Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34762 | |
Entity Registrant Name | FIRST FINANCIAL BANCORP /OH/ | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-1042001 | |
Entity Address, Address Line One | 255 East Fifth Street, Suite 800 | |
Entity Address, City or Town | Cincinnati, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45202 | |
City Area Code | 877 | |
Local Phone Number | 322-9530 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 95,702,334 | |
Entity Central Index Key | 0000708955 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, No par value | |
Trading Symbol | FFBC | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable, Net of Deferred Income | $ 9,511,510 | $ 9,900,970 |
ASSETS | ||
Cash and due from banks | 206,918 | 231,054 |
Interest-bearing deposits with other banks | 38,610 | 20,305 |
Investment securities available-for-sale, at fair value (amortized cost $3,885,363 at June 30, 2021 and $3,330,029 at December 31, 2020) | 3,955,839 | 3,424,580 |
Investment securities held-to-maturity (fair value $115,171 at June 30, 2021 and $136,698 at December 31, 2020) | 112,456 | 131,687 |
Other investments | 129,432 | 133,198 |
Loans held for sale | 31,546 | 41,103 |
Loans | ||
Total loans and leases | 9,511,510 | 9,900,970 |
Loans and Leases Receivable, Allowance | (159,590) | (175,679) |
Net loans and leases | 9,351,920 | 9,725,291 |
Premises and equipment | 192,238 | 207,211 |
Goodwill | 937,771 | 937,771 |
Other Finite-Lived Intangible Assets, Gross | 59,391 | 64,552 |
Accrued interest and other assets | 1,021,798 | 1,056,382 |
Total assets | 16,037,919 | 15,973,134 |
Deposits | ||
Interest-bearing | 2,963,151 | 2,914,787 |
Savings | 4,093,229 | 3,680,774 |
Time | 1,548,109 | 1,872,733 |
Total interest-bearing deposits | 8,604,489 | 8,468,294 |
Noninterest-bearing | 3,901,691 | 3,763,709 |
Total deposits | 12,506,180 | 12,232,003 |
Federal funds purchased and securities sold under agreements to repurchase | 255,791 | 166,594 |
FHLB short-term borrowings | 217,000 | 0 |
Total short-term borrowings | 472,791 | 166,594 |
Long-term debt | 313,039 | 776,202 |
Total borrowed funds | 785,830 | 942,796 |
Accrued interest and other liabilities | 476,402 | 516,265 |
Total liabilities | 13,768,412 | 13,691,064 |
SHAREHOLDERS' EQUITY | ||
Authorized - 160,000,000 shares; Issued - 104,281,794 shares in 2021 and 2020 | 1,635,470 | 1,638,947 |
Retained earnings | 773,857 | 720,429 |
Accumulated other comprehensive loss | 30,735 | 48,664 |
Treasury stock, at cost, 8,082,285 shares in 2021 and 6,259,865 shares in 2020 | (170,555) | (125,970) |
Total shareholders' equity | 2,269,507 | 2,282,070 |
Total liabilities and shareholders' equity | 16,037,919 | 15,973,134 |
Commercial real estate | ||
Loans and Leases Receivable, Net of Deferred Income | 4,332,561 | 4,307,858 |
Loans | ||
Total loans and leases | 4,332,561 | 4,307,858 |
Construction real estate | ||
Loans and Leases Receivable, Net of Deferred Income | 630,329 | 636,096 |
Loans | ||
Total loans and leases | 630,329 | 636,096 |
Commercial | ||
Loans and Leases Receivable, Net of Deferred Income | 2,701,203 | 3,007,509 |
Loans | ||
Total loans and leases | 2,701,203 | 3,007,509 |
Lease financing | ||
Loans and Leases Receivable, Net of Deferred Income | 68,229 | 72,987 |
Loans | ||
Total loans and leases | 68,229 | 72,987 |
Residential real estate | ||
Loans and Leases Receivable, Net of Deferred Income | 932,112 | 1,003,086 |
Loans | ||
Total loans and leases | 932,112 | 1,003,086 |
Home equity | ||
Loans and Leases Receivable, Net of Deferred Income | 711,756 | 743,099 |
Loans | ||
Total loans and leases | 711,756 | 743,099 |
Installment | ||
Loans and Leases Receivable, Net of Deferred Income | 89,143 | 81,850 |
Loans | ||
Total loans and leases | 89,143 | 81,850 |
Credit card | ||
Loans and Leases Receivable, Net of Deferred Income | 46,177 | 48,485 |
Loans | ||
Total loans and leases | $ 46,177 | $ 48,485 |
CONSOLIDATED BALANCE SHEETS CON
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 3,885,363 | $ 3,330,029 |
Debt Securities, Held-to-maturity, Fair Value | $ 115,171 | $ 136,698 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 160,000,000 | 160,000,000 |
Common Stock, Shares, Issued | 104,281,794 | 104,281,794 |
Treasury Stock, Shares | 8,082,285 | 6,259,865 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Document Period End Date | Jun. 30, 2021 | |||
Interest income | ||||
Loans, including fees | $ 97,494 | $ 105,900 | $ 196,425 | $ 221,675 |
Investment securities | ||||
Taxable | 19,524 | 18,476 | 38,131 | 37,481 |
Tax-exempt | 4,871 | 4,937 | 9,914 | 9,519 |
Total interest on investment securities | 24,395 | 23,413 | 48,045 | 47,000 |
Other earning assets | 25 | 47 | 53 | 189 |
Total interest income | 121,914 | 129,360 | 244,523 | 268,864 |
Interest expense | ||||
Deposits | 3,693 | 11,751 | 8,026 | 28,116 |
Short-term borrowings | 53 | 1,274 | 120 | 6,361 |
Long-term borrowings | 4,142 | 4,759 | 8,475 | 8,529 |
Total interest expense | 7,888 | 17,784 | 16,621 | 43,006 |
Net interest income | 114,026 | 111,576 | 227,902 | 225,858 |
Provision for Credit Losses | (4,756) | 17,859 | (1,306) | 41,739 |
Provision for credit losses | 517 | 2,370 | 1,055 | 3,938 |
Net interest income after provision for loan and lease losses | 118,265 | 91,347 | 228,153 | 180,181 |
Noninterest income | ||||
Service Charges on Deposit Accounts | 7,537 | 6,001 | 14,683 | 14,436 |
Trust and wealth management fees | 6,216 | 5,254 | 11,846 | 10,951 |
Bankcard income | 3,732 | 2,844 | 6,860 | 5,542 |
Client derivative fees | 1,795 | 2,984 | 3,351 | 6,089 |
Foreign exchange income | 12,037 | 6,576 | 22,794 | 16,542 |
Net gain from sales of loans | 8,489 | 16,662 | 17,943 | 19,493 |
Net gain (loss) on sales/transfers of investment securities | (265) | 2 | (431) | (57) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 161 | 150 | 273 | 52 |
Other | 3,285 | 2,252 | 5,990 | 5,061 |
Total noninterest income | 42,987 | 42,725 | 83,309 | 78,109 |
Noninterest expenses | ||||
Salaries and employee benefits | 60,784 | 55,925 | 122,037 | 110,747 |
Net occupancy | 5,535 | 5,378 | 11,239 | 11,482 |
Furniture and equipment | 3,371 | 3,681 | 7,340 | 7,734 |
Data processing | 7,864 | 7,019 | 15,151 | 13,408 |
Marketing | 2,035 | 1,339 | 3,396 | 2,559 |
Communication | 746 | 907 | 1,584 | 1,797 |
Professional services | 2,029 | 2,205 | 3,479 | 4,480 |
State intangible tax | 1,201 | 1,514 | 2,403 | 3,030 |
FDIC assessments | 1,362 | 1,290 | 2,711 | 2,695 |
Intangible assets amortization | 2,480 | 2,791 | 4,959 | 5,583 |
Other | 12,236 | 6,640 | 17,850 | 14,840 |
Total noninterest expenses | 99,643 | 88,689 | 192,149 | 178,355 |
Income before income taxes | 61,609 | 45,383 | 119,313 | 79,935 |
Income tax expense | 10,721 | 7,990 | 21,110 | 13,914 |
Net income | $ 50,888 | $ 37,393 | $ 98,203 | $ 66,021 |
Earnings per common share | ||||
Basic | $ 0.53 | $ 0.38 | $ 1.02 | $ 0.68 |
Diluted | $ 0.52 | $ 0.38 | $ 1.01 | $ 0.67 |
Average common shares outstanding - basic | 96,123,645 | 97,220,748 | 96,496,720 | 97,478,719 |
Average common shares outstanding - diluted | 97,009,712 | 97,988,600 | 97,366,640 | 98,172,408 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 50,888 | $ 37,393 | $ 98,203 | $ 66,021 |
Other comprehensive (loss) income, net of tax | ||||
Unrealized gain (loss) on debt securities arising during the period | 12,218 | 24,290 | (18,750) | 22,427 |
Change in retirement obligation | 416 | 353 | 821 | 681 |
Other comprehensive income (loss) | 12,634 | 24,643 | (17,929) | 23,108 |
Comprehensive income | $ 63,522 | $ 62,036 | $ 80,274 | $ 89,129 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained earnings |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,247,705 | $ 1,640,771 | $ 711,249 | $ 13,323 | $ (117,638) | $ (56,882) | $ (56,882) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | Accounting Standards Update 2016-01 [Member] | |||||||
Beginning Balances (in shares) at Dec. 31, 2019 | 104,281,794 | (5,790,796) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 66,021 | 66,021 | |||||
Other comprehensive income (loss) | 23,108 | 23,108 | |||||
Cash dividends declared : | |||||||
Common stock at $0.23 per share in 2021 and $0.23 per share in 2020 | (44,856) | (44,856) | |||||
Treasury Stock, Shares, Acquired | (880,000) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (16,686) | $ (16,686) | |||||
Exercise of stock options, net of shares purchased (in shares) | 10,405 | ||||||
Exercise of stock options, net of shares purchased | (72) | $ (140) | $ (212) | ||||
Restricted stock awards, net of forfeitures (in shares) | 397,455 | ||||||
Restricted stock awards, net of forfeitures | (1,196) | (9,294) | $ 8,098 | ||||
Share-based compensation expense | 3,733 | $ 3,733 | |||||
Ending Balances (in shares) at Jun. 30, 2020 | 104,281,794 | (6,262,936) | |||||
Ending Balances at Jun. 30, 2020 | 2,221,019 | 675,532 | 36,431 | $ (126,014) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,179,383 | $ 1,633,950 | 660,653 | 11,788 | $ (127,008) | ||
Beginning Balances (in shares) at Mar. 31, 2020 | 104,281,794 | (6,312,836) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 37,393 | 37,393 | |||||
Other comprehensive income (loss) | 24,643 | 24,643 | |||||
Cash dividends declared : | |||||||
Common stock at $0.23 per share in 2021 and $0.23 per share in 2020 | (22,514) | (22,514) | |||||
Restricted stock awards, net of forfeitures (in shares) | 49,900 | ||||||
Restricted stock awards, net of forfeitures | (82) | $ (1,076) | $ 994 | ||||
Share-based compensation expense | 2,196 | $ 2,196 | |||||
Ending Balances (in shares) at Jun. 30, 2020 | 104,281,794 | (6,262,936) | |||||
Ending Balances at Jun. 30, 2020 | 2,221,019 | 675,532 | 36,431 | $ (126,014) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,635,070 | 675,532 | 36,431 | ||||
Retained Earnings (Accumulated Deficit) | 720,429 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,282,070 | $ 1,638,947 | 720,429 | 48,664 | $ (125,970) | $ (56,900) | |
Beginning Balances (in shares) at Dec. 31, 2020 | 104,281,794 | (6,259,865) | |||||
Beginning Balances at Dec. 31, 2020 | 2,282,070 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 98,203 | 98,203 | |||||
Other comprehensive income (loss) | (17,929) | (17,929) | |||||
Cash dividends declared : | |||||||
Common stock at $0.23 per share in 2021 and $0.23 per share in 2020 | (44,775) | (44,775) | |||||
Treasury Stock, Shares, Acquired | (2,149,060) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (50,846) | $ (50,846) | |||||
Exercise of stock options, net of shares purchased (in shares) | 3,468 | ||||||
Exercise of stock options, net of shares purchased | (34) | $ (36) | $ (70) | ||||
Restricted stock awards, net of forfeitures (in shares) | 323,172 | ||||||
Restricted stock awards, net of forfeitures | (2,585) | (8,776) | $ 6,191 | ||||
Share-based compensation expense | 5,335 | $ 5,335 | |||||
Ending Balances (in shares) at Jun. 30, 2021 | 104,281,794 | (8,082,285) | |||||
Ending Balances at Jun. 30, 2021 | 2,269,507 | $ 1,635,470 | 773,857 | 30,735 | $ (170,555) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,258,942 | $ 1,633,137 | 745,220 | 18,101 | $ (137,516) | ||
Beginning Balances (in shares) at Mar. 31, 2021 | 104,281,794 | (6,764,101) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 50,888 | 50,888 | |||||
Other comprehensive income (loss) | 12,634 | 12,634 | |||||
Cash dividends declared : | |||||||
Common stock at $0.23 per share in 2021 and $0.23 per share in 2020 | (22,251) | (22,251) | |||||
Treasury Stock, Shares, Acquired | (1,308,945) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (32,864) | $ (32,864) | |||||
Restricted stock awards, net of forfeitures (in shares) | (9,239) | ||||||
Restricted stock awards, net of forfeitures | (335) | $ (160) | $ (175) | ||||
Share-based compensation expense | 2,493 | $ 2,493 | |||||
Ending Balances (in shares) at Jun. 30, 2021 | 104,281,794 | (8,082,285) | |||||
Ending Balances at Jun. 30, 2021 | 2,269,507 | $ 1,635,470 | $ 773,857 | $ 30,735 | $ (170,555) | ||
Retained Earnings (Accumulated Deficit) | $ 773,857 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Common Stock, Dividends, Per Share, Declared | $ 0.23 | $ 0.23 | $ 0.46 | $ 0.46 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net income | $ 98,203 | $ 66,021 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | (251) | 45,677 |
Depreciation and amortization | 16,281 | 14,790 |
Stock-based compensation expense | 5,335 | 3,733 |
Pension expense (income) | 1,695 | 926 |
Net amortization (accretion) on investment securities | 18,989 | 8,372 |
Net (gain) loss on sales of investment securities | 431 | 57 |
Originations of loans held for sale | (423,914) | (385,371) |
Net gains from sales of loans held for sale | (17,943) | (19,493) |
Proceeds from sales of loans held for sale | 447,255 | 374,594 |
Deferred income taxes | 5,863 | (9,752) |
Amortization of operating leases | 3,701 | 4,001 |
Payments for operating leases | (3,437) | (3,873) |
Decrease (increase) cash surrender value of life insurance | 647 | 1,098 |
Decrease (increase) in interest receivable | 2,102 | (11,611) |
(Decrease) increase in interest payable | (1,720) | (3,240) |
Decrease (increase) in other assets | 93,861 | (330,020) |
(Decrease) increase in other liabilities | (39,569) | 180,120 |
Net cash provided by (used in) operating activities | 205,962 | (66,219) |
Investing activities | ||
Proceeds from sales of securities available-for-sale | 212,246 | 41,303 |
Proceeds from calls, paydowns and maturities of securities available-for-sale | 550,239 | 401,771 |
Purchases of securities available-for-sale | (1,394,143) | (456,917) |
Proceeds from calls, paydowns and maturities of securities held-to-maturity | 20,371 | 15,664 |
Payments to Acquire Other Investments | 5,401 | 18,659 |
Net decrease (increase) in interest-bearing deposits with other banks | (18,305) | 18,103 |
Net decrease (increase) in loans and leases | 378,739 | (982,748) |
Proceeds from disposal of other real estate owned | 1,036 | 977 |
Purchases of premises and equipment | (5,163) | (9,758) |
Net cash provided by (used in) investing activities | (251,941) | (990,264) |
Financing activities | ||
Net (decrease) increase in total deposits | 274,177 | 1,491,186 |
Net (decrease) increase in short-term borrowings | 306,197 | (1,161,834) |
Payments of long-term debt | 463,382 | 90,133 |
Proceeds from (Repayments of) Other Long-term Debt | 0 | 811,772 |
Proceeds from Issuance of Subordinated Long-term Debt | 0 | 150,000 |
Cash dividends paid on common stock | (44,337) | (44,946) |
Treasury stock purchase | 50,846 | 16,686 |
Proceeds from exercise of stock options | 34 | 72 |
Net cash provided by (used in) financing activities | 21,843 | 1,139,431 |
Cash and due from banks: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (24,136) | 82,948 |
Cash and due from banks at beginning of period | 231,054 | 200,691 |
Cash and due from banks at end of period | 206,918 | 283,639 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (273) | (52) |
Payments to Acquire Held-to-maturity Securities | (1,000) | 0 |
Proceeds from Maturities, Prepayments and Calls of Other Investments | 9,440 | 0 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 18,341 | 46,247 |
Income Taxes Paid | $ 10,938 | $ 6,297 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2020 has been derived from the audited financial statements in the Company’s 2020 Form 10-K. Use of estimates. The preparation of financial statements in conformity with 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. COVID-19. In the majority of 2020 and the first six months of 2021, First Financial's operations and financial results were significantly impacted by the COVID-19 pandemic. The spread of COVID-19 has caused significant economic disruption throughout the United States as state and local governments issued stay at home orders and temporarily closed non-essential businesses. The full financial impact from the pandemic is unknown at this time, however prolonged disruption from the pandemic may adversely impact several industries within the Company's geographic footprint and impair the ability of First Financial's customers to fulfill their contractual obligations to the Company. This could cause First Financial to experience a material adverse effect on business operations, asset valuations, financial condition and results of operations. Material adverse impacts may include all or a combination of valuation impairments on First Financial's intangible assets, investments, loans, mortgage servicing rights or counter-party risk derivatives. |
RECENTLY ADOPTED AND ISSUED ACC
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted and Issued Accounting Standards Disclosure [Text Block] | ACCOUNTING STANDARDS RECENTLY ADOPTED OR ISSUED Standards Adopted in 2021 During the first quarter of 2021, the Company adopted ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This standard simplified the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and added new requirements with the intention of simplifying and clarifying existing guidance. This update did not have a material impact on the Company’s Consolidated Financial Statements. Standards Adopted in 2020 On January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaced the previously required incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in leases recognized by a lessor in accordance with Topic 842 on leases. In addition, ASC 326 made changes to the accounting for available-for-sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available-for-sale debt securities that management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a net decrease to retained earning s of $56.9 million as of January 1, 2020 for the cumulative effect of adopting ASC 326. As detailed in the following table, the transition adjustment included a $61.5 million increase to ACL, a $12.2 million increase in the ACL for unfunded commitments and a $16.8 million decrease in deferred tax liabilities. The Company adopted CECL using the prospective transition approach for financial assets purchased with credit deterioration that were previously classified as purchased credit impaired and accounted for under ASC 310-30. In accordance with the standard, First Financial did not reassess whether PCI assets met the definition of PCD assets as of the date of adoption. In March 2020, the OCC, the Board of Governors of the Federal Reserve System, and the FDIC announced an interim final rule to delay the estimated impact on regulatory capital stemming from the implementation of CECL. The interim final rule maintains the three-year transition option in the previous rule and provides banks the option to delay for two years an estimate of CECL’s effect on regulatory capital, relative to the incurred loss methodology’s effect on regulatory capital, followed by a three-year transition period. First Financial is adopting the capital transition relief over the five year permissible period. The impact of adopting ASC 326 was as follows: January 1, 2020 (dollars in thousands) As Reported under ASC 326 Pre-ASC 326 Impact of ASC 326 Adoption Assets Loans Commercial and industrial $ 28,485 $ 18,584 $ 9,901 Lease financing 1,089 971 118 Construction real estate 13,960 2,381 11,579 Commercial real estate 47,697 23,579 24,118 Residential real estate 10,789 5,299 5,490 Home equity 13,217 4,787 8,430 Installment 1,193 392 801 Credit card 2,725 1,657 1,068 Allowance for credit losses on loans $ 119,155 $ 57,650 $ 61,505 Liabilities Deferred tax liability $ 16,252 $ 33,030 $ (16,778) Allowance for credit losses on OBS credit exposures 12,740 585 12,155 |
INVESTMENTS
INVESTMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTSFor the three months ended June 30, 2021, there were sales of $219.7 million of AFS securities with gross realized gains of $2.5 million and gross realized losses of $2.8 million. For the six months ended June 30, 2021, there were sales of $271.8 million of AFS securities with $3.1 million of gross realized gains and $3.5 million of gross realized losses. For the three months ended June 30, 2020, there were sales of $11.4 million of AFS securities with gross realized gains of $0.1 million and gross realized losses of $0.1 million. For the six months ended June 30, 2020, there were $41.3 million sales of AFS securities with $0.1 million gross realized gains and $0.1 million gross realized losses. The following is a summary of HTM and AFS investment securities as of June 30, 2021: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized loss Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 20,218 $ 220 $ 0 $ 20,438 Securities of U.S. government agencies and corporations 0 0 0 0 78,311 798 (4) 79,105 Mortgage-backed securities - residential 0 0 0 0 686,994 11,127 (6,758) 691,363 Mortgage-backed securities - commercial 56,833 1,828 0 58,661 685,920 8,384 (567) 693,737 Collateralized mortgage obligations 14,985 162 (85) 15,062 740,172 14,785 (2,690) 752,267 Obligations of state and other political subdivisions 9,388 1,003 0 10,391 978,919 43,085 (3,587) 1,018,417 Asset-backed securities 0 0 0 0 599,326 4,061 (638) 602,749 Other securities 31,250 108 (301) 31,057 95,503 2,296 (36) 97,763 Total $ 112,456 $ 3,101 $ (386) $ 115,171 $ 3,885,363 $ 84,756 $ (14,280) $ 3,955,839 The following is a summary of HTM and AFS investment securities as of December 31, 2020: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 99 $ 4 $ 0 $ 103 Securities of U.S. government agencies and corporations 0 0 0 0 60 0 0 60 Mortgage-backed securities - residential 13,990 197 0 14,187 704,482 15,938 (237) 720,183 Mortgage-backed securities - commercial 71,737 3,485 0 75,222 584,125 10,395 (3,584) 590,936 Collateralized mortgage obligations 5,799 79 0 5,878 634,418 21,148 (445) 655,121 Obligations of state and other political subdivisions 9,911 1,239 0 11,150 856,054 46,755 (291) 902,518 Asset-backed securities 0 0 0 0 478,539 4,158 (826) 481,871 Other securities 30,250 11 0 30,261 72,252 1,544 (8) 73,788 Total $ 131,687 $ 5,011 $ 0 $ 136,698 $ 3,330,029 $ 99,942 $ (5,391) $ 3,424,580 The following table provides a summary of investment securities by contractual maturity as of June 30, 2021, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments. Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Fair Amortized Fair By Contractual Maturity: Due in one year or less $ 0 $ 0 $ 26,647 $ 26,908 Due after one year through five years 0 0 50,859 52,674 Due after five years through ten years 37,186 37,931 298,659 309,239 Due after ten years 3,452 3,517 796,786 826,902 Mortgage-backed securities - residential 0 0 686,994 691,363 Mortgage-backed securities - commercial 56,833 58,661 685,920 693,737 Collateralized mortgage obligations 14,985 15,062 740,172 752,267 Asset-backed securities 0 0 599,326 602,749 Total $ 112,456 $ 115,171 $ 3,885,363 $ 3,955,839 Unrealized gains and losses on debt securities are generally due to fluctuations in current market yields relative to the yields of the securities at their amortized cost. All securities with unrealized losses are reviewed quarterly to determine if any impairment exists, requiring a write-down to fair value. For securities in an unrealized loss position, the Company first assesses whether it intends to sell or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security . As of June 30, 2021, the Company's investment securities portfolio consisted of 1,416 securities, of which 200 were in an unrealized loss position. As of December 31, 2020, the Company's investment securities portfolio consisted of 1,351 securities, of which 94 were in an unrealized loss position. 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. The Company recorded no reserves on investment securities for the six months ended June 30, 2021 or the twelve months ended December 31, 2020. Primarily all of First Financial’s HTM debt securities are issued by U.S. government-sponsored enterprises. These securities carry the explicit and/or implicit guarantee of the U.S. government, are widely recognized as “risk free,” and have a long history of zero credit loss. The remainder of the Company's HTM securities are non-agency collateralized mortgage obligations and obligations of state and other political subdivisions which currently carry ratings no lower than A+. There were no HTM securities on nonaccrual status or past due as of June 30, 2021 or December 31, 2020. Therefore, the Company did not record an ACL for these securities as of June 30, 2021 or December 31, 2020. The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: June 30, 2021 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Securities of U.S. Government agencies and corporations 8,660 (4) 0 0 8,660 (4) Mortgage-backed securities - residential 456,487 (6,758) 0 0 456,487 (6,758) Mortgage-backed securities - commercial 69,725 (507) 38,839 (60) 108,564 (567) Collateralized mortgage obligations 273,715 (2,727) 4,220 (48) 277,935 (2,775) Obligations of state and other political subdivisions 265,630 (3,581) 14,443 (6) 280,073 (3,587) Asset-backed securities 175,728 (528) 25,449 (110) 201,177 (638) Other securities 31,913 (337) 0 0 31,913 (337) Total $ 1,281,858 $ (14,442) $ 82,951 $ (224) $ 1,364,809 $ (14,666) December 31, 2020 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Securities of U.S. Government agencies and corporations 0 0 0 0 0 0 Mortgage-backed securities - residential 57,872 (237) 0 0 57,872 (237) Mortgage-backed securities - commercial 169,825 (986) 48,158 (2,598) 217,983 (3,584) Collateralized mortgage obligations 49,161 (445) 1 0 49,162 (445) Obligations of state and other political subdivisions 60,008 (291) 0 0 60,008 (291) Asset-backed securities 84,749 (435) 68,967 (391) 153,716 (826) Other securities 4,992 (8) 0 0 4,992 (8) Total $ 426,607 $ (2,402) $ 117,126 $ (2,989) $ 543,733 $ (5,391) For further detail on the fair value of investment securities, see Note 16 – Fair Value Disclosures. |
LOANS AND LEASES
LOANS AND LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
LOANS AND LEASES | LOANS AND LEASES First Financial offers clients a variety of commercial and consumer loan and lease products with diverse interest rates and payment terms. Commercial loan categories include C&I, CRE, construction real estate and lease financing. Consumer loan categories include residential real estate, home equity, installment and credit card. Lending activities are primarily concentrated in states where the Bank operates banking centers (Ohio, Indiana, Kentucky and Illinois). First Financial also offers two nationwide lending platforms, one that provides equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector and another that primarily provides loans that are secured by commissions and cash collateral to insurance agents and brokers. In accordance with the CARES Act and the 2021 Consolidated Appropriations Act, First Financial participated in offering PPP loans to its customers. These loans provide a direct incentive for small businesses to keep their workers on the payroll and to maintain their operations during the COVID-19 pandemic. PPP loans are eligible to be forgiven provided certain conditions are met. As of June 30, 2021, First Financial had $401.1 million in PPP loans, net of unearned fees of $16.6 million. As of December 31, 2020, First Financial had $594.6 million in PPP loans, net of unearned fees of $13.7 million. Credit Quality. To facilitate the monitoring of credit quality for commercial loans, 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, lease or 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 highly questionable and improbable, on the basis of currently existing facts, conditions and values. 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 previously described are derived from standard regulatory rating definitions and are assigned upon initial approval of credit to borrowers and updated periodically thereafter. First Financial considers repayment performance to be the best indicator of credit quality for consumer loans. Consumer loans that have principal and interest payments that are past due by 90 days or more are generally classified as nonperforming. Additionally, consumer loans that have been modified in a TDR are classified as nonperforming. The following table sets forth the Company's loan portfolio at June 30, 2021 by risk attribute and origination date: (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Term Total Revolving Total Commercial & industrial Pass $ 479,384 $ 659,967 $ 390,865 $ 241,685 $ 165,643 $ 183,797 $ 2,121,341 $ 484,587 $ 2,605,928 Special mention 345 4,681 2,984 13,919 1,977 8,062 31,968 9,626 41,594 Substandard 2,092 888 17,501 1,338 17,927 2,190 41,936 11,745 53,681 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 481,821 $ 665,536 $ 411,350 $ 256,942 $ 185,547 $ 194,049 $ 2,195,245 $ 505,958 $ 2,701,203 Lease financing Pass $ 11,691 $ 15,772 $ 13,112 $ 10,819 $ 5,474 $ 4,478 $ 61,346 $ 0 $ 61,346 Special mention 0 6,853 0 0 0 0 6,853 0 6,853 Substandard 0 3 0 0 0 27 30 0 30 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 11,691 $ 22,628 $ 13,112 $ 10,819 $ 5,474 $ 4,505 $ 68,229 $ 0 $ 68,229 Construction real estate Pass $ 28,149 $ 116,351 $ 297,398 $ 106,443 $ 10,535 $ 13,374 $ 572,250 $ 23,639 $ 595,889 Special mention 0 0 0 18,203 0 0 18,203 0 18,203 Substandard 0 0 16,237 0 0 0 16,237 0 16,237 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 28,149 $ 116,351 $ 313,635 $ 124,646 $ 10,535 $ 13,374 $ 606,690 $ 23,639 $ 630,329 Commercial real estate - investor Pass $ 274,887 $ 474,378 $ 1,006,925 $ 398,163 $ 329,296 $ 553,349 $ 3,036,998 $ 55,027 $ 3,092,025 Special mention 248 1,874 23,805 15,348 54,296 61,304 156,875 46 156,921 Substandard 1,696 5,992 11,662 30,272 7,193 13,075 69,890 0 69,890 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 276,831 $ 482,244 $ 1,042,392 $ 443,783 $ 390,785 $ 627,728 $ 3,263,763 $ 55,073 $ 3,318,836 Commercial real estate - owner Pass $ 63,295 $ 195,467 $ 138,676 $ 134,761 $ 118,564 $ 263,950 $ 914,713 $ 35,626 $ 950,339 Special mention 780 4,157 1,745 2,580 12,611 13,345 35,218 0 35,218 Substandard 62 630 9,556 13,049 2,467 2,366 28,130 38 28,168 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 64,137 $ 200,254 $ 149,977 $ 150,390 $ 133,642 $ 279,661 $ 978,061 $ 35,664 $ 1,013,725 Residential real estate Performing $ 120,303 $ 272,824 $ 182,666 $ 87,663 $ 45,960 $ 217,755 $ 927,171 $ 0 $ 927,171 Nonperforming 0 98 643 278 289 3,633 4,941 0 4,941 Total $ 120,303 $ 272,922 $ 183,309 $ 87,941 $ 46,249 $ 221,388 $ 932,112 $ 0 $ 932,112 Home equity Performing $ 24,466 $ 51,137 $ 17,343 $ 13,865 $ 9,141 $ 40,027 $ 155,979 $ 553,123 $ 709,102 Nonperforming 0 0 0 122 30 357 509 2,145 2,654 (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Term Total Revolving Total Total $ 24,466 $ 51,137 $ 17,343 $ 13,987 $ 9,171 $ 40,384 $ 156,488 $ 555,268 $ 711,756 Installment Performing $ 9,917 $ 24,421 $ 11,543 $ 7,794 $ 6,067 $ 3,328 $ 63,070 $ 26,013 $ 89,083 Nonperforming 6 0 28 1 1 6 42 18 60 Total $ 9,923 $ 24,421 $ 11,571 $ 7,795 $ 6,068 $ 3,334 $ 63,112 $ 26,031 $ 89,143 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 45,770 $ 45,770 Nonperforming 0 0 0 0 0 0 0 407 407 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 46,177 $ 46,177 Grand Total $ 1,017,321 $ 1,835,493 $ 2,142,689 $ 1,096,303 $ 787,471 $ 1,384,423 $ 8,263,700 $ 1,247,810 $ 9,511,510 The following table sets forth the Company's loan portfolio at December 31, 2020 by risk attribute and origination date: (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Term Total Revolving Total Commercial & industrial Pass $ 1,141,163 $ 460,210 $ 296,221 $ 208,077 $ 122,686 $ 138,307 $ 2,366,664 $ 502,286 $ 2,868,950 Special mention 24,668 10,281 18,118 6,893 6,668 6,090 72,718 10,470 83,188 Substandard 6,709 2,370 8,022 26,565 5,124 1,192 49,982 5,389 55,371 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,172,540 $ 472,861 $ 322,361 $ 241,535 $ 134,478 $ 145,589 $ 2,489,364 $ 518,145 $ 3,007,509 Lease financing Pass $ 22,916 $ 22,397 $ 12,942 $ 6,967 $ 4,802 $ 2,368 $ 72,392 $ 0 $ 72,392 Special mention 290 0 0 0 0 0 290 0 290 Substandard 5 0 0 180 120 0 305 0 305 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 23,211 $ 22,397 $ 12,942 $ 7,147 $ 4,922 $ 2,368 $ 72,987 $ 0 $ 72,987 Construction real estate Pass $ 96,410 $ 259,524 $ 182,625 $ 23,185 $ 24,786 $ 426 $ 586,956 $ 19,671 $ 606,627 Special mention 0 621 18,203 9,984 661 0 29,469 0 29,469 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 96,410 $ 260,145 $ 200,828 $ 33,169 $ 25,447 $ 426 $ 616,425 $ 19,671 $ 636,096 Commercial real estate - investor Pass $ 515,950 $ 1,011,898 $ 427,077 $ 378,536 $ 286,587 $ 361,403 $ 2,981,451 $ 56,398 $ 3,037,849 Special mention 0 17,463 15,534 44,426 32,408 43,704 153,535 559 154,094 Substandard 6,198 2,043 22,497 7,067 68 14,724 52,597 0 52,597 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 522,148 $ 1,031,404 $ 465,108 $ 430,029 $ 319,063 $ 419,831 $ 3,187,583 $ 56,957 $ 3,244,540 Commercial real estate - owner Pass $ 185,692 $ 162,480 $ 147,236 $ 125,275 $ 128,755 $ 211,519 $ 960,957 $ 36,721 $ 997,678 Special mention 4,292 11,380 2,891 8,230 3,017 19,384 49,194 59 49,253 Substandard 668 504 7,054 5,496 306 2,321 16,349 38 16,387 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 190,652 $ 174,364 $ 157,181 $ 139,001 $ 132,078 $ 233,224 $ 1,026,500 $ 36,818 $ 1,063,318 (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Term Total Revolving Total Residential real estate Performing $ 290,277 $ 241,601 $ 115,747 $ 64,220 $ 60,094 $ 224,281 $ 996,220 $ 0 $ 996,220 Nonperforming 321 429 673 643 87 4,713 6,866 0 6,866 Total $ 290,598 $ 242,030 $ 116,420 $ 64,863 $ 60,181 $ 228,994 $ 1,003,086 $ 0 $ 1,003,086 Home equity Performing $ 60,967 $ 20,200 $ 17,445 $ 11,308 $ 9,744 $ 41,571 $ 161,235 $ 577,609 $ 738,844 Nonperforming 0 0 0 39 28 138 205 4,050 4,255 Total $ 60,967 $ 20,200 $ 17,445 $ 11,347 $ 9,772 $ 41,709 $ 161,440 $ 581,659 $ 743,099 Installment Performing $ 21,584 $ 15,614 $ 11,041 $ 8,812 $ 1,954 $ 3,185 $ 62,190 $ 19,479 $ 81,669 Nonperforming 15 53 23 35 17 36 179 2 181 Total $ 21,599 $ 15,667 $ 11,064 $ 8,847 $ 1,971 $ 3,221 $ 62,369 $ 19,481 $ 81,850 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 47,845 $ 47,845 Nonperforming 0 0 0 0 0 0 0 640 640 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 48,485 $ 48,485 Grand Total $ 2,378,125 $ 2,239,068 $ 1,303,349 $ 935,938 $ 687,912 $ 1,075,362 $ 8,619,754 $ 1,281,216 $ 9,900,970 Delinquency. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the date of the scheduled payment. Loan delinquency, including loans classified as nonaccrual, was as follows: As of June 30, 2021 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Total > 90 days Loans Commercial & industrial $ 150 $ 300 $ 8,988 $ 9,438 $ 2,691,765 $ 2,701,203 $ 0 Lease financing 0 0 15 15 68,214 68,229 0 Construction real estate 0 0 0 0 630,329 630,329 0 Commercial real estate-investor 5,788 0 21,057 26,845 3,291,991 3,318,836 0 Commercial real estate-owner 162 245 72 479 1,013,246 1,013,725 0 Residential real estate 2,351 793 1,797 4,941 927,171 932,112 0 Home equity 864 406 1,384 2,654 709,102 711,756 0 Installment 50 0 9 59 89,084 89,143 0 Credit card 179 56 172 407 45,770 46,177 155 Total $ 9,544 $ 1,800 $ 33,494 $ 44,838 $ 9,466,672 $ 9,511,510 $ 155 As of December 31, 2020 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Total > 90 days Loans Commercial & industrial $ 6,532 $ 0 $ 1,861 $ 8,393 $ 2,999,116 $ 3,007,509 $ 0 Lease financing 0 0 0 0 72,987 72,987 0 Construction real estate 0 0 0 0 636,096 636,096 0 Commercial real estate-investor 136 0 24,422 24,558 3,219,982 3,244,540 0 Commercial real estate-owner 6,480 174 400 7,054 1,056,264 1,063,318 0 Residential real estate 2,809 370 3,687 6,866 996,220 1,003,086 0 Home equity 1,483 835 1,937 4,255 738,844 743,099 0 Installment 94 35 51 180 81,670 81,850 0 Credit card 303 163 174 640 47,845 48,485 169 Total $ 17,837 $ 1,577 $ 32,532 $ 51,946 $ 9,849,024 $ 9,900,970 $ 169 For PCD assets, the delinquency status was determined individually for each loan in accordance with the individual loan's contractual repayment terms. 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 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. 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 classified as nonaccrual may return to accrual status if none of the principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual principal and interest. Troubled Debt Restructurings. A loan modification is considered a TDR when the borrower is experiencing financial difficulty and a concession is 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. In accordance with the CARES Act, performing loans that demonstrated limited signs of credit deterioration, but were modified to provide borrowers relief during the COVID-19 pandemic were not considered to be TDR as of June 30, 2021 or December 31, 2020. 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 169 TDRs totaling $33.6 million at June 30, 2021, including $12.1 million on accrual status and $21.5 million classified as nonaccrual. First Financial had $0.3 million of commitments outstanding to lend additional funds to borrowers whose loan terms have been modified through TDRs, and the ACL included reserves of $6.4 million related to TDRs at June 30, 2021. Additionally, as of June 30, 2021, $5.2 million of accruing TDRs have been performing in accordance with the restructured terms for more than one year. First Financial had 155 TDRs totaling $21.8 million at December 31, 2020, including $7.1 million of loans on accrual status and $14.7 million classified as nonaccrual. First Financial had $0.3 million commitments outstanding to lend additional funds to borrowers whose loan terms had been modified through TDRs. At December 31, 2020, the ACL included reserves of $8.8 million related to TDRs, and $5.0 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 six months ended June 30, 2021 and 2020: Three months ended June 30, 2021 June 30, 2020 (Dollars in thousands) Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Commercial & industrial 1 $ 1,761 $ 1,761 5 $ 2,121 $ 2,121 Construction real estate 0 0 0 0 0 0 Commercial real estate 0 0 0 0 0 0 Residential real estate 3 97 90 4 439 416 Home equity 1 16 16 2 40 40 Installment 0 0 0 0 0 0 Total 5 $ 1,874 $ 1,867 11 $ 2,600 $ 2,577 Six months ended June 30, 2021 June 30, 2020 (Dollars in thousands) Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Commercial & industrial 5 $ 4,967 $ 4,831 7 $ 13,504 $ 13,504 Construction real estate 0 0 0 0 0 0 Commercial real estate 7 10,015 9,046 0 0 0 Residential real estate 13 1,120 1,090 18 1,568 1,489 Home equity 2 30 30 6 226 226 Installment 0 0 0 1 26 15 Total 27 $ 16,132 $ 14,997 32 $ 15,324 $ 15,234 For TDRs identified during the three months ended June 30, 2021, there were no chargeoffs for the portion of TDRs determined to be uncollectible. For TDRs identified during the six months ended June 30, 2021, there were insignificant chargeoffs for the portion of TDRs determined to be uncollectible. For TDRs identified during the three and six months ended June 30, 2020, there were $0.7 million and $1.1 million of chargeoffs for the portion of TDRs determined to be uncollectible, respectively. The following table provides information on how TDRs were modified during the three and six months ended June 30, 2021 and 2020: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Extended maturities $ 0 $ 0 $ 0 $ 0 Adjusted interest rates 0 0 0 0 Combination of rate and maturity changes 0 0 0 0 Forbearance 84 2,175 6,247 3,183 Other (1) 1,783 402 8,750 12,051 Total $ 1,867 $ 2,577 $ 14,997 $ 15,234 (1) Includes covenant modifications and other concessions, or combination of concessions, that do not consist of interest rate adjustments, forbearance and maturity extensions First Financial considers repayment performance as an indication of the effectiveness of the Company's loan modifications. Borrowers that are 90 days or more past due on any principal or interest payments, or who prematurely terminate a restructured loan agreement without paying off the contractual principal balance, are considered to be in default of the terms of the TDR agreement. For both the three and six month periods ended June 30, 2021 and 2020, there were no TDR relationships for which there was a payment default during the period that occurred within twelve months of the loan modifications. As stated in the CARES Act and subsequently modified by the Consolidated Appropriations Act, loan modifications in response to COVID-19 executed on loans that were not more than 30 days past due as of December 31, 2019 and executed between March 1, 2020, and the earlier of 60 days after the date of termination of the National Emergency or January 1, 2022 are not required to be reported as TDR. As of June 30, 2021, the Company's loan portfolio included $181.7 million of active loan modifications made under the guidance of the CARES Act that were not classified as TDR. These modifications included $181.1 million of borrowers making interest only payments and $0.6 million of modifications deferring full principal and interest payments. Active modifications were concentrated in hotel and franchise loans, which were $118.1 million and $34.7 million respectively as of June 30, 2021, or 65.0% and 19.1% of the total active modifications at June 30, 2021. Total active deferrals were comprised of 28 commercial loans with balances of $181.1 million and 4 consumer loans with balances of $0.6 million as of June 30, 2021. As of December 31, 2020, the Company's loan portfolio included $320.2 million of active loan modifications made under the guidance of the CARES Act that were not classified as TDR. These modifications included $291.5 million of borrowers making interest only payments at year end, and full principal and interest deferrals of $28.7 million. Active modifications as of December 31, 2020 were primarily hotel and franchise loans, which were $186.2 million and $44.3 million respectively, or 58.2% and 13.8% of the total active modifications at December 31, 2020. As of December 31, 2020, the Company's loan portfolio included 90 commercial loans with balances of $312.5 million and 53 consumer loans with balances of $7.7 million modified in response to COVID-19 that are not considered TDRs. Nonperforming Loans. Loans classified as nonaccrual and loans modified as TDRs are considered nonperforming. The following table provides information on nonperforming loans: June 30, 2021 December 31, 2020 (Dollars in thousands) Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 15,610 $ 11,816 $ 27,426 $ 18,711 $ 10,519 $ 29,230 Lease financing 0 16 16 0 0 0 Construction real estate 0 0 0 0 0 0 Commercial real estate 11,866 34,091 45,957 6,957 27,725 34,682 Residential real estate 0 9,480 9,480 251 11,350 11,601 Home equity 0 3,376 3,376 0 5,076 5,076 Installment 0 115 115 0 163 163 Total nonaccrual loans $ 27,476 $ 58,894 $ 86,370 $ 25,919 $ 54,833 $ 80,752 (1) Nonaccrual loans include nonaccrual TDRs of $21.5 million and $14.7 million as of June 30, 2021 and December 31, 2020, respectively. Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 3,164 $ 1,327 $ 4,651 $ 2,633 Interest included in income Nonaccrual loans 1,334 370 1,817 537 Troubled debt restructurings 221 68 307 303 Total interest included in income 1,555 438 2,124 840 Net impact on interest income $ 1,609 $ 889 $ 2,527 $ 1,793 First Financial individually reviews all nonperforming loan relationships greater than $250,000 to determine if an individually evaluated 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. Individually evaluated allowances are based on discounted cash flows using the loan's initial effective interest rate or the fair value of the collateral for certain collateral dependent loans. A loan is considered to be collateral dependent when the borrower is experiencing financial difficulty and the repayment is expected to be provided substantially through the operation or sale of collateral. The following table presents the amortized cost basis of collateral dependent loans by class of loan. June 30, 2021 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 20,138 $ 827 $ 6,229 $ 0 $ 0 $ 232 $ 27,426 Lease financing 0 0 16 0 0 0 16 Commercial real estate-investor 0 27,051 0 5,987 218 0 33,256 Commercial real estate-owner 0 6,433 6,129 40 99 0 12,701 Residential real estate 0 0 0 0 9,480 0 9,480 Home equity 0 0 0 0 3,376 0 3,376 Installment 0 0 0 0 52 63 115 Total $ 20,138 $ 34,311 $ 12,374 $ 6,027 $ 13,225 $ 295 $ 86,370 December 31, 2020 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 30,961 $ 6,130 $ 2,608 $ 865 $ 0 $ 4,892 $ 45,456 Commercial real estate-investor 0 20,212 661 5,537 872 0 27,282 Commercial real estate-owner 5,842 3,495 0 42 344 0 9,723 Residential real estate 0 0 0 0 11,601 0 11,601 Home equity 0 0 0 0 5,076 0 5,076 Installment 0 0 0 0 0 163 163 Total $ 36,803 $ 29,837 $ 3,269 $ 6,444 $ 17,893 $ 5,055 $ 99,301 Lease financing. First Financial originates both sales-type and direct financing leases, and the Company manages and reviews lease residuals in accordance with its credit policies. Sales-type lease contracts contain the ability to purchase the underlying equipment at lease maturity and profit or loss is recognized at lease commencement. Direct financing leases are generally three to five years in length and may be extended at maturity, however, early cancellation may result in a fee to the borrower. For direct financing leases, the net unearned income is deferred and amortized over the life of the lease. OREO. OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, that results in partial or total satisfaction of problem loans. Changes in OREO were as follows: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 854 $ 1,467 $ 1,287 $ 2,033 Additions Commercial & industrial 98 76 98 323 Residential real estate 0 0 0 146 Total additions 98 76 98 469 Disposals Commercial & industrial (522) (38) (768) (217) Residential real estate (81) (39) (268) (760) Total disposals (603) (77) (1,036) (977) Valuation adjustment Commercial & industrial (9) 470 (9) 470 Residential real estate 0 (64) 0 (123) Total valuation adjustment (9) 406 (9) 347 Balance at end of period $ 340 $ 1,872 $ 340 $ 1,872 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Allowance for credit losses - loans and leases. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The ACL is increased by provision expense and decreased by 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 a guarantor or from the liquidation of collateral. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable on loans and leases, which totaled $34.9 million and $37.7 million as of June 30, 2021 and December 31, 2020, respectively , is excluded from the estimate of credit losses. Management estimates the allowance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the ACL using the following methods: Commercial and industrial – C&I loans include revolving lines of credit and term loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, leasehold improvements or other projects. C&I loans are generally underwritten individually and secured with the assets of the Company and/or the personal guarantee of the business owners. C&I loans also include ABL, equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector and commission-based loans to insurance agents and brokers. ABL transactions typically involve larger commercial clients and are secured by specific assets, such as inventory, accounts receivable, machinery and equipment. In the franchise lending space, First Financial focuses on a limited number of restaurant concepts that have sound economics, low closure rates and strong brand awareness within specified local, regional or national markets. Within the insurance lending platform, First Financial serves insurance agents and brokers that are looking to maximize their book-of-business value and grow their agency business. Current period default rates are utilized in the modeling of the ACL for C&I loans, and are adjusted for forecasted changes in the treasury term spread and market volatility index. Changes in current period defaults or forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Lease financing – Lease financing consists of lease transactions for the acquisition of both new and used business equipment for commercial clients. Lease products may include tax leases, finance leases, lease lines of credit and interim funding. The credit underwriting for lease transactions includes detailed analysis of the lessee's industry and business model, nature of the equipment, equipment resale values, historical and projected cash flow analysis, secondary sources of repayment and guarantor support in addition to other considerations. The ACL model for leases sources expected default rates from the C&I portfolio model. Therefore, changes in forecasted expectations for the treasury term spread and market volatility index could result in volatility in the Company's ACL in future periods. Construction real estate – Real estate construction loans are term loans to individuals, companies or developers used for the construction or development of a commercial or residential property for which repayment will be generated by the sale or permanent financing of the property. Generally, these loans are for construction projects that have been pre-sold, pre-leased or have secured permanent financing, as well as loans to real estate companies with significant equity invested in the project. An independent credit team underwrites construction real estate loans, which are managed by experienced lending officers and monitored through the construction phase by a centralized funding desk that manages loan disbursements. The construction ACL model is adjusted for forecasted changes in rental vacancy rates in the Bank's geographic footprint and the housing price index. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Commercial real estate - owner & investor – Commercial real estate loans consist of term loans secured by a mortgage lien on real estate properties such as apartment buildings, office and industrial buildings and retail shopping centers. Additionally, the Company's franchise lending activities discussed in the "Commercial and Industrial" section often include the financing of real estate in addition to equipment. The credit underwriting for both owner-occupied and investor income producing real estate loans includes detailed market analysis, historical and projected cash flow analysis, appropriate equity margins, assessment of lessees and lessors, environmental risks and the type, age, condition and location of real estate, among other factors. First Financial models owner-occupied and investor CRE separately when determining the ACL. For owner occupied CRE, current period default rates are utilized in the modeling, and are adjusted for forecasted changes in the BAA bond spread, national rental vacancy rates and the consumer confidence index. Current period default rates are also utilized in the modeling of investor CRE loans, and are adjusted for forecasted changes in the BAA bond spread, multifamily building permits within the Bank’s geographic footprint and national rental vacancy rates. Changes in current period defaults and forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Residential real estate – Residential real estate loans represent loans to consumers for the financing of a residence. These loans generally have a 15 to 30 year term and a fixed interest rate, but may have a shorter term to maturity with an adjustable interest rate. In most cases, these loans are extended to borrowers to finance their primary residence. First Financial sells residential real estate loan originations into the secondary market on both servicing retained and servicing released bases. Residential real estate loans are generally underwritten to secondary market lending standards, utilizing underwriting processes that rely on empirical data to assess credit risk as well as analysis of the borrower's ability to repay their obligations, credit history, the amount of any down payment and the market value or other characteristics of the property. First Financial also offers a residential mortgage product that features similar borrower credit characteristics but a more streamlined underwriting process than typically required to sell to government-sponsored enterprises and thus is retained on the Consolidated Balance Sheets. The residential real estate ACL model is adjusted for forecasted changes in the housing price index, housing starts within the Bank’s geographic footprint and national single-family existing home sa l es. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Home equity – Home equity lending includes both home equity loans and revolving lines of credit secured by a first or second lien on the borrower’s residence. Home equity lending underwriting considerations include the borrower's credit history as well as to debt-to-income and loan-to-value policy limits. The home equity ACL model is adjusted for forecasted changes in the consumer credit growth rate within the Bank’s geographic footprint and the working-age labor participation rate. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Installment – Installment lending consists of consumer loans not secured by real estate, including loans secured by automobiles and unsecured personal loans. The ACL model for installment loans sources expected default rates from the residential real estate and home equity portfolio models and is paired with installment specific LGD rates. Changes in forecasted expectations for the consumer credit growth rate within the Bank’s geographic footprint, the working-age labor participation rate, the housing price index, housing starts within the Bank’s geographic footprint and national existing single-family existing home sa l es could result in volatility in the Company's ACL in future periods. Credit card – Credit card lending consists of secured and unsecured revolving lines of credit to consumer and business customers. Credit card lines are generally available for an indefinite period of time as long as the borrower's credit characteristics do not materially or adversely change, but lines are unconditionally cancellable by the Company at any time. The ACL model for credit card loans sources expected default rates from the residential real estate and home equity portfolio models and is paired with credit card specific LGD rates. Changes in forecasted expectations for the consumer credit growth rate within the Bank’s geographic footprint, the working-age labor participation rate, the housing price index, housing starts within the Bank’s geographic footprint and national existing single-family existing home sa l es could result in volatility in the Company's ACL in future periods. The Company utilized the Moody's June baseline forecast as its R&S forecast in the quantitative model, which included consideration of the impact from both the COVID-19 pandemic and the related government stimulus response. For reasonableness, the Company also considered the impact to the model from alternative, more adverse economic forecasts, slower prepayment speeds and increased default rates. These alternative analyses were utilized to inform the Company's qualitative adjustments. Additionally, First Financial considered its credit exposure to certain industries believed to be at risk for future credit stress related to the COVID-19 pandemic, such as franchise, hotel and investor commercial real estate lending when making qualitative adjustments to the ACL model. First Financial's ACL is influenced by loan volumes, risk rating migration or delinquency status, and other conditions impacting loss expectations, such as reasonable and supportable forecasts of economic conditions. For the three months ended June 30, 2021, the ACL declined slightly due to improvements in economic forecasts and the Company's improved credit outlook. Changes in the allowance by loan category were as follows: Three months ended June 30, 2021 Real Estate (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total Allowance for credit losses: Balance at beginning of period $ 45,139 $ 1,015 $ 22,734 $ 78,669 $ 7,748 $ 10,760 $ 1,235 $ 2,623 $ 169,923 Provision for credit losses 5,182 442 (2,378) (6,398) (877) (1,153) 16 410 (4,756) Gross charge-offs (3,729) 0 0 (2,041) (46) (240) (77) (179) (6,312) Recoveries 205 0 3 75 54 317 37 44 735 Total net charge-offs (3,524) 0 3 (1,966) 8 77 (40) (135) (5,577) Ending allowance for credit losses $ 46,797 $ 1,457 $ 20,359 $ 70,305 $ 6,879 $ 9,684 $ 1,211 $ 2,898 $ 159,590 Three months ended June 30, 2020 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total Allowance for credit losses: Balance at beginning of period $ 45,410 $ 1,494 $ 13,511 $ 53,154 $ 11,284 $ 14,827 $ 1,238 $ 2,967 $ 143,885 Provision for credit losses 6,018 (63) 1,832 10,799 (648) (319) (32) 272 17,859 Loans charged off (1,282) 0 0 (2,037) (148) (428) (7) (234) (4,136) Recoveries 275 0 14 424 93 156 27 64 1,053 Total net charge-offs (1,007) 0 14 (1,613) (55) (272) 20 (170) (3,083) Ending allowance for credit losses $ 50,421 $ 1,431 $ 15,357 $ 62,340 $ 10,581 $ 14,236 $ 1,226 $ 3,069 $ 158,661 Six months ended June 30, 2021 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home equity Installment Credit card Total Allowance for credit losses: Beginning balance $ 51,454 $ 995 $ 21,736 $ 76,795 $ 8,560 $ 11,869 $ 1,215 $ 3,055 $ 175,679 Provision for credit losses 6,440 462 (1,378) (3,469) (1,732) (1,828) 38 161 (1,306) Loans charged off (11,639) 0 (2) (3,291) (47) (851) (113) (401) (16,344) Recoveries 542 0 3 270 98 494 71 83 1,561 Total net charge-offs (11,097) 0 1 (3,021) 51 (357) (42) (318) (14,783) Ending allowance for credit losses $ 46,797 $ 1,457 $ 20,359 $ 70,305 $ 6,879 $ 9,684 $ 1,211 $ 2,898 $ 159,590 Six months ended June 30, 2020 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home equity Installment Credit card Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 18,584 $ 971 $ 2,381 $ 23,579 $ 5,299 $ 4,787 $ 392 $ 1,657 $ 57,650 Impact of adopting ASC 326 9,901 118 11,579 24,118 5,490 8,430 801 1,068 61,505 Provision for credit losses 22,034 342 1,383 16,026 (90) 1,219 43 782 41,739 Loans charged off (2,373) 0 0 (2,041) (263) (695) (68) (545) (5,985) Recoveries 2,275 0 14 658 145 495 58 107 3,752 Total net charge-offs (98) 0 14 (1,383) (118) (200) (10) (438) (2,233) Ending allowance for credit losses $ 50,421 $ 1,431 $ 15,357 $ 62,340 $ 10,581 $ 14,236 $ 1,226 $ 3,069 $ 158,661 Allowance for credit losses - unfunded commitments. First Financial estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. The ACL on unfunded commitments was $13.6 million as of June 30, 2021 and $12.5 million as of December 31, 2020. Additionally, First Financial recorded provision for credit losses on unfunded commitments of $0.5 million and $1.1 million for the three and six month periods ended June 30, 2021, compared to $2.4 million and $3.9 million in the comparative periods in 2020. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
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 of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. Changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and June 30, 2020 were as follows: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 937,771 $ 937,771 $ 937,771 $ 937,771 Goodwill resulting from business combinations 0 0 0 0 Balance at end of period $ 937,771 $ 937,771 $ 937,771 $ 937,771 Goodwill is evaluated 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, 2020 and no impairment was indicated. As of June 30, 2021, no events or changes in circumstances indicated that the fair value of the reporting unit was below its carrying value. Other intangible assets. Other intangible assets consist primarily of core deposit, customer list and other miscellaneous intangibles. Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized on an accelerated basis over their estimated useful lives. First Financial's core deposit intangibles have an estimated weighted average remaining life of 6.6 years. First Financial recorded a $39.4 million customer list intangible asset in conjunction with the Bannockburn merger to account for the obligation or advantage on the part of either the Company or the customer to continue the pre-existing relationship subsequent to the merger. The customer list intangible asset is amortized on a straight-line basis over its estimated useful life of 11 years. Other miscellaneous intangibles include purchase commissions, non-compete agreements and trade name intangibles. Other intangible assets are included in Other intangibles in the Consolidated Balance Sheets. Amortization expense recognized on intangible assets for the three months ended June 30, 2021 and June 30, 2020 was $2.5 million and $2.8 million, respectively. Amortization expense recognized on intangible assets for the six months ended June 30, 2021 and June 30, 2020 was $5.0 million and $5.6 million, respectively. The gross carrying amount and accumulated amortization of other intangible assets at June 30, 2021 and December 31, 2020 were as follows: (Dollars in thousands) June 30, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Amortized intangible assets Core deposit intangibles $ 51,031 $ (30,144) $ 51,031 $ (27,524) Customer list 39,420 (6,570) 39,420 (4,778) Other 10,146 (4,492) 10,113 (3,710) Total $ 100,597 $ (41,206) $ 100,564 $ (36,012) |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | LEASES A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. First Financial is primarily the lessee in its leasing agreements, and substantially all of those agreements are for real estate property for branches, ATM locations or office space. On January 1, 2019, the Company adopted Topic 842 and all subsequent modifications. For First Financial, this adoption primarily affected the accounting treatment for operating lease agreements in which the Company is the lessee. Substantially all of the Company's leases are classified as operating leases, and therefore, were previously not recognized on the Company’s Consolidated Balance Sheets. With the adoption of Topic 842, operating lease agreements were required to be recognized on the Consolidated Balance Sheets as an ROU asset and a corresponding lease liability. The Company's right to use an asset over the life of a lease is recorded as a "right of use" asset in Accrued interest and other assets on the Consolidated Balance Sheets and was $57.0 million and $63.9 million at June 30, 2021 and December 31, 2020, respectively. Certain adjustments to the ROU asset may be required for items such as initial direct costs paid or incentives received. First Financial recorded a $67.2 million and $71.7 million lease liability in Accrued interest and other liabilities on the Consolidated Balance Sheet at June 30, 2021 and December 31, 2020, respectively. The calculated amount of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of minimum lease payments. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate was based upon the remaining lease term as of that date. Leases with an initial term of 12 months or less are not recorded on the balance sheet and First Financial recognizes lease expense for these leases on a straight-line basis over the term of the lease. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of renewal options on operating leases is at the Company's sole discretion, and certain leases may include options to purchase the leased property. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. First Financial does not enter into lease agreements which contain material residual value guarantees or material restrictive covenants. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements and leases generally also include real estate taxes and common area maintenance charges in the annual rental payments. The components of lease expense were as follows: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Operating lease cost $ 1,850 $ 1,981 $ 3,701 $ 4,001 Short-term lease cost 26 40 55 81 Variable lease cost 676 626 1,355 1,267 Total operating lease cost $ 2,552 $ 2,647 $ 5,111 $ 5,349 Future minimum commitments due under these lease agreements as of June 30, 2021 are as follows: (Dollars in thousands) Operating leases 2021 (remaining six months) $ 3,458 2022 6,978 2023 7,031 2024 6,747 2025 6,194 Thereafter 53,331 Total lease payments 83,739 Less imputed interest 16,581 Total $ 67,158 The weighted average remaining lease term and discount rate for the Company's operating leases were as follows: June 30, 2021 December 31, 2020 Operating leases Weighted-average remaining lease term 13.8 years 15.1 years Weighted-average discount rate 2.93 % 3.07 % Supplemental cash information at June 30, 2021 and 2020 related to leases was as follows: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,647 $ 2,585 $ 3,437 $ 3,873 ROU assets obtained in exchange for lease obligations Operating leases 663 798 6,424 9,659 |
BORROWINGS
BORROWINGS | 6 Months Ended |
Jun. 30, 2021 | |
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, federal funds purchased, overnight advances from the FHLB and a short-term line of credit. All repurchase agreements are subject to terms and conditions agreed to by the Bank and the client. To secure its liability to the client, the Bank is authorized to sell or repurchase U.S. Treasury, government agency and mortgage-backed securities. The following shows the remaining contractual maturity of repurchase agreements by collateral pledged: (Dollars in thousands) Overnight and continuous Repurchase agreements Mortgage-backed securities $ 57,341 Collateralized mortgage obligations 38,350 Total $ 95,691 Securities sold under agreements to repurchase were secured by securities with a carrying amount of $95.9 million and $126.7 million as of June 30, 2021 and December 31, 2020, respectively. First Financial had $255.8 million federal funds purchased at June 30, 2021 and $166.6 million as of December 31, 2020. The Company had $217.0 million in short-term borrowings with the FHLB at June 30, 2021 and none at December 31, 2020. These short-term borrowings are used to manage normal liquidity needs and support the Company's asset and liability management strategies. First Financial had $313.0 million and $776.2 million of long-term debt as of June 30, 2021 and December 31, 2020 respectively, which included FRB borrowings, subordinated notes, FHLB long term advances and an interest free loan with a municipality. First Financial participated in the PPPLF, which is a program created by the FRB to extend credit to eligible financial institutions that originate PPP loans. As of June 30, 2021, the bank had no outstanding PPPLF advances. As of December 31, 2020, the bank had outstanding PPPLF advances of $435.0 million with an average interest rate of 35 basis points. These borrowings were secured by pledged PPP loans and prepaid in conjunction with reductions in the principal balances of those loans. The following is a summary of First Financial's long-term debt: June 30, 2021 December 31, 2020 (Dollars in thousands) Amount Average rate Amount Average rate FRB borrowings $ 0 N/A $ 434,982 0.35 % FHLB borrowings 0 0.00 % 19,971 1.43 % Subordinated notes 313,020 4.81 % 321,384 4.86 % Unamortized debt issuance costs (2,577) N/A (2,770) N/A Lease liability 1,821 3.81 % 1,860 3.81 % Capital loan with municipality 775 0.00 % 775 0.00 % Total long-term debt $ 313,039 4.83 % $ 776,202 2.25 % In April 2020, First Financial issued $150.0 million of fixed to floating rate subordinated notes. These subordinated notes have an initial fixed interest rate of 5.25% to, but excluding, May 15, 2025, payable semi-annually in arrears. From, and including, May 15, 2025, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term SOFR, plus 509 basis points, payable quarterly in arrears. The subordinated notes mature on May 15, 2030. These notes are redeemable by the Company in whole or in part beginning with the interest payment date of May 15, 2025. In 2015, First Financial issued $120.0 million of subordinated notes, which have a fixed interest rate of 5.13% payable semiannually and mature in August 2025. These notes are not redeemable by the Company, or callable by the holders of the notes prior to maturity. In addition, First Financial acquired $49.5 million of variable rate subordinated notes in the MSFG merger that were issued to previously formed trusts in exchange for the trust proceeds. Interest on the acquired subordinated notes is payable quarterly, in arrears, and the Company has the option to defer interest payments for a period not to exceed 20 consecutive quarters. These acquired subordinated notes mature 30 years after the date of original issuance and may be called at par following the 5 year anniversary of issuance. First Financial also acquired $8.4 million of 6.00% fixed rate private placement subordinated debt in conjunction with the MSFG merger that was issued in 2015 and matured in 2025. These notes were redeemable by the Company at par following the 5 year anniversary of issuance. These subordinated notes were redeemed by the Company in the first quarter of 2021. The subordinated notes are treated as Tier 2 capital for regulatory capital purposes and are included in Long-term debt on the Consolidated Balance Sheets. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 Total other comprehensive income (loss) Total accumulated other (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ 15,316 $ (265) $ 15,581 $ (3,363) $ 12,218 $ 42,608 $ 12,218 $ 54,826 Retirement obligation 0 (539) 539 (123) 416 (24,507) 416 (24,091) Total $ 15,316 $ (804) $ 16,120 $ (3,486) $ 12,634 $ 18,101 $ 12,634 $ 30,735 Three months ended June 30, 2020 Total other comprehensive income (loss) Total accumulated other (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ 30,977 $ 2 $ 30,975 $ (6,685) $ 24,290 $ 39,401 $ 24,290 $ 63,691 Retirement obligation 0 (457) 457 (104) 353 (27,613) 353 (27,260) Total $ 30,977 $ (455) $ 31,432 $ (6,789) $ 24,643 $ 11,788 $ 24,643 $ 36,431 Six months ended June 30, 2021 Total other comprehensive income (loss) Total accumulated (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ (24,342) $ (431) $ (23,911) $ 5,161 $ (18,750) $ 73,576 $ (18,750) $ 54,826 Retirement obligation 0 (1,064) 1,064 (243) 821 (24,912) 821 (24,091) Total $ (24,342) $ (1,495) $ (22,847) $ 4,918 $ (17,929) $ 48,664 $ (17,929) $ 30,735 Six months ended June 30, 2020 Total other comprehensive income (loss) Total accumulated (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ 28,543 $ (57) $ 28,600 $ (6,173) $ 22,427 $ 41,264 $ 22,427 $ 63,691 Retirement obligation 0 (882) 882 (201) 681 (27,941) 681 (27,260) Total $ 28,543 $ (939) $ 29,482 $ (6,374) $ 23,108 $ 13,323 $ 23,108 $ 36,431 The following table presents the activity reclassified from accumulated other comprehensive income into income during the three and six month periods ended June 30, 2021 and 2020, respectively: Amount reclassified from Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Affected Line Item in the Consolidated Statements of Income Realized gain (loss) on securities available-for-sale $ (265) $ 2 $ (431) $ (57) Net gains (losses) on sales of investments securities Defined benefit pension plan Amortization of prior service cost (1) 102 102 202 202 Other noninterest expense Recognized net actuarial loss (1) (641) (559) (1,266) (1,084) Other noninterest expense Defined benefit pension plan total (539) (457) (1,064) (882) Total reclassifications for the period, before tax $ (804) $ (455) $ (1,495) $ (939) (1) Included in the computation of net periodic pension cost (see Note 13 - Employee Benefit Plans for additional details). |
DERIVATIVES
DERIVATIVES | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES First Financial uses certain derivative instruments, including interest rate caps, floors, swaps and foreign exchange contracts, to meet the needs of its clients while managing the interest and currency rate risk associated with certain transactions. First Financial may also utilize interest rate swaps to manage the interest rate risk profile of the Company. Interest rate payments are exchanged with counterparties, based on the notional amount established in the interest rate agreement. 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 does not use derivatives for speculative purposes. First Financial manages market value credit risk through counterparty credit policies including a review of total derivative notional position to total assets, total credit exposure to total capital and counterparty credit exposure risk. Client derivatives. First Financial utilizes interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. At June 30, 2021, for the interest rate derivatives, the Company had a total counterparty notional amount outstanding of $2.3 billion, spread among twenty counterparties, with an estimated fair value of $114.9 million. At December 31, 2020, the Company had interest rate derivatives with a total counterparty notional amount outstanding of $2.3 billion, spread among twenty counterparties, with an estimated fair value of $182.3 million. First Financial monitors its derivative credit exposure to borrowers by monitoring the creditworthiness of the related loan customers through the Company's normal credit review processes. Additionally, the Company's ACL Committee monitors derivative credit risk exposure related to problem loans through the Company's ACL 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. In connection with its use of derivative instruments, First Financial and its counterparties may be required to post cash collateral to offset the market position of the derivative instruments. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties. Foreign exchange contracts. First Financial may enter into foreign exchange derivative contracts for the benefit of commercial customers to hedge their exposure to foreign currency fluctuations. Similar to the hedging of interest rate risk from interest rate derivative contracts, First Financial also enters into foreign exchange contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven foreign exchange activity. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Foreign exchange income in the Consolidated Statements of Income. The Company has risk limits and internal controls in place to help ensure excessive risk is not being taken in providing this service to customers. These controls include an independent determination of currency volatility and credit equivalent exposure on these contracts, counterparty credit approvals and country limits performed by independent risk management. At June 30, 2021, the Company had total counterparty notional amount outstanding of $5.9 billion spread among five counterparties, with an estimated fair value of $18.2 million . At December 31, 2020, the Company had total counterparty notional amounts outstanding of $3.6 billion spread among six counterparties, with an estimated fair value of $33.1 million. In connection with its use of foreign exchange contracts, First Financial and its counterparties may be required to post cash collateral to offset the market position of the derivative instruments. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties. The following table details the classification and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: June 30, 2021 December 31, 2020 Estimated fair value Estimated fair value (Dollars in thousands) Balance sheet classification Notional Gain Loss Notional Gain Loss Client derivatives - instruments associated with loans Matched interest rate swaps with borrower Accrued interest and other assets $ 2,301,210 $ 121,387 $ (4,034) $ 2,300,336 $ 184,777 $ (107) Matched interest rate swaps with counterparty Accrued interest and other liabilities 2,301,210 4,034 (121,479) 2,300,336 107 (184,884) Foreign exchange contracts Matched foreign exchange contracts with customers Accrued interest and other assets 5,890,489 65,377 (47,160) 3,637,509 60,366 (27,249) Match foreign exchange contracts with counterparty Accrued interest and other liabilities 5,890,489 47,160 (65,377) 3,637,509 27,249 (60,366) Total $ 16,383,398 $ 237,958 $ (238,050) $ 11,875,690 $ 272,499 $ (272,606) The following table discloses the gross and net amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: June 30, 2021 December 31, 2020 (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of liabilities (assets) presented in the Consolidated Balance Sheets Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of liabilities (assets) presented in the Consolidated Balance Sheets Client derivatives (1) Matched interest rate swaps with counterparty $ 125,513 $ (223,880) $ (98,367) $ 184,991 $ (385,088) $ (200,097) Foreign exchange contracts with counterparty 112,537 (58,013) 54,524 87,615 (17,392) 70,223 Total $ 238,050 $ (281,893) $ (43,843) $ 272,606 $ (402,480) $ (129,874) (1) Includes accrued interest receivable and collateral. 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 June 30, 2021: (Dollars in thousands) Notional Average Fair Client derivatives-interest rate contracts Receive fixed, matched interest rate swaps with borrower $ 2,301,210 6.0 $ 117,353 Pay fixed, matched interest rate swaps with counterparty 2,301,210 6.0 (117,445) Client derivatives-foreign exchange contracts Foreign exchange contracts-pay USD $ 5,890,489 0.6 18,217 Foreign exchange contracts-receive USD $ 5,890,489 0.6 (18,217) Total client derivatives $ 16,383,398 2.1 $ (92) Credit derivatives. In conjunction with participating interests in commercial loans, First Financial periodically enters into risk participation agreements with 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 $281.4 million as of June 30, 2021 and $242.4 million as of December 31, 2020. The fair value of these agreements is recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets and was $0.2 million at June 30, 2021 and $0.3 million at December 31, 2020. Mortgage derivatives. First Financial enters into IRLCs and forward commitments for the future delivery of mortgage loans to third party investors, which are considered derivatives. When borrowers secure IRLCs with First Financial and the loans are intended to be sold, First Financial will enter into forward commitments for the future delivery of the loans to third party |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES First Financial offers a variety of financial instruments including loan commitments and letters of credit to assist clients in meeting their requirement for liquidity and credit enhancement. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. First Financial utilizes the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. First Financial’s exposure to credit loss in the event of non-performance by the counterparty was represented by the contractual amounts of those instruments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. First Financial had $13.6 million and $12.5 million of reserves for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets at June 30, 2021 and December 31, 2020, respectively. Loan commitments. Loan commitments are agreements to extend credit to a client, absent any violation of conditions 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 will expire without being fully 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 $3.8 billion at June 30, 2021 and $3.4 billion at December 31, 2020. As of June 30, 2021, loan commitments with a fixed interest rate totaled $143.7 million while commitments with variable interest rates totaled $3.7 billion. At December 31, 2020, loan commitments with a fixed interest rate totaled $123.6 million while commitments with variable interest rates totaled $3.3 billion. First Financial's fixed rate loan commitments have interest rates ranging from 0.00% to 21.00% for both June 30, 2021 and December 31, 2020 and have maturities ranging from less than one year to 30.0 years for June 30, 2021 and less than one year to 30.8 years for December 31, 2020. The following table presents by type First Financial's active loan balances and related obligations to extend credit: June 30, 2021 December 31, 2020 (dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance Commercial & industrial $ 1,391,522 $ 2,701,203 $ 1,270,765 $ 3,007,509 Lease financing 10,000 68,229 0 72,987 Construction real estate 356,390 630,329 374,008 636,096 Commercial real estate-investor 172,320 3,318,836 139,754 3,244,540 Commercial real estate-owner 36,212 1,013,725 51,637 1,063,318 Residential real estate 37,246 932,112 28,895 1,003,086 Home equity 804,275 711,756 762,406 743,099 Installment 15,525 89,143 18,229 81,850 Credit card 215,169 46,177 207,365 48,485 Total $ 3,038,659 $ 9,511,510 $ 2,853,059 $ 9,900,970 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 letters of credit consist 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 aggregating $37.1 million and $36.1 million at June 30, 2021 and December 31, 2020, respectively. Management conducts regular reviews of these instruments on an individual client basis. Affordable housing projects and other tax credit investments. First Financial is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects. These investments are included in A ccrued interest and other assets in the Consolidated Balance Sheets , with any unfunded commitments included in A ccrued interest and other liabilities i n the Consolidated Balance Sheets . As of June 30, 2021, First Financial expects to recover its remaining investments through the use of the tax credits that are generated by the investments. The following table summarizes First Financial's investments in affordable housing projects and other tax credit investments. (Dollars in thousands) June 30, 2021 December 31, 2020 Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment LIHTC Proportional amortization $ 85,395 $ 39,297 $ 90,401 $ 47,531 HTC Equity 3,478 364 3,607 364 NMTC Equity 4,251 0 1,165 0 Renewable energy Equity 14,122 7,940 5,244 7,661 Total $ 107,246 $ 47,601 $ 100,417 $ 55,556 The following tables summarize First Financial's amortization expense and tax benefit recognized in affordable housing projects and other tax credit investments. Three months ended June 30, 2021 June 30, 2020 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 2,423 $ (2,154) $ 2,024 $ (1,887) HTC 64 (80) 62 (82) NMTC 52 (53) 44 (44) Renewable energy 1,040 (1,047) 0 0 Total $ 3,579 $ (3,334) $ 2,130 $ (2,013) Six months ended June 30, 2021 June 30, 2020 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 4,460 $ (4,338) $ 4,104 $ (3,831) HTC 219 (159) 140 (163) NMTC 105 (105) 88 (88) Renewable energy 1,040 (1,047) 0 0 Total $ 5,824 $ (5,649) $ 4,332 $ (4,082) (1) The amortization expense for the LIHTC investments is included in income tax expense. The amortization expense for the HTC, NMTC, and Renewable energy tax credits is included in other noninterest expense. (2) All of the tax benefits recognized are included in Income tax expense. The tax benefit recognized for the HTC, NMTC, and Renewable energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss). Contingencies/Litigation. First Financial and its subsidiaries are engaged in various matters of litigation from time to time, and have a number of unresolved claims pending. Like many banks, First Financial has been the subject of lawsuits relating to overdraft fees. This type of litigation is time consuming and expensive in large part due to the amount of data to be sorted and disclosed, in some cases going back multiple years. During the second quarter of 2021, First Financial determined that it was in its best interest to settle a lawsuit in the state of Indiana and have signed a settlement agreement that is being presented to the court for approval. As such, First Financial accrued legal settlement expenses of $3.8 million, which was recorded in Other noninterest expenses in the Consolidated statement of income. Additionally, as part of the ordinary course of business, First Financial and its subsidiaries are parties to other litigation, including claims to the ownership of funds in particular accounts, the collection of delinquent accounts, challenges to security interests in collateral, foreclosure interests that are incidental to our regular business activities and other matters. While the ultimate liability with respect to these 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 June 30, 2021. 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. First Financial had no reserves related to litigation matters as of June 30, 2021 or December 31, 2020. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the second quarter 2021,income tax expense was $10.7 million, resulting in an effective tax rate of 17.4% compared with income tax expense of $8.0 million and an effective tax rate 17.6% for the comparable period in 2020. The decrease in the effective tax rate is primarily due to investment in various tax credits, which were partially offset by higher pre-tax income in the second quarter of 2021 as compared to the second quarter of 2020. For the first six months of 2021, income tax expense was $21.1 million, resulting in an effective tax rate of 17.7% compared with income tax expense of $13.9 million and an effective tax rate of 17.4% for the comparable period in 2020. The increase in the effective tax rate is primarily due to higher pre-tax income in the first six months of 2021 as compared to the first six months of 2020. At both June 30, 2021 and December 31, 2020, First Financial had $1.9 million of unrecognized tax benefits, as determined under FASB ASC Topic 740-10, Income Taxes, that if recognized would favorably impact the effective income tax rate in future periods. The unrecognized tax benefits relate to state income tax exposures where the Company believes it is likely that, upon examination, a state may take a position contrary to the position taken by First Financial. The Company believes that resolution regarding our uncertain tax positions is reasonably possible within the next twelve months and could result in full, partial or no recognition of the benefit. First Financial recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. At June 30, 2021 and December 31, 2020, the Company had no interest or penalties recorded. 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 2017 have been closed and are no longer subject to U.S. federal income tax examinations. Tax years 2017 through 2020 remain open to examination by the federal taxing authority. With limited exception, First Financial is no longer subject to state and local income tax examinations for years prior to 2017. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS First Financial sponsors a non-contributory defined benefit pension plan which covers substantially all employees and uses a December 31 measurement date for the plan. Plan assets are primarily invested in fixed income and publicly traded equity mutual funds. The pension plan does not directly own any shares of First Financial common stock or any other First Financial security or product. First Financial made no cash contributions to fund the pension plan during the six months ended June 30, 2021 or the year ended December 31, 2020, and does not expect to make cash contributions to the plan through the remainder of 2021. As a result of the plan’s actuarial projections, First Financial recorded expense as set forth in the following table. The amounts are recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan. Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Service cost $ 2,311 $ 1,926 $ 4,661 $ 3,776 Interest cost 533 607 1,058 1,207 Expected return on assets (2,538) (2,464) (5,088) (4,939) Amortization of prior service cost (102) (102) (202) (202) Net actuarial loss 641 559 1,266 1,084 Net periodic benefit cost (income) $ 845 $ 526 $ 1,695 $ 926 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The majority of the Company’s revenues come from sources that are outside of the scope of ASU 2014-09, Revenue from Contracts with Customers. Income sources that are outside of this standard include income earned on loans, leases, securities, derivatives and foreign exchange The Company's services that fall within the scope of ASU 2014-09 are presented within Noninterest income and are recognized as revenue when the Company satisfies its obligation to the customer. Services within the scope of this guidance include service charges on deposits, trust and wealth management fees, bankcard income, gain/loss on the sale of OREO and investment brokerage fees. Service charges on deposit accounts. The Company earns revenues from its deposit customers for transaction-based fees, account maintenance fees and overdraft fees. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Similarly, overdraft fees are recognized at the point in time that the overdraft occurs as this corresponds with the Company's performance obligation. Service charges on deposit accounts are withdrawn from the customer's deposit account. Trust and wealth management fees. Trust and wealth management fees are primarily asset-based, but can also include flat fees based upon a specific service rendered, such as tax preparation services. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fees. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and wealth management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, as incurred. Trust and wealth management fees also includes brokerage revenue. Brokerage revenue represents fees from investment brokerage services provided to customers by a third party provider. The Company receives commissions from the third-party service provider on a monthly basis based upon customer activity for the month. The fees are recognized monthly and a receivable is recorded until commissions are paid the following month. Because the Company (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers, investment brokerage fees are presented net of related costs. Bankcard income. The Company earns interchange fees from cardholder transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized concurrent with the transaction processing services provided to the cardholder. Interchange income is presented on the Consolidated Statements of Income net of expenses. Gross interchange income for the second quarter of 2021 was $7.6 million, which was partially offset by $3.4 million of expenses with Noninterest income. Gross interchange income for the second quarter of 2020 was $5.6 million, which was partially offset by $2.8 million of expenses. Gross interchange income for the first six months of 2021 was $13.3 million, which was partially offset by $6.4 million of expenses within Noninterest income. Similarly, gross interchange income for the first six months of 2020 was $11.3 million, which was partially offset by $5.8 million of expenses. Other. Other noninterest income includes recurring revenue streams such as transaction fees, safe deposit rental income, insurance commissions, merchant referral income and gain (loss) on sale of OREO. Transaction fees primarily include check printing sales commissions, collection fees and wire transfer fees which arise from in-branch transactions. Safe deposit rental income arises from fees charged to the customer on an annual basis and recognized upon receipt of payment. Insurance commissions are agent commissions earned by the Company and earned upon the effective date of the bound coverage. Merchant referral income is associated with a program whereby the Company receives a share of processing revenue that is generated from clients that were referred by First Financial to the service provider. Revenue is recognized at the time the transaction occurs. The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of the executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectibility of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 6 Months Ended |
Jun. 30, 2021 | |
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 common share: Three months ended Six months ended June 30, June 30, (Dollars in thousands, except per share data) 2021 2020 2021 2020 Numerator Net income available to common shareholders $ 50,888 $ 37,393 $ 98,203 $ 66,021 Denominator Weighted average shares outstanding for basic earnings per common share 96,123,645 97,220,748 96,496,720 97,478,719 Effect of dilutive securities Employee stock awards 886,067 767,852 869,920 693,689 Adjusted weighted average shares for diluted earnings per common share 97,009,712 97,988,600 97,366,640 98,172,408 Earnings per share available to common shareholders Basic $ 0.53 $ 0.38 $ 1.02 $ 0.68 Diluted $ 0.52 $ 0.38 $ 1.01 $ 0.67 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURESThe fair value framework as disclosed in the 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 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 June 30, 2021 Financial assets Cash and short-term investments $ 245,528 $ 245,528 $ 245,528 $ 0 $ 0 Investment securities held-to-maturity 112,456 115,171 0 115,171 0 Other investments 129,432 129,432 1,110 118,914 9,408 Loans and leases 9,351,920 9,409,846 0 0 9,409,846 Accrued interest receivable 48,832 48,832 0 13,912 34,920 Financial liabilities Deposits Deposits 12,506,180 12,508,971 0 12,508,971 0 Short-term borrowings 472,791 472,791 472,791 0 0 Long-term debt 313,039 310,720 0 310,720 0 Accrued interest payable 4,521 4,521 3 4,518 0 Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 December 31, 2020 Financial assets Cash and short-term investments $ 251,359 $ 251,359 $ 251,359 $ 0 $ 0 Investment securities held-to-maturity 131,687 136,698 0 136,698 0 Other investments 133,198 133,198 837 122,953 9,408 Loans and leases 9,725,291 9,743,497 0 0 9,743,497 Accrued interest receivable 50,903 50,903 0 13,221 37,682 Financial liabilities Deposits 12,232,003 12,238,058 0 12,238,058 0 Short-term borrowings 166,594 166,594 166,594 0 0 Long-term debt 776,202 774,674 0 774,674 0 Accrued interest payable 6,240 6,240 14 6,226 0 The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value on a recurring or nonrecurring basis. Investment securities. Investment securities classified as 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 previously described are considered Level 3. First Financial utilizes values provided by third-party pricing vendors to price the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic and reviews the pricing methodologies utilized by the pricing vendors to ensure that the fair value determination is consistent with the applicable accounting guidance. First Financial’s pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, historical prices and other independent pricing services. Further, the Company periodically validates the fair value of a sample of securities in the portfolio by comparing the fair values to prices from other independent sources for the same or similar securities. First Financial analyzes unusual or significant variances, conducts additional research with the pricing vendor, and if necessary, takes appropriate action based on its findings. The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager. Loans held for sale. The fair value of the Company’s residential mortgage loans held for sale is determined on a recurring basis based on quoted prices for similar loans in active markets, and therefore, is classified as a Level 2 measurement. Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the interest rate swaps and foreign exchange contracts at the reporting date, using primarily observable market inputs such as interest rate yield curves which represents the cost to terminate the swap if First Financial should choose to do so. Additionally, First Financial utilizes an internally-developed model to value the credit risk component of derivative assets and liabilities, which 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. Collateral dependent loans. Collateral dependent loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for credit losses. For collateral dependent loans, fair value is generally based on real estate appraisals, a calculation of enterprise value or a valuation of business assets including equipment, inventory and accounts receivable. These loans had a principal amount of $27.5 million and $45.3 million at June 30, 2021 and December 31, 2020, respectively, with a valuation allowance of $10.4 million and $13.5 million at June 30, 2021 and December 31, 2020, respectively. 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). These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and the client’s business, resulting in a Level 3 fair value classification. Collateral dependent loans are evaluated on a quarterly basis for additional write-downs and are adjusted accordingly. Enterprise value is defined as imputed value for the entire underlying business. To determine an appropriate range of enterprise value, FFB relies on a standardized set of valuation methodologies that take into account future projected cash flows, market based multiples as well as asset values. Valuations involve both quantitative and qualitative considerations and professional judgments concerning differences in financial and operating characteristics in addition to other factors that may impact values over time (Level 3). The value of business equipment is based on an outside appraisal, if deemed significant, or the net book value on the applicable borrower financial statements. 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). The fair value of collateral dependent loans is measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses on the Consolidated Statements of Income. OREO. Assets acquired through loan foreclosure are recorded at fair value less costs to sell, with any difference between the fair value of the property and the carrying value of the loan recorded as a charge-off establishing a new cost basis. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in noninterest expense. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value differs from the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. The Company classifies OREO in level 3 of the fair value hierarchy. 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 June 30, 2021 Assets Investment securities available-for-sale $ 20,438 $ 3,896,371 $ 39,030 $ 3,955,839 Loans held for sale 0 31,546 0 31,546 Interest rate derivative contracts 0 125,505 0 125,505 Foreign exchange derivative contracts 0 112,537 0 112,537 Total $ 20,438 $ 4,165,959 $ 39,030 $ 4,225,427 Liabilities Interest rate derivative contracts $ 0 $ 125,825 $ 0 $ 125,825 Foreign exchange derivative contracts 0 112,537 0 112,537 Total $ 0 $ 238,362 $ 0 $ 238,362 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities December 31, 2020 Assets Investment securities available-for-sale $ 103 $ 3,383,902 $ 40,575 $ 3,424,580 Loans held for sale 0 41,103 0 41,103 Interest rate derivative contracts 0 185,032 0 185,032 Foreign exchange derivative contracts 0 87,615 0 87,615 Total $ 103 $ 3,697,652 $ 40,575 $ 3,738,330 Liabilities Interest rate derivative contracts $ 0 $ 186,124 $ 0 $ 186,124 Foreign exchange derivative contracts $ 0 $ 87,615 $ 0 $ 87,615 Total $ 0 $ 273,739 $ 0 $ 273,739 The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2021 and June 30, 2020. Three months ended Six months ended June 30, June 30, (dollars in thousands) 2021 2020 2021 2020 Beginning balance $ 39,678 $ 44,250 $ 40,575 $ 9,190 Accretion (amortization) (8) 3 (17) 19 Increase (decrease) in fair value 10 (8) 22 (38) Settlements (650) (2,668) (1,550) 32,406 Ending balance $ 39,030 $ 41,577 $ 39,030 $ 41,577 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 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 June 30, 2021 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 9,609 Commercial real estate 0 0 7,502 OREO 0 0 179 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 December 31, 2020 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 25,367 Commercial real estate 0 0 6,432 OREO 0 0 54 Fair value option. First Financial may elect to report most financial instruments and certain other items at fair value on an instrument-by instrument basis with changes in fair value reported in net income. After the initial adoption, the election is made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. The Company elected the fair value option for residential mortgage loans held for sale. This election allows for a more effective offset of the changes in fair values of the loans held for sale and the derivative financial instruments used to financially hedge them without having to apply complex hedge accounting requirements. The fair value of the Company’s residential mortgage loans held for sale was determined based on quoted prices for similar loans in active markets. The aggregate fair value of the Company’s residential mortgage loans held for sale as of June 30, 2021 and December 31, 2020 was $31.5 million and $41.1 million, respectively. The aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of June 30, 2021 and December 31, 2020 was $28.0 million and $35.5 million, respectively. The resulting difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was $3.5 million and $5.6 million as of June 30, 2021 and December 31, 2020, respectively. |
Organization, Consolidation a_2
Organization, Consolidation and Presentation of Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation Policy | Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2020 has been derived from the audited financial statements in the Company’s 2020 Form 10-K. |
Use of Estimates, Policy | Use of estimates. The preparation of financial statements in conformity with 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. |
Economic Impact Policy | COVID-19. In the majority of 2020 and the first six months of 2021, First Financial's operations and financial results were significantly impacted by the COVID-19 pandemic. The spread of COVID-19 has caused significant economic disruption throughout the United States as state and local governments issued stay at home orders and temporarily closed non-essential businesses. The full financial impact from the pandemic is unknown at this time, however prolonged disruption from the pandemic may adversely impact several industries within the Company's geographic footprint and impair the ability of First Financial's customers to fulfill their contractual obligations to the Company. This could cause First Financial to experience a material adverse effect on business operations, asset valuations, financial condition and results of operations. Material adverse impacts may include all or a combination of valuation impairments on First Financial's intangible assets, investments, loans, mortgage servicing rights or counter-party risk derivatives. |
Loans and Leases Receivable, Past Due Status, Policy | Delinquency. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement 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 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. 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 classified as nonaccrual may return to accrual status if none of the principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual principal and interest. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy | A loan modification is considered a TDR when the borrower is experiencing financial difficulty and a concession is 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. In accordance with the CARES Act, performing loans that demonstrated limited signs of credit deterioration, but were modified to provide borrowers relief during the COVID-19 pandemic were not considered to be TDR as of June 30, 2021 or December 31, 2020.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 nonperforming.First Financial individually reviews all nonperforming loan relationships greater than $250,000 to determine if an individually evaluated 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. Individually evaluated allowances are based on discounted cash flows 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 | OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, that results in partial or total satisfaction of problem loans. |
Loans and Leases Receivable, Allowance for Loan Losses Policy | Allowance for credit losses - loans and leases. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The ACL is increased by provision expense and decreased by 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 a guarantor or from the liquidation of collateral. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable on loans and leases, which totaled $34.9 million and $37.7 million as of June 30, 2021 and December 31, 2020, respectively , is excluded from the estimate of credit losses. Management estimates the allowance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the ACL using the following methods: Commercial and industrial – C&I loans include revolving lines of credit and term loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, leasehold improvements or other projects. C&I loans are generally underwritten individually and secured with the assets of the Company and/or the personal guarantee of the business owners. C&I loans also include ABL, equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector and commission-based loans to insurance agents and brokers. ABL transactions typically involve larger commercial clients and are secured by specific assets, such as inventory, accounts receivable, machinery and equipment. In the franchise lending space, First Financial focuses on a limited number of restaurant concepts that have sound economics, low closure rates and strong brand awareness within specified local, regional or national markets. Within the insurance lending platform, First Financial serves insurance agents and brokers that are looking to maximize their book-of-business value and grow their agency business. Current period default rates are utilized in the modeling of the ACL for C&I loans, and are adjusted for forecasted changes in the treasury term spread and market volatility index. Changes in current period defaults or forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Lease financing – Lease financing consists of lease transactions for the acquisition of both new and used business equipment for commercial clients. Lease products may include tax leases, finance leases, lease lines of credit and interim funding. The credit underwriting for lease transactions includes detailed analysis of the lessee's industry and business model, nature of the equipment, equipment resale values, historical and projected cash flow analysis, secondary sources of repayment and guarantor support in addition to other considerations. The ACL model for leases sources expected default rates from the C&I portfolio model. Therefore, changes in forecasted expectations for the treasury term spread and market volatility index could result in volatility in the Company's ACL in future periods. Construction real estate – Real estate construction loans are term loans to individuals, companies or developers used for the construction or development of a commercial or residential property for which repayment will be generated by the sale or permanent financing of the property. Generally, these loans are for construction projects that have been pre-sold, pre-leased or have secured permanent financing, as well as loans to real estate companies with significant equity invested in the project. An independent credit team underwrites construction real estate loans, which are managed by experienced lending officers and monitored through the construction phase by a centralized funding desk that manages loan disbursements. The construction ACL model is adjusted for forecasted changes in rental vacancy rates in the Bank's geographic footprint and the housing price index. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Commercial real estate - owner & investor – Commercial real estate loans consist of term loans secured by a mortgage lien on real estate properties such as apartment buildings, office and industrial buildings and retail shopping centers. Additionally, the Company's franchise lending activities discussed in the "Commercial and Industrial" section often include the financing of real estate in addition to equipment. The credit underwriting for both owner-occupied and investor income producing real estate loans includes detailed market analysis, historical and projected cash flow analysis, appropriate equity margins, assessment of lessees and lessors, environmental risks and the type, age, condition and location of real estate, among other factors. First Financial models owner-occupied and investor CRE separately when determining the ACL. For owner occupied CRE, current period default rates are utilized in the modeling, and are adjusted for forecasted changes in the BAA bond spread, national rental vacancy rates and the consumer confidence index. Current period default rates are also utilized in the modeling of investor CRE loans, and are adjusted for forecasted changes in the BAA bond spread, multifamily building permits within the Bank’s geographic footprint and national rental vacancy rates. Changes in current period defaults and forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Residential real estate – Residential real estate loans represent loans to consumers for the financing of a residence. These loans generally have a 15 to 30 year term and a fixed interest rate, but may have a shorter term to maturity with an adjustable interest rate. In most cases, these loans are extended to borrowers to finance their primary residence. First Financial sells residential real estate loan originations into the secondary market on both servicing retained and servicing released bases. Residential real estate loans are generally underwritten to secondary market lending standards, utilizing underwriting processes that rely on empirical data to assess credit risk as well as analysis of the borrower's ability to repay their obligations, credit history, the amount of any down payment and the market value or other characteristics of the property. First Financial also offers a residential mortgage product that features similar borrower credit characteristics but a more streamlined underwriting process than typically required to sell to government-sponsored enterprises and thus is retained on the Consolidated Balance Sheets. The residential real estate ACL model is adjusted for forecasted changes in the housing price index, housing starts within the Bank’s geographic footprint and national single-family existing home sa l es. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Home equity – Home equity lending includes both home equity loans and revolving lines of credit secured by a first or second lien on the borrower’s residence. Home equity lending underwriting considerations include the borrower's credit history as well as to debt-to-income and loan-to-value policy limits. The home equity ACL model is adjusted for forecasted changes in the consumer credit growth rate within the Bank’s geographic footprint and the working-age labor participation rate. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Installment – Installment lending consists of consumer loans not secured by real estate, including loans secured by automobiles and unsecured personal loans. The ACL model for installment loans sources expected default rates from the residential real estate and home equity portfolio models and is paired with installment specific LGD rates. Changes in forecasted expectations for the consumer credit growth rate within the Bank’s geographic footprint, the working-age labor participation rate, the housing price index, housing starts within the Bank’s geographic footprint and national existing single-family existing home sa l es could result in volatility in the Company's ACL in future periods. Credit card – Credit card lending consists of secured and unsecured revolving lines of credit to consumer and business customers. Credit card lines are generally available for an indefinite period of time as long as the borrower's credit characteristics do not materially or adversely change, but lines are unconditionally cancellable by the Company at any time. The ACL model for credit card loans sources expected default rates from the residential real estate and home equity portfolio models and is paired with credit card specific LGD rates. Changes in forecasted expectations for the consumer credit growth rate within the Bank’s geographic footprint, the working-age labor participation rate, the housing price index, housing starts within the Bank’s geographic footprint and national existing single-family existing home sa l es could result in volatility in the Company's ACL in future periods. The Company utilized the Moody's June baseline forecast as its R&S forecast in the quantitative model, which included consideration of the impact from both the COVID-19 pandemic and the related government stimulus response. For reasonableness, the Company also considered the impact to the model from alternative, more adverse economic forecasts, slower prepayment speeds and increased default rates. These alternative analyses were utilized to inform the Company's qualitative adjustments. Additionally, First Financial considered its credit exposure to certain industries believed to be at risk for future credit stress related to the COVID-19 pandemic, such as franchise, hotel and investor commercial real estate lending when making qualitative adjustments to the ACL model. First Financial's ACL is influenced by loan volumes, risk rating migration or delinquency status, and other conditions impacting loss expectations, such as reasonable and supportable forecasts of economic conditions. For the three months ended June 30, 2021, the ACL declined slightly due to improvements in economic forecasts and the Company's improved credit outlook. |
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 of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. |
Goodwill and Intangible Assets, Goodwill Impairment Policy | Goodwill is evaluated 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, 2020 and no impairment was indicated. As of June 30, 2021, no events or changes in circumstances indicated that the fair value of the reporting unit was below its carrying value. |
Goodwill and Intangible Assets, Policy | Core deposit intangibles represent the estimated fair value of acquired customer deposit relationships on the date of acquisition and are amortized on an accelerated basis over their estimated useful lives. First Financial's core deposit intangibles have an estimated weighted average remaining life of 6.6 years. First Financial recorded a $39.4 million customer list intangible asset in conjunction with the Bannockburn merger to account for the obligation or advantage on the part of either the Company or the customer to continue the pre-existing relationship subsequent to the merger. The customer list intangible asset is amortized on a straight-line basis over its estimated useful life of 11 years. |
Lessee, Leases [Policy Text Block] | A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. First Financial is primarily the lessee in its leasing agreements, and substantially all of those agreements are for real estate property for branches, ATM locations or office space. |
Commitments and Contingencies, Policy | First Financial offers a variety of financial instruments including loan commitments and letters of credit to assist clients in meeting their requirement for liquidity and credit enhancement. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. First Financial utilizes the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. First Financial’s exposure to credit loss in the event of non-performance by the counterparty was represented by the contractual amounts of those instruments. Effective January 1, 2020, First Financial adopted ASC 326, at which time First Financial estimated expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life consistent with the Company's ACL methodology for loans and leases. A |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Letters of credit are conditional commitments issued by First Financial to guarantee the performance of a client to a third party. First Financial’s letters of credit consist 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. |
Loan Commitments, Policy [Policy Text Block] | Loan commitments are agreements to extend credit to a client, absent any violation of conditions 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 will expire without being fully 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. |
Income Tax, Policy | The unrecognized tax benefits relate to state income tax exposures where the Company believes it is likely that, upon examination, a state may take a position contrary to the position taken by First Financial. |
Fair Value Measurement, Policy [Policy Text Block] | The fair value framework as disclosed in the 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. |
Fair Value of Financial Instruments, Policy | The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value on a recurring or nonrecurring basis. Investment securities. Investment securities classified as 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 previously described are considered Level 3. First Financial utilizes values provided by third-party pricing vendors to price the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic and reviews the pricing methodologies utilized by the pricing vendors to ensure that the fair value determination is consistent with the applicable accounting guidance. First Financial’s pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, historical prices and other independent pricing services. Further, the Company periodically validates the fair value of a sample of securities in the portfolio by comparing the fair values to prices from other independent sources for the same or similar securities. First Financial analyzes unusual or significant variances, conducts additional research with the pricing vendor, and if necessary, takes appropriate action based on its findings. The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager. Loans held for sale. The fair value of the Company’s residential mortgage loans held for sale is determined on a recurring basis based on quoted prices for similar loans in active markets, and therefore, is classified as a Level 2 measurement. Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the interest rate swaps and foreign exchange contracts at the reporting date, using primarily observable market inputs such as interest rate yield curves which represents the cost to terminate the swap if First Financial should choose to do so. Additionally, First Financial utilizes an internally-developed model to value the credit risk component of derivative assets and liabilities, which 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. Collateral dependent loans. Collateral dependent loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for credit losses. For collateral dependent loans, fair value is generally based on real estate appraisals, a calculation of enterprise value or a valuation of business assets including equipment, inventory and accounts receivable. These loans had a principal amount of $27.5 million and $45.3 million at June 30, 2021 and December 31, 2020, respectively, with a valuation allowance of $10.4 million and $13.5 million at June 30, 2021 and December 31, 2020, respectively. 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). These appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales approach and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Collateral is then adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and the client’s business, resulting in a Level 3 fair value classification. Collateral dependent loans are evaluated on a quarterly basis for additional write-downs and are adjusted accordingly. Enterprise value is defined as imputed value for the entire underlying business. To determine an appropriate range of enterprise value, FFB relies on a standardized set of valuation methodologies that take into account future projected cash flows, market based multiples as well as asset values. Valuations involve both quantitative and qualitative considerations and professional judgments concerning differences in financial and operating characteristics in addition to other factors that may impact values over time (Level 3). The value of business equipment is based on an outside appraisal, if deemed significant, or the net book value on the applicable borrower financial statements. 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). The fair value of collateral dependent loans is measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses on the Consolidated Statements of Income. OREO. Assets acquired through loan foreclosure are recorded at fair value less costs to sell, with any difference between the fair value of the property and the carrying value of the loan recorded as a charge-off establishing a new cost basis. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in noninterest expense. The carrying value of OREO is not re-measured to fair value on a recurring basis, but is subject to fair value adjustments when the carrying value differs from the fair value, less estimated selling costs. Fair value is based on recent real estate appraisals and is updated at least annually. The Company classifies OREO in level 3 of the fair value hierarchy. |
Credit Risk | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial manages market value credit risk through counterparty credit policies including a review of total derivative notional position to total assets, total credit exposure to total capital and counterparty credit exposure risk. |
Credit Risk Contract [Member] | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | In conjunction with participating interests in commercial loans, First Financial periodically enters into risk participation agreements with 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. |
Other Contract-Mortgage | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial enters into IRLCs and forward commitments for the future delivery of mortgage loans to third party investors, which are considered derivatives. When borrowers secure IRLCs with First Financial and the loans are intended to be sold, First Financial will enter into forward commitments for the future delivery of the loans to third party investors in order to hedge against the effect of changes in interest rates impacting IRLCs and loans held for sale. |
Fair Value Hedges | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial utilizes interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets |
Foreign Exchange [Member] | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial may enter into foreign exchange derivative contracts for the benefit of commercial customers to hedge their exposure to foreign currency fluctuations. Similar to the hedging of interest rate risk from interest rate derivative contracts, First Financial also enters into foreign exchange contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven foreign exchange activity. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Foreign exchange income in the Consolidated Statements of Income. The Company has risk limits and internal controls in place to help ensure excessive risk is not being taken in providing this service to customers. |
RECENTLY ADOPTED AND ISSUED A_2
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The impact of adopting ASC 326 was as follows: January 1, 2020 (dollars in thousands) As Reported under ASC 326 Pre-ASC 326 Impact of ASC 326 Adoption Assets Loans Commercial and industrial $ 28,485 $ 18,584 $ 9,901 Lease financing 1,089 971 118 Construction real estate 13,960 2,381 11,579 Commercial real estate 47,697 23,579 24,118 Residential real estate 10,789 5,299 5,490 Home equity 13,217 4,787 8,430 Installment 1,193 392 801 Credit card 2,725 1,657 1,068 Allowance for credit losses on loans $ 119,155 $ 57,650 $ 61,505 Liabilities Deferred tax liability $ 16,252 $ 33,030 $ (16,778) Allowance for credit losses on OBS credit exposures 12,740 585 12,155 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Held-To-Maturity and Available-For-Sale Investment Securities | The following is a summary of HTM and AFS investment securities as of June 30, 2021: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized loss Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 20,218 $ 220 $ 0 $ 20,438 Securities of U.S. government agencies and corporations 0 0 0 0 78,311 798 (4) 79,105 Mortgage-backed securities - residential 0 0 0 0 686,994 11,127 (6,758) 691,363 Mortgage-backed securities - commercial 56,833 1,828 0 58,661 685,920 8,384 (567) 693,737 Collateralized mortgage obligations 14,985 162 (85) 15,062 740,172 14,785 (2,690) 752,267 Obligations of state and other political subdivisions 9,388 1,003 0 10,391 978,919 43,085 (3,587) 1,018,417 Asset-backed securities 0 0 0 0 599,326 4,061 (638) 602,749 Other securities 31,250 108 (301) 31,057 95,503 2,296 (36) 97,763 Total $ 112,456 $ 3,101 $ (386) $ 115,171 $ 3,885,363 $ 84,756 $ (14,280) $ 3,955,839 The following is a summary of HTM and AFS investment securities as of December 31, 2020: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 99 $ 4 $ 0 $ 103 Securities of U.S. government agencies and corporations 0 0 0 0 60 0 0 60 Mortgage-backed securities - residential 13,990 197 0 14,187 704,482 15,938 (237) 720,183 Mortgage-backed securities - commercial 71,737 3,485 0 75,222 584,125 10,395 (3,584) 590,936 Collateralized mortgage obligations 5,799 79 0 5,878 634,418 21,148 (445) 655,121 Obligations of state and other political subdivisions 9,911 1,239 0 11,150 856,054 46,755 (291) 902,518 Asset-backed securities 0 0 0 0 478,539 4,158 (826) 481,871 Other securities 30,250 11 0 30,261 72,252 1,544 (8) 73,788 Total $ 131,687 $ 5,011 $ 0 $ 136,698 $ 3,330,029 $ 99,942 $ (5,391) $ 3,424,580 |
Summary of Investment Securities by Estimated Maturity | The following table provides a summary of investment securities by contractual maturity as of June 30, 2021, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments. Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Fair Amortized Fair By Contractual Maturity: Due in one year or less $ 0 $ 0 $ 26,647 $ 26,908 Due after one year through five years 0 0 50,859 52,674 Due after five years through ten years 37,186 37,931 298,659 309,239 Due after ten years 3,452 3,517 796,786 826,902 Mortgage-backed securities - residential 0 0 686,994 691,363 Mortgage-backed securities - commercial 56,833 58,661 685,920 693,737 Collateralized mortgage obligations 14,985 15,062 740,172 752,267 Asset-backed securities 0 0 599,326 602,749 Total $ 112,456 $ 115,171 $ 3,885,363 $ 3,955,839 |
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 for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: June 30, 2021 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Securities of U.S. Government agencies and corporations 8,660 (4) 0 0 8,660 (4) Mortgage-backed securities - residential 456,487 (6,758) 0 0 456,487 (6,758) Mortgage-backed securities - commercial 69,725 (507) 38,839 (60) 108,564 (567) Collateralized mortgage obligations 273,715 (2,727) 4,220 (48) 277,935 (2,775) Obligations of state and other political subdivisions 265,630 (3,581) 14,443 (6) 280,073 (3,587) Asset-backed securities 175,728 (528) 25,449 (110) 201,177 (638) Other securities 31,913 (337) 0 0 31,913 (337) Total $ 1,281,858 $ (14,442) $ 82,951 $ (224) $ 1,364,809 $ (14,666) December 31, 2020 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Securities of U.S. Government agencies and corporations 0 0 0 0 0 0 Mortgage-backed securities - residential 57,872 (237) 0 0 57,872 (237) Mortgage-backed securities - commercial 169,825 (986) 48,158 (2,598) 217,983 (3,584) Collateralized mortgage obligations 49,161 (445) 1 0 49,162 (445) Obligations of state and other political subdivisions 60,008 (291) 0 0 60,008 (291) Asset-backed securities 84,749 (435) 68,967 (391) 153,716 (826) Other securities 4,992 (8) 0 0 4,992 (8) Total $ 426,607 $ (2,402) $ 117,126 $ (2,989) $ 543,733 $ (5,391) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Financial Receivable Credit Quality Indicators | The following table sets forth the Company's loan portfolio at June 30, 2021 by risk attribute and origination date: (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Term Total Revolving Total Commercial & industrial Pass $ 479,384 $ 659,967 $ 390,865 $ 241,685 $ 165,643 $ 183,797 $ 2,121,341 $ 484,587 $ 2,605,928 Special mention 345 4,681 2,984 13,919 1,977 8,062 31,968 9,626 41,594 Substandard 2,092 888 17,501 1,338 17,927 2,190 41,936 11,745 53,681 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 481,821 $ 665,536 $ 411,350 $ 256,942 $ 185,547 $ 194,049 $ 2,195,245 $ 505,958 $ 2,701,203 Lease financing Pass $ 11,691 $ 15,772 $ 13,112 $ 10,819 $ 5,474 $ 4,478 $ 61,346 $ 0 $ 61,346 Special mention 0 6,853 0 0 0 0 6,853 0 6,853 Substandard 0 3 0 0 0 27 30 0 30 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 11,691 $ 22,628 $ 13,112 $ 10,819 $ 5,474 $ 4,505 $ 68,229 $ 0 $ 68,229 Construction real estate Pass $ 28,149 $ 116,351 $ 297,398 $ 106,443 $ 10,535 $ 13,374 $ 572,250 $ 23,639 $ 595,889 Special mention 0 0 0 18,203 0 0 18,203 0 18,203 Substandard 0 0 16,237 0 0 0 16,237 0 16,237 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 28,149 $ 116,351 $ 313,635 $ 124,646 $ 10,535 $ 13,374 $ 606,690 $ 23,639 $ 630,329 Commercial real estate - investor Pass $ 274,887 $ 474,378 $ 1,006,925 $ 398,163 $ 329,296 $ 553,349 $ 3,036,998 $ 55,027 $ 3,092,025 Special mention 248 1,874 23,805 15,348 54,296 61,304 156,875 46 156,921 Substandard 1,696 5,992 11,662 30,272 7,193 13,075 69,890 0 69,890 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 276,831 $ 482,244 $ 1,042,392 $ 443,783 $ 390,785 $ 627,728 $ 3,263,763 $ 55,073 $ 3,318,836 Commercial real estate - owner Pass $ 63,295 $ 195,467 $ 138,676 $ 134,761 $ 118,564 $ 263,950 $ 914,713 $ 35,626 $ 950,339 Special mention 780 4,157 1,745 2,580 12,611 13,345 35,218 0 35,218 Substandard 62 630 9,556 13,049 2,467 2,366 28,130 38 28,168 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 64,137 $ 200,254 $ 149,977 $ 150,390 $ 133,642 $ 279,661 $ 978,061 $ 35,664 $ 1,013,725 Residential real estate Performing $ 120,303 $ 272,824 $ 182,666 $ 87,663 $ 45,960 $ 217,755 $ 927,171 $ 0 $ 927,171 Nonperforming 0 98 643 278 289 3,633 4,941 0 4,941 Total $ 120,303 $ 272,922 $ 183,309 $ 87,941 $ 46,249 $ 221,388 $ 932,112 $ 0 $ 932,112 Home equity Performing $ 24,466 $ 51,137 $ 17,343 $ 13,865 $ 9,141 $ 40,027 $ 155,979 $ 553,123 $ 709,102 Nonperforming 0 0 0 122 30 357 509 2,145 2,654 (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Term Total Revolving Total Total $ 24,466 $ 51,137 $ 17,343 $ 13,987 $ 9,171 $ 40,384 $ 156,488 $ 555,268 $ 711,756 Installment Performing $ 9,917 $ 24,421 $ 11,543 $ 7,794 $ 6,067 $ 3,328 $ 63,070 $ 26,013 $ 89,083 Nonperforming 6 0 28 1 1 6 42 18 60 Total $ 9,923 $ 24,421 $ 11,571 $ 7,795 $ 6,068 $ 3,334 $ 63,112 $ 26,031 $ 89,143 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 45,770 $ 45,770 Nonperforming 0 0 0 0 0 0 0 407 407 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 46,177 $ 46,177 Grand Total $ 1,017,321 $ 1,835,493 $ 2,142,689 $ 1,096,303 $ 787,471 $ 1,384,423 $ 8,263,700 $ 1,247,810 $ 9,511,510 The following table sets forth the Company's loan portfolio at December 31, 2020 by risk attribute and origination date: (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Term Total Revolving Total Commercial & industrial Pass $ 1,141,163 $ 460,210 $ 296,221 $ 208,077 $ 122,686 $ 138,307 $ 2,366,664 $ 502,286 $ 2,868,950 Special mention 24,668 10,281 18,118 6,893 6,668 6,090 72,718 10,470 83,188 Substandard 6,709 2,370 8,022 26,565 5,124 1,192 49,982 5,389 55,371 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,172,540 $ 472,861 $ 322,361 $ 241,535 $ 134,478 $ 145,589 $ 2,489,364 $ 518,145 $ 3,007,509 Lease financing Pass $ 22,916 $ 22,397 $ 12,942 $ 6,967 $ 4,802 $ 2,368 $ 72,392 $ 0 $ 72,392 Special mention 290 0 0 0 0 0 290 0 290 Substandard 5 0 0 180 120 0 305 0 305 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 23,211 $ 22,397 $ 12,942 $ 7,147 $ 4,922 $ 2,368 $ 72,987 $ 0 $ 72,987 Construction real estate Pass $ 96,410 $ 259,524 $ 182,625 $ 23,185 $ 24,786 $ 426 $ 586,956 $ 19,671 $ 606,627 Special mention 0 621 18,203 9,984 661 0 29,469 0 29,469 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 96,410 $ 260,145 $ 200,828 $ 33,169 $ 25,447 $ 426 $ 616,425 $ 19,671 $ 636,096 Commercial real estate - investor Pass $ 515,950 $ 1,011,898 $ 427,077 $ 378,536 $ 286,587 $ 361,403 $ 2,981,451 $ 56,398 $ 3,037,849 Special mention 0 17,463 15,534 44,426 32,408 43,704 153,535 559 154,094 Substandard 6,198 2,043 22,497 7,067 68 14,724 52,597 0 52,597 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 522,148 $ 1,031,404 $ 465,108 $ 430,029 $ 319,063 $ 419,831 $ 3,187,583 $ 56,957 $ 3,244,540 Commercial real estate - owner Pass $ 185,692 $ 162,480 $ 147,236 $ 125,275 $ 128,755 $ 211,519 $ 960,957 $ 36,721 $ 997,678 Special mention 4,292 11,380 2,891 8,230 3,017 19,384 49,194 59 49,253 Substandard 668 504 7,054 5,496 306 2,321 16,349 38 16,387 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 190,652 $ 174,364 $ 157,181 $ 139,001 $ 132,078 $ 233,224 $ 1,026,500 $ 36,818 $ 1,063,318 (Dollars in thousands) 2020 2019 2018 2017 2016 Prior Term Total Revolving Total Residential real estate Performing $ 290,277 $ 241,601 $ 115,747 $ 64,220 $ 60,094 $ 224,281 $ 996,220 $ 0 $ 996,220 Nonperforming 321 429 673 643 87 4,713 6,866 0 6,866 Total $ 290,598 $ 242,030 $ 116,420 $ 64,863 $ 60,181 $ 228,994 $ 1,003,086 $ 0 $ 1,003,086 Home equity Performing $ 60,967 $ 20,200 $ 17,445 $ 11,308 $ 9,744 $ 41,571 $ 161,235 $ 577,609 $ 738,844 Nonperforming 0 0 0 39 28 138 205 4,050 4,255 Total $ 60,967 $ 20,200 $ 17,445 $ 11,347 $ 9,772 $ 41,709 $ 161,440 $ 581,659 $ 743,099 Installment Performing $ 21,584 $ 15,614 $ 11,041 $ 8,812 $ 1,954 $ 3,185 $ 62,190 $ 19,479 $ 81,669 Nonperforming 15 53 23 35 17 36 179 2 181 Total $ 21,599 $ 15,667 $ 11,064 $ 8,847 $ 1,971 $ 3,221 $ 62,369 $ 19,481 $ 81,850 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 47,845 $ 47,845 Nonperforming 0 0 0 0 0 0 0 640 640 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 48,485 $ 48,485 Grand Total $ 2,378,125 $ 2,239,068 $ 1,303,349 $ 935,938 $ 687,912 $ 1,075,362 $ 8,619,754 $ 1,281,216 $ 9,900,970 |
Loan Delinquency, including Nonaccrual Loans | Loan delinquency, including loans classified as nonaccrual, was as follows: As of June 30, 2021 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Total > 90 days Loans Commercial & industrial $ 150 $ 300 $ 8,988 $ 9,438 $ 2,691,765 $ 2,701,203 $ 0 Lease financing 0 0 15 15 68,214 68,229 0 Construction real estate 0 0 0 0 630,329 630,329 0 Commercial real estate-investor 5,788 0 21,057 26,845 3,291,991 3,318,836 0 Commercial real estate-owner 162 245 72 479 1,013,246 1,013,725 0 Residential real estate 2,351 793 1,797 4,941 927,171 932,112 0 Home equity 864 406 1,384 2,654 709,102 711,756 0 Installment 50 0 9 59 89,084 89,143 0 Credit card 179 56 172 407 45,770 46,177 155 Total $ 9,544 $ 1,800 $ 33,494 $ 44,838 $ 9,466,672 $ 9,511,510 $ 155 As of December 31, 2020 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Total > 90 days Loans Commercial & industrial $ 6,532 $ 0 $ 1,861 $ 8,393 $ 2,999,116 $ 3,007,509 $ 0 Lease financing 0 0 0 0 72,987 72,987 0 Construction real estate 0 0 0 0 636,096 636,096 0 Commercial real estate-investor 136 0 24,422 24,558 3,219,982 3,244,540 0 Commercial real estate-owner 6,480 174 400 7,054 1,056,264 1,063,318 0 Residential real estate 2,809 370 3,687 6,866 996,220 1,003,086 0 Home equity 1,483 835 1,937 4,255 738,844 743,099 0 Installment 94 35 51 180 81,670 81,850 0 Credit card 303 163 174 640 47,845 48,485 169 Total $ 17,837 $ 1,577 $ 32,532 $ 51,946 $ 9,849,024 $ 9,900,970 $ 169 |
Loans Restructured During Period | The following tables provide information on loan modifications classified as TDRs during the three and six months ended June 30, 2021 and 2020: Three months ended June 30, 2021 June 30, 2020 (Dollars in thousands) Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Commercial & industrial 1 $ 1,761 $ 1,761 5 $ 2,121 $ 2,121 Construction real estate 0 0 0 0 0 0 Commercial real estate 0 0 0 0 0 0 Residential real estate 3 97 90 4 439 416 Home equity 1 16 16 2 40 40 Installment 0 0 0 0 0 0 Total 5 $ 1,874 $ 1,867 11 $ 2,600 $ 2,577 Six months ended June 30, 2021 June 30, 2020 (Dollars in thousands) Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Commercial & industrial 5 $ 4,967 $ 4,831 7 $ 13,504 $ 13,504 Construction real estate 0 0 0 0 0 0 Commercial real estate 7 10,015 9,046 0 0 0 Residential real estate 13 1,120 1,090 18 1,568 1,489 Home equity 2 30 30 6 226 226 Installment 0 0 0 1 26 15 Total 27 $ 16,132 $ 14,997 32 $ 15,324 $ 15,234 |
Loans Restructured, Modifications | The following table provides information on how TDRs were modified during the three and six months ended June 30, 2021 and 2020: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Extended maturities $ 0 $ 0 $ 0 $ 0 Adjusted interest rates 0 0 0 0 Combination of rate and maturity changes 0 0 0 0 Forbearance 84 2,175 6,247 3,183 Other (1) 1,783 402 8,750 12,051 Total $ 1,867 $ 2,577 $ 14,997 $ 15,234 (1) Includes covenant modifications and other concessions, or combination of concessions, that do not consist of interest rate adjustments, forbearance and maturity extensions |
Nonaccrual, Restructured and Impaired Loans | The following table provides information on nonperforming loans: June 30, 2021 December 31, 2020 (Dollars in thousands) Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 15,610 $ 11,816 $ 27,426 $ 18,711 $ 10,519 $ 29,230 Lease financing 0 16 16 0 0 0 Construction real estate 0 0 0 0 0 0 Commercial real estate 11,866 34,091 45,957 6,957 27,725 34,682 Residential real estate 0 9,480 9,480 251 11,350 11,601 Home equity 0 3,376 3,376 0 5,076 5,076 Installment 0 115 115 0 163 163 Total nonaccrual loans $ 27,476 $ 58,894 $ 86,370 $ 25,919 $ 54,833 $ 80,752 (1) Nonaccrual loans include nonaccrual TDRs of $21.5 million and $14.7 million as of June 30, 2021 and December 31, 2020, respectively. Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 3,164 $ 1,327 $ 4,651 $ 2,633 Interest included in income Nonaccrual loans 1,334 370 1,817 537 Troubled debt restructurings 221 68 307 303 Total interest included in income 1,555 438 2,124 840 Net impact on interest income $ 1,609 $ 889 $ 2,527 $ 1,793 |
Schedule of Collateral Dependent Loans | June 30, 2021 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 20,138 $ 827 $ 6,229 $ 0 $ 0 $ 232 $ 27,426 Lease financing 0 0 16 0 0 0 16 Commercial real estate-investor 0 27,051 0 5,987 218 0 33,256 Commercial real estate-owner 0 6,433 6,129 40 99 0 12,701 Residential real estate 0 0 0 0 9,480 0 9,480 Home equity 0 0 0 0 3,376 0 3,376 Installment 0 0 0 0 52 63 115 Total $ 20,138 $ 34,311 $ 12,374 $ 6,027 $ 13,225 $ 295 $ 86,370 December 31, 2020 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 30,961 $ 6,130 $ 2,608 $ 865 $ 0 $ 4,892 $ 45,456 Commercial real estate-investor 0 20,212 661 5,537 872 0 27,282 Commercial real estate-owner 5,842 3,495 0 42 344 0 9,723 Residential real estate 0 0 0 0 11,601 0 11,601 Home equity 0 0 0 0 5,076 0 5,076 Installment 0 0 0 0 0 163 163 Total $ 36,803 $ 29,837 $ 3,269 $ 6,444 $ 17,893 $ 5,055 $ 99,301 |
Changes in Other Real Estate Owned | Changes in OREO were as follows: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 854 $ 1,467 $ 1,287 $ 2,033 Additions Commercial & industrial 98 76 98 323 Residential real estate 0 0 0 146 Total additions 98 76 98 469 Disposals Commercial & industrial (522) (38) (768) (217) Residential real estate (81) (39) (268) (760) Total disposals (603) (77) (1,036) (977) Valuation adjustment Commercial & industrial (9) 470 (9) 470 Residential real estate 0 (64) 0 (123) Total valuation adjustment (9) 406 (9) 347 Balance at end of period $ 340 $ 1,872 $ 340 $ 1,872 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses by Classification | Changes in the allowance by loan category were as follows: Three months ended June 30, 2021 Real Estate (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total Allowance for credit losses: Balance at beginning of period $ 45,139 $ 1,015 $ 22,734 $ 78,669 $ 7,748 $ 10,760 $ 1,235 $ 2,623 $ 169,923 Provision for credit losses 5,182 442 (2,378) (6,398) (877) (1,153) 16 410 (4,756) Gross charge-offs (3,729) 0 0 (2,041) (46) (240) (77) (179) (6,312) Recoveries 205 0 3 75 54 317 37 44 735 Total net charge-offs (3,524) 0 3 (1,966) 8 77 (40) (135) (5,577) Ending allowance for credit losses $ 46,797 $ 1,457 $ 20,359 $ 70,305 $ 6,879 $ 9,684 $ 1,211 $ 2,898 $ 159,590 Three months ended June 30, 2020 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home Equity Installment Credit card Total Allowance for credit losses: Balance at beginning of period $ 45,410 $ 1,494 $ 13,511 $ 53,154 $ 11,284 $ 14,827 $ 1,238 $ 2,967 $ 143,885 Provision for credit losses 6,018 (63) 1,832 10,799 (648) (319) (32) 272 17,859 Loans charged off (1,282) 0 0 (2,037) (148) (428) (7) (234) (4,136) Recoveries 275 0 14 424 93 156 27 64 1,053 Total net charge-offs (1,007) 0 14 (1,613) (55) (272) 20 (170) (3,083) Ending allowance for credit losses $ 50,421 $ 1,431 $ 15,357 $ 62,340 $ 10,581 $ 14,236 $ 1,226 $ 3,069 $ 158,661 Six months ended June 30, 2021 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home equity Installment Credit card Total Allowance for credit losses: Beginning balance $ 51,454 $ 995 $ 21,736 $ 76,795 $ 8,560 $ 11,869 $ 1,215 $ 3,055 $ 175,679 Provision for credit losses 6,440 462 (1,378) (3,469) (1,732) (1,828) 38 161 (1,306) Loans charged off (11,639) 0 (2) (3,291) (47) (851) (113) (401) (16,344) Recoveries 542 0 3 270 98 494 71 83 1,561 Total net charge-offs (11,097) 0 1 (3,021) 51 (357) (42) (318) (14,783) Ending allowance for credit losses $ 46,797 $ 1,457 $ 20,359 $ 70,305 $ 6,879 $ 9,684 $ 1,211 $ 2,898 $ 159,590 Six months ended June 30, 2020 (Dollars in thousands) Commercial & industrial Lease financing Construction real estate Commercial real estate Residential real estate Home equity Installment Credit card Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 18,584 $ 971 $ 2,381 $ 23,579 $ 5,299 $ 4,787 $ 392 $ 1,657 $ 57,650 Impact of adopting ASC 326 9,901 118 11,579 24,118 5,490 8,430 801 1,068 61,505 Provision for credit losses 22,034 342 1,383 16,026 (90) 1,219 43 782 41,739 Loans charged off (2,373) 0 0 (2,041) (263) (695) (68) (545) (5,985) Recoveries 2,275 0 14 658 145 495 58 107 3,752 Total net charge-offs (98) 0 14 (1,383) (118) (200) (10) (438) (2,233) Ending allowance for credit losses $ 50,421 $ 1,431 $ 15,357 $ 62,340 $ 10,581 $ 14,236 $ 1,226 $ 3,069 $ 158,661 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and June 30, 2020 were as follows: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 937,771 $ 937,771 $ 937,771 $ 937,771 Goodwill resulting from business combinations 0 0 0 0 Balance at end of period $ 937,771 $ 937,771 $ 937,771 $ 937,771 |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (Dollars in thousands) June 30, 2021 December 31, 2020 Gross Accumulated Gross Accumulated Amortized intangible assets Core deposit intangibles $ 51,031 $ (30,144) $ 51,031 $ (27,524) Customer list 39,420 (6,570) 39,420 (4,778) Other 10,146 (4,492) 10,113 (3,710) Total $ 100,597 $ (41,206) $ 100,564 $ (36,012) |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Operating lease cost $ 1,850 $ 1,981 $ 3,701 $ 4,001 Short-term lease cost 26 40 55 81 Variable lease cost 676 626 1,355 1,267 Total operating lease cost $ 2,552 $ 2,647 $ 5,111 $ 5,349 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum commitments due under these lease agreements as of June 30, 2021 are as follows: (Dollars in thousands) Operating leases 2021 (remaining six months) $ 3,458 2022 6,978 2023 7,031 2024 6,747 2025 6,194 Thereafter 53,331 Total lease payments 83,739 Less imputed interest 16,581 Total $ 67,158 |
Schedule of supplemental balance sheet information related to leases. [Table Text Block] | The weighted average remaining lease term and discount rate for the Company's operating leases were as follows: June 30, 2021 December 31, 2020 Operating leases Weighted-average remaining lease term 13.8 years 15.1 years Weighted-average discount rate 2.93 % 3.07 % |
Schedule of supplemental cash flow information related to leases [Table Text Block] | Supplemental cash information at June 30, 2021 and 2020 related to leases was as follows: Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,647 $ 2,585 $ 3,437 $ 3,873 ROU assets obtained in exchange for lease obligations Operating leases 663 798 6,424 9,659 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule Of Remaining Contractual Maturity Of Secured Borrowings And Class Of Collateral Pledged Under Repurchase Agreements Table [Table Text Block] | The following shows the remaining contractual maturity of repurchase agreements by collateral pledged: (Dollars in thousands) Overnight and continuous Repurchase agreements Mortgage-backed securities $ 57,341 Collateralized mortgage obligations 38,350 Total $ 95,691 |
Summary of Long-term Debt | The following is a summary of First Financial's long-term debt: June 30, 2021 December 31, 2020 (Dollars in thousands) Amount Average rate Amount Average rate FRB borrowings $ 0 N/A $ 434,982 0.35 % FHLB borrowings 0 0.00 % 19,971 1.43 % Subordinated notes 313,020 4.81 % 321,384 4.86 % Unamortized debt issuance costs (2,577) N/A (2,770) N/A Lease liability 1,821 3.81 % 1,860 3.81 % Capital loan with municipality 775 0.00 % 775 0.00 % Total long-term debt $ 313,039 4.83 % $ 776,202 2.25 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 Total other comprehensive income (loss) Total accumulated other (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ 15,316 $ (265) $ 15,581 $ (3,363) $ 12,218 $ 42,608 $ 12,218 $ 54,826 Retirement obligation 0 (539) 539 (123) 416 (24,507) 416 (24,091) Total $ 15,316 $ (804) $ 16,120 $ (3,486) $ 12,634 $ 18,101 $ 12,634 $ 30,735 Three months ended June 30, 2020 Total other comprehensive income (loss) Total accumulated other (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ 30,977 $ 2 $ 30,975 $ (6,685) $ 24,290 $ 39,401 $ 24,290 $ 63,691 Retirement obligation 0 (457) 457 (104) 353 (27,613) 353 (27,260) Total $ 30,977 $ (455) $ 31,432 $ (6,789) $ 24,643 $ 11,788 $ 24,643 $ 36,431 Six months ended June 30, 2021 Total other comprehensive income (loss) Total accumulated (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ (24,342) $ (431) $ (23,911) $ 5,161 $ (18,750) $ 73,576 $ (18,750) $ 54,826 Retirement obligation 0 (1,064) 1,064 (243) 821 (24,912) 821 (24,091) Total $ (24,342) $ (1,495) $ (22,847) $ 4,918 $ (17,929) $ 48,664 $ (17,929) $ 30,735 Six months ended June 30, 2020 Total other comprehensive income (loss) Total accumulated (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ 28,543 $ (57) $ 28,600 $ (6,173) $ 22,427 $ 41,264 $ 22,427 $ 63,691 Retirement obligation 0 (882) 882 (201) 681 (27,941) 681 (27,260) Total $ 28,543 $ (939) $ 29,482 $ (6,374) $ 23,108 $ 13,323 $ 23,108 $ 36,431 |
Other Accumulated Comprehensive income reclassified from AOCI | The following table presents the activity reclassified from accumulated other comprehensive income into income during the three and six month periods ended June 30, 2021 and 2020, respectively: Amount reclassified from Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Affected Line Item in the Consolidated Statements of Income Realized gain (loss) on securities available-for-sale $ (265) $ 2 $ (431) $ (57) Net gains (losses) on sales of investments securities Defined benefit pension plan Amortization of prior service cost (1) 102 102 202 202 Other noninterest expense Recognized net actuarial loss (1) (641) (559) (1,266) (1,084) Other noninterest expense Defined benefit pension plan total (539) (457) (1,064) (882) Total reclassifications for the period, before tax $ (804) $ (455) $ (1,495) $ (939) (1) Included in the computation of net periodic pension cost (see Note 13 - Employee Benefit Plans for additional details). |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Balances | The following table details the classification and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: June 30, 2021 December 31, 2020 Estimated fair value Estimated fair value (Dollars in thousands) Balance sheet classification Notional Gain Loss Notional Gain Loss Client derivatives - instruments associated with loans Matched interest rate swaps with borrower Accrued interest and other assets $ 2,301,210 $ 121,387 $ (4,034) $ 2,300,336 $ 184,777 $ (107) Matched interest rate swaps with counterparty Accrued interest and other liabilities 2,301,210 4,034 (121,479) 2,300,336 107 (184,884) Foreign exchange contracts Matched foreign exchange contracts with customers Accrued interest and other assets 5,890,489 65,377 (47,160) 3,637,509 60,366 (27,249) Match foreign exchange contracts with counterparty Accrued interest and other liabilities 5,890,489 47,160 (65,377) 3,637,509 27,249 (60,366) Total $ 16,383,398 $ 237,958 $ (238,050) $ 11,875,690 $ 272,499 $ (272,606) |
Disclosure by Type of Financial Instrument | The following table discloses the gross and net amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: June 30, 2021 December 31, 2020 (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of liabilities (assets) presented in the Consolidated Balance Sheets Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of liabilities (assets) presented in the Consolidated Balance Sheets Client derivatives (1) Matched interest rate swaps with counterparty $ 125,513 $ (223,880) $ (98,367) $ 184,991 $ (385,088) $ (200,097) Foreign exchange contracts with counterparty 112,537 (58,013) 54,524 87,615 (17,392) 70,223 Total $ 238,050 $ (281,893) $ (43,843) $ 272,606 $ (402,480) $ (129,874) (1) Includes accrued interest receivable and collateral. |
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 June 30, 2021: (Dollars in thousands) Notional Average Fair Client derivatives-interest rate contracts Receive fixed, matched interest rate swaps with borrower $ 2,301,210 6.0 $ 117,353 Pay fixed, matched interest rate swaps with counterparty 2,301,210 6.0 (117,445) Client derivatives-foreign exchange contracts Foreign exchange contracts-pay USD $ 5,890,489 0.6 18,217 Foreign exchange contracts-receive USD $ 5,890,489 0.6 (18,217) Total client derivatives $ 16,383,398 2.1 $ (92) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Table Text Block] | The following table presents by type First Financial's active loan balances and related obligations to extend credit: June 30, 2021 December 31, 2020 (dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance Commercial & industrial $ 1,391,522 $ 2,701,203 $ 1,270,765 $ 3,007,509 Lease financing 10,000 68,229 0 72,987 Construction real estate 356,390 630,329 374,008 636,096 Commercial real estate-investor 172,320 3,318,836 139,754 3,244,540 Commercial real estate-owner 36,212 1,013,725 51,637 1,063,318 Residential real estate 37,246 932,112 28,895 1,003,086 Home equity 804,275 711,756 762,406 743,099 Installment 15,525 89,143 18,229 81,850 Credit card 215,169 46,177 207,365 48,485 Total $ 3,038,659 $ 9,511,510 $ 2,853,059 $ 9,900,970 |
Investment Holdings, Schedule of Investments | The following table summarizes First Financial's investments in affordable housing projects and other tax credit investments. (Dollars in thousands) June 30, 2021 December 31, 2020 Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment LIHTC Proportional amortization $ 85,395 $ 39,297 $ 90,401 $ 47,531 HTC Equity 3,478 364 3,607 364 NMTC Equity 4,251 0 1,165 0 Renewable energy Equity 14,122 7,940 5,244 7,661 Total $ 107,246 $ 47,601 $ 100,417 $ 55,556 The following tables summarize First Financial's amortization expense and tax benefit recognized in affordable housing projects and other tax credit investments. Three months ended June 30, 2021 June 30, 2020 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 2,423 $ (2,154) $ 2,024 $ (1,887) HTC 64 (80) 62 (82) NMTC 52 (53) 44 (44) Renewable energy 1,040 (1,047) 0 0 Total $ 3,579 $ (3,334) $ 2,130 $ (2,013) Six months ended June 30, 2021 June 30, 2020 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 4,460 $ (4,338) $ 4,104 $ (3,831) HTC 219 (159) 140 (163) NMTC 105 (105) 88 (88) Renewable energy 1,040 (1,047) 0 0 Total $ 5,824 $ (5,649) $ 4,332 $ (4,082) (1) The amortization expense for the LIHTC investments is included in income tax expense. The amortization expense for the HTC, NMTC, and Renewable energy tax credits is included in other noninterest expense. (2) All of the tax benefits recognized are included in Income tax expense. The tax benefit recognized for the HTC, NMTC, and Renewable energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss). |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan Amounts Recognized in the Consolidated Balance Sheets and Consolidated Statements of Income | As a result of the plan’s actuarial projections, First Financial recorded expense as set forth in the following table. The amounts are recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan. Three months ended Six months ended June 30, June 30, (Dollars in thousands) 2021 2020 2021 2020 Service cost $ 2,311 $ 1,926 $ 4,661 $ 3,776 Interest cost 533 607 1,058 1,207 Expected return on assets (2,538) (2,464) (5,088) (4,939) Amortization of prior service cost (102) (102) (202) (202) Net actuarial loss 641 559 1,266 1,084 Net periodic benefit cost (income) $ 845 $ 526 $ 1,695 $ 926 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 common share: Three months ended Six months ended June 30, June 30, (Dollars in thousands, except per share data) 2021 2020 2021 2020 Numerator Net income available to common shareholders $ 50,888 $ 37,393 $ 98,203 $ 66,021 Denominator Weighted average shares outstanding for basic earnings per common share 96,123,645 97,220,748 96,496,720 97,478,719 Effect of dilutive securities Employee stock awards 886,067 767,852 869,920 693,689 Adjusted weighted average shares for diluted earnings per common share 97,009,712 97,988,600 97,366,640 98,172,408 Earnings per share available to common shareholders Basic $ 0.53 $ 0.38 $ 1.02 $ 0.68 Diluted $ 0.52 $ 0.38 $ 1.01 $ 0.67 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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 June 30, 2021 Financial assets Cash and short-term investments $ 245,528 $ 245,528 $ 245,528 $ 0 $ 0 Investment securities held-to-maturity 112,456 115,171 0 115,171 0 Other investments 129,432 129,432 1,110 118,914 9,408 Loans and leases 9,351,920 9,409,846 0 0 9,409,846 Accrued interest receivable 48,832 48,832 0 13,912 34,920 Financial liabilities Deposits Deposits 12,506,180 12,508,971 0 12,508,971 0 Short-term borrowings 472,791 472,791 472,791 0 0 Long-term debt 313,039 310,720 0 310,720 0 Accrued interest payable 4,521 4,521 3 4,518 0 Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 December 31, 2020 Financial assets Cash and short-term investments $ 251,359 $ 251,359 $ 251,359 $ 0 $ 0 Investment securities held-to-maturity 131,687 136,698 0 136,698 0 Other investments 133,198 133,198 837 122,953 9,408 Loans and leases 9,725,291 9,743,497 0 0 9,743,497 Accrued interest receivable 50,903 50,903 0 13,221 37,682 Financial liabilities Deposits 12,232,003 12,238,058 0 12,238,058 0 Short-term borrowings 166,594 166,594 166,594 0 0 Long-term debt 776,202 774,674 0 774,674 0 Accrued interest payable 6,240 6,240 14 6,226 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 June 30, 2021 Assets Investment securities available-for-sale $ 20,438 $ 3,896,371 $ 39,030 $ 3,955,839 Loans held for sale 0 31,546 0 31,546 Interest rate derivative contracts 0 125,505 0 125,505 Foreign exchange derivative contracts 0 112,537 0 112,537 Total $ 20,438 $ 4,165,959 $ 39,030 $ 4,225,427 Liabilities Interest rate derivative contracts $ 0 $ 125,825 $ 0 $ 125,825 Foreign exchange derivative contracts 0 112,537 0 112,537 Total $ 0 $ 238,362 $ 0 $ 238,362 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities December 31, 2020 Assets Investment securities available-for-sale $ 103 $ 3,383,902 $ 40,575 $ 3,424,580 Loans held for sale 0 41,103 0 41,103 Interest rate derivative contracts 0 185,032 0 185,032 Foreign exchange derivative contracts 0 87,615 0 87,615 Total $ 103 $ 3,697,652 $ 40,575 $ 3,738,330 Liabilities Interest rate derivative contracts $ 0 $ 186,124 $ 0 $ 186,124 Foreign exchange derivative contracts $ 0 $ 87,615 $ 0 $ 87,615 Total $ 0 $ 273,739 $ 0 $ 273,739 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2021 and June 30, 2020. Three months ended Six months ended June 30, June 30, (dollars in thousands) 2021 2020 2021 2020 Beginning balance $ 39,678 $ 44,250 $ 40,575 $ 9,190 Accretion (amortization) (8) 3 (17) 19 Increase (decrease) in fair value 10 (8) 22 (38) Settlements (650) (2,668) (1,550) 32,406 Ending balance $ 39,030 $ 41,577 $ 39,030 $ 41,577 |
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 June 30, 2021 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 9,609 Commercial real estate 0 0 7,502 OREO 0 0 179 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 December 31, 2020 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 25,367 Commercial real estate 0 0 6,432 OREO 0 0 54 |
RECENTLY ADOPTED AND ISSUED A_3
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 61,505 | $ 61,505 | |||||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal) | 12,155 | ||||||
Deferred tax liability, Credit Loss, Change in Method, Credit Loss Expense (Reversal) | (16,778) | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,258,942 | $ 2,282,070 | $ 2,179,383 | $ 2,247,705 | |||
Loans and Leases Receivable, Allowance | $ 119,155 | 158,661 | $ 159,590 | 169,923 | 175,679 | 143,885 | 57,650 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (56,882) | ||||||
Retained earnings | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 675,532 | $ 745,220 | 720,429 | $ 660,653 | 711,249 | ||
Retained earnings | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (56,900) | $ (56,882) |
RECENTLY ADOPTED AND ISSUED A_4
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | $ 119,155 | $ 158,661 | $ 159,590 | $ 169,923 | $ 175,679 | $ 143,885 | $ 57,650 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 61,505 | 61,505 | |||||
Deferred Tax Liabilities, Deferred Expense | 16,252 | 33,030 | |||||
Deferred tax liability, Credit Loss, Change in Method, Credit Loss Expense (Reversal) | (16,778) | ||||||
Off-Balance Sheet, Credit Loss, Liability | 12,740 | 585 | |||||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal) | 12,155 | ||||||
Commercial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | 28,485 | 50,421 | 46,797 | 45,139 | 51,454 | 45,410 | 18,584 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,901 | 9,901 | |||||
Lease financing | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | 1,089 | 1,431 | 1,457 | 1,015 | 995 | 1,494 | 971 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 118 | 118 | |||||
Construction real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | 13,960 | 15,357 | 20,359 | 22,734 | 21,736 | 13,511 | 2,381 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 11,579 | 11,579 | |||||
Commercial real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | 47,697 | 62,340 | 70,305 | 78,669 | 76,795 | 53,154 | 23,579 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 24,118 | 24,118 | |||||
Residential real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | 10,789 | 10,581 | 6,879 | 7,748 | 8,560 | 11,284 | 5,299 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 5,490 | 5,490 | |||||
Home equity | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | 13,217 | 14,236 | 9,684 | 10,760 | 11,869 | 14,827 | 4,787 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 8,430 | 8,430 | |||||
Installment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | 1,193 | 1,226 | 1,211 | 1,235 | 1,215 | 1,238 | 392 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 801 | 801 | |||||
Credit card | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Loans and Leases Receivable, Allowance | 2,725 | 3,069 | $ 2,898 | $ 2,623 | $ 3,055 | $ 2,967 | $ 1,657 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 1,068 | $ 1,068 |
INVESTMENTS - Additional Inform
INVESTMENTS - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Gain (Loss) on Securities [Line Items] | |||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 219.7 | $ 11.4 | $ 271.8 | $ 41.3 | |
Available-for-sale Securities, Gross Realized Gains | $ 2.5 | 0.1 | 3.1 | 0.1 | |
Available-for-sale Securities, Gross Realized Losses | $ 0.1 | $ 3.5 | $ 0.1 | ||
NumberOfSecuritiesInSecurityPortfolio | 1,416 | 1,416 | 1,351 | ||
NumberOfSecuritiesInUnrealizedLossPosition | 200 | 200 | 94 | ||
Debt Securities, Held-to-maturity, Nonaccrual | $ 0 | $ 0 | $ 0 | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | $ 0 | $ 0 |
INVESTMENTS - Summary of Held-T
INVESTMENTS - Summary of Held-To-Maturity and Available-For-Sale Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Total | $ 112,456 | $ 131,687 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 3,101 | 5,011 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (386) | 0 |
Held-to-Maturity Market Value | 115,171 | 136,698 |
Total | 3,885,363 | 3,330,029 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 84,756 | 99,942 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (14,280) | (5,391) |
Investment securities available-for-sale | 3,955,839 | 3,424,580 |
U.S. Treasuries | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 20,218 | 99 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 220 | 4 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | 0 | 0 |
Investment securities available-for-sale | 20,438 | 103 |
Securities of U.S. government agencies and corporations | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 78,311 | 60 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 798 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (4) | 0 |
Investment securities available-for-sale | 79,105 | 60 |
Residential Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 13,990 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 197 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 14,187 |
Total | 686,994 | 704,482 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 11,127 | 15,938 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (6,758) | (237) |
Investment securities available-for-sale | 691,363 | 720,183 |
Commercial Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 56,833 | 71,737 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1,828 | 3,485 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 58,661 | 75,222 |
Total | 685,920 | 584,125 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 8,384 | 10,395 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (567) | (3,584) |
Investment securities available-for-sale | 693,737 | 590,936 |
Collateralized Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 14,985 | 5,799 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 162 | 79 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (85) | 0 |
Held-to-Maturity Market Value | 15,062 | 5,878 |
Total | 740,172 | 634,418 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 14,785 | 21,148 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (2,690) | (445) |
Investment securities available-for-sale | 752,267 | 655,121 |
Obligations of state and other political subdivisions | ||
Investment Holdings [Line Items] | ||
Total | 9,388 | 9,911 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1,003 | 1,239 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 10,391 | 11,150 |
Total | 978,919 | 856,054 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 43,085 | 46,755 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (3,587) | (291) |
Investment securities available-for-sale | 1,018,417 | 902,518 |
Asset-backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 599,326 | 478,539 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 4,061 | 4,158 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (638) | (826) |
Investment securities available-for-sale | 602,749 | 481,871 |
Other securities | ||
Investment Holdings [Line Items] | ||
Total | 31,250 | 30,250 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 108 | 11 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (301) | 0 |
Held-to-Maturity Market Value | 31,057 | 30,261 |
Total | 95,503 | 72,252 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 2,296 | 1,544 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (36) | (8) |
Investment securities available-for-sale | $ 97,763 | $ 73,788 |
INVESTMENTS - Summary of Invest
INVESTMENTS - Summary of Investment Securities by Estimated Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Held-to-Maturity Amortized Cost | ||
Amortized Cost | $ 112,456 | $ 131,687 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 115,171 | 136,698 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 3,885,363 | 3,330,029 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 3,955,839 | |
One Year or Less [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 26,647 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 26,908 | |
After One Year Through Five Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 50,859 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 52,674 | |
After Five Years Through Ten Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 37,186 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 37,931 | |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 298,659 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 309,239 | |
After Ten Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 3,452 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 3,517 | |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 796,786 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 826,902 | |
Residential Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | 13,990 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 14,187 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 686,994 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 691,363 | |
Commercial Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 56,833 | 71,737 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 58,661 | 75,222 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 685,920 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 693,737 | |
Collateralized Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 14,985 | 5,799 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 15,062 | 5,878 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 740,172 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 752,267 | |
Asset-backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | 0 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | $ 0 |
Available-for-Sale Amortized Cost | ||
Available-for-sale Securities, Amortized Cost Basis | 599,326 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | $ 602,749 |
INVESTMENTS - Age of Gross Unre
INVESTMENTS - Age of Gross Unrealized Losses and Associated Fair Value by Investment Category (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Investments, Unrealized Loss Position [Line Items] | ||
Document Period End Date | Jun. 30, 2021 | |
Less than 12 Months Fair Value | $ 1,281,858 | $ 426,607 |
Less than 12 Months Unrealized Loss | (14,442) | (2,402) |
12 Months or More Fair Value | 82,951 | 117,126 |
12 Months or More Unrealized Loss | (224) | (2,989) |
Total Fair Value | 1,364,809 | 543,733 |
Total Unrealized Loss | (14,666) | (5,391) |
Other securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 31,913 | 4,992 |
Less than 12 Months Unrealized Loss | (337) | (8) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 31,913 | 4,992 |
Total Unrealized Loss | (337) | (8) |
Asset-backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 175,728 | 84,749 |
Less than 12 Months Unrealized Loss | (528) | (435) |
12 Months or More Fair Value | 25,449 | 68,967 |
12 Months or More Unrealized Loss | (110) | (391) |
Total Fair Value | 201,177 | 153,716 |
Total Unrealized Loss | (638) | (826) |
Obligations of state and other political subdivisions | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 265,630 | 60,008 |
Less than 12 Months Unrealized Loss | (3,581) | (291) |
12 Months or More Fair Value | 14,443 | 0 |
12 Months or More Unrealized Loss | (6) | 0 |
Total Fair Value | 280,073 | 60,008 |
Total Unrealized Loss | (3,587) | (291) |
Collateralized Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 273,715 | 49,161 |
Less than 12 Months Unrealized Loss | (2,727) | (445) |
12 Months or More Fair Value | 4,220 | 1 |
12 Months or More Unrealized Loss | (48) | 0 |
Total Fair Value | 277,935 | 49,162 |
Total Unrealized Loss | (2,775) | (445) |
Commercial Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 69,725 | 169,825 |
Less than 12 Months Unrealized Loss | (507) | (986) |
12 Months or More Fair Value | 38,839 | 48,158 |
12 Months or More Unrealized Loss | (60) | (2,598) |
Total Fair Value | 108,564 | 217,983 |
Total Unrealized Loss | (567) | (3,584) |
Residential Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 456,487 | 57,872 |
Less than 12 Months Unrealized Loss | (6,758) | (237) |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 456,487 | 57,872 |
Total Unrealized Loss | (6,758) | (237) |
Securities of U.S. government agencies and corporations | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 8,660 | 0 |
Less than 12 Months Unrealized Loss | (4) | 0 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 8,660 | 0 |
Total Unrealized Loss | (4) | 0 |
U.S. Treasuries | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 0 | 0 |
Less than 12 Months Unrealized Loss | 0 | 0 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 0 | 0 |
Total Unrealized Loss | $ 0 | $ 0 |
LOANS AND LEASES - Additional I
LOANS AND LEASES - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($)loans | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)loans | Jun. 30, 2020USD ($)loans | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Modifications, Number of Contracts | loans | 27 | 32 | ||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loans | 0 | 0 | ||||||
Restructured Loans, Portion Determined to be Uncollectible | 0 | 700,000 | $ 30,000 | $ 1,100,000 | ||||
Restructured Loans, Nonaccrual Status | 21,500,000 | 21,500,000 | $ 14,700,000 | |||||
Real Estate Acquired Through Foreclosure | 340,000 | $ 854,000 | $ 1,872,000 | 340,000 | $ 1,872,000 | 1,287,000 | $ 1,467,000 | $ 2,033,000 |
Troubled Debt Restructuring | 33,600,000 | 33,600,000 | 21,800,000 | |||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | 181,700,000 | $ 181,700,000 | 320,200,000 | |||||
Total consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Modifications, Number of Contracts | loans | 0 | 1 | ||||||
Commercial segment | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Modifications, Number of Contracts | loans | 5 | 7 | ||||||
Commercial | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | $ 250,000 | |||||||
Residential real estate | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Modifications, Number of Contracts | loans | 13 | 18 | ||||||
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | $ 250,000 | |||||||
Commercial segment | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Unearned fees | 16,600,000 | 16,600,000 | 13,700,000 | |||||
Paycheck Protection Program Amount of Funding | 401,100,000 | 401,100,000 | 594,600,000 | |||||
Payment Deferral [Member] | Hotel | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | 118,100,000 | $ 118,100,000 | 186,200,000 | |||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Percent | 58.20% | 65.00% | ||||||
Payment Deferral [Member] | Franchise | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | 34,700,000 | $ 34,700,000 | 44,300,000 | |||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Percent | 13.80% | 19.10% | ||||||
Payment Deferral [Member] | Interest only payments | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | 181,100,000 | $ 181,100,000 | 291,500,000 | |||||
Payment Deferral [Member] | Full principal and Interest payments | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | 600,000 | $ 600,000 | 28,700,000 | |||||
Payment Deferral [Member] | Total consumer | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Modifications, Number of Contracts | loans | 53 | 4 | ||||||
Troubled Debt Restructuring | 600,000 | $ 600,000 | 7,700,000 | |||||
Payment Deferral [Member] | Commercial segment | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Financing Receivable, Modifications, Number of Contracts | loans | 90 | 28 | ||||||
Troubled Debt Restructuring | $ 181,100,000 | $ 181,100,000 | $ 312,500,000 |
LOANS AND LEASES - Commercial a
LOANS AND LEASES - Commercial and Consumer Credit Exposure by Risk Attribute (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,017,321 | $ 2,378,125 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,835,493 | 2,239,068 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,142,689 | 1,303,349 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,096,303 | 935,938 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 787,471 | 687,912 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,384,423 | 1,075,362 |
Financing Receivable, before Allowance for Credit Loss | 8,263,700 | 8,619,754 |
Financing Receivable, Revolving | 1,247,810 | 1,281,216 |
Loans and Leases Receivable, Net of Deferred Income | 9,511,510 | 9,900,970 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 481,821 | 1,172,540 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 665,536 | 472,861 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 411,350 | 322,361 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 256,942 | 241,535 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 185,547 | 134,478 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 194,049 | 145,589 |
Financing Receivable, before Allowance for Credit Loss | 2,195,245 | 2,489,364 |
Financing Receivable, Revolving | 505,958 | 518,145 |
Loans and Leases Receivable, Net of Deferred Income | 2,701,203 | 3,007,509 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 479,384 | 1,141,163 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 659,967 | 460,210 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 390,865 | 296,221 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 241,685 | 208,077 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 165,643 | 122,686 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 183,797 | 138,307 |
Financing Receivable, before Allowance for Credit Loss | 2,121,341 | 2,366,664 |
Financing Receivable, Revolving | 484,587 | 502,286 |
Loans and Leases Receivable, Net of Deferred Income | 2,605,928 | 2,868,950 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 345 | 24,668 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,681 | 10,281 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,984 | 18,118 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,919 | 6,893 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,977 | 6,668 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 8,062 | 6,090 |
Financing Receivable, before Allowance for Credit Loss | 31,968 | 72,718 |
Financing Receivable, Revolving | 9,626 | 10,470 |
Loans and Leases Receivable, Net of Deferred Income | 41,594 | 83,188 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,092 | 6,709 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 888 | 2,370 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17,501 | 8,022 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,338 | 26,565 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 17,927 | 5,124 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,190 | 1,192 |
Financing Receivable, before Allowance for Credit Loss | 41,936 | 49,982 |
Financing Receivable, Revolving | 11,745 | 5,389 |
Loans and Leases Receivable, Net of Deferred Income | 53,681 | 55,371 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 11,691 | 23,211 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 22,628 | 22,397 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,112 | 12,942 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,819 | 7,147 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,474 | 4,922 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,505 | 2,368 |
Financing Receivable, before Allowance for Credit Loss | 68,229 | 72,987 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 68,229 | 72,987 |
Lease financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 11,691 | 22,916 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 15,772 | 22,397 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,112 | 12,942 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,819 | 6,967 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,474 | 4,802 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,478 | 2,368 |
Financing Receivable, before Allowance for Credit Loss | 61,346 | 72,392 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 61,346 | 72,392 |
Lease financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 290 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,853 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 6,853 | 290 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 6,853 | 290 |
Lease financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 5 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 180 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 120 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 27 | 0 |
Financing Receivable, before Allowance for Credit Loss | 30 | 305 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 30 | 305 |
Lease financing | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Construction real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 28,149 | 96,410 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 116,351 | 260,145 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 313,635 | 200,828 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 124,646 | 33,169 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,535 | 25,447 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,374 | 426 |
Financing Receivable, before Allowance for Credit Loss | 606,690 | 616,425 |
Financing Receivable, Revolving | 23,639 | 19,671 |
Loans and Leases Receivable, Net of Deferred Income | 630,329 | 636,096 |
Construction real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 28,149 | 96,410 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 116,351 | 259,524 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 297,398 | 182,625 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 106,443 | 23,185 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10,535 | 24,786 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,374 | 426 |
Financing Receivable, before Allowance for Credit Loss | 572,250 | 586,956 |
Financing Receivable, Revolving | 23,639 | 19,671 |
Loans and Leases Receivable, Net of Deferred Income | 595,889 | 606,627 |
Construction real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 621 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 18,203 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 18,203 | 9,984 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 661 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 18,203 | 29,469 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 18,203 | 29,469 |
Construction real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16,237 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 16,237 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 16,237 | 0 |
Construction real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial real estate - investor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 276,831 | 522,148 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 482,244 | 1,031,404 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,042,392 | 465,108 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 443,783 | 430,029 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 390,785 | 319,063 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 627,728 | 419,831 |
Financing Receivable, before Allowance for Credit Loss | 3,263,763 | 3,187,583 |
Financing Receivable, Revolving | 55,073 | 56,957 |
Loans and Leases Receivable, Net of Deferred Income | 3,318,836 | 3,244,540 |
Commercial real estate - investor | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 274,887 | 515,950 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 474,378 | 1,011,898 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,006,925 | 427,077 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 398,163 | 378,536 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 329,296 | 286,587 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 553,349 | 361,403 |
Financing Receivable, before Allowance for Credit Loss | 3,036,998 | 2,981,451 |
Financing Receivable, Revolving | 55,027 | 56,398 |
Loans and Leases Receivable, Net of Deferred Income | 3,092,025 | 3,037,849 |
Commercial real estate - investor | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 248 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,874 | 17,463 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 23,805 | 15,534 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15,348 | 44,426 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 54,296 | 32,408 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 61,304 | 43,704 |
Financing Receivable, before Allowance for Credit Loss | 156,875 | 153,535 |
Financing Receivable, Revolving | 46 | 559 |
Loans and Leases Receivable, Net of Deferred Income | 156,921 | 154,094 |
Commercial real estate - investor | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,696 | 6,198 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,992 | 2,043 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 11,662 | 22,497 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 30,272 | 7,067 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,193 | 68 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,075 | 14,724 |
Financing Receivable, before Allowance for Credit Loss | 69,890 | 52,597 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 69,890 | 52,597 |
Commercial real estate - investor | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial real estate-owner | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 64,137 | 190,652 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 200,254 | 174,364 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 149,977 | 157,181 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 150,390 | 139,001 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 133,642 | 132,078 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 279,661 | 233,224 |
Financing Receivable, before Allowance for Credit Loss | 978,061 | 1,026,500 |
Financing Receivable, Revolving | 35,664 | 36,818 |
Loans and Leases Receivable, Net of Deferred Income | 1,013,725 | 1,063,318 |
Commercial real estate-owner | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 63,295 | 185,692 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 195,467 | 162,480 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 138,676 | 147,236 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 134,761 | 125,275 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 118,564 | 128,755 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 263,950 | 211,519 |
Financing Receivable, before Allowance for Credit Loss | 914,713 | 960,957 |
Financing Receivable, Revolving | 35,626 | 36,721 |
Loans and Leases Receivable, Net of Deferred Income | 950,339 | 997,678 |
Commercial real estate-owner | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 780 | 4,292 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,157 | 11,380 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,745 | 2,891 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,580 | 8,230 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 12,611 | 3,017 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,345 | 19,384 |
Financing Receivable, before Allowance for Credit Loss | 35,218 | 49,194 |
Financing Receivable, Revolving | 0 | 59 |
Loans and Leases Receivable, Net of Deferred Income | 35,218 | 49,253 |
Commercial real estate-owner | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 62 | 668 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 630 | 504 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 9,556 | 7,054 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,049 | 5,496 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,467 | 306 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,366 | 2,321 |
Financing Receivable, before Allowance for Credit Loss | 28,130 | 16,349 |
Financing Receivable, Revolving | 38 | 38 |
Loans and Leases Receivable, Net of Deferred Income | 28,168 | 16,387 |
Commercial real estate-owner | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 120,303 | 290,598 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 272,922 | 242,030 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 183,309 | 116,420 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 87,941 | 64,863 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 46,249 | 60,181 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 221,388 | 228,994 |
Financing Receivable, before Allowance for Credit Loss | 932,112 | 1,003,086 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 932,112 | 1,003,086 |
Residential real estate | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 120,303 | 290,277 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 272,824 | 241,601 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 182,666 | 115,747 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 87,663 | 64,220 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 45,960 | 60,094 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 217,755 | 224,281 |
Financing Receivable, before Allowance for Credit Loss | 927,171 | 996,220 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 927,171 | 996,220 |
Residential real estate | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 321 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 98 | 429 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 643 | 673 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 278 | 643 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 289 | 87 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,633 | 4,713 |
Financing Receivable, before Allowance for Credit Loss | 4,941 | 6,866 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 4,941 | 6,866 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 24,466 | 60,967 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 51,137 | 20,200 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17,343 | 17,445 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,987 | 11,347 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,171 | 9,772 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 40,384 | 41,709 |
Financing Receivable, before Allowance for Credit Loss | 156,488 | 161,440 |
Financing Receivable, Revolving | 555,268 | 581,659 |
Loans and Leases Receivable, Net of Deferred Income | 711,756 | 743,099 |
Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 24,466 | 60,967 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 51,137 | 20,200 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17,343 | 17,445 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13,865 | 11,308 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,141 | 9,744 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 40,027 | 41,571 |
Financing Receivable, before Allowance for Credit Loss | 155,979 | 161,235 |
Financing Receivable, Revolving | 553,123 | 577,609 |
Loans and Leases Receivable, Net of Deferred Income | 709,102 | 738,844 |
Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 122 | 39 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 30 | 28 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 357 | 138 |
Financing Receivable, before Allowance for Credit Loss | 509 | 205 |
Financing Receivable, Revolving | 2,145 | 4,050 |
Loans and Leases Receivable, Net of Deferred Income | 2,654 | 4,255 |
Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,923 | 21,599 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24,421 | 15,667 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 11,571 | 11,064 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7,795 | 8,847 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,068 | 1,971 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,334 | 3,221 |
Financing Receivable, before Allowance for Credit Loss | 63,112 | 62,369 |
Financing Receivable, Revolving | 26,031 | 19,481 |
Loans and Leases Receivable, Net of Deferred Income | 89,143 | 81,850 |
Installment | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,917 | 21,584 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24,421 | 15,614 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 11,543 | 11,041 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7,794 | 8,812 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,067 | 1,954 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,328 | 3,185 |
Financing Receivable, before Allowance for Credit Loss | 63,070 | 62,190 |
Financing Receivable, Revolving | 26,013 | 19,479 |
Loans and Leases Receivable, Net of Deferred Income | 89,083 | 81,669 |
Installment | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6 | 15 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 53 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 28 | 23 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1 | 35 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1 | 17 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6 | 36 |
Financing Receivable, before Allowance for Credit Loss | 42 | 179 |
Financing Receivable, Revolving | 18 | 2 |
Loans and Leases Receivable, Net of Deferred Income | 60 | 181 |
Credit card | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financing Receivable, Revolving | 46,177 | 48,485 |
Loans and Leases Receivable, Net of Deferred Income | 46,177 | 48,485 |
Credit card | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financing Receivable, Revolving | 45,770 | 47,845 |
Loans and Leases Receivable, Net of Deferred Income | 45,770 | 47,845 |
Credit card | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Financing Receivable, Revolving | 407 | 640 |
Loans and Leases Receivable, Net of Deferred Income | $ 407 | $ 640 |
LOANS AND LEASES - Loan Delinqu
LOANS AND LEASES - Loan Delinquency, including Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | $ 44,838 | $ 51,946 |
Current | 9,849,024 | |
Total loans and leases | 9,511,510 | 9,900,970 |
> 90 days past due and still accruing | 155 | 169 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 9,544 | 17,837 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,800 | 1,577 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 33,494 | 32,532 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 9,466,672 | |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 9,438 | 8,393 |
Current | 2,999,116 | |
Total loans and leases | 2,701,203 | 3,007,509 |
> 90 days past due and still accruing | 0 | 0 |
Commercial | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 150 | 6,532 |
Commercial | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 300 | 0 |
Commercial | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 8,988 | 1,861 |
Commercial | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 2,691,765 | |
Lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 15 | 0 |
Current | 72,987 | |
Total loans and leases | 68,229 | 72,987 |
> 90 days past due and still accruing | 0 | 0 |
Lease financing | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Lease financing | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Lease financing | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 15 | 0 |
Lease financing | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 68,214 | |
Construction real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Current | 636,096 | |
Total loans and leases | 630,329 | 636,096 |
> 90 days past due and still accruing | 0 | 0 |
Construction real estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Construction real estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Construction real estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Construction real estate | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 630,329 | |
Commercial real estate - investor | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 26,845 | 24,558 |
Current | 3,219,982 | |
Total loans and leases | 3,318,836 | 3,244,540 |
> 90 days past due and still accruing | 0 | 0 |
Commercial real estate - investor | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 5,788 | 136 |
Commercial real estate - investor | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Commercial real estate - investor | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 21,057 | 24,422 |
Commercial real estate - investor | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 3,291,991 | |
Commercial real estate-owner | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 479 | 7,054 |
Current | 1,056,264 | |
Total loans and leases | 1,013,725 | 1,063,318 |
> 90 days past due and still accruing | 0 | 0 |
Commercial real estate-owner | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 162 | 6,480 |
Commercial real estate-owner | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 245 | 174 |
Commercial real estate-owner | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 72 | 400 |
Commercial real estate-owner | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 1,013,246 | |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 4,941 | 6,866 |
Current | 996,220 | |
Total loans and leases | 932,112 | 1,003,086 |
> 90 days past due and still accruing | 0 | 0 |
Residential real estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 2,351 | 2,809 |
Residential real estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 793 | 370 |
Residential real estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,797 | 3,687 |
Residential real estate | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 927,171 | |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 2,654 | 4,255 |
Current | 738,844 | |
Total loans and leases | 711,756 | 743,099 |
> 90 days past due and still accruing | 0 | 0 |
Home equity | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 864 | 1,483 |
Home equity | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 406 | 835 |
Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,384 | 1,937 |
Home equity | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 709,102 | |
Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 59 | 180 |
Current | 81,670 | |
Total loans and leases | 89,143 | 81,850 |
> 90 days past due and still accruing | 0 | 0 |
Installment | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 50 | 94 |
Installment | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 35 |
Installment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 9 | 51 |
Installment | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 89,084 | |
Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 407 | 640 |
Current | 47,845 | |
Total loans and leases | 46,177 | 48,485 |
> 90 days past due and still accruing | 155 | 169 |
Credit card | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 179 | 303 |
Credit card | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 56 | 163 |
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 172 | $ 174 |
Credit card | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Current | $ 45,770 |
LOANS AND LEASES - Restructured
LOANS AND LEASES - Restructured Loans (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021USD ($)loans | Mar. 31, 2021loans | Jun. 30, 2020USD ($)loans | Jun. 30, 2021USD ($)loansd | Jun. 30, 2020USD ($)loans | Dec. 31, 2020USD ($)loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 27 | 32 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 16,132 | $ 15,324 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 14,997 | 15,234 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 0 | 0 | ||
Number of Restructured Loans | loans | 169 | 169 | 155 | |||
Total restructured loans | $ 33,600 | $ 33,600 | $ 21,800 | |||
Restructured loans on accrual status | 12,100 | 12,100 | 7,100 | |||
Restructured Loans, Nonaccrual Status | 21,500 | 21,500 | 14,700 | |||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 300 | 300 | 300 | |||
Allowance for loan and lease losses lncluded in reserves for restructured loans | 6,400 | 6,400 | 8,800 | |||
Accruing TDRs performing in accordance with restructured terms for more than one year | 5,200 | 5,200 | 5,000 | |||
Restructured Loans, Portion Determined to be Uncollectible | $ 0 | $ 700 | $ 30 | $ 1,100 | ||
Restructured loans performance threshold (days) | d | 90 | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loans | 0 | 0 | ||||
Financing Receivable Modifications, Contracts, Number | loans | 5 | 11 | ||||
Financing Receivable Modifications, Pre Modification Investment Recorded | $ 1,874 | $ 2,600 | ||||
Financing Receivable Modifications, Post Modification Investment Recorded | $ 1,867 | $ 2,577 | ||||
Commercial segment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 5 | 7 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 4,967 | $ 13,504 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 4,831 | $ 13,504 | ||||
Financing Receivable Modifications, Contracts, Number | loans | 1 | 5 | ||||
Financing Receivable Modifications, Pre Modification Investment Recorded | $ 1,761 | $ 2,121 | ||||
Financing Receivable Modifications, Post Modification Investment Recorded | $ 1,761 | $ 2,121 | ||||
Construction real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 0 | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | ||||
Financing Receivable Modifications, Contracts, Number | loans | 0 | 0 | ||||
Financing Receivable Modifications, Pre Modification Investment Recorded | $ 0 | $ 0 | ||||
Financing Receivable Modifications, Post Modification Investment Recorded | $ 0 | $ 0 | ||||
Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 7 | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 10,015 | $ 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 9,046 | $ 0 | ||||
Financing Receivable Modifications, Contracts, Number | loans | 0 | 0 | ||||
Financing Receivable Modifications, Pre Modification Investment Recorded | $ 0 | $ 0 | ||||
Financing Receivable Modifications, Post Modification Investment Recorded | $ 0 | $ 0 | ||||
Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 13 | 18 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,120 | $ 1,568 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,090 | $ 1,489 | ||||
Financing Receivable Modifications, Contracts, Number | loans | 3 | 4 | ||||
Financing Receivable Modifications, Pre Modification Investment Recorded | $ 97 | $ 439 | ||||
Financing Receivable Modifications, Post Modification Investment Recorded | $ 90 | $ 416 | ||||
Home equity | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 2 | 6 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 30 | $ 226 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 30 | $ 226 | ||||
Financing Receivable Modifications, Contracts, Number | loans | 1 | 2 | ||||
Financing Receivable Modifications, Pre Modification Investment Recorded | $ 16 | $ 40 | ||||
Financing Receivable Modifications, Post Modification Investment Recorded | $ 16 | $ 40 | ||||
Installment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 0 | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | $ 26 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 15 | ||||
Financing Receivable Modifications, Contracts, Number | loans | 0 | 0 | ||||
Financing Receivable Modifications, Pre Modification Investment Recorded | $ 0 | $ 0 | ||||
Financing Receivable Modifications, Post Modification Investment Recorded | 0 | $ 0 | ||||
Payment Deferral [Member] | Commercial segment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 90 | 28 | ||||
Total restructured loans | 181,100 | $ 181,100 | 312,500 | |||
Payment Deferral [Member] | Installment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing Receivable, Modifications, Number of Contracts | loans | 53 | 4 | ||||
Total restructured loans | $ 600 | $ 600 | $ 7,700 |
LOANS AND LEASES - Loans Restru
LOANS AND LEASES - Loans Restructured, Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Receivables [Abstract] | ||||
Extended Maturity | $ 0 | $ 0 | $ 0 | $ 0 |
Adjusted Interest Rate | 0 | 0 | 0 | 0 |
Combined Rate And Maturity | 0 | 0 | 0 | 0 |
Forebearance Agreements | 84 | 2,175 | 6,247 | 3,183 |
Financing Receivable Modifications, Other | 1,783 | 402 | 8,750 | 12,051 |
Total | $ 1,867 | $ 2,577 | $ 14,997 | $ 15,234 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | $ 27,476 | $ 27,476 | $ 25,919 | ||
Financing Receivable, Nonaccrual, No Allowance | 58,894 | 58,894 | 54,833 | ||
Nonaccrual loans | 86,370 | 86,370 | 80,752 | ||
Interest income effect | |||||
Gross amount of interest that would have been recorded under original terms | 3,164 | $ 1,327 | 4,651 | $ 2,633 | |
Interest included in income | |||||
Nonaccrual loans | 1,334 | 370 | 1,817 | 537 | |
Troubled debt restructurings | 221 | 68 | 307 | 303 | |
Total interest included in income | 1,555 | 438 | 2,124 | 840 | |
Net impact on interest income | 1,609 | $ 889 | 2,527 | $ 1,793 | |
Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 15,610 | 15,610 | 18,711 | ||
Financing Receivable, Nonaccrual, No Allowance | 11,816 | 11,816 | 10,519 | ||
Nonaccrual loans | 27,426 | 27,426 | 29,230 | ||
Lease financing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 16 | 16 | 0 | ||
Nonaccrual loans | 16 | 16 | 0 | ||
Construction real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | 0 | ||
Nonaccrual loans | 0 | 0 | 0 | ||
Commercial real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 11,866 | 11,866 | 6,957 | ||
Financing Receivable, Nonaccrual, No Allowance | 34,091 | 34,091 | 27,725 | ||
Nonaccrual loans | 45,957 | 45,957 | 34,682 | ||
Residential real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | 251 | ||
Financing Receivable, Nonaccrual, No Allowance | 9,480 | 9,480 | 11,350 | ||
Nonaccrual loans | 9,480 | 9,480 | 11,601 | ||
Home equity | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 3,376 | 3,376 | 5,076 | ||
Nonaccrual loans | 3,376 | 3,376 | 5,076 | ||
Installment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 115 | 115 | 163 | ||
Nonaccrual loans | $ 115 | $ 115 | $ 163 |
LOANS AND LEASES - Collateral (
LOANS AND LEASES - Collateral (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 9,511,510 | $ 9,900,970 |
Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 20,138 | 36,803 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 34,311 | 29,837 |
Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 12,374 | 3,269 |
Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,027 | 6,444 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 13,225 | 17,893 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 295 | 5,055 |
Total Collateral | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 86,370 | 99,301 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 27,426 | 45,456 |
Commercial | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 20,138 | 30,961 |
Commercial | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 827 | 6,130 |
Commercial | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,229 | 2,608 |
Commercial | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 865 |
Commercial | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 232 | 4,892 |
Commercial real estate - investor | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 33,256 | 27,282 |
Commercial real estate - investor | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial real estate - investor | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 27,051 | 20,212 |
Commercial real estate - investor | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 661 |
Commercial real estate - investor | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 5,987 | 5,537 |
Commercial real estate - investor | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 218 | 872 |
Commercial real estate - investor | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial Real Estate-Owner | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 12,701 | 9,723 |
Commercial Real Estate-Owner | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 5,842 |
Commercial Real Estate-Owner | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,433 | 3,495 |
Commercial Real Estate-Owner | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,129 | 0 |
Commercial Real Estate-Owner | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 40 | 42 |
Commercial Real Estate-Owner | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 99 | 344 |
Commercial Real Estate-Owner | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 9,480 | 11,601 |
Residential real estate | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Residential real estate | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Residential real estate | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Residential real estate | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Residential real estate | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 9,480 | 11,601 |
Residential real estate | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,376 | 5,076 |
Home Equity Loan | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,376 | 5,076 |
Home Equity Loan | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Installment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 115 | 163 |
Installment | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Installment | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Installment | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Installment | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Installment | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 52 | 0 |
Installment | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 63 | $ 163 |
Lease financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 16 | |
Lease financing | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Lease financing | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Lease financing | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 16 | |
Lease financing | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Lease financing | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Lease financing | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 0 |
LOANS AND LEASES - Changes in O
LOANS AND LEASES - Changes in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 854 | $ 1,467 | $ 1,287 | $ 2,033 |
Additions | 98 | 76 | 98 | 469 |
Disposals | (603) | (77) | (1,036) | (977) |
Other Real Estate, Period Increase (Decrease) | 9 | (406) | 9 | (347) |
Balance at end of period | 340 | 1,872 | 340 | 1,872 |
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Additions | 98 | 76 | 98 | 323 |
Disposals | (522) | (38) | (768) | (217) |
Other Real Estate, Period Increase (Decrease) | 9 | (470) | 9 | (470) |
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Additions | 0 | 0 | 0 | 146 |
Disposals | (81) | (39) | (268) | (760) |
Other Real Estate, Period Increase (Decrease) | $ 0 | $ 64 | $ 0 | $ 123 |
ALLOWANCE FOR CREDIT LOSSES - C
ALLOWANCE FOR CREDIT LOSSES - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | $ 57,650 | $ 169,923 | $ 143,885 | $ 175,679 | $ 57,650 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 61,505 | 61,505 | |||
Provision for Credit Losses | (4,756) | 17,859 | (1,306) | 41,739 | |
Loans charged off | (6,312) | (4,136) | (16,344) | (5,985) | |
Recoveries | 735 | 1,053 | 1,561 | 3,752 | |
Total net charge-offs | (5,577) | (3,083) | (14,783) | (2,233) | |
Balance at end of year | 119,155 | 159,590 | 158,661 | 159,590 | 158,661 |
Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | 18,584 | 45,139 | 45,410 | 51,454 | 18,584 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,901 | 9,901 | |||
Provision for Credit Losses | 5,182 | 6,018 | 6,440 | 22,034 | |
Loans charged off | (3,729) | (1,282) | (11,639) | (2,373) | |
Recoveries | 205 | 275 | 542 | 2,275 | |
Total net charge-offs | (3,524) | (1,007) | (11,097) | (98) | |
Balance at end of year | 28,485 | 46,797 | 50,421 | 46,797 | 50,421 |
Lease financing | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | 971 | 1,015 | 1,494 | 995 | 971 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 118 | 118 | |||
Provision for Credit Losses | 442 | (63) | 462 | 342 | |
Loans charged off | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Total net charge-offs | 0 | 0 | 0 | 0 | |
Balance at end of year | 1,089 | 1,457 | 1,431 | 1,457 | 1,431 |
Construction real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | 2,381 | 22,734 | 13,511 | 21,736 | 2,381 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 11,579 | 11,579 | |||
Provision for Credit Losses | (2,378) | 1,832 | (1,378) | 1,383 | |
Loans charged off | 0 | 0 | (2) | 0 | |
Recoveries | 3 | 14 | 3 | 14 | |
Total net charge-offs | 3 | 14 | 1 | 14 | |
Balance at end of year | 13,960 | 20,359 | 15,357 | 20,359 | 15,357 |
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | 23,579 | 78,669 | 53,154 | 76,795 | 23,579 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 24,118 | 24,118 | |||
Provision for Credit Losses | (6,398) | 10,799 | (3,469) | 16,026 | |
Loans charged off | (2,041) | (2,037) | (3,291) | (2,041) | |
Recoveries | 75 | 424 | 270 | 658 | |
Total net charge-offs | (1,966) | (1,613) | (3,021) | (1,383) | |
Balance at end of year | 47,697 | 70,305 | 62,340 | 70,305 | 62,340 |
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | 5,299 | 7,748 | 11,284 | 8,560 | 5,299 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 5,490 | 5,490 | |||
Provision for Credit Losses | (877) | (648) | (1,732) | (90) | |
Loans charged off | (46) | (148) | (47) | (263) | |
Recoveries | 54 | 93 | 98 | 145 | |
Total net charge-offs | 8 | (55) | 51 | (118) | |
Balance at end of year | 10,789 | 6,879 | 10,581 | 6,879 | 10,581 |
Home equity | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | 4,787 | 10,760 | 14,827 | 11,869 | 4,787 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 8,430 | 8,430 | |||
Provision for Credit Losses | (1,153) | (319) | (1,828) | 1,219 | |
Loans charged off | (240) | (428) | (851) | (695) | |
Recoveries | 317 | 156 | 494 | 495 | |
Total net charge-offs | 77 | (272) | (357) | (200) | |
Balance at end of year | 13,217 | 9,684 | 14,236 | 9,684 | 14,236 |
Installment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | 392 | 1,235 | 1,238 | 1,215 | 392 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 801 | 801 | |||
Provision for Credit Losses | 16 | (32) | 38 | 43 | |
Loans charged off | (77) | (7) | (113) | (68) | |
Recoveries | 37 | 27 | 71 | 58 | |
Total net charge-offs | (40) | 20 | (42) | (10) | |
Balance at end of year | 1,193 | 1,211 | 1,226 | 1,211 | 1,226 |
Credit card | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of year | 1,657 | 2,623 | 2,967 | 3,055 | 1,657 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 1,068 | 1,068 | |||
Provision for Credit Losses | 410 | 272 | 161 | 782 | |
Loans charged off | (179) | (234) | (401) | (545) | |
Recoveries | 44 | 64 | 83 | 107 | |
Total net charge-offs | 135 | 170 | 318 | 438 | |
Balance at end of year | $ 2,725 | $ 2,898 | $ 3,069 | $ 2,898 | $ 3,069 |
ALLOWANCE FOR CREDIT LOSSES- Ad
ALLOWANCE FOR CREDIT LOSSES- Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Receivables [Abstract] | |||||
Interest Receivable | $ 34,920 | $ 34,920 | $ 37,700 | ||
Reserves for unfunded commitments | 13,600 | 13,600 | $ 12,500 | ||
Provision for credit losses | $ 517 | $ 2,370 | $ 1,055 | $ 3,938 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 937,771 | $ 937,771 | $ 937,771 | $ 937,771 |
Goodwill resulting from business combinations | 0 | 0 | 0 | 0 |
Balance at end of period | $ 937,771 | $ 937,771 | $ 937,771 | $ 937,771 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS--Additional Information (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets amortization | $ 2,480 | $ 2,791 | $ 4,959 | $ 5,583 | |
Core deposits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets amortization method | accelerated basis | ||||
Estimated weighted average life (in years) | 6 years 7 months 6 days | ||||
Customer lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets amortization method | straight-line basis | ||||
Estimated weighted average life (in years) | 11 years | ||||
Finite-lived Intangible Assets Acquired | $ 39,400 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Other Intangibles (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 100,597 | $ 100,564 |
Finite-Lived Intangible Assets, Accumulated Amortization | (41,206) | (36,012) |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 51,031 | 51,031 |
Finite-Lived Intangible Assets, Accumulated Amortization | (30,144) | (27,524) |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 39,420 | 39,420 |
Finite-Lived Intangible Assets, Accumulated Amortization | (6,570) | (4,778) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 10,146 | 10,113 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ (4,492) | $ (3,710) |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 57,000 | $ 63,900 |
Operating Lease, Liability | $ 67,158 | $ 71,700 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | $ 1,850 | $ 1,981 | $ 3,701 | $ 4,001 |
Short-term Lease, Cost | 26 | 40 | 55 | 81 |
Variable Lease, Cost | 676 | 626 | 1,355 | 1,267 |
Lease, Cost | $ 2,552 | $ 2,647 | $ 5,111 | $ 5,349 |
LEASES - Lease Maturity (Detail
LEASES - Lease Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 3,458 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 6,978 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 7,031 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 6,747 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 6,194 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 53,331 | |
Lessee, Operating Lease, Liability, to be Paid | 83,739 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 16,581 | |
Operating Lease, Liability | $ 67,158 | $ 71,700 |
LEASES - Schedule of supplement
LEASES - Schedule of supplemental balance sheet information related to assets (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 13 years 9 months 18 days | 15 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.93% | 3.07% |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 1,647 | $ 2,585 | $ 3,437 | $ 3,873 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 663 | $ 798 | $ 6,424 | $ 9,659 |
BORROWINGS - Repurchase Agreeme
BORROWINGS - Repurchase Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Securities Sold under Agreements to Repurchase | $ 95,691 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned | 95,900 | $ 126,700 |
Residential Mortgage Backed Securities [Member] | ||
Securities Sold under Agreements to Repurchase | 57,341 | |
Collateralized Mortgage Obligations [Member] | ||
Securities Sold under Agreements to Repurchase | $ 38,350 |
BORROWINGS Borrowings - - Addit
BORROWINGS Borrowings - - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned | $ 95,900 | $ 126,700 |
Federal Funds Purchased | 255,800 | 166,600 |
FHLB short-term borrowings | 217,000 | 0 |
Long-term Debt | 313,039 | 776,202 |
Secured Debt | 0 | $ 434,982 |
Long Term Debt Percentage in Basis Points | 35 | |
Convertible Subordinated Debt | $ 150,000 | |
Subordinated Borrowing, Interest Rate | 5.13% | |
Debt Instrument, Basis Spread on Variable Rate | 5.09% | |
Subordinated debt | $ 120,000 | |
Subordinated debt | $ 313,020 | $ 321,384 |
Debt, Weighted Average Interest Rate | 4.81% | 4.86% |
Advances from Federal Home Loan Banks | $ 0 | $ 19,971 |
Federal Home Loan Bank | 0.00% | 1.43% |
Weighted average rate on other long-term debt | 0.00% | 0.00% |
Private Placement [Member] | ||
Subordinated debt | $ 8,400 | |
Debt, Weighted Average Interest Rate | 6.00% | |
Long-term Debt [Member] | ||
Subordinated Borrowing, Interest Rate | 5.25% | |
Private Placement [Member] | ||
DebtInstrumentMinimumCallablePeriod | 5 years | |
Subordinated Debt [Member] | ||
Subordinated debt | $ 49,500 | |
Debt Instrument Maturity Period | 30 years | |
DebtInstrumentMinimumCallablePeriod | 5 years |
BORROWINGS - Schedule of Long-t
BORROWINGS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amount | ||
Secured Debt | $ 0 | $ 434,982 |
FHLB long-term advances | 0 | 19,971 |
Subordinated debt | 313,020 | 321,384 |
Unamortized debt issuance costs | (2,577) | (2,770) |
Finance Lease, Liability | 1,821 | 1,860 |
Capital loan with municipality | 775 | 775 |
Total long-term debt | $ 313,039 | $ 776,202 |
Average Rate | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.35% | |
Federal Home Loan Bank | 0.00% | 1.43% |
Debt, Weighted Average Interest Rate | 4.81% | 4.86% |
Lessee, Finance Lease, Discount Rate | 3.81% | 3.81% |
Weighted average rate on other long-term debt | 0.00% | 0.00% |
Total long-term debt | 4.83% | 2.25% |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Other Comprehensive Income (Loss), before Reclassification Adjustments and Tax [Abstract] | ||||||||
Unrealized gain (loss) on investment securities | $ 15,316 | $ 30,977 | $ (24,342) | $ 28,543 | ||||
Retirement obligation | 0 | 0 | 0 | 0 | ||||
Total | 15,316 | 30,977 | (24,342) | 28,543 | ||||
Other Comprehensive Income (Loss) Reclassifications before Tax [Abstract] | ||||||||
Realized gain (loss) on securities available-for-sale | (265) | 2 | (431) | (57) | ||||
Retirement obligation | (539) | (457) | (1,064) | (882) | ||||
Total | (804) | (455) | (1,495) | (939) | ||||
Transactions Pre-tax | ||||||||
Unrealized gain (loss) on investment securities | 15,581 | 30,975 | (23,911) | 28,600 | ||||
Unfunded pension obligation | 539 | 457 | 1,064 | 882 | ||||
Total | 16,120 | 31,432 | (22,847) | 29,482 | ||||
Transactions Tax-effect | ||||||||
Unrealized gain (loss) on investment securities | (3,363) | (6,685) | 5,161 | (6,173) | ||||
Retirement obligation | (123) | (104) | (243) | (201) | ||||
Total | (3,486) | (6,789) | 4,918 | (6,374) | ||||
Transactions Net of tax | ||||||||
Unrealized gain (loss) on investment securities | 12,218 | 24,290 | (18,750) | 22,427 | ||||
Retirement obligation | 416 | 353 | 821 | 681 | ||||
Total | 12,634 | 24,643 | (17,929) | 23,108 | ||||
Balances Net of tax | ||||||||
Unrealized gain (loss) on investment securities | 54,826 | 63,691 | 54,826 | 63,691 | $ 42,608 | $ 73,576 | $ 39,401 | $ 41,264 |
Retirement obligation | (24,091) | (27,260) | (24,091) | (27,260) | (24,507) | (24,912) | (27,613) | (27,941) |
Total | 30,735 | 36,431 | 30,735 | 36,431 | $ 18,101 | $ 48,664 | $ 11,788 | $ 13,323 |
Accumulated other comprehensive income (loss) | ||||||||
Transactions Net of tax | ||||||||
Total | $ 12,634 | $ 24,643 | $ (17,929) | $ 23,108 |
AMOUNT RECLASSIFIED FROM ACCUMU
AMOUNT RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Accumulated Comprehensive income reclassified from AOCI [Line Items] | ||||
Realized gain (loss) on securities available-for-sale | $ (265) | $ 2 | $ (431) | $ (57) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 102 | 102 | 202 | 202 |
Defined Benefit Plan, Amortization of Gain (Loss) | (641) | (559) | (1,266) | (1,084) |
Other Comprehensive Income, Reclassification, Amortization of Defined Benefit Plans items, Pre-tax | (539) | (457) | (1,064) | (882) |
Total | $ (804) | $ (455) | $ (1,495) | $ (939) |
DERIVATIVES - Additional Inform
DERIVATIVES - Additional Information (Details) $ in Thousands | Jun. 30, 2021USD ($)entity | Dec. 31, 2020USD ($)entity |
Derivative [Line Items] | ||
Number of counterparties | entity | 20 | 20 |
Derivative liabilities | $ 238,050 | $ 272,606 |
Derivative, Notional Amount | 16,383,398 | 11,875,690 |
Other Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 89,500 | 112,600 |
Credit Risk Derivative Liabilities, at Fair Value | $ 2,700 | |
Credit Risk Derivative Assets, at Fair Value | $ (1,800) | |
Foreign Exchange [Member] | ||
Derivative [Line Items] | ||
Number of counterparties | entity | 5 | 6 |
Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 281,400 | $ 242,400 |
Credit Risk Derivative Liabilities, at Fair Value | 200 | 300 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 88,800 | 114,200 |
Accrued interest and other liabilities | Derivative | ||
Derivative [Line Items] | ||
Derivative liabilities | 114,900 | 182,300 |
Derivative, Notional Amount | 2,300,000 | 2,300,000 |
Accrued interest and other liabilities | Derivative | Foreign Exchange [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | 18,200 | 33,100 |
Derivative, Notional Amount | $ 5,900,000 | $ 3,600,000 |
DERIVATIVES - Summary of Deriva
DERIVATIVES - Summary of Derivative Financial Instruments and Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 237,958 | $ 272,499 |
Derivative liabilities | 238,050 | 272,606 |
Other Credit Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Credit Risk Derivative Liabilities, at Fair Value | 2,700 | |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 4,034 | 107 |
Derivative liabilities | 121,479 | 184,884 |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 121,387 | 184,777 |
Derivative liabilities | $ 4,034 | $ 107 |
DERIVATIVES - Disclosure by Typ
DERIVATIVES - Disclosure by Type of Financial Instrument (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | $ 238,050 | $ 272,606 |
Derivative Liability, Fair Value, Gross Asset | (281,893) | (402,480) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (43,843) | (129,874) |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 125,513 | 184,991 |
Derivative Liability, Fair Value, Gross Asset | (223,880) | (385,088) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (98,367) | (200,097) |
Fair Value Hedges | Foreign Exchange [Member] | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 112,537 | 87,615 |
Derivative Liability, Fair Value, Gross Asset | (58,013) | (17,392) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 54,524 | $ 70,223 |
DERIVATIVES - Derivative Financ
DERIVATIVES - Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 16,383,398 | $ 11,875,690 |
Derivative Asset | 237,958 | 272,499 |
Derivative Liability | $ (238,050) | (272,606) |
Average Maturity (years) | 2 years 1 month 6 days | |
Fair Value | $ (92) | |
Interest Rate Swap | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,301,210 | |
Average Maturity (years) | 6 years | |
Fair Value | $ 117,353 | |
Interest Rate Swap | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,301,210 | |
Average Maturity (years) | 6 years | |
Fair Value | $ (117,445) | |
Foreign Exchange [Member] | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 5,890,489 | |
Average Maturity (years) | 7 months 6 days | |
Fair Value | $ 18,217 | |
Foreign Exchange [Member] | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 5,890,489 | |
Average Maturity (years) | 7 months 6 days | |
Fair Value | $ (18,217) | |
Accrued interest and other assets | Fair Value Hedges | Matched interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,301,210 | 2,300,336 |
Derivative Asset | 121,387 | 184,777 |
Derivative Liability | (4,034) | (107) |
Accrued interest and other assets | Foreign Exchange [Member] | Matched interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,890,489 | 3,637,509 |
Derivative Asset | 65,377 | 60,366 |
Derivative Liability | (47,160) | (27,249) |
Accrued interest and other liabilities | Fair Value Hedges | Matched interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,301,210 | 2,300,336 |
Derivative Asset | 4,034 | 107 |
Derivative Liability | (121,479) | (184,884) |
Accrued interest and other liabilities | Foreign Exchange [Member] | Matched interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 5,890,489 | 3,637,509 |
Derivative Asset | 47,160 | 27,249 |
Derivative Liability | $ (65,377) | $ (60,366) |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | $ 3,038,659 | $ 3,038,659 | $ 2,853,059 | ||
Loans and Leases Receivable, Net of Deferred Income | 9,511,510 | 9,511,510 | 9,900,970 | ||
Amortization Method Qualified Affordable Housing Project Investments | 107,246 | 107,246 | 100,417 | ||
Qualified Affordable Housing Project Investments, Commitment | 47,601 | 47,601 | 55,556 | ||
Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 3,579 | $ 2,130 | 5,824 | $ 4,332 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (3,334) | (2,013) | (5,649) | (4,082) | |
Low Income Housing Tax Credits | |||||
Other Commitments [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 85,395 | 85,395 | 90,401 | ||
Qualified Affordable Housing Project Investments, Commitment | 39,297 | 39,297 | 47,531 | ||
Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 2,423 | 2,024 | 4,460 | 4,104 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (2,154) | (1,887) | (4,338) | (3,831) | |
Historic tax credit [Member] | |||||
Other Commitments [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 3,478 | 3,478 | 3,607 | ||
Qualified Affordable Housing Project Investments, Commitment | 364 | 364 | 364 | ||
Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 64 | 62 | 219 | 140 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (80) | (82) | (159) | (163) | |
New Markets Tax Credit | |||||
Other Commitments [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 4,251 | 4,251 | 1,165 | ||
Qualified Affordable Housing Project Investments, Commitment | 0 | 0 | 0 | ||
Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 52 | 44 | 105 | 88 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (53) | (44) | (105) | (88) | |
Renewable Energy Program | |||||
Other Commitments [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 14,122 | 14,122 | 5,244 | ||
Qualified Affordable Housing Project Investments, Commitment | 7,940 | 7,940 | 7,661 | ||
Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 1,040 | 0 | 1,040 | 0 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (1,047) | $ 0 | (1,047) | $ 0 | |
Commercial | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 1,391,522 | 1,391,522 | 1,270,765 | ||
Loans and Leases Receivable, Net of Deferred Income | 2,701,203 | 2,701,203 | 3,007,509 | ||
Lease financing | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 10,000 | 10,000 | 0 | ||
Loans and Leases Receivable, Net of Deferred Income | 68,229 | 68,229 | 72,987 | ||
Construction real estate | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 356,390 | 356,390 | 374,008 | ||
Loans and Leases Receivable, Net of Deferred Income | 630,329 | 630,329 | 636,096 | ||
Commercial real estate - investor | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 172,320 | 172,320 | 139,754 | ||
Loans and Leases Receivable, Net of Deferred Income | 3,318,836 | 3,318,836 | 3,244,540 | ||
Commercial real estate-owner | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 36,212 | 36,212 | 51,637 | ||
Loans and Leases Receivable, Net of Deferred Income | 1,013,725 | 1,013,725 | 1,063,318 | ||
Residential real estate | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 37,246 | 37,246 | 28,895 | ||
Loans and Leases Receivable, Net of Deferred Income | 932,112 | 932,112 | 1,003,086 | ||
Home equity | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 804,275 | 804,275 | 762,406 | ||
Loans and Leases Receivable, Net of Deferred Income | 711,756 | 711,756 | 743,099 | ||
Installment | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 15,525 | 15,525 | 18,229 | ||
Loans and Leases Receivable, Net of Deferred Income | 89,143 | 89,143 | 81,850 | ||
Credit card | |||||
Other Commitments [Line Items] | |||||
Unused Commitments to Extend Credit | 215,169 | 215,169 | 207,365 | ||
Loans and Leases Receivable, Net of Deferred Income | $ 46,177 | $ 46,177 | $ 48,485 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Line Items] | ||||||
Reserves for unfunded commitments | $ 13,600 | $ 13,600 | $ 12,500 | |||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 123,600 | 143,700 | ||||
Loans and Leases Receivable, Commitments, Variable Rates | $ 3,300,000 | $ 3,700,000 | ||||
Loan Commitments, Fixed Interest Rate Range, Minimum | 0.00% | 0.00% | ||||
Loan Commitments, Fixed Interest Rate Range, Maximum | 21.00% | 21.00% | ||||
Loan Commitments, Fixed Rate, Maturities, Minimum | 1 year | 1 year | ||||
Loan Commitments, Fixed Rate, Maturities, Maximum | 30 years | 30 years 9 months 18 days | ||||
Letters of credit issued to guarantee performance of a client to a third party | 37,100 | $ 37,100 | $ 36,100 | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 3,579 | $ 2,130 | 5,824 | $ 4,332 | ||
Estimated Litigation Liability | 0 | 0 | 0 | |||
Settled Litigation | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Litigation Settlement, Expense | 3,800 | |||||
Commitments to Extend Credit | ||||||
Commitments and Contingencies Disclosure [Line Items] | ||||||
Commitments outstanding to extend credit | $ 3,800,000 | $ 3,800,000 | $ 3,400,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 10,721 | $ 7,990 | $ 21,110 | $ 13,914 | |
Effective tax rate | 17.40% | 17.60% | 17.70% | 17.40% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,900 | $ 1,900 | $ 1,900 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0 | $ 0 | |||
Payment for Pension Benefits | 0 | $ 0 | |||
Pension Cost (Reversal of Cost) | $ 845,000 | $ 526,000 | $ 1,695,000 | $ 926,000 |
EMPLOYEE BENEFIT PLANS - Employ
EMPLOYEE BENEFIT PLANS - Employee benefit plan amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 2,311 | $ 1,926 | $ 4,661 | $ 3,776 |
Interest cost | 533 | 607 | 1,058 | 1,207 |
Expected return on plan assets | (2,538) | (2,464) | (5,088) | (4,939) |
Amortization of prior service cost | (102) | (102) | (202) | (202) |
Defined Benefit Plan, Amortization of Gain (Loss) | 641 | 559 | 1,266 | 1,084 |
Net periodic benefit cost (income) | $ 845 | $ 526 | $ 1,695 | $ 926 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue Recognition [Abstract] | ||||
Interchange income | $ 7.6 | $ 5.6 | $ 13.3 | $ 11.3 |
Credit card expense | $ 3.4 | $ 2.8 | $ 6.4 | $ 5.8 |
EARNINGS PER COMMON SHARE - Com
EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator for basic and diluted earnings per share -income available to common shareholders: | ||||
Net income | $ 50,888 | $ 37,393 | $ 98,203 | $ 66,021 |
Denominator for basic earnings per share - weighted average shares | 96,123,645 | 97,220,748 | 96,496,720 | 97,478,719 |
Effect of dilutive securities - | ||||
Employee stock awards | 886,067 | 767,852 | 869,920 | 693,689 |
Denominator for diluted earnings per share - adjusted weighted average shares | 97,009,712 | 97,988,600 | 97,366,640 | 98,172,408 |
Basic | $ 0.53 | $ 0.38 | $ 1.02 | $ 0.68 |
Diluted | $ 0.52 | $ 0.38 | $ 1.01 | $ 0.67 |
EARNINGS PER COMMON SHARE - Add
EARNINGS PER COMMON SHARE - Additional Information (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
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 | 0 | 0 |
FAIR VALUE DISCLOSURES - Estima
FAIR VALUE DISCLOSURES - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial assets | ||
Investment securities held-to-maturity | $ 112,456 | $ 131,687 |
Other investments | 129,432 | 133,198 |
Loans held for sale | 31,500 | 41,100 |
Interest Receivable | 34,920 | 37,700 |
Deposits | ||
Noninterest-bearing | 3,901,691 | 3,763,709 |
Savings | 4,093,229 | 3,680,774 |
Time | 1,548,109 | 1,872,733 |
Impaired Commercial And Commercial Real Estate Loans Member | ||
Deposits | ||
Principal Amount of Commercial and Commercial Real Estate Loans | 27,500 | 45,300 |
Carrying value | ||
Financial assets | ||
Cash and short-term investments | 245,528 | 251,359 |
Investment securities held-to-maturity | 112,456 | 131,687 |
Other investments | 129,432 | 133,198 |
Loans and leases | 9,351,920 | 9,725,291 |
Interest Receivable | 48,832 | 50,903 |
Deposits | ||
Deposits | 12,506,180 | 12,232,003 |
Short-term borrowings | 472,791 | 166,594 |
Long-term debt | 313,039 | 776,202 |
Interest Payable | 4,521 | 6,240 |
Fair value | ||
Financial assets | ||
Cash and short-term investments | 245,528 | 251,359 |
Investment securities held-to-maturity | 115,171 | 136,698 |
Other investments | 129,432 | 133,198 |
Loans and leases | 9,409,846 | 9,743,497 |
Interest Receivable | 48,832 | 50,903 |
Deposits | ||
Deposits | 12,508,971 | 12,238,058 |
Short-term borrowings | 472,791 | 166,594 |
Long-term debt | 310,720 | 774,674 |
Interest Payable | 4,521 | 6,240 |
Fair Value, Inputs, Level 1 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 245,528 | 251,359 |
Investment securities held-to-maturity | 0 | 0 |
Other investments | 1,110 | 837 |
Loans and leases | 0 | 0 |
Interest Receivable | 0 | 0 |
Deposits | ||
Deposits | 0 | 0 |
Short-term borrowings | 472,791 | 166,594 |
Long-term debt | 0 | 0 |
Interest Payable | 3 | 14 |
Fair Value, Inputs, Level 2 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 115,171 | 136,698 |
Other investments | 118,914 | 122,953 |
Loans and leases | 0 | 0 |
Interest Receivable | 13,912 | 13,221 |
Deposits | ||
Deposits | 12,508,971 | 12,238,058 |
Short-term borrowings | 0 | 0 |
Long-term debt | 310,720 | 774,674 |
Interest Payable | 4,518 | 6,226 |
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 | 9,408 | 9,408 |
Loans and leases | 9,409,846 | 9,743,497 |
Interest Receivable | 37,682 | |
Deposits | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Interest Payable | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Summar
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measure at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Assets | |||
Investment securities available-for-sale | $ 3,955,839 | ||
Loans Held-for-sale, Fair Value Disclosure | 31,500 | $ 41,100 | |
Derivative Asset | 237,958 | 272,499 | |
Liabilities | |||
Derivative liabilities | 238,050 | 272,606 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (700) | $ 6,100 | |
Financing Receivable, Held-for-Sale | 28,000 | 35,500 | |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 3,500 | 5,600 | |
Fair Value, Measurements, Recurring | |||
Assets | |||
Investment securities available-for-sale | 3,955,839 | 3,424,580 | |
Derivative Asset | 185,032 | ||
Total | 4,225,427 | 3,738,330 | |
Liabilities | |||
Total | 238,362 | 273,739 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | Fair value | |||
Assets | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||
Assets | |||
Investment securities available-for-sale | 20,438 | 103 | |
Derivative Asset | 0 | ||
Total | 20,438 | 103 | |
Liabilities | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | Fair value | |||
Assets | |||
Loans Held-for-sale, Fair Value Disclosure | 31,546 | 41,103 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||
Assets | |||
Investment securities available-for-sale | 3,896,371 | 3,383,902 | |
Derivative Asset | 185,032 | ||
Total | 4,165,959 | 3,697,652 | |
Liabilities | |||
Total | 238,362 | 273,739 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | Fair value | |||
Assets | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||
Assets | |||
Investment securities available-for-sale | 39,030 | 40,575 | |
Derivative Asset | 0 | ||
Total | 39,030 | 40,575 | |
Liabilities | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1, 2 and 3 | |||
Assets | |||
Loans Held-for-sale, Fair Value Disclosure | 31,546 | 41,103 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | |||
Assets | |||
Derivative Asset | 125,505 | ||
Liabilities | |||
Derivative liabilities | 125,825 | 186,124 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||
Assets | |||
Derivative Asset | 0 | ||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||
Assets | |||
Derivative Asset | 125,505 | ||
Liabilities | |||
Derivative liabilities | 125,825 | 186,124 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||
Assets | |||
Derivative Asset | 0 | ||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | |||
Assets | |||
Derivative Asset | 112,537 | 87,615 | |
Liabilities | |||
Derivative liabilities | 112,537 | 87,615 | |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||
Assets | |||
Derivative Asset | 0 | 0 | |
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||
Assets | |||
Derivative Asset | 112,537 | 87,615 | |
Liabilities | |||
Derivative liabilities | 112,537 | 87,615 | |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||
Assets | |||
Derivative Asset | 0 | 0 | |
Liabilities | |||
Derivative liabilities | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Reconc
FAIR VALUE DISCLOSURES - Reconciliation of Gains and Losses on Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | ||||
Beginning balance | $ 39,678 | $ 44,250 | $ 40,575 | $ 9,190 |
Accretion (amortization) | (8) | 3 | (17) | 19 |
Increase (decrease) in fair value | 10 | (8) | 22 | (38) |
Settlements | (650) | (2,668) | (1,550) | 32,406 |
Ending balance | $ 39,030 | $ 41,577 | $ 39,030 | $ 41,577 |
FAIR VALUE DISCLOSURES - Summ_2
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Impaired Commercial And Commercial Real Estate Loans Member | ||
Assets | ||
Allowance for Loan and Lease Losses, Real Estate | $ 10,400 | $ 13,500 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | ||
Assets | ||
OREO | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Fair value | Commercial | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Fair value | Commercial real estate | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | ||
Assets | ||
OREO | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Fair value | Commercial | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Fair value | Commercial real estate | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | ||
Assets | ||
OREO | 179 | 54 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Fair value | Commercial | ||
Assets | ||
Assets, Fair Value Disclosure | 9,609 | 25,367 |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Fair value | Commercial real estate | ||
Assets | ||
Assets, Fair Value Disclosure | $ 7,502 | $ 6,432 |