Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 17, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-34762 | ||
Entity Registrant Name | FIRST FINANCIAL BANCORP. | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,227,220,000 | ||
Entity Common Stock, Shares Outstanding | 94,149,227 | ||
Entity Central Index Key | 0000708955 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Information [Line Items] | |||
Title of 12(g) Security | None | ||
NASDAQ/NMS (GLOBAL MARKET) [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common stock, No par value | ||
Trading Symbol | FFBC | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 173 |
Auditor Name | Crowe LLP |
Auditor Location | Louisville, Kentucky |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 220,031 | $ 231,054 |
Interest-bearing deposits with other banks | 214,811 | 20,305 |
Investment Securities, Available-for-sale | 4,207,846 | 3,424,580 |
Investment securities held-to-maturity (fair value $99,898 at December 31, 2021 and $136,698 at December 31, 2020) | 98,420 | 131,687 |
Other investments | 102,971 | 133,198 |
Loans held for sale, at fair value | 29,482 | 41,103 |
Loans and leases | ||
Total loans and leases | 9,288,299 | 9,900,970 |
Loans and Leases Receivable, Allowance | (131,992) | (175,679) |
Net loans and leases | 9,156,307 | 9,725,291 |
Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | 193,040 | 207,211 |
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation | 73,857 | |
Goodwill | 1,000,749 | 937,771 |
Other intangibles | 88,898 | 64,552 |
Accrued interest and other assets | 942,729 | 1,056,382 |
Deposits | ||
Interest-bearing demand | 3,198,745 | 2,914,787 |
Savings | 4,157,374 | 3,680,774 |
Time | 1,330,263 | 1,872,733 |
Total interest-bearing deposits | 8,686,382 | 8,468,294 |
Total assets | 16,329,141 | 15,973,134 |
Noninterest-bearing | 4,185,572 | 3,763,709 |
Total deposits | 12,871,954 | 12,232,003 |
Federal funds purchased and securities sold under agreements to repurchase | 51,203 | 166,594 |
FHLB short-term borrowings | 225,000 | 0 |
Other Short-term Borrowings | 20,000 | 0 |
Total short-term borrowings | 296,203 | 166,594 |
Long-term debt | 409,832 | 776,202 |
Total borrowed funds | 706,035 | 942,796 |
Accrued interest and other liabilities | 492,210 | 516,265 |
Total liabilities | 14,070,199 | 13,691,064 |
Shareholders' equity | ||
Common stock - no par value | 1,640,358 | 1,638,947 |
Retained earnings | 837,473 | 720,429 |
Accumulated other comprehensive income (loss) | (433) | 48,664 |
Treasury stock, at cost,10,132,554 shares in 2021 and 6,259,865 shares in 2020 | (218,456) | (125,970) |
Total shareholders' equity | 2,258,942 | 2,282,070 |
Total liabilities and shareholders’ equity | 16,329,141 | 15,973,134 |
Commercial & industrial | ||
Loans and leases | ||
Total loans and leases | 2,720,028 | 3,007,509 |
Lease financing | ||
Loans and leases | ||
Total loans and leases | 109,624 | 72,987 |
Construction real estate | ||
Loans and leases | ||
Total loans and leases | 455,894 | 636,096 |
Commercial real estate | ||
Loans and leases | ||
Total loans and leases | 4,226,614 | 4,307,858 |
Residential real estate | ||
Loans and leases | ||
Total loans and leases | 896,069 | 1,003,086 |
Home equity | ||
Loans and leases | ||
Total loans and leases | 708,399 | 743,099 |
Installment | ||
Loans and leases | ||
Total loans and leases | 119,454 | 81,850 |
Credit card | ||
Loans and leases | ||
Total loans and leases | $ 52,217 | $ 48,485 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Investment Securities, Available-for-sale, Amortized Cost | $ 4,180,589 | $ 3,330,029 |
Investment securities held-to-maturity, market value | $ 99,898 | $ 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 | 10,132,554 | 6,259,865 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible assets amortization | $ 9,839 | $ 11,126 | $ 9,671 |
Interest income | |||
Loans and leases, including fees | 385,535 | 431,657 | 499,009 |
Investment securities | |||
Taxable | 79,212 | 73,789 | 90,168 |
Tax-exempt | 18,323 | 19,242 | 17,596 |
Total interest on investment securities | 97,535 | 93,031 | 107,764 |
Other earning assets | 147 | 275 | 805 |
Total interest income | 483,217 | 524,963 | 607,578 |
Interest expense | |||
Deposits | 14,435 | 41,922 | 79,032 |
Short-term borrowings | 198 | 6,442 | 25,235 |
Long-term borrowings | 16,466 | 20,088 | 19,057 |
Total interest expense | 31,099 | 68,452 | 123,324 |
Net interest income | 452,118 | 456,511 | 484,254 |
Provision for loan and lease losses | (19,024) | 70,796 | 30,598 |
Provision for Other Credit Losses | 903 | (237) | (165) |
Net interest income after provision for credit losses | 470,239 | 385,952 | 453,821 |
Noninterest income | |||
Service charges on deposit accounts | 31,876 | 29,446 | 37,939 |
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions | 23,780 | 21,286 | 20,728 |
Bankcard income | 14,300 | 11,726 | 18,804 |
Client derivative fees | 7,927 | 10,313 | 15,662 |
Foreign exchange income | 44,793 | 39,377 | 7,739 |
Net gain from sales of loans | 33,021 | 51,176 | 14,851 |
Net gain (loss) on sales/transfers of investment securities | (759) | 4,563 | (406) |
Equity Securities, FV-NI, Unrealized Gain (Loss) | 702 | 9,045 | 575 |
Other | 15,866 | 12,191 | 15,481 |
Total noninterest income | 171,506 | 189,123 | 131,373 |
Noninterest expenses | |||
Salaries and employee benefits | 245,924 | 236,779 | 209,061 |
Net occupancy | 22,142 | 23,266 | 24,069 |
Furniture and equipment | 13,819 | 14,968 | 15,903 |
Data processing | 31,363 | 27,514 | 21,881 |
Marketing | 7,983 | 6,414 | 6,908 |
Communication | 2,930 | 3,492 | 3,267 |
Professional services | 11,676 | 9,961 | 11,254 |
Gain (Loss) on Extinguishment of Debt | 0 | 7,257 | 0 |
State intangible tax | 4,256 | 6,058 | 5,829 |
FDIC assessments | 5,630 | 5,110 | 1,973 |
Other | 45,250 | 38,719 | 32,516 |
Total noninterest expenses | 400,812 | 390,664 | 342,332 |
Income before income taxes | 240,933 | 184,411 | 242,862 |
Income tax expense | 35,773 | 28,601 | 44,787 |
Net income | $ 205,160 | $ 155,810 | $ 198,075 |
Earnings per common share | |||
Basic | $ 2.16 | $ 1.60 | $ 2.01 |
Diluted | $ 2.14 | $ 1.59 | $ 2 |
Average common shares outstanding - basic | 95,034,690 | 97,363,952 | 98,305,570 |
Average common shares outstanding - diluted | 95,897,385 | 98,093,098 | 98,851,471 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 205,160 | $ 155,810 | $ 198,075 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on debt securities arising during the period | (52,538) | 32,312 | 51,959 |
Change in retirement obligation | 4,066 | 3,029 | 4,649 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 0 | 0 | 217 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (625) | 0 | 0 |
Other comprehensive income (loss) | (49,097) | 35,341 | 56,825 |
Comprehensive income | $ 156,063 | $ 191,151 | $ 254,900 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss)Cumulative Effect, Period of Adoption, Adjustment | Treasury stock |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 3,542 | $ 2,636 | $ 906 | |||||
Balances at January 1, 2018 at Dec. 31, 2018 | $ 2,078,249 | $ 1,633,256 | $ 600,014 | $ (44,408) | $ (110,613) | |||
Balances at January 1, 2018 at Dec. 31, 2018 | 104,281,794 | (6,387,508) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 198,075 | 198,075 | ||||||
Other comprehensive loss | 56,825 | 56,825 | ||||||
Cash dividends declared: | ||||||||
Common Stock at $0.78 per share in 2018, $0.90 per share in 2019, and $0.92 per share in 2020 | (89,476) | (89,476) | ||||||
Stock Issued During Period, Shares, Acquisitions | 2,601,823 | |||||||
Common stock issued in connection with business combinations | $ 60,934 | $ 13,658 | $ 47,276 | |||||
Treasury Stock, Shares, Acquired | (2,753,272) | (2,753,272) | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ (66,218) | $ (66,218) | ||||||
Adjustments to Additional Paid in Capital, Other | 0 | (7,830) | $ 7,830 | |||||
Stock Issued During Period, Shares, Other | 452,134 | |||||||
Exercise of stock options, net of shares purchased (in shares) | 20,424 | |||||||
Exercise of stock options, net of shares purchased | (90) | (264) | $ (354) | |||||
Restricted stock awards, net of forfeitures (in shares) | 275,603 | |||||||
Restricted stock awards, net of forfeitures | (2,285) | (6,018) | $ 3,733 | |||||
Share-based compensation expense | 7,969 | $ 7,969 | ||||||
Ending Balances (in shares) at Dec. 31, 2019 | 104,281,794 | (5,790,796) | ||||||
Ending Balances at Dec. 31, 2019 | 2,247,705 | $ 1,640,771 | 711,249 | 13,323 | $ (117,638) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (56,882) | $ (56,882) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 155,810 | 155,810 | ||||||
Other comprehensive loss | 35,341 | 35,341 | ||||||
Cash dividends declared: | ||||||||
Common Stock at $0.78 per share in 2018, $0.90 per share in 2019, and $0.92 per share in 2020 | (89,748) | (89,748) | ||||||
Common stock issued in connection with business combinations | $ 0 | |||||||
Treasury Stock, Shares, Acquired | (880,000) | (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) | 400,526 | |||||||
Restricted stock awards, net of forfeitures | (1,220) | (9,362) | $ 8,142 | |||||
Share-based compensation expense | 7,678 | $ 7,678 | ||||||
Ending Balances (in shares) at Dec. 31, 2020 | 104,281,794 | (6,259,865) | ||||||
Ending Balances at Dec. 31, 2020 | 2,282,070 | $ 1,638,947 | 720,429 | 48,664 | $ (125,970) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 205,160 | 205,160 | ||||||
Other comprehensive loss | (49,097) | (49,097) | ||||||
Cash dividends declared: | ||||||||
Common Stock at $0.78 per share in 2018, $0.90 per share in 2019, and $0.92 per share in 2020 | (88,116) | (88,116) | ||||||
Stock Issued During Period, Shares, Acquisitions | 405,805 | |||||||
Common stock issued in connection with business combinations | $ 10,000 | 1,251 | $ 8,749 | |||||
Treasury Stock, Shares, Acquired | (4,633,355) | (4,633,355) | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ (108,077) | $ (108,077) | ||||||
Exercise of stock options, net of shares purchased (in shares) | 6,936 | 6,936 | ||||||
Exercise of stock options, net of shares purchased | $ (64) | (81) | $ (145) | |||||
Restricted stock awards, net of forfeitures (in shares) | 347,925 | |||||||
Restricted stock awards, net of forfeitures | (2,697) | (9,394) | $ 6,697 | |||||
Share-based compensation expense | 9,635 | $ 9,635 | ||||||
Ending Balances (in shares) at Dec. 31, 2021 | 104,281,794 | (10,132,554) | ||||||
Ending Balances at Dec. 31, 2021 | $ 2,258,942 | $ 1,640,358 | $ 837,473 | $ (433) | $ (218,456) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock, Dividends, Per Share, Declared | $ 0.92 | $ 0.92 | $ 0.90 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities | |||
Net income | $ 205,160 | $ 155,810 | $ 198,075 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for credit losses | (18,121) | 70,559 | 30,598 |
Depreciation and amortization | 32,136 | 33,337 | 28,138 |
Stock-based compensation expense | 9,635 | 7,678 | 7,969 |
Pension expense (income) | 3,365 | 2,484 | 1,041 |
Net amortization (accretion) on investment securities | 28,987 | 21,053 | 11,430 |
Net (gain) loss on sales/transfers of investments securities | 759 | (4,563) | 406 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (702) | (9,045) | (575) |
Originations of loans held for sale | (794,524) | (942,207) | (390,578) |
Net (gains) losses on sales of loans held for sale | (33,021) | (51,176) | (14,851) |
Proceeds from sales of loans held for sale | 825,102 | 965,960 | 396,121 |
Deferred income taxes | 12,087 | (8,380) | 12,590 |
Operating Lease, Expense | 7,425 | 7,897 | 7,324 |
Operating Lease, Payments | (6,860) | (8,196) | (7,335) |
Life Insurance, Corporate or Bank Owned, Change in Value | (472) | 1,506 | 3,748 |
Decrease (increase) in interest receivable | 6,463 | (9,697) | 2,117 |
(Decrease) increase in interest payable | (1,889) | (7,431) | 1,545 |
Decrease (increase) in other assets | 138,225 | (288,857) | (165,902) |
(Decrease) increase in other liabilities | (24,237) | 176,168 | 71,964 |
Net cash provided by (used in) operating activities | 390,462 | 109,888 | 186,329 |
Investing activities | |||
Proceeds from Sale of Debt Securities, Available-for-sale | 375,276 | 122,248 | 519,136 |
Proceeds from calls, paydowns and maturities of securities available-for-sale | 1,139,498 | 904,821 | 557,034 |
Payments to Acquire Debt Securities, Available-for-sale | (2,418,290) | (1,551,952) | (834,743) |
Proceeds from calls, paydowns and maturities of securities held-to-maturity | 34,563 | 41,736 | 18,062 |
Purchases of securities held-to-maturity | (1,000) | (30,250) | 0 |
Proceeds from Maturities, Prepayments and Calls of Other Investments | 42,403 | 29,526 | 0 |
Purchases of other investment securities | (11,474) | (28,659) | (12,120) |
Net decrease (increase) in interest-bearing deposits with other banks | (194,506) | 36,643 | (19,210) |
Proceeds from Sale of Loans Held-for-investment | 141,072 | 0 | 0 |
Payments for (Proceeds from) Other Loans and Leases | (503,203) | 714,594 | 409,557 |
Proceeds from Sale of Other Real Estate | 1,278 | 2,076 | 1,453 |
Purchases of premises and equipment | (15,333) | (16,466) | (20,934) |
Net cash acquired (paid) in business combinations | (109,024) | 0 | (51,663) |
(Payments for) Proceeds from Branch Divestitures | 0 | 0 | (118) |
Net cash provided by (used in) investing activities | (512,334) | (1,204,871) | (252,424) |
Financing activities | |||
Net (decrease) increase in total deposits | 639,951 | 2,021,774 | 69,953 |
Net (decrease) increase in short-term borrowings | 129,609 | (1,149,587) | 275,490 |
Payments on long-term borrowings | (463,382) | (681,511) | (159,653) |
Proceeds from FHLBank Borrowings, Financing Activities | 0 | 1,040,975 | 0 |
Cash dividends paid on common stock | (87,316) | (89,691) | (89,097) |
Treasury stock purchase | (108,077) | (16,686) | (66,218) |
Proceeds from exercise of stock options | 64 | 72 | 90 |
Net cash provided by (used in) financing activities | 110,849 | 1,125,346 | 30,565 |
Cash and due from banks | |||
Net (decrease) increase in Cash and due from banks | (11,023) | 30,363 | (35,530) |
Cash and due from banks at beginning of year | 231,054 | 200,691 | 236,221 |
Cash and due from banks at end of year | 220,031 | 231,054 | 200,691 |
Supplemental disclosures | |||
Interest paid | 32,841 | 75,884 | 121,779 |
Income taxes paid | 17,689 | 32,579 | 27,497 |
Acquisition of other real estate owned through foreclosure | 98 | 1,017 | 2,448 |
Issuance of restricted stock awards | 12,231 | 9,370 | 10,488 |
Securities transferred from HTM to AFS | 0 | 0 | 268,703 |
Common stock issued in bank acquisitions | 10,000 | 0 | 60,934 |
us-gaap_OperatingLeaseRightOfUseAsset | 0 | 0 | 60,249 |
us-gaap_OperatingLeaseLiability | 0 | 0 | 65,799 |
Supplemental schedule for investing activities | |||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets, Net Of Purchase Consideration | 62,916 | 0 | (39,140) |
Total liabilities assumed | 125,894 | 0 | 18,380 |
Goodwill | $ 62,978 | $ 0 | $ 57,520 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Significant Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | 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 years' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. 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. Actual realized amounts could differ materially from those estimates. COVID-19. First Financial's operations and financial results were significantly impacted by the COVID-19 pandemic in both 2020 and 2021. The spread of COVID-19 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 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. Cash and due from banks. Cash and due from banks consist of currency, coin and cash items due from banks. Cash items due from banks include noninterest-bearing balances that are on deposit at other depository institutions. Investment securities. First Financial classifies debt securities into three categories: HTM, trading and AFS. Management classifies investment securities into the appropriate category at the time of purchase and re-evaluates that classification as deemed appropriate. Investment securities are classified as HTM when First Financial has the positive intent and ability to hold the securities to maturity. HTM securities are recorded at amortized cost. Investment securities classified as trading are held principally for resale in the near-term and are recorded at fair value. Fair value is determined using quoted market prices. Gains or losses on trading securities, both realized and unrealized, are reported in noninterest income. Investment securities not classified as either HTM or trading are classified as AFS. AFS securities are recorded at fair value, with the unrealized gains and losses, net of tax, reported as a separate component of accumulated other comprehensive income (loss) in shareholders' equity. The amortized cost of investment securities classified as either HTM or AFS on purchased callable debt securities is adjusted for amortization of premiums to the earliest call date if the call feature meets certain criteria. Otherwise, premiums are amortized to maturity similar to discounts on callable debt securities, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion are considered an adjustment to the yield on the security and included in interest income from investments. Interest and dividends are also included in interest income from investment securities in the Consolidated Statements of Income. Realized gains and losses are based on the amortized cost of the security sold using the specific identification method. Other investments. Other investments include holdings in FRB and FHLB stock, which are both carried at cost as well as equity securities, including class B Visa shares which are carried at fair value. Changes in the fair value of equity securities are recorded in Unrealized gain (loss) on securities in the Consolidated Statements of Income. Loans held for sale. Loans held for sale consist of residential real estate loans newly originated for the purpose of sale to third parties, and in certain circumstances, loans previously originated that have been specifically identified by management for sale based on predetermined criteria. Loans held for sale are carried at fair value. Any subsequent change in the carrying value of transferred loans, not to exceed original cost, is recorded in the Consolidated Statements of Income. First Financial sells loans with servicing retained or released depending on pricing and market conditions. Loans and leases. Loans and leases for which First Financial has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are classified in the Consolidated Balance Sheets as loans and leases. Loans and leases are carried at the principal amount outstanding, net of unamortized deferred loan origination fees and costs, and net of unearned income. Loan origination and commitment fees received, as well as certain direct loan origination costs paid, are deferred, and the net amount is amortized as an adjustment to the related loan's yield. Interest income on loans and leases is recorded on an accrual basis. 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 classified as nonaccrual are applied as a reduction to the carrying value of the loan. A loan may return to accrual status if collection of future principal and interest payments is no longer doubtful. Allowance for credit losses - held-to-maturity securities . Management measures expected credit losses on held-to-maturity debt securities on a collective basis by security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: Mortgage-backed, CMOs, Obligations of state and other political subdivisions and Other. Nearly all of the HTM securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. 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+. Accrued interest receivable on held-to maturity debt securities, which totaled $0.2 million and $0.3 million as of December 31, 2021 and 2020, respectively, is excluded by policy election from the estimate of credit losses. Allowance for credit losses - available-for-sale securities. For available-for-sale debt 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. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities, which totaled $14.9 million and $12.9 million as of December 31, 2021 and 2020, respectively, is excluded from the estimate of credit losses. Allowance for credit losses - loans and leases. T he 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. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loan and leases over their expected life. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the princ ipal amount owed in full, either through payments from the borrower or a guarantor or from the liquidation of collateral is unlikely. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Any interest that is accrued bu t not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. The Company made the policy election to exclude accrued interest receivable on loans and leases 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 provide 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 therein. These adjustments are commonly known as the Qualitative Framework. First Financial quantitatively models expected credit loss using PD, LGD and EAD over the R&S forecast period, reversion and post-reversion periods. Utilizing third-party software, the Bank forecasts PD by using a parameterized transition matrix approach. Average transition matrices are calculated over the TTC period, which was defined as the period from December 2007 to December 2016. TTC transition matrices are adjusted under forward-looking macroeconomic expectations to obtain R&S forecasts. First Financial is not required to develop forecasts over the full contractual term of the financial asset or group of financial assets. Rather, for periods beyond which the entity is able to make or obtain R&S forecasts of expected credit losses, the Company reverts in a straight line manner over a one year period to an average TTC loss level that is reflective of the prepayment adjusted contractual term of the financial asset or group of financial assets. The R&S period, elected by the bank to be two years, is forecasted using econometric data sourced from Moody's, an industry-leading independent third party. FFB utilizes a non-parametric loss curve approach embedded within a third-party software for estimating LGD. The PD multiplied by LGD produces an expected loss rate that, when calculating the ACL, is applied to contractual loan cash flows, adjusted for expected future rates of principal prepayments. The Company adjusts its quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The Qualitative Framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base quantitative model. Loans that do not share risk characteristics are evaluated on an individual basis. First Financial will typically evaluate on an individual basis any loans that are on nonaccrual, designated as a TDR, or reasonably expected to be designated as a TDR that are greater than $250,000. When management determines that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Credit card receivables do not have stated maturities. In determining the estimated life of a credit card receivable, management first estimates the future cash flows expected to be received and then applies those expected future cash flows to the credit card balance. Significant downturns in circumstances relating to loan quality and economic conditions could result in a requirement for additional allowance. Likewise, an upturn in loan quality and improved economic conditions may allow a reduction in the required allowance. In either instance, unanticipated changes could have a significant impact on results of operations. 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. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. The reserve for unfunded commitments is included in Accrued interest and other liabilities on the Consolidated Balance Sheets. Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are principally computed on the straight-line method over the estimated useful lives of the assets. Useful lives generally range from 10 to 40 years for building and building improvements; 3 to 10 years for furniture, fixtures and equipment; and 3 to 5 years for software, hardware and data handling equipment. Land improvements are depreciated over 20 years and leasehold improvements are depreciated over the lesser of the term of the respective lease or the useful life of the asset. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Maintenance and repairs are expensed as incurred. Operating Leases. First Financial provides financing for various types of equipment through a variety of leasing arrangements. Operating leases are carried at the aggregate of lease payments plus estimated residual value of the leased equipment, less unearned income. The Company recognizes income over the term of the lease using the constant effective yield method. Lease residual values are reviewed for impairment at least annually. Bank-owned life insurance. First Financial purchases and is the owner and beneficiary of the life insurance policies on the lives of certain employees . The Bank invests in these policies to provide an efficient form of funding for long-term retirement and other employee benefits costs. The policies are included within Accrued interest and other assets in the Consolidated Balance Sheets at each policy’s respective cash surrender value. Changes in the cash surrender value of these policies are recorded in Other noninterest income in the Consolidated Statements of Income. Goodwill. Under accounting for business combinations, the net assets of entities acquired by First Financial are recorded at their estimated fair value at the date of acquisition. The excess cost of the acquisition over the fair value of net assets acquired is recorded as goodwill. Goodwill and other intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment tests. The Company is required to evaluate goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. First Financial performs its annual impairment test effective October 1, absent events or changes in circumstances that indicate the carrying value of goodwill may not be recoverable. The Company’s goodwill is accounted for in a single reporting unit representing the consolidated entity. Our quantitative impairment analysis utilized the discounted cash flow model for the income approach and the market multiple methodology and comparable transaction methodology as the market approach. These valuation methodologies utilize key assumptions that include forecasts of revenues and expenses derived from internal management projections for a period of five years, changes in working capital estimates, company specific discount rate derived from a rate build up approach, externally sourced bank peer group market multiples and externally sourced bank peer group change in control premium, all of which are highly subjective and require significant management judgment. Changes in these key assumptions, as well as downturns in economic or business conditions, could materially affect our estimate of the reporting unit fair value and could affect our conclusion regarding the existence of potential impairment. In 2020, First Financial engaged a third-party to perform a quantitative analysis of its goodwill to determine whether any impairment existed for its annual impairment test. This third-party quantitative analysis was performed due to the on-going economic market disruption, the movement of the Company’s stock price in relation to other bank indexes and the length of time that the market value of the reporting unit has been below its book value. This analysis indicated that no impairment existed as of the issue date. Additionally, in response to the COVID-19 pandemic and the related deterioration in general economic conditions, First Financial performed an interim qualitative impairment test as of the end of each quarter in 2020. Likewise, the results of these interim qualitative tests did not indicate that the Company's goodwill was impaired. Other intangible assets. Other intangible assets consist primarily of core deposit, customer list and other miscellaneous intangibles. CDI represent the estimated value of acquired customer deposit relationships. CDI are recorded at fair value at the date of acquisition and are based on a discounted cash flow methodology that gives appropriate consideration to expected customer attrition rates, cost of the deposit base, reserve requirements and the net maintenance cost attributable to customer deposits. Core deposit intangibles are amortized on an accelerated basis over their estimated useful lives. First Financial recorded a customer list intangible asset in conjunction with the Bannockburn and Summit mergers to account for the obligation or advantage on the part of either the Company or the customer to continue pre-existing relationships subsequent to the mergers. Customer list intangible assets are amortized on a straight-line basis over their estimated useful lives. Other intangible assets also include purchase commissions, non-compete agreements and trade name intangibles. Other real estate owned. OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, or other resolution activity that results in partial or total satisfaction of problem loans. OREO properties are recorded at fair value, less estimated disposal costs (net realizable value). Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Losses arising at the time of acquisition of such properties are charged against the ACL. Management performs periodic valuations to assess the adequacy of recorded OREO balances and subsequent changes in the carrying value of OREO properties are recorded in the Consolidated Statements of Income. Improvements to OREO properties may be capitalized if the improvements contribute to the overall value of the property, but may not be capitalized in excess of the net realizable value of the property. When management disposes of an OREO property, any gains or losses realized at the time of disposal are reflected in the Consolidated Statements of Income. Affordable housing projects. First Financial has investments in certain qualified affordable housing projects. These projects are indirect federal subsidies that provide tax incentives to encourage investment in the development, acquisition and rehabilitation of affordable rental housing, and allow investors to claim tax credits and other tax benefits (such as deductions from taxable income for operating losses) on their federal income tax returns. The principal risk associated with qualified affordable housing investments is the potential for noncompliance with the tax code requirements, such as failure to rent properties to qualified tenants, resulting in unavailability or recapture of the tax credits and other tax benefits. Investments in affordable housing projects are included in Accrued interest and other assets in the Consolidated Balance Sheets while any unfunded commitment is recorded with Accrued interest and other liabilities. These investments are accounted for under the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other benefits received and recognized as a component of Income tax expense in the Consolidated Statements of Income. Investments in historic tax credits. First Financial has noncontrolling financial investments in private investment funds and partnerships that finance the rehabilitation and re-use of historic buildings. These unconsolidated investments may generate a return through the realization of federal and state income tax credits, as well as other tax benefits, such as tax deductions from net operating losses of the investments over a period of time. Investments in historic tax credits are accounted for under the equity method of accounting and the Company’s recorded investment in these entities is carried in Accrued interest and other assets on the Consolidated Balance Sheets with any unfunded commitment recorded in Accrued interest and other liabilities. Impairment of these investments is recorded in Other noninterest expense, while the tax credits and other net tax benefits received are recognized as a component of income tax expense in the Consolidated Statements of Income. Investments in renewable energy credits . First Financial has investments in renewable energy projects where it has noncontrolling interest which is not consolidated. This investment may generate a return through the realization of federal and state income tax credits, as well as other tax benefits, such as tax deductions from net operating losses of the investments over a period of time. Investments in renewable energy tax credits are accounted for under the equity method of accounting and are included in Accrued interest and other assets on the Consolidated Balance Sheets with any unfunded commitment recorded in Accrued interest and other liabilities. These tax credits and other net tax benefits received are recognized as a component of income tax expense in the Consolidated Statements of Income and is evaluated for impairment at the end of each reporting period. Income taxes. First Financial and its subsidiaries file a consolidated federal income tax return. Each subsidiary provides for income taxes on a separate return basis, and remits to First Financial amounts determined to be currently payable. First Financial evaluates and assesses the relative risks and appropriate tax treatment of transactions after considering statutes, regulations, judicial precedent and other information, and maintains tax accruals consistent with its evaluation of these relative risks. Changes to the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of tax laws, the status of examinations being conducted by taxing authorities and changes to statutory, judicial and regulatory guidance that impact the relative risks of tax positions. These changes, when they occur, can affect deferred taxes and accrued taxes as well as the current period’s income tax expense and can be material to the Company's operating results. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest and penalties on income tax assessments or income tax refunds are recorded in Other noninterest expense in the Consolidated Statements of Income. In establishing a provision for income tax expense, we must make judgments and interpretations about the application of complex tax laws as well as make estimates about when in the future certain items will affect taxable income. First Financial regularly reviews its tax positions and establishes reserves for income tax-related uncertainties based on estimates of whether it is more likely than not that the tax uncertainty would be sustained upon challenge by the appropriate tax authorities which would then result in additional taxes, penalties and interest due. Reserves for uncertain tax positions, if any, are included in income tax expense in the Consolidated Financial Statements. Pension. First Financial sponsors a non-contributory defined-benefit pension plan covering substantially all employees. Accounting for the pension plan involves material estimates regarding future plan obligations and investment returns on plan assets. Significant assumptions used in the pension plan include the discount rate, expected return on plan assets and the rate of compensation increase. First Financial determines the discount rate assumption using published corporate bond indices and the projected cash flows of the pension plan. First Financial also utilizes external surveys for industry comparisons to assess the discount rate for reasonableness. The expected long-term return on plan assets is determined based on the composition of plan assets, actual returns and economic forecasts, while the rate of compensation increase is compared to historical increases for plan participants. Changes in these assumptions can have a material impact on the amount of First Financial’s future pension obligations, on the funded status of the plan and on the Company's operating results Derivative instruments. First Financial accounts for its derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging. FASB ASC Topic 815 requires all derivative instruments to be carried at fair value on the balance sheet. The accounting for changes in the fair value of derivatives is based on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Client derivatives - First Financial utilizes matched interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. Upon entering into an interest rate swap with a borrower, the Bank simultaneously enters into an offsetting swap agreement with an institutional counterparty, with substantially matching terms. These matched interest rate swap agreements generally involve the receipt by First Financial of floating rate amounts from the counterparties in exchange for payments to these counterparties by First Financial of fixed rate amounts received from commercial borrowers over the life of the agreements. First Financial's matched interest rate swaps qualify as derivatives, but are not designated as hedging instruments. The net interest receivable or payable on matched interest rate swaps is accrued and recognized as an adjustment to interest income. The fair values of client derivatives are included within Accrued interest and other assets and Accrued interest and other liabilities in the Consolidated Balance Sheets. 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. 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 fair value of these agreements is recorded in the Consolidated Balance Sheets in Accrued interest and other liabilities. 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 an IRLC with First Financial and the loan is 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 and Loans held for sale. The fair value of these agreements is recorded in the Consolidated Balance Sheets in Accrued interest and other assets. Stock-based compensation. First Financial grants stock-based awards, in |
RECENTLY ADOPTED AND ISSUED ACC
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS | 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 the ACL, a $12.2 million increase in the ACL for unfunded commitments and a $16.8 million decrease in Deferred tax liability. 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 For more information on the calculation of the ACL, please refer to Note 1 - Summary of Significant Accounting Policies and Note 5 - Allowance for Credit Losses . |
RESTRICTIONS ON CASH AND DIVIDE
RESTRICTIONS ON CASH AND DIVIDENDS | 12 Months Ended |
Dec. 31, 2021 | |
Subsidiaries [Member] | |
Restrictions on Subsidiary Dividends, Loans or Advances [Line Items] | |
Restrictions On Cash And Dividends [Text Block] | Restrictions on Cash and Dividends As of December 31, 2021 and 2020, First Financial had $34.0 million and $38.0 million, respectively, in cash restricted for withdrawal and usage due to the centrally cleared derivative initial margin requirement. Additionally, First Financial had no required reserves with the FRB as of December 31, 2021 and 2020. Dividends paid by First Financial to its shareholders are principally funded through dividends paid to the Company by its subsidiaries; however, certain restrictions exist regarding the ability of the Bank to transfer funds to First Financial in the form of cash dividends, loans or advances. The approval of the Federal Reserve Board and the ODFI is required for the Bank to pay dividends in excess of the regulatory limit, which is equal to the net income of the current year through the dividend date combined with the Bank's retained net income from the two preceding years. As of December 31, 2021, First Financial's subsidiaries had retained earnings of $727.9 million, of which $166.2 million was available for distribution to First Financial without prior regulatory approval. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | Investment SecuritiesDuring the year ended December 31, 2021, proceeds on the sale of $375.3 million of AFS securities resulted in gains of $6.8 million and losses of $7.6 million. During the year ended December 31, 2020, proceeds on the sale of $117.8 million of AFS securities resulted in gains of $0.9 million and losses of $0.8 million. During the year ended December 31, 2019, proceeds on the sale of $519.1 million of AFS securities resulted in gains of $2.1 million and losses of $2.1 million. The impact to income tax expense from these sales was insignificant in all three years. In 2021 and 2020, t here were no reclassifications of HTM securities to AFS securities. However, in the first quarter of 2019, in addition to the sale of certain securities, First Financial reclassified $268.7 million of HTM securities to AFS in conjunction with the adoption of ASU 2017-12, resulting in a $0.2 million realized loss recorded in the Consolidated Statement of Income. The carrying value of investment securities pledged as collateral to secure public deposits, repurchase agreements and for other purposes as required by law totaled $1.5 billion at both December 31, 2021 and December 31, 2020. The following is a summary of HTM and AFS investment securities as of December 31, 2021: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized Unrecognized Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 34,961 $ 4 $ (189) $ 34,776 Securities of U.S. government agencies and corporations 0 0 0 0 78,998 248 (129) 79,117 Mortgage-backed securities - residential 0 0 0 0 728,050 6,635 (10,548) 724,137 Mortgage-backed securities - commercial 46,362 651 0 47,013 729,948 4,294 (2,352) 731,890 Collateralized mortgage obligations 11,882 221 0 12,103 696,258 7,979 (6,497) 697,740 Obligations of state and other political subdivisions 8,926 915 0 9,841 1,058,735 35,591 (8,594) 1,085,732 Asset-backed securities 0 0 0 0 720,638 1,521 (2,578) 719,581 Other securities 31,250 176 (485) 30,941 133,001 2,114 (242) 134,873 Total $ 98,420 $ 1,963 $ (485) $ 99,898 $ 4,180,589 $ 58,386 $ (31,129) $ 4,207,846 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 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 December 31, 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 Due in one year or less $ 0 $ 0 $ 18,824 $ 18,910 Due after one year through five years 639 699 84,773 86,693 Due after five years through ten years 36,651 37,166 355,693 364,968 Due after ten years 2,886 2,917 846,405 863,927 Mortgage-backed securities - residential 0 0 728,050 724,137 Mortgage-backed securities - commercial 46,362 47,013 729,948 731,890 Collateralized mortgage obligations 11,882 12,103 696,258 697,740 Asset-backed securities 0 0 720,638 719,581 Total $ 98,420 $ 99,898 $ 4,180,589 $ 4,207,846 Unrealized gains and losses on debt securities are generally due to fluctuations in current market yields relative to the yields of the debt securities at their amortized cost. All securities with unrealized losses are reviewed quarterly to determine if any impairment exists, requiring a write-down to fair value through income. 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 . If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. 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 twelve months ended December 31, 2021 or 2020. As of December 31, 2021, the Company's investment securities portfolio consisted of 1,418 securities, of which 327 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. 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 December 31, 2021, however, there were $0.5 million of other HTM securities in a loss position as of December 31, 2021. There were no HTM securities on nonaccrual status, past due or in a loss position as of December 31, 2020. The Company did not record an allowance for credit losses for these securities as of December 31, 2021 or 2020. The following tables provide the fair value and gross unrealized losses on investment securities in an unrealized loss position for which an allowance for credit losses was not recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: December 31, 2021 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 24,755 $ (190) $ 0 $ 0 $ 24,755 $ (190) Securities of U.S. government agencies and corporations 17,382 (128) 0 0 17,382 (128) Mortgage-backed securities - residential 459,098 (8,375) 78,090 (2,173) 537,188 (10,548) Mortgage-backed securities - commercial 205,520 (2,149) 13,818 (203) 219,338 (2,352) Collateralized mortgage obligations 369,318 (6,110) 12,485 (387) 381,803 (6,497) Obligations of state and other political subdivisions 380,735 (7,543) 55,568 (1,051) 436,303 (8,594) Asset-backed securities 482,118 (2,578) 0 0 482,118 (2,578) Other securities 31,896 (354) 11,877 (373) 43,773 (727) Total $ 1,970,822 $ (27,427) $ 171,838 $ (4,187) $ 2,142,660 $ (31,614) 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 22 – Fair Value Disclosures. |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2021 | |
Loans [Abstract] | |
LOANS (excluding covered loans) | Loans and Leases First Financial offers clients a variety of commercial and consumer loan and lease products with various 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 provides loans that are secured by commissions and cash collateral accounts 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 December 31, 2021, First Financial had $55.6 million in PPP loans, net of unearned fees of $2.6 million. As of December 31, 2020, First Financial had $594.6 million in PPP loans, net of unearned income 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 or lease or in First Financial's credit position at some future date. Substandard - First Financial assigns a substandard rating to loans or leases that are inadequately protected by the current sound financial worth and paying capacity of the borrower or 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 of 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 December 31, 2021 by risk attribute and origination date: (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Term Total Revolving Total Commercial & industrial Pass $ 711,198 $ 442,064 $ 339,507 $ 164,273 $ 119,580 $ 154,835 $ 1,931,457 $ 700,246 $ 2,631,703 Special mention 389 4,867 5,993 16,057 6,511 4,918 38,735 21,505 60,240 Substandard 2,220 434 2,843 1,224 12,640 1,465 20,826 7,259 28,085 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 713,807 $ 447,365 $ 348,343 $ 181,554 $ 138,731 $ 161,218 $ 1,991,018 $ 729,010 $ 2,720,028 Lease financing Pass $ 31,697 $ 21,536 $ 19,095 $ 15,494 $ 6,821 $ 4,765 $ 99,408 $ 0 $ 99,408 Special mention 0 10,216 0 0 0 0 10,216 0 10,216 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 31,697 $ 31,752 $ 19,095 $ 15,494 $ 6,821 $ 4,765 $ 109,624 $ 0 $ 109,624 Construction real estate Pass $ 95,991 $ 200,421 $ 96,726 $ 15,886 $ 317 $ 12,719 $ 422,060 $ 18,299 $ 440,359 Special mention 0 6,531 0 9,004 0 0 15,535 0 15,535 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 95,991 $ 206,952 $ 96,726 $ 24,890 $ 317 $ 12,719 $ 437,595 $ 18,299 $ 455,894 Commercial real estate - investor Pass $ 537,183 $ 379,217 $ 944,915 $ 367,946 $ 294,147 $ 434,641 $ 2,958,049 $ 66,579 $ 3,024,628 Special mention 0 7,479 18,136 18,006 15,566 34,153 93,340 0 93,340 Substandard 1,616 6 21,312 6,628 6,918 307 36,787 0 36,787 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 538,799 $ 386,702 $ 984,363 $ 392,580 $ 316,631 $ 469,101 $ 3,088,176 $ 66,579 $ 3,154,755 Commercial real estate - owner Pass $ 204,291 $ 184,564 $ 121,150 $ 135,463 $ 119,489 $ 259,504 $ 1,024,461 $ 7,565 $ 1,032,026 Special mention 970 2,283 2,262 3,751 1,381 5,512 16,159 0 16,159 Substandard 162 727 6,541 12,513 1,730 1,963 23,636 38 23,674 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 205,423 $ 187,574 $ 129,953 $ 151,727 $ 122,600 $ 266,979 $ 1,064,256 $ 7,603 $ 1,071,859 Residential real estate Performing $ 258,537 $ 230,699 $ 138,239 $ 64,310 $ 34,606 $ 162,924 $ 889,315 $ 0 $ 889,315 Nonperforming 236 970 1,193 598 339 3,418 6,754 0 6,754 Total $ 258,773 $ 231,669 $ 139,432 $ 64,908 $ 34,945 $ 166,342 $ 896,069 $ 0 $ 896,069 Home equity Performing $ 42,298 $ 45,638 $ 14,713 $ 11,221 $ 7,603 $ 30,588 $ 152,061 $ 553,245 $ 705,306 Nonperforming 72 161 44 67 56 234 634 2,459 3,093 Total $ 42,370 $ 45,799 $ 14,757 $ 11,288 $ 7,659 $ 30,822 $ 152,695 $ 555,704 $ 708,399 Installment Performing $ 58,209 $ 12,768 $ 8,213 $ 5,541 $ 3,925 $ 2,201 $ 90,857 $ 28,353 $ 119,210 Nonperforming 6 61 32 9 1 56 165 79 244 Total $ 58,215 $ 12,829 $ 8,245 $ 5,550 $ 3,926 $ 2,257 $ 91,022 $ 28,432 $ 119,454 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 51,772 $ 51,772 Nonperforming 0 0 0 0 0 0 0 445 445 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 52,217 $ 52,217 Grand Total $ 1,945,075 $ 1,550,642 $ 1,740,914 $ 847,991 $ 631,630 $ 1,114,203 $ 7,830,455 $ 1,457,844 $ 9,288,299 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 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 or any portion thereof remains unpaid after the due date of the scheduled payment. Loan delinquency, including nonaccrual loans, was as follows: As of December 31, 2021 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Total > 90 days Loans Commercial & industrial $ 303 $ 2,006 $ 2,775 $ 5,084 $ 2,714,944 $ 2,720,028 $ 0 Lease financing 93 0 0 93 109,531 109,624 0 Construction real estate 0 0 0 0 455,894 455,894 0 Commercial real estate-investor 89 42 6,409 6,540 3,148,215 3,154,755 0 Commercial real estate-owner 56 2,207 637 2,900 1,068,959 1,071,859 0 Residential real estate 4,379 262 2,114 6,755 889,314 896,069 0 Home equity 1,214 692 1,186 3,092 705,307 708,399 0 Installment 162 37 45 244 119,210 119,454 0 Credit card 223 134 137 494 51,723 52,217 137 Total $ 6,519 $ 5,380 $ 13,303 $ 25,202 $ 9,263,097 $ 9,288,299 $ 137 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 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 concessions are made by the Company that would not otherwise be considered for a borrower with similar credit characteristics. The most common types of modifications include interest rate reductions, bankruptcies, 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 December 31, 2021 or 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 150 TDRs totaling $27.6 million at December 31, 2021, including $11.6 million of loans on accrual status and $16.0 million of loans classified as nonaccrual. First Financial had $0.2 million of commitments outstanding to lend additional funds to borrowers whose loan terms had been modified through TDRs, and the ACL included reserves of $6.3 million related to TDRs as of December 31, 2021. For the year ended December 31, 2021, First Financial charged off $1.7 million for the portion of TDRs determined to be uncollectible. Additionally, as of December 31, 2021, approximately $5.0 million of the 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 of loans classified as nonaccrual. First Financial had $0.3 million of commitments outstanding to lend additional funds to borrowers whose loan terms had been modified through TDRs and the ACL included reserves of $8.8 million related to TDRs as of December 31, 2020. For the year ended December 31, 2020, First Financial charged off $1.7 million for the portion of TDRs determined to be uncollectible. Additionally, as of December 31, 2020, approximately $5.0 million of the accruing TDRs have been performing in accordance with the restructured terms for more than one year. First Financial had 157 TDRs totaling $30.0 million at December 31, 2019, including $11.4 million of loans on accrual status and $18.5 million of loans classified as nonaccrual. First Financial had $2.5 million of commitments outstanding to lend additional funds to borrowers whose loan terms had been modified through TDRs. Additionally, First Financial charged off $2.6 million for the portion of TDRs determined to be uncollectible for the year ended December 31, 2019. The following table provides information on loan modifications classified as TDRs during the years ended December 31, 2021, 2020 and 2019: Years ended December 31, 2021 2020 2019 (Dollars in thousands) Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Commercial & industrial 7 $ 9,311 $ 8,039 8 $ 14,984 $ 14,984 8 $ 25,009 $ 25,071 Construction 0 0 0 0 0 0 0 0 0 Commercial 8 16,850 9,807 0 0 0 9 3,024 2,932 Residential 17 1,585 1,553 24 1,953 1,847 30 3,415 3,062 Home equity 2 30 30 11 351 349 14 395 366 Installment 1 0 0 2 35 22 2 41 39 Total 35 $ 27,776 $ 19,429 45 $ 17,323 $ 17,202 63 $ 31,884 $ 31,470 The following table provides information on how TDRs were modified during the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Extended maturities $ 0 $ 0 $ 2,877 Adjusted interest rates 0 0 5,284 Combination of rate and maturity changes 0 0 516 Forbearance 7,328 4,759 20,320 Other (1) 12,101 12,443 2,473 Total $ 19,429 $ 17,202 $ 31,470 (1) Other 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 payment default of the terms of the TDR agreement. For the twelve months ended December 31, 2021 and 2020, there was one TDR with an insignificant balance for which there was a payment default during the period that occurred within twelve months of the loan modification. For the twelve months ended December 31, 2019, there were three TDRs with a balance of $7.0 million for which there was a payment default during the period that occurred within twelve months of the loan modification. 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 a TDR. As of December 31, 2021, the Company's loan portfolio included $16.5 million of active loan modifications made under the guidance of the CARES Act that were not classified as TDR. These modifications were comprised of two commercial loans making interest only payments. 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 as of December 31, 2020, 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 that were modified in response to COVID-19 that were 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 as of December 31: 2021 2020 2019 (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 Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 11,077 $ 6,285 $ 17,362 $ 18,711 $ 10,519 $ 29,230 $ 24,346 Lease financing 0 203 203 0 0 0 223 Construction real estate 0 0 0 0 0 0 0 Commercial real estate 17,716 1,796 19,512 6,957 27,725 34,682 7,295 Residential real estate 0 8,305 8,305 251 11,350 11,601 10,892 Home equity 0 2,922 2,922 0 5,076 5,076 5,242 Installment 0 88 88 0 163 163 167 Total nonaccrual loans $ 28,793 $ 19,599 $ 48,392 $ 25,919 $ 54,833 $ 80,752 $ 48,165 Interest income effect 2021 2020 2019 Gross amount of interest that would have been recorded under original terms $ 5,132 $ 5,892 $ 5,813 Interest included in income Nonaccrual loans 1,618 1,636 1,042 Troubled debt restructurings 314 426 801 Total interest included in income 1,932 2,062 1,843 Net impact on interest income $ 3,200 $ 3,830 $ 3,970 Commitments outstanding to borrowers with nonaccrual loans $ 0 $ 0 $ 3 (1) Nonaccrual loans include nonaccrual TDRs of $16.0 million, $14.7 million and $18.5 million as of December 31, 2021, 2020 and 2019, respectively. 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. First Financial's investment in impaired loans was as follows: Year ended December 31, 2019 (Dollars in thousands) Average Interest Loans with no related allowance recorded Commercial & industrial $ 31,846 $ 926 Lease financing 168 0 Construction real estate 6 0 Commercial real estate 18,757 357 Residential real estate 15,915 307 Home equity 5,893 121 Installment 170 2 Total 72,755 1,713 Loans with an allowance recorded Commercial & industrial 4,721 87 Lease financing 57 0 Construction real estate 0 0 Commercial real estate 1,339 31 Residential real estate 446 12 Home equity 0 0 Installment 0 0 Total 6,563 130 Total Commercial & industrial 36,567 1,013 Lease financing 225 0 Construction real estate 6 0 Commercial real estate 20,096 388 Residential real estate 16,361 319 Home equity 5,893 121 Installment 170 2 Total $ 79,318 $ 1,843 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. December 31, 2021 Type of Collateral (Dollar in thousands) Business assets Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 13,171 $ 15 $ 833 $ 0 $ 0 $ 3,343 $ 17,362 Leasing 0 0 203 0 0 0 203 Commercial real estate-investor 0 6,362 0 0 422 0 6,784 Commercial real estate-owner 0 6,673 5,937 38 80 0 12,728 Residential real estate 0 0 0 0 8,305 0 8,305 Home equity 0 0 0 0 2,922 0 2,922 Installment 0 0 0 0 0 88 88 Total $ 13,171 13171000 $ 13,050 $ 6,973 $ 38 $ 11,729 $ 3,431 $ 48,392 December 31, 2020 Type of Collateral (Dollar in thousands) Business assets 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. Effective December 31, 2021, First Financial acquired Summit Funding Group, Inc., which is a full-service equipment leasing company. In conjunction with this acquisition, First Financial acquired $42.3 million of financing leases, which were included in Loans and leases on the Consolidated Balance Sheets. For further detail on the acquisition, see Note 23 - Business Combinations. OREO. OREO is comprised of properties acquired by the Company primarily through the loan foreclosure or repossession process, that result in partial or total satisfaction of problem loans. Changes in OREO were as follows: Years ended December 31, (Dollars in thousands) 2021 2020 2019 Balance at beginning of year $ 1,287 $ 2,033 $ 1,401 Additions Commercial 98 510 415 Residential 0 507 2,033 Total additions 98 1,017 2,448 Disposals Commercial (947) (217) (541) Residential (331) (1,859) (912) Total disposals (1,278) (2,076) (1,453) Valuation adjustments Commercial (9) 448 (112) Residential 0 (135) (251) Total valuation adjustments (9) 313 (363) Balance at end of year $ 98 $ 1,287 $ 2,033 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
ALLOWANCE FOR LOAN AND LEASE 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 $29.5 million and $37.7 million as of December 31, 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 provide 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, 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 December 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 at the time. 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 twelve months ended December 31, 2021, the ACL declined due to improvements in economic forecasts and the Company's improved credit outlook. Over the course of 2021, Moody's economic forecasts gradually improved as the economy showed significant signs of recovery from the beginning of the pandemic. The Company's improved credit outlook considered the impact from loan sales that addressed various portfolio concentrations, a significant decline in classified asset balances and relatively stable net charge-offs, excluding the impact from loan sales. For the twelve months ended, December 31, 2020, the ACL increased due to First Financial's adoption of ASC 326 and management's expectation of higher credit losses resulting from the COVID-19 pandemic. Changes in the allowance by loan category as of December 31 were as follows: 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 Balance at beginning of year $ 51,454 $ 995 $ 21,736 $ 76,795 $ 8,560 $ 11,869 $ 1,215 $ 3,055 $ 175,679 Purchase accounting ACL for PCD 0 17 0 0 0 0 0 0 17 Provision for credit losses 6,606 621 (8,367) (14,689) (2,436) (2,376) 65 1,552 (19,024) Gross charge-offs (15,620) 0 (1,498) (13,471) (127) (1,073) (334) (780) (32,903) Recoveries 1,612 0 3 4,785 228 1,223 151 221 8,223 Total net charge-offs (14,008) 0 (1,495) (8,686) 101 150 (183) (559) (24,680) Ending allowance for credit losses $ 44,052 $ 1,633 $ 11,874 $ 53,420 $ 6,225 $ 9,643 $ 1,097 $ 4,048 $ 131,992 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 25,407 758 7,759 38,936 (2,122) (939) 12 985 70,796 Gross charge-offs (5,345) (852) 0 (12,100) (488) (1,541) (148) (885) (21,359) Recoveries 2,907 0 17 2,262 381 1,132 158 230 7,087 Total net charge-offs (2,438) (852) 17 (9,838) (107) (409) 10 (655) (14,272) Ending allowance for credit losses $ 51,454 $ 995 $ 21,736 $ 76,795 $ 8,560 $ 11,869 $ 1,215 $ 3,055 $ 175,679 2019 (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 year $ 18,746 $ 1,130 $ 3,413 $ 21,048 $ 4,964 $ 5,348 $ 362 $ 1,531 $ 56,542 Provision for credit losses 23,631 3 (1,100) 5,107 739 695 2 1,521 30,598 Gross charge-offs (26,676) (162) 0 (3,689) (677) (2,591) (223) (1,547) (35,565) Recoveries 2,883 0 68 1,113 273 1,335 251 152 6,075 Total net charge-offs (23,793) (162) 68 (2,576) (404) (1,256) 28 (1,395) (29,490) Ending allowance for credit losses $ 18,584 $ 971 $ 2,381 $ 23,579 $ 5,299 $ 4,787 $ 392 $ 1,657 $ 57,650 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. Prior to the adoption of ASC 326, First Financial maintained its reserve to absorb probable losses incurred in standby letters of credit and outstanding loan commitments. First Financial determined the adequacy of this reserve based upon an evaluation of the unfunded credit facilities, which included consideration of historical commitment utilization experience, credit risk ratings and historical loss rates, consistent with the Company's ALLL methodology at the time. The ACL on unfunded commitments was $13.4 million as of December 31, 2021 and $12.5 million as of December 31, 2020. Due to the adoption of ASC 326, First Financial recorded $12.2 million in the ACL on unfunded commitments effective January 1, 2020. Additionally, First Financial recorded $0.9 million of provision expense related to the ACL on unfunded commitments for the twelve months ended December 31, 2021 and a provision recapture of $0.2 million for both December 31, 2020 and December 31, 2019. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | Premises and Equipment Premises and equipment at December 31 were as follows: (Dollars in thousands) 2021 2020 Land and land improvements $ 49,402 $ 52,373 Buildings 155,337 161,371 Furniture and fixtures 70,847 70,177 Leasehold improvements 30,190 29,525 Construction in progress 8,145 8,434 313,921 321,880 Less: Accumulated depreciation and amortization 120,881 114,669 Total $ 193,040 $ 207,211 Depreciation expense recorded in 2021, 2020 and 2019 was $14.1 million, $15.4 million and $16.1 million, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases - Lessees 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 and 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 Sheet and was $57.2 million and $63.9 million at December 31, 2021 and 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 $ 67.6 million 71.7 million 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 for the years ended December 31, 2021, 2020 and 2019 were as follows: (Dollars in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost $ 7,425 $ 7,897 $ 7,324 Short-term lease cost 108 142 55 Variable lease cost 2,621 2,532 2,553 Total operating lease cost $ 10,154 $ 10,571 $ 9,932 Future minimum commitments due under these lease agreements as of December 31, 2021 are as follows: (Dollars in thousands) Operating leases 2022 $ 7,784 2023 7,683 2024 7,288 2025 6,673 2026 6,269 Thereafter 50,311 Total lease payments 86,008 Less imputed interest 18,456 Total $ 67,552 The weighted average lease term and discount rate for the Company's operating leases were as follows: December 31, 2021 December 31, 2020 December 31, 2019 Operating leases Weighted-average remaining lease term 13.9 years 15.1 years 15.6 years Weighted-average discount rate 3.25 % 3.07 % 3.43 % Supplemental cash information at year end related to leases was as follows: (Dollars in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,860 $ 8,196 $ 7,335 ROU assets obtained in exchange for lease obligations Operating leases 6,076 9,725 64,902 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2021, 2020 and 2019 are shown below. (Dollars in thousands) 2021 2020 2019 Balance at beginning of year $ 937,771 $ 937,771 $ 880,251 Goodwill resulting from business combinations 62,978 0 57,520 Balance at end of year $ 1,000,749 $ 937,771 $ 937,771 In December 2021, First Financial recorded $63.0 million of goodwill resulting from the acquisition of Summit Funding Group, Inc. During 2019, First Financial recorded $57.5 million of goodwill resulting from the Bannockburn acquisition, in addition to its final adjustments to goodwill resulting from the MSFG merger. For further detail on various mergers or acquisitions, see Note 23 - Business Combinations. 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 qualitative impairment test as of October 1, 2021 and no impairment was indicated. As of December 31, 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, such as purchase commissions, non-compete agreements and trade name 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 6.2 years. First Financial recorded a $30.1 million customer list intangible asset in conjunction with the Summit acquisition 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 being amortized on a straight-line basis over its estimated useful life of 12 years. Additionally, First Financial recorded a $39.4 million customer list intangible asset in conjunction with the Bannockburn acquisition which is being amortized on a straight-line basis over its estimated useful life of 11 years. The gross carrying amount and accumulated amortization of other intangible assets were as follows: (Dollars in thousands) December 31, 2021 December 31, 2020 Amortized intangible assets Core deposit intangibles $ 45,256 $ (26,911) $ 51,031 $ (27,524) Customer list 69,563 (8,362) 39,420 (4,778) Other 14,589 (5,237) 10,113 (3,710) Total $ 129,408 $ (40,510) $ 100,564 $ (36,012) Amortization expense recognized on intangible assets for 2021, 2020 and 2019 was $9.8 million, $11.1 million and $9.7 million, respectively. The estimated amortization expense of intangible assets for the next five years is as follows: (Dollars in thousands) Intangible amortization 2022 $ 11,515 2023 10,536 2024 9,193 2025 9,145 2026 9,092 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposit Liabilities Disclosures [Text Block] | Deposits Time deposits that meet or exceed the FDIC insurance limit of $250,000 at December 31, 2021 and 2020 were $195.6 million and $220.5 million, respectively. Scheduled maturities of all time deposits for the next five years were as follows: (Dollars in thousands) Time deposits 2022 $ 1,131,574 2023 83,589 2024 50,983 2025 32,569 2026 31,352 Thereafter 196 Total $ 1,330,263 |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 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 is a summary of short-term borrowings for the last three years: 2021 2020 2019 (Dollars in thousands) Amount Rate Amount Rate Amount Rate At December 31, Federal funds purchased and securities sold under agreements to repurchase $ 51,203 0.01 % $ 166,594 0.05 % $ 165,181 0.85 % FHLB borrowings 225,000 0.18 % 0 0.00 % 1,151,000 1.73 % Other short-term borrowings 20,000 1.90 % 0 0.00 % 0 0.00 % Total $ 296,203 0.27 % $ 166,594 0.05 % $ 1,316,181 1.62 % Average for the year Federal funds purchased and securities sold under agreements to repurchase $ 160,967 0.07 % $ 149,036 0.26 % $ 155,859 1.15 % FHLB borrowings 43,371 0.20 % 441,867 1.37 % 990,860 2.37 % Other short-term borrowings 165 1.92 % 0 0.00 % 0 0.00 % Total $ 204,503 0.10 % $ 590,903 1.09 % $ 1,146,719 1.90 % Securities sold under agreements to repurchase are secured by securities with a carrying amount of $51.3 million and $126.7 million, as of December 31, 2021 and 2020, respectively. The following shows the remaining contractual maturity of repurchase agreements by collateral pledged: (Dollars in thousands) Overnight and Continuous Repurchase agreements Mortgage-backed securities $ 48,370 Collateralized mortgage obligations 2,833 Total $ 51,203 First Financial had outstanding FHLB advances included in short-term borrowings of $225.0 million as of December 31, 2021 and no outstanding short-term FHLB advances as of December 31, 2020. First Financial also has a $40.0 million short-term credit facility with an unaffiliated bank that matures in December, 2022, which is included in short-term borrowings. This facility has a variable interest rate and provides First Financial additional liquidity, if needed, for various corporate activities including the repurchase of First Financial common stock and the payment of dividends to shareholders. As of December 31, 2021, First Financial had an outstanding balance of $20.0 million. The credit agreement requires First Financial to comply with certain covenants including those related to asset quality and capital levels, and First Financial was in compliance with all covenants associated with this facility as of December 31, 2021. This credit facility also required First Financial to pledge as collateral the Bank's common stock where the lender is granted a security interest in this collateral. The following is a summary of First Financial's long-term debt: 2021 2020 (Dollars in thousands) Amount Average Rate Amount Average Rate FRB borrowings $ 0 0.00 % $ 434,982 0.35 % FHLB borrowings 0 0.00 % 19,971 1.43 % Subordinated debt 313,248 4.86 % 321,384 4.86 % Unamortized debt issuance costs (2,384) n/a (2,770) n/a Capital lease liability 1,781 3.81 % 1,860 3.81 % Capital loan with municipality 775 0.00 % 775 0.00 % Subtotal 313,420 4.88 % 776,202 2.25 % Acquired in Summit acquisition Bank lines of credit 23,030 2.77 % 0 0.00 % Notes issued in conjunction with acquisition of property and equipment 73,382 4.09 % 0 0.00 % Total notes payable acquired in Summit acquisition 96,412 3.77 % 0 0.00 % Total long-term debt $ 409,832 4.62 % $ 776,202 2.25 % As of December 31, 2021, First Financial's long-term debt matures as follows: (Dollars in thousands) Long-term debt 2022 $ 28,091 2023 15,086 2024 23,091 2025 12,301 2026 16,765 Thereafter 314,498 Total $ 409,832 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 December 31, 2021, the bank had no outstanding PPPLF advances. As of December 31, 2020, the bank had oustanding PPPLF advances of $435.0 million with an average interest rate of 35 basis points. These borrowings were secured by pledged PPP loans and prepay in conjunction with reductions in the principal balances of those loans. In April 2020, First Financial issued $150.0 million of fixed to floating rate subordinated notes. The 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. Additionally, in conjunction with the acquisition of Summit, First Financial assumed $96.4 million in outstanding long-term borrowings at December 31, 2021. These outstanding long-term borrowings consisted of $23.0 million of lines of credit with other banks utilized to operate the business and carried an average interest rate of 2.77%. Additionally, acquired long term borrowings included $73.4 million of term notes, both with and without recourse, with an average interest rate of 4.09%. These term notes were used to finance Summit's equity investment in the purchase of equipment to be leased to customers. FHLB advances, both short-term and long-term, must be collateralized with qualifying assets, typically certain commercial and residential real estate loans, as well as certain government and agency securities. For ease of borrowing execution, First Financial utilizes a blanket collateral agreement with the FHLB, and at December 31, 2021, had collateral pledged with a book value of $5.8 billion. |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | Derivatives First Financial uses certain derivative instruments, including rate caps, floors, swaps and foreign exchange contracts, to meet the operating 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 as 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 this 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. For discussion of First Financial's accounting for derivative instruments, see Note 1 – Summary of Significant Accounting Policies. 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 December 31, 2021, for interest rate derivatives, the Company had a total counterparty notional amount outstanding of $2.4 billion, spread among six counterparties, with an estimated fair value of $74.2 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 associated with 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. At December 31, 2021, the Company had total counterparty notional amount outstanding of $6.4 billion spread among four counterparties, with an estimated fair value of $15.2 million at December 31, 2021 related to foreign exchange contracts, which is included in Accrued interest and other liabilities in the Consolidated Balance Sheets. 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 location and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: December 31, 2021 December 31, 2020 Estimated fair value Estimated fair value (Dollars in thousands) Balance Notional Gain Loss Notional Gain Loss Client derivatives-instruments associated with loans Matched interest rate swaps with borrower Accrued interest and other assets and other liabilities $ 2,430,587 $ 84,694 $ (7,508) $ 2,300,336 $ 184,777 $ (107) Matched interest rate swaps with counterparty Accrued interest and other liabilities 2,430,587 7,508 (84,701) 2,300,336 107 (184,884) Foreign exchange contracts Matched foreign exchange contracts with customers Accrued interest and other assets 6,423,085 67,988 (52,780) 3,637,509 60,366 (27,249) Match foreign exchange contracts with counterparty Accrued interest and other liabilities 6,399,432 52,780 (67,988) 3,637,509 27,249 (60,366) Total $ 17,683,691 $ 212,970 $ (212,977) $ 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: December 31, 2021 December 31, 2020 (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets Client derivatives Matched interest rate swaps $ 92,209 $ (149,647) $ (57,438) $ 184,991 $ (385,088) $ (200,097) Foreign exchange contracts with counterparty 120,768 (56,443) 64,325 87,615 (17,392) 70,223 Total $ 212,977 $ (206,090) $ 6,887 $ 272,606 $ (402,480) $ (129,874) 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 December 31, 2021: (Dollars in thousands) Notional Average Fair Client derivatives-interest rate contracts Receive fixed, matched interest rate swaps with borrower $ 2,430,587 5.7 $ 77,186 Pay fixed, matched interest rate swaps with counterparty 2,430,587 5.7 (77,193) Client derivatives-foreign exchange contracts Foreign exchange contracts - pay USD 6,423,085 0.6 15,208 Foreign exchange contracts - receive USD 6,399,432 0.6 (15,208) Total client derivatives $ 17,683,691 2.0 $ (7) 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 $362.8 million as of December 31, 2021 and $242.4 million as of December 31, 2020. The fair value of these agreements were recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets was $0.1 million at December 31, 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 an IRLC 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 and loans held for sale. At December 31, 2021, the notional amount of the IRLCs was $45.0 million and the notional amount of forward commitments was $62.5 million. As of December 31, 2020, the notional amount of IRLCs was $114.2 million and the notional amount of forward commitments was $112.6 million. The fair value of these agreements was $3.3 million at December 31, 2021 and was $2.7 million at December 31, 2020 and was recorded in Accrued interest and other assets on the Consolidated Balance Sheets. |
RELATED PARTIES TRANSACTIONS
RELATED PARTIES TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Loans to Related Parties | Related Party Transactions Outstanding balance of loans to directors, executive officers, principal holders of First Financial’s common stock and certain related persons were as follows: (Dollars in thousands) 2021 Beginning balance $ 5,097 Additions 1,463 Deductions (3,078) Ending balance $ 3,482 Loans 90 days or more past due $ 0 Related parties of First Financial, as defined for inclusion in the table above, were clients of, and had transactions with, subsidiaries of First Financial during the periods noted. Similar transactions with related parties may be expected in future periods. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Commitments and Contingencies First Financial offers a variety of financial instruments including letters of credit and outstanding commitments to extend 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 nonperformance 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 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 useful life consistent with the Company's ACL methodology for loans and leases. Adjustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. First Financial had $13.4 million and $12.5 million of reserves for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets as of December 31, 2021 and 2020. 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 are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by First Financial upon extension of credit, is based on management’s credit evaluation of the client. The collateral held varies, but may include securities, real estate, inventory, plant or equipment. First Financial had commitments outstanding to extend credit, totaling $4.0 billion and $3.4 billion at December 31, 2021 and 2020, respectively. As of December 31, 2021, loan commitments with a fixed interest rate totaled $129.2 million while commitments with variable interest rates totaled $3.8 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. The fixed rate loan commitments have interest rates ranging from 0.00% to 21.00% for both December 31, 2021 and 2020 and have maturities ranging from less than 1 year to 30.9 years for December 31, 2021 and less than 1 year to 30.8 years for December 31, 2020. The following table presents by type First Financial's loan balances and contractual obligations to extend credit: December 31, 2021 December 31, 2020 (dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance Commercial & industrial $ 1,545,995 $ 2,720,028 $ 1,270,765 $ 3,007,509 Lease financing 18,037 109,624 0 72,987 Construction real estate 484,038 455,894 374,008 636,096 Commercial real estate-investor 65,660 3,154,755 139,754 3,244,540 Commercial real estate-owner 29,824 1,071,859 51,637 1,063,318 Residential real estate 50,043 896,069 28,895 1,003,086 Home equity 822,343 708,399 762,406 743,099 Installment 15,985 119,454 18,229 81,850 Credit card 217,006 52,217 207,365 48,485 Total $ 3,248,931 $ 9,288,299 $ 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 has issued letters of credit aggregating $41.1 million and $36.1 million at December 31, 2021, and 2020, respectively. Management conducts regular reviews of these instruments on an individual client basis. Risk participation agreements. First Financial is a party in risk participation transactions of interest rate swaps, which had total notional amount of $362.8 million and $242.4 million at December 31, 2021 and 2020, respectively. 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 December 31, 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) December 31, 2021 December 31, 2020 Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment LIHTC Proportional amortization $ 108,974 $ 57,341 $ 90,401 $ 47,531 HTC Equity 2,581 56 3,607 364 NMTC Equity 3,895 0 1,165 0 Renewable energy Equity 18,585 15,114 5,244 7,661 Total $ 134,035 $ 72,511 $ 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. Twelve months ended December 31, 2021 December 31, 2020 December 31, 2019 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 8,894 $ (8,581) $ 8,076 $ (7,629) $ 6,931 $ (6,397) HTC 1,116 (263) 474 (563) 2,862 (3,342) NMTC 210 (210) 175 (175) 350 (350) Renewable energy 11,467 (12,216) 4,756 (4,777) 0 0 Total $ 21,687 $ (21,270) $ 13,481 $ (13,144) $ 10,143 $ (10,089) (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 and fourth quarters of 2021, First Financial determined that it was in its best interest to settle lawsuits in the states of Indiana and Ohio and have signed settlement agreements that are being presented to the court for approval. As such, First Financial recorded legal settlement expenses of $7.1 million, which were 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 December 31, 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 December 31, 2021 or December 31, 2020. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Income Taxes Income tax expense consisted of the following components: (Dollars in thousands) 2021 2020 2019 Current expense Federal $ 21,397 $ 34,632 $ 31,343 State 2,289 2,349 854 Total current expense 23,686 36,981 32,197 Deferred expense (benefit) Federal 10,944 (8,624) 10,946 State 1,143 244 1,644 Total deferred expense (benefit) 12,087 (8,380) 12,590 Income tax expense $ 35,773 $ 28,601 $ 44,787 The difference between the federal income tax rates applied to income before income taxes and the effective rates were due to the following: (Dollars in thousands) 2021 2020 2019 Income taxes computed at federal statutory rate (21%) on income before income taxes $ 50,596 $ 38,726 $ 51,001 Benefit from tax-exempt income (5,613) (5,901) (5,964) Tax credits (21,561) (13,064) (10,075) Basis reduction on tax credit 1,346 657 738 Tax expense (benefit) of equity compensation (243) 340 (140) State income taxes, net of federal tax benefit 2,711 2,049 1,973 Affordable housing investments 7,194 6,635 5,825 Other 1,343 (841) 1,429 Income tax expense $ 35,773 $ 28,601 $ 44,787 The major components of the temporary differences that gave rise to deferred tax assets and liabilities at December 31, 2021, and 2020, were as follows: (Dollars in thousands) 2021 2020 Deferred tax assets Allowance for credit losses $ 29,754 $ 39,671 Fair value adjustments on business combinations 0 3,870 Deferred compensation 292 235 Postretirement benefits other than pension liability 652 684 Accrued stock-based compensation 1,836 1,654 OREO write-downs 0 8 Interest on nonaccrual loans 442 1,712 Accrued expenses 7,286 5,647 State net operating loss 1,746 1,959 Leasing liability 15,794 16,947 Reserve for unfunded commitments 3,049 2,854 Deferred loan fees and costs 0 1,691 Other 565 577 Total deferred tax assets 61,416 77,509 Deferred tax liabilities Tax depreciation in excess of book depreciation (9,117) (11,923) FHLB and FRB stock (3,836) (4,043) Mortgage-servicing rights (3,518) (2,925) Leasing activities (10,860) (6,661) Retirement obligation (13,754) (10,984) Intangible assets (16,081) (13,942) Deferred loan fees and costs (933) 0 Prepaid expenses (680) (619) Limited partnership investments (2,957) (2,471) Fair value adjustments on business combinations (6,900) 0 Net unrealized gains on investment securities (5,791) (20,253) Foreign exchange deferred income (428) (2,080) ASU 2016-01 unrealized gain/loss-equity securities (2,339) (2,179) Right of use assets (13,390) (15,053) Other (2,426) (2,035) Total deferred tax liabilities (93,010) (95,168) Total net deferred tax liability $ (31,594) $ (17,659) At December 31, 2021 and 2020, the Company had a state net operating loss carryforward from MSFG of $2.3 million and $2.5 million. This carryforward begins to expire in 2025. The Company expects to fully utilize this net operating loss and, therefore, a valuation allowance was not required at December 31, 2021 and 2020. The acquired MSFG state net operating loss is subject to IRC Section 382 and is limited annually. The realization of the Company’s deferred tax assets is dependent upon the Company’s ability to generate taxable income in future periods and the reversal of deferred tax liabilities during the same period. The Company has evaluated the available evidence supporting the realization of its deferred tax assets and determined it is more likely than not that the assets will be realized and thus no valuation allowance was recorded at December 31, 2021 and 2020. The Bank’s retained earnings at December 31, 2021 and 2020 included base-year bad debt reserves of $16.1 million. Base-year reserves are subject to recapture in the event the Bank redeems its stock, makes distributions in excess of current and accumulated earnings and profits (as calculated for federal income tax purposes), loses its “bank” status or liquidates. The Bank has no intention of meeting any of the criteria for recapture. Accordingly, a deferred income tax liability of $3.4 million has not been recorded. At both December 31, 2021 and 2020, First Financial had $1.9 million of unrecognized tax benefits, as determined in FASB ASC Topic 740-10, Income Taxes, that, if recognized, would favorably affect the effective income tax rate in future periods. A progression of gross unrecognized tax benefits as of December 31, 2021 and 2020 is as follows: (Dollars in thousands) 2021 2020 Balance at beginning of year $ 2,386 $ 3,006 Settlements 0 (620) Balance at end of year $ 2,386 $ 2,386 The unrecognized tax benefits relate to state income tax exposures where First Financial believes it is likely that, upon examination, a state may take a position contrary to the position taken by the Company. 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 December 31, 2021 and 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 2018 have been closed and are no longer subject to U.S. federal income tax examinations. Tax years 2018 through 2021 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 | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | Employee Benefit Plans Pension plan. First Financial sponsors a non-contributory defined benefit pension plan covering substantially all employees and uses a December 31 measurement date for the plan. Plan assets were primarily invested in fixed income and 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. The investment objective of the Plan is to structure the assets to mirror the liabilities of the Plan, with the fixed income component matching the identified near and long-term plan distributions and the equity component generating growth of capital to meet other future Plan liabilities. The determination of the overall expected long-term return on plan assets was based on the composition of plan assets and long-term asset class return estimates developed by the Plan advisor, as well as a consensus of estimates from similarly managed portfolios of expected future returns. First Financial recorded expense related to its pension plan of $3.4 million for 2021, $2.5 million for 2020 and $1.0 million for 2019. The components of net periodic benefit cost other than the service cost component are included in Other noninterest expense while service costs are recorded as a component Salaries and employee benefits in the Consolidated Statements of Income. First Financial made no cash contributions to the pension plan in 2021, 2020 or 2019 and does not expect to make any contributions in 2022. The following tables set forth information concerning amounts recognized in First Financial's Consolidated Balance Sheets and Consolidated Statements of Income related to the Company's pension plan: December 31, (Dollars in thousands) 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 87,494 $ 75,044 Service cost 9,128 7,932 Interest cost 2,157 2,455 Actuarial (gain) loss 2,588 9,171 Benefits paid, excluding settlement (8,096) (7,108) Benefit obligation at end of year 93,271 87,494 Change in plan assets Fair value of plan assets at beginning of year 155,704 141,816 Actual return on plan assets 15,774 20,996 Benefits paid, excluding settlement (8,096) (7,108) Fair value of plan assets at end of year 163,382 155,704 Amounts recognized in the Consolidated Balance Sheets Assets 70,111 68,210 Liabilities 0 0 Net amount recognized $ 70,111 $ 68,210 Amounts recognized in accumulated other comprehensive income (loss) Net actuarial loss $ 27,264 $ 32,943 Net prior service cost (270) (682) Deferred tax assets (6,148) (7,349) Net amount recognized $ 20,846 $ 24,912 Change in accumulated other comprehensive income (loss) $ (4,066) $ (3,029) Accumulated benefit obligation $ 92,316 $ 86,327 The change in the defined benefit obligations for the period was driven primarily by an update to the interest crediting rate to reflect the known rate used at year-end 2021, which increased the liability, partially offset by a 34 bp increase in the discount rate from the prior year. The components of net periodic benefit cost are shown in the table that follows: December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 9,128 $ 7,932 $ 6,591 Interest cost 2,157 2,455 2,778 Expected return on assets (10,118) (9,824) (9,718) Amortization of prior service cost (413) (413) (413) Recognized net actuarial loss 2,611 2,334 1,803 Net periodic benefit (income) cost 3,365 2,484 1,041 Other changes recognized in accumulated other comprehensive income (loss) Net actuarial (gain) loss (3,068) (2,001) (4,630) Prior service cost 0 0 0 Amortization of prior service cost 413 413 413 Amortization of gain (2,611) (2,334) (1,803) Total recognized in accumulated other comprehensive income (loss) (5,266) (3,922) (6,020) Total recognized in net periodic benefit cost and accumulated other comprehensive income (loss) $ (1,901) $ (1,438) $ (4,979) The pension plan assumptions are shown in the table that follows: December 31, 2021 2020 2019 Benefit obligations Discount rate 2.89 % 2.55 % 3.33 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Weighted average interest crediting rate 2.58 % 2.14 % 2.82 % Net periodic benefit cost Discount rate 2.55 % 3.33 % 4.31 % Expected return on plan assets 7.25 % 7.25 % 7.25 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Weighted average interest crediting rate 2.14 % 2.82 % 3.61 % The fair value of the plan assets as of December 31, 2021 by asset category is shown in the table that follows: Fair Value Measurements (Dollars in thousands) Total Quoted Prices in Significant Significant Asset Category Cash $ 122 $ 122 $ 0 $ 0 U. S. Government agencies 3,535 0 3,535 0 Fixed income mutual funds 63,526 63,526 0 0 Equity mutual funds 83,000 83,000 0 0 Other assets 13,199 0 13,199 0 Total $ 163,382 $ 146,648 $ 16,734 $ 0 The fair value of the plan assets as of December 31, 2020 by asset category is shown in the table that follows: Fair Value Measurements (Dollars in thousands) Total Quoted Prices in Significant Significant Asset Category Cash $ 129 $ 129 $ 0 $ 0 U. S. Government agencies 4,193 0 4,193 0 Fixed income mutual funds 65,443 65,443 0 0 Equity mutual funds 85,939 85,939 0 0 Total $ 155,704 $ 151,511 $ 4,193 $ 0 The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. See Note 22 – Fair Value Disclosures for further information related to the framework for measuring fair value and the fair value hierarchy. The following benefit payments, which reflect expected future service, are expected to be paid: (Dollars in thousands) Expected benefit payments 2022 $ 5,753 2023 5,848 2024 6,664 2025 6,931 2026 7,099 Thereafter 41,728 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition and Deferred Revenue [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 2019-09 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 2021 was $27.9 million, and was partially offset by $13.6 million of expenses within Noninterest income. Gross interchange income for 2020 was $23.9 million, and was partially offset by $12.2 million of expenses within Noninterest income, while gross interchange income for 2019 was $30.4 million, and was partially offset by $11.9 million of expenses within Noninterest income. Other. Other noninterest income includes other 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 point in time when 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 removed and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 6 Months Ended |
Jun. 30, 2020 | |
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 accumulated other comprehensive income (loss) are as follows: December 31, 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 $ (67,759) $ (759) $ (67,000) $ 14,462 $ (52,538) $ 73,576 $ (52,538) $ 21,038 Retirement obligation 3,068 (2,198) 5,266 (1,200) 4,066 (24,912) 4,066 (20,846) Foreign currency translation (625) 0 (625) 0 (625) 0 (625) (625) Total $ (65,316) $ (2,957) $ (62,359) $ 13,262 $ (49,097) $ 48,664 $ (49,097) $ (433) December 31, 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 $ 36,643 $ (4,563) $ 41,206 $ (8,894) $ 32,312 $ 41,264 $ 32,312 $ 73,576 Retirement obligation 2,001 (1,921) 3,922 (893) 3,029 (27,941) 3,029 (24,912) Total $ 38,644 $ (6,484) $ 45,128 $ (9,787) $ 35,341 $ 13,323 $ 35,341 $ 48,664 December 31, 2019 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 Cumulative effect of new standard Ending Balance Unrealized gain (loss) on debt securities $ 65,858 $ (370) $ 66,228 $ (14,269) $ 51,959 $ (11,601) $ 51,959 $ 906 $ 41,264 Unrealized gain (loss) on derivatives 281 0 281 (64) 217 (217) 217 0 0 Retirement obligation 4,630 (1,390) 6,020 (1,371) 4,649 (32,590) 4,649 0 (27,941) Total $ 70,769 $ (1,760) $ 72,529 $ (15,704) $ 56,825 $ (44,408) $ 56,825 $ 906 $ 13,323 The following table details the activity reclassified from accumulated other comprehensive income into income during the period: Amount Reclassified from Accumulated Other Comprehensive Income (1) December 31, (Dollars in thousands) 2021 2020 2019 Affected Line Item in the Consolidated Statements of Income Realized gains and losses on securities available-for-sale $ (759) $ (4,563) $ (370) Net gain (loss) on sales of investment securities Defined benefit pension plan Amortization of prior service cost (2) 413 413 413 Other noninterest expense Recognized net actuarial loss (2) (2,611) (2,334) (1,803) Other noninterest expense Amortization and settlement charges of defined benefit pension items (2,198) (1,921) (1,390) Total reclassifications for the period, before tax $ (2,957) $ (6,484) $ (1,760) (1) Negative amounts are debits to profit/loss. (2) Included in the computation of net periodic pension cost (see Note 16 - Employee Benefit Plans for additional details). |
CAPITAL
CAPITAL | 12 Months Ended |
Dec. 31, 2021 | |
Banking Regulation, Total Capital [Abstract] | |
CAPITAL | Capital Risk-based capital. First Financial and its subsidiary, First Financial Bank, are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet minimum capital requirements can initiate regulatory action. The Board of Governors of the Federal Reserve System approved Basel III in order to strengthen the regulatory capital framework for all banking organizations, subject to a phase-in period for certain provisions. Basel III established and defined quantitative measures to ensure capital adequacy. These measures require First Financial to maintain minimum amounts and ratios of Common equity Tier 1 capital, Total and Tier 1 capital to risk-weighted assets and Tier 1 capital to average assets (Leverage ratio). Basel III includes a minimum ratio of Common equity Tier 1 capital to risk-weighted assets of 7.0% and a fully phased-in capital conservation buffer of 2.5% of risk-weighted assets. Further, the minimum ratio of Tier 1 capital to risk-weighted assets is 8.5% and all banks are subject to a 4.0% minimum leverage ratio, while the required Total risk-based capital ratio is 10.50%. Failure to maintain the required Common equity Tier 1 capital will result in potential restrictions on a bank’s ability to pay dividends, repurchase stock and pay discretionary compensation to its employees. The capital requirements also provide strict eligibility criteria for regulatory capital instruments and change the method for calculating risk-weighted assets in an effort to better identify riskier assets, such as highly volatile commercial real estate and nonaccrual loans. As of December 31, 2021, First Financial met all capital adequacy requirements to which it was subject. To be categorized as well-capitalized, First Financial must maintain minimum Total risk-based capital, Tier 1 risk-based capital and Tier 1 leverage ratios as set forth in the table that follows. The Company's most recent regulatory notifications categorized First Financial as "well-capitalized" under the regulatory framework for prompt corrective action. There have been no conditions or events since those notifications that management believes have changed the Company's categorization. Total regulatory capital exceeded the minimum requirement by $419.8 million on a consolidated basis at December 31, 2021. The following tables present the actual and required capital amounts and ratios as of December 31, 2021 and 2020 under the Basel III Capital Rules. Capital levels required to be considered "well capitalized" are based upon prompt corrective action regulations, as reflected in the Basel III Capital Rules. Actual Minimum capital PCA requirement to be (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio December 31, 2021 Common equity tier 1 capital to risk-weighted assets Consolidated $ 1,262,789 10.84 % $ 815,197 7.00 % N/A N/A First Financial Bank 1,513,175 13.01 % 813,974 7.00 % $ 755,833 6.50 % Tier 1 capital to risk-weighted assets Consolidated 1,306,571 11.22 % 989,882 8.50 % N/A N/A First Financial Bank 1,513,708 13.02 % 988,397 8.50 % 930,256 8.00 % Total capital to risk-weighted assets Consolidated 1,642,549 14.10 % 1,222,795 10.50 % N/A N/A First Financial Bank 1,589,570 13.67 % 1,220,960 10.50 % 1,162,820 10.00 % Leverage Consolidated 1,306,571 8.70 % 600,410 4.00 % N/A N/A First Financial Bank 1,513,708 10.10 % 599,578 4.00 % 749,472 5.00 % Actual Minimum capital PCA requirement to be (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio December 31, 2020 Common equity tier 1 capital to risk-weighted assets Consolidated $ 1,325,922 11.82 % $ 785,338 7.00 % N/A N/A First Financial Bank 1,452,403 12.95 % 784,807 7.00 % $ 728,749 6.50 % Tier 1 capital to risk-weighted assets Consolidated 1,368,818 12.20 % 953,625 8.50 % N/A N/A First Financial Bank 1,452,507 12.96 % 952,980 8.50 % 896,922 8.00 % Total capital to risk-weighted assets Consolidated 1,744,802 15.55 % 1,178,007 10.50 % N/A N/A First Financial Bank 1,560,457 13.92 % 1,177,211 10.50 % 1,121,153 10.00 % Leverage Consolidated 1,368,818 9.55 % 573,526 4.00 % N/A N/A First Financial Bank 1,452,507 10.14 % 573,094 4.00 % 716,367 5.00 % Share repurchases. Effective January 2022, First Financial's board of directors approved a stock repurchase plan (the 2021 Repurchase Plan), replacing the 2020 Repurchase Plan which became effective in January 2021 (the 2020 Repurchase Plan). The 2021 Repurchase Plan continues for two years and authorizes the purchase of up to 5,000,000 shares of the Company's common stock and will expire in December 2023. Under the 2020 Repurchase Plan, First Financial repurchased 4,633,355 shares at an average market price of $23.33 during 2021. |
STOCK OPTIONS AND AWARDS
STOCK OPTIONS AND AWARDS | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS AND AWARDS | Stock Options and Awards First Financial follows the provisions of FASB ASC Topic 718, Compensation-Stock Compensation, which requires measurement of compensation cost for all stock-based awards at fair value on the date of grant and recognition of compensation expense over the service period for all awards expected to vest. First Financial recorded share-based compensation expense within salaries and employee benefits on the Consolidated Statements of Income of $9.6 million, $7.7 million and $8.0 million for the years ended December 31, 2021, 2020 and 2019, respectively, related to stock options and restricted stock awards. Total unrecognized compensation cost related to non-vested share-based compensation was $10.2 million at December 31, 2021 and is expected to be recognized over a weighted average period of 1.93 years. As of December 31, 2021, First Financial had two active stock-based compensation plans, the Amended and Restated 2012 Stock Plan and the 2020 Stock Plan. New awards may only be granted from the 2020 Stock Plan. At December 31, 2021, there were 3,803,798 shares available for issuance under the 2020 Stock Plan. In April 2018, in conjunction with the MSFG merger, First Financial assumed existing MSFG stock options, which were converted into options to purchase 83,551 shares of First Financial common stock. The converted MSFG options remain subject to all of the terms and conditions of the plan and grant agreements under which the MSFG Stock Options were originally issued. The assumed options were exercisable at the time of the merger and remain outstanding for 10 years after the initial grant date with all options expiring at the end of the exercise period. At December 31, 2021, 20,515 options were outstanding under the Plan, all of which expire on or before February 3, 2024. First Financial utilizes the Black-Scholes valuation model to determine the fair value of stock options granted. In addition to the stock option strike price, the Black-Scholes valuation model incorporates the following assumptions: the expected dividend yield based on historical dividend payouts; the expected stock price volatility based on the historical volatility of Company stock for a period approximating the expected life of the options; the risk-free rate based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option; and the expected option life represented by the period of time the options are expected to be outstanding, and is based on historical trends. No new options were granted in 2021, 2020 or 2019. Stock option activity for the year ended December 31, 2021, is summarized as follows: (Dollars in thousands, except share and per share data) Number of shares Weighted Weighted average Aggregate intrinsic value Outstanding at beginning of year 27,451 $ 10.53 Granted 0 0.00 Exercised (6,936) 9.21 Forfeited or expired 0 0.00 Outstanding at end of year 20,515 $ 10.98 1.78 years $ 275 Exercisable at end of year 20,515 $ 10.98 1.78 years $ 275 The intrinsic value of stock options is defined as the difference between the current market value and the exercise price. First Financial uses treasury shares purchased under the Company's share repurchase program to satisfy share-based exercises. 2021 2020 2019 Total intrinsic value of options exercised $ 114 $ 86 $ 462 Cash received from exercises $ 64 $ 72 $ 90 Tax benefit from exercises $ 2,229 $ 1,776 $ 1,844 Restricted stock awards are recorded at fair value as of the grant date as a component of shareholders' equity and amortized on a straight-line basis to salaries and benefits expense over the specified vesting periods, which is currently three years for employees and one year for non-employee directors. The vesting of these awards for employees and non-employee directors may require a service period to be met, and certain awards may also require performance measures to be met. Activity in restricted stock for the previous three years ended December 31 is summarized as follows: 2021 2020 2019 Number of shares Weighted Number of shares Weighted Number of shares Weighted Nonvested at beginning of year 763,283 $ 22.04 530,569 $ 27.19 462,446 $ 26.39 Granted 539,020 22.69 503,311 18.62 395,023 26.55 Vested (386,848) 22.24 (233,828) 26.07 (295,633) 24.94 Forfeited (75,722) 22.86 (36,769) 23.79 (31,267) 28.63 Nonvested at end of year 839,733 $ 22.30 763,283 $ 22.04 530,569 $ 27.19 The fair value of restricted stock is determined based on the number of shares granted and the quoted price of First Financial's common stock. The fair value of restricted stock vested during 2021, 2020 and 2019 was $8.6 million, $6.1 million and $7.4 million, respectively. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 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 share: (Dollars in thousands, except share and per share data) 2021 2020 2019 Numerator Net income $ 205,160 $ 155,810 $ 198,075 Denominator Basic earnings per common share - weighted average shares 95,034,690 97,363,952 98,305,570 Effect of dilutive securities Employee stock awards 862,695 729,146 545,901 Diluted earnings per common share - adjusted weighted average shares 95,897,385 98,093,098 98,851,471 Earnings per share available to common shareholders Basic $ 2.16 $ 1.60 $ 2.01 Diluted $ 2.14 $ 1.59 $ 2.00 Stock options and warrants with exercise prices greater than the average market price of the common shares are excluded from the computation of net income per diluted share, as they would be antidilutive. Using the end of period price of the Company's common shares, there were no antidilutive options at December 31, 2021, 2020, or 2019. |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | Fair Value Disclosures 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. 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 December 31, 2021 Financial assets Cash and short-term investments $ 434,842 $ 434,842 $ 434,842 $ 0 $ 0 Investment securities held-to-maturity 98,420 99,898 0 99,898 0 Other investments 102,971 102,971 1,331 92,025 9,615 Loans and leases 9,156,307 9,172,111 0 0 9,172,111 Accrued interest receivable 44,627 44,627 0 15,170 29,457 Financial liabilities Deposits 12,871,954 12,869,567 0 12,869,567 0 Short-term borrowings 296,203 296,203 296,203 0 0 Long-term debt 409,832 411,569 0 411,569 0 Accrued interest payable 4,498 4,498 0 4,498 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 and currency exchange rates, 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 $28.8 million and $45.3 million at December 31, 2021 and December 31, 2020, respectively, with a valuation allowance of $9.7 million and $13.5 million at December 31, 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 Assets/Liabilities (Dollars in thousands) Level 1 Level 2 Level 3 at Fair Value December 31, 2021 Assets Investment securities available-for-sale $ 34,776 $ 4,134,889 $ 38,181 $ 4,207,846 Loans held for sale 0 29,482 0 29,482 Interest rate derivative contracts 0 92,328 0 92,328 Foreign exchange derivative contracts 0 120,768 0 120,768 Total $ 34,776 $ 4,377,467 $ 38,181 $ 4,450,424 Liabilities Interest rate derivative contracts $ 0 $ 92,444 $ 0 $ 92,444 Foreign exchange derivative contracts 0 120,768 0 120,768 Total $ 0 $ 213,212 $ 0 $ 213,212 Fair Value Measurements Using Assets/Liabilities (Dollars in thousands) Level 1 Level 2 Level 3 at Fair Value 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 years ended December 31, 2021 and 2020. (dollars in thousands) December 31, 2021 December 31, 2020 Beginning balance $ 40,575 $ 9,190 Accretion (amortization) (38) 1 Increase (decrease) in fair value 44 (17) Purchases (settlements) (2,400) 31,401 Ending balance $ 38,181 $ 40,575 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 December 31, 2021 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 4,449 Commercial real estate 0 0 14,618 OREO 0 0 0 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 |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATIONS | Business Combination On December 31, 2021, the Company completed its acquisition of Summit Funding Group, Inc. and its subsidiaries. Summit is a privately held, full service, equipment financing company that originates, purchases, sells and services equipment leases to commercial businesses in the United States and Canada. Upon completion of the transaction, Summit became a subsidiary of the Bank and continues to operate as Summit Funding Group, taking advantage of its existing brand recognition within the equipment financing industry. Operating results related to the Summit acquisition were immaterial to 2021 consolidated financial statements. Pursuant to the purchase agreement, First Financial agreed to acquire all of the issued and outstanding equity securities of Summit for aggregate consideration of approximately $127.1 million consisting of $113.5 million in cash and $10.0 million of First Financial common stock, and a $3.6 million earn-out payment. Pursuant to the purchase agreement, the “earn-out” payments are payable annually for each of the five years following the closing of the acquisition, contingent upon the results of Summit's operations. First Financial incurred expenses related to the Summit acquisition of $2.6 million during the year ended December 31, 2021. The Summit transaction was accounted for using the acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the acquisition date in accordance with FASB ASC Topic 805, Business Combinations. The fair value measurements of assets acquired and liabilities assumed were $185.8 million and $125.9 million, respectively, and included $42.3 million of financing leases and $73.9 million of operating leases. Given the timing of the transaction closing, acquisition accounting adjustments are considered preliminary at December 31, 2021. These present value measurements are subject to refinement for up to one year after the closing date of the acquisition as additional information relative to closing date fair values become available, and the measurement period ends in December 2022. Goodwill arising from the Summit acquisition was $63.0 million and reflects the business’s high growth potential and the expectation that the acquisition will provide additional revenue growth with the expansion of the Bank's leasing business. The goodwill is not deductible for income tax purposes as the transaction was accounted for as a tax-free exchange. For further detail, see Note 9 – Goodwill and Other Intangible Assets. In August, 2019, the Company completed its acquisition of Bannockburn Global Forex, LLC. Pursuant to the acquisition agreement, First Financial agreed to acquire all of the issued and outstanding membership interests of BGF for aggregate consideration of approximately $114.6 million consisting of $53.7 million in cash and $60.9 million of First Financial common stock. BGF was a privately held capital markets trading firm specializing in foreign currency advisory, hedge analytics and transaction processing for closely held enterprises. Upon completion of the transaction, Bannockburn became a division of the Bank, but continues to operate as Bannockburn Global Forex, taking advantage of its existing brand recognition within the foreign exchange industry. |
FIRST FINANCIAL BANCORP. (PAREN
FIRST FINANCIAL BANCORP. (PARENT COMPANY ONLY) FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | First Financial Bancorp. (Parent Company Only) Financial Information Balance Sheets December 31, (Dollars in thousands) 2021 2020 Assets Cash $ 49,746 $ 172,902 Investment securities 1,836 1,388 Subordinated notes from subsidiaries 7,500 7,500 Investment in subsidiaries Commercial bank 2,447,095 2,346,009 Non-banks 10,417 9,559 Total investment in subsidiaries 2,457,512 2,355,568 Premises and equipment 1,311 1,328 Other assets 77,132 68,812 Total assets $ 2,595,037 $ 2,607,498 Liabilities Short-term borrowings $ 20,000 $ 0 Subordinated notes 310,864 320,615 Dividends payable 1,042 674 Other liabilities 4,189 4,139 Total liabilities 336,095 325,428 Shareholders’ equity 2,258,942 2,282,070 Total liabilities and shareholders’ equity $ 2,595,037 $ 2,607,498 Statements of Income and Comprehensive Income Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Income Interest income $ 34 $ 27 $ 30 Noninterest income 663 272 191 Dividends from subsidiaries 202,000 81,725 196,800 Total income 202,697 82,024 197,021 Expenses Interest expense 15,900 14,172 9,552 Salaries and employee benefits 9,784 8,004 8,169 Professional services 2,343 1,160 1,040 Other 5,186 5,163 6,599 Total expenses 33,213 28,499 25,360 Income before income taxes and equity in undistributed net earnings of subsidiaries 169,484 53,525 171,661 Income tax expense (benefit) (7,787) (6,145) (5,975) Equity in undistributed earnings (loss) of subsidiaries 27,889 96,140 20,439 Net income $ 205,160 $ 155,810 $ 198,075 Comprehensive income $ 156,063 $ 191,151 $ 254,900 Statements of Cash Flows Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Operating activities Net income $ 205,160 $ 155,810 $ 198,075 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed (earnings) loss of subsidiaries (27,889) (96,140) (20,439) Depreciation and amortization 859 712 584 Stock-based compensation expense 9,635 7,678 7,969 Unrealized (gain) loss on equity securities (448) (272) (191) Deferred income taxes (224) (158) 1,255 (Decrease) increase in dividends payable 368 (175) 384 (Decrease) increase in other liabilities (751) (22) (244) Decrease (increase) in other assets (8,096) 8,907 (6,996) Net cash provided by (used in) operating activities 178,614 76,340 180,397 Investing activities Capital contributions to subsidiaries (113,152) 0 0 Net cash acquired (paid) in business combinations 0 0 (53,660) Proceeds from sales and maturities of investment securities 0 0 264 Purchases of investment securities 0 0 (500) Net cash (used in) provided by investing activities (113,152) 0 (53,896) Financing activities (Decrease) increase in short-term borrowings 20,000 0 0 Proceeds from long-term borrowings (10,592) 150,000 0 Cash dividends paid on common stock (87,316) (89,691) (89,097) Purchases of common stock (108,077) (16,686) (66,218) Proceeds from exercise of stock options, net of shares purchased 64 72 90 Other (2,697) (3,002) (2,285) Net cash provided by (used in) financing activities (188,618) 40,693 (157,510) Net increase (decrease) in cash (123,156) 117,033 (31,009) Cash at beginning of year 172,902 55,869 86,878 Cash at end of year $ 49,746 $ 172,902 $ 55,869 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 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 years' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. |
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. Actual realized amounts could differ materially from those estimates. COVID-19. First Financial's operations and financial results were significantly impacted by the COVID-19 pandemic in both 2020 and 2021. The spread of COVID-19 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 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. |
Cash and Cash Equivalents, Policy | Cash and due from banks. Cash and due from banks consist of currency, coin and cash items due from banks. Cash items due from banks include noninterest-bearing balances that are on deposit at other depository institutions. |
Investment, Policy | Investment securities. First Financial classifies debt securities into three categories: HTM, trading and AFS. Management classifies investment securities into the appropriate category at the time of purchase and re-evaluates that classification as deemed appropriate. Investment securities are classified as HTM when First Financial has the positive intent and ability to hold the securities to maturity. HTM securities are recorded at amortized cost. Investment securities classified as trading are held principally for resale in the near-term and are recorded at fair value. Fair value is determined using quoted market prices. Gains or losses on trading securities, both realized and unrealized, are reported in noninterest income. Investment securities not classified as either HTM or trading are classified as AFS. AFS securities are recorded at fair value, with the unrealized gains and losses, net of tax, reported as a separate component of accumulated other comprehensive income (loss) in shareholders' equity. The amortized cost of investment securities classified as either HTM or AFS on purchased callable debt securities is adjusted for amortization of premiums to the earliest call date if the call feature meets certain criteria. Otherwise, premiums are amortized to maturity similar to discounts on callable debt securities, or in the case of mortgage-backed securities, over the estimated life of the security. Such amortization and accretion are considered an adjustment to the yield on the security and included in interest income from investments. Interest and dividends are also included in interest income from investment securities in the Consolidated Statements of Income. Realized gains and losses are based on the amortized cost of the security sold using the specific identification method. Other investments. Other investments include holdings in FRB and FHLB stock, which are both carried at cost as well as equity securities, including class B Visa shares which are carried at fair value. Changes in the fair value of equity securities are recorded in Unrealized gain (loss) on securities in the Consolidated Statements of Income. |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans held for sale. Loans held for sale consist of residential real estate loans newly originated for the purpose of sale to third parties, and in certain circumstances, loans previously originated that have been specifically identified by management for sale based on predetermined criteria. Loans held for sale are carried at fair value. Any subsequent change in the carrying value of |
Finance, Loans and Leases Receivable, Policy | Loans and leases. Loans and leases for which First Financial has the intent and ability to hold for the foreseeable future, or until maturity or payoff, are classified in the Consolidated Balance Sheets as loans and leases. Loans and leases are carried at the principal amount outstanding, net of unamortized deferred loan origination fees and costs, and net of unearned income. Loan origination and commitment fees received, as well as certain direct loan origination costs paid, are deferred, and the net amount is amortized as an adjustment to the related loan's yield. Interest income on loans and leases is recorded on an accrual basis. 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 classified as nonaccrual are applied as a reduction to the carrying value of the loan. A loan may return to accrual status if collection of future principal and interest payments is no longer doubtful. |
Credit Loss, Financial Instrument | Allowance for credit losses - held-to-maturity securities . Management measures expected credit losses on held-to-maturity debt securities on a collective basis by security type. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: Mortgage-backed, CMOs, Obligations of state and other political subdivisions and Other. Nearly all of the HTM securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. 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+. Accrued interest receivable on held-to maturity debt securities, which totaled $0.2 million and $0.3 million as of December 31, 2021 and 2020, respectively, is excluded by policy election from the estimate of credit losses. Allowance for credit losses - available-for-sale securities. For available-for-sale debt 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. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit loss is recognized in other comprehensive income. Changes in the allowance for credit losses are recorded as provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale debt securities, which totaled $14.9 million and $12.9 million as of December 31, 2021 and 2020, respectively, is excluded from the estimate of credit losses. |
Loans and Leases Receivable, Allowance for Loan Losses Policy | Allowance for credit losses - loans and leases. T he 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. Management's determination of the adequacy of the ACL is based on an assessment of the expected credit losses on loan and leases over their expected life. The ACL is increased by provision expense and decreased by charge-offs, net of recoveries of amounts previously charged-off. Loans are charged off when management believes that the collection of the princ ipal amount owed in full, either through payments from the borrower or a guarantor or from the liquidation of collateral is unlikely. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Any interest that is accrued bu t not collected is reversed against interest income when a loan is placed on nonaccrual status, which typically occurs prior to charging off all, or a portion, of a loan. The Company made the policy election to exclude accrued interest receivable on loans and leases 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 provide 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 therein. These adjustments are commonly known as the Qualitative Framework. First Financial quantitatively models expected credit loss using PD, LGD and EAD over the R&S forecast period, reversion and post-reversion periods. Utilizing third-party software, the Bank forecasts PD by using a parameterized transition matrix approach. Average transition matrices are calculated over the TTC period, which was defined as the period from December 2007 to December 2016. TTC transition matrices are adjusted under forward-looking macroeconomic expectations to obtain R&S forecasts. First Financial is not required to develop forecasts over the full contractual term of the financial asset or group of financial assets. Rather, for periods beyond which the entity is able to make or obtain R&S forecasts of expected credit losses, the Company reverts in a straight line manner over a one year period to an average TTC loss level that is reflective of the prepayment adjusted contractual term of the financial asset or group of financial assets. The R&S period, elected by the bank to be two years, is forecasted using econometric data sourced from Moody's, an industry-leading independent third party. FFB utilizes a non-parametric loss curve approach embedded within a third-party software for estimating LGD. The PD multiplied by LGD produces an expected loss rate that, when calculating the ACL, is applied to contractual loan cash flows, adjusted for expected future rates of principal prepayments. The Company adjusts its quantitative model for certain qualitative factors to reflect the extent to which management expects current conditions and R&S forecasts to differ from the conditions that existed for the period over which historical information was evaluated. The Qualitative Framework reflects changes related to relevant data, such as changes in asset quality trends, portfolio growth and composition, national and local economic factors, credit policy and administration and other factors not considered in the base quantitative model. Loans that do not share risk characteristics are evaluated on an individual basis. First Financial will typically evaluate on an individual basis any loans that are on nonaccrual, designated as a TDR, or reasonably expected to be designated as a TDR that are greater than $250,000. When management determines that foreclosure is probable or when repayment is expected to be provided substantially through the operation or sale of underlying collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs. For loans evaluated on an individual basis that are not determined to be collateral dependent, a discounted cash flow analysis is performed to determine expected credit losses. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. Credit card receivables do not have stated maturities. In determining the estimated life of a credit card receivable, management first estimates the future cash flows expected to be received and then applies those expected future cash flows to the credit card balance. Significant downturns in circumstances relating to loan quality and economic conditions could result in a requirement for additional allowance. Likewise, an upturn in loan quality and improved economic conditions may allow a reduction in the required allowance. In either instance, unanticipated changes could have a significant impact on results of operations. |
Commitments and Contingencies, Policy | 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. A djustments to the reserve for unfunded commitments are recorded in Provision for credit losses - unfunded commitments in the Consolidated Statements of Income. The reserve for unfunded commitments is included in Accrued interest and other liabilities on the Consolidated Balance Sheets. |
Property, Plant and Equipment, Policy | Premises and equipment. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are principally computed on the straight-line method over the estimated useful lives of the assets. Useful lives generally range from 10 to 40 years for building and building improvements; 3 to 10 years for furniture, fixtures and equipment; and 3 to 5 years for software, hardware and data handling equipment. Land improvements are depreciated over 20 years and leasehold improvements are depreciated over the lesser of the term of the respective lease or the useful life of the asset. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Maintenance and repairs are expensed as incurred. |
Lessor, Leases | Operating Leases. First Financial provides financing for various types of equipment through a variety of leasing arrangements. Operating leases are carried at the aggregate of lease payments plus estimated residual value of the leased equipment, less unearned income. The Company recognizes income over the term of the lease using the constant effective yield method. Lease residual values are reviewed for impairment at least annually. |
Bank Owned Life Insurance [Policy Text Block] | Bank-owned life insurance. First Financial purchases and is the owner and beneficiary of the life insurance policies on the lives of certain employees . The Bank invests in these policies to provide an efficient form of funding for long-term retirement and other employee benefits costs. The policies are included within Accrued interest and other assets in the Consolidated Balance Sheets at each policy’s respective cash surrender value. Changes in the cash surrender value of these policies are recorded in Other noninterest income in the Consolidated Statements of Income. |
Goodwill and Intangible Assets, Goodwill, Policy | Goodwill. Under accounting for business combinations, the net assets of entities acquired by First Financial are recorded at their estimated fair value at the date of acquisition. The excess cost of the acquisition over the fair value of net assets acquired is recorded as goodwill. Goodwill and other intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment tests. The Company is required to evaluate goodwill for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. First Financial performs its annual impairment test effective October 1, absent events or changes in circumstances that indicate the carrying value of goodwill may not be recoverable. The Company’s goodwill is accounted for in a single reporting unit representing the consolidated entity. Our quantitative impairment analysis utilized the discounted cash flow model for the income approach and the market multiple methodology and comparable transaction methodology as the market approach. These valuation methodologies utilize key assumptions that include forecasts of revenues and expenses derived from internal management projections for a period of five years, changes in working capital estimates, company specific discount rate derived from a rate build up approach, externally sourced bank peer group market multiples and externally sourced bank peer group change in control premium, all of which are highly subjective and require significant management judgment. Changes in these key assumptions, as well as downturns in economic or business conditions, could materially affect our estimate of the reporting unit fair value and could affect our conclusion regarding the existence of potential impairment. In 2020, First Financial engaged a third-party to perform a quantitative analysis of its goodwill to determine whether any impairment existed for its annual impairment test. This third-party quantitative analysis was performed due to the on-going economic market disruption, the movement of the Company’s stock price in relation to other bank indexes and the length of time that the market value of the reporting unit has been below its book value. This analysis indicated that no impairment existed as of the issue date. Additionally, in response to the COVID-19 pandemic and the related deterioration in general economic conditions, First Financial performed an interim qualitative impairment test as of the end of each quarter in 2020. Likewise, the results of these interim qualitative tests did not indicate that the Company's goodwill was impaired. |
Other intangible assets, Policy | Other intangible assets. Other intangible assets consist primarily of core deposit, customer list and other miscellaneous intangibles. CDI represent the estimated value of acquired customer deposit relationships. CDI are recorded at fair value at the date of acquisition and are based on a discounted cash flow methodology that gives appropriate consideration to expected customer attrition rates, cost of the deposit base, reserve requirements and the net maintenance cost attributable to customer deposits. Core deposit intangibles are amortized on an accelerated basis over their estimated useful lives. First Financial recorded a customer list intangible asset in conjunction with the Bannockburn and Summit mergers to account for the obligation or advantage on the part of either the Company or the customer to continue pre-existing relationships |
Loan Commitments, Policy | 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 are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by First Financial upon extension of credit, is based on management’s credit evaluation of the client. The collateral held varies, but may include securities, real estate, inventory, plant or equipment. |
Other Real Estate Owned Policy | Other real estate owned. OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, or other resolution activity that results in partial or total satisfaction of problem loans. OREO properties are recorded at fair value, less estimated disposal costs (net realizable value). Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Losses arising at the time of acquisition of such properties are charged against the ACL. Management performs periodic valuations to assess the adequacy of recorded OREO balances and subsequent changes in the carrying value of OREO properties are recorded in the Consolidated Statements of Income. Improvements to OREO properties may be capitalized if the improvements contribute to the overall value of the property, but may not be capitalized in excess of the net realizable value of the property. When management disposes of an OREO property, any gains or losses realized at the time of disposal are reflected in the Consolidated Statements of Income. |
Affordable Housing Program Policy | Affordable housing projects. First Financial has investments in certain qualified affordable housing projects. These projects are indirect federal subsidies that provide tax incentives to encourage investment in the development, acquisition and rehabilitation of affordable rental housing, and allow investors to claim tax credits and other tax benefits (such as deductions from taxable income for operating losses) on their federal income tax returns. The principal risk associated with qualified affordable housing investments is the potential for noncompliance with the tax code requirements, such as failure to rent properties to qualified tenants, resulting in unavailability or recapture of the tax credits and other tax benefits. Investments in affordable housing projects are included in Accrued interest and other assets in the Consolidated Balance Sheets while any unfunded commitment is recorded with Accrued interest and other liabilities. These investments are accounted for under the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other benefits received and recognized as a component of Income tax expense in the Consolidated Statements of Income. |
Investments in Historic Tax Credits [Policy Text Block] | Investments in historic tax credits. First Financial has noncontrolling financial investments in private investment funds and partnerships that finance the rehabilitation and re-use of historic buildings. These unconsolidated investments may generate a return through the realization of federal and state income tax credits, as well as other tax benefits, such as tax deductions from net operating losses of the investments over a period of time. Investments in historic tax credits are accounted for under the equity method of accounting and the Company’s recorded investment in these entities is carried in Accrued interest and other assets on the Consolidated Balance Sheets with any unfunded commitment recorded in Accrued interest and other liabilities. Impairment of these investments is recorded in Other noninterest expense, while the tax credits and other net tax benefits received are recognized as a component of income tax expense in the Consolidated Statements of Income. |
Renewable Energy Tax Credits Policy text block | Investments in renewable energy credits. First Financial has investments in renewable energy projects where it has noncontrolling interest which is not consolidated. This investment may generate a return through the realization of federal and state income tax credits, as well as other tax benefits, such as tax deductions from net operating losses of the investments over a period of time. Investments in renewable energy tax credits are accounted for under the equity method of accounting and are included in Accrued interest and other assets on the Consolidated Balance Sheets with any unfunded commitment recorded in Accrued interest and other liabilities. These tax credits and other net tax benefits received are recognized as a component of income tax expense in the Consolidated Statements of Income and is evaluated for impairment at the end of each reporting period. |
Income Tax, Policy | Income taxes. First Financial and its subsidiaries file a consolidated federal income tax return. Each subsidiary provides for income taxes on a separate return basis, and remits to First Financial amounts determined to be currently payable. First Financial evaluates and assesses the relative risks and appropriate tax treatment of transactions after considering statutes, regulations, judicial precedent and other information, and maintains tax accruals consistent with its evaluation of these relative risks. Changes to the estimate of accrued taxes occur periodically due to changes in tax rates, interpretations of tax laws, the status of examinations being conducted by taxing authorities and changes to statutory, judicial and regulatory guidance that impact the relative risks of tax positions. These changes, when they occur, can affect deferred taxes and accrued taxes as well as the current period’s income tax expense and can be material to the Company's operating results. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Interest and penalties on income tax assessments or income tax refunds are recorded in Other noninterest expense in the Consolidated Statements of Income. In establishing a provision for income tax expense, we must make judgments and interpretations about the application of complex tax laws as well as make estimates about when in the future certain items will affect taxable income. First Financial regularly reviews its tax positions and establishes reserves for income tax-related uncertainties based on estimates of whether it is more likely than not that the tax uncertainty would be sustained upon challenge by the appropriate tax authorities which would then result in additional taxes, penalties and interest due. Reserves for uncertain tax positions, if any, are included in income tax expense in the Consolidated Financial Statements. |
Pension and Other Postretirement Plans, Pensions, Policy | Pension. First Financial sponsors a non-contributory defined-benefit pension plan covering substantially all employees. Accounting for the pension plan involves material estimates regarding future plan obligations and investment returns on plan assets. Significant assumptions used in the pension plan include the discount rate, expected return on plan assets and the rate of compensation increase. First Financial determines the discount rate assumption using published corporate bond indices and the projected cash flows of the pension plan. First Financial also utilizes external surveys for industry comparisons to assess the discount rate for reasonableness. The expected long-term return on plan assets is determined based on the composition of plan assets, actual returns and economic forecasts, while the rate of compensation increase is compared to historical increases for plan participants. Changes in these assumptions can have a material impact on the amount of First Financial’s future pension obligations, on the funded status of the plan and on the Company's operating results |
Derivatives, Policy | Derivative instruments. First Financial accounts for its derivative financial instruments in accordance with FASB ASC Topic 815, Derivatives and Hedging. FASB ASC Topic 815 requires all derivative instruments to be carried at fair value on the balance sheet. The accounting for changes in the fair value of derivatives is based on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Client derivatives - First Financial utilizes matched interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. Upon entering into an interest rate swap with a borrower, the Bank simultaneously enters into an offsetting swap agreement with an institutional counterparty, with substantially matching terms. These matched interest rate swap agreements generally involve the receipt by First Financial of floating rate amounts from the counterparties in exchange for payments to these counterparties by First Financial of fixed rate amounts received from commercial borrowers over the life of the agreements. First Financial's matched interest rate swaps qualify as derivatives, but are not designated as hedging instruments. The net interest receivable or payable on matched interest rate swaps is accrued and recognized as an adjustment to interest income. The fair values of client derivatives are included within Accrued interest and other assets and Accrued interest and other liabilities in the Consolidated Balance Sheets. 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. 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 fair value of these agreements is recorded in the Consolidated Balance Sheets in Accrued interest and other liabilities. 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 an IRLC with First Financial and the loan is 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 and Loans held for sale. The fair value of these agreements is recorded in the Consolidated Balance Sheets in Accrued interest and other assets. |
Share-based Compensation, Option and Incentive Plans Policy | Stock-based compensation. First Financial grants stock-based awards, including restricted stock awards and options to purchase the Company’s common stock. Stock option grants are for a fixed number of shares to employees and directors with an exercise price equal to the fair value of the shares at the date of grant. Stock-based compensation expense is recognized in the Consolidated Statements of Income on a straight-line basis over the vesting period. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise. At the time stock-based awards are exercised, canceled or expire, First Financial may be required to recognize an adjustment to tax expense. |
Earnings Per Share, Policy | Earnings per share. Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding, unvested shares and dilutive common stock equivalents outstanding during the period. Common stock equivalents, which consist of common stock issuable under the assumed exercise of stock options granted under First Financial's stock-based compensation plans and the assumed conversion of common stock warrants, are calculated using the treasury stock method. |
Segment Reporting, Policy | Segments and related information. While the Company monitors the operating results of its six lines of business, operations are managed and financial performance is evaluated on a consolidated basis. Accordingly, and consistent with prior years, all of the Company's operations are considered by management to be aggregated in one reportable operating segment. |
Off-Balance-Sheet Credit Exposure, Policy | 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. |
Loans and Leases Receivable, Past Due Status, Policy [Policy Text Block] | Delinquency. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | 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 Restructuring [Policy Text Block] | Troubled debt restructurings. A loan modification is considered a TDR when the borrower is experiencing financial difficulty and concessions are made by the Company that would not otherwise be considered for a borrower with similar credit characteristics. The most common types of modifications include interest rate reductions, bankruptcies, 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 December 31, 2021 or 2020. |
Impaired Financing Receivable, Policy | Loans classified as nonaccrual and loans modified as TDRs are considered nonperforming. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy | OREO is comprised of properties acquired by the Company primarily through the loan foreclosure or repossession process, that result in partial or total satisfaction of problem loans. |
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 and currency exchange rates, 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 $28.8 million and $45.3 million at December 31, 2021 and December 31, 2020, respectively, with a valuation allowance of $9.7 million and $13.5 million at December 31, 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. |
Other Contract-Mortgage | |
Derivatives, Methods of Accounting, Hedging 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 an IRLC 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 and loans held for sale. |
Credit Risk | |
Derivatives, Methods of Accounting, Hedging Derivatives | First Financial manages this 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 |
Fair Value Hedges | |
Derivatives, Methods of Accounting, Hedging 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. |
RECENTLY ADOPTED AND ISSUED A_2
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2021: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized Unrecognized Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 34,961 $ 4 $ (189) $ 34,776 Securities of U.S. government agencies and corporations 0 0 0 0 78,998 248 (129) 79,117 Mortgage-backed securities - residential 0 0 0 0 728,050 6,635 (10,548) 724,137 Mortgage-backed securities - commercial 46,362 651 0 47,013 729,948 4,294 (2,352) 731,890 Collateralized mortgage obligations 11,882 221 0 12,103 696,258 7,979 (6,497) 697,740 Obligations of state and other political subdivisions 8,926 915 0 9,841 1,058,735 35,591 (8,594) 1,085,732 Asset-backed securities 0 0 0 0 720,638 1,521 (2,578) 719,581 Other securities 31,250 176 (485) 30,941 133,001 2,114 (242) 134,873 Total $ 98,420 $ 1,963 $ (485) $ 99,898 $ 4,180,589 $ 58,386 $ (31,129) $ 4,207,846 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 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 December 31, 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 Due in one year or less $ 0 $ 0 $ 18,824 $ 18,910 Due after one year through five years 639 699 84,773 86,693 Due after five years through ten years 36,651 37,166 355,693 364,968 Due after ten years 2,886 2,917 846,405 863,927 Mortgage-backed securities - residential 0 0 728,050 724,137 Mortgage-backed securities - commercial 46,362 47,013 729,948 731,890 Collateralized mortgage obligations 11,882 12,103 696,258 697,740 Asset-backed securities 0 0 720,638 719,581 Total $ 98,420 $ 99,898 $ 4,180,589 $ 4,207,846 |
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 allowance for credit losses was not recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: December 31, 2021 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 24,755 $ (190) $ 0 $ 0 $ 24,755 $ (190) Securities of U.S. government agencies and corporations 17,382 (128) 0 0 17,382 (128) Mortgage-backed securities - residential 459,098 (8,375) 78,090 (2,173) 537,188 (10,548) Mortgage-backed securities - commercial 205,520 (2,149) 13,818 (203) 219,338 (2,352) Collateralized mortgage obligations 369,318 (6,110) 12,485 (387) 381,803 (6,497) Obligations of state and other political subdivisions 380,735 (7,543) 55,568 (1,051) 436,303 (8,594) Asset-backed securities 482,118 (2,578) 0 0 482,118 (2,578) Other securities 31,896 (354) 11,877 (373) 43,773 (727) Total $ 1,970,822 $ (27,427) $ 171,838 $ (4,187) $ 2,142,660 $ (31,614) 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 (Tables)
LOANS (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2021 | |
LOANS - Carrying Amount of Accretable Yield for Purchased Impaired and Nonimpaired Loans [Abstract] | ||
Commercial and Consumer Credit Exposure by Risk Attribute | The following table sets forth the Company's loan portfolio at December 31, 2021 by risk attribute and origination date: (Dollars in thousands) 2021 2020 2019 2018 2017 Prior Term Total Revolving Total Commercial & industrial Pass $ 711,198 $ 442,064 $ 339,507 $ 164,273 $ 119,580 $ 154,835 $ 1,931,457 $ 700,246 $ 2,631,703 Special mention 389 4,867 5,993 16,057 6,511 4,918 38,735 21,505 60,240 Substandard 2,220 434 2,843 1,224 12,640 1,465 20,826 7,259 28,085 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 713,807 $ 447,365 $ 348,343 $ 181,554 $ 138,731 $ 161,218 $ 1,991,018 $ 729,010 $ 2,720,028 Lease financing Pass $ 31,697 $ 21,536 $ 19,095 $ 15,494 $ 6,821 $ 4,765 $ 99,408 $ 0 $ 99,408 Special mention 0 10,216 0 0 0 0 10,216 0 10,216 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 31,697 $ 31,752 $ 19,095 $ 15,494 $ 6,821 $ 4,765 $ 109,624 $ 0 $ 109,624 Construction real estate Pass $ 95,991 $ 200,421 $ 96,726 $ 15,886 $ 317 $ 12,719 $ 422,060 $ 18,299 $ 440,359 Special mention 0 6,531 0 9,004 0 0 15,535 0 15,535 Substandard 0 0 0 0 0 0 0 0 0 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 95,991 $ 206,952 $ 96,726 $ 24,890 $ 317 $ 12,719 $ 437,595 $ 18,299 $ 455,894 Commercial real estate - investor Pass $ 537,183 $ 379,217 $ 944,915 $ 367,946 $ 294,147 $ 434,641 $ 2,958,049 $ 66,579 $ 3,024,628 Special mention 0 7,479 18,136 18,006 15,566 34,153 93,340 0 93,340 Substandard 1,616 6 21,312 6,628 6,918 307 36,787 0 36,787 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 538,799 $ 386,702 $ 984,363 $ 392,580 $ 316,631 $ 469,101 $ 3,088,176 $ 66,579 $ 3,154,755 Commercial real estate - owner Pass $ 204,291 $ 184,564 $ 121,150 $ 135,463 $ 119,489 $ 259,504 $ 1,024,461 $ 7,565 $ 1,032,026 Special mention 970 2,283 2,262 3,751 1,381 5,512 16,159 0 16,159 Substandard 162 727 6,541 12,513 1,730 1,963 23,636 38 23,674 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 205,423 $ 187,574 $ 129,953 $ 151,727 $ 122,600 $ 266,979 $ 1,064,256 $ 7,603 $ 1,071,859 Residential real estate Performing $ 258,537 $ 230,699 $ 138,239 $ 64,310 $ 34,606 $ 162,924 $ 889,315 $ 0 $ 889,315 Nonperforming 236 970 1,193 598 339 3,418 6,754 0 6,754 Total $ 258,773 $ 231,669 $ 139,432 $ 64,908 $ 34,945 $ 166,342 $ 896,069 $ 0 $ 896,069 Home equity Performing $ 42,298 $ 45,638 $ 14,713 $ 11,221 $ 7,603 $ 30,588 $ 152,061 $ 553,245 $ 705,306 Nonperforming 72 161 44 67 56 234 634 2,459 3,093 Total $ 42,370 $ 45,799 $ 14,757 $ 11,288 $ 7,659 $ 30,822 $ 152,695 $ 555,704 $ 708,399 Installment Performing $ 58,209 $ 12,768 $ 8,213 $ 5,541 $ 3,925 $ 2,201 $ 90,857 $ 28,353 $ 119,210 Nonperforming 6 61 32 9 1 56 165 79 244 Total $ 58,215 $ 12,829 $ 8,245 $ 5,550 $ 3,926 $ 2,257 $ 91,022 $ 28,432 $ 119,454 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 51,772 $ 51,772 Nonperforming 0 0 0 0 0 0 0 445 445 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 52,217 $ 52,217 Grand Total $ 1,945,075 $ 1,550,642 $ 1,740,914 $ 847,991 $ 631,630 $ 1,114,203 $ 7,830,455 $ 1,457,844 $ 9,288,299 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 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 nonaccrual loans, was as follows: As of December 31, 2021 (Dollars in thousands) 30 – 59 60 – 89 > 90 days Total Current Total > 90 days Loans Commercial & industrial $ 303 $ 2,006 $ 2,775 $ 5,084 $ 2,714,944 $ 2,720,028 $ 0 Lease financing 93 0 0 93 109,531 109,624 0 Construction real estate 0 0 0 0 455,894 455,894 0 Commercial real estate-investor 89 42 6,409 6,540 3,148,215 3,154,755 0 Commercial real estate-owner 56 2,207 637 2,900 1,068,959 1,071,859 0 Residential real estate 4,379 262 2,114 6,755 889,314 896,069 0 Home equity 1,214 692 1,186 3,092 705,307 708,399 0 Installment 162 37 45 244 119,210 119,454 0 Credit card 223 134 137 494 51,723 52,217 137 Total $ 6,519 $ 5,380 $ 13,303 $ 25,202 $ 9,263,097 $ 9,288,299 $ 137 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 table provides information on loan modifications classified as TDRs during the years ended December 31, 2021, 2020 and 2019: Years ended December 31, 2021 2020 2019 (Dollars in thousands) Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Number of loans Pre-modification loan balance Period end balance Commercial & industrial 7 $ 9,311 $ 8,039 8 $ 14,984 $ 14,984 8 $ 25,009 $ 25,071 Construction 0 0 0 0 0 0 0 0 0 Commercial 8 16,850 9,807 0 0 0 9 3,024 2,932 Residential 17 1,585 1,553 24 1,953 1,847 30 3,415 3,062 Home equity 2 30 30 11 351 349 14 395 366 Installment 1 0 0 2 35 22 2 41 39 Total 35 $ 27,776 $ 19,429 45 $ 17,323 $ 17,202 63 $ 31,884 $ 31,470 | |
Loans Restructured, Modifications | The following table provides information on how TDRs were modified during the years ended December 31, 2021, 2020 and 2019: Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Extended maturities $ 0 $ 0 $ 2,877 Adjusted interest rates 0 0 5,284 Combination of rate and maturity changes 0 0 516 Forbearance 7,328 4,759 20,320 Other (1) 12,101 12,443 2,473 Total $ 19,429 $ 17,202 $ 31,470 (1) Other includes covenant modifications and other concessions or combination of concessions that do not consist of interest rate adjustments, forbearance and maturity extensions. | |
Loan Restructuring, Loans with a Payment Default Within 12 Months of Loan Modification | ||
Nonaccrual, Restructured and Impaired Loans | The following table provides information on nonperforming loans as of December 31: 2021 2020 2019 (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 Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 11,077 $ 6,285 $ 17,362 $ 18,711 $ 10,519 $ 29,230 $ 24,346 Lease financing 0 203 203 0 0 0 223 Construction real estate 0 0 0 0 0 0 0 Commercial real estate 17,716 1,796 19,512 6,957 27,725 34,682 7,295 Residential real estate 0 8,305 8,305 251 11,350 11,601 10,892 Home equity 0 2,922 2,922 0 5,076 5,076 5,242 Installment 0 88 88 0 163 163 167 Total nonaccrual loans $ 28,793 $ 19,599 $ 48,392 $ 25,919 $ 54,833 $ 80,752 $ 48,165 Interest income effect 2021 2020 2019 Gross amount of interest that would have been recorded under original terms $ 5,132 $ 5,892 $ 5,813 Interest included in income Nonaccrual loans 1,618 1,636 1,042 Troubled debt restructurings 314 426 801 Total interest included in income 1,932 2,062 1,843 Net impact on interest income $ 3,200 $ 3,830 $ 3,970 Commitments outstanding to borrowers with nonaccrual loans $ 0 $ 0 $ 3 (1) Nonaccrual loans include nonaccrual TDRs of $16.0 million, $14.7 million and $18.5 million as of December 31, 2021, 2020 and 2019, respectively. | |
Investment in Impaired Loans | First Financial's investment in impaired loans was as follows: Year ended December 31, 2019 (Dollars in thousands) Average Interest Loans with no related allowance recorded Commercial & industrial $ 31,846 $ 926 Lease financing 168 0 Construction real estate 6 0 Commercial real estate 18,757 357 Residential real estate 15,915 307 Home equity 5,893 121 Installment 170 2 Total 72,755 1,713 Loans with an allowance recorded Commercial & industrial 4,721 87 Lease financing 57 0 Construction real estate 0 0 Commercial real estate 1,339 31 Residential real estate 446 12 Home equity 0 0 Installment 0 0 Total 6,563 130 Total Commercial & industrial 36,567 1,013 Lease financing 225 0 Construction real estate 6 0 Commercial real estate 20,096 388 Residential real estate 16,361 319 Home equity 5,893 121 Installment 170 2 Total $ 79,318 $ 1,843 | |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans by class of loan. December 31, 2021 Type of Collateral (Dollar in thousands) Business assets Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 13,171 $ 15 $ 833 $ 0 $ 0 $ 3,343 $ 17,362 Leasing 0 0 203 0 0 0 203 Commercial real estate-investor 0 6,362 0 0 422 0 6,784 Commercial real estate-owner 0 6,673 5,937 38 80 0 12,728 Residential real estate 0 0 0 0 8,305 0 8,305 Home equity 0 0 0 0 2,922 0 2,922 Installment 0 0 0 0 0 88 88 Total $ 13,171 13171000 $ 13,050 $ 6,973 $ 38 $ 11,729 $ 3,431 $ 48,392 December 31, 2020 Type of Collateral (Dollar in thousands) Business assets 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: Years ended December 31, (Dollars in thousands) 2021 2020 2019 Balance at beginning of year $ 1,287 $ 2,033 $ 1,401 Additions Commercial 98 510 415 Residential 0 507 2,033 Total additions 98 1,017 2,448 Disposals Commercial (947) (217) (541) Residential (331) (1,859) (912) Total disposals (1,278) (2,076) (1,453) Valuation adjustments Commercial (9) 448 (112) Residential 0 (135) (251) Total valuation adjustments (9) 313 (363) Balance at end of year $ 98 $ 1,287 $ 2,033 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Changes in the Allowance for Loan and Lease Losses for the Previous Three Years | Changes in the allowance by loan category as of December 31 were as follows: 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 Balance at beginning of year $ 51,454 $ 995 $ 21,736 $ 76,795 $ 8,560 $ 11,869 $ 1,215 $ 3,055 $ 175,679 Purchase accounting ACL for PCD 0 17 0 0 0 0 0 0 17 Provision for credit losses 6,606 621 (8,367) (14,689) (2,436) (2,376) 65 1,552 (19,024) Gross charge-offs (15,620) 0 (1,498) (13,471) (127) (1,073) (334) (780) (32,903) Recoveries 1,612 0 3 4,785 228 1,223 151 221 8,223 Total net charge-offs (14,008) 0 (1,495) (8,686) 101 150 (183) (559) (24,680) Ending allowance for credit losses $ 44,052 $ 1,633 $ 11,874 $ 53,420 $ 6,225 $ 9,643 $ 1,097 $ 4,048 $ 131,992 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 25,407 758 7,759 38,936 (2,122) (939) 12 985 70,796 Gross charge-offs (5,345) (852) 0 (12,100) (488) (1,541) (148) (885) (21,359) Recoveries 2,907 0 17 2,262 381 1,132 158 230 7,087 Total net charge-offs (2,438) (852) 17 (9,838) (107) (409) 10 (655) (14,272) Ending allowance for credit losses $ 51,454 $ 995 $ 21,736 $ 76,795 $ 8,560 $ 11,869 $ 1,215 $ 3,055 $ 175,679 2019 (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 year $ 18,746 $ 1,130 $ 3,413 $ 21,048 $ 4,964 $ 5,348 $ 362 $ 1,531 $ 56,542 Provision for credit losses 23,631 3 (1,100) 5,107 739 695 2 1,521 30,598 Gross charge-offs (26,676) (162) 0 (3,689) (677) (2,591) (223) (1,547) (35,565) Recoveries 2,883 0 68 1,113 273 1,335 251 152 6,075 Total net charge-offs (23,793) (162) 68 (2,576) (404) (1,256) 28 (1,395) (29,490) Ending allowance for credit losses $ 18,584 $ 971 $ 2,381 $ 23,579 $ 5,299 $ 4,787 $ 392 $ 1,657 $ 57,650 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Premises and equipment at December 31 were as follows: (Dollars in thousands) 2021 2020 Land and land improvements $ 49,402 $ 52,373 Buildings 155,337 161,371 Furniture and fixtures 70,847 70,177 Leasehold improvements 30,190 29,525 Construction in progress 8,145 8,434 313,921 321,880 Less: Accumulated depreciation and amortization 120,881 114,669 Total $ 193,040 $ 207,211 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense for the years ended December 31, 2021, 2020 and 2019 were as follows: (Dollars in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost $ 7,425 $ 7,897 $ 7,324 Short-term lease cost 108 142 55 Variable lease cost 2,621 2,532 2,553 Total operating lease cost $ 10,154 $ 10,571 $ 9,932 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum commitments due under these lease agreements as of December 31, 2021 are as follows: (Dollars in thousands) Operating leases 2022 $ 7,784 2023 7,683 2024 7,288 2025 6,673 2026 6,269 Thereafter 50,311 Total lease payments 86,008 Less imputed interest 18,456 Total $ 67,552 |
Schedule of supplemental balance sheet information related to leases. [Table Text Block] | The weighted average lease term and discount rate for the Company's operating leases were as follows: December 31, 2021 December 31, 2020 December 31, 2019 Operating leases Weighted-average remaining lease term 13.9 years 15.1 years 15.6 years Weighted-average discount rate 3.25 % 3.07 % 3.43 % |
Schedule of supplemental cash flow information related to leases [Table Text Block] | Supplemental cash information at year end related to leases was as follows: (Dollars in thousands) December 31, 2021 December 31, 2020 December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 6,860 $ 8,196 $ 7,335 ROU assets obtained in exchange for lease obligations Operating leases 6,076 9,725 64,902 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2021, 2020 and 2019 are shown below. (Dollars in thousands) 2021 2020 2019 Balance at beginning of year $ 937,771 $ 937,771 $ 880,251 Goodwill resulting from business combinations 62,978 0 57,520 Balance at end of year $ 1,000,749 $ 937,771 $ 937,771 |
Schedule of Finite-Lived Intangible Assets | The gross carrying amount and accumulated amortization of other intangible assets were as follows: (Dollars in thousands) December 31, 2021 December 31, 2020 Amortized intangible assets Core deposit intangibles $ 45,256 $ (26,911) $ 51,031 $ (27,524) Customer list 69,563 (8,362) 39,420 (4,778) Other 14,589 (5,237) 10,113 (3,710) Total $ 129,408 $ (40,510) $ 100,564 $ (36,012) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated amortization expense of intangible assets for the next five years is as follows: (Dollars in thousands) Intangible amortization 2022 $ 11,515 2023 10,536 2024 9,193 2025 9,145 2026 9,092 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Maturities of time deposits [Table Text Block] | Scheduled maturities of all time deposits for the next five years were as follows: (Dollars in thousands) Time deposits 2022 $ 1,131,574 2023 83,589 2024 50,983 2025 32,569 2026 31,352 Thereafter 196 Total $ 1,330,263 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | The following is a summary of short-term borrowings for the last three years: 2021 2020 2019 (Dollars in thousands) Amount Rate Amount Rate Amount Rate At December 31, Federal funds purchased and securities sold under agreements to repurchase $ 51,203 0.01 % $ 166,594 0.05 % $ 165,181 0.85 % FHLB borrowings 225,000 0.18 % 0 0.00 % 1,151,000 1.73 % Other short-term borrowings 20,000 1.90 % 0 0.00 % 0 0.00 % Total $ 296,203 0.27 % $ 166,594 0.05 % $ 1,316,181 1.62 % Average for the year Federal funds purchased and securities sold under agreements to repurchase $ 160,967 0.07 % $ 149,036 0.26 % $ 155,859 1.15 % FHLB borrowings 43,371 0.20 % 441,867 1.37 % 990,860 2.37 % Other short-term borrowings 165 1.92 % 0 0.00 % 0 0.00 % Total $ 204,503 0.10 % $ 590,903 1.09 % $ 1,146,719 1.90 % |
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 $ 48,370 Collateralized mortgage obligations 2,833 Total $ 51,203 |
Summary of Long-term Debt [Table Text Block] | The following is a summary of First Financial's long-term debt: 2021 2020 (Dollars in thousands) Amount Average Rate Amount Average Rate FRB borrowings $ 0 0.00 % $ 434,982 0.35 % FHLB borrowings 0 0.00 % 19,971 1.43 % Subordinated debt 313,248 4.86 % 321,384 4.86 % Unamortized debt issuance costs (2,384) n/a (2,770) n/a Capital lease liability 1,781 3.81 % 1,860 3.81 % Capital loan with municipality 775 0.00 % 775 0.00 % Subtotal 313,420 4.88 % 776,202 2.25 % Acquired in Summit acquisition Bank lines of credit 23,030 2.77 % 0 0.00 % Notes issued in conjunction with acquisition of property and equipment 73,382 4.09 % 0 0.00 % Total notes payable acquired in Summit acquisition 96,412 3.77 % 0 0.00 % Total long-term debt $ 409,832 4.62 % $ 776,202 2.25 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | As of December 31, 2021, First Financial's long-term debt matures as follows: (Dollars in thousands) Long-term debt 2022 $ 28,091 2023 15,086 2024 23,091 2025 12,301 2026 16,765 Thereafter 314,498 Total $ 409,832 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Balances | The following table details the location and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: December 31, 2021 December 31, 2020 Estimated fair value Estimated fair value (Dollars in thousands) Balance Notional Gain Loss Notional Gain Loss Client derivatives-instruments associated with loans Matched interest rate swaps with borrower Accrued interest and other assets and other liabilities $ 2,430,587 $ 84,694 $ (7,508) $ 2,300,336 $ 184,777 $ (107) Matched interest rate swaps with counterparty Accrued interest and other liabilities 2,430,587 7,508 (84,701) 2,300,336 107 (184,884) Foreign exchange contracts Matched foreign exchange contracts with customers Accrued interest and other assets 6,423,085 67,988 (52,780) 3,637,509 60,366 (27,249) Match foreign exchange contracts with counterparty Accrued interest and other liabilities 6,399,432 52,780 (67,988) 3,637,509 27,249 (60,366) Total $ 17,683,691 $ 212,970 $ (212,977) $ 11,875,690 $ 272,499 $ (272,606) |
Disclosure by Type of Financial Instrument [Table Text Block] | The following table discloses the gross and net amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: December 31, 2021 December 31, 2020 (Dollars in thousands) Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets Gross amounts of recognized liabilities Gross amounts offset in the Consolidated Balance Sheets Net amounts of (assets)/liabilities presented in the Consolidated Balance Sheets Client derivatives Matched interest rate swaps $ 92,209 $ (149,647) $ (57,438) $ 184,991 $ (385,088) $ (200,097) Foreign exchange contracts with counterparty 120,768 (56,443) 64,325 87,615 (17,392) 70,223 Total $ 212,977 $ (206,090) $ 6,887 $ 272,606 $ (402,480) $ (129,874) |
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 December 31, 2021: (Dollars in thousands) Notional Average Fair Client derivatives-interest rate contracts Receive fixed, matched interest rate swaps with borrower $ 2,430,587 5.7 $ 77,186 Pay fixed, matched interest rate swaps with counterparty 2,430,587 5.7 (77,193) Client derivatives-foreign exchange contracts Foreign exchange contracts - pay USD 6,423,085 0.6 15,208 Foreign exchange contracts - receive USD 6,399,432 0.6 (15,208) Total client derivatives $ 17,683,691 2.0 $ (7) |
RELATED PARTIES TRANSACTIONS (T
RELATED PARTIES TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Loans to Related Parties [Table Text Block] | Outstanding balance of loans to directors, executive officers, principal holders of First Financial’s common stock and certain related persons were as follows: (Dollars in thousands) 2021 Beginning balance $ 5,097 Additions 1,463 Deductions (3,078) Ending balance $ 3,482 Loans 90 days or more past due $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Table Text Block] | The following table presents by type First Financial's loan balances and contractual obligations to extend credit: December 31, 2021 December 31, 2020 (dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance Commercial & industrial $ 1,545,995 $ 2,720,028 $ 1,270,765 $ 3,007,509 Lease financing 18,037 109,624 0 72,987 Construction real estate 484,038 455,894 374,008 636,096 Commercial real estate-investor 65,660 3,154,755 139,754 3,244,540 Commercial real estate-owner 29,824 1,071,859 51,637 1,063,318 Residential real estate 50,043 896,069 28,895 1,003,086 Home equity 822,343 708,399 762,406 743,099 Installment 15,985 119,454 18,229 81,850 Credit card 217,006 52,217 207,365 48,485 Total $ 3,248,931 $ 9,288,299 $ 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) December 31, 2021 December 31, 2020 Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment LIHTC Proportional amortization $ 108,974 $ 57,341 $ 90,401 $ 47,531 HTC Equity 2,581 56 3,607 364 NMTC Equity 3,895 0 1,165 0 Renewable energy Equity 18,585 15,114 5,244 7,661 Total $ 134,035 $ 72,511 $ 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. Twelve months ended December 31, 2021 December 31, 2020 December 31, 2019 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 8,894 $ (8,581) $ 8,076 $ (7,629) $ 6,931 $ (6,397) HTC 1,116 (263) 474 (563) 2,862 (3,342) NMTC 210 (210) 175 (175) 350 (350) Renewable energy 11,467 (12,216) 4,756 (4,777) 0 0 Total $ 21,687 $ (21,270) $ 13,481 $ (13,144) $ 10,143 $ (10,089) (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). |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense consisted of the following components: (Dollars in thousands) 2021 2020 2019 Current expense Federal $ 21,397 $ 34,632 $ 31,343 State 2,289 2,349 854 Total current expense 23,686 36,981 32,197 Deferred expense (benefit) Federal 10,944 (8,624) 10,946 State 1,143 244 1,644 Total deferred expense (benefit) 12,087 (8,380) 12,590 Income tax expense $ 35,773 $ 28,601 $ 44,787 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The difference between the federal income tax rates applied to income before income taxes and the effective rates were due to the following: (Dollars in thousands) 2021 2020 2019 Income taxes computed at federal statutory rate (21%) on income before income taxes $ 50,596 $ 38,726 $ 51,001 Benefit from tax-exempt income (5,613) (5,901) (5,964) Tax credits (21,561) (13,064) (10,075) Basis reduction on tax credit 1,346 657 738 Tax expense (benefit) of equity compensation (243) 340 (140) State income taxes, net of federal tax benefit 2,711 2,049 1,973 Affordable housing investments 7,194 6,635 5,825 Other 1,343 (841) 1,429 Income tax expense $ 35,773 $ 28,601 $ 44,787 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The major components of the temporary differences that gave rise to deferred tax assets and liabilities at December 31, 2021, and 2020, were as follows: (Dollars in thousands) 2021 2020 Deferred tax assets Allowance for credit losses $ 29,754 $ 39,671 Fair value adjustments on business combinations 0 3,870 Deferred compensation 292 235 Postretirement benefits other than pension liability 652 684 Accrued stock-based compensation 1,836 1,654 OREO write-downs 0 8 Interest on nonaccrual loans 442 1,712 Accrued expenses 7,286 5,647 State net operating loss 1,746 1,959 Leasing liability 15,794 16,947 Reserve for unfunded commitments 3,049 2,854 Deferred loan fees and costs 0 1,691 Other 565 577 Total deferred tax assets 61,416 77,509 Deferred tax liabilities Tax depreciation in excess of book depreciation (9,117) (11,923) FHLB and FRB stock (3,836) (4,043) Mortgage-servicing rights (3,518) (2,925) Leasing activities (10,860) (6,661) Retirement obligation (13,754) (10,984) Intangible assets (16,081) (13,942) Deferred loan fees and costs (933) 0 Prepaid expenses (680) (619) Limited partnership investments (2,957) (2,471) Fair value adjustments on business combinations (6,900) 0 Net unrealized gains on investment securities (5,791) (20,253) Foreign exchange deferred income (428) (2,080) ASU 2016-01 unrealized gain/loss-equity securities (2,339) (2,179) Right of use assets (13,390) (15,053) Other (2,426) (2,035) Total deferred tax liabilities (93,010) (95,168) Total net deferred tax liability $ (31,594) $ (17,659) |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Table Text Block] | A progression of gross unrecognized tax benefits as of December 31, 2021 and 2020 is as follows: (Dollars in thousands) 2021 2020 Balance at beginning of year $ 2,386 $ 3,006 Settlements 0 (620) Balance at end of year $ 2,386 $ 2,386 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Amounts Recognized in Balance Sheet and Income Statement [Table Text Block] | The following tables set forth information concerning amounts recognized in First Financial's Consolidated Balance Sheets and Consolidated Statements of Income related to the Company's pension plan: December 31, (Dollars in thousands) 2021 2020 Change in benefit obligation Benefit obligation at beginning of year $ 87,494 $ 75,044 Service cost 9,128 7,932 Interest cost 2,157 2,455 Actuarial (gain) loss 2,588 9,171 Benefits paid, excluding settlement (8,096) (7,108) Benefit obligation at end of year 93,271 87,494 Change in plan assets Fair value of plan assets at beginning of year 155,704 141,816 Actual return on plan assets 15,774 20,996 Benefits paid, excluding settlement (8,096) (7,108) Fair value of plan assets at end of year 163,382 155,704 Amounts recognized in the Consolidated Balance Sheets Assets 70,111 68,210 Liabilities 0 0 Net amount recognized $ 70,111 $ 68,210 Amounts recognized in accumulated other comprehensive income (loss) Net actuarial loss $ 27,264 $ 32,943 Net prior service cost (270) (682) Deferred tax assets (6,148) (7,349) Net amount recognized $ 20,846 $ 24,912 Change in accumulated other comprehensive income (loss) $ (4,066) $ (3,029) Accumulated benefit obligation $ 92,316 $ 86,327 |
Schedule of Components of Net Periodic Benefit Cost [Table Text Block] | The components of net periodic benefit cost are shown in the table that follows: December 31, (Dollars in thousands) 2021 2020 2019 Service cost $ 9,128 $ 7,932 $ 6,591 Interest cost 2,157 2,455 2,778 Expected return on assets (10,118) (9,824) (9,718) Amortization of prior service cost (413) (413) (413) Recognized net actuarial loss 2,611 2,334 1,803 Net periodic benefit (income) cost 3,365 2,484 1,041 Other changes recognized in accumulated other comprehensive income (loss) Net actuarial (gain) loss (3,068) (2,001) (4,630) Prior service cost 0 0 0 Amortization of prior service cost 413 413 413 Amortization of gain (2,611) (2,334) (1,803) Total recognized in accumulated other comprehensive income (loss) (5,266) (3,922) (6,020) Total recognized in net periodic benefit cost and accumulated other comprehensive income (loss) $ (1,901) $ (1,438) $ (4,979) |
Defined Benefit Plan, Assumptions [Table Text Block] | The pension plan assumptions are shown in the table that follows: December 31, 2021 2020 2019 Benefit obligations Discount rate 2.89 % 2.55 % 3.33 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Weighted average interest crediting rate 2.58 % 2.14 % 2.82 % Net periodic benefit cost Discount rate 2.55 % 3.33 % 4.31 % Expected return on plan assets 7.25 % 7.25 % 7.25 % Rate of compensation increase 3.50 % 3.50 % 3.50 % Weighted average interest crediting rate 2.14 % 2.82 % 3.61 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The fair value of the plan assets as of December 31, 2021 by asset category is shown in the table that follows: Fair Value Measurements (Dollars in thousands) Total Quoted Prices in Significant Significant Asset Category Cash $ 122 $ 122 $ 0 $ 0 U. S. Government agencies 3,535 0 3,535 0 Fixed income mutual funds 63,526 63,526 0 0 Equity mutual funds 83,000 83,000 0 0 Other assets 13,199 0 13,199 0 Total $ 163,382 $ 146,648 $ 16,734 $ 0 The fair value of the plan assets as of December 31, 2020 by asset category is shown in the table that follows: Fair Value Measurements (Dollars in thousands) Total Quoted Prices in Significant Significant Asset Category Cash $ 129 $ 129 $ 0 $ 0 U. S. Government agencies 4,193 0 4,193 0 Fixed income mutual funds 65,443 65,443 0 0 Equity mutual funds 85,939 85,939 0 0 Total $ 155,704 $ 151,511 $ 4,193 $ 0 |
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, are expected to be paid: (Dollars in thousands) Expected benefit payments 2022 $ 5,753 2023 5,848 2024 6,664 2025 6,931 2026 7,099 Thereafter 41,728 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 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 accumulated other comprehensive income (loss) are as follows: December 31, 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 $ (67,759) $ (759) $ (67,000) $ 14,462 $ (52,538) $ 73,576 $ (52,538) $ 21,038 Retirement obligation 3,068 (2,198) 5,266 (1,200) 4,066 (24,912) 4,066 (20,846) Foreign currency translation (625) 0 (625) 0 (625) 0 (625) (625) Total $ (65,316) $ (2,957) $ (62,359) $ 13,262 $ (49,097) $ 48,664 $ (49,097) $ (433) December 31, 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 $ 36,643 $ (4,563) $ 41,206 $ (8,894) $ 32,312 $ 41,264 $ 32,312 $ 73,576 Retirement obligation 2,001 (1,921) 3,922 (893) 3,029 (27,941) 3,029 (24,912) Total $ 38,644 $ (6,484) $ 45,128 $ (9,787) $ 35,341 $ 13,323 $ 35,341 $ 48,664 December 31, 2019 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 Cumulative effect of new standard Ending Balance Unrealized gain (loss) on debt securities $ 65,858 $ (370) $ 66,228 $ (14,269) $ 51,959 $ (11,601) $ 51,959 $ 906 $ 41,264 Unrealized gain (loss) on derivatives 281 0 281 (64) 217 (217) 217 0 0 Retirement obligation 4,630 (1,390) 6,020 (1,371) 4,649 (32,590) 4,649 0 (27,941) Total $ 70,769 $ (1,760) $ 72,529 $ (15,704) $ 56,825 $ (44,408) $ 56,825 $ 906 $ 13,323 |
Other Accumulated Comprehensive income reclassified from AOCI [Table Text Block] | The following table details the activity reclassified from accumulated other comprehensive income into income during the period: Amount Reclassified from Accumulated Other Comprehensive Income (1) December 31, (Dollars in thousands) 2021 2020 2019 Affected Line Item in the Consolidated Statements of Income Realized gains and losses on securities available-for-sale $ (759) $ (4,563) $ (370) Net gain (loss) on sales of investment securities Defined benefit pension plan Amortization of prior service cost (2) 413 413 413 Other noninterest expense Recognized net actuarial loss (2) (2,611) (2,334) (1,803) Other noninterest expense Amortization and settlement charges of defined benefit pension items (2,198) (1,921) (1,390) Total reclassifications for the period, before tax $ (2,957) $ (6,484) $ (1,760) (1) Negative amounts are debits to profit/loss. (2) Included in the computation of net periodic pension cost (see Note 16 - Employee Benefit Plans for additional details). |
CAPITAL (Tables)
CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking Regulation, Total Capital [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum capital PCA requirement to be (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio December 31, 2021 Common equity tier 1 capital to risk-weighted assets Consolidated $ 1,262,789 10.84 % $ 815,197 7.00 % N/A N/A First Financial Bank 1,513,175 13.01 % 813,974 7.00 % $ 755,833 6.50 % Tier 1 capital to risk-weighted assets Consolidated 1,306,571 11.22 % 989,882 8.50 % N/A N/A First Financial Bank 1,513,708 13.02 % 988,397 8.50 % 930,256 8.00 % Total capital to risk-weighted assets Consolidated 1,642,549 14.10 % 1,222,795 10.50 % N/A N/A First Financial Bank 1,589,570 13.67 % 1,220,960 10.50 % 1,162,820 10.00 % Leverage Consolidated 1,306,571 8.70 % 600,410 4.00 % N/A N/A First Financial Bank 1,513,708 10.10 % 599,578 4.00 % 749,472 5.00 % Actual Minimum capital PCA requirement to be (Dollars in thousands) Capital Ratio Capital Ratio Capital Ratio December 31, 2020 Common equity tier 1 capital to risk-weighted assets Consolidated $ 1,325,922 11.82 % $ 785,338 7.00 % N/A N/A First Financial Bank 1,452,403 12.95 % 784,807 7.00 % $ 728,749 6.50 % Tier 1 capital to risk-weighted assets Consolidated 1,368,818 12.20 % 953,625 8.50 % N/A N/A First Financial Bank 1,452,507 12.96 % 952,980 8.50 % 896,922 8.00 % Total capital to risk-weighted assets Consolidated 1,744,802 15.55 % 1,178,007 10.50 % N/A N/A First Financial Bank 1,560,457 13.92 % 1,177,211 10.50 % 1,121,153 10.00 % Leverage Consolidated 1,368,818 9.55 % 573,526 4.00 % N/A N/A First Financial Bank 1,452,507 10.14 % 573,094 4.00 % 716,367 5.00 % |
STOCK OPTIONS AND AWARDS (Table
STOCK OPTIONS AND AWARDS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Stock option activity for the year ended December 31, 2021, is summarized as follows: (Dollars in thousands, except share and per share data) Number of shares Weighted Weighted average Aggregate intrinsic value Outstanding at beginning of year 27,451 $ 10.53 Granted 0 0.00 Exercised (6,936) 9.21 Forfeited or expired 0 0.00 Outstanding at end of year 20,515 $ 10.98 1.78 years $ 275 Exercisable at end of year 20,515 $ 10.98 1.78 years $ 275 |
Cash Proceeds Received and Tax Benefit from Share-based Payment Awards [Table Text Block] | 2021 2020 2019 Total intrinsic value of options exercised $ 114 $ 86 $ 462 Cash received from exercises $ 64 $ 72 $ 90 Tax benefit from exercises $ 2,229 $ 1,776 $ 1,844 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Activity in restricted stock for the previous three years ended December 31 is summarized as follows: 2021 2020 2019 Number of shares Weighted Number of shares Weighted Number of shares Weighted Nonvested at beginning of year 763,283 $ 22.04 530,569 $ 27.19 462,446 $ 26.39 Granted 539,020 22.69 503,311 18.62 395,023 26.55 Vested (386,848) 22.24 (233,828) 26.07 (295,633) 24.94 Forfeited (75,722) 22.86 (36,769) 23.79 (31,267) 28.63 Nonvested at end of year 839,733 $ 22.30 763,283 $ 22.04 530,569 $ 27.19 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 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 share: (Dollars in thousands, except share and per share data) 2021 2020 2019 Numerator Net income $ 205,160 $ 155,810 $ 198,075 Denominator Basic earnings per common share - weighted average shares 95,034,690 97,363,952 98,305,570 Effect of dilutive securities Employee stock awards 862,695 729,146 545,901 Diluted earnings per common share - adjusted weighted average shares 95,897,385 98,093,098 98,851,471 Earnings per share available to common shareholders Basic $ 2.16 $ 1.60 $ 2.01 Diluted $ 2.14 $ 1.59 $ 2.00 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 Financial assets Cash and short-term investments $ 434,842 $ 434,842 $ 434,842 $ 0 $ 0 Investment securities held-to-maturity 98,420 99,898 0 99,898 0 Other investments 102,971 102,971 1,331 92,025 9,615 Loans and leases 9,156,307 9,172,111 0 0 9,172,111 Accrued interest receivable 44,627 44,627 0 15,170 29,457 Financial liabilities Deposits 12,871,954 12,869,567 0 12,869,567 0 Short-term borrowings 296,203 296,203 296,203 0 0 Long-term debt 409,832 411,569 0 411,569 0 Accrued interest payable 4,498 4,498 0 4,498 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 Assets/Liabilities (Dollars in thousands) Level 1 Level 2 Level 3 at Fair Value December 31, 2021 Assets Investment securities available-for-sale $ 34,776 $ 4,134,889 $ 38,181 $ 4,207,846 Loans held for sale 0 29,482 0 29,482 Interest rate derivative contracts 0 92,328 0 92,328 Foreign exchange derivative contracts 0 120,768 0 120,768 Total $ 34,776 $ 4,377,467 $ 38,181 $ 4,450,424 Liabilities Interest rate derivative contracts $ 0 $ 92,444 $ 0 $ 92,444 Foreign exchange derivative contracts 0 120,768 0 120,768 Total $ 0 $ 213,212 $ 0 $ 213,212 Fair Value Measurements Using Assets/Liabilities (Dollars in thousands) Level 1 Level 2 Level 3 at Fair Value 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 years ended December 31, 2021 and 2020. (dollars in thousands) December 31, 2021 December 31, 2020 Beginning balance $ 40,575 $ 9,190 Accretion (amortization) (38) 1 Increase (decrease) in fair value 44 (17) Purchases (settlements) (2,400) 31,401 Ending balance $ 38,181 $ 40,575 |
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 December 31, 2021 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 4,449 Commercial real estate 0 0 14,618 OREO 0 0 0 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 |
FIRST FINANCIAL BANCORP. (PAR_2
FIRST FINANCIAL BANCORP. (PARENT COMPANY ONLY) FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | Balance Sheets December 31, (Dollars in thousands) 2021 2020 Assets Cash $ 49,746 $ 172,902 Investment securities 1,836 1,388 Subordinated notes from subsidiaries 7,500 7,500 Investment in subsidiaries Commercial bank 2,447,095 2,346,009 Non-banks 10,417 9,559 Total investment in subsidiaries 2,457,512 2,355,568 Premises and equipment 1,311 1,328 Other assets 77,132 68,812 Total assets $ 2,595,037 $ 2,607,498 Liabilities Short-term borrowings $ 20,000 $ 0 Subordinated notes 310,864 320,615 Dividends payable 1,042 674 Other liabilities 4,189 4,139 Total liabilities 336,095 325,428 Shareholders’ equity 2,258,942 2,282,070 Total liabilities and shareholders’ equity $ 2,595,037 $ 2,607,498 |
Schedule of Condensed Income Statement | Statements of Income and Comprehensive Income Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Income Interest income $ 34 $ 27 $ 30 Noninterest income 663 272 191 Dividends from subsidiaries 202,000 81,725 196,800 Total income 202,697 82,024 197,021 Expenses Interest expense 15,900 14,172 9,552 Salaries and employee benefits 9,784 8,004 8,169 Professional services 2,343 1,160 1,040 Other 5,186 5,163 6,599 Total expenses 33,213 28,499 25,360 Income before income taxes and equity in undistributed net earnings of subsidiaries 169,484 53,525 171,661 Income tax expense (benefit) (7,787) (6,145) (5,975) Equity in undistributed earnings (loss) of subsidiaries 27,889 96,140 20,439 Net income $ 205,160 $ 155,810 $ 198,075 Comprehensive income $ 156,063 $ 191,151 $ 254,900 |
Schedule of Condensed Cash Flow Statement | Statements of Cash Flows Years Ended December 31, (Dollars in thousands) 2021 2020 2019 Operating activities Net income $ 205,160 $ 155,810 $ 198,075 Adjustments to reconcile net income to net cash provided by operating activities Equity in undistributed (earnings) loss of subsidiaries (27,889) (96,140) (20,439) Depreciation and amortization 859 712 584 Stock-based compensation expense 9,635 7,678 7,969 Unrealized (gain) loss on equity securities (448) (272) (191) Deferred income taxes (224) (158) 1,255 (Decrease) increase in dividends payable 368 (175) 384 (Decrease) increase in other liabilities (751) (22) (244) Decrease (increase) in other assets (8,096) 8,907 (6,996) Net cash provided by (used in) operating activities 178,614 76,340 180,397 Investing activities Capital contributions to subsidiaries (113,152) 0 0 Net cash acquired (paid) in business combinations 0 0 (53,660) Proceeds from sales and maturities of investment securities 0 0 264 Purchases of investment securities 0 0 (500) Net cash (used in) provided by investing activities (113,152) 0 (53,896) Financing activities (Decrease) increase in short-term borrowings 20,000 0 0 Proceeds from long-term borrowings (10,592) 150,000 0 Cash dividends paid on common stock (87,316) (89,691) (89,097) Purchases of common stock (108,077) (16,686) (66,218) Proceeds from exercise of stock options, net of shares purchased 64 72 90 Other (2,697) (3,002) (2,285) Net cash provided by (used in) financing activities (188,618) 40,693 (157,510) Net increase (decrease) in cash (123,156) 117,033 (31,009) Cash at beginning of year 172,902 55,869 86,878 Cash at end of year $ 49,746 $ 172,902 $ 55,869 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Financing Receivables (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Commercial & Industrial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | $ 250,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Premises and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 20 years |
Minimum | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Minimum | Furniture, Fixtures, and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum | Software, Hardware, and Data Handling Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Maximum | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum | Furniture, Fixtures, and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Maximum | Software, Hardware, and Data Handling Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interest Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | $ 29,457 | $ 37,700 |
Held-to-maturity Securities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | 200 | 300 |
Available-for-sale Securities [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Interest Receivable | $ 14,900 | $ 12,900 |
RECENTLY ADOPTED AND ISSUED A_3
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS - Additional Information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 |
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 | $ 12,200 | ||
Deferred tax liability, Credit Loss, Change in Method, Credit Loss Expense (Reversal) | $ (16,778) | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (56,882) | $ 3,542 | ||
Retained earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (56,882) | $ 2,636 |
RECENTLY ADOPTED AND ISSUED A_4
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS ASC 326 (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable, Allowance | $ 119,155 | $ 131,992 | $ 175,679 | $ 57,650 | $ 56,542 |
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 | 12,200 | |||
Commercial & Industrial | |||||
Loans and Leases Receivable, Allowance | 28,485 | 44,052 | 51,454 | 18,584 | 18,746 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,901 | 9,901 | |||
Lease financing | |||||
Loans and Leases Receivable, Allowance | 1,089 | 1,633 | 995 | 971 | 1,130 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 118 | 118 | |||
Construction real estate | |||||
Loans and Leases Receivable, Allowance | 13,960 | 11,874 | 21,736 | 2,381 | 3,413 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 11,579 | 11,579 | |||
Commercial real estate | |||||
Loans and Leases Receivable, Allowance | 47,697 | 53,420 | 76,795 | 23,579 | 21,048 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 24,118 | 24,118 | |||
Residential real estate | |||||
Loans and Leases Receivable, Allowance | 10,789 | 6,225 | 8,560 | 5,299 | 4,964 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 5,490 | 5,490 | |||
Home equity | |||||
Loans and Leases Receivable, Allowance | 13,217 | 9,643 | 11,869 | 4,787 | 5,348 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 8,430 | 8,430 | |||
Installment | |||||
Loans and Leases Receivable, Allowance | 1,193 | 1,097 | 1,215 | 392 | 362 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 801 | 801 | |||
Credit card | |||||
Loans and Leases Receivable, Allowance | 2,725 | 4,048 | $ 3,055 | $ 1,657 | $ 1,531 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 1,068 | $ 1,068 |
RESTRICTIONS ON CASH AND DIVI_2
RESTRICTIONS ON CASH AND DIVIDENDS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restrictions on Subsidiary Dividends, Loans or Advances [Line Items] | ||
Average Restriction on Cash and Due From Bank Accounts | $ 0 | $ 0 |
Restricted Cash | 34 | $ 38 |
Subsidiaries [Member] | ||
Restrictions on Subsidiary Dividends, Loans or Advances [Line Items] | ||
Retained Earnings, Unappropriated | 727.9 | |
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 166.2 |
INVESTMENT SECURITIES INVESTMEN
INVESTMENT SECURITIES INVESTMENTS - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Gain (Loss) on Securities [Line Items] | |||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 375,276 | $ 122,248 | $ 519,136 | ||
Debt Securities, Available-for-sale, Realized Gain | 6,800 | 900 | 2,100 | ||
Debt Securities, Available-for-sale, Realized Loss | 7,600 | 800 | 2,100 | ||
Available For Sale Securities Net Realized Gain Loss Tax Provision | (173) | 19 | (7) | ||
Securities transferred from HTM to AFS | $ 268,700 | 0 | 0 | $ 268,703 | |
Realized gain (loss) on debt securities transferred from HTM to AFS | $ 200 | ||||
Pledged Financial Instruments, Not Separately Reported, Securities | 1,500,000 | 1,511,322 | |||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | $ 0 | |||
NumberOfSecuritiesInSecurityPortfolio | 1,418 | 1,351 | |||
NumberOfSecuritiesInUnrealizedLossPosition | 327 | 94 | |||
Debt Securities, Held-to-maturity, Nonaccrual | $ 0 | $ 0 | |||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (485) | 0 | |||
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 117,800 | ||||
Other securities | |||||
Gain (Loss) on Securities [Line Items] | |||||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | $ (485) | $ 0 |
INVESTMENTS - Summary of Held-T
INVESTMENTS - Summary of Held-To-Maturity and Available-For-Sale Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Total | $ 98,420 | $ 131,687 |
Held To Maturity unrecognized gain | 1,963 | 5,011 |
Held To Maturity unrecognized loss | 485 | 0 |
Held-to-Maturity Market Value | 99,898 | 136,698 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 4,180,589 | 3,330,029 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 58,386 | 99,942 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (31,129) | (5,391) |
Investment Securities, Available-for-sale | 4,207,846 | 3,424,580 |
U.S. Treasuries | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Held To Maturity unrecognized gain | 0 | 0 |
Held To Maturity unrecognized loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 34,961 | 99 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4 | 4 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (189) | 0 |
Investment Securities, Available-for-sale | 34,776 | 103 |
Securities of U.S. government agencies and corporations | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Held To Maturity unrecognized gain | 0 | 0 |
Held To Maturity unrecognized loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 78,998 | 60 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 248 | 0 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (129) | 0 |
Investment Securities, Available-for-sale | 79,117 | 60 |
Mortgage-backed securities-residential | ||
Investment Holdings [Line Items] | ||
Total | 0 | 13,990 |
Held To Maturity unrecognized gain | 0 | 197 |
Held To Maturity unrecognized loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 14,187 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 728,050 | 704,482 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 6,635 | 15,938 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (10,548) | (237) |
Investment Securities, Available-for-sale | 724,137 | 720,183 |
Mortgage-backed securities-commercial | ||
Investment Holdings [Line Items] | ||
Total | 46,362 | 71,737 |
Held To Maturity unrecognized gain | 651 | 3,485 |
Held To Maturity unrecognized loss | 0 | 0 |
Held-to-Maturity Market Value | 47,013 | 75,222 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 729,948 | 584,125 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 4,294 | 10,395 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2,352) | (3,584) |
Investment Securities, Available-for-sale | 731,890 | 590,936 |
Collateralized mortgage obligations | ||
Investment Holdings [Line Items] | ||
Total | 11,882 | 5,799 |
Held To Maturity unrecognized gain | 221 | 79 |
Held To Maturity unrecognized loss | 0 | 0 |
Held-to-Maturity Market Value | 12,103 | 5,878 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 696,258 | 634,418 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 7,979 | 21,148 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (6,497) | (445) |
Investment Securities, Available-for-sale | 697,740 | 655,121 |
Obligations of state and other political subdivisions | ||
Investment Holdings [Line Items] | ||
Total | 8,926 | 9,911 |
Held To Maturity unrecognized gain | 915 | 1,239 |
Held To Maturity unrecognized loss | 0 | 0 |
Held-to-Maturity Market Value | 9,841 | 11,150 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 1,058,735 | 856,054 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 35,591 | 46,755 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (8,594) | (291) |
Investment Securities, Available-for-sale | 1,085,732 | 902,518 |
Asset-backed Securities | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Held To Maturity unrecognized gain | 0 | 0 |
Held To Maturity unrecognized loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 720,638 | 478,539 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,521 | 4,158 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (2,578) | (826) |
Investment Securities, Available-for-sale | 719,581 | 481,871 |
Other securities | ||
Investment Holdings [Line Items] | ||
Total | 31,250 | 30,250 |
Held To Maturity unrecognized gain | 176 | 11 |
Held To Maturity unrecognized loss | 485 | 0 |
Held-to-Maturity Market Value | 30,941 | 30,261 |
Investment Securities, Available-for-sale, Amortized Cost, Total | 133,001 | 72,252 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2,114 | 1,544 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (242) | (8) |
Investment Securities, Available-for-sale | $ 134,873 | $ 73,788 |
INVESTMENTS - Summary of Invest
INVESTMENTS - Summary of Investment Securities by Estimated Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Held-to-Maturity Amortized Cost | ||
Amortized cost | $ 98,420 | $ 131,687 |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 99,898 | 136,698 |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 4,180,589 | 3,330,029 |
Available-for-Sale Market Value | ||
Investment securities | 4,207,846 | 3,424,580 |
One Year or Less | ||
Held-to-Maturity Amortized Cost | ||
Amortized cost | 0 | |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 0 | |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 18,824 | |
Available-for-Sale Market Value | ||
Investment securities | 18,910 | |
After One Year Through Five Years | ||
Held-to-Maturity Amortized Cost | ||
Amortized cost | 639 | |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 699 | |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 84,773 | |
Available-for-Sale Market Value | ||
Investment securities | 86,693 | |
After Five Years Through Ten Years | ||
Held-to-Maturity Amortized Cost | ||
Amortized cost | 36,651 | |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 37,166 | |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 355,693 | |
Available-for-Sale Market Value | ||
Investment securities | 364,968 | |
After Ten Years | ||
Held-to-Maturity Amortized Cost | ||
Amortized cost | 2,886 | |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 2,917 | |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 846,405 | |
Available-for-Sale Market Value | ||
Investment securities | 863,927 | |
Mortgage-backed securities-residential | ||
Held-to-Maturity Amortized Cost | ||
Amortized cost | 0 | 13,990 |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 0 | 14,187 |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 728,050 | 704,482 |
Available-for-Sale Market Value | ||
Investment securities | 724,137 | 720,183 |
Mortgage-backed securities-commercial | ||
Held-to-Maturity Amortized Cost | ||
Amortized cost | 46,362 | 71,737 |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 47,013 | 75,222 |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 729,948 | 584,125 |
Available-for-Sale Market Value | ||
Investment securities | 731,890 | 590,936 |
Collateralized mortgage obligations | ||
Held-to-Maturity Amortized Cost | ||
Amortized cost | 11,882 | 5,799 |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 12,103 | 5,878 |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 696,258 | 634,418 |
Available-for-Sale Market Value | ||
Investment securities | 697,740 | 655,121 |
Asset-backed Securities | ||
Held-to-Maturity Amortized Cost | ||
Amortized cost | 0 | 0 |
Held-to-Maturity Market Value | ||
Held-to-Maturity Market Value | 0 | 0 |
Available-for-Sale Amortized Cost | ||
Amortized Cost | 720,638 | 478,539 |
Available-for-Sale Market Value | ||
Investment securities | $ 719,581 | $ 481,871 |
INVESTMENTS - Age of Gross Unre
INVESTMENTS - Age of Gross Unrealized Losses and Associated Fair Value by Investment Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Unrealized Loss Position [Line Items] | ||
Document Period End Date | Dec. 31, 2021 | |
Less than 12 Months Fair Value | $ 1,970,822 | $ 426,607 |
Less than 12 Months Unrealized Loss | (27,427) | (2,402) |
12 Months or More Fair Value | 171,838 | 117,126 |
12 Months or More Unrealized Loss | (4,187) | (2,989) |
Total Fair Value | 2,142,660 | 543,733 |
Total Unrealized Loss | (31,614) | (5,391) |
U.S. Treasuries | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 24,755 | 0 |
Less than 12 Months Unrealized Loss | (190) | 0 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 24,755 | 0 |
Total Unrealized Loss | (190) | 0 |
Securities of U.S. government agencies and corporations | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 17,382 | 0 |
Less than 12 Months Unrealized Loss | (128) | 0 |
12 Months or More Fair Value | 0 | 0 |
12 Months or More Unrealized Loss | 0 | 0 |
Total Fair Value | 17,382 | 0 |
Total Unrealized Loss | (128) | 0 |
Mortgage-backed securities-residential | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 459,098 | 57,872 |
Less than 12 Months Unrealized Loss | (8,375) | (237) |
12 Months or More Fair Value | 78,090 | 0 |
12 Months or More Unrealized Loss | (2,173) | 0 |
Total Fair Value | 537,188 | 57,872 |
Total Unrealized Loss | (10,548) | (237) |
Mortgage-backed securities-commercial | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 205,520 | 169,825 |
Less than 12 Months Unrealized Loss | (2,149) | (986) |
12 Months or More Fair Value | 13,818 | 48,158 |
12 Months or More Unrealized Loss | (203) | (2,598) |
Total Fair Value | 219,338 | 217,983 |
Total Unrealized Loss | (2,352) | (3,584) |
Collateralized mortgage obligations | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 369,318 | 49,161 |
Less than 12 Months Unrealized Loss | (6,110) | (445) |
12 Months or More Fair Value | 12,485 | 1 |
12 Months or More Unrealized Loss | (387) | 0 |
Total Fair Value | 381,803 | 49,162 |
Total Unrealized Loss | (6,497) | (445) |
Obligations of state and other political subdivisions | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 380,735 | 60,008 |
Less than 12 Months Unrealized Loss | (7,543) | (291) |
12 Months or More Fair Value | 55,568 | 0 |
12 Months or More Unrealized Loss | (1,051) | 0 |
Total Fair Value | 436,303 | 60,008 |
Total Unrealized Loss | (8,594) | (291) |
Asset-backed Securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 482,118 | 84,749 |
Less than 12 Months Unrealized Loss | (2,578) | (435) |
12 Months or More Fair Value | 0 | 68,967 |
12 Months or More Unrealized Loss | 0 | (391) |
Total Fair Value | 482,118 | 153,716 |
Total Unrealized Loss | (2,578) | (826) |
Other securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Less than 12 Months Fair Value | 31,896 | 4,992 |
Less than 12 Months Unrealized Loss | (354) | (8) |
12 Months or More Fair Value | 11,877 | 0 |
12 Months or More Unrealized Loss | (373) | 0 |
Total Fair Value | 43,773 | 4,992 |
Total Unrealized Loss | $ (727) | $ (8) |
LOANS - Additional Information
LOANS - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)loans | Dec. 31, 2020USD ($)loans | Dec. 31, 2019USD ($)loans | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of Restructured Loans | loans | 150 | 155 | 157 | |
Total restructured loans | $ 27,600 | $ 21,800 | $ 30,000 | |
Restructured Loans, Accrual Status | 11,600 | 7,100 | 11,400 | |
Restructured Loans, Nonaccrual Status | 16,000 | 14,700 | 18,500 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 200 | 300 | $ 2,500 | |
Restructured Loans, Allowance for Loan and Lease Losses Included in Reserves | 6,300 | 8,800 | ||
Restructured Loans, Portion Determined to be Uncollectible | 1,700 | 1,700 | 2,600 | |
Accruing TDRs performing in accordance with restructured terms for more than one year | 5,000 | 5,000 | ||
Real Estate Acquired Through Foreclosure | 98 | 1,287 | $ 2,033 | $ 1,401 |
Paycheck Protection Program Amount of Funding | 594,600 | |||
Unearned fees | 13,700 | |||
Loans and Leases Receivable, Net of Deferred Income | 9,288,299 | 9,900,970 | ||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | 16,500 | 320,200 | ||
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Paycheck Protection Program Amount of Funding | 55,600 | |||
Unearned fees | 2,600 | |||
Loans and Leases Receivable, Net of Deferred Income | 2,720,028 | 3,007,509 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 8,305 | 11,601 | ||
Financing Receivable, Modifications, Number of Contracts | loans | 17 | |||
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 17,362 | $ 45,456 | ||
Financing Receivable, Modifications, Number of Contracts | loans | 7 | 8 | ||
Lease financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 203 | |||
Lease financing | Summit Funding Group, Inc. | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | $ 42,300 |
LOANS - Commercial and Consumer
LOANS - Commercial and Consumer Credit Exposure by Risk Attribute (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 1,945,075 | $ 2,378,125 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,550,642 | 2,239,068 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,740,914 | 1,303,349 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 847,991 | 935,938 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 631,630 | 687,912 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,114,203 | 1,075,362 |
Financing Receivable, before Allowance for Credit Loss | 7,830,455 | 8,619,754 |
Financing Receivable, Revolving | 1,457,844 | 1,281,216 |
Loans and Leases Receivable, Net of Deferred Income | 9,288,299 | 9,900,970 |
Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 713,807 | 1,172,540 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 447,365 | 472,861 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 348,343 | 322,361 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 181,554 | 241,535 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 138,731 | 134,478 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 161,218 | 145,589 |
Financing Receivable, before Allowance for Credit Loss | 1,991,018 | 2,489,364 |
Financing Receivable, Revolving | 729,010 | 518,145 |
Loans and Leases Receivable, Net of Deferred Income | 2,720,028 | 3,007,509 |
Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 711,198 | 1,141,163 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 442,064 | 460,210 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 339,507 | 296,221 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 164,273 | 208,077 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 119,580 | 122,686 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 154,835 | 138,307 |
Financing Receivable, before Allowance for Credit Loss | 1,931,457 | 2,366,664 |
Financing Receivable, Revolving | 700,246 | 502,286 |
Loans and Leases Receivable, Net of Deferred Income | 2,631,703 | 2,868,950 |
Commercial & industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 389 | 24,668 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,867 | 10,281 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,993 | 18,118 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16,057 | 6,893 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,511 | 6,668 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,918 | 6,090 |
Financing Receivable, before Allowance for Credit Loss | 38,735 | 72,718 |
Financing Receivable, Revolving | 21,505 | 10,470 |
Loans and Leases Receivable, Net of Deferred Income | 60,240 | 83,188 |
Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,220 | 6,709 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 434 | 2,370 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,843 | 8,022 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,224 | 26,565 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 12,640 | 5,124 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,465 | 1,192 |
Financing Receivable, before Allowance for Credit Loss | 20,826 | 49,982 |
Financing Receivable, Revolving | 7,259 | 5,389 |
Loans and Leases Receivable, Net of Deferred Income | 28,085 | 55,371 |
Commercial & industrial | 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 | 31,697 | 23,211 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 31,752 | 22,397 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19,095 | 12,942 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15,494 | 7,147 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,821 | 4,922 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,765 | 2,368 |
Financing Receivable, before Allowance for Credit Loss | 109,624 | 72,987 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 109,624 | 72,987 |
Lease financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 31,697 | 22,916 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,536 | 22,397 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19,095 | 12,942 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15,494 | 6,967 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,821 | 4,802 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,765 | 2,368 |
Financing Receivable, before Allowance for Credit Loss | 99,408 | 72,392 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 99,408 | 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 | 10,216 | 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 | 10,216 | 290 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 10,216 | 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 | 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 | 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 | 0 | 0 |
Financing Receivable, before Allowance for Credit Loss | 0 | 305 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 0 | 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 | 95,991 | 96,410 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 206,952 | 260,145 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 96,726 | 200,828 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 24,890 | 33,169 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 317 | 25,447 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,719 | 426 |
Financing Receivable, before Allowance for Credit Loss | 437,595 | 616,425 |
Financing Receivable, Revolving | 18,299 | 19,671 |
Loans and Leases Receivable, Net of Deferred Income | 455,894 | 636,096 |
Construction real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 95,991 | 96,410 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 200,421 | 259,524 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 96,726 | 182,625 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15,886 | 23,185 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 317 | 24,786 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,719 | 426 |
Financing Receivable, before Allowance for Credit Loss | 422,060 | 586,956 |
Financing Receivable, Revolving | 18,299 | 19,671 |
Loans and Leases Receivable, Net of Deferred Income | 440,359 | 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 | 6,531 | 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 | 9,004 | 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 | 15,535 | 29,469 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 15,535 | 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 | 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 | 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 | 538,799 | 522,148 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 386,702 | 1,031,404 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 984,363 | 465,108 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 392,580 | 430,029 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 316,631 | 319,063 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 469,101 | 419,831 |
Financing Receivable, before Allowance for Credit Loss | 3,088,176 | 3,187,583 |
Financing Receivable, Revolving | 66,579 | 56,957 |
Loans and Leases Receivable, Net of Deferred Income | 3,154,755 | 3,244,540 |
Commercial real estate-investor | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 537,183 | 515,950 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 379,217 | 1,011,898 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 944,915 | 427,077 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 367,946 | 378,536 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 294,147 | 286,587 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 434,641 | 361,403 |
Financing Receivable, before Allowance for Credit Loss | 2,958,049 | 2,981,451 |
Financing Receivable, Revolving | 66,579 | 56,398 |
Loans and Leases Receivable, Net of Deferred Income | 3,024,628 | 3,037,849 |
Commercial real estate-investor | 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 | 7,479 | 17,463 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 18,136 | 15,534 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 18,006 | 44,426 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 15,566 | 32,408 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 34,153 | 43,704 |
Financing Receivable, before Allowance for Credit Loss | 93,340 | 153,535 |
Financing Receivable, Revolving | 0 | 559 |
Loans and Leases Receivable, Net of Deferred Income | 93,340 | 154,094 |
Commercial real estate-investor | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,616 | 6,198 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6 | 2,043 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 21,312 | 22,497 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,628 | 7,067 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,918 | 68 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 307 | 14,724 |
Financing Receivable, before Allowance for Credit Loss | 36,787 | 52,597 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 36,787 | 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 | 205,423 | 190,652 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 187,574 | 174,364 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 129,953 | 157,181 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 151,727 | 139,001 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 122,600 | 132,078 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 266,979 | 233,224 |
Financing Receivable, before Allowance for Credit Loss | 1,064,256 | 1,026,500 |
Financing Receivable, Revolving | 7,603 | 36,818 |
Loans and Leases Receivable, Net of Deferred Income | 1,071,859 | 1,063,318 |
Commercial real estate-owner | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 204,291 | 185,692 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 184,564 | 162,480 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 121,150 | 147,236 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 135,463 | 125,275 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 119,489 | 128,755 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 259,504 | 211,519 |
Financing Receivable, before Allowance for Credit Loss | 1,024,461 | 960,957 |
Financing Receivable, Revolving | 7,565 | 36,721 |
Loans and Leases Receivable, Net of Deferred Income | 1,032,026 | 997,678 |
Commercial real estate-owner | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 970 | 4,292 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,283 | 11,380 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,262 | 2,891 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,751 | 8,230 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,381 | 3,017 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 5,512 | 19,384 |
Financing Receivable, before Allowance for Credit Loss | 16,159 | 49,194 |
Financing Receivable, Revolving | 0 | 59 |
Loans and Leases Receivable, Net of Deferred Income | 16,159 | 49,253 |
Commercial real estate-owner | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 162 | 668 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 727 | 504 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,541 | 7,054 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 12,513 | 5,496 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,730 | 306 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,963 | 2,321 |
Financing Receivable, before Allowance for Credit Loss | 23,636 | 16,349 |
Financing Receivable, Revolving | 38 | 38 |
Loans and Leases Receivable, Net of Deferred Income | 23,674 | 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 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 42,370 | 60,967 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 45,799 | 20,200 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 14,757 | 17,445 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11,288 | 11,347 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,659 | 9,772 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 30,822 | 41,709 |
Financing Receivable, before Allowance for Credit Loss | 152,695 | 161,440 |
Financing Receivable, Revolving | 555,704 | 581,659 |
Loans and Leases Receivable, Net of Deferred Income | 708,399 | 743,099 |
Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 42,298 | 60,967 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 45,638 | 20,200 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 14,713 | 17,445 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11,221 | 11,308 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,603 | 9,744 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 30,588 | 41,571 |
Financing Receivable, before Allowance for Credit Loss | 152,061 | 161,235 |
Financing Receivable, Revolving | 553,245 | 577,609 |
Loans and Leases Receivable, Net of Deferred Income | 705,306 | 738,844 |
Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 72 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 161 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 44 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 67 | 39 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 56 | 28 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 234 | 138 |
Financing Receivable, before Allowance for Credit Loss | 634 | 205 |
Financing Receivable, Revolving | 2,459 | 4,050 |
Loans and Leases Receivable, Net of Deferred Income | 3,093 | 4,255 |
Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 58,215 | 21,599 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,829 | 15,667 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 8,245 | 11,064 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,550 | 8,847 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,926 | 1,971 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,257 | 3,221 |
Financing Receivable, before Allowance for Credit Loss | 91,022 | 62,369 |
Financing Receivable, Revolving | 28,432 | 19,481 |
Loans and Leases Receivable, Net of Deferred Income | 119,454 | 81,850 |
Installment | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 58,209 | 21,584 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 12,768 | 15,614 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 8,213 | 11,041 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5,541 | 8,812 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,925 | 1,954 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,201 | 3,185 |
Financing Receivable, before Allowance for Credit Loss | 90,857 | 62,190 |
Financing Receivable, Revolving | 28,353 | 19,479 |
Loans and Leases Receivable, Net of Deferred Income | 119,210 | 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 | 61 | 53 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 32 | 23 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9 | 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 | 56 | 36 |
Financing Receivable, before Allowance for Credit Loss | 165 | 179 |
Financing Receivable, Revolving | 79 | 2 |
Loans and Leases Receivable, Net of Deferred Income | 244 | 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 | 52,217 | 48,485 |
Loans and Leases Receivable, Net of Deferred Income | 52,217 | 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 | 51,772 | 47,845 |
Loans and Leases Receivable, Net of Deferred Income | 51,772 | 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 | 445 | 640 |
Loans and Leases Receivable, Net of Deferred Income | 445 | 640 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 258,773 | 290,598 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 231,669 | 242,030 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 139,432 | 116,420 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 64,908 | 64,863 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 34,945 | 60,181 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 166,342 | 228,994 |
Financing Receivable, before Allowance for Credit Loss | 896,069 | 1,003,086 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 896,069 | 1,003,086 |
Residential real estate | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 258,537 | 290,277 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 230,699 | 241,601 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 138,239 | 115,747 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 64,310 | 64,220 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 34,606 | 60,094 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 162,924 | 224,281 |
Financing Receivable, before Allowance for Credit Loss | 889,315 | 996,220 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 889,315 | 996,220 |
Residential real estate | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 236 | 321 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 970 | 429 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,193 | 673 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 598 | 643 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 339 | 87 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,418 | 4,713 |
Financing Receivable, before Allowance for Credit Loss | 6,754 | 6,866 |
Financing Receivable, Revolving | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | $ 6,754 | $ 6,866 |
LOANS - Loan Delinquency, inclu
LOANS - Loan Delinquency, including Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | $ 25,202 | $ 51,946 |
Current | 9,263,097 | 9,849,024 |
Total loans and leases | 9,288,299 | 9,900,970 |
Greater than 90 days past due and still accruing | 137 | 169 |
30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 6,519 | 17,837 |
60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 5,380 | 1,577 |
Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 13,303 | 32,532 |
Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 5,084 | 8,393 |
Current | 2,714,944 | 2,999,116 |
Total loans and leases | 2,720,028 | 3,007,509 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial & industrial | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 303 | 6,532 |
Commercial & industrial | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 2,006 | 0 |
Commercial & industrial | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 2,775 | 1,861 |
Lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 93 | 0 |
Current | 109,531 | 72,987 |
Total loans and leases | 109,624 | 72,987 |
Greater than 90 days past due and still accruing | 0 | 0 |
Lease financing | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 93 | 0 |
Lease financing | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 0 | 0 |
Lease financing | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 0 | 0 |
Construction real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 0 | 0 |
Current | 455,894 | 636,096 |
Total loans and leases | 455,894 | 636,096 |
Greater than 90 days past due and still accruing | 0 | 0 |
Construction real estate | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 0 | 0 |
Construction real estate | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 0 | 0 |
Construction real estate | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 0 | 0 |
Commercial real estate-investor | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 6,540 | 24,558 |
Current | 3,148,215 | 3,219,982 |
Total loans and leases | 3,154,755 | 3,244,540 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial real estate-investor | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 89 | 136 |
Commercial real estate-investor | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 42 | 0 |
Commercial real estate-investor | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 6,409 | 24,422 |
Commercial real estate-owner | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 2,900 | 7,054 |
Current | 1,068,959 | 1,056,264 |
Total loans and leases | 1,071,859 | 1,063,318 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial real estate-owner | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 56 | 6,480 |
Commercial real estate-owner | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 2,207 | 174 |
Commercial real estate-owner | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 637 | 400 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 4,226,614 | 4,307,858 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 6,755 | 6,866 |
Current | 889,314 | 996,220 |
Total loans and leases | 896,069 | 1,003,086 |
Greater than 90 days past due and still accruing | 0 | 0 |
Residential real estate | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 4,379 | 2,809 |
Residential real estate | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 262 | 370 |
Residential real estate | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 2,114 | 3,687 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 3,092 | 4,255 |
Current | 705,307 | 738,844 |
Total loans and leases | 708,399 | 743,099 |
Greater than 90 days past due and still accruing | 0 | 0 |
Home equity | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 1,214 | 1,483 |
Home equity | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 692 | 835 |
Home equity | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 1,186 | 1,937 |
Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 244 | 180 |
Current | 119,210 | 81,670 |
Total loans and leases | 119,454 | 81,850 |
Greater than 90 days past due and still accruing | 0 | 0 |
Installment | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 162 | 94 |
Installment | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 37 | 35 |
Installment | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 45 | 51 |
Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 494 | 640 |
Current | 51,723 | 47,845 |
Total loans and leases | 52,217 | 48,485 |
Greater than 90 days past due and still accruing | 137 | 169 |
Credit card | 30 to 59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 223 | 303 |
Credit card | 60 to 89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | 134 | 163 |
Credit card | Greater than 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivables Past Due | $ 137 | $ 174 |
LOANS - Restructured Loans (Det
LOANS - Restructured Loans (Details) | 12 Months Ended | |||
Dec. 31, 2021USD ($)loansentityd | Dec. 31, 2020USD ($)loans | Dec. 31, 2019USD ($)loans | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Extended Maturities | $ 0 | $ 0 | $ 2,877,000 | |
Adjusted Interest Rates | 0 | 0 | 5,284,000 | |
Combined Rate And Maturity | 0 | 0 | 516,000 | |
Forebearance Agreements | 7,328,000 | 4,759,000 | 20,320,000 | |
Other | 12,101,000 | 12,443,000 | 2,473,000 | |
Total | $ 19,429,000 | $ 17,202,000 | $ 31,470,000 | |
Number of Restructured Loans | loans | 150 | 155 | 157 | |
Restructured loans, Number of Loans | loans | 35 | 45 | 63 | |
Restructured loans, Restructured loans, Pre-Modification Loan Balance | $ 27,776,000 | $ 17,323,000 | $ 31,884,000 | |
Restructured loans, Period End Balance | $ 19,429,000 | $ 17,202,000 | $ 31,470,000 | |
Restructured loans with payment default within 12 months of modification, Number of Loans | loans | 1 | 1 | 3 | |
Restructured loans with payment default within 12 months of modification, Period End Balance | $ 55,000 | $ 7,000,000 | ||
Total restructured loans | 27,600,000 | 21,800,000 | $ 30,000,000 | |
Restructured Loans, Accrual Status | 11,600,000 | 7,100,000 | 11,400,000 | |
Restructured Loans, Nonaccrual Status | 16,000,000 | 14,700,000 | $ 18,500,000 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 200,000 | 300,000 | $ 2,500,000 | |
Restructured Loans, Allowance for Loan and Lease Losses Included in Reserves | 6,300,000 | 8,800,000 | ||
Accruing TDRs performing in accordance with restructured terms for more than one year | $ 5,000,000 | 5,000,000 | ||
Restructured loans performance threshold (days) | d | 90 | |||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | $ 16,500,000 | 320,200,000 | ||
Payment Deferral [Member] | Interest only payments [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | 291,500,000 | |||
Payment Deferral [Member] | Full principal and Interest payments [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | 28,700,000 | |||
Commercial & Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | $ 250,000 | |||
Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured loans, Number of Loans | loans | 8 | |||
Restructured loans, Restructured loans, Pre-Modification Loan Balance | 14,984,000 | $ 25,009,000 | ||
Restructured loans, Period End Balance | $ 14,984,000 | $ 25,071,000 | ||
Financing Receivable, Modifications, Number of Contracts | loans | 7 | 8 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 9,311,000 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 8,039,000 | |||
Commercial & industrial | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts | entity | 2 | |||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Number of Contracts | entity | 90 | |||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | $ 312,500,000 | |||
Construction real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured loans, Number of Loans | loans | 0 | 0 | ||
Restructured loans, Restructured loans, Pre-Modification Loan Balance | $ 0 | $ 0 | ||
Restructured loans, Period End Balance | $ 0 | $ 0 | ||
Financing Receivable, Modifications, Number of Contracts | loans | 0 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured loans, Number of Loans | loans | 0 | 9 | ||
Restructured loans, Restructured loans, Pre-Modification Loan Balance | $ 0 | $ 3,024,000 | ||
Restructured loans, Period End Balance | $ 0 | $ 2,932,000 | ||
Financing Receivable, Modifications, Number of Contracts | loans | 8 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 16,850,000 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 9,807,000 | |||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured loans, Number of Loans | loans | 24 | 30 | ||
Restructured loans, Restructured loans, Pre-Modification Loan Balance | $ 1,953,000 | $ 3,415,000 | ||
Restructured loans, Period End Balance | $ 1,847,000 | $ 3,062,000 | ||
Financing Receivable, Modifications, Number of Contracts | loans | 17 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,585,000 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,553,000 | |||
Home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured loans, Number of Loans | loans | 11 | 14 | ||
Restructured loans, Restructured loans, Pre-Modification Loan Balance | $ 351,000 | $ 395,000 | ||
Restructured loans, Period End Balance | $ 349,000 | $ 366,000 | ||
Financing Receivable, Modifications, Number of Contracts | loans | 2 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 30,000 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 30,000 | |||
Installment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured loans, Number of Loans | loans | 2 | 2 | ||
Restructured loans, Restructured loans, Pre-Modification Loan Balance | $ 35,000 | $ 41,000 | ||
Restructured loans, Period End Balance | $ 22,000 | $ 39,000 | ||
Financing Receivable, Modifications, Number of Contracts | loans | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 0 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |||
Installment | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Number of Contracts | entity | 53 | |||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | $ 7,700,000 | |||
Hotel [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | $ 186,200,000 | |||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Percent | 58.20% | |||
Franchise [Member] | Payment Deferral [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Amount | $ 44,300,000 | |||
Financing Receivable, Non-Troubled Debt Restructuring Modifications, Percent | 13.80% |
LOANS - Nonaccrual, Restructure
LOANS - Nonaccrual, Restructured and Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | $ 28,793 | $ 25,919 | |
Financing Receivable, Nonaccrual, No Allowance | 19,599 | 54,833 | |
Nonaccrual loans | 48,392 | 80,752 | $ 48,165 |
Restructured loans - accrual status | 11,600 | 7,100 | 11,400 |
Interest income effect | |||
Gross amount of interest that would have been recorded under original terms | 5,132 | 5,892 | 5,813 |
Interest included in income | |||
Nonaccrual loans | 1,618 | 1,636 | 1,042 |
Restructured loans | 314 | 426 | 801 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,932 | 2,062 | 1,843 |
Net impact on interest income | 3,200 | 3,830 | 3,970 |
Loans and Leases Receivable-Nonaccrual, future commitment to lend | 0 | 0 | 3 |
Restructured loans - nonaccrual status | 16,000 | 14,700 | 18,500 |
Commercial & industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 11,077 | 18,711 | |
Financing Receivable, Nonaccrual, No Allowance | 6,285 | 10,519 | |
Nonaccrual loans | 17,362 | 29,230 | 24,346 |
Interest included in income | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,013 | ||
Lease financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 203 | 0 | |
Nonaccrual loans | 203 | 0 | 223 |
Interest included in income | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | ||
Construction real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | |
Nonaccrual loans | 0 | 0 | 0 |
Interest included in income | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | ||
Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 17,716 | 6,957 | |
Financing Receivable, Nonaccrual, No Allowance | 1,796 | 27,725 | |
Nonaccrual loans | 19,512 | 34,682 | 7,295 |
Interest included in income | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 388 | ||
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 251 | |
Financing Receivable, Nonaccrual, No Allowance | 8,305 | 11,350 | |
Nonaccrual loans | 8,305 | 11,601 | 10,892 |
Interest included in income | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 319 | ||
Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 2,922 | 5,076 | |
Nonaccrual loans | 2,922 | 5,076 | 5,242 |
Interest included in income | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 121 | ||
Installment | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 88 | 163 | |
Nonaccrual loans | $ 88 | $ 163 | 167 |
Interest included in income | |||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 2 |
LOANS - Investment in Impaired
LOANS - Investment in Impaired Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 79,318 | ||
Total interest included in income | $ 1,932 | $ 2,062 | 1,843 |
Commercial & industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 36,567 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 87 | ||
Total interest included in income | 1,013 | ||
Lease financing | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 225 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Total interest included in income | 0 | ||
Construction real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 6 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Total interest included in income | 0 | ||
Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 20,096 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 31 | ||
Total interest included in income | 388 | ||
Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 16,361 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 12 | ||
Total interest included in income | 319 | ||
Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 5,893 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Total interest included in income | 121 | ||
Installment | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 170 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||
Total interest included in income | 2 | ||
Nonperforming Financing Receivables With Related Allowance | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 6,563 | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 130 | ||
Loans with no related allowance recorded [member] | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 72,755 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1,713 | ||
Loans with no related allowance recorded [member] | Commercial & industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 31,846 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 926 | ||
Loans with no related allowance recorded [member] | Lease financing | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 168 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||
Loans with no related allowance recorded [member] | Construction real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 6 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||
Loans with no related allowance recorded [member] | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 18,757 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 357 | ||
Loans with no related allowance recorded [member] | Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 15,915 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 307 | ||
Loans with no related allowance recorded [member] | Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 5,893 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 121 | ||
Loans with no related allowance recorded [member] | Installment | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 170 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 2 | ||
Nonperforming Financing Receivables With Related Allowance | Commercial & industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 4,721 | ||
Nonperforming Financing Receivables With Related Allowance | Lease financing | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 57 | ||
Nonperforming Financing Receivables With Related Allowance | Construction real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | ||
Nonperforming Financing Receivables With Related Allowance | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 1,339 | ||
Nonperforming Financing Receivables With Related Allowance | Residential real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 446 | ||
Nonperforming Financing Receivables With Related Allowance | Home equity | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | 0 | ||
Nonperforming Financing Receivables With Related Allowance | Installment | |||
Financing Receivable, Impaired [Line Items] | |||
Average Recorded Investment | $ 0 |
LOANS - Collateral Dependent Lo
LOANS - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 9,288,299 | $ 9,900,970 |
Business assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 13,171 | 36,803 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 13,050 | 29,837 |
Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,973 | 3,269 |
Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 38 | 6,444 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 11,729 | 17,893 |
Other Property | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,431 | 5,055 |
Total Collateral | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 48,392 | 99,301 |
Commercial & industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 17,362 | 45,456 |
Commercial & industrial | Business assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 13,171 | 30,961 |
Commercial & industrial | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 15 | 6,130 |
Commercial & industrial | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 833 | 2,608 |
Commercial & industrial | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 865 |
Commercial & industrial | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial & industrial | Other Property | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,343 | 4,892 |
Lease financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 203 | |
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 | 203 | |
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 Property | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | |
Commercial real estate-investor | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 6,784 | 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 | 6,362 | 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 | 0 | 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 | 422 | 872 |
Commercial real estate-investor | Other Property | ||
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 | 12,728 | 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 | 6,673 | 3,495 |
Commercial real estate-owner | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 5,937 | 0 |
Commercial real estate-owner | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 38 | 42 |
Commercial real estate-owner | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 80 | 344 |
Commercial real estate-owner | Other Property | ||
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 | 8,305 | 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 | 8,305 | 11,601 |
Residential real estate | Other Property | ||
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 | 2,922 | 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 | 2,922 | 5,076 |
Home Equity Loan | Other Property | ||
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 | 88 | 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 | 0 | 0 |
Installment | Other Property | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 88 | $ 163 |
LOANS - Changes in Other Real E
LOANS - Changes in Other Real Estate Owned (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Balance at beginning of year | $ 1,287 | $ 2,033 | $ 1,401 |
Additions | 98 | 1,017 | 2,448 |
Proceeds from Sale of Other Real Estate | 1,278 | 2,076 | 1,453 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction | 9 | (313) | 363 |
Balance at end of year | 98 | 1,287 | 2,033 |
Commercial & industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Additions | 98 | 510 | 415 |
Proceeds from Sale of Other Real Estate | 947 | 217 | 541 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction | 9 | (448) | 112 |
Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Additions | 0 | 507 | 2,033 |
Proceeds from Sale of Other Real Estate | 331 | 1,859 | 912 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Other Deduction | $ 0 | $ 135 | $ 251 |
ALLOWANCE FOR CREDIT LOSSES - C
ALLOWANCE FOR CREDIT LOSSES - Changes in the Allowance for Credit Losses for the Previous Three Years (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for loan and lease losses | ||||
Balance at beginning of year | $ 57,650 | $ 175,679 | $ 57,650 | $ 56,542 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 61,505 | 61,505 | ||
Provision for loan and lease losses | (19,024) | 70,796 | 30,598 | |
Loans charged off | (32,903) | (21,359) | (35,565) | |
Recoveries | 8,223 | 7,087 | 6,075 | |
Total net charge-offs | 24,680 | 14,272 | 29,490 | |
Balance at end of year | 119,155 | 131,992 | 175,679 | 57,650 |
Commercial & Industrial | ||||
Allowance for loan and lease losses | ||||
Balance at beginning of year | 18,584 | 51,454 | 18,584 | 18,746 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 9,901 | 9,901 | ||
Provision for loan and lease losses | 6,606 | 25,407 | 23,631 | |
Loans charged off | (15,620) | (5,345) | (26,676) | |
Recoveries | 1,612 | 2,907 | 2,883 | |
Total net charge-offs | 14,008 | 2,438 | 23,793 | |
Balance at end of year | 28,485 | 44,052 | 51,454 | 18,584 |
Lease financing | ||||
Allowance for loan and lease losses | ||||
Balance at beginning of year | 971 | 995 | 971 | 1,130 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 118 | 118 | ||
Provision for loan and lease losses | 621 | 758 | 3 | |
Loans charged off | 0 | (852) | (162) | |
Recoveries | 0 | 0 | 0 | |
Total net charge-offs | 0 | 852 | 162 | |
Balance at end of year | 1,089 | 1,633 | 995 | 971 |
Construction real estate | ||||
Allowance for loan and lease losses | ||||
Balance at beginning of year | 2,381 | 21,736 | 2,381 | 3,413 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 11,579 | 11,579 | ||
Provision for loan and lease losses | (8,367) | 7,759 | (1,100) | |
Loans charged off | (1,498) | 0 | 0 | |
Recoveries | 3 | 17 | 68 | |
Total net charge-offs | 1,495 | (17) | (68) | |
Balance at end of year | 13,960 | 11,874 | 21,736 | 2,381 |
Commercial real estate | ||||
Allowance for loan and lease losses | ||||
Balance at beginning of year | 23,579 | 76,795 | 23,579 | 21,048 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 24,118 | 24,118 | ||
Provision for loan and lease losses | (14,689) | 38,936 | 5,107 | |
Loans charged off | (13,471) | (12,100) | (3,689) | |
Recoveries | 4,785 | 2,262 | 1,113 | |
Total net charge-offs | 8,686 | 9,838 | 2,576 | |
Balance at end of year | 47,697 | 53,420 | 76,795 | 23,579 |
Residential | ||||
Allowance for loan and lease losses | ||||
Balance at beginning of year | 5,299 | 8,560 | 5,299 | 4,964 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 5,490 | 5,490 | ||
Provision for loan and lease losses | (2,436) | (2,122) | 739 | |
Loans charged off | (127) | (488) | (677) | |
Recoveries | 228 | 381 | 273 | |
Total net charge-offs | (101) | 107 | 404 | |
Balance at end of year | 10,789 | 6,225 | 8,560 | 5,299 |
Home equity | ||||
Allowance for loan and lease losses | ||||
Balance at beginning of year | 4,787 | 11,869 | 4,787 | 5,348 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 8,430 | 8,430 | ||
Provision for loan and lease losses | (2,376) | (939) | 695 | |
Loans charged off | (1,073) | (1,541) | (2,591) | |
Recoveries | 1,223 | 1,132 | 1,335 | |
Total net charge-offs | (150) | 409 | 1,256 | |
Balance at end of year | 13,217 | 9,643 | 11,869 | 4,787 |
Installment | ||||
Allowance for loan and lease losses | ||||
Balance at beginning of year | 392 | 1,215 | 392 | 362 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 801 | 801 | ||
Provision for loan and lease losses | 65 | 12 | 2 | |
Loans charged off | (334) | (148) | (223) | |
Recoveries | 151 | 158 | 251 | |
Total net charge-offs | 183 | (10) | (28) | |
Balance at end of year | 1,193 | 1,097 | 1,215 | 392 |
Credit card | ||||
Allowance for loan and lease losses | ||||
Balance at beginning of year | 1,657 | 3,055 | 1,657 | 1,531 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 1,068 | 1,068 | ||
Provision for loan and lease losses | 1,552 | 985 | 1,521 | |
Loans charged off | (780) | (885) | (1,547) | |
Recoveries | 221 | 230 | 152 | |
Total net charge-offs | 559 | 655 | 1,395 | |
Balance at end of year | $ 2,725 | $ 4,048 | $ 3,055 | $ 1,657 |
ALLOWANCE FOR CREDIT LOSSES -_2
ALLOWANCE FOR CREDIT LOSSES - Changes in the Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | $ 119,155 | $ 131,992 | $ 175,679 | $ 57,650 | $ 56,542 |
Loans and Leases: | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | 61,505 | 61,505 | |||
Commercial & Industrial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Allowance | 28,485 | 44,052 | 51,454 | 18,584 | 18,746 |
Loans and Leases: | |||||
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 | 1,633 | 995 | 971 | 1,130 |
Loans and Leases: | |||||
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 | 11,874 | 21,736 | 2,381 | 3,413 |
Loans and Leases: | |||||
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 | 53,420 | 76,795 | 23,579 | 21,048 |
Loans and Leases: | |||||
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 | 6,225 | 8,560 | 5,299 | 4,964 |
Loans and Leases: | |||||
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 | 9,643 | 11,869 | 4,787 | 5,348 |
Loans and Leases: | |||||
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 | 1,097 | 1,215 | 392 | 362 |
Loans and Leases: | |||||
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 | 4,048 | $ 3,055 | $ 1,657 | $ 1,531 |
Loans and Leases: | |||||
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 1,068 | $ 1,068 |
ALLOWANCE FOR CREDIT LOSSES ALL
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES - Additional information (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | |||||
Interest Receivable | $ 29,457 | $ 37,700 | |||
Reserves for unfunded commitments | 13,400 | 12,500 | |||
Off-Balance Sheet, Credit Loss, Liability, Change in Method, Credit Loss Expense (Reversal) | $ 12,155 | 12,200 | |||
Provision for Other Credit Losses | $ 900 | $ 903 | $ (237) | $ (165) |
PREMISES AND EQUIPMENT - Schedu
PREMISES AND EQUIPMENT - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 313,921 | $ 321,880 | |
Less accumulated depreciation and amortization | 120,881 | 114,669 | |
Total premises and equipment | 193,040 | 207,211 | |
Depreciation | 14,100 | 15,400 | $ 16,100 |
Land and land improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 49,402 | 52,373 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 155,337 | 161,371 | |
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 70,847 | 70,177 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | 30,190 | 29,525 | |
Construction in progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Premises and equipment, gross | $ 8,145 | $ 8,434 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 7,425 | $ 7,897 | $ 7,324 |
Short-term Lease, Cost | 108 | 142 | 55 |
Variable Lease, Cost | 2,621 | 2,532 | 2,553 |
Total operating lease cost | $ 10,154 | $ 10,571 | $ 9,932 |
LEASES - Lease Maturity (Detail
LEASES - Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 7,784 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 7,683 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 7,288 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 6,673 | |
Lessee, Operating Lease, Liability, to be Paid, Year Five | 6,269 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 50,311 | |
Total lease payments | 86,008 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 18,456 | |
Operating Lease, Liability | Other liabilities | Other liabilities |
LEASES - Schedule of supplement
LEASES - Schedule of supplemental balance sheet information related to leases (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | |||
Operating Lease, Weighted Average Remaining Lease Term | 13 years 10 months 24 days | 15 years 1 month 6 days | 15 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.25% | 3.07% | 3.43% |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating Lease, Payments | $ 6,860 | $ 8,196 | $ 7,335 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 6,076 | $ 9,725 | $ 64,902 |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating Lease, Liability | Other liabilities | Other liabilities |
Operating Lease, Liability | Other liabilities | Other liabilities |
Accrued interest and other liabilities | ||
Leases [Abstract] | ||
Operating Lease, Liability | Other liabilities | |
Operating Lease, Liability | Other liabilities | |
Accrued interest and other assets | ||
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 57.2 | $ 63.9 |
Operating Lease, Right-of-Use Asset | $ 57.2 | $ 63.9 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS-Schedule of Goodwill (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill [Roll Forward] | ||||
Balance at beginning of year | $ 937,771 | $ 937,771 | $ 880,251 | |
Goodwill | $ 57,500 | 62,978 | 0 | 57,520 |
Balance at end of year | $ 1,000,749 | $ 937,771 | $ 937,771 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS-Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 129,408 | $ 100,564 |
Finite-Lived Intangible Assets, Accumulated Amortization | 40,510 | 36,012 |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 45,256 | 51,031 |
Finite-Lived Intangible Assets, Accumulated Amortization | 26,911 | 27,524 |
Customer Lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 69,563 | 39,420 |
Finite-Lived Intangible Assets, Accumulated Amortization | 8,362 | 4,778 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 14,589 | 10,113 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 5,237 | $ 3,710 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS-Schedule of Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
Finite-Lived Intangible Asset, Expected Amortization, Year One | $ 11,515 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 10,536 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 9,193 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 9,145 |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | $ 9,092 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS--Additional Information (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 57,500 | $ 62,978 | $ 0 | $ 57,520 |
Intangible assets amortization | 9,839 | 11,126 | $ 9,671 | |
Bank lines of credit credit | $ 23,030 | $ 0 | ||
Core Deposits | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets amortization method | accelerated basis | |||
Estimated weighted average life (in years) | 6 years 2 months 12 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 |
DEPOSITS (Details)
DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time Deposit Maturities, Year One | $ 1,131,574 | |
Time Deposit Maturities, Year Two | 83,589 | |
Time Deposit Maturities, Year Three | 50,983 | |
Time Deposit Maturities, Year Four | 32,569 | |
Time Deposit Maturities, Year Five | 31,352 | |
Time Deposit Maturities, after Year Five | 196 | |
Time | $ 1,330,263 | $ 1,872,733 |
DEPOSITS-Additional Information
DEPOSITS-Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time Deposits, at or Above FDIC Insurance Limit | $ 195.6 | $ 220.5 |
BORROWINGS - Schedule of Short-
BORROWINGS - Schedule of Short-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt [Line Items] | |||
Short-term Debt | $ 296,203 | $ 166,594 | $ 1,316,181 |
Short-term debt interest rate | 0.27% | 0.05% | 1.62% |
Short-term debt, average for the year | $ 204,503 | $ 590,903 | $ 1,146,719 |
Short-term debt, average rate (as a percent) | 0.10% | 1.09% | 1.90% |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt | $ 51,203 | $ 166,594 | $ 165,181 |
Short-term debt interest rate | 0.01% | 0.05% | 0.85% |
Short-term debt, average for the year | $ 160,967 | $ 149,036 | $ 155,859 |
Short-term debt, average rate (as a percent) | 0.07% | 0.26% | 1.15% |
Federal Home Loan Bank Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Short-term Debt | $ 225,000 | $ 0 | $ 1,151,000 |
Short-term debt interest rate | 0.18% | 0.00% | 1.73% |
Short-term debt, average for the year | $ 43,371 | $ 441,867 | $ 990,860 |
Short-term debt, average rate (as a percent) | 0.20% | 1.37% | 2.37% |
Short-term Debt | |||
Short-term Debt [Line Items] | |||
Short-term Debt | $ 20,000 | $ 0 | $ 0 |
Short-term debt interest rate | 1.90% | 0.00% | 0.00% |
Short-term debt, average for the year | $ 165 | $ 0 | $ 0 |
Short-term debt, average rate (as a percent) | 1.92% | 0.00% | 0.00% |
BORROWINGS BORROWINGS - Repurch
BORROWINGS BORROWINGS - Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities Sold under Agreements to Repurchase | $ 51,203 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned | 51,300 | $ 126,700 |
Mortgage-backed securities | ||
Securities Sold under Agreements to Repurchase | 48,370 | |
Collateralized Mortgage Obligations | ||
Securities Sold under Agreements to Repurchase | $ 2,833 |
BORROWINGS - Schedule of Long-t
BORROWINGS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amount | ||
Secured Debt | $ 0 | $ 434,982 |
FHLB long-term advances | 0 | 19,971 |
Subordinated Debt | 313,248 | 321,384 |
Unamortized debt issuance costs | (2,384) | (2,770) |
Other Long-term Debt | 775 | 775 |
Long-term Debt and Lease Obligation | 313,420 | 776,202 |
Notes Payable to Bank, Current | 23,030 | 0 |
Notes Payable, Noncurrent | 73,382 | 0 |
Notes Payable | 96,412 | 0 |
Total long-term debt | $ 409,832 | $ 776,202 |
Average Rate | ||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.00% | 0.35% |
Federal Home Loan Bank | 0.00% | 1.43% |
Debt, Weighted Average Interest Rate | 4.86% | 4.86% |
Lessee, Finance Lease, Discount Rate | 3.81% | 3.81% |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.00% | 0.00% |
Long term debt and Lease Obligation, interest rate at period end | 4.88% | |
Debt Instrument, Interest Rate, Stated Percentage | 2.77% | 0.00% |
Other Notes payable interest rate | 4.09% | 0.00% |
Notes payable interest rate | 3.77% | 0.00% |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.62% | 2.25% |
Maturities of Long-term Debt [Abstract] | ||
2022 | $ 28,091 | |
2023 | 15,086 | |
2024 | 23,091 | |
2025 | 12,301 | |
2026 | 16,765 | |
Thereafter | 314,498 | |
Long-term Debt [Member] | ||
Amount | ||
Finance Lease, Liability | $ 1,781 | $ 1,860 |
BORROWINGS Borrowings - - Addit
BORROWINGS Borrowings - - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Secured Debt | $ 0 | $ 434,982 | ||
Long Term Debt Percentage in Basis Points | 35 | |||
Convertible Subordinated Debt | $ 150,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 5.09% | |||
Subordinated debt, original issue | $ 120,000 | |||
Subordinated Borrowing, Interest Rate | 5.13% | |||
Subordinated Debt | $ 313,248 | $ 321,384 | ||
Debt, Weighted Average Interest Rate | 4.86% | 4.86% | ||
Notes Payable | $ 96,412 | $ 0 | ||
Bank lines of credit credit | $ 23,030 | $ 0 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.77% | 0.00% | ||
Notes Payable, Noncurrent | $ 73,382 | $ 0 | ||
Other Notes payable interest rate | 4.09% | 0.00% | ||
Book value of FHLB collateral | $ 5,800,000 | |||
Federal Home Loan Bank | 0.00% | 1.43% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 40,000 | |||
Short-term Debt [Line Items] | ||||
Short-term Debt | 296,203 | $ 166,594 | $ 1,316,181 | |
Private Placement [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated Debt | $ 8,400 | |||
Debt, Weighted Average Interest Rate | 6.00% | |||
Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated Borrowing, Interest Rate | 5.25% | |||
Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated Debt | $ 49,500 | |||
Debt Instrument Maturity Period | 30 years | |||
DebtInstrumentMinimumCallablePeriod | 5 years | |||
Private Placement [Member] | ||||
Debt Instrument [Line Items] | ||||
DebtInstrumentMinimumCallablePeriod | 5 years |
DERIVATIVES - Additional Inform
DERIVATIVES - Additional Information (Detail) $ in Thousands | Dec. 31, 2021USD ($)entity | Dec. 31, 2020USD ($)entity |
Derivative [Line Items] | ||
Number of counterparties | entity | 6 | 20 |
Derivative Asset | $ 212,970 | $ 272,499 |
Derivative Assets (Liabilities), at Fair Value, Net | (7) | |
Derivative Liability | 212,977 | 272,606 |
Derivative, Notional Amount | $ 17,683,691 | $ 11,875,690 |
Foreign Exchange [Member] | ||
Derivative [Line Items] | ||
Number of counterparties | entity | 4 | 6 |
Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Outstanding liability from counterparty contracts | $ 100 | $ 300 |
Derivative, Notional Amount | 362,800 | 242,400 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 45,000 | 114,200 |
Other Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Outstanding liability from counterparty contracts | 2,700 | |
Derivative, Notional Amount | 62,500 | 112,600 |
Credit Risk Derivative Assets, at Fair Value | 3,300 | |
Derivative [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability | 74,200 | 182,300 |
Derivative, Notional Amount | 2,400,000 | 2,300,000 |
Derivative [Member] | Other Liabilities [Member] | Foreign Exchange [Member] | ||
Derivative [Line Items] | ||
Derivative Liability | 15,200 | 33,100 |
Derivative, Notional Amount | $ 6,400,000 | $ 3,600,000 |
DERIVATIVES - Summary of Deriva
DERIVATIVES - Summary of Derivative Financial Instruments and Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 17,683,691 | $ 11,875,690 |
Derivative Asset | 212,970 | 272,499 |
Estimate Fair Value Loss | (212,977) | (272,606) |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,430,587 | 2,300,336 |
Derivative Asset | 7,508 | 107 |
Estimate Fair Value Loss | (84,701) | (184,884) |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,430,587 | 2,300,336 |
Derivative Asset | 84,694 | 184,777 |
Estimate Fair Value Loss | (7,508) | (107) |
Foreign Exchange [Member] | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 6,399,432 | 3,637,509 |
Derivative Asset | 52,780 | 27,249 |
Estimate Fair Value Loss | (67,988) | (60,366) |
Foreign Exchange [Member] | Matched interest rate swaps | Accrued interest and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 6,423,085 | 3,637,509 |
Derivative Asset | 67,988 | 60,366 |
Estimate Fair Value Loss | (52,780) | (27,249) |
Derivative [Member] | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,400,000 | 2,300,000 |
Estimate Fair Value Loss | $ (74,200) | $ (182,300) |
DERIVATIVES - Disclosure by Typ
DERIVATIVES - Disclosure by Type of Financial Instrument (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ 212,977 | $ 272,606 |
Derivative Liability, Fair Value, Gross Asset | (206,090) | (402,480) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | 6,887 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (129,874) | |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 92,209 | 184,991 |
Derivative Liability, Fair Value, Gross Asset | (149,647) | (385,088) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (57,438) | (200,097) |
Fair Value Hedges | Foreign Exchange [Member] | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 120,768 | 87,615 |
Derivative Liability, Fair Value, Gross Asset | (56,443) | (17,392) |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ 64,325 | $ 70,223 |
DERIVATIVES - Derivative Financ
DERIVATIVES - Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 17,683,691 | $ 11,875,690 |
Average Maturity (years) | 2 years | |
Fair Value | $ (7) | |
Asset conversion swaps | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,430,587 | |
Average Maturity (years) | 5 years 8 months 12 days | |
Fair Value | $ 77,186 | |
Asset conversion swaps | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,430,587 | |
Average Maturity (years) | 5 years 8 months 12 days | |
Fair Value | $ (77,193) | |
Foreign Exchange [Member] | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 6,423,085 | |
Average Maturity (years) | 7 months 6 days | |
Fair Value | $ 15,208 | |
Foreign Exchange [Member] | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 6,399,432 | |
Average Maturity (years) | 7 months 6 days | |
Fair Value | $ (15,208) |
RELATED PARTIES TRANSACTIONS (D
RELATED PARTIES TRANSACTIONS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Loans to Related Parties [Roll Forward] | |
Beginning balance | $ 5,097 |
Additions | 1,463 |
Deductions | (3,078) |
Ending balance | 3,482 |
Loans 90 days past due | $ 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Loans and Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | $ 3,248,931 | $ 2,853,059 | |
Loans and Leases Receivable, Net of Deferred Income | 9,288,299 | 9,900,970 | |
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 21,687 | 13,481 | $ 10,143 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (21,270) | (13,144) | (10,089) |
Low Income Housing Tax Credits | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 8,894 | 8,076 | 6,931 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (8,581) | (7,629) | (6,397) |
Historic tax credit [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 1,116 | 474 | 2,862 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (263) | (563) | (3,342) |
New Markets Tax Credit | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 210 | 175 | 350 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (210) | (175) | (350) |
Renewable Energy Program [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 11,467 | 4,756 | 0 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (12,216) | (4,777) | $ 0 |
Commercial & industrial | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 1,545,995 | 1,270,765 | |
Loans and Leases Receivable, Net of Deferred Income | 2,720,028 | 3,007,509 | |
Lease financing | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 18,037 | 0 | |
Loans and Leases Receivable, Net of Deferred Income | 109,624 | 72,987 | |
Construction real estate | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 484,038 | 374,008 | |
Loans and Leases Receivable, Net of Deferred Income | 455,894 | 636,096 | |
Commercial real estate-investor | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 65,660 | 139,754 | |
Loans and Leases Receivable, Net of Deferred Income | 3,154,755 | 3,244,540 | |
Commercial real estate-owner | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 29,824 | 51,637 | |
Loans and Leases Receivable, Net of Deferred Income | 1,071,859 | 1,063,318 | |
Residential real estate | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 50,043 | 28,895 | |
Loans and Leases Receivable, Net of Deferred Income | 896,069 | 1,003,086 | |
Home equity | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 822,343 | 762,406 | |
Loans and Leases Receivable, Net of Deferred Income | 708,399 | 743,099 | |
Installment | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 15,985 | 18,229 | |
Loans and Leases Receivable, Net of Deferred Income | 119,454 | 81,850 | |
Credit card | |||
Other Commitments [Line Items] | |||
Unused Commitments to Extend Credit | 217,006 | 207,365 | |
Loans and Leases Receivable, Net of Deferred Income | $ 52,217 | $ 48,485 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Investment Holdings Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 134,035 | $ 100,417 | |
Qualified Affordable Housing Project Investments, Commitment | 72,511 | 55,556 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 21,687 | 13,481 | $ 10,143 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (21,270) | (13,144) | (10,089) |
Low Income Housing Tax Credits | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | 108,974 | 90,401 | |
Qualified Affordable Housing Project Investments, Commitment | 57,341 | 47,531 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 8,894 | 8,076 | 6,931 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (8,581) | (7,629) | (6,397) |
Historic tax credit [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | 2,581 | 3,607 | |
Qualified Affordable Housing Project Investments, Commitment | 56 | 364 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 1,116 | 474 | 2,862 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (263) | (563) | (3,342) |
New Markets Tax Credit | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | 3,895 | 1,165 | |
Qualified Affordable Housing Project Investments, Commitment | 0 | 0 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 210 | 175 | 350 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (210) | (175) | (350) |
Renewable Energy Program [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | 18,585 | 5,244 | |
Qualified Affordable Housing Project Investments, Commitment | 15,114 | 7,661 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 11,467 | 4,756 | 0 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ (12,216) | $ (4,777) | $ 0 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Reserves for unfunded commitments | $ 13,400 | $ 12,500 | |
Loans and Leases Receivable, Commitments, Fixed Rates | 129,200 | 123,600 | |
Loans and Leases Receivable, Commitments, Variable Rates | $ 3,800,000 | $ 3,300,000 | |
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 10 months 24 days | 30 years 9 months 18 days | |
Letters of credit issued to guarantee performance of a client to a third party | $ 41,100 | $ 36,100 | |
Derivative, Notional Amount | 17,683,691 | 11,875,690 | |
Litigation Settlement, Expense | 7,100 | ||
Estimated Litigation Liability | $ 0 | ||
Credit Default Swap | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Derivative, Notional Amount | 362,800 | 242,400 | |
Commitments to Extend Credit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments outstanding to extend credit | $ 4,000,000 | $ 3,400,000 |
INCOME TAXES (Detail)
INCOME TAXES (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current expense [Abstract] | |||
Federal | $ 21,397 | $ 34,632 | $ 31,343 |
State | 2,289 | 2,349 | 854 |
Total current expense | 23,686 | 36,981 | 32,197 |
Deferred (benefit) expense [Abstract] | |||
Federal | 10,944 | (8,624) | 10,946 |
State | 1,143 | 244 | 1,644 |
Total deferred (benefit) expense | 12,087 | (8,380) | 12,590 |
Income tax expense | 35,773 | 28,601 | 44,787 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income taxes computed at federal statutory rate (21%) on income before income taxes | 50,596 | 38,726 | 51,001 |
Benefit from tax-exempt income | (5,613) | (5,901) | (5,964) |
Tax credits | (21,561) | (13,064) | (10,075) |
Basis reduction on tax credit | 1,346 | 657 | 738 |
Tax benefit of equity compensation | (243) | 340 | (140) |
State income taxes, net of federal tax benefit | 2,711 | 2,049 | 1,973 |
Affordable housing investments | 7,194 | 6,635 | 5,825 |
Other | 1,343 | (841) | 1,429 |
Income tax expense | 35,773 | 28,601 | 44,787 |
Deferred tax assets [Abstract] | |||
Allowance for credit losses | 29,754 | 39,671 | |
Fair value adjustments on business combinations | 0 | 3,870 | |
Deferred compensation | 292 | 235 | |
Postretirement benefits other than pension liability | 652 | 684 | |
Accrued stock-based compensation | 1,836 | 1,654 | |
Other real estate owned write-downs | 0 | 8 | |
Interest on nonaccrual loans | 442 | 1,712 | |
Accrued expenses | 7,286 | 5,647 | |
State net operating loss | 1,746 | 1,959 | |
Deferred tax asset, Leasing liability | 15,794 | 16,947 | |
Federal tax credit carryforwards | 3,049 | 2,854 | |
Deferred Tax Assets, Deferred Income | 0 | 1,691 | |
Other | 565 | 577 | |
Total deferred tax assets | 61,416 | 77,509 | |
Deferred tax liabilities [Abstract] | |||
Tax depreciation greater than book depreciation | (9,117) | (11,923) | |
FHLB and FRB stock | (3,836) | (4,043) | |
Mortgage-servicing rights | (3,518) | (2,925) | |
Leasing activities | (10,860) | (6,661) | |
Retirement obligations | 13,754 | 10,984 | |
Intangible assets | (16,081) | (13,942) | |
Deferred loan fees and costs | (933) | 0 | |
Prepaid expenses | (680) | (619) | |
Limited partnership investments | 2,957 | 2,471 | |
Unrealized gains on investment securities | (5,791) | (20,253) | |
Foreign exchange deferred income | (428) | (2,080) | |
Deferred Tax Liability, Unrealized gain/loss equity securities | (2,339) | (2,179) | |
Deferred tax liability, right of use asset | (13,390) | (15,053) | |
Other | (2,426) | (2,035) | |
Deferred Tax Liabilities, Gross | (93,010) | (95,168) | |
Total deferred tax liabilities | (31,594) | (17,659) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Balance at beginning of year | 2,386 | 3,006 | |
Decrease resulting from settlements | 0 | (620) | |
Balance at end of year | $ 2,386 | $ 2,386 | $ 3,006 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Deferred Tax Assets Operating Loss Carryforwards State And Local Acquired | $ 2,300 | $ 2,500 | |
Deferred taxes, business combination, valuation allowance | 0 | 0 | |
Retained Earnings For Which No Deferred Income Tax Liability Has Been Recognized | 16,100 | 16,100 | |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | 3,400 | ||
Unrecognized tax benefits affecting income tax rate | 1,900 | 1,900 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 | |
Fair value adjustments on business combinations | $ 6,900 | $ 0 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension Cost (Reversal of Cost) | $ 3,365,000 | $ 2,484,000 | $ 1,041,000 | |
Payment for Pension Benefits | $ 0 | 0 | 0 | |
Defined Contribution Plan, Maximum Annual Contribution Percent by Employee | 50.00% | |||
Defined Contribution Plan, Cost | $ 0 | 0 | 0 | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 0 | |||
Change in Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 0.0034 | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 87,494,000 | 75,044,000 | ||
Service cost | 9,128,000 | 7,932,000 | 6,591,000 | |
Interest cost | 2,157,000 | 2,455,000 | 2,778,000 | |
Actuarial gain (loss) | 2,588,000 | 9,171,000 | ||
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 8,096,000 | 7,108,000 | ||
Benefit obligation at end of year | 93,271,000 | 87,494,000 | 75,044,000 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 155,704,000 | 141,816,000 | ||
Actual return on plan assets | 15,774,000 | 20,996,000 | ||
Defined Benefit Plan, Plan Assets, Benefits Paid | 8,096,000 | 7,108,000 | ||
Fair value of plan assets at end of year | 163,382,000 | 155,704,000 | 141,816,000 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | ||||
Assets | 70,111,000 | 68,210,000 | ||
Liabilities | 0 | 0 | ||
Net amount recognized | 70,111,000 | 68,210,000 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), after Tax [Abstract] | ||||
Net actuarial loss | 27,264,000 | 32,943,000 | ||
Net prior service cost | (270,000) | (682,000) | ||
Deferred tax assets | (6,148,000) | (7,349,000) | ||
Net amount recognized | 20,846,000 | 24,912,000 | 27,941,000 | $ 32,590,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (4,066,000) | (3,029,000) | (4,649,000) | |
Accumulated benefit obligation | 92,316,000 | 86,327,000 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | 9,128,000 | 7,932,000 | 6,591,000 | |
Interest cost | 2,157,000 | 2,455,000 | 2,778,000 | |
Expected return on plan assets | (10,118,000) | (9,824,000) | (9,718,000) | |
Amortization of prior service cost | (413,000) | (413,000) | (413,000) | |
Defined Benefit Plan, Amortization of Gain (Loss) | 2,611,000 | 2,334,000 | 1,803,000 | |
Net periodic benefit (income) cost | 3,365,000 | 2,484,000 | 1,041,000 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax | (3,068,000) | (2,001,000) | (4,630,000) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 | |
Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 413,000 | 413,000 | 413,000 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (2,611,000) | (2,334,000) | (1,803,000) | |
Total recognized in accumulated other comprehensive income | (5,266,000) | (3,922,000) | (6,020,000) | |
Total recognized in net periodic benefit cost and accumulated other comprehensive income | $ (1,901,000) | $ (1,438,000) | $ (4,979,000) | |
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 2.89% | 2.55% | 3.33% | |
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 2.58% | 2.14% | 2.82% | |
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate | 2.55% | 3.33% | 4.31% | |
Expected return on plan assets | 7.25% | 7.25% | 7.25% | |
Rate of compensation increase | 3.50% | 3.50% | 3.50% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 2.14% | 2.82% | 3.61% | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | ||||
2021 | $ 5,753,000 | |||
2022 | 5,848,000 | |||
2023 | 6,664,000 | |||
2024 | 6,931,000 | |||
2025 | 7,099,000 | |||
Thereafter | $ 41,728,000 |
EMPLOYEE BENEFIT PLANS Defined
EMPLOYEE BENEFIT PLANS Defined Benefit Plan, Fair Value on Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | $ 163,382 | $ 155,704 | $ 141,816 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 146,648 | 151,511 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 16,734 | 4,193 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 163,382 | 155,704 | |
Cash | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 122 | 129 | |
Cash | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
Cash | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
Cash | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 122 | 129 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 3,535 | 4,193 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 3,535 | 4,193 | |
Fixed income mutual funds | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 63,526 | 65,443 | |
Fixed income mutual funds | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
Fixed income mutual funds | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
Fixed income mutual funds | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 63,526 | 65,443 | |
Equity mutual funds | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 83,000 | 85,939 | |
Equity mutual funds | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
Equity mutual funds | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | 0 | |
Equity mutual funds | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 83,000 | $ 85,939 | |
Defined Benefit Plan, Common Collective Trust | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | ||
Defined Benefit Plan, Common Collective Trust | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 13,199 | ||
Defined Benefit Plan, Common Collective Trust | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | 0 | ||
Defined Benefit Plan, Common Collective Trust | Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Category [Line Items] | |||
Fair value measurements | $ 13,199 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |||
Interchange income | $ 27.9 | $ 23.9 | $ 30.4 |
Credit card expense | $ 13.6 | $ 12.2 | $ 11.9 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Comprehensive Income (Loss), before Reclassification Adjustments and Tax [Abstract] | ||||
Unrealized gain (loss) on debt securities | $ (67,759) | $ 36,643 | $ 65,858 | |
Unrealized gain (loss) on derivatives | 281 | |||
Retirement obligations | 3,068 | 2,001 | 4,630 | |
Total | (65,316) | 38,644 | 70,769 | |
Other Comprehensive Income (Loss) Reclassifications before Tax [Abstract] | ||||
Unrealized gain (loss) on debt securities | (759) | (4,563) | (370) | |
Unrealized gain (loss) on derivatives | 0 | |||
Retirement obligation | 2,198 | 1,921 | 1,390 | |
Total | (2,957) | (6,484) | (1,760) | |
Transactions Pre-tax | ||||
Unrealized gain (loss) on debt securities | (67,000) | 41,206 | 66,228 | |
Unrealized gain (loss) on derivatives | 281 | |||
Retirement obligation | 5,266 | 3,922 | 6,020 | |
Total | (62,359) | 45,128 | 72,529 | |
Transactions Tax-effect | ||||
Unrealized gain (loss) on debt securities | 14,462 | (8,894) | (14,269) | |
Unrealized gain (loss) on derivatives | (64) | |||
Retirement obligation | (1,200) | (893) | (1,371) | |
Total | 13,262 | (9,787) | (15,704) | |
Transactions Net of tax | ||||
Unrealized gain (loss) on debt securities | (52,538) | 32,312 | 51,959 | |
Unrealized gain (loss) on derivatives | 217 | |||
Retirement obligation | 4,066 | 3,029 | 4,649 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (625) | 0 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (625) | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | (625) | |||
Other Comprehensive Income (Loss), Reclassification, Foreign Currency Transaction | 0 | |||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss), before Reclassification and Tax | (625) | |||
Total | (49,097) | 35,341 | 56,825 | |
Cumulative effect of accounting change | ||||
Unrealized gain (loss) on debt securities | 906 | |||
Unrealized gain (loss) on derivatives | 0 | |||
Retirement obligation | 0 | |||
Total | 906 | |||
Balances Net of tax | ||||
Unrealized gain (loss) on debt securities | 21,038 | 73,576 | 41,264 | $ (11,601) |
Unrealized gain (loss) on derivatives | 0 | (217) | ||
Retirement obligation | (20,846) | (24,912) | (27,941) | (32,590) |
Total | $ (433) | $ 48,664 | $ 13,323 | $ (44,408) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME AMOUNT RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Realized gains and losses on securities available for sale | $ (759) | $ (4,563) | $ (370) |
Amortization of prior service cost | 413 | 413 | 413 |
Recognized net actuarial loss | (2,611) | (2,334) | (1,803) |
Other Comprehensive Income, Reclassification, Amortization of Defined Benefit Plans items, Pre-tax | (2,198) | (1,921) | (1,390) |
Total reclassifications for the period, before tax | $ (2,957) | $ (6,484) | $ (1,760) |
CAPITAL - Risk-Based Capital (D
CAPITAL - Risk-Based Capital (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Conservation Buffer-Fully Phased-In | 2.50% | |
Banking Regulation, Total Risk-Based Capital, Excess, Actual | $ 419,800 | |
Banking Regulation, Risk-Based Information [Abstract] | ||
Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $ 1,262,789 | $ 1,325,922 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 0.1084 | 0.1182 |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 815,197 | $ 785,338 |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.0700 | 0.0700 |
Banking Regulation, Tier One Risk-Based Capital [Abstract] | ||
Banking Regulation, Tier One Risk-Based Capital, Actual | $ 1,306,571 | $ 1,368,818 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Actual | 0.1122 | 0.1220 |
Banking Regulation, Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 989,882 | $ 953,625 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.085 | 0.0850 |
Banking Regulation, Total Capital [Abstract] | ||
Banking Regulation, Total Capital, Actual | $ 1,642,549 | $ 1,744,802 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.1410 | 0.1555 |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $ 1,222,795 | $ 1,178,007 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.1050 | 0.1050 |
Banking Regulation, Tier One Leverage Capital [Abstract] | ||
Banking Regulation, Tier One Leverage Capital, Actual | $ 1,306,571 | $ 1,368,818 |
Banking Regulation, Tier One Leverage Capital Ratio, Actual | 0.0870 | 0.0955 |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | $ 600,410 | $ 573,526 |
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0400 | 0.0400 |
Subsidiaries [Member] | ||
Banking Regulation, Risk-Based Information [Abstract] | ||
Banking Regulation, Common Equity Tier One Risk-Based Capital, Actual | $ 1,513,175 | $ 1,452,403 |
Banking Regulation, Common Equity Tier One Risk-Based Capital Ratio, Actual | 0.1301 | 0.1295 |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 813,974 | $ 784,807 |
Common Equity Tier One Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets | 0.0700 | 0.0700 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized To Risk Weighted Assets | $ 755,833 | $ 728,749 |
Common Equity Tier One Risk Based Capital Required to be Well Capitalized To Risk Weighted Assets | 6.50% | 6.50% |
Banking Regulation, Tier One Risk-Based Capital [Abstract] | ||
Banking Regulation, Tier One Risk-Based Capital, Actual | $ 1,513,708 | $ 1,452,507 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Actual | 0.1302 | 0.1296 |
Banking Regulation, Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 988,397 | $ 952,980 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.0850 | 0.0850 |
Capital Required for Capital Adequacy to Risk Weighted Assets | $ 930,256 | $ 896,922 |
Banking Regulation, Tier One Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.0800 | 0.0800 |
Banking Regulation, Total Capital [Abstract] | ||
Banking Regulation, Total Capital, Actual | $ 1,589,570 | $ 1,560,457 |
Banking Regulation, Total Risk-Based Capital Ratio, Actual | 0.1367 | 0.1392 |
Banking Regulation, Total Risk-Based Capital, Capital Adequacy, Minimum | $ 1,220,960 | $ 1,177,211 |
Banking Regulation, Total Risk-Based Capital Ratio, Capital Adequacy, Minimum | 0.1050 | 0.1050 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | $ 1,162,820 | $ 1,121,153 |
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum | 0.1000 | 0.1000 |
Banking Regulation, Tier One Leverage Capital [Abstract] | ||
Banking Regulation, Tier One Leverage Capital, Actual | $ 1,513,708 | $ 1,452,507 |
Banking Regulation, Tier One Leverage Capital Ratio, Actual | 0.1010 | 0.1014 |
Banking Regulation, Tier One Leverage Capital, Capital Adequacy, Minimum | $ 599,578 | $ 573,094 |
Banking Regulation, Tier One Leverage Capital Ratio, Capital Adequacy, Minimum | 0.0400 | 0.0400 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | $ 749,472 | $ 716,367 |
Banking Regulation, Tier One Leverage Capital Ratio, Well Capitalized, Minimum | 0.0500 | 0.0500 |
CAPITAL - Share Repurchase (Det
CAPITAL - Share Repurchase (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 26, 2020 | |
Banking Regulation, Total Capital [Abstract] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 5,000,000 | |||
Treasury Stock, Shares, Acquired | 4,633,355 | 880,000 | 2,753,272 | |
Treasury Stock Acquired, Average Cost Per Share | $ 23.33 | $ 18.96 | $ 24.05 |
STOCK OPTIONS AND AWARDS (Detai
STOCK OPTIONS AND AWARDS (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Noncash Expense | $ 9,635 | $ 7,678 | $ 7,969 | |
Total unrecognized compensation cost | $ 10,200 | |||
Unrecognized compensation cost, period for recognition (in years) | 1 year 11 months 4 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 3,803,798 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 83,551 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Option Term | 10 years | |||
Options outstanding at end of year | 20,515 | 27,451 | ||
Activity for stock option plan [Roll Forward] | ||||
Outstanding at beginning of year (in shares) | 27,451 | |||
Granted (in shares) | 0 | 0 | 0 | |
Exercised (in shares) | (6,936) | |||
Forfeited or expired (in shares) | 0 | |||
Outstanding at end of year (in shares) | 20,515 | 27,451 | ||
Exercised (in shares) | 20,515 | |||
Weighted average exercise price, outstanding at beginning of year (in dollars per share) | $ 10.53 | |||
Weighted average exercise price, granted (in dollars per share) | 0 | |||
Weighted average exercise price, exercised (in dollars per share) | 9.21 | |||
Weighted average exercise price, forfeited or expired (in dollars per share) | 0 | |||
Weighted average exercise price, outstanding at end of year (in dollars per share) | 10.98 | $ 10.53 | ||
Weighted average exercise price, Exercisable (in dollars per share) | $ 10.98 | |||
Weighted average remaining contractual term, outstanding at end of year (in years) | 1 year 9 months 10 days | |||
Weighted average remaining contractual life, exercisable at end of year (in years) | 1 year 9 months 10 days | |||
Aggregate intrinsic value, outstanding at end of year | $ 275 | |||
Aggregate intrinsic value, exercisable at end of year | 275 | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Total intrinsic value of options exercised | 114 | $ 86 | $ 462 | |
Proceeds from exercise of stock options | 64 | 72 | 90 | |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 2,229 | 1,776 | 1,844 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested in period, total fair value | $ 8,600 | $ 6,100 | $ 7,400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ||||
Number of shares nonvested at beginning of year | 530,569 | 763,283 | 530,569 | 462,446 |
Number of shares granted | 539,020 | 503,311 | 395,023 | |
Number of shares vested | (386,848) | (233,828) | (295,633) | |
Number of shares forfeited | (75,722) | (36,769) | (31,267) | |
Number of shares nonvested at end of year | 839,733 | 763,283 | 530,569 | |
Weighted average of shares fair value, nonvested at beginning of year | $ 27.19 | $ 22.04 | $ 27.19 | $ 26.39 |
Weighted average of shares fair value granted | 22.69 | 18.62 | 26.55 | |
Weighted average of shares fair value vested | 22.24 | 26.07 | 24.94 | |
Weighted average of shares fair value forfeited | 22.86 | 23.79 | 28.63 | |
Weighted average of shares fair value, nonvested at end of year | $ 22.30 | $ 22.04 | $ 27.19 |
EARNINGS PER COMMON SHARE - Com
EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator for basic and diluted earnings per share -income available to common shareholders: | |||
Net income | $ 205,160 | $ 155,810 | $ 198,075 |
Denominator for basic earnings per share - weighted average shares | 95,034,690 | 97,363,952 | 98,305,570 |
Effect of dilutive securities - | |||
Employee stock awards | 862,695 | 729,146 | 545,901 |
Denominator for diluted earnings per share - adjusted weighted average shares | 95,897,385 | 98,093,098 | 98,851,471 |
Basic | $ 2.16 | $ 1.60 | $ 2.01 |
Diluted | $ 2.14 | $ 1.59 | $ 2 |
EARNINGS PER COMMON SHARE - Add
EARNINGS PER COMMON SHARE - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share Disclosure [Line Items] | |||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Antidilutive Stock Options | |||
Earnings Per Share Disclosure [Line Items] | |||
Stock options and warrants with an exercise price greater than the average market price of the common shares not included in the computation of net income per diluted share | 0 | 0 | 0 |
FAIR VALUE DISCLOSURES - Estima
FAIR VALUE DISCLOSURES - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Investment securities held-to-maturity | $ 98,420 | $ 131,687 |
Other investments | 102,971 | 133,198 |
Loans held for sale | 29,500 | 41,100 |
Interest Receivable | 29,457 | 37,700 |
Deposits | ||
Noninterest-bearing | 4,185,572 | 3,763,709 |
Savings | 4,157,374 | 3,680,774 |
Time | 1,330,263 | 1,872,733 |
Deposits | 12,871,954 | 12,232,003 |
Impaired Commercial And Commercial Real Estate Loans Member | ||
Deposits | ||
Principal Amount of Commercial and Commercial Real Estate Loans | 28,800 | 45,300 |
Allowance for Loan and Lease Losses, Real Estate | 9,700 | 13,500 |
Carrying value | ||
Financial assets | ||
Cash and short-term investments | 434,842 | 251,359 |
Investment securities held-to-maturity | 98,420 | 131,687 |
Other investments | 102,971 | 133,198 |
Loans and leases | 9,156,307 | 9,725,291 |
Interest Receivable | 44,627 | 50,903 |
Deposits | ||
Deposits | 12,871,954 | 12,232,003 |
Short-term borrowings | 296,203 | 166,594 |
Long-term debt | 409,832 | 776,202 |
Interest Payable | 4,498 | 6,240 |
Fair value | ||
Financial assets | ||
Cash and short-term investments | 434,842 | 251,359 |
Investment securities held-to-maturity | 99,898 | 136,698 |
Other investments | 102,971 | 133,198 |
Loans and leases | 9,172,111 | 9,743,497 |
Interest Receivable | 44,627 | 50,903 |
Deposits | ||
Deposits | 12,869,567 | 12,238,058 |
Short-term borrowings | 296,203 | 166,594 |
Long-term debt | 411,569 | 774,674 |
Interest Payable | 4,498 | 6,240 |
Fair Value, Inputs, Level 1 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 434,842 | 251,359 |
Investment securities held-to-maturity | 0 | 0 |
Other investments | 1,331 | 837 |
Loans and leases | 0 | 0 |
Interest Receivable | 0 | 0 |
Deposits | ||
Deposits | 0 | 0 |
Short-term borrowings | 296,203 | 166,594 |
Long-term debt | 0 | 0 |
Interest Payable | 0 | 14 |
Fair Value, Inputs, Level 2 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 99,898 | 136,698 |
Other investments | 92,025 | 122,953 |
Loans and leases | 0 | 0 |
Interest Receivable | 15,170 | 13,221 |
Deposits | ||
Deposits | 12,869,567 | 12,238,058 |
Short-term borrowings | 0 | 0 |
Long-term debt | 411,569 | 774,674 |
Interest Payable | 4,498 | 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 | 9,615 | 9,408 |
Loans and leases | 9,172,111 | 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 (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Loans Held-for-sale, Fair Value Disclosure | $ 29,500 | $ 41,100 |
Derivatives | 212,970 | 272,499 |
Liabilities | ||
Derivatives | 212,977 | 272,606 |
Investment Securities, Available-for-sale | 4,207,846 | 3,424,580 |
Impaired Commercial And Commercial Real Estate Loans Member | ||
Liabilities | ||
Principal Amount of Commercial and Commercial Real Estate Loans | 28,800 | 45,300 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | Fair value | ||
Assets | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Derivatives | 0 | |
Total | 34,776 | 103 |
Liabilities | ||
Total | 0 | 0 |
Investment Securities, Available-for-sale | 34,776 | 103 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | Fair value | ||
Assets | ||
Loans Held-for-sale, Fair Value Disclosure | 29,482 | 41,103 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Derivatives | 185,032 | |
Total | 4,377,467 | 3,697,652 |
Liabilities | ||
Total | 213,212 | 273,739 |
Investment Securities, Available-for-sale | 4,134,889 | 3,383,902 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Fair value | ||
Assets | ||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Derivatives | 0 | |
Total | 38,181 | 40,575 |
Liabilities | ||
Total | 0 | 0 |
Investment Securities, Available-for-sale | 38,181 | 40,575 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Assets | ||
Loans Held-for-sale, Fair Value Disclosure | 29,482 | 41,103 |
Derivatives | 185,032 | |
Total | 4,450,424 | 3,738,330 |
Liabilities | ||
Total | 213,212 | 273,739 |
Investment Securities, Available-for-sale | 4,207,846 | 3,424,580 |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Derivatives | 0 | |
Liabilities | ||
Derivatives | 0 | 0 |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Derivatives | 92,328 | |
Liabilities | ||
Derivatives | 92,444 | 186,124 |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Derivatives | 0 | |
Liabilities | ||
Derivatives | 0 | 0 |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Assets | ||
Derivatives | 92,328 | |
Liabilities | ||
Derivatives | 92,444 | 186,124 |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Derivatives | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Derivatives | 120,768 | 87,615 |
Liabilities | ||
Derivatives | 120,768 | 87,615 |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Derivatives | 0 | 0 |
Liabilities | ||
Derivatives | 0 | 0 |
Foreign Exchange [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1, 2 and 3 [Member] | ||
Assets | ||
Derivatives | 120,768 | 87,615 |
Liabilities | ||
Derivatives | $ 120,768 | $ 87,615 |
FAIR VALUE DISCLOSURES - Reconc
FAIR VALUE DISCLOSURES - Reconciliation of Gains and Losses on Level 3 Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 40,575 | $ 9,190 |
Accretion (amortization) | (38) | 1 |
Increase (decrease) fair value | 44 | (17) |
Settlements | (2,400) | 31,401 |
Ending balance | $ 38,181 | $ 40,575 |
FAIR VALUE DISCLOSURES - Summ_2
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) - Fair Value, Measurements, Nonrecurring - Fair value - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | Real Estate Acquired in Satisfaction of Debt | ||
Assets | ||
Total | $ 0 | $ 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial & industrial | ||
Assets | ||
Total | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Commercial real estate | ||
Assets | ||
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Real Estate Acquired in Satisfaction of Debt | ||
Assets | ||
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial & industrial | ||
Assets | ||
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial real estate | ||
Assets | ||
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Real Estate Acquired in Satisfaction of Debt | ||
Assets | ||
Total | 0 | 54 |
Fair Value, Inputs, Level 3 [Member] | Commercial & industrial | ||
Assets | ||
Total | 4,449 | 25,367 |
Fair Value, Inputs, Level 3 [Member] | Commercial real estate | ||
Assets | ||
Total | $ 14,618 | $ 6,432 |
FAIR VALUE DISCLOSURES (Details
FAIR VALUE DISCLOSURES (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 29.5 | $ 41.1 |
Financing Receivable, Held-for-Sale | 27.2 | 35.5 |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 2.3 | 5.6 |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (3.3) | $ 4.6 |
BUSINESS COMBINATIONS - Additio
BUSINESS COMBINATIONS - Additional Information - Narrative (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Cash consideration | $ 53,700 | |||
Stock consideration | 60,900 | |||
Payments for Merger Related Costs | $ 2,600 | |||
Total assets acquired | 74,900 | 185,800 | ||
Total liabilities assumed | 18,400 | 125,894 | $ 0 | $ 18,380 |
Business Combination, Acquired Direct Financing Lease Receivable | 42,300 | |||
Business Combination, Acquired Receivables, Gross Contractual Amount | 73,900 | |||
Goodwill | 57,500 | 62,978 | $ 0 | $ 57,520 |
Bannockburn [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 114,600 | |||
Summit Funding Group, Inc. | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | 127,100 | |||
Cash consideration | 113,500 | |||
Stock consideration | 10,000 | |||
Business Combination, Contingent Consideration, Asset | $ 3,600 |
BUSINESS COMBINATION BUSINESS C
BUSINESS COMBINATION BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | Aug. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Cash consideration | $ 53,700 | |||
Stock consideration | 60,900 | |||
Total assets acquired | 74,900 | $ 185,800 | ||
Total liabilities assumed | 18,400 | 125,894 | $ 0 | $ 18,380 |
Goodwill | $ 57,500 | $ 62,978 | $ 0 | $ 57,520 |
FIRST FINANCIAL BANCORP. (PAR_3
FIRST FINANCIAL BANCORP. (PARENT COMPANY ONLY) FINANCIAL INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Financial Position [Abstract] | ||||
Cash | $ 220,031 | $ 231,054 | $ 200,691 | $ 236,221 |
Other investments | 102,971 | 133,198 | ||
Premises and equipment | 193,040 | 207,211 | ||
Total assets | 16,329,141 | 15,973,134 | ||
Short-term Debt | 296,203 | 166,594 | 1,316,181 | |
Subordinated Debt | 313,248 | 321,384 | ||
Other liabilities | 492,210 | 516,265 | ||
Total liabilities | 14,070,199 | 13,691,064 | ||
Shareholders’ equity | 2,258,942 | 2,282,070 | 2,247,705 | 2,078,249 |
Total liabilities and shareholders’ equity | 16,329,141 | 15,973,134 | ||
Income Statement [Abstract] | ||||
Noninterest income | 171,506 | 189,123 | 131,373 | |
Interest Expense | 31,099 | 68,452 | 123,324 | |
Salaries and employee benefits | 245,924 | 236,779 | 209,061 | |
Professional services | 11,676 | 9,961 | 11,254 | |
Income before income taxes and equity in undistributed net earnings of subsidiaries | 240,933 | 184,411 | 242,862 | |
Income tax expense (benefit) | 35,773 | 28,601 | 44,787 | |
Net income | 205,160 | 155,810 | 198,075 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 156,063 | 191,151 | 254,900 | |
Operating activities | ||||
Net income | 205,160 | 155,810 | 198,075 | |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Depreciation and amortization | 32,136 | 33,337 | 28,138 | |
Stock-based compensation expense | 9,635 | 7,678 | 7,969 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (702) | (9,045) | (575) | |
Deferred income taxes | 12,087 | (8,380) | 12,590 | |
Decrease (increase) in other assets | 138,225 | (288,857) | (165,902) | |
Net cash provided by (used in) operating activities | 390,462 | 109,888 | 186,329 | |
Investing activities | ||||
Net cash acquired (paid) in business combinations | (109,024) | 0 | (51,663) | |
Proceeds from sales and maturities of investment securities | 1,139,498 | 904,821 | 557,034 | |
Payments to Acquire Debt Securities, Available-for-sale | (2,418,290) | (1,551,952) | (834,743) | |
Net cash provided by (used in) investing activities | (512,334) | (1,204,871) | (252,424) | |
Financing activities | ||||
Net (decrease) increase in short-term borrowings | 129,609 | (1,149,587) | 275,490 | |
Cash dividends paid on common stock | (87,316) | (89,691) | (89,097) | |
Treasury stock purchase | (108,077) | (16,686) | (66,218) | |
Proceeds from exercise of stock options, net of shares purchased | 64 | 72 | 90 | |
Net cash provided by (used in) financing activities | 110,849 | 1,125,346 | 30,565 | |
Cash and due from banks at beginning of year | 231,054 | 200,691 | 236,221 | |
Cash and due from banks at end of year | 220,031 | 231,054 | 200,691 | |
Parent Company [Member] | ||||
Statement of Financial Position [Abstract] | ||||
Cash | 49,746 | 172,902 | 55,869 | $ 86,878 |
Other investments | 1,836 | 1,388 | ||
Subordinated notes from subsidiaries | 7,500 | 7,500 | ||
Premises and equipment | 1,311 | 1,328 | ||
Other assets | 77,132 | 68,812 | ||
Total assets | 2,595,037 | 2,607,498 | ||
Short-term Debt | 20,000 | 0 | ||
Subordinated Debt | 310,864 | 320,615 | ||
Dividends payable | 1,042 | 674 | ||
Other liabilities | 4,189 | 4,139 | ||
Total liabilities | 336,095 | 325,428 | ||
Shareholders’ equity | 2,258,942 | 2,282,070 | ||
Total liabilities and shareholders’ equity | 2,595,037 | 2,607,498 | ||
Income Statement [Abstract] | ||||
Interest income | 34 | 27 | 30 | |
Noninterest income | 663 | 272 | 191 | |
Dividends from subsidiaries | 202,000 | 81,725 | 196,800 | |
Total income | 202,697 | 82,024 | 197,021 | |
Interest Expense | 15,900 | 14,172 | 9,552 | |
Salaries and employee benefits | 9,784 | 8,004 | 8,169 | |
Professional services | 2,343 | 1,160 | 1,040 | |
Other | 5,186 | 5,163 | 6,599 | |
Total expenses | 33,213 | 28,499 | 25,360 | |
Income before income taxes and equity in undistributed net earnings of subsidiaries | 169,484 | 53,525 | 171,661 | |
Income tax expense (benefit) | (7,787) | (6,145) | (5,975) | |
Equity in undistributed earnings (loss) of subsidiaries | (27,889) | (96,140) | (20,439) | |
Net income | 205,160 | 155,810 | 198,075 | |
Operating activities | ||||
Net income | 205,160 | 155,810 | 198,075 | |
Adjustments to reconcile net income to net cash provided by operating activities | ||||
Equity in undistributed earnings (loss) of subsidiaries | (27,889) | (96,140) | (20,439) | |
Depreciation and amortization | 859 | 712 | 584 | |
Stock-based compensation expense | 9,635 | 7,678 | 7,969 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (448) | (272) | (191) | |
Deferred income taxes | (224) | (158) | 1,255 | |
(Decrease) increase in dividends payable | 368 | (175) | 384 | |
(Decrease) increase in other liabilities | (751) | (22) | (244) | |
Decrease (increase) in other assets | (8,096) | 8,907 | (6,996) | |
Net cash provided by (used in) operating activities | 178,614 | 76,340 | 180,397 | |
Investing activities | ||||
Capital contributions to subsidiaries | (113,152) | 0 | 0 | |
Net cash acquired (paid) in business combinations | 0 | 0 | (53,660) | |
Proceeds from sales and maturities of investment securities | 0 | 0 | 264 | |
Payments to Acquire Debt Securities, Available-for-sale | 0 | 0 | (500) | |
Net cash provided by (used in) investing activities | (113,152) | 0 | (53,896) | |
Financing activities | ||||
Net (decrease) increase in short-term borrowings | 20,000 | 0 | 0 | |
Proceeds from Issuance of Subordinated Long-term Debt | (10,592) | 150,000 | 0 | |
Cash dividends paid on common stock | (87,316) | (89,691) | (89,097) | |
Treasury stock purchase | (108,077) | (16,686) | (66,218) | |
Proceeds from exercise of stock options, net of shares purchased | 64 | 72 | 90 | |
Other | (2,697) | (3,002) | (2,285) | |
Net cash provided by (used in) financing activities | (188,618) | 40,693 | (157,510) | |
Net increase (decrease) in cash | (123,156) | 117,033 | (31,009) | |
Cash and due from banks at beginning of year | 172,902 | 55,869 | 86,878 | |
Cash and due from banks at end of year | 49,746 | 172,902 | $ 55,869 | |
Commercial Banks [Member] | Parent Company [Member] | ||||
Statement of Financial Position [Abstract] | ||||
Investment in subsidiaries | 2,447,095 | 2,346,009 | ||
Nonbanks [Member] | Parent Company [Member] | ||||
Statement of Financial Position [Abstract] | ||||
Investment in subsidiaries | 10,417 | 9,559 | ||
Subsidiaries [Member] | Parent Company [Member] | ||||
Statement of Financial Position [Abstract] | ||||
Investment in subsidiaries | $ 2,457,512 | $ 2,355,568 |