 | 5,293 | -2,805 | 6,052 | ' |
Loans charged-off | 3,053 | 21,009 | 13,778 | 35,374 | ' |
Recoveries | 2,363 | 6,014 | 9,217 | 7,391 | ' |
Balance at end of period | 11,535 | 23,259 | 11,535 | 23,259 | ' |
Total loans | $332,265 | $518,524 | $332,265 | $518,524 | $457,873 |
Percentage of Allowance to Ending Loans, Covered | 3.47% | 4.49% | 3.47% | 4.49% | ' |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Goodwill (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ' | ' |
Balance at January 1, 2014 | ' | $95,050 |
Goodwill resulting from business combinations | 42,408 | ' |
Balance at September 30, 2014 | $137,458 | $95,050 |
GOODWILL_AND_OTHER_INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS--Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Finite-Lived Core Deposits, Gross | $8.20 | ' | $8.20 | ' | $5.90 |
Finite-Lived Intangible Assets, Period Increase (Decrease) | 3.5 | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense | $0.50 | $0.40 | $1.20 | $1.10 | ' |
Core Deposits [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Intangible assets amortization method | ' | ' | 'accelerated basis | ' | ' |
Estimated weighted average life (in years) | ' | ' | '6 years 10 months | ' | ' |
BORROWINGS_Borrowings_Addition
BORROWINGS Borrowings - - Additional Information (Details) (USD $) | Sep. 30, 2014 | Aug. 07, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Maximum | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Short-term borrowings acquired | ' | $74,900,000 | ' | ' |
Federal Home Loan Bank short-term borrowings | 806,000,000 | ' | 654,000,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 15,000,000 | ' | ' | ' |
Commitments outstanding to extend credit | 0 | ' | ' | ' |
Securities Sold under Agreements to Repurchase | $25,000,000 | ' | $52,500,000 | ' |
Securities Sold under Agreements to Repurchase, Remaining Contractual Term | ' | ' | ' | '1 year |
Assets Sold under Agreements to Repurchase, Interest Rate | 3.54% | ' | 3.49% | ' |
BORROWINGS_Schedule_of_Longter
BORROWINGS - Schedule of Long-term Debt (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Tier One Capital Limitation Percentage | 25.00% | ' |
Debt Instrument, Unused Borrowing Capacity, Amount | $167,700,000 | ' |
Amount | ' | ' |
FHLB long-term advances | 26,881,000 | 7,505,000 |
Securities Sold under Agreements to Repurchase | 25,000,000 | 52,500,000 |
Other Long-term Debt | 775,000 | 775,000 |
Total long-term debt | $52,656,000 | $60,780,000 |
Average Rate [Abstract] | ' | ' |
Federal Home Loan Bank | 3.01% | 3.72% |
Weighted average rate on repurchase agreements | 3.54% | 3.49% |
Weighted average rate on other long-term debt | 0.00% | 0.00% |
Total long-term debt | 3.22% | 3.48% |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), before Reclassification Adjustments and Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment securities | ($374) | ($5,956) | $15,869 | ($34,212) | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives | 1,096 | -1,475 | -881 | -298 | ' | ' | ' | ' |
Retirement obligation | 0 | 0 | 0 | 11,719 | ' | ' | ' | ' |
Foreign Currency Translation | -12 | 6 | -13 | -21 | ' | ' | ' | ' |
Total | 710 | -7,425 | 14,975 | -22,812 | ' | ' | ' | ' |
Other Comprehensive Income (Loss) Reclassifications before Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment securities | 0 | 0 | 50 | 1,724 | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives | -117 | -161 | -348 | -295 | ' | ' | ' | ' |
Retirement obligation | -302 | -1,873 | -1,059 | -7,523 | ' | ' | ' | ' |
Foreign Currency Translation | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Total | -419 | -2,034 | -1,357 | -6,094 | ' | ' | ' | ' |
Transactions Pre-tax | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment securities | -374 | -5,956 | 15,819 | -35,936 | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives | 1,213 | -1,314 | -533 | -3 | ' | ' | ' | ' |
Unfunded pension obligation | 302 | 1,873 | 1,059 | 19,242 | ' | ' | ' | ' |
Foreign currency translation | -12 | 6 | -13 | -21 | ' | ' | ' | ' |
Total | 1,129 | -5,391 | 16,332 | -16,718 | ' | ' | ' | ' |
Transactions Tax-effect | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment securities | 118 | 1,953 | -5,742 | 13,366 | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives | -453 | 496 | 199 | 1 | ' | ' | ' | ' |
Retirement obligation | -113 | -707 | -396 | -7,266 | ' | ' | ' | ' |
Foreign currency translation | 0 | 0 | 0 | 0 | ' | ' | ' | ' |
Total | -448 | 1,742 | -5,939 | 6,101 | ' | ' | ' | ' |
Transactions Net of tax | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment securities | -256 | -4,003 | 10,077 | -22,570 | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives | 760 | -818 | -334 | -2 | ' | ' | ' | ' |
Retirement obligation | 189 | 1,166 | 663 | 11,976 | ' | ' | ' | ' |
Foreign currency translation | -12 | 6 | -13 | -21 | ' | ' | ' | ' |
Total | 681 | -3,649 | 10,393 | -10,617 | ' | ' | ' | ' |
Balances Net of tax | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on investment securities | -6,212 | -9,768 | -6,212 | -9,768 | -5,956 | -16,289 | -5,765 | 12,802 |
Unrealized gain (loss) on cash flow hedges | 268 | -145 | 268 | -145 | -492 | 602 | 673 | -143 |
Retirement obligation | -14,902 | -19,362 | -14,902 | -19,362 | -15,091 | -15,565 | -20,528 | -31,338 |
Foreign currency translation | -42 | -19 | -42 | -19 | -30 | -29 | -25 | 2 |
Total | ($20,888) | ($29,294) | ($20,888) | ($29,294) | ($21,569) | ($31,281) | ($25,645) | ($18,677) |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME AMOUNT RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Accumulated Comprehensive income reclassified from AOCI [Line Items] | ' | ' | ' | ' |
Gains on sales of investment securities | $0 | $0 | $50 | $1,724 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 103 | 105 | 309 | 317 |
Defined Benefit Plan, Amortization of Gains (Losses) | -405 | -582 | -1,368 | -2,128 |
Pension settlement charges | 0 | -1,396 | 0 | -5,712 |
Other Comprehensive Income, Reclassification, Amortization of Defined Benefit Plans items, Pre-tax | -302 | -1,873 | -1,059 | -7,523 |
Total | -419 | -2,034 | -1,357 | -6,094 |
Deposits [Member] | Cash Flow Hedging [Member] | Interest Expense | Interest Rate Contracts | ' | ' | ' | ' |
Other Accumulated Comprehensive income reclassified from AOCI [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ($117) | ($161) | ($348) | ($295) |
DERIVATIVES_Additional_Informa
DERIVATIVES - Additional Information (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
entity | entity | |
Derivative [Line Items] | ' | ' |
Maximum derivative notional position as a percentage of assets | 35.00% | ' |
Maximum credit exposure as a percentage of capital | 3.00% | ' |
Maximum single counterparty credit risk exposure | $20,000,000 | ' |
Inerest-bearing deposit liability | 821,465,000 | 913,324,000 |
Number of counterparties | 9 | 9 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | 10,750,000 | 14,431,000 |
Outstanding liability from counterparty contracts | 49,000 | 28,000 |
Credit Derivative Term | '5 years | ' |
Interest Rate Cash Flow Hedge Asset at Fair Value | 200,000 | 800,000 |
Cash Flow Hedging [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Inerest-bearing deposit liability | 250,000,000 | 100,000,000 |
Other Credit Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Inerest-bearing deposit liability | 32,300,000 | 13,300,000 |
Accrued interest and other liabilities | Derivative [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Inerest-bearing deposit liability | 697,400,000 | 561,600,000 |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | $8,400,000 | $9,300,000 |
DERIVATIVES_Summary_of_Derivat
DERIVATIVES - Summary of Derivative Financial Instruments and Balances (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Inerest-bearing deposit liability | $821,465 | $913,324 |
Estimate Fair Value Gain | 10,126 | 13,477 |
Estimate Fair Value Loss | -10,750 | -14,431 |
Fair Value Hedges | Pay fixed interest rate swaps with counterparty | Accrued interest and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Inerest-bearing deposit liability | 8,913 | 9,836 |
Estimate Fair Value Gain | 0 | 0 |
Estimate Fair Value Loss | -528 | -865 |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Inerest-bearing deposit liability | 406,276 | 451,744 |
Estimate Fair Value Gain | 753 | 1,767 |
Estimate Fair Value Loss | -9,469 | -11,799 |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Inerest-bearing deposit liability | 406,276 | 451,744 |
Estimate Fair Value Gain | 9,373 | 11,710 |
Estimate Fair Value Loss | ($753) | ($1,767) |
DERIVATIVES_DERIVATIVES_Disclo
DERIVATIVES DERIVATIVES - Disclosure by Type of Financial Instrument (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Gross amounts of recognized liabilities | $10,750 | $14,431 |
Derivative Liability, Fair Value, Gross Asset | -8,610 | -10,196 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 2,140 | 4,235 |
Fair Value Hedges | Pay fixed interest rate swaps with counterparty | Accrued interest and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 528 | 865 |
Derivative Liability, Fair Value, Gross Asset | 0 | -663 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 528 | 202 |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 10,222 | 13,566 |
Derivative Liability, Fair Value, Gross Asset | -8,610 | -9,533 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $1,612 | $4,033 |
DERIVATIVES_Derivative_Financi
DERIVATIVES - Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | ||
Pay fixed interest rate swaps with counterparty | Matched interest rate swaps | Matched interest rate swaps | ||||
Derivative Financial Instruments Receive Fixed Pay Variable | Derivative Financial Instruments Receive Variable Pay Fixed | |||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Notional Value | $821,465 | $913,324 | $821,465 | $8,913 | $406,276 | $406,276 |
Average Maturity (years) | ' | ' | '4 years 0 months | '2 years 3 months | '4 years 1 month | '4 years 1 month |
Fair Value | ' | ' | ($624) | ($528) | $8,620 | ($8,716) |
Weighted-Average Rate Receive | ' | ' | 3.67% | 2.11% | 4.67% | 2.71% |
Weighted-Average Rate Pay | ' | ' | 3.72% | 6.85% | 2.71% | 4.67% |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $7,218 | $7,645 | $22,260 | $20,451 |
Effective tax rate | 32.00% | 33.90% | 32.40% | 31.50% |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Letters of credit issued to guarantee performance of a client to a third party | $22.10 | $14 |
Commitments outstanding to extend credit | 0 | ' |
Commitments to Extend Credit | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' |
Commitments outstanding to extend credit | $1,700 | $1,400 |
EMPLOYEE_BENEFIT_PLANS_Additio
EMPLOYEE BENEFIT PLANS - Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | ' | ' | $0 | ' | ' |
Pension Contributions | ' | ' | 0 | ' | 0 |
Pension Expense | -348,000 | 1,124,000 | -853,000 | 5,309,000 | ' |
Pension settlement charges | 0 | -1,396,000 | 0 | -5,712,000 | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | ($302,000) | ($1,873,000) | ($1,059,000) | ($19,242,000) | ' |
EMPLOYEE_BENEFIT_PLANS_EMPLOYE
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS - Employee benefit plan amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' | ' |
Service cost | $1,007 | $916 | $3,089 | $2,789 |
Interest cost | 551 | 566 | 1,791 | 1,752 |
Expected return on plan assets | -2,208 | -2,231 | -6,792 | -6,755 |
Amortization of prior service cost | -103 | -105 | -309 | -317 |
Defined Benefit Plan, Amortization of Gains (Losses) | 405 | 582 | 1,368 | 2,128 |
Pension settlement charges | 0 | -1,396 | 0 | -5,712 |
Net periodic benefit cost (income) | ($348) | $1,124 | ($853) | $5,309 |
EARNINGS_PER_COMMON_SHARE_Comp
EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator for basic and diluted earnings per share -income available to common shareholders: | ' | ' | ' | ' |
Net income | $15,344 | $14,911 | $46,401 | $44,564 |
Denominator for basic earnings per share - weighted average shares | 59,403,109 | 57,201,390 | 57,907,203 | 57,309,934 |
Effect of dilutive securities - | ' | ' | ' | ' |
Employee stock awards | 576,543 | 698,194 | 594,082 | 725,862 |
Warrants | 133,280 | 113,004 | 138,109 | 107,576 |
Denominator for diluted earnings per share - adjusted weighted average shares | 60,112,932 | 58,012,588 | 58,639,394 | 58,143,372 |
Basic | $0.26 | $0.26 | $0.80 | $0.78 |
Diluted | $0.26 | $0.26 | $0.79 | $0.77 |
EARNINGS_PER_COMMON_SHARE_Addi
EARNINGS PER COMMON SHARE - Additional Information (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Investment Warrants, Exercise Price | 12.12 | ' |
Preferred Stock, Shares Authorized | 10,000,000 | ' |
Preferred Stock, Shares Outstanding | 0 | ' |
Antidilutive Stock Options | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Stock options and warrants with an exercise price greater than the average market price of the common shares not included in the computation of net income per diluted share | 378,017 | 596,666 |
Antidilutive Warrants | ' | ' |
Earnings Per Share Disclosure [Line Items] | ' | ' |
Stock options and warrants with an exercise price greater than the average market price of the common shares not included in the computation of net income per diluted share | 465,117 | 465,117 |
FAIR_VALUE_DISCLOSURES_Estimat
FAIR VALUE DISCLOSURES - Estimated Fair Values of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative Financial Instruments, Liabilities, Fair Value Disclosure | $10,750 | $14,431 |
Financial assets | ' | ' |
Investment securities held-to-maturity | 900,521 | 837,272 |
Other investments | 49,986 | 47,427 |
Covered loans | 320,730 | 438,972 |
FDIC indemnification asset | 24,160 | 45,091 |
Deposits | ' | ' |
Noninterest-bearing | 1,243,367 | 1,147,452 |
Savings | 1,827,590 | 1,612,005 |
Time | 1,247,334 | 952,327 |
Carrying value | ' | ' |
Financial assets | ' | ' |
Cash and short-term investments | 143,725 | 143,450 |
Investment securities held-to-maturity | 900,521 | 837,272 |
Other investments | 49,986 | 47,427 |
Loans held for sale | 16,816 | 8,114 |
Loans - excluding covered loans | 4,407,518 | 3,461,812 |
Covered loans | 320,730 | 438,972 |
FDIC indemnification asset | 24,160 | 45,091 |
Deposits | ' | ' |
Noninterest-bearing | 1,243,367 | 1,147,452 |
Interest-bearing demand | 1,214,726 | 1,125,723 |
Savings | 1,827,590 | 1,612,005 |
Time | 1,247,334 | 952,327 |
Total deposits | 5,533,017 | 4,837,507 |
Short-term borrowings | 919,303 | 748,749 |
Long-term debt | 52,656 | 60,780 |
Fair value | ' | ' |
Financial assets | ' | ' |
Cash and short-term investments | 143,725 | 143,450 |
Investment securities held-to-maturity | 901,659 | 824,985 |
Other investments | 49,986 | 47,427 |
Loans held for sale | 16,816 | 8,114 |
Loans - excluding covered loans | 4,416,740 | 3,455,776 |
Covered loans | 318,372 | 451,545 |
FDIC indemnification asset | 12,482 | 34,820 |
Deposits | ' | ' |
Noninterest-bearing | 1,243,367 | 1,147,452 |
Interest-bearing demand | 1,214,726 | 1,125,723 |
Savings | 1,827,590 | 1,612,005 |
Time | 1,244,218 | 951,220 |
Total deposits | 5,529,901 | 4,836,400 |
Short-term borrowings | 919,303 | 748,749 |
Long-term debt | 54,385 | 62,706 |
Fair Value, Inputs, Level 1 [Member] | Fair value | ' | ' |
Financial assets | ' | ' |
Cash and short-term investments | 143,725 | 143,450 |
Investment securities held-to-maturity | 0 | 0 |
Other investments | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans - excluding covered loans | 0 | 0 |
Covered loans | 0 | 0 |
FDIC indemnification asset | 0 | 0 |
Deposits | ' | ' |
Noninterest-bearing | 0 | 0 |
Interest-bearing demand | 0 | 0 |
Savings | 0 | 0 |
Time | 0 | 0 |
Total deposits | 0 | 0 |
Short-term borrowings | 919,303 | 748,749 |
Long-term debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair value | ' | ' |
Financial assets | ' | ' |
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 901,659 | 824,985 |
Other investments | 49,986 | 47,427 |
Loans held for sale | 16,816 | 8,114 |
Loans - excluding covered loans | 0 | 0 |
Covered loans | 0 | 0 |
FDIC indemnification asset | 0 | 0 |
Deposits | ' | ' |
Noninterest-bearing | 1,243,367 | 1,147,452 |
Interest-bearing demand | 1,214,726 | 1,125,723 |
Savings | 1,827,590 | 1,612,005 |
Time | 1,244,218 | 951,220 |
Total deposits | 5,529,901 | 4,836,400 |
Short-term borrowings | 0 | 0 |
Long-term debt | 54,385 | 62,706 |
Fair Value, Inputs, Level 3 [Member] | Fair value | ' | ' |
Financial assets | ' | ' |
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Other investments | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans - excluding covered loans | 4,416,740 | 3,455,776 |
Covered loans | 318,372 | 451,545 |
FDIC indemnification asset | 12,482 | 34,820 |
Deposits | ' | ' |
Noninterest-bearing | 0 | 0 |
Interest-bearing demand | 0 | 0 |
Savings | 0 | 0 |
Time | 0 | 0 |
Total deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | $0 | $0 |
FAIR_VALUE_DISCLOSURES_Summary
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measure at Fair Value on a Recurring Basis (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Derivatives | $10,126 | $13,477 |
Investment securities available-for-sale | 929,594 | 913,601 |
Liabilities | ' | ' |
Derivatives | 10,750 | 14,431 |
Fair Value, Measurements, Recurring | ' | ' |
Assets | ' | ' |
Derivatives | 10,126 | 13,477 |
Investment securities available-for-sale | 929,594 | 913,601 |
Total | 939,720 | 927,078 |
Liabilities | ' | ' |
Derivatives | 10,578 | 14,431 |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | ' | ' |
Assets | ' | ' |
Derivatives | 0 | 0 |
Investment securities available-for-sale | 8,258 | 7,976 |
Total | 8,258 | 7,976 |
Liabilities | ' | ' |
Derivatives | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | ' | ' |
Assets | ' | ' |
Derivatives | 10,126 | 13,477 |
Investment securities available-for-sale | 921,336 | 905,625 |
Total | 931,462 | 919,102 |
Liabilities | ' | ' |
Derivatives | 10,578 | 14,431 |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | ' | ' |
Assets | ' | ' |
Derivatives | 0 | 0 |
Investment securities available-for-sale | 0 | 0 |
Total | 0 | 0 |
Liabilities | ' | ' |
Derivatives | $0 | $0 |
FAIR_VALUE_DISCLOSURES_Summary1
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) (Fair Value, Measurements, Nonrecurring, USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements Using Level 1 | ' | ' |
Assets | ' | ' |
Impaired loans | $0 | $0 |
Other Real Estate Owned, Fair Value Disclosure | 0 | 0 |
Covered Other Real Estate Owned, Fair Value Disclosure | 0 | 0 |
Fair Value Measurements Using Level 2 | ' | ' |
Assets | ' | ' |
Impaired loans | 0 | 0 |
Other Real Estate Owned, Fair Value Disclosure | 0 | 0 |
Covered Other Real Estate Owned, Fair Value Disclosure | 0 | 0 |
Fair Value Measurements Using Level 3 | ' | ' |
Assets | ' | ' |
Impaired loans | 10,308 | 13,699 |
Other Real Estate Owned, Fair Value Disclosure | 7,316 | 5,358 |
Covered Other Real Estate Owned, Fair Value Disclosure | $6,605 | $8,937 |
BUSINESS_COMBINATIONS_Details
BUSINESS COMBINATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Aug. 07, 2014 | Sep. 30, 2014 | Aug. 07, 2014 | Sep. 30, 2014 | Aug. 21, 2014 |
The First Bexley Bank [Domain] | The First Bexley Bank [Domain] | Insight Bank [Domain] | Insight Bank [Domain] | Guernsey Bank [Domain] | Guernsey Bank [Domain] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | $34,190 | ' | ' | $10,810 | ' | $9,880 | ' | $13,500 | ' |
Stock consideration | 60,429 | ' | ' | 33,699 | ' | 26,730 | ' | 0 | ' |
Other consideration | 2,523 | ' | ' | 0 | ' | 0 | ' | 2,523 | ' |
Total purchase consideration | 97,142 | ' | ' | 44,509 | ' | 36,610 | ' | 16,023 | ' |
Loans | 606,263 | 606,263 | ' | ' | 314,807 | ' | 219,008 | ' | 72,448 |
Intangible assets | 3,556 | 3,556 | ' | ' | 1,280 | ' | 1,277 | ' | 999 |
Other assets | 117,774 | 117,774 | ' | ' | 25,517 | ' | 30,882 | ' | 61,375 |
Total assets | 727,593 | 727,593 | ' | ' | 341,604 | ' | 251,167 | ' | 134,822 |
Deposits | 568,605 | 568,605 | ' | ' | 273,860 | ' | 179,330 | ' | 115,415 |
Borrowings | 94,891 | 94,891 | ' | ' | 40,000 | ' | 44,149 | ' | 10,742 |
Other liabilities | 9,363 | 9,363 | ' | ' | 1,454 | ' | 7,303 | ' | 606 |
Total liabilities | 672,859 | 672,859 | 0 | ' | 315,314 | ' | 230,782 | ' | 126,763 |
Net identifiable assets | 54,734 | 54,734 | ' | ' | 26,290 | ' | 20,385 | ' | 8,059 |
Goodwill | $42,408 | $42,408 | $0 | $18,219 | ' | $16,225 | ' | $7,964 | ' |