Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 04, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34762 | |
Entity Registrant Name | FIRST FINANCIAL BANCORP /OH/ | |
Entity Incorporation, State or Country Code | OH | |
Entity Tax Identification Number | 31-1042001 | |
Entity Address, Address Line One | 255 East Fifth Street, Suite 800 | |
Entity Address, City or Town | Cincinnati, | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 45202 | |
City Area Code | 877 | |
Local Phone Number | 322-9530 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 95,154,979 | |
Entity Central Index Key | 0000708955 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
NASDAQ/NGS (GLOBAL SELECT MARKET) [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, No par value | |
Trading Symbol | FFBC | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Gross loans and leases, excluding accrued interest | $ 10,433,385 | $ 10,298,971 |
Less: Allowance for credit losses | (141,591) | (132,977) |
Net loans and leases | 10,291,794 | 10,165,994 |
ASSETS | ||
Cash and due from banks | 199,835 | 207,501 |
Interest-bearing deposits with other banks | 305,465 | 388,182 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 3,384,949 | 3,409,648 |
Investment securities held-to-maturity (fair value $75,762 at March 31, 2023 and $76,485 at December 31, 2022) | 83,070 | 84,021 |
Other investments | 143,606 | 143,160 |
Loans held for sale | 9,280 | 7,918 |
Premises and equipment | 188,959 | 189,080 |
Operating leases | 153,986 | 91,738 |
Goodwill | 1,005,738 | 1,001,507 |
Other Finite-Lived Intangible Assets, Gross | 91,169 | 93,919 |
Accrued interest and other assets | 1,076,033 | 1,220,648 |
Total assets | 16,933,884 | 17,003,316 |
Deposits | ||
Interest-bearing | 2,761,811 | 3,037,153 |
Savings | 3,746,403 | 3,828,139 |
Time | 2,336,368 | 1,700,705 |
Total interest-bearing deposits | 8,844,582 | 8,565,997 |
Noninterest-bearing | 3,830,102 | 4,135,180 |
Total deposits | 12,674,684 | 12,701,177 |
FHLB short-term borrowings | 1,089,400 | 1,130,000 |
Other Short-term Borrowings | 128,160 | 157,156 |
Total short-term borrowings | 1,217,560 | 1,287,156 |
Long-term debt | 342,647 | 346,672 |
Total borrowed funds | 1,560,207 | 1,633,828 |
Accrued interest and other liabilities | 577,497 | 626,938 |
Total liabilities | 14,812,388 | 14,961,943 |
SHAREHOLDERS' EQUITY | ||
Authorized - 160,000,000 shares; Issued - 104,281,794 shares at both March 31, 2023 and December 31, 2022 | 1,629,428 | 1,634,605 |
Retained earnings | 1,016,893 | 968,237 |
Accumulated other comprehensive loss | (328,059) | (358,663) |
Treasury stock, at cost, 9,091,388 shares at March 31, 2023 and 9,390,695 shares at December 31, 2022 | (196,766) | (202,806) |
Total shareholders' equity | 2,121,496 | 2,041,373 |
Total liabilities and shareholders' equity | $ 16,933,884 | $ 17,003,316 |
Common Stock, Shares, Issued | 104,281,794 | 104,281,794 |
Common Stock, Shares Authorized | 160,000,000 | 160,000,000 |
Treasury Stock, Common, Shares | 9,091,388 | 9,390,695 |
Commercial | ||
Gross loans and leases, excluding accrued interest | $ 3,449,289 | $ 3,410,272 |
Lease financing | ||
Gross loans and leases, excluding accrued interest | 273,898 | 236,124 |
Construction real estate | ||
Gross loans and leases, excluding accrued interest | 525,906 | 512,050 |
Commercial real estate | ||
Gross loans and leases, excluding accrued interest | 4,056,627 | 4,052,759 |
Residential real estate | ||
Gross loans and leases, excluding accrued interest | 1,145,069 | 1,092,265 |
Home equity | ||
Gross loans and leases, excluding accrued interest | 724,672 | 733,791 |
Installment | ||
Gross loans and leases, excluding accrued interest | 204,372 | 209,895 |
Credit card | ||
Gross loans and leases, excluding accrued interest | $ 53,552 | $ 51,815 |
CONSOLIDATED BALANCE SHEETS CON
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | $ 75,762 | $ 76,485 |
Debt Securities, Available-for-sale, Amortized Cost | $ 3,763,658 | $ 3,827,418 |
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 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest income | ||
Loans, including fees | $ 169,706 | $ 87,182 |
Investment securities | ||
Taxable | 31,867 | 22,096 |
Tax-exempt | 3,464 | 4,431 |
Total interest on investment securities | 35,331 | 26,527 |
Other earning assets | 3,544 | 120 |
Total interest income | 208,581 | 113,829 |
Interest expense | ||
Deposits | 31,456 | 2,623 |
Short-term borrowings | 12,950 | 317 |
Long-term borrowings | 4,857 | 4,544 |
Total interest expense | 49,263 | 7,484 |
Net interest income | 159,318 | 106,345 |
Provision for Credit Losses-loans and leases | 8,644 | (5,589) |
Provision for credit losses-unfunded commitments | 1,835 | (226) |
Net interest income after provision for credit losses | 148,839 | 112,160 |
Noninterest income | ||
Service Charges on Deposit Accounts | 6,514 | 7,729 |
Trust and wealth management fees | 6,334 | 6,060 |
Bankcard income | 3,592 | 3,337 |
Client derivative fees | 1,005 | 803 |
Foreign exchange income | 16,898 | 10,151 |
Operating Lease, Lease Income | 13,664 | 6,076 |
Net gain from sales of loans | 2,335 | 3,872 |
Net gain (loss) on sales of investment securities | (519) | 3 |
Net gain (loss) on equity securities | 640 | (199) |
Other | 5,080 | 3,462 |
Total noninterest income | 55,543 | 41,294 |
Noninterest expenses | ||
Salaries and employee benefits | 72,254 | 63,947 |
Net occupancy | 5,685 | 5,746 |
Furniture and equipment | 3,317 | 3,567 |
Data processing | 9,020 | 8,264 |
Marketing | 2,160 | 1,700 |
Communication | 634 | 666 |
Professional services | 1,946 | 2,159 |
State intangible tax | 985 | 1,131 |
FDIC assessments | 2,826 | 1,459 |
Intangible assets amortization | 2,600 | 2,914 |
Amortization of operating leases | 7,938 | 3,869 |
Other | 7,328 | 7,383 |
Total noninterest expenses | 116,693 | 102,805 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 87,689 | 50,649 |
Income tax (benefit) expense | 17,286 | 9,348 |
Net income | $ 70,403 | $ 41,301 |
Earnings per common share | ||
Basic | $ 0.75 | $ 0.44 |
Diluted | $ 0.74 | $ 0.44 |
Average common shares outstanding - basic | 93,732,532 | 93,383,932 |
Average common shares outstanding - diluted | 94,960,158 | 94,263,925 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 70,403 | $ 41,301 |
Other comprehensive (loss) income, net of tax | ||
Unrealized gain (loss) on debt securities arising during the period | 30,485 | (142,401) |
Change in retirement obligation | 115 | 346 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | 4 | 11 |
Other comprehensive income (loss) | 30,604 | (142,044) |
Comprehensive income (loss) | $ 101,007 | $ (100,743) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Retained earnings | Accumulated other comprehensive income (loss) | Treasury Stock, Common |
Beginning Balances (in shares) at Dec. 31, 2021 | 104,281,794 | (10,132,554) | |||
Beginning Balances at Dec. 31, 2021 | $ 2,258,942 | $ 1,640,358 | $ 837,473 | $ (433) | $ (218,456) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 41,301 | 41,301 | |||
Other comprehensive income (loss) | (142,044) | (142,044) | |||
Cash dividends declared : | |||||
Common stock at $0.23 per share in 2023 and $0.23 per share in 2022 | (21,596) | (21,596) | |||
Exercise of stock options, net of shares purchased (in shares) | 15,660 | ||||
Exercise of stock options, net of shares purchased | (177) | (160) | $ (337) | ||
Restricted stock awards, net of forfeitures (in shares) | 286,596 | ||||
Restricted stock awards, net of forfeitures | (2,842) | (8,802) | $ 5,960 | ||
Share-based compensation expense | 3,507 | $ 3,507 | |||
Ending Balances (in shares) at Mar. 31, 2022 | 104,281,794 | (9,830,298) | |||
Ending Balances at Mar. 31, 2022 | 2,137,445 | $ 1,634,903 | 857,178 | (142,477) | $ (212,159) |
Retained Earnings (Accumulated Deficit) | 968,237 | ||||
Beginning Balances (in shares) at Dec. 31, 2022 | 104,281,794 | (9,390,695) | |||
Beginning Balances at Dec. 31, 2022 | 2,041,373 | $ 1,634,605 | 968,237 | (358,663) | $ (202,806) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 70,403 | 70,403 | |||
Other comprehensive income (loss) | 30,604 | 30,604 | |||
Cash dividends declared : | |||||
Common stock at $0.23 per share in 2023 and $0.23 per share in 2022 | (21,747) | (21,747) | |||
Exercise of stock options, net of shares purchased (in shares) | 3,468 | ||||
Exercise of stock options, net of shares purchased | (34) | (41) | $ (75) | ||
Restricted stock awards, net of forfeitures (in shares) | 295,839 | ||||
Restricted stock awards, net of forfeitures | (3,787) | (9,752) | $ 5,965 | ||
Share-based compensation expense | 4,616 | $ 4,616 | |||
Ending Balances (in shares) at Mar. 31, 2023 | 104,281,794 | (9,091,388) | |||
Ending Balances at Mar. 31, 2023 | 2,121,496 | $ 1,629,428 | $ 1,016,893 | $ (328,059) | $ (196,766) |
Retained Earnings (Accumulated Deficit) | $ 1,016,893 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.23 | $ 0.23 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net income | $ 70,403 | $ 41,301 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for (recapture of) credit losses | 10,479 | (5,815) |
Depreciation and amortization | 7,520 | 8,107 |
Stock-based compensation expense | 4,616 | 3,507 |
Pension expense (income) | 875 | 625 |
Net amortization (accretion) on investment securities | 1,894 | 4,092 |
Net (gain) loss on sales of investment securities | 519 | (3) |
Unrealized gain (loss) on equity securities | (640) | 199 |
Originations of loans held for sale | (42,174) | (98,958) |
Net gains from sales of loans held for sale | (2,335) | (3,872) |
Proceeds from sales of loans held for sale | 41,926 | 113,939 |
Deferred income taxes | (8,844) | 334 |
Operating Lease, Right-of-Use Asset, Amortization Expense | 1,914 | 1,899 |
Payments for operating leases | (1,970) | (1,942) |
Decrease (increase) cash surrender value of life insurance | 766 | 652 |
Decrease (increase) in interest receivable | (1,866) | 1,846 |
(Decrease) increase in interest payable | 18,746 | 164 |
Decrease (increase) in other assets | 145,295 | 52,590 |
(Decrease) increase in other liabilities | (73,386) | 26,454 |
Net cash provided by (used in) operating activities | 172,206 | 143,815 |
Investing activities | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | 5,003 |
Proceeds from calls, paydowns and maturities of securities available-for-sale | 89,066 | 232,267 |
Payments to Acquire Debt Securities, Available-for-sale | 27,240 | 173,954 |
Proceeds from calls, paydowns and maturities of securities held-to-maturity | 1,009 | 5,906 |
Payments to Acquire Other Investments | 306 | 11,799 |
Proceeds from Maturities, Prepayments and Calls of Other Investments | 0 | 8 |
Net decrease (increase) in interest-bearing deposits with other banks | 82,717 | (12,336) |
Net decrease (increase) in loans and leases | (133,223) | 49,580 |
Proceeds from disposal of other real estate owned | 0 | 98 |
Purchases of premises and equipment | (4,493) | (3,181) |
Net change in operating leases | (62,248) | (12,085) |
Proceeds from Life Insurance Policy | 627 | 3,316 |
Net cash provided by (used in) investing activities | (57,491) | 82,823 |
Financing activities | ||
Net (decrease) increase in total deposits | (26,493) | (53,046) |
Net (decrease) increase in short-term borrowings | (69,596) | (111,203) |
Payments of long-term debt | 4,215 | 30,183 |
Cash dividends paid on common stock | (22,111) | (21,986) |
Proceeds from exercise of stock options | 34 | 177 |
Net cash provided by (used in) financing activities | (122,381) | (216,241) |
Cash and due from banks: | ||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (7,666) | 10,397 |
Cash and due from bank at beginning of period | 207,501 | 220,031 |
Cash and due from bank at end of period | 199,835 | 230,428 |
Supplemental Disclosures | ||
Interest Paid | 30,518 | 7,321 |
Income Taxes Paid | 324 | 170 |
Supplemental schedule for investing activities | ||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets, Net Of Purchase Consideration | (3,290) | 1,028 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 941 | 238 |
Goodwill | 4,231 | (790) |
Cash consideration | $ (3,400) | $ 0 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited financial statements in the Company’s 2022 Form 10-K. Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. Actual realized amounts could differ materially from these estimates. |
RECENTLY ADOPTED AND ISSUED ACC
RECENTLY ADOPTED AND ISSUED ACCOUNTING STANDARDS | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recently Adopted and Issued Accounting Standards Disclosure [Text Block] | ACCOUNTING STANDARDS RECENTLY ADOPTED OR ISSUED Standards Adopted in 2023 In March, 2022, the FASB issued ASU 2022-02 - Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This standard eliminates the accounting guidance on TDRs for creditors in ASC 310-40 and amends the guidance on “vintage disclosures” to require disclosure of current period gross write-offs by year of origination. The ASU also updates the requirements related to accounting for credit losses under ASC 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, for any entities that have adopted ASU 2016-13 - Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The adoption of this standard resulted in amended disclosures in the Company's Consolidated Financial Statements, but did not materially impact the Company's results of operations. Standards Adopted in 2022 During the first quarter of 2022, the SEC issued SAB No. 121. This bulletin adds interpretive guidance on the accounting and disclosure of obligations to safeguard crypto assets held for platform users. This guidance was applicable no later than the financial statements covering the first interim or annual period ending after June 15, 2022. Management reviewed its business activities and determined SAB 121 was not impactful to the Company’s Consolidated Financial Statements as the Company did not safeguard crypto assets at the time of adoption or as of March 31, 2023 . Standards Issued But Not Yet Adopted In March, 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , that is intended to improve the accounting and disclosures for investments in tax credit structures. The ASU is a ratification of the FASB’s EITF consensus that was issued in December, 2022. The ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For the three months ended March 31, 2023, there were no sales of AFS securities. For the three months ended March 31, 2022, there were $5.0 million of sales of AFS securities with insignificant gross realized gains and gross realized losses. The following is a summary of HTM and AFS investment securities as of March 31, 2023: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized loss Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 37,319 $ 0 $ (3,898) $ 33,421 Securities of U.S. government agencies and corporations 0 0 0 0 80,728 0 (12,963) 67,765 Mortgage-backed securities - residential 0 0 0 0 734,761 624 (86,142) 649,243 Mortgage-backed securities - commercial 34,659 0 (3,981) 30,678 669,015 0 (44,121) 624,894 Collateralized mortgage obligations 9,030 0 (684) 8,346 524,394 121 (59,400) 465,115 Obligations of state and other political subdivisions 8,131 172 (186) 8,117 828,948 1,355 (111,128) 719,175 Asset-backed securities 0 0 0 0 746,463 179 (51,567) 695,075 Other securities 31,250 0 (2,629) 28,621 142,030 0 (11,769) 130,261 Total $ 83,070 $ 172 $ (7,480) $ 75,762 $ 3,763,658 $ 2,279 $ (380,988) $ 3,384,949 The following is a summary of HTM and AFS investment securities as of December 31, 2022: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 37,312 $ 0 $ (4,616) $ 32,696 Securities of U.S. government agencies and corporations 0 0 0 0 80,382 0 (13,914) 66,468 Mortgage-backed securities - residential 0 0 0 0 747,478 47 (97,462) 650,063 Mortgage-backed securities - commercial 35,363 0 (4,114) 31,249 676,934 2 (47,374) 629,562 Collateralized mortgage obligations 9,280 0 (827) 8,453 538,970 181 (61,439) 477,712 Obligations of state and other political subdivisions 8,128 105 (201) 8,032 832,066 565 (124,168) 708,463 Asset-backed securities 0 0 0 0 772,261 39 (60,975) 711,325 Other securities 31,250 0 (2,499) 28,751 142,015 0 (8,656) 133,359 Total $ 84,021 $ 105 $ (7,641) $ 76,485 $ 3,827,418 $ 834 $ (418,604) $ 3,409,648 The following table provides a summary of investment securities by contractual maturity as of March 31, 2023, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments. Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Fair Amortized Fair By Contractual Maturity: Due in one year or less $ 0 $ 0 $ 8,119 $ 7,981 Due after one year through five years 2,607 2,720 99,178 93,713 Due after five years through ten years 34,951 32,381 293,272 258,231 Due after ten years 1,823 1,637 688,456 590,697 Mortgage-backed securities - residential 0 0 734,761 649,243 Mortgage-backed securities - commercial 34,659 30,678 669,015 624,894 Collateralized mortgage obligations 9,030 8,346 524,394 465,115 Asset-backed securities 0 0 746,463 695,075 Total $ 83,070 $ 75,762 $ 3,763,658 $ 3,384,949 Unrealized gains and losses on debt securities available for sale are generally due to fluctuations in current market yields relative to the yields of the securities at their amortized cost. All AFS securities with unrealized losses are reviewed quarterly to determine if any impairment exists, requiring a write-down to fair value. For AFS 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 in an unrealized loss position 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 prior to maturity or recovery of the recorded value. Additionally, based on the Company's credit assessment of AFS securities in an unrealized loss position, the Company recorded no reserves for the periods ended March 31, 2023 or December 31, 2022. As of March 31, 2023, the Company's investment securities portfolio consisted of 1,072 securities, of which 856 were in an unrealized loss position. As of December 31, 2022, the Company's investment securities portfolio consisted of 1,251 securities, of which 891 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 at March 31, 2023 or December 31, 2022. Management measures expected credit losses on HTM 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. The Company did not record an ACL for these securities as of March 31, 2023 or December 31, 2022. The following tables provide the fair value and gross unrealized losses of AFS investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: March 31, 2023 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 2,397 $ (34) $ 31,024 $ (3,864) $ 33,421 $ (3,898) Securities of U.S. Government agencies and corporations 0 0 67,765 (12,963) 67,765 (12,963) Mortgage-backed securities - residential 119,487 (3,998) 490,241 (82,144) 609,728 (86,142) Mortgage-backed securities - commercial 84,064 (2,787) 540,830 (41,334) 624,894 (44,121) Collateralized mortgage obligations 89,481 (3,484) 366,249 (55,916) 455,730 (59,400) Obligations of state and other political subdivisions 65,220 (3,941) 537,923 (107,187) 603,143 (111,128) Asset-backed securities 100,004 (2,838) 573,501 (48,729) 673,505 (51,567) Other securities 48,558 (2,442) 81,569 (9,327) 130,127 (11,769) Total $ 509,211 $ (19,524) $ 2,689,102 $ (361,464) $ 3,198,313 $ (380,988) December 31, 2022 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 2,383 $ (46) $ 30,313 $ (4,570) $ 32,696 $ (4,616) Securities of U.S. Government agencies and corporations 0 0 66,468 (13,914) 66,468 (13,914) Mortgage-backed securities - residential 195,972 (10,413) 443,415 (87,049) 639,387 (97,462) Mortgage-backed securities - commercial 440,207 (18,823) 175,530 (28,551) 615,737 (47,374) Collateralized mortgage obligations 199,138 (12,453) 269,242 (48,986) 468,380 (61,439) Obligations of state and other political subdivisions 295,913 (31,196) 368,673 (92,972) 664,586 (124,168) Asset-backed securities 250,946 (9,410) 422,090 (51,565) 673,036 (60,975) Other securities 118,262 (6,865) 9,959 (1,791) 128,221 (8,656) Total $ 1,502,821 $ (89,206) $ 1,785,690 $ (329,398) $ 3,288,511 $ (418,604) The following tables provide the fair value and gross unrealized losses of HTM investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: March 31, 2023 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 0 0 0 0 0 0 Mortgage-backed securities - commercial 0 0 30,678 (3,981) 30,678 (3,981) Collateralized mortgage obligations 0 0 8,346 (684) 8,346 (684) Obligations of state and other political subdivisions 0 0 1,637 (186) 1,637 (186) Asset-backed securities 0 0 0 0 0 0 Other securities 0 0 28,621 (2,629) 28,621 (2,629) Total $ 0 $ 0 $ 69,282 $ (7,480) $ 69,282 $ (7,480) December 31, 2022 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 0 0 0 0 0 0 Mortgage-backed securities - commercial 17,656 (2,197) 13,593 (1,917) 31,249 (4,114) Collateralized mortgage obligations 6,317 (606) 2,136 (221) 8,453 (827) Obligations of state and other political subdivisions 5,160 (201) 0 0 5,160 (201) Asset-backed securities 0 0 0 0 0 0 Other securities 7,082 (418) 21,670 (2,081) 28,752 (2,499) Total $ 36,215 $ (3,422) $ 37,399 $ (4,219) $ 73,614 $ (7,641) For further detail on the fair value of investment securities, see Note 17 – Fair Value Disclosures. |
LOANS AND LEASES
LOANS AND LEASES | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
LOANS AND LEASES | 89 days past due Residential real estate $ 889 $ 0 $ 0 $ 0 Home equity 15 0 0 0 Total $ 904 $ 0 $ 0 $ 0 Nonperforming loans. Effective January 1, 2023, loans classified as nonaccrual are considered nonperforming. Prior to the adoption of ASU 2022-02, nonperforming loans included nonaccrual loans as well as TDRs. 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. The following table provides information on nonperforming loans: March 31, 2023 December 31, 2022 (Dollars in thousands) Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 9,748 $ 4,223 $ 13,971 $ 6,692 $ 1,550 $ 8,242 Lease financing 0 175 175 0 178 178 Construction real estate 0 0 0 0 0 0 Commercial real estate 0 5,362 5,362 5,216 570 5,786 Residential real estate 0 11,129 11,129 0 10,691 10,691 Home equity 0 3,399 3,399 0 3,123 3,123 Installment 0 544 544 0 603 603 Total nonaccrual loans $ 9,748 $ 24,832 $ 34,580 $ 11,908 $ 16,715 $ 28,623 (1) Nonaccrual loans include nonaccrual TDRs of $10.0 million as of December 31, 2022. Three months ended March 31, (Dollars in thousands) 2023 2022 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 716 $ 773 Interest included in income Nonaccrual loans 308 290 Troubled debt restructurings 0 51 Total interest included in income 308 341 Net impact on interest income $ 408 $ 432 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. March 31, 2023 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 11,054 $ 0 $ 2,569 $ 0 $ 0 $ 348 $ 13,971 Lease financing 0 0 175 0 0 0 175 Commercial real estate-investor 0 5 0 0 20 0 25 Commercial real estate-owner 0 3,326 1,893 118 0 0 5,337 Residential real estate 0 0 0 0 11,129 0 11,129 Home equity 0 0 0 0 3,399 0 3,399 Installment 0 0 0 0 0 544 544 Total $ 11,054 $ 3,331 $ 4,637 $ 118 $ 14,548 $ 892 $ 34,580 December 31, 2022 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 8,205 $ 0 $ 0 $ 0 $ 0 $ 37 $ 8,242 Lease financing 0 0 178 0 0 0 178 Commercial real estate-investor 0 353 0 0 22 0 375 Commercial real estate-owner 0 3,399 1,893 119 0 0 5,411 Residential real estate 0 0 0 0 10,691 0 10,691 Home equity 0 0 0 0 3,123 0 3,123 Installment 0 0 0 0 0 603 603 Total $ 8,205 $ 3,752 $ 2,071 $ 119 $ 13,836 $ 640 $ 28,623 Lease financing - Lessor. First Financial originates both sales-type and direct financing leases, and the Company manages and reviews lease residuals in accordance with its credit policies. Payments are generally fixed, however, in some agreements, lease payments may be indexed to a rate or index. 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. The components of the Company's net investments in direct financing and sales-type leases, which are included in Lease financing on the Consolidated Balance Sheets are as follows: (Dollar in thousands) March 31, 2023 December 31, 2022 Direct financing leases Lease receivables $ 31,978 $ 35,081 Unguaranteed residual values 14,387 16,058 Sales-type leases Lease receivables 227,533 184,985 Unguaranteed residual values 0 0 Total net investment in direct financing and sales-type leases $ 273,898 $ 236,124 Interest income for direct financing and sales-type leases was $4.9 million and $0.5 million for the three months ended March 31, 2023 and March 31, 2022, respectively. The remaining maturities of lease receivables were as follows: (Dollars in thousands) Direct financing and Sales-type Remainder of 2023 $ 51,984 2024 63,846 2025 56,909 2026 52,425 2027 29,928 Thereafter 41,426 Total lease payments 296,518 Less: unearned interest income (37,007) Net lease receivables $ 259,511 OREO. OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, that results in partial or total satisfaction of problem loans. Changes in OREO were as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Balance at beginning of period $ 191 $ 98 Additions Commercial & industrial 0 0 Residential real estate 0 72 Total additions 0 72 Disposals Commercial & industrial 0 (98) Residential real estate 0 0 Total disposals 0 (98) Valuation adjustment Commercial & industrial 0 0 Residential real estate 0 0 Total valuation adjustment 0 0 Balance at end of period $ 191 $ 72 " id="sjs-B4" xml:space="preserve">LOANS AND LEASES First Financial offers clients a variety of commercial and consumer loan and lease products with diverse interest rates and payment terms. Commercial loan categories include C&I, CRE, construction real estate and lease financing. Consumer loan categories include residential real estate, home equity, installment and credit card. Lending activities are primarily concentrated in states where the Bank operates banking centers (Ohio, Indiana, Kentucky and Illinois). First Financial also has certain lending platforms that extend beyond the geographic banking center footprint to provide financing to franchise owners and clients within the financial services industry as well as equipment lease financing to commercial businesses. Credit Quality. To facilitate the monitoring of credit quality for commercial loans, First Financial utilizes the following categories of credit grades: Pass - Higher quality loans that do not fit any of the other categories described below. Special Mention - First Financial assigns a special mention rating to loans and leases with potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan, lease or First Financial's credit position at some future date. Substandard - First Financial assigns a substandard rating to loans or leases that are inadequately protected by the current sound financial worth and paying capacity of the borrower or of the collateral pledged, if any. Substandard loans and leases have well-defined weaknesses that jeopardize repayment of the debt. Substandard loans and leases are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not addressed. Doubtful - First Financial assigns a doubtful rating to loans and leases with all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors that may work to the advantage and strengthening of the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition or liquidation procedures, capital injection, perfecting liens on additional collateral and refinancing plans. The credit grades previously described are derived from standard regulatory rating definitions and are assigned upon initial approval of credit to borrowers and updated periodically thereafter. First Financial considers repayment performance to be the best indicator of credit quality for consumer loans. Consumer loans that have principal and interest payments that are past due by 90 days or more are generally classified as nonperforming. In 2022 and all years prior that are presented below, consumer loans that had been modified in a TDR were classified as nonperforming. The following table sets forth the Company's loan portfolio at March 31, 2023 by risk attribute and origination date as well as current period gross chargeoffs: (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Revolving Total Commercial & industrial Pass $ 165,984 $ 869,449 $ 538,860 $ 336,469 $ 202,246 $ 290,318 $ 2,403,326 $ 928,212 $ 3,331,538 Special mention 198 13,090 4,198 3,901 10,194 2,217 33,798 13,855 47,653 Substandard 0 2,812 15,308 10,008 6,653 19,550 54,331 15,767 70,098 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 166,182 $ 885,351 $ 558,366 $ 350,378 $ 219,093 $ 312,085 $ 2,491,455 $ 957,834 $ 3,449,289 YTD Gross chargeoffs $ 0 $ 22 $ 6 $ 0 $ 19 $ 683 $ 730 $ 0 $ 730 Lease financing Pass $ 29,221 $ 187,765 $ 23,349 $ 11,891 $ 10,465 $ 6,925 $ 269,616 $ 0 $ 269,616 Special mention 0 0 0 0 0 0 0 0 0 Substandard 0 4,107 0 0 158 17 4,282 0 4,282 Total $ 29,221 $ 191,872 $ 23,349 $ 11,891 $ 10,623 $ 6,942 $ 273,898 $ 0 $ 273,898 YTD Gross chargeoffs $ 0 $ 0 $ 13 $ 0 $ 0 $ 0 $ 13 $ 0 $ 13 Construction real estate Pass $ 8,249 $ 185,065 $ 209,847 $ 75,338 $ 6,177 $ 6,869 $ 491,545 $ 19,966 $ 511,511 Special mention 0 0 14,395 0 0 0 14,395 0 14,395 Substandard 0 0 0 0 0 0 0 0 0 Total $ 8,249 $ 185,065 $ 224,242 $ 75,338 $ 6,177 $ 6,869 $ 505,940 $ 19,966 $ 525,906 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - investor Pass $ 66,536 $ 665,650 $ 454,273 $ 300,956 $ 689,958 $ 742,866 $ 2,920,239 $ 28,390 $ 2,948,629 Special mention 0 0 13,060 17,134 9,229 51,437 90,860 295 91,155 Substandard 0 0 0 13,874 3,992 44,795 62,661 0 62,661 Doubtful 0 0 0 0 0 0 0 0 0 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Revolving Total Total $ 66,536 $ 665,650 $ 467,333 $ 331,964 $ 703,179 $ 839,098 $ 3,073,760 $ 28,685 $ 3,102,445 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - owner Pass $ 27,575 $ 167,222 $ 148,857 $ 159,185 $ 99,257 $ 308,493 $ 910,589 $ 9,974 $ 920,563 Special mention 0 578 11 1,136 870 14,113 16,708 0 16,708 Substandard 0 0 456 842 5,054 9,909 16,261 650 16,911 Total $ 27,575 $ 167,800 $ 149,324 $ 161,163 $ 105,181 $ 332,515 $ 943,558 $ 10,624 $ 954,182 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 66 $ 66 $ 0 $ 66 Residential real estate Performing $ 65,711 $ 336,483 $ 272,688 $ 201,737 $ 108,797 $ 145,008 $ 1,130,424 $ 0 $ 1,130,424 Nonperforming 0 499 1,277 2,135 2,743 7,991 14,645 0 14,645 Total $ 65,711 $ 336,982 $ 273,965 $ 203,872 $ 111,540 $ 152,999 $ 1,145,069 $ 0 $ 1,145,069 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Home equity Performing $ 4,421 $ 25,913 $ 32,296 $ 37,089 $ 11,365 $ 30,299 $ 141,383 $ 578,148 $ 719,531 Nonperforming 0 5 128 197 0 503 833 4,308 5,141 Total $ 4,421 $ 25,918 $ 32,424 $ 37,286 $ 11,365 $ 30,802 $ 142,216 $ 582,456 $ 724,672 YTD Gross chargeoffs $ 0 $ 0 $ 7 $ 0 $ 0 $ 84 $ 91 $ 0 $ 91 Installment Performing $ 3,282 $ 94,791 $ 34,611 $ 6,118 $ 3,141 $ 5,319 $ 147,262 $ 55,284 $ 202,546 Nonperforming 1 666 590 30 71 32 1,390 436 1,826 Total $ 3,283 $ 95,457 $ 35,201 $ 6,148 $ 3,212 $ 5,351 $ 148,652 $ 55,720 $ 204,372 YTD Gross chargeoffs $ 0 $ 710 $ 769 $ 33 $ 0 $ 12 $ 1,524 $ 0 $ 1,524 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 53,393 $ 53,393 Nonperforming 0 0 0 0 0 0 0 159 159 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 53,552 $ 53,552 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 217 $ 217 The following table sets forth the Company's loan portfolio at December 31, 2022 by risk attribute and origination date: (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Term Total Revolving Total Commercial & industrial Pass $ 879,836 $ 561,890 $ 348,123 $ 209,758 $ 112,282 $ 206,656 $ 2,318,545 $ 971,080 $ 3,289,625 Special mention 2,740 13,821 4,125 14,047 8,523 5,544 48,800 18,055 66,855 Substandard 2,335 5,176 11,886 8,016 3,331 13,812 44,556 9,236 53,792 Total $ 884,911 $ 580,887 $ 364,134 $ 231,821 $ 124,136 $ 226,012 $ 2,411,901 $ 998,371 $ 3,410,272 Lease financing Pass $ 167,035 $ 25,638 $ 13,705 $ 12,797 $ 9,402 $ 2,930 $ 231,507 $ 0 $ 231,507 Special mention 0 0 70 0 0 0 70 0 70 Substandard 4,363 0 0 164 11 9 4,547 0 4,547 Total $ 171,398 $ 25,638 $ 13,775 $ 12,961 $ 9,413 $ 2,939 $ 236,124 $ 0 $ 236,124 Construction real estate Pass $ 89,116 $ 276,639 $ 96,823 $ 4,902 $ 390 $ 353 $ 468,223 $ 23,266 $ 491,489 Special mention 0 14,395 0 0 6,166 0 20,561 0 20,561 Substandard 0 0 0 0 0 0 0 0 0 Total $ 89,116 $ 291,034 $ 96,823 $ 4,902 $ 6,556 $ 353 $ 488,784 $ 23,266 $ 512,050 Commercial real estate - investor Pass $ 643,174 $ 470,085 $ 301,510 $ 719,699 $ 300,772 $ 508,639 $ 2,943,879 $ 26,153 $ 2,970,032 Special mention 0 13,090 23,111 9,297 26,079 13,804 85,381 861 86,242 Substandard 0 6,950 6 4,025 17,178 9,631 37,790 0 37,790 Total $ 643,174 $ 490,125 $ 324,627 $ 733,021 $ 344,029 $ 532,074 $ 3,067,050 $ 27,014 $ 3,094,064 Commercial real estate - owner Pass $ 165,411 $ 155,041 $ 170,587 $ 101,137 $ 112,063 $ 211,377 $ 915,616 $ 11,125 $ 926,741 Special mention 0 0 0 1,479 0 14,040 15,519 0 15,519 Substandard 0 525 844 5,114 3,501 6,451 16,435 0 16,435 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 165,411 $ 155,566 $ 171,431 $ 107,730 $ 115,564 $ 231,868 $ 947,570 $ 11,125 $ 958,695 Residential real estate Performing $ 320,676 $ 274,816 $ 205,948 $ 110,745 $ 51,583 $ 114,642 $ 1,078,410 $ 0 $ 1,078,410 Nonperforming 414 1,615 1,286 2,554 1,755 6,231 13,855 0 13,855 Total $ 321,090 $ 276,431 $ 207,234 $ 113,299 $ 53,338 $ 120,873 $ 1,092,265 $ 0 $ 1,092,265 Home equity Performing $ 26,411 $ 33,414 $ 38,226 $ 11,733 $ 8,051 $ 24,985 $ 142,820 $ 585,712 $ 728,532 Nonperforming 5 136 298 78 104 430 1,051 4,208 5,259 Total $ 26,416 $ 33,550 $ 38,524 $ 11,811 $ 8,155 $ 25,415 $ 143,871 $ 589,920 $ 733,791 Installment Performing $ 100,256 $ 38,694 $ 7,244 $ 3,915 $ 2,861 $ 3,242 $ 156,212 $ 51,854 $ 208,066 Nonperforming 650 794 18 6 20 42 1,530 299 1,829 Total $ 100,906 $ 39,488 $ 7,262 $ 3,921 $ 2,881 $ 3,284 $ 157,742 $ 52,153 $ 209,895 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 51,287 $ 51,287 Nonperforming 0 0 0 0 0 0 0 528 528 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 51,815 $ 51,815 Grand Total $ 2,402,422 $ 1,892,719 $ 1,223,810 $ 1,219,466 $ 664,072 $ 1,142,818 $ 8,545,307 $ 1,753,664 $ 10,298,971 Delinquency. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the date of the scheduled payment. Loan delinquency, including loans classified as nonaccrual, was as follows: As of March 31, 2023 (Dollars in thousands) 30 – 59 60 – 89 > 89 days Total Current Total > 89 days Loans Commercial & industrial $ 2,604 $ 607 $ 540 $ 3,751 $ 3,445,538 $ 3,449,289 $ 0 Lease financing 20,776 1,446 101 22,323 251,575 273,898 0 Construction real estate 0 0 0 0 525,906 525,906 0 Commercial real estate-investor 18 5 0 23 3,102,422 3,102,445 0 Commercial real estate-owner 67 85 5,258 5,410 948,772 954,182 0 Residential real estate 3,341 1,639 2,610 7,590 1,137,479 1,145,069 0 Home equity 1,680 472 1,810 3,962 720,710 724,672 0 Installment 795 555 371 1,721 202,651 204,372 0 Credit card 175 122 160 457 53,095 53,552 159 Total $ 29,456 $ 4,931 $ 10,850 $ 45,237 $ 10,388,148 $ 10,433,385 $ 159 As of December 31, 2022 (Dollars in thousands) 30 – 59 60 – 89 > 89 days Total Current Total > 89 days Loans Commercial & industrial $ 5,375 $ 72 $ 501 $ 5,948 $ 3,404,324 $ 3,410,272 $ 0 Lease financing 5,212 1,052 843 7,107 229,017 236,124 742 Construction real estate 0 0 0 0 512,050 512,050 0 Commercial real estate-investor 0 0 0 0 3,094,064 3,094,064 0 Commercial real estate-owner 26 5,216 44 5,286 953,409 958,695 0 Residential real estate 4,254 2,074 3,260 9,588 1,082,677 1,092,265 0 Home equity 1,725 729 1,209 3,663 730,128 733,791 0 Installment 874 490 414 1,778 208,117 209,895 0 Credit card 261 150 116 527 51,288 51,815 115 Total $ 17,727 $ 9,783 $ 6,387 $ 33,897 $ 10,265,074 $ 10,298,971 $ 857 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. Financial Difficulty Modifications. Effective January 1, 2023, First Financial prospectively adopted ASU 2022-02 which eliminated the accounting for TDRs while establishing a new standard for the treatment of modifications made to borrowers experiencing financial difficulties, defined by First Financial as FDMs or Financial Difficulty Modifications. As such, effective with the adoption of the standard, the Company prospectively will not include FDMs in the calculation of nonperforming loans, nonperforming assets or classified assets. Prior period data, which included TDRs, has not been adjusted. FDM might result when a borrower is in financial distress and may be in the form of principal forgiveness, an interest rate reduction, a term extension or an other-than-insignificant payment delay. In some cases, the Company might provide multiple types of modifications for a single loan. One type of modification, such as delay, may be granted initially. However, if the borrower continues to experience financial difficulty, another modification, such as term extension and/or interest rate reduction might be granted. Loans included in the "combination" column in the table that follows have more than one modification made to the same loan within the current reporting period. Additionally, modifications with a term extension or interest rate reduction are intended to reduce the borrower’s monthly payment, while modifications with a payment delay, which typically allow borrowers to make monthly payments, interest only payments for a period of time, are structured to cure the payment defaults by making delinquent payments due at maturity. Payment deferrals may be up to one year and have minimal financial impact since the deferred payments are paid at maturity. The following table provides the amortized cost basis of FDM as of March 31, 2023 by class of loan and type of modification: March 31, 2023 (Dollars in thousands) Principal forgiveness Payment delay Term extension Interest rate reduction Combination: Term extension and interest rate reduction Total Percent of total class of loans Residential real estate $ 0 $ 725 $ 106 $ 0 $ 58 $ 889 0.08 % Home equity 0 0 0 0 15 15 0.00 % Total $ 0 $ 725 $ 106 $ 0 $ 73 $ 904 0.08 % The following table provides the financial effect of FDM as of March 31, 2023: March 31, 2023 (Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension Residential real estate $ 0 2.00 % 11.6 years Home equity 0 0.31 % 22.6 years Total $ 0 1.66 % 12.5 years The Company has committed to lend no additional amounts to the borrowers experiencing financial difficulty. Additionally, there were no loan modifications made to borrowers experiencing financial difficulty during the quarter ended March 31, 2023, that subsequently defaulted. The Company closely monitors the performance of FDM to understand the effectiveness of its modification efforts. The following table provides the performance of loans that have been modified since the January 1, 2023 adoption date of ASU 2022-02: Payment status as of March 31, 2023 (Dollars in thousands) Current 30 – 59 days past due 60 – 89 days past due > 89 days past due Residential real estate $ 889 $ 0 $ 0 $ 0 Home equity 15 0 0 0 Total $ 904 $ 0 $ 0 $ 0 Nonperforming loans. Effective January 1, 2023, loans classified as nonaccrual are considered nonperforming. Prior to the adoption of ASU 2022-02, nonperforming loans included nonaccrual loans as well as TDRs. 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. The following table provides information on nonperforming loans: March 31, 2023 December 31, 2022 (Dollars in thousands) Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 9,748 $ 4,223 $ 13,971 $ 6,692 $ 1,550 $ 8,242 Lease financing 0 175 175 0 178 178 Construction real estate 0 0 0 0 0 0 Commercial real estate 0 5,362 5,362 5,216 570 5,786 Residential real estate 0 11,129 11,129 0 10,691 10,691 Home equity 0 3,399 3,399 0 3,123 3,123 Installment 0 544 544 0 603 603 Total nonaccrual loans $ 9,748 $ 24,832 $ 34,580 $ 11,908 $ 16,715 $ 28,623 (1) Nonaccrual loans include nonaccrual TDRs of $10.0 million as of December 31, 2022. Three months ended March 31, (Dollars in thousands) 2023 2022 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 716 $ 773 Interest included in income Nonaccrual loans 308 290 Troubled debt restructurings 0 51 Total interest included in income 308 341 Net impact on interest income $ 408 $ 432 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. March 31, 2023 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 11,054 $ 0 $ 2,569 $ 0 $ 0 $ 348 $ 13,971 Lease financing 0 0 175 0 0 0 175 Commercial real estate-investor 0 5 0 0 20 0 25 Commercial real estate-owner 0 3,326 1,893 118 0 0 5,337 Residential real estate 0 0 0 0 11,129 0 11,129 Home equity 0 0 0 0 3,399 0 3,399 Installment 0 0 0 0 0 544 544 Total $ 11,054 $ 3,331 $ 4,637 $ 118 $ 14,548 $ 892 $ 34,580 December 31, 2022 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 8,205 $ 0 $ 0 $ 0 $ 0 $ 37 $ 8,242 Lease financing 0 0 178 0 0 0 178 Commercial real estate-investor 0 353 0 0 22 0 375 Commercial real estate-owner 0 3,399 1,893 119 0 0 5,411 Residential real estate 0 0 0 0 10,691 0 10,691 Home equity 0 0 0 0 3,123 0 3,123 Installment 0 0 0 0 0 603 603 Total $ 8,205 $ 3,752 $ 2,071 $ 119 $ 13,836 $ 640 $ 28,623 Lease financing - Lessor. First Financial originates both sales-type and direct financing leases, and the Company manages and reviews lease residuals in accordance with its credit policies. Payments are generally fixed, however, in some agreements, lease payments may be indexed to a rate or index. 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. The components of the Company's net investments in direct financing and sales-type leases, which are included in Lease financing on the Consolidated Balance Sheets are as follows: (Dollar in thousands) March 31, 2023 December 31, 2022 Direct financing leases Lease receivables $ 31,978 $ 35,081 Unguaranteed residual values 14,387 16,058 Sales-type leases Lease receivables 227,533 184,985 Unguaranteed residual values 0 0 Total net investment in direct financing and sales-type leases $ 273,898 $ 236,124 Interest income for direct financing and sales-type leases was $4.9 million and $0.5 million for the three months ended March 31, 2023 and March 31, 2022, respectively. The remaining maturities of lease receivables were as follows: (Dollars in thousands) Direct financing and Sales-type Remainder of 2023 $ 51,984 2024 63,846 2025 56,909 2026 52,425 2027 29,928 Thereafter 41,426 Total lease payments 296,518 Less: unearned interest income (37,007) Net lease receivables $ 259,511 OREO. OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, that results in partial or total satisfaction of problem loans. Changes in OREO were as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Balance at beginning of period $ 191 $ 98 Additions Commercial & industrial 0 0 Residential real estate 0 72 Total additions 0 72 Disposals Commercial & industrial 0 (98) Residential real estate 0 0 Total disposals 0 (98) Valuation adjustment Commercial & industrial 0 0 Residential real estate 0 0 Total valuation adjustment 0 0 Balance at end of period $ 191 $ 72 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Allowance for credit losses - loans and leases. The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. 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. Similarly, u pon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Cumulative recovery payments credited to the ACL for any loan do not exceed the amount charged-off. Accrued interest receivable on loans and leases, which totaled $49.1 million and $47.5 million as of March 31, 2023 and December 31, 2022, respectively , is excluded from the estimate of credit losses. Management estimates the allowance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the ACL using the following methods: Commercial and industrial – C&I loans include revolving lines of credit and term loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, leasehold improvements or other projects. C&I loans are generally underwritten individually and secured with the assets of the Company and/or the personal guarantee of the business owners. C&I loans also include ABL, equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector and commission-based loans to insurance agents and brokers. ABL transactions typically involve larger commercial clients and are secured by specific assets, such as inventory, accounts receivable, machinery and equipment. In the franchise lending space, First Financial focuses on a limited number of restaurant concepts that have sound economics, low closure rates and strong brand awareness within specified local, regional or national markets. Within the insurance lending platform, First Financial serves insurance agents and brokers that are looking to maximize their book-of-business value and grow their agency business. Current period default rates are utilized in the modeling of the ACL for C&I loans, and are adjusted for forecasted changes in the treasury term spread and market volatility index. Changes in current period defaults or forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Lease financing – Lease financing consists of lease transactions for the acquisition of both new and used business equipment for commercial clients. Lease products may include tax leases, finance leases, lease lines of credit and interim funding. The credit underwriting for lease transactions includes detailed analysis of the lessee's industry and business model, nature of the equipment, equipment resale values, historical and projected cash flow analysis, secondary sources of repayment and guarantor support in addition to other considerations. The ACL model for leases sources expected default rates from the C&I portfolio model. Therefore, changes in forecasted expectations for the treasury term spread and market volatility index could result in volatility in the Company's ACL in future periods. Construction real estate – Real estate construction loans are term loans to individuals, companies or developers used for the construction or development of a commercial or residential property for which repayment will be generated by the sale or permanent financing of the property. Generally, these loans are for construction projects that have been pre-sold, pre-leased or have secured permanent financing, as well as loans to real estate companies with significant equity invested in the project. An independent credit team underwrites construction real estate loans, which are managed by experienced lending officers and monitored through the construction phase by a centralized funding desk that manages loan disbursements. The construction ACL model is adjusted for forecasted changes in rental vacancy rates in the Bank's geographic footprint and the housing price index. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Commercial real estate - owner & investor – Commercial real estate loans consist of term loans secured by a mortgage lien on real estate properties such as apartment buildings, office and industrial buildings and retail shopping centers. Additionally, the Company's franchise lending activities discussed in the "Commercial and Industrial" section often include the financing of real estate in addition to equipment. The credit underwriting for both owner-occupied and investor income producing real estate loans includes detailed market analysis, historical and projected cash flow analysis, appropriate equity margins, assessment of lessees and lessors, environmental risks and the type, age, condition and location of real estate, among other factors. First Financial models owner-occupied and investor CRE separately when determining the ACL. For owner occupied CRE, current period default rates are utilized in the modeling, and are adjusted for forecasted changes in the BAA bond spread, national rental vacancy rates and the consumer confidence index. Current period default rates are also utilized in the modeling of investor CRE loans, and are adjusted for forecasted changes in the BAA bond spread, multifamily building permits within the Bank’s geographic footprint and national rental vacancy rates. Changes in current period defaults and forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Residential real estate – Residential real estate loans represent loans to consumers for the financing of a residence. These loans generally have a 15 to 30 year term and a fixed interest rate, but may have a shorter term to maturity with an adjustable interest rate. In most cases, these loans are extended to borrowers to finance their primary residence. First Financial sells residential real estate loan originations into the secondary market on both servicing retained and servicing released bases. Residential real estate loans are generally underwritten to secondary market lending standards, utilizing underwriting processes that rely on empirical data to assess credit risk as well as analysis of the borrower's ability to repay their obligations, credit history, the amount of any down payment and the market value or other characteristics of the property. First Financial also offers a residential mortgage product that features similar borrower credit characteristics but a more streamlined underwriting process than typically required to sell to government-sponsored enterprises and thus is retained on the Consolidated Balance Sheets. The residential real estate ACL model is adjusted for forecasted changes in the housing price index, housing starts within the Bank’s geographic footprint and national single-family existing home sa l es. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Home equity – Home equity lending includes both term 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 March baseline forecast as its R&S forecast in the quantitative model. 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, such as franchise, hotel and investor commercial real estate lending when making qualitative adjustments to the ACL model. First Financial's ACL is influenced by loan volumes, risk rating migration or delinquency status, and other conditions impacting loss expectations, such as reasonable and supportable forecasts of economic conditions. For the three months ended March 31, 2023, the ACL increased from year end due to loan growth, slower prepayment speeds, and changes in economic forecasts. Changes in the allowance by loan category were as follows: Three months ended March 31, 2023 (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 $ 42,313 $ 3,571 $ 13,527 $ 41,106 $ 12,684 $ 12,447 $ 4,945 $ 2,384 $ 132,977 Provision for credit losses 4,213 391 119 (1,258) 2,786 944 1,218 231 8,644 Loans charged off (730) (13) 0 (66) 0 (91) (1,524) (217) (2,641) Recoveries 109 1 0 2,238 66 80 54 63 2,611 Total net charge-offs (621) (12) 0 2,172 66 (11) (1,470) (154) (30) Ending allowance for credit losses $ 45,905 $ 3,950 $ 13,646 $ 42,020 $ 15,536 $ 13,380 $ 4,693 $ 2,461 $ 141,591 Three months ended March 31, 2022 (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 $ 44,052 $ 1,633 $ 11,874 $ 53,420 $ 6,225 $ 9,643 $ 1,097 $ 4,048 $ 131,992 Provision for credit losses (3,803) 558 (464) (2,130) (141) (211) 134 468 (5,589) Loans charged off (2,845) (131) 0 0 (22) (21) (177) (246) (3,442) Recoveries 379 33 0 222 90 265 21 159 1,169 Total net charge-offs (2,466) (98) 0 222 68 244 (156) (87) (2,273) Ending allowance for credit losses $ 37,783 $ 2,093 $ 11,410 $ 51,512 $ 6,152 $ 9,676 $ 1,075 $ 4,429 $ 124,130 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. 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 ACL methodology at the time. The ACL on unfunded commitments was $20.2 million as of March 31, 2023 and $18.4 million as of December 31, 2022. Additionally, First Financial recorded a provision for credit losses on unfunded commitments of $1.8 million for the three months ended March 31, 2023. First Financial recorded provision recapture of $0.2 million for the three months ended March 31, 2022. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill. Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. Changes in the carrying amount of goodwill for the three months ended March 31, 2023 and March 31, 2022 were as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Balance at beginning of period $ 1,001,507 $ 1,000,749 Goodwill resulting from business combinations 4,231 (790) Balance at end of period $ 1,005,738 $ 999,959 In the first quarter of 2023, First Financial recorded $4.2 million of goodwill related to the acquisition of the assets of Brady Ware Capital. Brady Ware Capital specializes in buy-side and sell-side consulting services for mid-sized businesses. This acquisition is consistent with First Financial's approach of adding niche financial services to core banking capabilities and further expands our broad service offerings. The fair value measurements of Brady Ware assets and liabilities 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 January 2024. In the first quarter of 2022, First Financial recorded adjustments of $0.8 million to goodwill resulting from the acquisition of Summit Funding Group, Inc. First Financial recorded its final adjustments to goodwill related to the Summit acquisition in the fourth quarter of 2022. Goodwill is evaluated for impairment on an annual basis as of October 1 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. First Financial performed its most recent annual impairment test as of October 1, 2022 and no impairment was indicated. As of March 31, 2023, 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, mortgage servicing rights 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 5.0 years. First Financial recorded a 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 and was $27.0 million and $27.6 million at March 31, 2023 and December 31, 2022, respectively. Additionally, First Financial recorded a 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 and was $26.6 million and $27.5 million at March 31, 2023 and December 31, 2022, respectively. Amortization expense recognized on other intangible assets for the three months ended March 31, 2023 and March 31, 2022 was $3.3 million and $3.7 million, which includes MSR amortization of $0.7 million and $0.8 million, respectively. MSR amortization is included in other noninterest income on the Consolidated Statements of Income. Mortgage servicing rights represent the value of servicing fees First Financial expects to receive from the servicing responsibilities it retained when selling fixed and adjustable-rate residential mortgage loans. In those sales, First Financial retained servicing responsibilities and provided certain standard representations and warranties; however, the investors have no recourse to the Company’s other assets for failure of debtors to pay when due. First Financial receives servicing fees based on a percentage of the outstanding balance. When First Financial sells mortgage loans with servicing rights retained, these servicing rights are initially recorded at fair value. First Financial has selected the “amortization method” as permissible within U.S. GAAP, whereby the servicing rights capitalized are amortized in proportion to and over the period of estimated future servicing income with respect to the underlying loan. At the end of each reporting period, the carrying value of MSRs is assessed for impairment with a comparison to fair value. MSRs are carried at the lower of their amortized cost or fair value. The amortization of MSRs is included within other noninterest income in the Consolidated Statements of Income. The gross carrying amount and accumulated amortization of other intangible assets at March 31, 2023 and December 31, 2022 were as follows: (Dollars in thousands) March 31, 2023 December 31, 2022 Gross Accumulated Gross Accumulated Core deposit intangibles $ 41,750 $ (27,215) $ 41,750 $ (26,488) Customer list 69,563 (15,981) 69,563 (14,457) Other 10,960 (4,253) 14,079 (7,064) Mortgage servicing rights 21,623 (5,278) 21,347 (4,811) Total $ 143,896 $ (52,727) $ 146,739 $ (52,820) |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lessee, Operating Leases | LEASES - LESSEE 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. For contracts where First Financial is a lessee, substantially all of those agreements are for real estate property for branches, ATM locations and office space. Substantially all of the company's leases are classified as operating leases. Under Topic 842, operating lease agreements are 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 ROU asset in Accrued interest and other assets on the Consolidated Balance Sheets and was $53.2 million and $54.3 million at March 31, 2023 and December 31, 2022, 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 $63.2 million and $64.5 million lease liability in Accrued interest and other liabilities on the Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. The calculated amount of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of minimum lease payments. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. Leases with an initial term of 12 months or less are not recorded on the balance sheet and First Financial recognizes lease expense for these leases on a straight-line basis over the term of the lease. Most leases include one or more options to renew, with renewal terms that can extend the lease term from one to 20 years or more. The exercise of renewal options on operating leases is at the Company's sole discretion, and certain leases may include options to purchase the leased property. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. First Financial does not enter into lease agreements which contain material residual value guarantees or material restrictive covenants. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements and leases generally also include real estate taxes and common area maintenance charges in the annual rental payments. The components of lease expense were as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Operating lease cost $ 1,914 $ 1,899 Short-term lease cost 0 3 Variable lease cost 758 739 Total operating lease cost $ 2,672 $ 2,641 Future minimum commitments due under these lease agreements as of March 31, 2023 are as follows: (Dollars in thousands) Operating leases 2023 (remaining nine months) $ 5,746 2024 7,359 2025 7,052 2026 6,782 2027 6,224 Thereafter 46,828 Total lease payments 79,991 Less imputed interest (16,789) Total $ 63,202 The weighted average remaining lease term and discount rate for the Company's operating leases were as follows: March 31, 2023 December 31, 2022 Operating leases Weighted-average remaining lease term 13.0 years 13.1 years Weighted-average discount rate 3.30 % 3.29 % Supplemental cash information at March 31, 2023 and 2022 related to leases was as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,970 $ 1,942 ROU assets obtained in exchange for lease obligations Operating leases 501 2,001 |
OPERATING LEASES
OPERATING LEASES | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Operating Leases - Lessor | OPERATING LEASES - LESSORFirst Financial provides financing for various types of equipment through a variety of leasing arrangements. Operating leases are carried at cost less accumulated depreciation in the Consolidated Balance Sheets. Operating leases were $154.0 million and $91.7 million at March 31, 2023 and December 31, 2022, respectively, net of accumulated depreciation of $42.2 million and $35.0 million at March 31, 2023 and December 31, 2022, respectively. The Company recorded lease income of $10.2 million and $4.7 million related to lease payments for operating leases in leasing business revenue in the Consolidated Statement of Income for the three months ended March 31, 2023 and 2022, respectively. Depreciation expense related to operating lease equipment was $7.9 million and $3.9 million for the three months ended March 31, 2023 and 2022, respectively. First Financial performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. First Financial recognized no impairment losses associated with operating lease assets for the three months ended March 31, 2023 or 2022. Recognized impairment losses, if any, would be recorded in Leasing business income in the Consolidated Statements of Income. The future lease payments receivable from operating leases as of March 31, 2023 are as follows: (Dollars in thousands) Undiscounted cash flows 2023 (remaining nine months) $ 26,638 2024 30,263 2025 21,311 2026 13,299 2027 5,297 Thereafter 2,009 Total operating lease payments $ 98,817 |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2023 | |
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. As of both March 31, 2023 and December 31, 2022, the Bank had no securities sold under agreements to repurchase. First Financial had no federal funds purchased at March 31, 2023 or December 31, 2022, while the Company had $1.1 billion in short-term borrowings with the FHLB at both March 31, 2023 and December 31, 2022. These short-term borrowings are used to manage normal liquidity needs and support the Company's asset and liability management strategies. Additionally, at March 31, 2023 and December 31, 2022, other short-term borrowings included $128.2 million and $157.2 million, respectively, of collateral owed by counterparty banks to First Financial. First Financial also has a $40.0 million short-term credit facility with an unaffiliated bank that matures in December, 2023, which is considered a short-term borrowing. 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 both March 31, 2023 and December 31, 2022, First Financial had no outstanding balance. 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 both March 31, 2023 and December 31, 2022. 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 short-term borrowings: (Dollars in thousands) March 31, 2023 December 31, 2022 FHLB short-term borrowings $ 1,089,400 $ 1,130,000 Other short-term borrowings 128,160 157,156 Total short-term borrowings $ 1,217,560 $ 1,287,156 First Financial had $342.6 million and $346.7 million of long-term debt as of March 31, 2023 and December 31, 2022 respectively, which included subordinated notes, capital lease liabilities and an interest free loan with a municipality. The following is a summary of First Financial's long-term debt: March 31, 2023 December 31, 2022 (Dollars in thousands) Amount Average rate Amount Average rate Subordinated notes $ 313,820 5.52 % $ 313,705 5.48 % Unamortized debt issuance costs (1,902) N/A (1,998) N/A Notes issued in conjunction with acquisition of property and equipment 28,277 4.42 % 32,492 4.44 % Capital lease liability 1,677 3.83 % 1,698 3.82 % Capital loan with municipality 775 0.00 % 775 0.00 % Total long-term debt $ 342,647 5.44 % $ 346,672 5.40 % 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 April 2020, First Financial issued $150.0 million of fixed to floating rate subordinated notes. These subordinated notes have an initial fixed interest rate of 5.25% to, but excluding, May 15, 2025, payable semi-annually in arrears. From, and including, May 15, 2025, the interest rate on the subordinated notes will reset quarterly to a floating rate per annum equal to a benchmark rate, which is expected to be the then-current three-month term SOFR, plus 509 basis points, payable quarterly in arrears. The subordinated notes mature on May 15, 2030. These notes are redeemable by the Company in whole or in part beginning with the interest payment date of May 15, 2025. In 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. These notes were recorded at fair value at the date of the MSFG merger and the Consolidated Balance Sheets include $43.8 million and $43.7 million for these notes at March 31, 2023 and December 31, 2022, respectively. 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. 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, long-term borrowings included $28.3 million and $32.5 million of term notes, both with and without recourse, with an average interest rate of 4.42% and 4.44% at March 31, 2023 and December 31, 2022, respectively. These term notes were used to finance equity investments in the purchase of equipment to be leased to customers. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2023 | |
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 following table summarizes the changes within each classification of AOCI: Three months ended March 31, 2023 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 $ 39,617 $ 519 $ 39,098 $ (8,613) $ 30,485 $ (325,925) $ 30,485 $ (295,440) Retirement obligation 0 (150) 150 (35) 115 (32,023) 115 (31,908) Foreign currency translation 4 0 4 0 4 (715) 4 (711) Total $ 39,621 $ 369 $ 39,252 $ (8,648) $ 30,604 $ (358,663) $ 30,604 $ (328,059) Three months ended March 31, 2022 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 $ (182,479) $ (3) $ (182,476) $ 40,075 $ (142,401) $ 21,038 $ (142,401) $ (121,363) Retirement obligation 0 (325) 325 21 346 (20,846) 346 (20,500) Foreign currency translation 11 0 11 0 11 (625) 11 (614) Total $ (182,468) $ (328) $ (182,140) $ 40,096 $ (142,044) $ (433) $ (142,044) $ (142,477) The following table presents the activity reclassified from accumulated other comprehensive income into income during the three month periods ended March 31, 2023 and 2022, respectively: Amount reclassified from Three months ended March 31, (Dollars in thousands) 2023 2022 Affected Line Item in the Consolidated Statements of Income Realized gain (loss) on securities available-for-sale $ 519 $ (3) Net gain (loss) on sales of investments securities Defined benefit pension plan Amortization of prior service cost (1) 0 75 Other noninterest expense Recognized net actuarial loss (1) (150) (400) Other noninterest expense Defined benefit pension plan total (150) (325) Total reclassifications for the period, before tax $ 369 $ (328) (1) Included in the computation of net periodic pension cost (see Note 14 - Employee Benefit Plans for additional details). |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES First Financial uses certain derivative instruments, including interest rate caps, floors, swaps and foreign exchange contracts, to meet the needs of its clients while managing the interest and currency rate risk associated with certain transactions. First Financial may also utilize interest rate swaps to manage the interest rate risk profile of the Company. Interest rate payments are exchanged with counterparties based on the notional amount established in the interest rate agreement. As only interest rate payments are exchanged, the cash requirements and credit risk associated with interest rate swaps are significantly less than the notional amount and the Company’s credit risk exposure is limited to the market value of the instruments. First Financial does not use derivatives for speculative purposes. First Financial manages market value credit risk through counterparty credit policies including a review of total derivative notional position to total assets, total credit exposure to total capital and counterparty credit exposure risk. Client derivatives. First Financial utilizes interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. At March 31, 2023, for the interest rate derivatives, the Company had a total counterparty notional amount outstanding of $2.2 billion, spread among six counterparties, with an estimated fair value of $107.7 million. At December 31, 2022, the Company had interest rate derivatives with a total counterparty notional amount outstanding of $2.2 billion, spread among six counterparties, with an estimated fair value of $145.8 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 monitors derivative credit risk exposure related to problem loans through its ACL Committee. First Financial considers the market value of a derivative instrument to be part of the carrying value of the related loan for these purposes as the borrower is contractually obligated to pay First Financial this amount in the event the derivative contract is terminated. In connection with its use of derivative instruments, First Financial and its counterparties may be required to post cash collateral to offset the market position of the derivative instruments. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties. Foreign exchange contracts. First Financial may enter into foreign exchange derivative contracts for the benefit of commercial customers to hedge their exposure to foreign currency fluctuations. Similar to the hedging of interest rate risk from interest rate derivative contracts, First Financial also enters into foreign exchange contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven foreign exchange activity. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Foreign exchange income in the Consolidated Statements of Income. The Company has risk limits and internal controls in place to help ensure excessive risk is not being taken in providing this service to customers. These controls include an independent determination of currency volatility and credit equivalent exposure on these contracts, counterparty credit approvals and country limits performed by independent risk management. At March 31, 2023, the Company had total counterparty notional amount outstanding of $7.9 billion spread among five counterparties, with an estimated fair value of $21.5 million . At December 31, 2022, the Company had total counterparty notional amounts outstanding of $7.7 billion spread among five counterparties, with an estimated fair value of $17.3 million. In connection with its use of foreign exchange contracts, First Financial and its counterparties may be required to post cash collateral to offset the market position of the derivative instruments. First Financial maintains the right to offset these derivative positions with the collateral posted against them by or with the relevant counterparties. The following table details the classification and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: March 31, 2023 December 31, 2022 Estimated fair value Estimated fair value (Dollars in thousands) Balance sheet classification Notional Gain Loss Notional Gain Loss Client derivatives - instruments associated with loans Matched interest rate swaps with borrower Accrued interest and other assets $ 2,248,403 $ 10,458 $ (114,269) $ 2,206,351 $ 5,057 $ (147,759) Matched interest rate swaps with counterparty Accrued interest and other liabilities 2,248,403 114,269 (10,458) 2,206,351 147,759 (5,057) Foreign exchange contracts Matched foreign exchange contracts with customers Accrued interest and other assets 7,927,466 99,348 (77,863) 7,734,395 111,078 (93,804) Match foreign exchange contracts with counterparty Accrued interest and other liabilities 7,881,266 77,863 (99,348) 7,681,006 93,804 (111,078) Total $ 20,305,538 $ 301,938 $ (301,938) $ 19,828,103 $ 357,698 $ (357,698) The following table discloses the gross and net amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: March 31, 2023 December 31, 2022 (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 (1) Matched interest rate swaps with counterparty $ 124,727 $ (252,151) $ (127,424) $ 152,816 $ (314,048) $ (161,232) Foreign exchange contracts with counterparty 177,211 (89,625) 87,586 204,882 (101,945) 102,937 Total $ 301,938 $ (341,776) $ (39,838) $ 357,698 $ (415,993) $ (58,295) (1) Includes accrued interest receivable and collateral. The following table details the derivative financial instruments, the average remaining maturities and the weighted-average interest rates being paid and received by First Financial at March 31, 2023: (Dollars in thousands) Notional Average Fair Client derivatives-interest rate contracts Receive fixed, matched interest rate swaps with borrower $ 2,248,403 5.2 $ (103,811) Pay fixed, matched interest rate swaps with counterparty 2,248,403 5.2 103,811 Client derivatives-foreign exchange contracts Foreign exchange contracts-pay USD 7,927,466 0.6 21,485 Foreign exchange contracts-receive USD 7,881,266 0.6 (21,485) Total client derivatives $ 20,305,538 1.6 $ 0 At March 31, 2023, the derivative collateral owed by the Company to counterparty banks was $102.1 million with $26.1 million restricted within cash and due from banks on the Company's Consolidated Balance Sheets and $128.2 million recorded in short-term borrowings. Derivative collateral owed by counterparty banks to the Company at December 31, 2022 was $132.2 million with $25.0 million restricted within cash and due from banks and $157.2 million recorded in short-term borrowings. 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 $386.8 million as of March 31, 2023 and $379.3 million as of December 31, 2022. The fair value of these agreements is recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets and was insignificant at March 31, 2023 and at December 31, 2022. Mortgage derivatives. First Financial enters into IRLCs and forward commitments for the future delivery of mortgage loans to third party investors, which are considered derivatives. When borrowers secure IRLCs with First Financial and the loans are intended to be sold, First Financial will enter into forward commitments for the future delivery of the loans to third party investors in order to hedge against the effect of changes in interest rates impacting IRLCs and loans held for sale. At March 31, 2023, the notional amount of the IRLCs was $32.0 million and the notional amount of forward commitments was $27.5 million. As of December 31, 2022, the notional amount of IRLCs was $12.0 million and the notional amount of forward commitments was $15.3 million. The fair value on these agreements was $0.5 million and $4.3 million at March 31, 2023 and December 31, 2022, respectively, and was recorded in accrued interest and other assets on the Consolidated Balance Sheets. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES First Financial offers a variety of financial instruments including loan commitments and letters of credit to assist clients in meeting their requirement for liquidity and credit enhancement. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. First Financial utilizes the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. First Financial’s exposure to credit loss in the event of non-performance by the counterparty was represented by the contractual amounts of those instruments. First Financial adopted ASC 326 and therefore 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. First Financial had $20.2 million and $18.4 million of reserves for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, respectively. Loan commitments. Loan commitments are agreements to extend credit to a client, absent any violation of conditions established in the commitment agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments will expire without being fully drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by First Financial upon extension of credit, is based on management’s credit evaluation of the client. The collateral held varies, but may include securities, real estate, inventory, plant or equipment. First Financial had commitments outstanding to extend credit totaling $4.6 billion at March 31, 2023 and $4.4 billion at December 31, 2022. As of March 31, 2023, loan commitments with a fixed interest rate totaled $111.1 million while commitments with variable interest rates totaled $4.5 billion. At December 31, 2022, loan commitments with a fixed interest rate totaled $126.3 million while commitments with variable interest rates totaled $4.2 billion. First Financial's fixed rate loan commitments have interest rates ranging from 0.00% to 21.00% for both March 31, 2023 and December 31, 2022 and have maturities ranging from less than one year to 31.0 years for March 31, 2023 and maturities ranging from less than one year to 31.6 years for December 31, 2022. The following table presents by type First Financial's active loan balances and related obligations to extend credit: March 31, 2023 December 31, 2022 (dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance Commercial & industrial $ 1,868,883 $ 3,449,289 $ 1,833,977 $ 3,410,272 Lease financing 6,847 273,898 6,842 236,124 Construction real estate 704,719 525,906 689,015 512,050 Commercial real estate-investor 107,150 3,102,445 107,205 3,094,064 Commercial real estate-owner 35,040 954,182 48,208 958,695 Residential real estate 76,860 1,145,069 74,089 1,092,265 Home equity 929,440 724,672 903,459 733,791 Installment 20,791 204,372 16,073 209,895 Credit card 218,579 53,552 225,864 51,815 Total $ 3,968,309 $ 10,433,385 $ 3,904,732 $ 10,298,971 Letters of credit. Letters of credit are conditional commitments issued by First Financial to guarantee the performance of a client to a third party. First Financial’s letters of credit consist of performance assurances made on behalf of clients who have a contractual commitment to produce or deliver goods or services. The risk to First Financial arises from its obligation to make payment in the event of the client's contractual default to produce the contracted good or service to a third party. First Financial issued letters of credit aggregating $32.2 million and $31.5 million at March 31, 2023 and December 31, 2022, 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 $386.8 million and $379.3 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023, 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) March 31, 2023 December 31, 2022 Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment LIHTC Proportional amortization $ 124,454 $ 69,356 $ 126,537 $ 70,690 HTC Equity 17,108 11,955 17,108 11,955 NMTC Equity 2,695 0 2,944 0 Renewable energy Equity 24,417 13,008 11,851 1,689 Total $ 168,674 $ 94,319 $ 158,440 $ 84,334 The following table summarizes First Financial's amortization expense and tax benefit recognized in affordable housing projects and other tax credit investments. Three months ended March 31, 2023 March 31, 2022 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 3,327 $ (3,540) $ 3,048 $ (2,959) HTC 0 (80) 0 (80) NMTC 104 (53) 104 (53) Renewable energy 0 0 0 0 Total $ 3,431 $ (3,673) $ 3,152 $ (3,092) (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 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. No legal settlement expenses were accrued or paid in the three months ended March 31, 2023. During the three months ended March 31, 2022, legal settlement expenses of $3.3 million were paid. 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 March 31, 2023. 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 March 31, 2023 or December 31, 2022. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the first quarter of 2022, the Company recorded income tax expense of $17.3 million, resulting in an effective tax rate of 19.7% compared with $9.3 million and an effective tax rate of 18.5% for the comparable period in 2022. The increase in the effective tax rate is primarily driven by higher full year forecasted income for 2023 compared to 2022. At both March 31, 2023 and December 31, 2022, First Financial had $1.9 million of unrecognized tax benefits, as determined under FASB ASC Topic 740-10, Income Taxes, that if recognized would favorably impact the effective income tax rate in future periods. The unrecognized tax benefits relate to state income tax exposures where the Company believes it is likely that, upon examination, a state may take a position contrary to the position taken by First Financial. The Company believes that resolution regarding its 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 March 31, 2023 and December 31, 2022, 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 2019 have been closed and are no longer subject to U.S. federal income tax examinations. Tax years 2019 through 2022 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 2018. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS First Financial sponsors a non-contributory defined benefit pension plan which covers substantially all employees and uses a December 31 measurement date. Plan assets are primarily invested in fixed income and publicly traded equity mutual funds. The pension plan does not directly own any shares of First Financial common stock or any other First Financial security or product. First Financial made no cash contributions to fund the pension plan during the three months ended March 31, 2023 or the year ended December 31, 2022, and does not expect to make cash contributions to the plan through the remainder of 2023. As a result of the plan’s actuarial projections, First Financial recorded expense as set forth in the following table. The amounts are recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan. Three months ended March 31, (Dollars in thousands) 2023 2022 Service cost $ 2,350 $ 2,425 Interest cost 1,075 625 Expected return on assets (2,700) (2,750) Amortization of prior service cost 0 (75) Net actuarial loss 150 400 Net periodic benefit cost (income) $ 875 $ 625 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 31, 2023 | |
Revenue Recognition [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The majority of the Company’s revenues come from sources that are outside of the scope of ASU 2014-09, Revenue from Contracts with Customers. Income sources that are outside of this standard include income earned on loans, leases, securities, derivatives and foreign exchange. The Company's services that fall within the scope of ASU 2014-09 are presented within Noninterest income and are recognized as revenue when the Company satisfies its obligation to the customer. Services within the scope of this guidance include service charges on deposits, trust and wealth management fees, bankcard income, gain/loss on the sale of OREO and investment brokerage fees. Service charges on deposit accounts. The Company earns revenues from its deposit customers for transaction-based fees, account maintenance fees and overdraft fees. Transaction-based fees, which include services such as ATM use fees, stop payment charges, statement rendering and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer's request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Similarly, overdraft fees are recognized at the point in time that the overdraft occurs as this corresponds with the Company's performance obligation. Service charges on deposit accounts are withdrawn from the customer's deposit account. Trust and wealth management fees. Trust and wealth management fees are primarily asset-based, but can also include flat fees based upon a specific service rendered, such as tax preparation services. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fees. The Company does not earn performance-based incentives. Optional services such as real estate sales and tax return preparation services are also available to existing trust and wealth management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, as incurred. Trust and wealth management fees also includes brokerage revenue. Brokerage revenue represents fees from investment brokerage services provided to customers by a third party provider. The Company receives commissions from the third-party service provider on a monthly basis based upon customer activity for the month. The fees are recognized monthly and a receivable is recorded until commissions are paid the following month. Because the Company (i) acts as an agent in arranging the relationship between the customer and the third-party service provider and (ii) does not control the services rendered to the customers, investment brokerage fees are presented net of related costs. Bankcard income. The Company earns interchange fees from cardholder transactions conducted through the Visa payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized concurrent with the transaction processing services provided to the cardholder. Interchange income is presented on the Consolidated Statements of Income net of expenses. Gross interchange income for the first three months of 2023 was $7.2 million, partially offset by $3.6 million of expenses within Noninterest income. Gross interchange income for the same period in 2022 was $6.9 million, partially offset by $3.6 million of expenses within Noninterest income. Other. Other noninterest income includes recurring revenue streams such as transaction fees, safe deposit rental income, insurance commissions, merchant referral income and gain (loss) on sale of OREO. Transaction fees primarily include check printing sales commissions, collection fees and wire transfer fees which arise from in-branch transactions. Safe deposit rental income arises from fees charged to the customer on an annual basis and recognized upon receipt of payment. Insurance commissions are agent commissions earned by the Company and earned upon the effective date of the bound coverage. Merchant referral income is associated with a program whereby the Company receives a share of processing revenue that is generated from clients that were referred by First Financial to the service provider. Revenue is recognized at the time the transaction occurs. The Company records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of the executed deed. When the Company finances the sale of OREO to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectibility of the transaction price is probable. Once these criteria are met, the OREO asset is removed and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share: Three months ended March 31, (Dollars in thousands, except per share data) 2023 2022 Numerator Net income available to common shareholders $ 70,403 $ 41,301 Denominator Weighted average shares outstanding for basic earnings per common share 93,732,532 93,383,932 Effect of dilutive securities Employee stock awards 1,227,626 879,993 Adjusted weighted average shares for diluted earnings per common share 94,960,158 94,263,925 Earnings per share available to common shareholders Basic $ 0.75 $ 0.44 Diluted $ 0.74 $ 0.44 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Financial assets Cash and short-term investments $ 505,300 $ 505,300 $ 505,300 $ 0 $ 0 Investment securities held-to-maturity 83,070 75,762 0 75,762 0 Other investments 143,606 143,606 1,076 133,159 9,371 Loans and leases 10,291,794 9,923,707 0 0 9,923,707 Accrued interest receivable 65,006 65,006 0 15,933 49,073 Financial liabilities Deposits 12,674,684 12,644,951 0 12,644,951 0 Short-term borrowings 1,217,560 1,217,560 1,217,560 0 0 Long-term debt 342,647 344,131 0 344,131 0 Accrued interest payable 29,896 29,896 8,671 21,225 0 Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 December 31, 2022 Financial assets Cash and short-term investments $ 595,683 $ 595,683 $ 595,683 $ 0 $ 0 Investment securities held-to-maturity 84,021 76,485 0 76,485 0 Other investments 143,160 143,160 1,171 132,853 9,136 Loans and leases 10,165,994 9,916,353 0 0 9,916,353 Accrued interest receivable 63,721 63,721 0 16,233 47,488 Financial liabilities Deposits 12,701,177 12,670,747 0 12,670,747 0 Short-term borrowings 1,287,156 1,287,156 1,287,156 0 0 Long-term debt 346,672 348,041 0 348,041 0 Accrued interest payable 11,150 11,150 3,835 7,315 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 Level 2 the fair value hierarchy. Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the interest rate swaps and foreign exchange contracts at the reporting date, using primarily observable market inputs such as interest rate yield curves which represents the cost to terminate the swap if First Financial should choose to do so. Additionally, First Financial utilizes an internally-developed model to value the credit risk component of derivative assets and liabilities, which is recorded as an adjustment to the fair value of the derivative asset or liability on the reporting date. Derivative instruments are classified as Level 2 in the fair value hierarchy. Collateral dependent loans. Collateral dependent loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for credit losses. For collateral dependent loans, fair value is generally based on real estate appraisals, a calculation of enterprise value or a valuation of business assets including equipment, inventory and accounts receivable. These loans had a principal amount of $9.7 million and $11.9 million at March 31, 2023 and December 31, 2022, respectively, with a valuation allowance of $4.0 million and $3.7 million at March 31, 2023 and December 31, 2022, 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. Operating leases. First Financial performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable and therefore, the carrying value of Operating leases is re-measured at fair value on a nonrecurring basis. When evaluating whether an individual asset is impaired, First Financial considers the current fair value of the asset, the changes in overall market demand for the asset and the rate of change in advancements associated with technological improvements that impact the demand for the specific asset under review. First Financial determines whether the carrying values of certain operating leases are not recoverable and as a result, records an impairment loss equal to the amount by which the carrying value of the assets exceeds the fair value. The fair value amounts are generally based on appraised values of the assets, resulting in a classification within Level 3 of the valuation hierarchy. The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows: Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities March 31, 2023 Assets Investment securities available-for-sale $ 33,421 $ 3,316,713 $ 34,815 $ 3,384,949 Loans held for sale 0 9,280 0 9,280 Interest rate derivative contracts 0 124,765 0 124,765 Foreign exchange derivative contracts 0 177,211 0 177,211 Total $ 33,421 $ 3,627,969 $ 34,815 $ 3,696,205 Liabilities Interest rate derivative contracts $ 0 $ 124,795 $ 0 $ 124,795 Foreign exchange derivative contracts 0 177,211 0 177,211 Total $ 0 $ 302,006 $ 0 $ 302,006 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities December 31, 2022 Assets Investment securities available-for-sale $ 32,696 $ 3,341,095 $ 35,857 $ 3,409,648 Loans held for sale 0 7,918 0 7,918 Interest rate derivative contracts 0 152,846 0 152,846 Foreign exchange derivative contracts 0 204,882 0 204,882 Total $ 32,696 $ 3,706,741 $ 35,857 $ 3,775,294 Liabilities Interest rate derivative contracts $ 0 $ 153,119 $ 0 $ 153,119 Foreign exchange derivative contracts $ 0 $ 204,882 $ 0 $ 204,882 Total $ 0 $ 358,001 $ 0 $ 358,001 The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and March 31, 2022. Three months ended March 31, (dollars in thousands) 2023 2022 Beginning balance $ 35,857 $ 38,181 Accretion (amortization) (25) (13) Increase (decrease) in fair value 12 13 Settlements (1,029) (720) Ending balance $ 34,815 $ 37,461 Certain financial assets and liabilities are measured at fair value on a nonrecurring basis. Adjustments to the fair 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 March 31, 2023 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 5,760 Commercial real estate 0 0 0 OREO 0 0 0 Operating leases 0 0 0 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 December 31, 2022 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 4,240 Commercial real estate 0 0 4,015 OREO 0 0 0 Operating leases 0 0 0 Fair value option. First Financial may elect to report most financial instruments and certain other items at fair value on an instrument-by instrument basis with changes in fair value reported in net income. After the initial adoption, the election is made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. The Company elected the fair value option for residential mortgage loans held for sale. This election allows for a more effective offset of the changes in fair values of the loans held for sale and the derivative financial instruments used to financially hedge them without having to apply complex hedge accounting requirements. The fair value of the Company’s residential mortgage loans held for sale was determined based on quoted prices for similar loans in active markets. The aggregate fair value of the Company’s residential mortgage loans held for sale as of March 31, 2023 and December 31, 2022 was $9.3 million and $7.9 million, respectively. The aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of March 31, 2023 and December 31, 2022 was $8.4 million and $7.5 million, respectively. The resulting difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was $0.9 million and $0.4 million as of March 31, 2023 and December 31, 2022, respectively. Changes in the estimated fair value of residential mortgage loans held for sale are reported as a component of Net gain from sales of loans in the Company’s Consolidated Statements of Income. The change in fair value of the Company’s residential |
Organization, Consolidation a_2
Organization, Consolidation and Presentation of Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation Policy | Basis of presentation. The Consolidated Financial Statements of First Financial Bancorp., a financial holding company principally serving Ohio, Indiana, Kentucky and Illinois, include the accounts and operations of First Financial and its wholly-owned subsidiary, First Financial Bank. All significant intercompany transactions and accounts have been eliminated in consolidation. Certain reclassifications of prior periods' amounts have been made to conform to current year presentation. Such reclassifications had no effect on net earnings. These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and accompanying notes necessary to constitute a complete set of financial statements required by GAAP and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management believes these unaudited consolidated financial statements reflect all adjustments of a normal recurring nature which are necessary for a fair presentation of the results for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The Consolidated Balance Sheet as of December 31, 2022 has been derived from the audited financial statements in the Company’s 2022 Form 10-K. |
Use of Estimates, Policy | Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the Consolidated Financial Statements and accompanying Notes. Actual realized amounts could differ materially from these estimates. |
Loans and Leases Receivable, Past Due Status, Policy | Delinquency. Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the date of the scheduled payment. |
Loans and Leases Receivable, Nonaccrual Loan and Lease Status, Policy | Loans are classified as nonaccrual when, in the opinion of management, collection of principal or interest is doubtful or when principal or interest payments are 90 days or more past due. Generally, loans are classified as nonaccrual due to the continued failure to adhere to contractual payment terms by the borrower, coupled with other pertinent factors. When a loan is classified as nonaccrual, the accrual of interest income is discontinued and previously accrued but unpaid interest is reversed. Any payments received while a loan is on nonaccrual status are applied as a reduction to the carrying value of the loan. A loan classified as nonaccrual may return to accrual status if none of the principal and interest is due and unpaid, and the Bank expects repayment of the remaining contractual principal and interest. |
Loans and Leases Receivable, Troubled Debt Restructuring Policy | Effective January 1, 2023, First Financial prospectively adopted ASU 2022-02 which eliminated the accounting for TDRs while establishing a new standard for the treatment of modifications made to borrowers experiencing financial difficulties, defined by First Financial as FDMs or Financial Difficulty Modifications. As such, effective with the adoption of the standard, the Company prospectively will not include FDMs in the calculation of nonperforming loans, nonperforming assets or classified assets. Prior period data, which included TDRs, has not been adjusted.FDM might result when a borrower is in financial distress and may be in the form of principal forgiveness, an interest rate reduction, a term extension or an other-than-insignificant payment delay. In some cases, the Company might provide multiple types of modifications for a single loan. One type of modification, such as delay, may be granted initially. However, if the borrower continues to experience financial difficulty, another modification, such as term extension and/or interest rate reduction might be granted. Loans included in the "combination" column in the table that follows have more than one modification made to the same loan within the current reporting period. Additionally, modifications with a term extension or interest rate reduction are intended to reduce the borrower’s monthly payment, while modifications with a payment delay, which typically allow borrowers to make monthly payments, interest only payments for a period of time, are structured to cure the payment defaults by making delinquent payments due at maturity. Payment deferrals may be up to one year and have minimal financial impact since the deferred payments are paid at maturity. |
Impaired Financing Receivable, Policy | Effective January 1, 2023, loans classified as nonaccrual are considered nonperforming. Prior to the adoption of ASU 2022-02, nonperforming loans included nonaccrual loans as well as TDRs.First Financial individually reviews all nonperforming loan relationships greater than $250,000 to determine if an individually evaluated allowance is necessary based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. Individually evaluated allowances are based on discounted cash flows using the loan's initial effective interest rate or the fair value of the collateral for certain collateral dependent loans. |
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy | OREO consists of properties acquired by the Company primarily through the loan foreclosure or repossession process, that results in partial or total satisfaction of problem loans. |
Loans and Leases Receivable, Allowance for Loan Losses Policy | Allowance for credit losses - loans and leases. The ACL is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. 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. Similarly, u pon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Cumulative recovery payments credited to the ACL for any loan do not exceed the amount charged-off. Accrued interest receivable on loans and leases, which totaled $49.1 million and $47.5 million as of March 31, 2023 and December 31, 2022, respectively , is excluded from the estimate of credit losses. Management estimates the allowance using relevant available information from both internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience paired with economic forecasts provides the basis for the quantitatively modeled estimation of expected credit losses. First Financial adjusts its quantitative model, as necessary, to reflect conditions not already considered by the quantitative model. These adjustments are commonly known as the Qualitative Framework. The ACL is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the ACL using the following methods: Commercial and industrial – C&I loans include revolving lines of credit and term loans to commercial customers for use in normal business operations to finance working capital needs, equipment purchases, leasehold improvements or other projects. C&I loans are generally underwritten individually and secured with the assets of the Company and/or the personal guarantee of the business owners. C&I loans also include ABL, equipment and leasehold improvement financing for franchisees in the quick service and casual dining restaurant sector and commission-based loans to insurance agents and brokers. ABL transactions typically involve larger commercial clients and are secured by specific assets, such as inventory, accounts receivable, machinery and equipment. In the franchise lending space, First Financial focuses on a limited number of restaurant concepts that have sound economics, low closure rates and strong brand awareness within specified local, regional or national markets. Within the insurance lending platform, First Financial serves insurance agents and brokers that are looking to maximize their book-of-business value and grow their agency business. Current period default rates are utilized in the modeling of the ACL for C&I loans, and are adjusted for forecasted changes in the treasury term spread and market volatility index. Changes in current period defaults or forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Lease financing – Lease financing consists of lease transactions for the acquisition of both new and used business equipment for commercial clients. Lease products may include tax leases, finance leases, lease lines of credit and interim funding. The credit underwriting for lease transactions includes detailed analysis of the lessee's industry and business model, nature of the equipment, equipment resale values, historical and projected cash flow analysis, secondary sources of repayment and guarantor support in addition to other considerations. The ACL model for leases sources expected default rates from the C&I portfolio model. Therefore, changes in forecasted expectations for the treasury term spread and market volatility index could result in volatility in the Company's ACL in future periods. Construction real estate – Real estate construction loans are term loans to individuals, companies or developers used for the construction or development of a commercial or residential property for which repayment will be generated by the sale or permanent financing of the property. Generally, these loans are for construction projects that have been pre-sold, pre-leased or have secured permanent financing, as well as loans to real estate companies with significant equity invested in the project. An independent credit team underwrites construction real estate loans, which are managed by experienced lending officers and monitored through the construction phase by a centralized funding desk that manages loan disbursements. The construction ACL model is adjusted for forecasted changes in rental vacancy rates in the Bank's geographic footprint and the housing price index. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Commercial real estate - owner & investor – Commercial real estate loans consist of term loans secured by a mortgage lien on real estate properties such as apartment buildings, office and industrial buildings and retail shopping centers. Additionally, the Company's franchise lending activities discussed in the "Commercial and Industrial" section often include the financing of real estate in addition to equipment. The credit underwriting for both owner-occupied and investor income producing real estate loans includes detailed market analysis, historical and projected cash flow analysis, appropriate equity margins, assessment of lessees and lessors, environmental risks and the type, age, condition and location of real estate, among other factors. First Financial models owner-occupied and investor CRE separately when determining the ACL. For owner occupied CRE, current period default rates are utilized in the modeling, and are adjusted for forecasted changes in the BAA bond spread, national rental vacancy rates and the consumer confidence index. Current period default rates are also utilized in the modeling of investor CRE loans, and are adjusted for forecasted changes in the BAA bond spread, multifamily building permits within the Bank’s geographic footprint and national rental vacancy rates. Changes in current period defaults and forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Residential real estate – Residential real estate loans represent loans to consumers for the financing of a residence. These loans generally have a 15 to 30 year term and a fixed interest rate, but may have a shorter term to maturity with an adjustable interest rate. In most cases, these loans are extended to borrowers to finance their primary residence. First Financial sells residential real estate loan originations into the secondary market on both servicing retained and servicing released bases. Residential real estate loans are generally underwritten to secondary market lending standards, utilizing underwriting processes that rely on empirical data to assess credit risk as well as analysis of the borrower's ability to repay their obligations, credit history, the amount of any down payment and the market value or other characteristics of the property. First Financial also offers a residential mortgage product that features similar borrower credit characteristics but a more streamlined underwriting process than typically required to sell to government-sponsored enterprises and thus is retained on the Consolidated Balance Sheets. The residential real estate ACL model is adjusted for forecasted changes in the housing price index, housing starts within the Bank’s geographic footprint and national single-family existing home sa l es. Changes in forecasted expectations for these economic variables could result in volatility in the Company's ACL in future periods. Home equity – Home equity lending includes both term 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 March baseline forecast as its R&S forecast in the quantitative model. 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, such as franchise, hotel and investor commercial real estate lending when making qualitative adjustments to the ACL model. First Financial's ACL is influenced by loan volumes, risk rating migration or delinquency status, and other conditions impacting loss expectations, such as reasonable and supportable forecasts of economic conditions. For the three months ended March 31, 2023, the ACL increased from year end due to loan growth, slower prepayment speeds, and changes in economic forecasts. |
Goodwill and Intangible Assets, Goodwill, Policy | Assets and liabilities acquired in a business combination are recorded at their estimated fair values as of the acquisition date. The excess of the purchase price of the acquisition over the fair value of net assets acquired is recorded as goodwill. |
Goodwill and Intangible Assets, Goodwill Impairment Policy | Goodwill is evaluated for impairment on an annual basis as of October 1 of each year, or whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. First Financial performed its most recent annual impairment test as of October 1, 2022 and no impairment was indicated. As of March 31, 2023, no events or changes in circumstances indicated that the fair value of the reporting unit was below its carrying value. |
Lessee, Leases [Policy Text Block] | A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. For contracts where First Financial is a lessee, substantially all of those agreements are for real estate property for branches, ATM locations and office space. |
Commitments and Contingencies, Policy | First Financial offers a variety of financial instruments including loan commitments and letters of credit to assist clients in meeting their requirement for liquidity and credit enhancement. GAAP does not require these financial instruments to be recorded in the Consolidated Financial Statements. First Financial utilizes the same credit policies in issuing commitments and conditional obligations as it does for credit instruments recorded on the Consolidated Balance Sheets. First Financial’s exposure to credit loss in the event of non-performance by the counterparty was represented by the contractual amounts of those instruments. First Financial adopted ASC 326 and therefore 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 |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Letters of credit are conditional commitments issued by First Financial to guarantee the performance of a client to a third party. First Financial’s letters of credit consist of performance assurances made on behalf of clients who have a contractual commitment to produce or deliver goods or services. The risk to First Financial arises from its obligation to make payment in the event of the client's contractual default to produce the contracted good or service to a third party. |
Loan Commitments, Policy [Policy Text Block] | Loan commitments are agreements to extend credit to a client, absent any violation of conditions established in the commitment agreement. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments will expire without being fully drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The amount of collateral obtained, if deemed necessary by First Financial upon extension of credit, is based on management’s credit evaluation of the client. The collateral held varies, but may include securities, real estate, inventory, plant or equipment. |
Income Tax, Policy | The unrecognized tax benefits relate to state income tax exposures where the Company believes it is likely that, upon examination, a state may take a position contrary to the position taken by First Financial. |
Fair Value Measurement, Policy [Policy Text Block] | The fair value framework as disclosed in the Fair Value Topic includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2) and the lowest priority to unobservable inputs (Level 3). When determining the fair value measurements for assets and liabilities, First Financial looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, First Financial looks to observable market data for similar assets and liabilities and classifies such items as Level 2. Certain assets and liabilities are not actively traded in observable markets and First Financial must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. |
Fair Value of Financial Instruments, Policy | The following methods, assumptions and valuation techniques were used by First Financial to measure different financial assets and liabilities at fair value on a recurring or nonrecurring basis. Investment securities. Investment securities classified as available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar investment securities. First Financial compiles prices from various sources who may apply such techniques as matrix pricing to determine the value of identical or similar investment securities (Level 2). Matrix pricing is a mathematical technique widely used in the banking industry to value investment securities without relying exclusively on quoted prices for the specific investment securities but rather relying on the investment securities’ relationship to other benchmark quoted investment securities. Any investment securities not valued based upon the methods previously described are considered Level 3. First Financial utilizes values provided by third-party pricing vendors to price the investment securities portfolio in accordance with the fair value hierarchy of the Fair Value Topic and reviews the pricing methodologies utilized by the pricing vendors to ensure that the fair value determination is consistent with the applicable accounting guidance. First Financial’s pricing process includes a series of quality assurance activities where prices are compared to recent market conditions, historical prices and other independent pricing services. Further, the Company periodically validates the fair value of a sample of securities in the portfolio by comparing the fair values to prices from other independent sources for the same or similar securities. First Financial analyzes unusual or significant variances, conducts additional research with the pricing vendor, and if necessary, takes appropriate action based on its findings. The results of the quality assurance process are incorporated into the selection of pricing providers by the portfolio manager. Loans held for sale. The fair value of the Company’s residential mortgage loans held for sale is determined on a recurring basis based on quoted prices for similar loans in active markets, and therefore, is classified as Level 2 the fair value hierarchy. Derivatives. The fair values of derivative instruments are based primarily on a net present value calculation of the cash flows related to the interest rate swaps and foreign exchange contracts at the reporting date, using primarily observable market inputs such as interest rate yield curves which represents the cost to terminate the swap if First Financial should choose to do so. Additionally, First Financial utilizes an internally-developed model to value the credit risk component of derivative assets and liabilities, which is recorded as an adjustment to the fair value of the derivative asset or liability on the reporting date. Derivative instruments are classified as Level 2 in the fair value hierarchy. Collateral dependent loans. Collateral dependent loans carried at fair value have been partially charged-off or receive specific allocations of the allowance for credit losses. For collateral dependent loans, fair value is generally based on real estate appraisals, a calculation of enterprise value or a valuation of business assets including equipment, inventory and accounts receivable. These loans had a principal amount of $9.7 million and $11.9 million at March 31, 2023 and December 31, 2022, respectively, with a valuation allowance of $4.0 million and $3.7 million at March 31, 2023 and December 31, 2022, 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. Operating leases. First Financial performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable and therefore, the carrying value of Operating leases is re-measured at fair value on a nonrecurring basis. When evaluating whether an individual asset is impaired, First Financial considers the current fair value of the asset, the changes in overall market demand for the asset and the rate of change in advancements associated with technological improvements that impact the demand for the specific asset under review. First Financial determines whether the carrying values of certain operating leases are not recoverable and as a result, records an impairment loss equal to the amount by which the carrying value of the assets exceeds the fair value. The fair value amounts are generally based on appraised values of the assets, resulting in a classification within Level 3 of the valuation hierarchy. |
Credit Risk | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial manages market value credit risk through counterparty credit policies including a review of total derivative notional position to total assets, total credit exposure to total capital and counterparty credit exposure risk. |
Credit Risk Contract [Member] | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | In conjunction with participating interests in commercial loans, First Financial periodically enters into risk participation agreements with counterparties whereby First Financial assumes a portion of the credit exposure associated with an interest rate swap on the participated loan in exchange for a fee. Under these agreements, First Financial will make payments to the counterparty if the loan customer defaults on its obligation to perform under the interest rate swap contract with the counterparty. |
Other Contract-Mortgage | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial enters into IRLCs and forward commitments for the future delivery of mortgage loans to third party investors, which are considered derivatives. When borrowers secure IRLCs with First Financial and the loans are intended to be sold, First Financial will enter into forward commitments for the future delivery of the loans to third party investors in order to hedge against the effect of changes in interest rates impacting IRLCs and loans held for sale. |
Fair Value Hedges | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial utilizes interest rate swaps as a means to offer commercial borrowers fixed rate funding while providing the Company with floating rate assets. |
Foreign Exchange | |
Derivatives, Methods of Accounting, Hedging Derivatives, Policy | First Financial may enter into foreign exchange derivative contracts for the benefit of commercial customers to hedge their exposure to foreign currency fluctuations. Similar to the hedging of interest rate risk from interest rate derivative contracts, First Financial also enters into foreign exchange contracts with major financial institutions to economically hedge a substantial portion of the exposure from client driven foreign exchange activity. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Foreign exchange income in the Consolidated Statements of Income. The Company has risk limits and internal controls in place to help ensure excessive risk is not being taken in providing this service to customers. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized loss Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 37,319 $ 0 $ (3,898) $ 33,421 Securities of U.S. government agencies and corporations 0 0 0 0 80,728 0 (12,963) 67,765 Mortgage-backed securities - residential 0 0 0 0 734,761 624 (86,142) 649,243 Mortgage-backed securities - commercial 34,659 0 (3,981) 30,678 669,015 0 (44,121) 624,894 Collateralized mortgage obligations 9,030 0 (684) 8,346 524,394 121 (59,400) 465,115 Obligations of state and other political subdivisions 8,131 172 (186) 8,117 828,948 1,355 (111,128) 719,175 Asset-backed securities 0 0 0 0 746,463 179 (51,567) 695,075 Other securities 31,250 0 (2,629) 28,621 142,030 0 (11,769) 130,261 Total $ 83,070 $ 172 $ (7,480) $ 75,762 $ 3,763,658 $ 2,279 $ (380,988) $ 3,384,949 The following is a summary of HTM and AFS investment securities as of December 31, 2022: Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Unrecognized gain Unrecognized Fair Amortized Unrealized Unrealized Fair U.S. Treasuries $ 0 $ 0 $ 0 $ 0 $ 37,312 $ 0 $ (4,616) $ 32,696 Securities of U.S. government agencies and corporations 0 0 0 0 80,382 0 (13,914) 66,468 Mortgage-backed securities - residential 0 0 0 0 747,478 47 (97,462) 650,063 Mortgage-backed securities - commercial 35,363 0 (4,114) 31,249 676,934 2 (47,374) 629,562 Collateralized mortgage obligations 9,280 0 (827) 8,453 538,970 181 (61,439) 477,712 Obligations of state and other political subdivisions 8,128 105 (201) 8,032 832,066 565 (124,168) 708,463 Asset-backed securities 0 0 0 0 772,261 39 (60,975) 711,325 Other securities 31,250 0 (2,499) 28,751 142,015 0 (8,656) 133,359 Total $ 84,021 $ 105 $ (7,641) $ 76,485 $ 3,827,418 $ 834 $ (418,604) $ 3,409,648 |
Summary of Investment Securities by Estimated Maturity | The following table provides a summary of investment securities by contractual maturity as of March 31, 2023, except for residential and commercial mortgage-backed securities, collateralized mortgage obligations and asset-backed securities, which are shown as single totals due to the unpredictability of the timing in principal repayments. Held-to-maturity Available-for-sale (Dollars in thousands) Amortized Fair Amortized Fair By Contractual Maturity: Due in one year or less $ 0 $ 0 $ 8,119 $ 7,981 Due after one year through five years 2,607 2,720 99,178 93,713 Due after five years through ten years 34,951 32,381 293,272 258,231 Due after ten years 1,823 1,637 688,456 590,697 Mortgage-backed securities - residential 0 0 734,761 649,243 Mortgage-backed securities - commercial 34,659 30,678 669,015 624,894 Collateralized mortgage obligations 9,030 8,346 524,394 465,115 Asset-backed securities 0 0 746,463 695,075 Total $ 83,070 $ 75,762 $ 3,763,658 $ 3,384,949 |
Age of Gross Unrealized Losses and Associated Fair Value by Investment Category | The following tables provide the fair value and gross unrealized losses of AFS investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: March 31, 2023 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 2,397 $ (34) $ 31,024 $ (3,864) $ 33,421 $ (3,898) Securities of U.S. Government agencies and corporations 0 0 67,765 (12,963) 67,765 (12,963) Mortgage-backed securities - residential 119,487 (3,998) 490,241 (82,144) 609,728 (86,142) Mortgage-backed securities - commercial 84,064 (2,787) 540,830 (41,334) 624,894 (44,121) Collateralized mortgage obligations 89,481 (3,484) 366,249 (55,916) 455,730 (59,400) Obligations of state and other political subdivisions 65,220 (3,941) 537,923 (107,187) 603,143 (111,128) Asset-backed securities 100,004 (2,838) 573,501 (48,729) 673,505 (51,567) Other securities 48,558 (2,442) 81,569 (9,327) 130,127 (11,769) Total $ 509,211 $ (19,524) $ 2,689,102 $ (361,464) $ 3,198,313 $ (380,988) December 31, 2022 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 2,383 $ (46) $ 30,313 $ (4,570) $ 32,696 $ (4,616) Securities of U.S. Government agencies and corporations 0 0 66,468 (13,914) 66,468 (13,914) Mortgage-backed securities - residential 195,972 (10,413) 443,415 (87,049) 639,387 (97,462) Mortgage-backed securities - commercial 440,207 (18,823) 175,530 (28,551) 615,737 (47,374) Collateralized mortgage obligations 199,138 (12,453) 269,242 (48,986) 468,380 (61,439) Obligations of state and other political subdivisions 295,913 (31,196) 368,673 (92,972) 664,586 (124,168) Asset-backed securities 250,946 (9,410) 422,090 (51,565) 673,036 (60,975) Other securities 118,262 (6,865) 9,959 (1,791) 128,221 (8,656) Total $ 1,502,821 $ (89,206) $ 1,785,690 $ (329,398) $ 3,288,511 $ (418,604) The following tables provide the fair value and gross unrealized losses of HTM investment securities in an unrealized loss position for which an ACL has not been recorded, aggregated by investment category and the length of time the individual securities have been in a continuous loss position: March 31, 2023 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 0 0 0 0 0 0 Mortgage-backed securities - commercial 0 0 30,678 (3,981) 30,678 (3,981) Collateralized mortgage obligations 0 0 8,346 (684) 8,346 (684) Obligations of state and other political subdivisions 0 0 1,637 (186) 1,637 (186) Asset-backed securities 0 0 0 0 0 0 Other securities 0 0 28,621 (2,629) 28,621 (2,629) Total $ 0 $ 0 $ 69,282 $ (7,480) $ 69,282 $ (7,480) December 31, 2022 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 0 0 0 0 0 0 Mortgage-backed securities - commercial 17,656 (2,197) 13,593 (1,917) 31,249 (4,114) Collateralized mortgage obligations 6,317 (606) 2,136 (221) 8,453 (827) Obligations of state and other political subdivisions 5,160 (201) 0 0 5,160 (201) Asset-backed securities 0 0 0 0 0 0 Other securities 7,082 (418) 21,670 (2,081) 28,752 (2,499) Total $ 36,215 $ (3,422) $ 37,399 $ (4,219) $ 73,614 $ (7,641) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Financial Receivable Credit Quality Indicators | The following table sets forth the Company's loan portfolio at March 31, 2023 by risk attribute and origination date as well as current period gross chargeoffs: (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Revolving Total Commercial & industrial Pass $ 165,984 $ 869,449 $ 538,860 $ 336,469 $ 202,246 $ 290,318 $ 2,403,326 $ 928,212 $ 3,331,538 Special mention 198 13,090 4,198 3,901 10,194 2,217 33,798 13,855 47,653 Substandard 0 2,812 15,308 10,008 6,653 19,550 54,331 15,767 70,098 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 166,182 $ 885,351 $ 558,366 $ 350,378 $ 219,093 $ 312,085 $ 2,491,455 $ 957,834 $ 3,449,289 YTD Gross chargeoffs $ 0 $ 22 $ 6 $ 0 $ 19 $ 683 $ 730 $ 0 $ 730 Lease financing Pass $ 29,221 $ 187,765 $ 23,349 $ 11,891 $ 10,465 $ 6,925 $ 269,616 $ 0 $ 269,616 Special mention 0 0 0 0 0 0 0 0 0 Substandard 0 4,107 0 0 158 17 4,282 0 4,282 Total $ 29,221 $ 191,872 $ 23,349 $ 11,891 $ 10,623 $ 6,942 $ 273,898 $ 0 $ 273,898 YTD Gross chargeoffs $ 0 $ 0 $ 13 $ 0 $ 0 $ 0 $ 13 $ 0 $ 13 Construction real estate Pass $ 8,249 $ 185,065 $ 209,847 $ 75,338 $ 6,177 $ 6,869 $ 491,545 $ 19,966 $ 511,511 Special mention 0 0 14,395 0 0 0 14,395 0 14,395 Substandard 0 0 0 0 0 0 0 0 0 Total $ 8,249 $ 185,065 $ 224,242 $ 75,338 $ 6,177 $ 6,869 $ 505,940 $ 19,966 $ 525,906 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - investor Pass $ 66,536 $ 665,650 $ 454,273 $ 300,956 $ 689,958 $ 742,866 $ 2,920,239 $ 28,390 $ 2,948,629 Special mention 0 0 13,060 17,134 9,229 51,437 90,860 295 91,155 Substandard 0 0 0 13,874 3,992 44,795 62,661 0 62,661 Doubtful 0 0 0 0 0 0 0 0 0 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Revolving Total Total $ 66,536 $ 665,650 $ 467,333 $ 331,964 $ 703,179 $ 839,098 $ 3,073,760 $ 28,685 $ 3,102,445 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - owner Pass $ 27,575 $ 167,222 $ 148,857 $ 159,185 $ 99,257 $ 308,493 $ 910,589 $ 9,974 $ 920,563 Special mention 0 578 11 1,136 870 14,113 16,708 0 16,708 Substandard 0 0 456 842 5,054 9,909 16,261 650 16,911 Total $ 27,575 $ 167,800 $ 149,324 $ 161,163 $ 105,181 $ 332,515 $ 943,558 $ 10,624 $ 954,182 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 66 $ 66 $ 0 $ 66 Residential real estate Performing $ 65,711 $ 336,483 $ 272,688 $ 201,737 $ 108,797 $ 145,008 $ 1,130,424 $ 0 $ 1,130,424 Nonperforming 0 499 1,277 2,135 2,743 7,991 14,645 0 14,645 Total $ 65,711 $ 336,982 $ 273,965 $ 203,872 $ 111,540 $ 152,999 $ 1,145,069 $ 0 $ 1,145,069 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Home equity Performing $ 4,421 $ 25,913 $ 32,296 $ 37,089 $ 11,365 $ 30,299 $ 141,383 $ 578,148 $ 719,531 Nonperforming 0 5 128 197 0 503 833 4,308 5,141 Total $ 4,421 $ 25,918 $ 32,424 $ 37,286 $ 11,365 $ 30,802 $ 142,216 $ 582,456 $ 724,672 YTD Gross chargeoffs $ 0 $ 0 $ 7 $ 0 $ 0 $ 84 $ 91 $ 0 $ 91 Installment Performing $ 3,282 $ 94,791 $ 34,611 $ 6,118 $ 3,141 $ 5,319 $ 147,262 $ 55,284 $ 202,546 Nonperforming 1 666 590 30 71 32 1,390 436 1,826 Total $ 3,283 $ 95,457 $ 35,201 $ 6,148 $ 3,212 $ 5,351 $ 148,652 $ 55,720 $ 204,372 YTD Gross chargeoffs $ 0 $ 710 $ 769 $ 33 $ 0 $ 12 $ 1,524 $ 0 $ 1,524 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 53,393 $ 53,393 Nonperforming 0 0 0 0 0 0 0 159 159 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 53,552 $ 53,552 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 217 $ 217 The following table sets forth the Company's loan portfolio at December 31, 2022 by risk attribute and origination date: (Dollars in thousands) 2022 2021 2020 2019 2018 Prior Term Total Revolving Total Commercial & industrial Pass $ 879,836 $ 561,890 $ 348,123 $ 209,758 $ 112,282 $ 206,656 $ 2,318,545 $ 971,080 $ 3,289,625 Special mention 2,740 13,821 4,125 14,047 8,523 5,544 48,800 18,055 66,855 Substandard 2,335 5,176 11,886 8,016 3,331 13,812 44,556 9,236 53,792 Total $ 884,911 $ 580,887 $ 364,134 $ 231,821 $ 124,136 $ 226,012 $ 2,411,901 $ 998,371 $ 3,410,272 Lease financing Pass $ 167,035 $ 25,638 $ 13,705 $ 12,797 $ 9,402 $ 2,930 $ 231,507 $ 0 $ 231,507 Special mention 0 0 70 0 0 0 70 0 70 Substandard 4,363 0 0 164 11 9 4,547 0 4,547 Total $ 171,398 $ 25,638 $ 13,775 $ 12,961 $ 9,413 $ 2,939 $ 236,124 $ 0 $ 236,124 Construction real estate Pass $ 89,116 $ 276,639 $ 96,823 $ 4,902 $ 390 $ 353 $ 468,223 $ 23,266 $ 491,489 Special mention 0 14,395 0 0 6,166 0 20,561 0 20,561 Substandard 0 0 0 0 0 0 0 0 0 Total $ 89,116 $ 291,034 $ 96,823 $ 4,902 $ 6,556 $ 353 $ 488,784 $ 23,266 $ 512,050 Commercial real estate - investor Pass $ 643,174 $ 470,085 $ 301,510 $ 719,699 $ 300,772 $ 508,639 $ 2,943,879 $ 26,153 $ 2,970,032 Special mention 0 13,090 23,111 9,297 26,079 13,804 85,381 861 86,242 Substandard 0 6,950 6 4,025 17,178 9,631 37,790 0 37,790 Total $ 643,174 $ 490,125 $ 324,627 $ 733,021 $ 344,029 $ 532,074 $ 3,067,050 $ 27,014 $ 3,094,064 Commercial real estate - owner Pass $ 165,411 $ 155,041 $ 170,587 $ 101,137 $ 112,063 $ 211,377 $ 915,616 $ 11,125 $ 926,741 Special mention 0 0 0 1,479 0 14,040 15,519 0 15,519 Substandard 0 525 844 5,114 3,501 6,451 16,435 0 16,435 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 165,411 $ 155,566 $ 171,431 $ 107,730 $ 115,564 $ 231,868 $ 947,570 $ 11,125 $ 958,695 Residential real estate Performing $ 320,676 $ 274,816 $ 205,948 $ 110,745 $ 51,583 $ 114,642 $ 1,078,410 $ 0 $ 1,078,410 Nonperforming 414 1,615 1,286 2,554 1,755 6,231 13,855 0 13,855 Total $ 321,090 $ 276,431 $ 207,234 $ 113,299 $ 53,338 $ 120,873 $ 1,092,265 $ 0 $ 1,092,265 Home equity Performing $ 26,411 $ 33,414 $ 38,226 $ 11,733 $ 8,051 $ 24,985 $ 142,820 $ 585,712 $ 728,532 Nonperforming 5 136 298 78 104 430 1,051 4,208 5,259 Total $ 26,416 $ 33,550 $ 38,524 $ 11,811 $ 8,155 $ 25,415 $ 143,871 $ 589,920 $ 733,791 Installment Performing $ 100,256 $ 38,694 $ 7,244 $ 3,915 $ 2,861 $ 3,242 $ 156,212 $ 51,854 $ 208,066 Nonperforming 650 794 18 6 20 42 1,530 299 1,829 Total $ 100,906 $ 39,488 $ 7,262 $ 3,921 $ 2,881 $ 3,284 $ 157,742 $ 52,153 $ 209,895 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 51,287 $ 51,287 Nonperforming 0 0 0 0 0 0 0 528 528 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 51,815 $ 51,815 Grand Total $ 2,402,422 $ 1,892,719 $ 1,223,810 $ 1,219,466 $ 664,072 $ 1,142,818 $ 8,545,307 $ 1,753,664 $ 10,298,971 |
Loan Delinquency, including Nonaccrual Loans | Loan delinquency, including loans classified as nonaccrual, was as follows: As of March 31, 2023 (Dollars in thousands) 30 – 59 60 – 89 > 89 days Total Current Total > 89 days Loans Commercial & industrial $ 2,604 $ 607 $ 540 $ 3,751 $ 3,445,538 $ 3,449,289 $ 0 Lease financing 20,776 1,446 101 22,323 251,575 273,898 0 Construction real estate 0 0 0 0 525,906 525,906 0 Commercial real estate-investor 18 5 0 23 3,102,422 3,102,445 0 Commercial real estate-owner 67 85 5,258 5,410 948,772 954,182 0 Residential real estate 3,341 1,639 2,610 7,590 1,137,479 1,145,069 0 Home equity 1,680 472 1,810 3,962 720,710 724,672 0 Installment 795 555 371 1,721 202,651 204,372 0 Credit card 175 122 160 457 53,095 53,552 159 Total $ 29,456 $ 4,931 $ 10,850 $ 45,237 $ 10,388,148 $ 10,433,385 $ 159 As of December 31, 2022 (Dollars in thousands) 30 – 59 60 – 89 > 89 days Total Current Total > 89 days Loans Commercial & industrial $ 5,375 $ 72 $ 501 $ 5,948 $ 3,404,324 $ 3,410,272 $ 0 Lease financing 5,212 1,052 843 7,107 229,017 236,124 742 Construction real estate 0 0 0 0 512,050 512,050 0 Commercial real estate-investor 0 0 0 0 3,094,064 3,094,064 0 Commercial real estate-owner 26 5,216 44 5,286 953,409 958,695 0 Residential real estate 4,254 2,074 3,260 9,588 1,082,677 1,092,265 0 Home equity 1,725 729 1,209 3,663 730,128 733,791 0 Installment 874 490 414 1,778 208,117 209,895 0 Credit card 261 150 116 527 51,288 51,815 115 Total $ 17,727 $ 9,783 $ 6,387 $ 33,897 $ 10,265,074 $ 10,298,971 $ 857 |
Schedule of Amortized Cost Basis and Financial Effect of Loan Modifications to Borrowers Experiencing Financial Difficulty | The following table provides the amortized cost basis of FDM as of March 31, 2023 by class of loan and type of modification: March 31, 2023 (Dollars in thousands) Principal forgiveness Payment delay Term extension Interest rate reduction Combination: Term extension and interest rate reduction Total Percent of total class of loans Residential real estate $ 0 $ 725 $ 106 $ 0 $ 58 $ 889 0.08 % Home equity 0 0 0 0 15 15 0.00 % Total $ 0 $ 725 $ 106 $ 0 $ 73 $ 904 0.08 % The following table provides the financial effect of FDM as of March 31, 2023: March 31, 2023 (Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension Residential real estate $ 0 2.00 % 11.6 years Home equity 0 0.31 % 22.6 years Total $ 0 1.66 % 12.5 years |
Financing Modifications Modifications Payment Status | The Company closely monitors the performance of FDM to understand the effectiveness of its modification efforts. The following table provides the performance of loans that have been modified since the January 1, 2023 adoption date of ASU 2022-02: Payment status as of March 31, 2023 (Dollars in thousands) Current 30 – 59 days past due 60 – 89 days past due > 89 days past due Residential real estate $ 889 $ 0 $ 0 $ 0 Home equity 15 0 0 0 Total $ 904 $ 0 $ 0 $ 0 |
Financing Receivable, Nonaccrual | The following table provides information on nonperforming loans: March 31, 2023 December 31, 2022 (Dollars in thousands) Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans with a related ACL Nonaccrual loans with no related ACL Total nonaccrual Nonaccrual loans (1) Commercial & industrial $ 9,748 $ 4,223 $ 13,971 $ 6,692 $ 1,550 $ 8,242 Lease financing 0 175 175 0 178 178 Construction real estate 0 0 0 0 0 0 Commercial real estate 0 5,362 5,362 5,216 570 5,786 Residential real estate 0 11,129 11,129 0 10,691 10,691 Home equity 0 3,399 3,399 0 3,123 3,123 Installment 0 544 544 0 603 603 Total nonaccrual loans $ 9,748 $ 24,832 $ 34,580 $ 11,908 $ 16,715 $ 28,623 (1) Nonaccrual loans include nonaccrual TDRs of $10.0 million as of December 31, 2022. Three months ended March 31, (Dollars in thousands) 2023 2022 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 716 $ 773 Interest included in income Nonaccrual loans 308 290 Troubled debt restructurings 0 51 Total interest included in income 308 341 Net impact on interest income $ 408 $ 432 |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans by class of loan. March 31, 2023 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 11,054 $ 0 $ 2,569 $ 0 $ 0 $ 348 $ 13,971 Lease financing 0 0 175 0 0 0 175 Commercial real estate-investor 0 5 0 0 20 0 25 Commercial real estate-owner 0 3,326 1,893 118 0 0 5,337 Residential real estate 0 0 0 0 11,129 0 11,129 Home equity 0 0 0 0 3,399 0 3,399 Installment 0 0 0 0 0 544 544 Total $ 11,054 $ 3,331 $ 4,637 $ 118 $ 14,548 $ 892 $ 34,580 December 31, 2022 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 8,205 $ 0 $ 0 $ 0 $ 0 $ 37 $ 8,242 Lease financing 0 0 178 0 0 0 178 Commercial real estate-investor 0 353 0 0 22 0 375 Commercial real estate-owner 0 3,399 1,893 119 0 0 5,411 Residential real estate 0 0 0 0 10,691 0 10,691 Home equity 0 0 0 0 3,123 0 3,123 Installment 0 0 0 0 0 603 603 Total $ 8,205 $ 3,752 $ 2,071 $ 119 $ 13,836 $ 640 $ 28,623 |
Components of lease investments | The components of the Company's net investments in direct financing and sales-type leases, which are included in Lease financing on the Consolidated Balance Sheets are as follows: (Dollar in thousands) March 31, 2023 December 31, 2022 Direct financing leases Lease receivables $ 31,978 $ 35,081 Unguaranteed residual values 14,387 16,058 Sales-type leases Lease receivables 227,533 184,985 Unguaranteed residual values 0 0 Total net investment in direct financing and sales-type leases $ 273,898 $ 236,124 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The remaining maturities of lease receivables were as follows: (Dollars in thousands) Direct financing and Sales-type Remainder of 2023 $ 51,984 2024 63,846 2025 56,909 2026 52,425 2027 29,928 Thereafter 41,426 Total lease payments 296,518 Less: unearned interest income (37,007) Net lease receivables $ 259,511 |
Changes in Other Real Estate Owned | Changes in OREO were as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Balance at beginning of period $ 191 $ 98 Additions Commercial & industrial 0 0 Residential real estate 0 72 Total additions 0 72 Disposals Commercial & industrial 0 (98) Residential real estate 0 0 Total disposals 0 (98) Valuation adjustment Commercial & industrial 0 0 Residential real estate 0 0 Total valuation adjustment 0 0 Balance at end of period $ 191 $ 72 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses by Classification | Changes in the allowance by loan category were as follows: Three months ended March 31, 2023 (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 $ 42,313 $ 3,571 $ 13,527 $ 41,106 $ 12,684 $ 12,447 $ 4,945 $ 2,384 $ 132,977 Provision for credit losses 4,213 391 119 (1,258) 2,786 944 1,218 231 8,644 Loans charged off (730) (13) 0 (66) 0 (91) (1,524) (217) (2,641) Recoveries 109 1 0 2,238 66 80 54 63 2,611 Total net charge-offs (621) (12) 0 2,172 66 (11) (1,470) (154) (30) Ending allowance for credit losses $ 45,905 $ 3,950 $ 13,646 $ 42,020 $ 15,536 $ 13,380 $ 4,693 $ 2,461 $ 141,591 Three months ended March 31, 2022 (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 $ 44,052 $ 1,633 $ 11,874 $ 53,420 $ 6,225 $ 9,643 $ 1,097 $ 4,048 $ 131,992 Provision for credit losses (3,803) 558 (464) (2,130) (141) (211) 134 468 (5,589) Loans charged off (2,845) (131) 0 0 (22) (21) (177) (246) (3,442) Recoveries 379 33 0 222 90 265 21 159 1,169 Total net charge-offs (2,466) (98) 0 222 68 244 (156) (87) (2,273) Ending allowance for credit losses $ 37,783 $ 2,093 $ 11,410 $ 51,512 $ 6,152 $ 9,676 $ 1,075 $ 4,429 $ 124,130 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the three months ended March 31, 2023 and March 31, 2022 were as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Balance at beginning of period $ 1,001,507 $ 1,000,749 Goodwill resulting from business combinations 4,231 (790) Balance at end of period $ 1,005,738 $ 999,959 |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (Dollars in thousands) March 31, 2023 December 31, 2022 Gross Accumulated Gross Accumulated Core deposit intangibles $ 41,750 $ (27,215) $ 41,750 $ (26,488) Customer list 69,563 (15,981) 69,563 (14,457) Other 10,960 (4,253) 14,079 (7,064) Mortgage servicing rights 21,623 (5,278) 21,347 (4,811) Total $ 143,896 $ (52,727) $ 146,739 $ (52,820) |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Operating lease cost $ 1,914 $ 1,899 Short-term lease cost 0 3 Variable lease cost 758 739 Total operating lease cost $ 2,672 $ 2,641 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum commitments due under these lease agreements as of March 31, 2023 are as follows: (Dollars in thousands) Operating leases 2023 (remaining nine months) $ 5,746 2024 7,359 2025 7,052 2026 6,782 2027 6,224 Thereafter 46,828 Total lease payments 79,991 Less imputed interest (16,789) Total $ 63,202 |
Schedule of supplemental balance sheet information related to leases. [Table Text Block] | The weighted average remaining lease term and discount rate for the Company's operating leases were as follows: March 31, 2023 December 31, 2022 Operating leases Weighted-average remaining lease term 13.0 years 13.1 years Weighted-average discount rate 3.30 % 3.29 % |
Schedule of supplemental cash flow information related to leases [Table Text Block] | Supplemental cash information at March 31, 2023 and 2022 related to leases was as follows: Three months ended March 31, (Dollars in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,970 $ 1,942 ROU assets obtained in exchange for lease obligations Operating leases 501 2,001 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Operating Leases Maturity (Table Text Block) | The future lease payments receivable from operating leases as of March 31, 2023 are as follows: (Dollars in thousands) Undiscounted cash flows 2023 (remaining nine months) $ 26,638 2024 30,263 2025 21,311 2026 13,299 2027 5,297 Thereafter 2,009 Total operating lease payments $ 98,817 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following is a summary of First Financial's short-term borrowings: (Dollars in thousands) March 31, 2023 December 31, 2022 FHLB short-term borrowings $ 1,089,400 $ 1,130,000 Other short-term borrowings 128,160 157,156 Total short-term borrowings $ 1,217,560 $ 1,287,156 |
Summary of Long-term Debt | The following is a summary of First Financial's long-term debt: March 31, 2023 December 31, 2022 (Dollars in thousands) Amount Average rate Amount Average rate Subordinated notes $ 313,820 5.52 % $ 313,705 5.48 % Unamortized debt issuance costs (1,902) N/A (1,998) N/A Notes issued in conjunction with acquisition of property and equipment 28,277 4.42 % 32,492 4.44 % Capital lease liability 1,677 3.83 % 1,698 3.82 % Capital loan with municipality 775 0.00 % 775 0.00 % Total long-term debt $ 342,647 5.44 % $ 346,672 5.40 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Related Tax Effects Allocated to Other Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes within each classification of AOCI: Three months ended March 31, 2023 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 $ 39,617 $ 519 $ 39,098 $ (8,613) $ 30,485 $ (325,925) $ 30,485 $ (295,440) Retirement obligation 0 (150) 150 (35) 115 (32,023) 115 (31,908) Foreign currency translation 4 0 4 0 4 (715) 4 (711) Total $ 39,621 $ 369 $ 39,252 $ (8,648) $ 30,604 $ (358,663) $ 30,604 $ (328,059) Three months ended March 31, 2022 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 $ (182,479) $ (3) $ (182,476) $ 40,075 $ (142,401) $ 21,038 $ (142,401) $ (121,363) Retirement obligation 0 (325) 325 21 346 (20,846) 346 (20,500) Foreign currency translation 11 0 11 0 11 (625) 11 (614) Total $ (182,468) $ (328) $ (182,140) $ 40,096 $ (142,044) $ (433) $ (142,044) $ (142,477) |
Other Accumulated Comprehensive income reclassified from AOCI | The following table presents the activity reclassified from accumulated other comprehensive income into income during the three month periods ended March 31, 2023 and 2022, respectively: Amount reclassified from Three months ended March 31, (Dollars in thousands) 2023 2022 Affected Line Item in the Consolidated Statements of Income Realized gain (loss) on securities available-for-sale $ 519 $ (3) Net gain (loss) on sales of investments securities Defined benefit pension plan Amortization of prior service cost (1) 0 75 Other noninterest expense Recognized net actuarial loss (1) (150) (400) Other noninterest expense Defined benefit pension plan total (150) (325) Total reclassifications for the period, before tax $ 369 $ (328) (1) Included in the computation of net periodic pension cost (see Note 14 - Employee Benefit Plans for additional details). |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Derivative Financial Instruments and Balances | The following table details the classification and amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: March 31, 2023 December 31, 2022 Estimated fair value Estimated fair value (Dollars in thousands) Balance sheet classification Notional Gain Loss Notional Gain Loss Client derivatives - instruments associated with loans Matched interest rate swaps with borrower Accrued interest and other assets $ 2,248,403 $ 10,458 $ (114,269) $ 2,206,351 $ 5,057 $ (147,759) Matched interest rate swaps with counterparty Accrued interest and other liabilities 2,248,403 114,269 (10,458) 2,206,351 147,759 (5,057) Foreign exchange contracts Matched foreign exchange contracts with customers Accrued interest and other assets 7,927,466 99,348 (77,863) 7,734,395 111,078 (93,804) Match foreign exchange contracts with counterparty Accrued interest and other liabilities 7,881,266 77,863 (99,348) 7,681,006 93,804 (111,078) Total $ 20,305,538 $ 301,938 $ (301,938) $ 19,828,103 $ 357,698 $ (357,698) |
Disclosure by Type of Financial Instrument | The following table discloses the gross and net amounts of client derivatives and foreign exchange contracts recognized in the Consolidated Balance Sheets: March 31, 2023 December 31, 2022 (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 (1) Matched interest rate swaps with counterparty $ 124,727 $ (252,151) $ (127,424) $ 152,816 $ (314,048) $ (161,232) Foreign exchange contracts with counterparty 177,211 (89,625) 87,586 204,882 (101,945) 102,937 Total $ 301,938 $ (341,776) $ (39,838) $ 357,698 $ (415,993) $ (58,295) (1) Includes accrued interest receivable and collateral. |
Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received | The following table details the derivative financial instruments, the average remaining maturities and the weighted-average interest rates being paid and received by First Financial at March 31, 2023: (Dollars in thousands) Notional Average Fair Client derivatives-interest rate contracts Receive fixed, matched interest rate swaps with borrower $ 2,248,403 5.2 $ (103,811) Pay fixed, matched interest rate swaps with counterparty 2,248,403 5.2 103,811 Client derivatives-foreign exchange contracts Foreign exchange contracts-pay USD 7,927,466 0.6 21,485 Foreign exchange contracts-receive USD 7,881,266 0.6 (21,485) Total client derivatives $ 20,305,538 1.6 $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Table Text Block] | The following table presents by type First Financial's active loan balances and related obligations to extend credit: March 31, 2023 December 31, 2022 (dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance Commercial & industrial $ 1,868,883 $ 3,449,289 $ 1,833,977 $ 3,410,272 Lease financing 6,847 273,898 6,842 236,124 Construction real estate 704,719 525,906 689,015 512,050 Commercial real estate-investor 107,150 3,102,445 107,205 3,094,064 Commercial real estate-owner 35,040 954,182 48,208 958,695 Residential real estate 76,860 1,145,069 74,089 1,092,265 Home equity 929,440 724,672 903,459 733,791 Installment 20,791 204,372 16,073 209,895 Credit card 218,579 53,552 225,864 51,815 Total $ 3,968,309 $ 10,433,385 $ 3,904,732 $ 10,298,971 |
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) March 31, 2023 December 31, 2022 Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment LIHTC Proportional amortization $ 124,454 $ 69,356 $ 126,537 $ 70,690 HTC Equity 17,108 11,955 17,108 11,955 NMTC Equity 2,695 0 2,944 0 Renewable energy Equity 24,417 13,008 11,851 1,689 Total $ 168,674 $ 94,319 $ 158,440 $ 84,334 The following table summarizes First Financial's amortization expense and tax benefit recognized in affordable housing projects and other tax credit investments. Three months ended March 31, 2023 March 31, 2022 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 3,327 $ (3,540) $ 3,048 $ (2,959) HTC 0 (80) 0 (80) NMTC 104 (53) 104 (53) Renewable energy 0 0 0 0 Total $ 3,431 $ (3,673) $ 3,152 $ (3,092) (1) The amortization expense for the LIHTC investments is included in income tax expense. The amortization expense for the HTC, NMTC, and Renewable energy tax credits is included in other noninterest expense. (2) All of the tax benefits recognized are included in Income tax expense. The tax benefit recognized for the HTC, NMTC, and Renewable energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss). |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan Amounts Recognized in the Consolidated Balance Sheets and Consolidated Statements of Income | As a result of the plan’s actuarial projections, First Financial recorded expense as set forth in the following table. The amounts are recognized in First Financial’s Consolidated Statements of Income related to the Company's pension plan. Three months ended March 31, (Dollars in thousands) 2023 2022 Service cost $ 2,350 $ 2,425 Interest cost 1,075 625 Expected return on assets (2,700) (2,750) Amortization of prior service cost 0 (75) Net actuarial loss 150 400 Net periodic benefit cost (income) $ 875 $ 625 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per common share: Three months ended March 31, (Dollars in thousands, except per share data) 2023 2022 Numerator Net income available to common shareholders $ 70,403 $ 41,301 Denominator Weighted average shares outstanding for basic earnings per common share 93,732,532 93,383,932 Effect of dilutive securities Employee stock awards 1,227,626 879,993 Adjusted weighted average shares for diluted earnings per common share 94,960,158 94,263,925 Earnings per share available to common shareholders Basic $ 0.75 $ 0.44 Diluted $ 0.74 $ 0.44 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Financial assets Cash and short-term investments $ 505,300 $ 505,300 $ 505,300 $ 0 $ 0 Investment securities held-to-maturity 83,070 75,762 0 75,762 0 Other investments 143,606 143,606 1,076 133,159 9,371 Loans and leases 10,291,794 9,923,707 0 0 9,923,707 Accrued interest receivable 65,006 65,006 0 15,933 49,073 Financial liabilities Deposits 12,674,684 12,644,951 0 12,644,951 0 Short-term borrowings 1,217,560 1,217,560 1,217,560 0 0 Long-term debt 342,647 344,131 0 344,131 0 Accrued interest payable 29,896 29,896 8,671 21,225 0 Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 December 31, 2022 Financial assets Cash and short-term investments $ 595,683 $ 595,683 $ 595,683 $ 0 $ 0 Investment securities held-to-maturity 84,021 76,485 0 76,485 0 Other investments 143,160 143,160 1,171 132,853 9,136 Loans and leases 10,165,994 9,916,353 0 0 9,916,353 Accrued interest receivable 63,721 63,721 0 16,233 47,488 Financial liabilities Deposits 12,701,177 12,670,747 0 12,670,747 0 Short-term borrowings 1,287,156 1,287,156 1,287,156 0 0 Long-term debt 346,672 348,041 0 348,041 0 Accrued interest payable 11,150 11,150 3,835 7,315 0 |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The financial assets and liabilities measured at fair value on a recurring basis in the consolidated financial statements were as follows: Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities March 31, 2023 Assets Investment securities available-for-sale $ 33,421 $ 3,316,713 $ 34,815 $ 3,384,949 Loans held for sale 0 9,280 0 9,280 Interest rate derivative contracts 0 124,765 0 124,765 Foreign exchange derivative contracts 0 177,211 0 177,211 Total $ 33,421 $ 3,627,969 $ 34,815 $ 3,696,205 Liabilities Interest rate derivative contracts $ 0 $ 124,795 $ 0 $ 124,795 Foreign exchange derivative contracts 0 177,211 0 177,211 Total $ 0 $ 302,006 $ 0 $ 302,006 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 Assets/liabilities December 31, 2022 Assets Investment securities available-for-sale $ 32,696 $ 3,341,095 $ 35,857 $ 3,409,648 Loans held for sale 0 7,918 0 7,918 Interest rate derivative contracts 0 152,846 0 152,846 Foreign exchange derivative contracts 0 204,882 0 204,882 Total $ 32,696 $ 3,706,741 $ 35,857 $ 3,775,294 Liabilities Interest rate derivative contracts $ 0 $ 153,119 $ 0 $ 153,119 Foreign exchange derivative contracts $ 0 $ 204,882 $ 0 $ 204,882 Total $ 0 $ 358,001 $ 0 $ 358,001 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents a reconciliation for certain AFS securities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and March 31, 2022. Three months ended March 31, (dollars in thousands) 2023 2022 Beginning balance $ 35,857 $ 38,181 Accretion (amortization) (25) (13) Increase (decrease) in fair value 12 13 Settlements (1,029) (720) Ending balance $ 34,815 $ 37,461 |
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 March 31, 2023 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 5,760 Commercial real estate 0 0 0 OREO 0 0 0 Operating leases 0 0 0 Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 December 31, 2022 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 4,240 Commercial real estate 0 0 4,015 OREO 0 0 0 Operating leases 0 0 0 |
INVESTMENTS - Additional Inform
INVESTMENTS - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Gain (Loss) on Securities [Line Items] | |||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 0 | $ 5,003 | |
NumberOfSecuritiesInSecurityPortfolio | 1,072 | 1,251 | |
NumberOfSecuritiesInUnrealizedLossPosition | 856 | 891 | |
Debt Securities, Held-to-maturity, Nonaccrual | $ 0 | $ 0 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | $ 0 | |
Sale of Debt Securities, Available-for-sale, Total | $ 0 | $ 5,000 |
INVESTMENTS - Summary of Held-T
INVESTMENTS - Summary of Held-To-Maturity and Available-For-Sale Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment Holdings [Line Items] | ||
Total | $ 83,070 | $ 84,021 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 172 | 105 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (7,480) | (7,641) |
Held-to-Maturity Market Value | 75,762 | 76,485 |
Total | 3,763,658 | 3,827,418 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 2,279 | 834 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (380,988) | (418,604) |
Investment securities available-for-sale | 3,384,949 | 3,409,648 |
U.S. Treasuries | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 37,319 | 37,312 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (3,898) | (4,616) |
Investment securities available-for-sale | 33,421 | 32,696 |
Securities of U.S. government agencies and corporations | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 80,728 | 80,382 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (12,963) | (13,914) |
Investment securities available-for-sale | 67,765 | 66,468 |
Residential Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 734,761 | 747,478 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 624 | 47 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (86,142) | (97,462) |
Investment securities available-for-sale | 649,243 | 650,063 |
Commercial Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 34,659 | 35,363 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (3,981) | (4,114) |
Held-to-Maturity Market Value | 30,678 | 31,249 |
Total | 669,015 | 676,934 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 2 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (44,121) | (47,374) |
Investment securities available-for-sale | 624,894 | 629,562 |
Collateralized Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 9,030 | 9,280 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (684) | (827) |
Held-to-Maturity Market Value | 8,346 | 8,453 |
Total | 524,394 | 538,970 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 121 | 181 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (59,400) | (61,439) |
Investment securities available-for-sale | 465,115 | 477,712 |
Obligations of state and other political subdivisions | ||
Investment Holdings [Line Items] | ||
Total | 8,131 | 8,128 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 172 | 105 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (186) | (201) |
Held-to-Maturity Market Value | 8,117 | 8,032 |
Total | 828,948 | 832,066 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 1,355 | 565 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (111,128) | (124,168) |
Investment securities available-for-sale | 719,175 | 708,463 |
Asset-backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 |
Held-to-Maturity Market Value | 0 | 0 |
Total | 746,463 | 772,261 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 179 | 39 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (51,567) | (60,975) |
Investment securities available-for-sale | 695,075 | 711,325 |
Other securities | ||
Investment Holdings [Line Items] | ||
Total | 31,250 | 31,250 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (2,629) | (2,499) |
Held-to-Maturity Market Value | 28,621 | 28,751 |
Total | 142,030 | 142,015 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (11,769) | (8,656) |
Investment securities available-for-sale | $ 130,261 | $ 133,359 |
INVESTMENTS - Summary of Invest
INVESTMENTS - Summary of Investment Securities by Estimated Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Held-to-Maturity Amortized Cost | ||
Amortized Cost | $ 83,070 | $ 84,021 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 75,762 | 76,485 |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 3,763,658 | 3,827,418 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 3,384,949 | 3,409,648 |
One Year or Less [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 8,119 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 7,981 | |
After One Year Through Five Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 2,607 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 2,720 | |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 99,178 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 93,713 | |
After Five Years Through Ten Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 34,951 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 32,381 | |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 293,272 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 258,231 | |
After Ten Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 1,823 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 1,637 | |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 688,456 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 590,697 | |
Residential Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | 0 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 734,761 | 747,478 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 649,243 | 650,063 |
Commercial Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 34,659 | 35,363 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 30,678 | 31,249 |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 669,015 | 676,934 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 624,894 | 629,562 |
Collateralized Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 9,030 | 9,280 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 8,346 | 8,453 |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 524,394 | 538,970 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 465,115 | 477,712 |
Asset-backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 0 | 0 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 746,463 | 772,261 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | $ 695,075 | $ 711,325 |
INVESTMENTS - Age of Gross Unre
INVESTMENTS - Age of Gross Unrealized Losses and Associated Fair Value by Investment Category (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | $ 83,070 | $ 84,021 |
Debt Securities, Held-to-maturity, Fair Value | 75,762 | 76,485 |
Debt Securities, Available-for-sale, Amortized Cost | 3,763,658 | 3,827,418 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 3,384,949 | 3,409,648 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 509,211 | 1,502,821 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 3,422 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,689,102 | 1,785,690 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 361,464 | 329,398 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 3,198,313 | 3,288,511 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 380,988 | 418,604 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 36,215 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 69,282 | 37,399 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 7,480 | 4,219 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 69,282 | 73,614 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 7,480 | 7,641 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 19,524 | 89,206 |
U.S. Treasuries | ||
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 37,319 | 37,312 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 33,421 | 32,696 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,397 | 2,383 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 31,024 | 30,313 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,864 | 4,570 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 33,421 | 32,696 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 3,898 | 4,616 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 34 | 46 |
Securities of U.S. government agencies and corporations | ||
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 80,728 | 80,382 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 67,765 | 66,468 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 67,765 | 66,468 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 12,963 | 13,914 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 67,765 | 66,468 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 12,963 | 13,914 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Residential Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 734,761 | 747,478 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 649,243 | 650,063 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 119,487 | 195,972 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 490,241 | 443,415 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 82,144 | 87,049 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 609,728 | 639,387 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 86,142 | 97,462 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,998 | 10,413 |
Commercial Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | 34,659 | 35,363 |
Debt Securities, Held-to-maturity, Fair Value | 30,678 | 31,249 |
Debt Securities, Available-for-sale, Amortized Cost | 669,015 | 676,934 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 624,894 | 629,562 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 84,064 | 440,207 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 2,197 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 540,830 | 175,530 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 41,334 | 28,551 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 624,894 | 615,737 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 44,121 | 47,374 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 17,656 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 30,678 | 13,593 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 3,981 | 1,917 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 30,678 | 31,249 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 3,981 | 4,114 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,787 | 18,823 |
Collateralized Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | 9,030 | 9,280 |
Debt Securities, Held-to-maturity, Fair Value | 8,346 | 8,453 |
Debt Securities, Available-for-sale, Amortized Cost | 524,394 | 538,970 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 465,115 | 477,712 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 89,481 | 199,138 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 606 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 366,249 | 269,242 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 55,916 | 48,986 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 455,730 | 468,380 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 59,400 | 61,439 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 6,317 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 8,346 | 2,136 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 684 | 221 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 8,346 | 8,453 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 684 | 827 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,484 | 12,453 |
Obligations of state and other political subdivisions | ||
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | 8,131 | 8,128 |
Debt Securities, Held-to-maturity, Fair Value | 8,117 | 8,032 |
Debt Securities, Available-for-sale, Amortized Cost | 828,948 | 832,066 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 719,175 | 708,463 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 65,220 | 295,913 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 201 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 537,923 | 368,673 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 107,187 | 92,972 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 603,143 | 664,586 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 111,128 | 124,168 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 5,160 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,637 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 186 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 1,637 | 5,160 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 186 | 201 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,941 | 31,196 |
Asset-backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | 0 | 0 |
Debt Securities, Held-to-maturity, Fair Value | 0 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 746,463 | 772,261 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 695,075 | 711,325 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 100,004 | 250,946 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 573,501 | 422,090 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 48,729 | 51,565 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 673,505 | 673,036 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 51,567 | 60,975 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 0 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,838 | 9,410 |
Other securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Amortized Cost | 31,250 | 31,250 |
Debt Securities, Held-to-maturity, Fair Value | 28,621 | 28,751 |
Debt Securities, Available-for-sale, Amortized Cost | 142,030 | 142,015 |
Investment securities available-for-sale, at fair value (amortized cost $3,763,658 at March 31, 2023 and $3,827,418 at December 31, 2022) | 130,261 | 133,359 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 48,558 | 118,262 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 418 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 81,569 | 9,959 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9,327 | 1,791 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 130,127 | 128,221 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11,769 | 8,656 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 7,082 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 28,621 | 21,670 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,629 | 2,081 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 28,621 | 28,752 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | 2,629 | 2,499 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 2,442 | $ 6,865 |
LOANS AND LEASES - Additional I
LOANS AND LEASES - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | |||
Restructured Loans, Nonaccrual Status | $ 10,000,000 | |||
Real Estate Acquired Through Foreclosure | 191,000 | 191,000 | $ 72,000 | $ 98,000 |
Loans and Leases Receivable, Net of Deferred Income | 10,433,385,000 | 10,298,971,000 | ||
Unused Commitments to Extend Credit | 3,968,309,000 | 3,904,732,000 | ||
Commercial segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 13,971,000 | 8,242,000 | ||
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Restructured Loans, Loan Relationships, Review Threshold Amount Minimum | 250,000 | |||
Loans and Leases Receivable, Net of Deferred Income | 11,129,000 | 10,691,000 | ||
Lease financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and Leases Receivable, Net of Deferred Income | 175,000 | $ 178,000 | ||
Financial Difficulty Modification | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unused Commitments to Extend Credit | $ 0 |
LOANS AND LEASES - Commercial a
LOANS AND LEASES - Commercial and Consumer Credit Exposure by Risk Attribute (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 8,545,307 | |
Loans and Leases Receivable, Net of Deferred Income | $ 10,433,385 | 10,298,971 |
Gross loans and leases, excluding accrued interest | 10,433,385 | 10,298,971 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 2,402,422 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,892,719 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,223,810 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,219,466 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 664,072 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,142,818 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 1,753,664 | |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 730 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 730 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 683 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 19 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 6 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 22 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Credit card | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 217 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 217 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 1,524 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 1,524 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 12 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 33 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 769 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 710 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Home Equity Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,399 | 3,123 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 91 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 91 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 84 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 7 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 11,129 | 10,691 |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Commercial real estate-owner | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 66 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 66 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 66 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Commercial real estate - investor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 25 | 375 |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Construction real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 175 | 178 |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 13 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 13 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 13 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 0 | |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,491,455 | 2,411,901 |
Loans and Leases Receivable, Net of Deferred Income | 3,449,289 | 3,410,272 |
Gross loans and leases, excluding accrued interest | 3,449,289 | 3,410,272 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 166,182 | 884,911 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 885,351 | 580,887 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 558,366 | 364,134 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 350,378 | 231,821 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 219,093 | 124,136 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 312,085 | 226,012 |
Financing Receivable, Excluding Accrued Interest, Revolving | 957,834 | 998,371 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,403,326 | 2,318,545 |
Gross loans and leases, excluding accrued interest | 3,331,538 | 3,289,625 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 165,984 | 879,836 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 869,449 | 561,890 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 538,860 | 348,123 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 336,469 | 209,758 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 202,246 | 112,282 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 290,318 | 206,656 |
Financing Receivable, Excluding Accrued Interest, Revolving | 928,212 | 971,080 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 33,798 | 48,800 |
Gross loans and leases, excluding accrued interest | 47,653 | 66,855 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 198 | 2,740 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 13,090 | 13,821 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 4,198 | 4,125 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 3,901 | 14,047 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10,194 | 8,523 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 2,217 | 5,544 |
Financing Receivable, Excluding Accrued Interest, Revolving | 13,855 | 18,055 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 54,331 | 44,556 |
Gross loans and leases, excluding accrued interest | 70,098 | 53,792 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 2,335 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,812 | 5,176 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 15,308 | 11,886 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 10,008 | 8,016 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,653 | 3,331 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 19,550 | 13,812 |
Financing Receivable, Excluding Accrued Interest, Revolving | 15,767 | 9,236 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Gross loans and leases, excluding accrued interest | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | |
Lease financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 273,898 | 236,124 |
Loans and Leases Receivable, Net of Deferred Income | 273,898 | 236,124 |
Gross loans and leases, excluding accrued interest | 273,898 | 236,124 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 29,221 | 171,398 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 191,872 | 25,638 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 23,349 | 13,775 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 11,891 | 12,961 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10,623 | 9,413 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,942 | 2,939 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Lease financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 269,616 | 231,507 |
Gross loans and leases, excluding accrued interest | 269,616 | 231,507 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 29,221 | 167,035 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 187,765 | 25,638 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 23,349 | 13,705 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 11,891 | 12,797 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10,465 | 9,402 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,925 | 2,930 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Lease financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 70 |
Gross loans and leases, excluding accrued interest | 0 | 70 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 70 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Lease financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,282 | 4,547 |
Gross loans and leases, excluding accrued interest | 4,282 | 4,547 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 4,363 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,107 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 164 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 158 | 11 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 17 | 9 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Construction real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 505,940 | 488,784 |
Loans and Leases Receivable, Net of Deferred Income | 525,906 | 512,050 |
Gross loans and leases, excluding accrued interest | 525,906 | 512,050 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 8,249 | 89,116 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 185,065 | 291,034 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 224,242 | 96,823 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 75,338 | 4,902 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,177 | 6,556 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,869 | 353 |
Financing Receivable, Excluding Accrued Interest, Revolving | 19,966 | 23,266 |
Construction real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 491,545 | 468,223 |
Gross loans and leases, excluding accrued interest | 511,511 | 491,489 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 8,249 | 89,116 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 185,065 | 276,639 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 209,847 | 96,823 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 75,338 | 4,902 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 6,177 | 390 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,869 | 353 |
Financing Receivable, Excluding Accrued Interest, Revolving | 19,966 | 23,266 |
Construction real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 14,395 | 20,561 |
Gross loans and leases, excluding accrued interest | 14,395 | 20,561 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 14,395 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 14,395 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 6,166 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Construction real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Gross loans and leases, excluding accrued interest | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Commercial real estate - investor | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 3,073,760 | 3,067,050 |
Loans and Leases Receivable, Net of Deferred Income | 3,102,445 | 3,094,064 |
Gross loans and leases, excluding accrued interest | 3,102,445 | 3,094,064 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 66,536 | 643,174 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 665,650 | 490,125 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 467,333 | 324,627 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 331,964 | 733,021 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 703,179 | 344,029 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 839,098 | 532,074 |
Financing Receivable, Excluding Accrued Interest, Revolving | 28,685 | 27,014 |
Commercial real estate - investor | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,920,239 | 2,943,879 |
Gross loans and leases, excluding accrued interest | 2,948,629 | 2,970,032 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 66,536 | 643,174 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 665,650 | 470,085 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 454,273 | 301,510 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 300,956 | 719,699 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 689,958 | 300,772 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 742,866 | 508,639 |
Financing Receivable, Excluding Accrued Interest, Revolving | 28,390 | 26,153 |
Commercial real estate - investor | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 90,860 | 85,381 |
Gross loans and leases, excluding accrued interest | 91,155 | 86,242 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 13,090 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 13,060 | 23,111 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 17,134 | 9,297 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 9,229 | 26,079 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 51,437 | 13,804 |
Financing Receivable, Excluding Accrued Interest, Revolving | 295 | 861 |
Commercial real estate - investor | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 62,661 | 37,790 |
Gross loans and leases, excluding accrued interest | 62,661 | 37,790 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 6,950 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 6 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 13,874 | 4,025 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 3,992 | 17,178 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 44,795 | 9,631 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Commercial real estate - investor | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Gross loans and leases, excluding accrued interest | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | |
Commercial real estate-owner | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 943,558 | 947,570 |
Loans and Leases Receivable, Net of Deferred Income | 954,182 | 958,695 |
Gross loans and leases, excluding accrued interest | 954,182 | 958,695 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 27,575 | 165,411 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 167,800 | 155,566 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 149,324 | 171,431 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 161,163 | 107,730 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 105,181 | 115,564 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 332,515 | 231,868 |
Financing Receivable, Excluding Accrued Interest, Revolving | 10,624 | 11,125 |
Commercial real estate-owner | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 910,589 | 915,616 |
Gross loans and leases, excluding accrued interest | 920,563 | 926,741 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 27,575 | 165,411 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 167,222 | 155,041 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 148,857 | 170,587 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 159,185 | 101,137 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 99,257 | 112,063 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 308,493 | 211,377 |
Financing Receivable, Excluding Accrued Interest, Revolving | 9,974 | 11,125 |
Commercial real estate-owner | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16,708 | 15,519 |
Gross loans and leases, excluding accrued interest | 16,708 | 15,519 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 578 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 11 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,136 | 1,479 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 870 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 14,113 | 14,040 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Commercial real estate-owner | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16,261 | 16,435 |
Gross loans and leases, excluding accrued interest | 16,911 | 16,435 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 525 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 456 | 844 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 842 | 5,114 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 5,054 | 3,501 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,909 | 6,451 |
Financing Receivable, Excluding Accrued Interest, Revolving | 650 | 0 |
Commercial real estate-owner | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | |
Gross loans and leases, excluding accrued interest | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,145,069 | 1,092,265 |
Loans and Leases Receivable, Net of Deferred Income | 1,145,069 | 1,092,265 |
Gross loans and leases, excluding accrued interest | 1,145,069 | 1,092,265 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 65,711 | 321,090 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 336,982 | 276,431 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 273,965 | 207,234 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 203,872 | 113,299 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 111,540 | 53,338 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 152,999 | 120,873 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Residential Portfolio Segment [Member] | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,130,424 | 1,078,410 |
Gross loans and leases, excluding accrued interest | 1,130,424 | 1,078,410 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 65,711 | 320,676 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 336,483 | 274,816 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 272,688 | 205,948 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 201,737 | 110,745 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 108,797 | 51,583 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 145,008 | 114,642 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Residential Portfolio Segment [Member] | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 14,645 | 13,855 |
Gross loans and leases, excluding accrued interest | 14,645 | 13,855 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 414 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 499 | 1,615 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,277 | 1,286 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 2,135 | 2,554 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,743 | 1,755 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 7,991 | 6,231 |
Financing Receivable, Excluding Accrued Interest, Revolving | 0 | 0 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 142,216 | 143,871 |
Loans and Leases Receivable, Net of Deferred Income | 724,672 | 733,791 |
Gross loans and leases, excluding accrued interest | 724,672 | 733,791 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 4,421 | 26,416 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 25,918 | 33,550 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 32,424 | 38,524 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 37,286 | 11,811 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 11,365 | 8,155 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 30,802 | 25,415 |
Financing Receivable, Excluding Accrued Interest, Revolving | 582,456 | 589,920 |
Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 141,383 | 142,820 |
Gross loans and leases, excluding accrued interest | 719,531 | 728,532 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 4,421 | 26,411 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 25,913 | 33,414 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 32,296 | 38,226 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 37,089 | 11,733 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 11,365 | 8,051 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 30,299 | 24,985 |
Financing Receivable, Excluding Accrued Interest, Revolving | 578,148 | 585,712 |
Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 833 | 1,051 |
Gross loans and leases, excluding accrued interest | 5,141 | 5,259 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 5 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5 | 136 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 128 | 298 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 197 | 78 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 104 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 503 | 430 |
Financing Receivable, Excluding Accrued Interest, Revolving | 4,308 | 4,208 |
Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 148,652 | 157,742 |
Loans and Leases Receivable, Net of Deferred Income | 204,372 | 209,895 |
Gross loans and leases, excluding accrued interest | 204,372 | 209,895 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 3,283 | 100,906 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 95,457 | 39,488 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 35,201 | 7,262 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 6,148 | 3,921 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 3,212 | 2,881 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 5,351 | 3,284 |
Financing Receivable, Excluding Accrued Interest, Revolving | 55,720 | 52,153 |
Installment | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 147,262 | 156,212 |
Gross loans and leases, excluding accrued interest | 202,546 | 208,066 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 3,282 | 100,256 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 94,791 | 38,694 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 34,611 | 7,244 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 6,118 | 3,915 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 3,141 | 2,861 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 5,319 | 3,242 |
Financing Receivable, Excluding Accrued Interest, Revolving | 55,284 | 51,854 |
Installment | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,390 | 1,530 |
Gross loans and leases, excluding accrued interest | 1,826 | 1,829 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 1 | 650 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 666 | 794 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 590 | 18 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 30 | 6 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 71 | 20 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 32 | 42 |
Financing Receivable, Excluding Accrued Interest, Revolving | 436 | 299 |
Credit card | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Loans and Leases Receivable, Net of Deferred Income | 53,552 | 51,815 |
Gross loans and leases, excluding accrued interest | 53,552 | 51,815 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Revolving | 53,552 | 51,815 |
Credit card | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Gross loans and leases, excluding accrued interest | 53,393 | 51,287 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Revolving | 53,393 | 51,287 |
Credit card | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 |
Gross loans and leases, excluding accrued interest | 159 | 528 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Revolving | $ 159 | $ 528 |
LOANS AND LEASES - Loan Delinqu
LOANS AND LEASES - Loan Delinquency, including Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | $ 45,237 | $ 33,897 |
Current | 10,388,148 | 10,265,074 |
Gross loans and leases, excluding accrued interest | 10,433,385 | 10,298,971 |
> 90 days past due and still accruing | 159 | 857 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 29,456 | 17,727 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 4,931 | 9,783 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 10,850 | 6,387 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 3,751 | 5,948 |
Current | 3,445,538 | 3,404,324 |
Gross loans and leases, excluding accrued interest | 3,449,289 | 3,410,272 |
> 90 days past due and still accruing | 0 | 0 |
Commercial | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 2,604 | 5,375 |
Commercial | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 607 | 72 |
Commercial | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 540 | 501 |
Lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 22,323 | 7,107 |
Current | 251,575 | 229,017 |
Gross loans and leases, excluding accrued interest | 273,898 | 236,124 |
> 90 days past due and still accruing | 0 | 742 |
Lease financing | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 20,776 | 5,212 |
Lease financing | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,446 | 1,052 |
Lease financing | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 101 | 843 |
Construction real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Current | 525,906 | 512,050 |
Gross loans and leases, excluding accrued interest | 525,906 | 512,050 |
> 90 days past due and still accruing | 0 | 0 |
Construction real estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Construction real estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Construction real estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Commercial real estate - investor | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 23 | 0 |
Current | 3,102,422 | 3,094,064 |
Gross loans and leases, excluding accrued interest | 3,102,445 | 3,094,064 |
> 90 days past due and still accruing | 0 | 0 |
Commercial real estate - investor | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 18 | 0 |
Commercial real estate - investor | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 5 | 0 |
Commercial real estate - investor | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Commercial real estate-owner | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 5,410 | 5,286 |
Current | 948,772 | 953,409 |
Gross loans and leases, excluding accrued interest | 954,182 | 958,695 |
> 90 days past due and still accruing | 0 | 0 |
Commercial real estate-owner | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 67 | 26 |
Commercial real estate-owner | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 85 | 5,216 |
Commercial real estate-owner | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 5,258 | 44 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 7,590 | 9,588 |
Current | 1,137,479 | 1,082,677 |
Gross loans and leases, excluding accrued interest | 1,145,069 | 1,092,265 |
> 90 days past due and still accruing | 0 | 0 |
Residential real estate | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 3,341 | 4,254 |
Residential real estate | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,639 | 2,074 |
Residential real estate | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 2,610 | 3,260 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 3,962 | 3,663 |
Current | 720,710 | 730,128 |
Gross loans and leases, excluding accrued interest | 724,672 | 733,791 |
> 90 days past due and still accruing | 0 | 0 |
Home equity | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,680 | 1,725 |
Home equity | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 472 | 729 |
Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,810 | 1,209 |
Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 1,721 | 1,778 |
Current | 202,651 | 208,117 |
Gross loans and leases, excluding accrued interest | 204,372 | 209,895 |
> 90 days past due and still accruing | 0 | 0 |
Installment | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 795 | 874 |
Installment | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 555 | 490 |
Installment | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 371 | 414 |
Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 457 | 527 |
Current | 53,095 | 51,288 |
Gross loans and leases, excluding accrued interest | 53,552 | 51,815 |
> 90 days past due and still accruing | 159 | 115 |
Credit card | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 175 | 261 |
Credit card | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 122 | 150 |
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | $ 160 | $ 116 |
LOANS AND LEASES - Financial Di
LOANS AND LEASES - Financial Difficulty Modifications (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 904 | |
Finance Receivable Percentage Of Class Of Loans And Leases | 0.0008 | |
Principal Forgiveness | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification | 0 | |
Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 725 | |
Extended Maturity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 106 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Term Extension | 12.5 years | |
Contractual Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Interest Rate Reduction | 1.66% | |
Term Extension and Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 73 | |
Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 889 | |
Finance Receivable Percentage Of Class Of Loans And Leases | 0.0008 | |
Residential Portfolio Segment [Member] | Principal Forgiveness | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification | 0 | |
Residential Portfolio Segment [Member] | Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 725 | |
Residential Portfolio Segment [Member] | Extended Maturity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 106 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Term Extension | 11.6 years | |
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Interest Rate Reduction | 2% | |
Residential Portfolio Segment [Member] | Term Extension and Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 58 | |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 15 | |
Finance Receivable Percentage Of Class Of Loans And Leases | 0 | |
Home equity | Principal Forgiveness | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification | 0 | |
Home equity | Payment Delay | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 | |
Home equity | Extended Maturity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Term Extension | 22.6 years | |
Home equity | Contractual Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Interest Rate Reduction | 0.31% | |
Home equity | Term Extension and Interest Rate Reduction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 15 |
LOANS AND LEASES - Financial _2
LOANS AND LEASES - Financial Difficulty Modifications, Payment Status (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Financing Receivable, Past Due [Line Items] | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 |
Financial Asset, 1 to 29 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 904 |
Financial Receivables, Financial Difficulty Modifications | 904 |
Financial Asset, 30 to 59 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 889 |
Financial Receivables, Financial Difficulty Modifications | 889 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 |
Home equity | Financial Asset, 1 to 29 Days Past Due | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 15 |
Financial Receivables, Financial Difficulty Modifications | 15 |
Home equity | Financial Asset, 30 to 59 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 |
Home equity | Financial Asset, 60 to 89 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 |
Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Financing Receivable, Past Due [Line Items] | |
Financial Receivables, Financial Difficulty Modifications | 0 |
Financial Receivables, Financial Difficulty Modifications | $ 0 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | $ 9,748 | $ 11,908 | |
Financing Receivable, Nonaccrual, No Allowance | 24,832 | 16,715 | |
Nonaccrual loans | 34,580 | 28,623 | |
Interest income effect | |||
Gross amount of interest that would have been recorded under original terms | 716 | $ 773 | |
Interest included in income | |||
Nonaccrual loans | 308 | 290 | |
Troubled debt restructurings | 0 | 51 | |
Total interest included in income | 308 | 341 | |
Net impact on interest income | 408 | $ 432 | |
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 9,748 | 6,692 | |
Financing Receivable, Nonaccrual, No Allowance | 4,223 | 1,550 | |
Nonaccrual loans | 13,971 | 8,242 | |
Lease financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 175 | 178 | |
Nonaccrual loans | 175 | 178 | |
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 | |
Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 5,216 | |
Financing Receivable, Nonaccrual, No Allowance | 5,362 | 570 | |
Nonaccrual loans | 5,362 | 5,786 | |
Residential real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 11,129 | 10,691 | |
Nonaccrual loans | 11,129 | 10,691 | |
Home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 3,399 | 3,123 | |
Nonaccrual loans | 3,399 | 3,123 | |
Installment | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | |
Financing Receivable, Nonaccrual, No Allowance | 544 | 603 | |
Nonaccrual loans | $ 544 | $ 603 |
LOANS AND LEASES - Collateral (
LOANS AND LEASES - Collateral (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 10,433,385 | $ 10,298,971 |
Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 11,054 | 8,205 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,331 | 3,752 |
Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 4,637 | 2,071 |
Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 118 | 119 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 14,548 | 13,836 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 892 | 640 |
Total Collateral | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 34,580 | 28,623 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 13,971 | 8,242 |
Commercial | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 11,054 | 8,205 |
Commercial | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 2,569 | 0 |
Commercial | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 348 | 37 |
Commercial real estate - investor | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 25 | 375 |
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 | 5 | 353 |
Commercial real estate - investor | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial real estate - investor | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial real estate - investor | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 20 | 22 |
Commercial real estate - investor | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial Real Estate-Owner | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 5,337 | 5,411 |
Commercial Real Estate-Owner | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial Real Estate-Owner | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,326 | 3,399 |
Commercial Real Estate-Owner | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 1,893 | 1,893 |
Commercial Real Estate-Owner | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 118 | 119 |
Commercial Real Estate-Owner | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Commercial Real Estate-Owner | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 11,129 | 10,691 |
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 | 11,129 | 10,691 |
Residential real estate | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,399 | 3,123 |
Home Equity Loan | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Home Equity Loan | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,399 | 3,123 |
Home Equity Loan | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Installment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 544 | 603 |
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 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 544 | 603 |
Lease financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 175 | 178 |
Lease financing | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Lease financing | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Lease financing | Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 175 | 178 |
Lease financing | Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Lease financing | Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 0 |
Lease financing | Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 0 | $ 0 |
LOANS AND LEASES - Leasing (Det
LOANS AND LEASES - Leasing (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Receivables [Abstract] | |||
Direct Financing Lease, Lease Receivable | $ 31,978 | $ 35,081 | |
Direct Financing Lease, Unguaranteed Residual Asset | 14,387 | 16,058 | |
Sales-type Lease, Lease Receivable | 227,533 | 184,985 | |
Sales-type Lease, Unguaranteed Residual Asset | 0 | 0 | |
Net Investment in Lease, before Allowance for Credit Loss, Total | 273,898 | $ 236,124 | |
Sales-type and Direct Financing Leases, Interest Income | $ 4,900 | $ 500 |
LOANS AND LEASES - Leasing Matu
LOANS AND LEASES - Leasing Maturity (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Sales-Type and Direct Financing Leases, Lease Receivable, Payments to be Received, Fiscal Year Maturity [Abstract] | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Remainder of Fiscal Year | $ 51,984 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two | 63,846 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three | 56,909 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four | 52,425 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five | 29,928 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five | 41,426 |
Sales-type and Direct Financing Leases, Lease Receivable | 296,518 |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (37,007) |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 259,511 |
LOANS AND LEASES - Changes in O
LOANS AND LEASES - Changes in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance at beginning of period | $ 191 | $ 98 |
Additions | 0 | 72 |
Disposals | 0 | (98) |
Other Real Estate, Period Increase (Decrease) | 0 | 0 |
Balance at end of period | 191 | 72 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 0 | 0 |
Disposals | 0 | (98) |
Other Real Estate, Period Increase (Decrease) | 0 | 0 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Additions | 0 | 72 |
Disposals | 0 | 0 |
Other Real Estate, Period Increase (Decrease) | $ 0 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - C
ALLOWANCE FOR CREDIT LOSSES - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | $ 132,977 | $ 131,992 |
Provision for Credit Losses-loans and leases | 8,644 | (5,589) |
Loans charged off | (2,641) | (3,442) |
Recoveries | 2,611 | 1,169 |
Total net charge-offs | (30) | (2,273) |
Balance at end of year | 141,591 | 124,130 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | 42,313 | 44,052 |
Provision for Credit Losses-loans and leases | 4,213 | (3,803) |
Loans charged off | (730) | (2,845) |
Recoveries | 109 | 379 |
Total net charge-offs | (621) | (2,466) |
Balance at end of year | 45,905 | 37,783 |
Lease financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | 3,571 | 1,633 |
Provision for Credit Losses-loans and leases | 391 | 558 |
Loans charged off | (13) | (131) |
Recoveries | 1 | 33 |
Total net charge-offs | (12) | (98) |
Balance at end of year | 3,950 | 2,093 |
Construction real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | 13,527 | 11,874 |
Provision for Credit Losses-loans and leases | 119 | (464) |
Loans charged off | 0 | 0 |
Recoveries | 0 | 0 |
Total net charge-offs | 0 | 0 |
Balance at end of year | 13,646 | 11,410 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | 41,106 | 53,420 |
Provision for Credit Losses-loans and leases | (1,258) | (2,130) |
Loans charged off | (66) | 0 |
Recoveries | 2,238 | 222 |
Total net charge-offs | 2,172 | 222 |
Balance at end of year | 42,020 | 51,512 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | 12,684 | 6,225 |
Provision for Credit Losses-loans and leases | 2,786 | (141) |
Loans charged off | 0 | (22) |
Recoveries | 66 | 90 |
Total net charge-offs | 66 | 68 |
Balance at end of year | 15,536 | 6,152 |
Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | 12,447 | 9,643 |
Provision for Credit Losses-loans and leases | 944 | (211) |
Loans charged off | (91) | (21) |
Recoveries | 80 | 265 |
Total net charge-offs | (11) | 244 |
Balance at end of year | 13,380 | 9,676 |
Installment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | 4,945 | 1,097 |
Provision for Credit Losses-loans and leases | 1,218 | 134 |
Loans charged off | (1,524) | (177) |
Recoveries | 54 | 21 |
Total net charge-offs | (1,470) | (156) |
Balance at end of year | 4,693 | 1,075 |
Credit card | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of year | 2,384 | 4,048 |
Provision for Credit Losses-loans and leases | 231 | 468 |
Loans charged off | (217) | (246) |
Recoveries | 63 | 159 |
Total net charge-offs | 154 | 87 |
Balance at end of year | $ 2,461 | $ 4,429 |
ALLOWANCE FOR CREDIT LOSSES- Ad
ALLOWANCE FOR CREDIT LOSSES- Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Receivables [Abstract] | |||
Interest Receivable | $ 49,073 | $ 47,500 | |
Reserves for unfunded commitments | 20,200 | $ 18,400 | |
Provision for credit losses-unfunded commitments | $ 1,835 | $ (226) |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance at beginning of period | $ 1,001,507 | $ 1,000,749 |
Goodwill | 4,231 | (790) |
Balance at end of period | $ 1,005,738 | $ 999,959 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS--Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Dec. 31, 2021 | Aug. 30, 2019 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 4,231 | $ (790) | |||
Other Depreciation and Amortization | 3,300 | 3,700 | |||
Amortization of Mortgage Servicing Rights (MSRs) | $ 700 | $ 800 | |||
Core deposits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets amortization method | accelerated basis | ||||
Estimated weighted average life (in years) | 5 years | ||||
Customer lists | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets amortization method | straight-line basis | ||||
Estimated weighted average life (in years) | 12 years | 11 years | |||
Customer lists | Summit Funding Group | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | $ 27,000 | $ 27,600 | |||
Customer lists | Bannockburn [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | $ 26,600 | $ 27,500 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Other Intangibles (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 143,896 | $ 146,739 |
Finite-Lived Intangible Assets, Accumulated Amortization | (52,727) | (52,820) |
Servicing Asset | 21,623 | 21,347 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 41,750 | 41,750 |
Finite-Lived Intangible Assets, Accumulated Amortization | (27,215) | (26,488) |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 69,563 | 69,563 |
Finite-Lived Intangible Assets, Accumulated Amortization | (15,981) | (14,457) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 10,960 | 14,079 |
Finite-Lived Intangible Assets, Accumulated Amortization | (4,253) | (7,064) |
Servicing Contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (5,278) | $ (4,811) |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 53,200 | $ 54,300 |
Operating Lease, Liability | $ 63,202 | $ 64,500 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease, Cost [Abstract] | ||
Operating Lease, Cost | $ 1,914 | $ 1,899 |
Short-term Lease, Cost | 0 | 3 |
Variable Lease, Cost | 758 | 739 |
Lease, Cost | $ 2,672 | $ 2,641 |
LEASES - Lease Maturity (Detail
LEASES - Lease Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 5,746 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 7,359 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 7,052 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 6,782 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 6,224 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 46,828 | |
Lessee, Operating Lease, Liability, to be Paid | 79,991 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (16,789) | |
Operating Lease, Liability | $ 63,202 | $ 64,500 |
LEASES - Schedule of supplement
LEASES - Schedule of supplemental balance sheet information related to assets (Details) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 13 years | 13 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.30% | 3.29% |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 1,970 | $ 1,942 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 501 | $ 2,001 |
OPERATING LEASES - Additional i
OPERATING LEASES - Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Leases [Abstract] | |||
Operating leases | $ 153,986 | $ 91,738 | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation | 42,200 | $ 35,000 | |
Operating Lease, Lease Income, Lease Payments | 10,200 | $ 4,700 | |
Depreciation, Lessor Asset under Operating Lease | 7,900 | $ 3,900 | |
Impairment, Lessor Asset under Operating Lease | $ 0 |
OPERATING LEASES - Maturity Tab
OPERATING LEASES - Maturity Table (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Leases [Abstract] | |
Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year | $ 26,638 |
Lessor, Operating Lease, Payment to be Received, Year Two | 30,263 |
Lessor, Operating Lease, Payment to be Received, Year Three | 21,311 |
Lessor, Operating Lease, Payment to be Received, Year Four | 13,299 |
Lessor, Operating Lease, Payment to be Received, Year Five | 5,297 |
Lessor, Operating Lease, Payment to be Received, after Year Five | 2,009 |
Lessor, Operating Lease, Payments to be Received | $ 98,817 |
BORROWINGS - Schedule of Short-
BORROWINGS - Schedule of Short-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 1,217,560 | $ 1,287,156 |
Other Short-term Borrowings | 128,160 | 157,156 |
Federal Home Loan Bank Borrowings | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 1,089,400 | 1,130,000 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 128,160 | 157,156 |
Other Short-term Borrowings | $ 0 | $ 0 |
BORROWINGS - Schedule of Long-t
BORROWINGS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amount | ||
Subordinated debt | $ 313,820 | $ 313,705 |
Unamortized debt issuance costs | (1,902) | (1,998) |
Other Notes Payable, Noncurrent | 28,277 | 32,492 |
Finance Lease, Liability | 1,677 | 1,698 |
Capital loan with municipality | 775 | 775 |
Total long-term debt | $ 342,647 | $ 346,672 |
Average Rate | ||
Debt, Weighted Average Interest Rate | 5.52% | 5.48% |
Other Notes payable interest rate | 4.42% | 4.44% |
Lessee, Finance Lease, Discount Rate | 3.83% | 3.82% |
Weighted average rate on other long-term debt | 0% | 0% |
Total long-term debt | 5.44% | 5.40% |
BORROWINGS Borrowings - - Addit
BORROWINGS Borrowings - - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Dec. 31, 2022 | Apr. 01, 2018 | |
Carrying Value of Securities Sold under Repurchase Agreements and Deposits Received for Securities Loaned | $ 0 | $ 0 | |
Federal Funds Purchased | 0 | 0 | |
FHLB short-term borrowings | 1,089,400 | 1,130,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 40,000 | ||
Short-term Debt | 1,217,560 | 1,287,156 | |
Long-term Debt | 342,647 | 346,672 | |
Convertible Subordinated Debt | $ 150,000 | ||
Subordinated Borrowing, Interest Rate | 5.13% | ||
Debt Instrument, Basis Spread on Variable Rate | 5.09% | ||
Subordinated debt | $ 120,000 | ||
Subordinated debt | $ 313,820 | $ 313,705 | |
Debt, Weighted Average Interest Rate | 5.52% | 5.48% | |
Weighted average rate on other long-term debt | 0% | 0% | |
Short-term Debt | |||
Short-term Debt | $ 128,160 | $ 157,156 | |
Long-term Debt [Member] | |||
Subordinated Borrowing, Interest Rate | 5.25% | ||
Subordinated Debt [Member] | |||
Subordinated debt | $ 43,800 | $ 43,700 | $ 49,500 |
Debt Instrument Maturity Period | 30 years | ||
DebtInstrumentMinimumCallablePeriod | 5 years |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), before Reclassification Adjustments and Tax [Abstract] | ||||
Unrealized gain (loss) on investment securities | $ 39,617 | $ (182,479) | ||
Retirement obligation | 0 | 0 | ||
Foreign currency translation | 4 | 11 | ||
Total | 39,621 | (182,468) | ||
Other Comprehensive Income (Loss) Reclassifications before Tax [Abstract] | ||||
Realized gain (loss) on securities available-for-sale | 519 | (3) | ||
Retirement obligation | (150) | (325) | ||
Foreign currency translation | 0 | 0 | ||
Total | 369 | (328) | ||
Transactions Pre-tax | ||||
Unrealized gain (loss) on investment securities | 39,098 | (182,476) | ||
Unfunded pension obligation | 150 | 325 | ||
Foreign currency translation | 4 | 11 | ||
Total | 39,252 | (182,140) | ||
Transactions Tax-effect | ||||
Unrealized gain (loss) on investment securities | (8,613) | 40,075 | ||
Retirement obligation | (35) | 21 | ||
Foreign currency translation | 0 | 0 | ||
Total | (8,648) | 40,096 | ||
Transactions Net of tax | ||||
Unrealized gain (loss) on investment securities | 30,485 | (142,401) | ||
Retirement obligation | 115 | 346 | ||
Foreign currency translation | 4 | 11 | ||
Total | 30,604 | (142,044) | ||
Balances Net of tax | ||||
Unrealized gain (loss) on investment securities | (295,440) | (121,363) | $ (325,925) | $ 21,038 |
Retirement obligation | (31,908) | (20,500) | (32,023) | (20,846) |
Foreign currency translation | (711) | (614) | (715) | (625) |
Total | (328,059) | (142,477) | $ (358,663) | $ (433) |
Accumulated other comprehensive income (loss) | ||||
Transactions Net of tax | ||||
Total | $ 30,604 | $ (142,044) |
AMOUNT RECLASSIFIED FROM ACCUMU
AMOUNT RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Other Accumulated Comprehensive income reclassified from AOCI [Line Items] | ||
Realized gain (loss) on securities available-for-sale | $ 519 | $ (3) |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0 | 75 |
Defined Benefit Plan, Amortization of Gain (Loss) | (150) | (400) |
Other Comprehensive Income, Reclassification, Amortization of Defined Benefit Plans items, Pre-tax | (150) | (325) |
Total | $ 369 | $ (328) |
DERIVATIVES - Additional Inform
DERIVATIVES - Additional Information (Details) $ in Thousands | Mar. 31, 2023 USD ($) entity | Dec. 31, 2022 USD ($) entity |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 20,305,538 | $ 19,828,103 |
Number of counterparties | entity | 6 | 6 |
Derivative liabilities | $ 301,938 | $ 357,698 |
Derivative Liability, Fair Value of Collateral, net of restricted cash | 102,100 | 132,200 |
Derivative Liability, Fair Value of Collateral | 128,200 | 157,200 |
Restricted Cash | $ 26,100 | $ 25,000 |
Foreign Exchange | ||
Derivative [Line Items] | ||
Number of counterparties | entity | 5 | 5 |
Credit Risk Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 386,800 | $ 379,300 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 32,000 | 12,000 |
Other Credit Derivatives [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 27,500 | 15,300 |
Credit Risk Derivative Liabilities, at Fair Value | 500 | |
Credit Risk Derivative Assets, at Fair Value | (4,300) | |
Derivative | ||
Derivative [Line Items] | ||
Derivative liabilities | 107,700 | 145,800 |
Derivative | Foreign Exchange | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 7,700,000 | |
Derivative liabilities | 21,500 | 17,300 |
Accrued interest and other liabilities | Derivative | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,200,000 | $ 2,200,000 |
Accrued interest and other liabilities | Derivative | Foreign Exchange | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 7,900,000 |
DERIVATIVES - Summary of Deriva
DERIVATIVES - Summary of Derivative Financial Instruments and Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 20,305,538 | $ 19,828,103 |
Derivative Asset | 301,938 | 357,698 |
Derivative liabilities | 301,938 | 357,698 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral | (39,838) | (58,295) |
Gross amounts of recognized liabilities | 301,938 | 357,698 |
Derivative Liability, Fair Value, Gross Asset | (341,776) | (415,993) |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,248,403 | 2,206,351 |
Derivative Asset | 10,458 | 5,057 |
Derivative liabilities | 114,269 | 147,759 |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,248,403 | 2,206,351 |
Derivative Asset | 114,269 | 147,759 |
Derivative liabilities | 10,458 | 5,057 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset of Collateral | (127,424) | (161,232) |
Gross amounts of recognized liabilities | 124,727 | 152,816 |
Derivative Liability, Fair Value, Gross Asset | (252,151) | (314,048) |
Foreign Exchange | Matched interest rate swaps | Accrued interest and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 7,927,466 | 7,734,395 |
Derivative Asset | 99,348 | 111,078 |
Derivative liabilities | 77,863 | 93,804 |
Foreign Exchange | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 7,881,266 | 7,681,006 |
Derivative Asset | 77,863 | 93,804 |
Derivative liabilities | $ 99,348 | $ 111,078 |
DERIVATIVES - Disclosure by Typ
DERIVATIVES - Disclosure by Type of Financial Instrument (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | $ 301,938 | $ 357,698 |
Derivative Liability, Fair Value, Gross Asset | (341,776) | (415,993) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (39,838) | (58,295) |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 124,727 | 152,816 |
Derivative Liability, Fair Value, Gross Asset | (252,151) | (314,048) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (127,424) | (161,232) |
Fair Value Hedges | Foreign Exchange | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 177,211 | 204,882 |
Derivative Liability, Fair Value, Gross Asset | (89,625) | (101,945) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 87,586 | $ 102,937 |
DERIVATIVES - Derivative Financ
DERIVATIVES - Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 20,305,538 | $ 19,828,103 |
Average Maturity (years) | 1 year 7 months 6 days | |
Fair Value | $ 0 | |
Interest Rate Swap | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,248,403 | |
Average Maturity (years) | 5 years 2 months 12 days | |
Fair Value | $ (103,811) | |
Interest Rate Swap | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,248,403 | |
Average Maturity (years) | 5 years 2 months 12 days | |
Fair Value | $ 103,811 | |
Foreign Exchange | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 7,927,466 | |
Average Maturity (years) | 7 months 6 days | |
Fair Value | $ 21,485 | |
Foreign Exchange | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 7,881,266 | |
Average Maturity (years) | 7 months 6 days | |
Fair Value | $ (21,485) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Loan and Unfunded Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | $ 3,968,309 | $ 3,904,732 |
Loans and Leases Receivable, Net of Deferred Income | 10,433,385 | 10,298,971 |
Commercial | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 1,868,883 | 1,833,977 |
Loans and Leases Receivable, Net of Deferred Income | 3,449,289 | 3,410,272 |
Lease financing | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 6,847 | 6,842 |
Loans and Leases Receivable, Net of Deferred Income | 273,898 | 236,124 |
Construction real estate | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 704,719 | 689,015 |
Loans and Leases Receivable, Net of Deferred Income | 525,906 | 512,050 |
Commercial real estate - investor | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 107,150 | 107,205 |
Loans and Leases Receivable, Net of Deferred Income | 3,102,445 | 3,094,064 |
Commercial real estate-owner | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 35,040 | 48,208 |
Loans and Leases Receivable, Net of Deferred Income | 954,182 | 958,695 |
Residential real estate | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 76,860 | 74,089 |
Loans and Leases Receivable, Net of Deferred Income | 1,145,069 | 1,092,265 |
Home equity | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 929,440 | 903,459 |
Loans and Leases Receivable, Net of Deferred Income | 724,672 | 733,791 |
Installment | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 20,791 | 16,073 |
Loans and Leases Receivable, Net of Deferred Income | 204,372 | 209,895 |
Credit card | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 218,579 | 225,864 |
Loans and Leases Receivable, Net of Deferred Income | $ 53,552 | $ 51,815 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Investment holdings schedule (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 168,674 | $ 158,440 | |
Qualified Affordable Housing Project Investments, Commitment | 94,319 | 84,334 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 3,431 | $ 3,152 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (3,673) | (3,092) | |
Low Income Housing Tax Credits | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | 124,454 | 126,537 | |
Qualified Affordable Housing Project Investments, Commitment | 69,356 | 70,690 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 3,327 | 3,048 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (3,540) | (2,959) | |
Historic tax credit [Member] | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | 17,108 | 17,108 | |
Qualified Affordable Housing Project Investments, Commitment | 11,955 | 11,955 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 0 | 0 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (80) | (80) | |
New Markets Tax Credit | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | 2,695 | 2,944 | |
Qualified Affordable Housing Project Investments, Commitment | 0 | 0 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 104 | 104 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (53) | (53) | |
Renewable Energy Program | |||
Summary of Investment Holdings [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | 24,417 | 11,851 | |
Qualified Affordable Housing Project Investments, Commitment | 13,008 | $ 1,689 | |
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 0 | 0 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Reserves for unfunded commitments | $ 20,200 | $ 18,400 | |
Loans and Leases Receivable, Commitments, Fixed Rates | 111,100 | 126,300 | |
Loans and Leases Receivable, Commitments, Variable Rates | $ 4,500,000 | $ 4,200,000 | |
Loan Commitments, Fixed Interest Rate Range, Minimum | 0% | 0% | |
Loan Commitments, Fixed Interest Rate Range, Maximum | 21% | 21% | |
Loan Commitments, Fixed Rate, Maturities, Minimum | 1 year | 1 year | |
Loan Commitments, Fixed Rate, Maturities, Maximum | 31 years | 31 years 7 months 6 days | |
Letters of credit issued to guarantee performance of a client to a third party | $ 32,200 | $ 31,500 | |
Derivative, Notional Amount | 20,305,538 | 19,828,103 | |
Litigation Settlement, Expense | 0 | $ 3,300 | |
Estimated Litigation Liability | 0 | 0 | |
Credit Default Swap | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Derivative, Notional Amount | 386,800 | 379,300 | |
Commitments to Extend Credit | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments outstanding to extend credit | $ 4,600,000 | $ 4,400,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) expense | $ 17,286 | $ 9,348 | |
Effective tax rate | 19.70% | 18.50% | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 1,900 | $ 1,900 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2022 | |
Retirement Benefits [Abstract] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0 | |
Payment for Pension Benefits | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - Employ
EMPLOYEE BENEFIT PLANS - Employee benefit plan amounts recognized in the Consolidated Balance Sheets and Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Service cost | $ 2,350 | $ 2,425 |
Interest cost | 1,075 | 625 |
Expected return on plan assets | (2,700) | (2,750) |
Amortization of prior service cost | 0 | (75) |
Defined Benefit Plan, Amortization of Gain (Loss) | 150 | 400 |
Net periodic benefit cost (income) | $ 875 | $ 625 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue Recognition [Abstract] | ||
Interchange income | $ 7.2 | $ 6.9 |
Credit card expense | $ 3.6 | $ 3.6 |
EARNINGS PER COMMON SHARE - Com
EARNINGS PER COMMON SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator for basic and diluted earnings per share -income available to common shareholders: | ||
Net income | $ 70,403 | $ 41,301 |
Denominator for basic earnings per share - weighted average shares | 93,732,532 | 93,383,932 |
Effect of dilutive securities - | ||
Employee stock awards | 1,227,626 | 879,993 |
Denominator for diluted earnings per share - adjusted weighted average shares | 94,960,158 | 94,263,925 |
Basic | $ 0.75 | $ 0.44 |
Diluted | $ 0.74 | $ 0.44 |
EARNINGS PER COMMON SHARE - Add
EARNINGS PER COMMON SHARE - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Stock Options | ||
Earnings Per Share Disclosure [Line Items] | ||
Stock options and warrants with an exercise price greater than the average market price of the common shares not included in the computation of net income per diluted share | 0 | 0 |
FAIR VALUE DISCLOSURES - Estima
FAIR VALUE DISCLOSURES - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets | ||
Investment securities held-to-maturity | $ 83,070 | $ 84,021 |
Other investments | 143,606 | 143,160 |
Loans held for sale | 9,300 | 7,900 |
Interest Receivable | 49,073 | 47,500 |
Deposits | ||
Noninterest-bearing | 3,830,102 | 4,135,180 |
Savings | 3,746,403 | 3,828,139 |
Time | 2,336,368 | 1,700,705 |
Impaired Commercial And Commercial Real Estate Loans Member | ||
Deposits | ||
Principal Amount of Commercial and Commercial Real Estate Loans | 9,700 | 11,900 |
Allowance for Loan and Lease Losses, Real Estate | 4,000 | 3,700 |
Carrying value | ||
Financial assets | ||
Cash and short-term investments | 505,300 | 595,683 |
Investment securities held-to-maturity | 83,070 | 84,021 |
Other investments | 143,606 | 143,160 |
Loans and leases | 10,291,794 | 10,165,994 |
Interest Receivable | 65,006 | 63,721 |
Deposits | ||
Deposits | 12,674,684 | 12,701,177 |
Short-term borrowings | 1,217,560 | 1,287,156 |
Long-term debt | 342,647 | 346,672 |
Interest Payable | 29,896 | 11,150 |
Fair value | ||
Financial assets | ||
Cash and short-term investments | 505,300 | 595,683 |
Investment securities held-to-maturity | 75,762 | 76,485 |
Other investments | 143,606 | 143,160 |
Loans and leases | 9,923,707 | 9,916,353 |
Interest Receivable | 65,006 | 63,721 |
Deposits | ||
Deposits | 12,644,951 | 12,670,747 |
Short-term borrowings | 1,217,560 | 1,287,156 |
Long-term debt | 344,131 | 348,041 |
Interest Payable | 29,896 | 11,150 |
Fair Value, Inputs, Level 1 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 505,300 | 595,683 |
Investment securities held-to-maturity | 0 | 0 |
Other investments | 1,076 | 1,171 |
Loans and leases | 0 | 0 |
Interest Receivable | 0 | 0 |
Deposits | ||
Deposits | 0 | 0 |
Short-term borrowings | 1,217,560 | 1,287,156 |
Long-term debt | 0 | 0 |
Interest Payable | 8,671 | 3,835 |
Fair Value, Inputs, Level 2 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 75,762 | 76,485 |
Other investments | 133,159 | 132,853 |
Loans and leases | 0 | 0 |
Interest Receivable | 15,933 | 16,233 |
Deposits | ||
Deposits | 12,644,951 | 12,670,747 |
Short-term borrowings | 0 | 0 |
Long-term debt | 344,131 | 348,041 |
Interest Payable | 21,225 | 7,315 |
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 | 9,371 | 9,136 |
Loans and leases | 9,923,707 | 9,916,353 |
Interest Receivable | 47,488 | |
Deposits | ||
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Interest Payable | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Summar
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measure at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Assets | |||
Investment securities available-for-sale | $ 3,384,949 | $ 3,409,648 | |
Loans Held-for-sale, Fair Value Disclosure | 9,300 | 7,900 | |
Derivative Asset | 301,938 | 357,698 | |
Liabilities | |||
Derivative liabilities | 301,938 | 357,698 | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 500 | $ (1,300) | |
Financing Receivable, Held-for-Sale | 8,400 | 7,500 | |
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 900 | 400 | |
Fair Value, Measurements, Recurring | |||
Assets | |||
Investment securities available-for-sale | 3,384,949 | 3,409,648 | |
Derivative Asset | 152,846 | ||
Total | 3,696,205 | 3,775,294 | |
Liabilities | |||
Total | 302,006 | 358,001 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | Fair value | |||
Assets | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||
Assets | |||
Investment securities available-for-sale | 33,421 | 32,696 | |
Derivative Asset | 0 | ||
Total | 33,421 | 32,696 | |
Liabilities | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | Fair value | |||
Assets | |||
Loans Held-for-sale, Fair Value Disclosure | 9,280 | 7,918 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||
Assets | |||
Investment securities available-for-sale | 3,316,713 | 3,341,095 | |
Derivative Asset | 152,846 | ||
Total | 3,627,969 | 3,706,741 | |
Liabilities | |||
Total | 302,006 | 358,001 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | Fair value | |||
Assets | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||
Assets | |||
Investment securities available-for-sale | 34,815 | 35,857 | |
Derivative Asset | 0 | ||
Total | 34,815 | 35,857 | |
Liabilities | |||
Total | 0 | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1, 2 and 3 | |||
Assets | |||
Loans Held-for-sale, Fair Value Disclosure | 9,280 | 7,918 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | |||
Assets | |||
Derivative Asset | 124,765 | ||
Liabilities | |||
Derivative liabilities | 124,795 | 153,119 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||
Assets | |||
Derivative Asset | 0 | ||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||
Assets | |||
Derivative Asset | 124,765 | ||
Liabilities | |||
Derivative liabilities | 124,795 | 153,119 | |
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||
Assets | |||
Derivative Asset | 0 | ||
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Foreign Exchange | Fair Value, Measurements, Recurring | |||
Assets | |||
Derivative Asset | 177,211 | 204,882 | |
Liabilities | |||
Derivative liabilities | 177,211 | 204,882 | |
Foreign Exchange | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||
Assets | |||
Derivative Asset | 0 | 0 | |
Liabilities | |||
Derivative liabilities | 0 | 0 | |
Foreign Exchange | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||
Assets | |||
Derivative Asset | 177,211 | 204,882 | |
Liabilities | |||
Derivative liabilities | 177,211 | 204,882 | |
Foreign Exchange | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||
Assets | |||
Derivative Asset | 0 | 0 | |
Liabilities | |||
Derivative liabilities | $ 0 | $ 0 |
FAIR VALUE DISCLOSURES - Reconc
FAIR VALUE DISCLOSURES - Reconciliation of Gains and Losses on Level 3 Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 35,857 | $ 38,181 |
Accretion (amortization) | (25) | (13) |
Increase (decrease) in fair value | 12 | 13 |
Settlements | (1,029) | (720) |
Ending balance | $ 34,815 | $ 37,461 |
FAIR VALUE DISCLOSURES - Summ_2
FAIR VALUE DISCLOSURES - Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Assets | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ 500 | $ (1,300) | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Other real estate owned | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | $ 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Fair value | Operating lease | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Commercial | Fair value | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Commercial real estate | Fair value | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Other real estate owned | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Fair value | Operating lease | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Commercial | Fair value | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Commercial real estate | Fair value | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Other real estate owned | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Fair value | Operating lease | |||
Assets | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Commercial | Fair value | |||
Assets | |||
Assets, Fair Value Disclosure | 5,760 | 4,240 | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Commercial real estate | Fair value | |||
Assets | |||
Assets, Fair Value Disclosure | $ 0 | $ 4,015 |
BUSINESS COMBINATION - Addition
BUSINESS COMBINATION - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 941 | $ 238 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||
Cash consideration | $ 3,400 | $ 0 |
Total liabilities assumed | $ 941 | $ 238 |