Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 95,121,687 | |
Entity Central Index Key | 0000708955 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Gross loans and leases, excluding accrued interest | $ 10,646,819 | $ 10,298,971 |
Less: Allowance for credit losses | (145,201) | (132,977) |
Net loans and leases | 10,501,618 | 10,165,994 |
ASSETS | ||
Cash and due from banks | 220,335 | 207,501 |
Interest-bearing deposits with other banks | 452,867 | 388,182 |
Investment securities available-for-sale, at fair value (amortized cost $3,526,096 at September 30, 2023 and $3,827,418 at December 31, 2022) | 3,044,361 | 3,409,648 |
Investment securities held-to-maturity (fair value $69,845 at September 30, 2023 and $76,485 at December 31, 2022) | 81,236 | 84,021 |
Other investments | 133,725 | 143,160 |
Loans held for sale | 12,391 | 7,918 |
Premises and equipment | 192,572 | 189,080 |
Operating leases | 136,883 | 91,738 |
Goodwill | 1,005,868 | 1,001,507 |
Other Finite-Lived Intangible Assets, Gross | 86,378 | 93,919 |
Other Assets | 1,186,618 | 1,220,648 |
Total assets | 17,054,852 | 17,003,316 |
Deposits | ||
Interest-bearing | 2,880,617 | 3,037,153 |
Savings | 4,023,455 | 3,828,139 |
Time | 2,572,909 | 1,700,705 |
Total interest-bearing deposits | 9,476,981 | 8,565,997 |
Noninterest-bearing | 3,438,572 | 4,135,180 |
Total deposits | 12,915,553 | 12,701,177 |
FHLB short-term borrowings | 755,000 | 1,130,000 |
Other Short-term Borrowings | 219,188 | 157,156 |
Total short-term borrowings | 974,188 | 1,287,156 |
Long-term debt | 340,902 | 346,672 |
Total borrowed funds | 1,315,090 | 1,633,828 |
Accrued interest and other liabilities | 694,700 | 626,938 |
Total liabilities | 14,925,343 | 14,961,943 |
SHAREHOLDERS' EQUITY | ||
Authorized - 160,000,000 shares; Issued - 104,281,794 shares at both September 30, 2023 and December 31, 2022 | 1,636,054 | 1,634,605 |
Retained earnings | 1,101,905 | 968,237 |
Accumulated other comprehensive loss | (410,005) | (358,663) |
Treasury stock, at cost, 9,164,614 shares at September 30, 2023 and 9,390,695 shares at December 31, 2022 | (198,445) | (202,806) |
Total shareholders' equity | 2,129,509 | 2,041,373 |
Total liabilities and shareholders' equity | 17,054,852 | 17,003,316 |
Commercial | ||
Gross loans and leases, excluding accrued interest | 3,420,873 | 3,410,272 |
Lease financing | ||
Gross loans and leases, excluding accrued interest | 399,973 | 236,124 |
Construction real estate | ||
Gross loans and leases, excluding accrued interest | 578,824 | 512,050 |
Commercial real estate | ||
Gross loans and leases, excluding accrued interest | 3,992,654 | 4,052,759 |
Residential real estate | ||
Gross loans and leases, excluding accrued interest | 1,293,470 | 1,092,265 |
Home equity | ||
Gross loans and leases, excluding accrued interest | 743,991 | 733,791 |
Installment | ||
Gross loans and leases, excluding accrued interest | 160,648 | 209,895 |
Credit card | ||
Gross loans and leases, excluding accrued interest | $ 56,386 | $ 51,815 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Debt Securities, Held-to-maturity, Fair Value | $ 69,845 | $ 76,485 |
Debt Securities, Available-for-sale, Amortized Cost | $ 3,526,096 | $ 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 |
Treasury Stock, Common, Shares | 9,164,614 | 9,390,695 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest income | ||||
Loans, including fees | $ 192,261 | $ 122,170 | $ 546,354 | $ 306,443 |
Investment securities | ||||
Taxable | 31,297 | 26,331 | 95,226 | 72,066 |
Tax-exempt | 3,522 | 5,014 | 10,499 | 14,361 |
Total interest on investment securities | 34,819 | 31,345 | 105,725 | 86,427 |
Other earning assets | 5,011 | 1,597 | 12,488 | 2,222 |
Total interest income | 232,091 | 155,112 | 664,567 | 395,092 |
Interest expense | ||||
Deposits | 57,069 | 6,386 | 132,817 | 11,972 |
Short-term borrowings | 14,615 | 6,158 | 43,101 | 8,041 |
Long-term borrowings | 4,952 | 4,676 | 14,644 | 13,832 |
Total interest expense | 76,636 | 17,220 | 190,562 | 33,845 |
Net interest income | 155,455 | 137,892 | 474,005 | 361,247 |
Provision for Credit Losses-loans and leases | 12,907 | 7,898 | 34,270 | (1,958) |
Provision for credit losses-unfunded commitments | (1,234) | 386 | (1,393) | 3,641 |
Net interest income after provision for credit losses | 143,782 | 129,608 | 441,128 | 359,564 |
Noninterest income | ||||
Service Charges on Deposit Accounts | 6,957 | 6,279 | 20,443 | 21,656 |
Wealth management fees | 6,943 | 5,487 | 19,990 | 17,858 |
Bankcard income | 3,406 | 3,484 | 10,690 | 10,644 |
Client derivative fees | 1,612 | 1,447 | 4,444 | 3,619 |
Foreign exchange income | 13,384 | 11,752 | 45,321 | 35,373 |
Operating Lease, Lease Income | 14,537 | 7,127 | 38,466 | 20,450 |
Net gain from sales of loans | 4,086 | 3,729 | 10,260 | 12,842 |
Net gain (loss) on sales of investment securities | (4) | (179) | (407) | (176) |
Net gain (loss) on equity securities | (54) | (701) | 4 | (1,954) |
Other | 5,761 | 4,109 | 16,218 | 13,294 |
Total noninterest income | 56,628 | 42,534 | 165,429 | 133,606 |
Noninterest expenses | ||||
Salaries and employee benefits | 75,641 | 66,808 | 222,094 | 195,747 |
Net occupancy | 5,809 | 5,669 | 17,100 | 16,774 |
Furniture and equipment | 3,341 | 3,222 | 10,020 | 9,990 |
Data processing | 8,473 | 8,497 | 27,364 | 25,095 |
Marketing | 2,598 | 2,523 | 7,560 | 6,546 |
Communication | 744 | 657 | 2,022 | 1,993 |
Professional services | 2,524 | 2,346 | 6,778 | 6,719 |
State intangible tax | 981 | 1,090 | 2,930 | 3,311 |
FDIC assessments | 2,665 | 1,885 | 8,297 | 5,021 |
Intangible assets amortization | 2,600 | 2,783 | 7,801 | 8,612 |
Amortization of operating leases | 8,877 | 5,746 | 23,545 | 14,302 |
Other | 7,791 | 23,842 | 23,841 | 36,797 |
Total noninterest expenses | 122,044 | 125,068 | 359,352 | 330,907 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 78,366 | 47,074 | 247,205 | 162,263 |
Income tax expense (benefit) | 15,305 | (8,631) | 48,074 | 13,737 |
Net income | $ 63,061 | $ 55,705 | $ 199,131 | $ 148,526 |
Earnings per common share | ||||
Basic | $ 0.67 | $ 0.60 | $ 2.12 | $ 1.59 |
Diluted | $ 0.66 | $ 0.59 | $ 2.09 | $ 1.57 |
Average common shares outstanding - basic | 94,030,275 | 93,582,250 | 93,896,716 | 93,507,831 |
Average common shares outstanding - diluted | 95,126,269 | 94,793,766 | 95,085,871 | 94,504,453 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 63,061 | $ 55,705 | $ 199,131 | $ 148,526 |
Other comprehensive (loss) income, net of tax | ||||
Unrealized gain (loss) on debt securities arising during the period | (55,397) | (111,433) | (49,808) | (354,912) |
Change in retirement obligation | 164 | 261 | 411 | 861 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (1,493) | 0 | (1,824) | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (269) | (70) | (121) | (86) |
Other comprehensive income (loss) | (56,995) | (111,242) | (51,342) | (354,137) |
Comprehensive income (loss) | $ 6,066 | $ (55,537) | $ 147,789 | $ (205,611) |
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 | 148,526 | 148,526 | |||
Other comprehensive income (loss) | (354,137) | (354,137) | |||
Cash dividends declared : | |||||
Common stock at $0.23 per share in 2023 and $0.23 per share in 2022 | (65,056) | (65,056) | |||
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) | 669,064 | ||||
Restricted stock awards, net of forfeitures | (3,027) | (17,209) | $ 14,182 | ||
Share-based compensation expense | 8,707 | $ 8,707 | |||
Ending Balances (in shares) at Sep. 30, 2022 | 104,281,794 | (9,447,830) | |||
Ending Balances at Sep. 30, 2022 | 1,994,132 | $ 1,631,696 | 920,943 | (354,570) | $ (203,937) |
Beginning Balances (in shares) at Jun. 30, 2022 | 104,281,794 | (9,833,002) | |||
Beginning Balances at Jun. 30, 2022 | 2,068,670 | $ 1,637,237 | 887,006 | (243,328) | $ (212,245) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 55,705 | 55,705 | |||
Other comprehensive income (loss) | (111,242) | (111,242) | |||
Cash dividends declared : | |||||
Common stock at $0.23 per share in 2023 and $0.23 per share in 2022 | (21,768) | (21,768) | |||
Restricted stock awards, net of forfeitures (in shares) | 385,172 | ||||
Restricted stock awards, net of forfeitures | (112) | (8,420) | $ 8,308 | ||
Share-based compensation expense | 2,879 | $ 2,879 | |||
Ending Balances (in shares) at Sep. 30, 2022 | 104,281,794 | (9,447,830) | |||
Ending Balances at Sep. 30, 2022 | 1,994,132 | $ 1,631,696 | 920,943 | (354,570) | $ (203,937) |
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 | 199,131 | 199,131 | |||
Other comprehensive income (loss) | (51,342) | (51,342) | |||
Cash dividends declared : | |||||
Common stock at $0.23 per share in 2023 and $0.23 per share in 2022 | (65,463) | (65,463) | |||
Exercise of stock options, net of shares purchased (in shares) | 4,855 | ||||
Exercise of stock options, net of shares purchased | (48) | (57) | $ (105) | ||
Restricted stock awards, net of forfeitures (in shares) | 221,226 | ||||
Restricted stock awards, net of forfeitures | (7,589) | (11,845) | $ 4,256 | ||
Share-based compensation expense | 13,351 | $ 13,351 | |||
Ending Balances (in shares) at Sep. 30, 2023 | 104,281,794 | (9,164,614) | |||
Ending Balances at Sep. 30, 2023 | 2,129,509 | $ 1,636,054 | 1,101,905 | (410,005) | $ (198,445) |
Beginning Balances (in shares) at Jun. 30, 2023 | 104,281,794 | (9,096,311) | |||
Beginning Balances at Jun. 30, 2023 | 2,143,419 | $ 1,632,659 | 1,060,715 | (353,010) | $ (196,945) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 63,061 | 63,061 | |||
Other comprehensive income (loss) | (56,995) | (56,995) | |||
Cash dividends declared : | |||||
Common stock at $0.23 per share in 2023 and $0.23 per share in 2022 | (21,871) | (21,871) | |||
Restricted stock awards, net of forfeitures (in shares) | (68,303) | ||||
Restricted stock awards, net of forfeitures | (2,665) | (1,165) | $ (1,500) | ||
Share-based compensation expense | 4,560 | $ 4,560 | |||
Ending Balances (in shares) at Sep. 30, 2023 | 104,281,794 | (9,164,614) | |||
Ending Balances at Sep. 30, 2023 | 2,129,509 | $ 1,636,054 | $ 1,101,905 | $ (410,005) | $ (198,445) |
Retained Earnings (Accumulated Deficit) | $ 1,101,905 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Common Stock, Dividends, Per Share, Declared | $ 0.23 | $ 0.23 | $ 0.69 | $ 0.69 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities | ||
Net income | $ 199,131 | $ 148,526 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for (recapture of) credit losses | 32,877 | 1,683 |
Depreciation and amortization | 22,667 | 23,845 |
Stock-based compensation expense | 13,351 | 8,707 |
Pension expense (income) | 2,634 | 1,590 |
Net amortization (accretion) on investment securities | 5,565 | 10,544 |
Net (gain) loss on sales of investment securities | 407 | 176 |
Unrealized gain (loss) on equity securities | (4) | 1,954 |
Originations of loans held for sale | (219,708) | (311,143) |
Net gains from sales of loans held for sale | (10,260) | (12,842) |
Proceeds from sales of loans held for sale | 222,454 | 317,852 |
Deferred income taxes | 4,522 | 9,418 |
Operating Lease, Right-of-Use Asset, Amortization Expense | 5,736 | 5,709 |
Payments for operating leases | (5,857) | (5,865) |
Decrease (increase) cash surrender value of life insurance | 3,882 | 1,559 |
Decrease (increase) in interest receivable | (7,724) | (6,697) |
(Decrease) increase in interest payable | 39,863 | 2,069 |
Decrease (increase) in other assets | 52,738 | (281,714) |
(Decrease) increase in other liabilities | 16,290 | 261,953 |
Net cash provided by (used in) operating activities | 370,800 | 174,206 |
Investing activities | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 4,821 | 116,796 |
Proceeds from calls, paydowns and maturities of securities available-for-sale | 326,181 | 594,016 |
Payments to Acquire Debt Securities, Available-for-sale | 35,718 | 454,759 |
Proceeds from calls, paydowns and maturities of securities held-to-maturity | 2,937 | 12,790 |
Payments to Acquire Other Investments | 4,521 | 37,758 |
Proceeds from Maturities, Prepayments and Calls of Other Investments | 13,960 | 8 |
Net decrease (increase) in interest-bearing deposits with other banks | (64,685) | (124,167) |
Net decrease (increase) in loans and leases | (367,240) | (490,687) |
Proceeds from disposal of other real estate owned | 252 | 170 |
Purchases of premises and equipment | (18,134) | (9,762) |
Net change in operating leases | (45,145) | (22,574) |
Proceeds from Life Insurance Policy | 3,246 | 4,676 |
Net cash provided by (used in) investing activities | (187,581) | (411,251) |
Financing activities | ||
Net (decrease) increase in total deposits | 214,376 | (532,019) |
Net (decrease) increase in short-term borrowings | (312,968) | 864,844 |
Payments of long-term debt | 6,337 | 55,369 |
Cash dividends paid on common stock | (65,504) | (65,066) |
Proceeds from exercise of stock options | 48 | 177 |
Net cash provided by (used in) financing activities | (170,385) | 212,567 |
Cash and due from banks: | ||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 12,834 | (24,478) |
Cash and due from bank at beginning of period | 207,501 | 220,031 |
Cash and due from bank at end of period | 220,335 | 195,553 |
Supplemental Disclosures | ||
Interest Paid | 150,699 | 30,820 |
Income Taxes Paid | 8,392 | 4,847 |
Noncash or Part Noncash Acquisition, Investments Acquired | 0 | 45,494 |
Supplemental schedule for investing activities | ||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets, Net Of Purchase Consideration | (3,420) | 692 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (941) | (1,635) |
Goodwill | 4,361 | (2,327) |
Cash consideration | $ (3,535) | $ 0 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS For the three months ended September 30, 2023, there were $0.1 million sales of AFS securities with no gross realized gains or gross realized losses. For the nine months ended September 30, 2023, there were $4.8 million of sales of AFS securities with no gross realized gains and gross realized losses of $0.4 million. For the three months ended September 30, 2022, there were $111.8 million sales of AFS securities with gross realized gains of $0.2 million and gross realized losses of $0.4 million. For the nine months ended September 30, 2022, there were $116.8 million of sales of AFS securities with gross realized gains of $0.3 million and gross realized losses of $0.4 million. The following is a summary of HTM and AFS investment securities as of September 30, 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 $ 37,085 $ 0 $ (4,943) $ 32,142 Securities of U.S. government agencies and corporations 0 0 0 0 81,434 0 (15,309) 66,125 Mortgage-backed securities - residential 0 0 0 0 705,681 0 (121,198) 584,483 Mortgage-backed securities - commercial 33,399 0 (5,958) 27,441 599,969 0 (50,399) 549,570 Collateralized mortgage obligations 8,410 0 (1,182) 7,228 488,590 0 (75,659) 412,931 Obligations of state and other political subdivisions 8,177 17 (530) 7,664 814,669 472 (151,398) 663,743 Asset-backed securities 0 0 0 0 661,779 0 (49,679) 612,100 Other securities 31,250 0 (3,738) 27,512 136,889 0 (13,622) 123,267 Total $ 81,236 $ 17 $ (11,408) $ 69,845 $ 3,526,096 $ 472 $ (482,207) $ 3,044,361 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 September 30, 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 $ 9,534 $ 9,435 Due after one year through five years 4,164 4,064 129,631 117,854 Due after five years through ten years 33,505 29,652 269,634 228,912 Due after ten years 1,758 1,460 661,278 529,076 Mortgage-backed securities - residential 0 0 705,681 584,483 Mortgage-backed securities - commercial 33,399 27,441 599,969 549,570 Collateralized mortgage obligations 8,410 7,228 488,590 412,931 Asset-backed securities 0 0 661,779 612,100 Total $ 81,236 $ 69,845 $ 3,526,096 $ 3,044,361 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 September 30, 2023 or December 31, 2022. As of September 30, 2023, the Company's investment securities portfolio consisted of 1,041 securities, of which 919 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 September 30, 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 September 30, 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: September 30, 2023 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 2,146 $ (40) $ 29,996 $ (4,903) $ 32,142 $ (4,943) Securities of U.S. Government agencies and corporations 0 0 66,125 (15,309) 66,125 (15,309) Mortgage-backed securities - residential 77,097 (4,853) 507,386 (116,345) 584,483 (121,198) Mortgage-backed securities - commercial 14,712 (650) 533,334 (49,749) 548,046 (50,399) Collateralized mortgage obligations 26,373 (1,091) 386,540 (74,568) 412,913 (75,659) Obligations of state and other political subdivisions 95,647 (6,574) 530,379 (144,824) 626,026 (151,398) Asset-backed securities 28,394 (448) 578,706 (49,231) 607,100 (49,679) Other securities 9,713 (287) 113,554 (13,335) 123,267 (13,622) Total $ 254,082 $ (13,943) $ 2,746,020 $ (468,264) $ 3,000,102 $ (482,207) 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: September 30, 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 27,441 (5,958) 27,441 (5,958) Collateralized mortgage obligations 0 0 7,228 (1,182) 7,228 (1,182) Obligations of state and other political subdivisions 4,656 (231) 1,459 (299) 6,115 (530) Asset-backed securities 0 0 0 0 0 0 Other securities 0 0 27,512 (3,738) 27,512 (3,738) Total $ 4,656 $ (231) $ 63,640 $ (11,177) $ 68,296 $ (11,408) 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 7,081 (418) 21,670 (2,081) 28,751 (2,499) Total $ 36,214 $ (3,422) $ 37,399 $ (4,219) $ 73,613 $ (7,641) For further detail on the fair value of investment securities, see Note 17 – Fair Value Disclosures. |
LOANS AND LEASES
LOANS AND LEASES | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
LOANS AND LEASES | 89 days past due Total Commercial & industrial $ 6,395 $ 0 $ 0 $ 0 $ 6,395 Residential real estate 1,334 538 0 57 1,929 Home equity 182 0 0 0 182 Total $ 7,911 $ 538 $ 0 $ 57 $ 8,506 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 a specific reserve is required based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. Specific reserves 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: September 30, 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 $ 6,112 $ 11,040 $ 17,152 $ 6,692 $ 1,550 $ 8,242 Lease financing 4,860 2,871 7,731 0 178 178 Construction real estate 0 0 0 0 0 0 Commercial real estate 20,813 12,206 33,019 5,216 570 5,786 Residential real estate 0 12,328 12,328 0 10,691 10,691 Home equity 348 3,589 3,937 0 3,123 3,123 Installment 0 774 774 0 603 603 Total nonaccrual loans $ 32,133 $ 42,808 $ 74,941 $ 11,908 $ 16,715 $ 28,623 (1) Nonaccrual loans include nonaccrual TDR of $10.0 million as of December 31, 2022. Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 1,905 $ 855 $ 3,906 $ 2,443 Interest included in income Nonaccrual loans 683 343 1,275 901 Troubled debt restructurings 0 126 0 288 Total interest included in income 683 469 1,275 1,189 Net impact on interest income $ 1,222 $ 386 $ 2,631 $ 1,254 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. September 30, 2023 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 9,027 $ 0 $ 5,623 $ 0 $ 0 $ 2,502 $ 17,152 Lease financing 0 0 7,731 0 0 0 7,731 Commercial real estate-investor 0 27,051 0 0 0 0 27,051 Commercial real estate-owner 0 4,075 1,893 0 0 0 5,968 Residential real estate 0 0 0 0 12,328 0 12,328 Home equity 0 0 0 0 3,937 0 3,937 Installment 0 0 0 0 0 774 774 Total $ 9,027 $ 31,126 $ 15,247 $ 0 $ 16,265 $ 3,276 $ 74,941 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 are based on a rate or index plus a spread. 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) September 30, 2023 December 31, 2022 Direct financing leases Lease receivables $ 18,286 $ 35,081 Unguaranteed residual values 11,877 16,058 Sales-type leases Lease receivables 366,198 184,985 Unguaranteed residual values 3,612 0 Total net investment in direct financing and sales-type leases $ 399,973 $ 236,124 Interest income for direct financing and sales-type leases was $6.8 million and $3.0 million for the three months ended September 30, 2023 and September 30, 2022, respectively. Interest income for direct financing and sales-type leases was $17.9 million and $7.9 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. The remaining maturities of lease receivables were as follows: (Dollars in thousands) Direct financing and Sales-type Remainder of 2023 $ 26,182 2024 90,986 2025 81,807 2026 72,374 2027 76,416 Thereafter 93,287 Total lease payments 441,052 Less: unearned interest income (56,568) Net lease receivables $ 384,484 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 Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 281 $ 22 $ 191 $ 98 Additions Commercial real estate 0 0 0 0 Residential real estate 68 0 387 136 Total additions 68 0 387 136 Disposals Commercial real estate 0 0 0 (98) Residential real estate (167) 0 (252) (72) Total disposals (167) 0 (252) (170) Valuation adjustment Commercial real estate 0 0 0 0 Residential real estate (40) 0 (184) (42) Total valuation adjustment (40) 0 (184) (42) Balance at end of period $ 142 $ 22 $ 142 $ 22 " 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 September 30, 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 $ 591,753 $ 745,219 $ 454,198 $ 294,123 $ 140,937 $ 258,364 $ 2,484,594 $ 811,270 $ 3,295,864 Special mention 76 8,516 6,597 385 22,077 1,677 39,328 18,021 57,349 Substandard 3,138 8,140 12,788 2,927 1,058 11,264 39,315 28,345 67,660 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 594,967 594967000 $ 761,875 $ 473,583 $ 297,435 $ 164,072 $ 271,305 $ 2,563,237 $ 857,636 $ 3,420,873 YTD Gross chargeoffs $ 0 $ 2,280 $ 2,011 $ 7,055 $ 76 $ 887 $ 12,309 $ 0 $ 12,309 Lease financing Pass $ 161,017 $ 210,492 $ 7,133 $ 1,635 $ 2,611 $ 1,047 $ 383,935 $ 0 $ 383,935 Special mention 3,344 4,963 0 0 0 0 8,307 0 8,307 Substandard 2,634 4,815 103 0 179 0 7,731 0 7,731 Total $ 166,995 $ 220,270 $ 7,236 $ 1,635 $ 2,790 $ 1,047 $ 399,973 $ 0 $ 399,973 YTD Gross chargeoffs $ 0 $ 0 $ 179 $ 0 $ 0 $ 0 $ 179 $ 0 $ 179 Construction real estate Pass $ 141,951 $ 167,657 $ 180,340 $ 41,879 $ 7,009 $ 6,200 $ 545,036 $ 17,457 $ 562,493 Special mention 0 0 0 16,331 0 0 16,331 0 16,331 Substandard 0 0 0 0 0 0 0 0 0 Total $ 141,951 $ 167,657 $ 180,340 $ 58,210 $ 7,009 $ 6,200 $ 561,367 $ 17,457 $ 578,824 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - investor Pass $ 347,308 $ 628,892 $ 414,220 $ 277,051 $ 578,892 $ 652,738 $ 2,899,101 $ 34,574 $ 2,933,675 Special mention 0 8,894 25,214 8,763 32,934 9,246 85,051 397 85,448 Substandard 0 0 0 6,238 3,926 30,135 40,299 0 40,299 Doubtful 0 0 0 0 0 0 0 0 0 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Revolving Total Total $ 347,308 $ 637,786 $ 439,434 $ 292,052 $ 615,752 $ 692,119 $ 3,024,451 $ 34,971 $ 3,059,422 YTD Gross chargeoffs $ 0 $ 0 $ 859 $ 2,030 $ 0 $ 3,119 $ 6,008 $ 0 $ 6,008 Commercial real estate - owner Pass $ 87,573 $ 168,301 $ 136,547 $ 148,233 $ 97,777 $ 251,283 $ 889,714 $ 8,501 $ 898,215 Special mention 406 47 4,992 1,106 469 21,016 28,036 0 28,036 Substandard 0 0 176 837 3 5,315 6,331 650 6,981 Total $ 87,979 $ 168,348 $ 141,715 $ 150,176 $ 98,249 $ 277,614 $ 924,081 $ 9,151 $ 933,232 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 2,643 $ 0 $ 71 $ 2,714 $ 0 $ 2,714 Residential real estate Performing $ 257,700 $ 246,156 $ 259,529 $ 190,804 $ 103,692 $ 220,983 $ 1,278,864 $ 0 $ 1,278,864 Nonperforming 74 805 2,077 2,814 2,395 6,441 14,606 0 14,606 Total $ 257,774 $ 246,961 $ 261,606 $ 193,618 $ 106,087 $ 227,424 $ 1,293,470 $ 0 $ 1,293,470 YTD Gross chargeoffs $ 0 $ 0 $ 8 $ 1 $ 21 $ 0 $ 30 $ 0 $ 30 Home equity Performing $ 21,254 $ 23,808 $ 30,022 $ 34,512 $ 10,357 $ 24,605 $ 144,558 $ 594,038 $ 738,596 Nonperforming 29 41 225 75 0 385 755 4,640 5,395 Total $ 21,283 $ 23,849 $ 30,247 $ 34,587 $ 10,357 $ 24,990 $ 145,313 $ 598,678 $ 743,991 YTD Gross chargeoffs $ 0 $ 0 $ 7 $ 0 $ 0 $ 159 $ 166 $ 0 $ 166 Installment Performing $ 14,442 $ 44,069 $ 26,816 $ 4,610 $ 2,119 $ 4,062 $ 96,118 $ 62,230 $ 158,348 Nonperforming 117 992 815 21 0 32 1,977 323 2,300 Total $ 14,559 $ 45,061 $ 27,631 $ 4,631 $ 2,119 $ 4,094 $ 98,095 $ 62,553 $ 160,648 YTD Gross chargeoffs $ 28 $ 2,170 $ 2,018 $ 154 $ 5 $ 13 $ 4,388 $ 0 $ 4,388 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 55,688 $ 55,688 Nonperforming 0 0 0 0 0 0 0 698 698 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 56,386 $ 56,386 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 810 $ 810 Grand Total Loans $ 1,632,816 $ 2,271,807 $ 1,561,792 $ 1,032,344 $ 1,006,435 $ 1,504,793 $ 9,009,987 $ 1,636,832 $ 10,646,819 Grand Total YTD Gross Chargeoffs $ 28 $ 4,450 $ 5,082 $ 11,883 $ 102 $ 4,249 $ 25,794 $ 810 $ 26,604 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 September 30, 2023 (Dollars in thousands) 30 – 59 60 – 89 > 89 days Total Current Total > 89 days Loans Commercial & industrial $ 480 $ 344 $ 6,629 $ 7,453 $ 3,413,420 $ 3,420,873 $ 0 Lease financing 12,566 1,671 5,307 19,544 380,429 399,973 503 Construction real estate 0 0 0 0 578,824 578,824 0 Commercial real estate-investor 112 0 6,238 6,350 3,053,072 3,059,422 0 Commercial real estate-owner 405 650 5,318 6,373 926,859 933,232 0 Residential real estate 4,123 1,776 2,234 8,133 1,285,337 1,293,470 0 Home equity 1,334 781 2,208 4,323 739,668 743,991 0 Installment 837 838 540 2,215 158,433 160,648 0 Credit card 331 243 196 770 55,616 56,386 195 Total $ 20,188 $ 6,303 $ 28,670 $ 55,161 $ 10,591,658 $ 10,646,819 $ 698 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 past due, 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. 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 at September 30, 2023 that were modified during the three and nine months ended September 30, 2023 by class of loan and type of modification: Three months ended September 30, 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 Commercial & industrial $ 0 $ 2,834 $ 0 $ 0 $ 0 $ 2,834 0.08 % Residential real estate 0 756 0 0 0 756 0.06 % Home equity 0 0 0 0 0 0 0.00 % Total $ 0 $ 3,590 $ 0 $ 0 $ 0 $ 3,590 0.03 % Nine months ended September 30, 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 Commercial & industrial $ 0 $ 2,834 $ 3,561 $ 0 $ 0 $ 6,395 0.19 % Residential real estate 0 1,772 99 0 57 1,928 0.15 % Home equity 0 168 0 0 15 183 0.02 % Total $ 0 $ 4,774 $ 3,660 $ 0 $ 72 $ 8,506 0.08 % The following table provides the financial effect of FDM during the three and nine months ended September 30, 2023 by class of loans: Three months ended September 30, 2023 (Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension Commercial & industrial $ 0 0.00 % N/A Residential real estate 0 0.00 % N/A Home equity 0 0.00 % N/A Total $ 0 0.00 % N/A Nine months ended September 30, 2023 (Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension Commercial & industrial $ 0 0.00 % 0.2 years Residential real estate 0 2.00 % 11.4 years Home equity 0 0.31 % 22.6 years Total $ 0 1.65 % 0.8 years The Company has committed to lend no additional amounts to the borrowers who have been classified as FDM. Additionally, there were four FDMs with a balance of $0.4 million made to borrowers that defaulted during the third quarter of 2023. There were five FDMs with a balance of $0.6 million that defaulted during the nine months ended September 30, 2023. The Company closely monitors the performance of FDMs 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 September 30, 2023 (Dollars in thousands) Current 30 – 59 days past due 60 – 89 days past due > 89 days past due Total Commercial & industrial $ 6,395 $ 0 $ 0 $ 0 $ 6,395 Residential real estate 1,334 538 0 57 1,929 Home equity 182 0 0 0 182 Total $ 7,911 $ 538 $ 0 $ 57 $ 8,506 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 a specific reserve is required based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. Specific reserves 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: September 30, 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 $ 6,112 $ 11,040 $ 17,152 $ 6,692 $ 1,550 $ 8,242 Lease financing 4,860 2,871 7,731 0 178 178 Construction real estate 0 0 0 0 0 0 Commercial real estate 20,813 12,206 33,019 5,216 570 5,786 Residential real estate 0 12,328 12,328 0 10,691 10,691 Home equity 348 3,589 3,937 0 3,123 3,123 Installment 0 774 774 0 603 603 Total nonaccrual loans $ 32,133 $ 42,808 $ 74,941 $ 11,908 $ 16,715 $ 28,623 (1) Nonaccrual loans include nonaccrual TDR of $10.0 million as of December 31, 2022. Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 1,905 $ 855 $ 3,906 $ 2,443 Interest included in income Nonaccrual loans 683 343 1,275 901 Troubled debt restructurings 0 126 0 288 Total interest included in income 683 469 1,275 1,189 Net impact on interest income $ 1,222 $ 386 $ 2,631 $ 1,254 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. September 30, 2023 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 9,027 $ 0 $ 5,623 $ 0 $ 0 $ 2,502 $ 17,152 Lease financing 0 0 7,731 0 0 0 7,731 Commercial real estate-investor 0 27,051 0 0 0 0 27,051 Commercial real estate-owner 0 4,075 1,893 0 0 0 5,968 Residential real estate 0 0 0 0 12,328 0 12,328 Home equity 0 0 0 0 3,937 0 3,937 Installment 0 0 0 0 0 774 774 Total $ 9,027 $ 31,126 $ 15,247 $ 0 $ 16,265 $ 3,276 $ 74,941 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 are based on a rate or index plus a spread. 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) September 30, 2023 December 31, 2022 Direct financing leases Lease receivables $ 18,286 $ 35,081 Unguaranteed residual values 11,877 16,058 Sales-type leases Lease receivables 366,198 184,985 Unguaranteed residual values 3,612 0 Total net investment in direct financing and sales-type leases $ 399,973 $ 236,124 Interest income for direct financing and sales-type leases was $6.8 million and $3.0 million for the three months ended September 30, 2023 and September 30, 2022, respectively. Interest income for direct financing and sales-type leases was $17.9 million and $7.9 million for the nine months ended September 30, 2023 and September 30, 2022, respectively. The remaining maturities of lease receivables were as follows: (Dollars in thousands) Direct financing and Sales-type Remainder of 2023 $ 26,182 2024 90,986 2025 81,807 2026 72,374 2027 76,416 Thereafter 93,287 Total lease payments 441,052 Less: unearned interest income (56,568) Net lease receivables $ 384,484 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 Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 281 $ 22 $ 191 $ 98 Additions Commercial real estate 0 0 0 0 Residential real estate 68 0 387 136 Total additions 68 0 387 136 Disposals Commercial real estate 0 0 0 (98) Residential real estate (167) 0 (252) (72) Total disposals (167) 0 (252) (170) Valuation adjustment Commercial real estate 0 0 0 0 Residential real estate (40) 0 (184) (42) Total valuation adjustment (40) 0 (184) (42) Balance at end of period $ 142 $ 22 $ 142 $ 22 |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 9 Months Ended |
Sep. 30, 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 $54.0 million and $47.5 million as of September 30, 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 September 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, office, 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 September 30, 2023, the ACL decreased due the stabilization of prepayment speeds and economic forecasts in third quarter. For the nine months ended September 30, 2023, the ACL increased due to slower prepayment speeds, changes in economic forecasts, and loan growth. Changes in the allowance by loan category were as follows: Three months ended September 30, 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: Balance at beginning of period $ 42,627 $ 8,069 $ 11,778 $ 44,451 $ 19,405 $ 15,067 $ 4,466 $ 2,783 $ 148,646 Provision for credit losses (584) 2,918 (821) 7,088 1,969 1,138 1,303 (104) 12,907 Gross charge-offs (9,207) (76) 0 (6,008) (10) (54) (1,349) (319) (17,023) Recoveries 335 1 0 39 44 125 87 40 671 Total net charge-offs (8,872) (75) 0 (5,969) 34 71 (1,262) (279) (16,352) Ending allowance for credit losses $ 33,171 $ 10,912 $ 10,957 $ 45,570 $ 21,408 $ 16,276 $ 4,507 $ 2,400 $ 145,201 Three months ended September 30, 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: Balance at beginning of period $ 39,179 $ 2,212 $ 11,965 $ 39,856 $ 7,383 $ 10,980 $ 1,189 $ 5,121 $ 117,885 Provision for credit losses 3,710 238 2,081 (2,343) 2,123 500 3,931 (2,342) 7,898 Loans charged off (1,947) (13) 0 (3) (119) (45) (294) (237) (2,658) Recoveries 90 13 0 561 35 185 29 58 971 Total net charge-offs (1,857) 0 0 558 (84) 140 (265) (179) (1,687) Ending allowance for credit losses $ 41,032 $ 2,450 $ 14,046 $ 38,071 $ 9,422 $ 11,620 $ 4,855 $ 2,600 $ 124,096 Nine months ended September 30, 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 2,092 7,517 (2,570) 10,756 8,531 3,558 3,719 667 34,270 Loans charged off (12,309) (179) 0 (8,722) (30) (166) (4,388) (810) (26,604) Recoveries 1,075 3 0 2,430 223 437 231 159 4,558 Total net charge-offs (11,234) (176) 0 (6,292) 193 271 (4,157) (651) (22,046) Ending allowance for credit losses $ 33,171 $ 10,912 $ 10,957 $ 45,570 $ 21,408 $ 16,276 $ 4,507 $ 2,400 $ 145,201 Nine months ended September 30, 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 1,899 920 2,172 (14,904) 3,183 1,255 4,493 (976) (1,958) Loans charged off (5,565) (152) 0 (3,422) (145) (88) (832) (695) (10,899) Recoveries 646 49 0 2,977 159 810 97 223 4,961 Total net charge-offs (4,919) (103) 0 (445) 14 722 (735) (472) (5,938) Ending allowance for credit losses $ 41,032 $ 2,450 $ 14,046 $ 38,071 $ 9,422 $ 11,620 $ 4,855 $ 2,600 $ 124,096 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 $17.0 million as of September 30, 2023 and $18.4 million as of December 31, 2022. Additionally, First Financial recorded a provision recapture related to the allowance on unfunded commitments of $1.2 million and $1.4 million for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, First Financial recorded a provision for credit losses on unfunded commitments of $0.4 million and $3.6 million, respectively. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2023 and September 30, 2022 were as follows: Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 1,005,828 $ 999,959 $ 1,001,507 $ 1,000,749 Goodwill resulting from business combinations 40 (1,537) 4,361 (2,327) Balance at end of period $ 1,005,868 $ 998,422 $ 1,005,868 $ 998,422 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 its broad service offerings. In May 2023, First Financial also acquired Brady Ware Corporate Finance, a broker-dealer and member of FINRA. First Financial recorded $0.1 million of goodwill in connection with the acquisition of Brady Ware Corporate Finance. 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 for Brady Ware Capital. The measurement period for recording adjustments to the fair value of assets and liabilities ends in May 2024 for Brady Ware Corporate Finance. In the first nine months of 2022, First Financial recorded adjustments of $2.3 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 September 30, 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 lists, 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 4.5 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 $25.7 million and $27.6 million at September 30, 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 $24.8 million and $27.5 million at September 30, 2023 and December 31, 2022, respectively. 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. Amortization expense recognized on other intangible assets for the three months ended September 30, 2023 and September 30, 2022 was $3.4 million and $3.5 million, respectively, which includes MSR amortization expense of $0.8 million and $0.7 million, respectively. Amortization expense recognized on other intangible assets for the nine months ended September 30, 2023 and September 30, 2022 was $10.1 million and $11.0 million, which includes MSR amortization of $2.3 million and $2.4 million, respectively. The gross carrying amount and accumulated amortization of other intangible assets at September 30, 2023 and December 31, 2022 were as follows: (Dollars in thousands) September 30, 2023 December 31, 2022 Gross Accumulated Gross Accumulated Core deposit intangibles $ 41,750 $ (28,668) $ 41,750 $ (26,488) Customer list 69,563 (19,029) 69,563 (14,457) Other 10,960 (5,073) 14,079 (7,064) Mortgage servicing rights 23,067 (6,192) 21,347 (4,811) Total $ 145,340 $ (58,962) $ 146,739 $ (52,820) |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 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, the recipient of the right to control, substantially all of those agreements are for real estate property for branches, ATM locations and office space. Substantially all of the company's lessee contracts 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 $55.5 million and $54.3 million at September 30, 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 $65.7 million and $64.5 million lease liability in Accrued interest and other liabilities on the Consolidated Balance Sheets at September 30, 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 Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Operating lease cost $ 1,945 $ 1,907 $ 5,736 $ 5,709 Short-term lease cost 0 1 0 8 Variable lease cost 787 684 2,301 2,143 Total operating lease cost $ 2,732 $ 2,592 $ 8,037 $ 7,860 Future minimum commitments due under these lease agreements as of September 30, 2023 are as follows: (Dollars in thousands) Operating leases 2023 (remaining three months) $ 1,937 2024 7,968 2025 7,705 2026 7,501 2027 7,087 Thereafter 50,737 Total lease payments 82,935 Less imputed interest (17,249) Total $ 65,686 The weighted average remaining lease term and discount rate for the Company's operating leases were as follows: September 30, 2023 December 31, 2022 Operating leases Weighted-average remaining lease term 12.5 years 13.1 years Weighted-average discount rate 3.42 % 3.29 % Supplemental cash information at September 30, 2023 and 2022 related to leases was as follows: Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,933 $ 1,963 $ 5,857 $ 5,865 ROU assets obtained in exchange for lease obligations Operating leases 5,868 2,698 6,160 4,808 |
OPERATING LEASES
OPERATING LEASES | 3 Months Ended |
Sep. 30, 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 $136.9 million and $91.7 million at September 30, 2023 and December 31, 2022, respectively, net of accumulated depreciation of $54.5 million and $35.0 million, respectively. The Company recorded lease income of $10.9 million and $7.0 million related to lease payments for operating leases in leasing business revenue in the Consolidated Statement of Income for the three months ended September 30, 2023 and 2022, respectively. The Company recorded lease income of $28.9 million and $17.3 million related to lease payments for operating leases in leasing business revenue in the Consolidated Statement of Income for the nine months ended September 30, 2023 and 2022, respectively. Depreciation expense related to operating lease equipment was $8.9 million and $5.7 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation expense related to operating lease equipment was $23.5 million and $14.3 million for the nine months ended September 30, 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 or nine months ended September 30, 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 September 30, 2023 are as follows: (Dollars in thousands) Undiscounted cash flows 2023 (remaining three months) $ 10,630 2024 38,568 2025 29,186 2026 19,451 2027 9,276 Thereafter 5,415 Total operating lease payments $ 112,526 |
BORROWINGS
BORROWINGS | 9 Months Ended |
Sep. 30, 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 September 30, 2023 and December 31, 2022, the Bank had no securities sold under agreements to repurchase. First Financial had no federal funds purchased at September 30, 2023 or December 31, 2022, while the Company had $0.8 billion and $1.1 billion in short-term borrowings with the FHLB at September 30, 2023 and December 31, 2022, respectively. These short-term borrowings are used to manage normal liquidity needs and support the Company's asset and liability management strategies. Additionally, at September 30, 2023 and December 31, 2022, other short-term borrowings included $219.2 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 September 30, 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 September 30, 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) September 30, 2023 December 31, 2022 FHLB short-term borrowings $ 755,000 $ 1,130,000 Other short-term borrowings 219,188 157,156 Total short-term borrowings $ 974,188 $ 1,287,156 First Financial had $340.9 million and $346.7 million of long-term debt as of September 30, 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: September 30, 2023 December 31, 2022 (Dollars in thousands) Amount Average rate Amount Average rate Subordinated notes $ 314,048 5.61 % $ 313,705 5.48 % Unamortized debt issuance costs (1,709) N/A (1,998) N/A Notes issued in conjunction with acquisition of property and equipment 26,155 4.08 % 32,492 4.44 % Capital lease liability 1,633 3.83 % 1,698 3.82 % Capital loan with municipality 775 0.00 % 775 0.00 % Total long-term debt $ 340,902 5.50 % $ 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. Subordinated notes are treated as Tier 2 capital for regulatory capital purposes and are included in Long-term debt on the Consolidated Balance Sheets. Therefore, the subordinated debt issued in August 2015 that matures in August, 2025, is eligible to be treated as Tier 2 capital for 20% of its original issuance amount at September 30, 2023. 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. Subordinated notes are included in Long-term debt on the Consolidated Balance Sheets and treated as Tier 2 capital for regulatory capital purposes, subject certain limitations. When subordinated notes are within five years of maturity, the tier 2 capital eligibility reduces by 20% each year. Therefore, the subordinated debt issued in April 2020 that matures in May, 2030, is eligible to be treated as Tier 2 capital for 100% of its original issuance amount at September 30, 2023. 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 $44.0 million and $43.7 million for these notes at September 30, 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. These variable rate subordinated notes are treated as Tier 1 capital for regulatory capital purposes. Additionally, long-term borrowings included $26.2 million and $32.5 million of term notes, both with and without recourse, with an average interest rate of 4.08% and 4.44% at September 30, 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2023 Total other comprehensive income (loss) Total accumulated other (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ (71,051) $ (4) $ (71,047) $ 15,650 $ (55,397) $ (320,336) $ (55,397) $ (375,733) Unrealized gain (loss) on derivatives (2,014) (71) (1,943) 450 (1,493) (331) (1,493) (1,824) Retirement obligation 0 (213) 213 (49) 164 (31,776) 164 (31,612) Foreign currency translation (269) 0 (269) 0 (269) (567) (269) (836) Total $ (73,334) $ (288) $ (73,046) $ 16,051 $ (56,995) $ (353,010) $ (56,995) $ (410,005) Three months ended September 30, 2022 Total other comprehensive income (loss) Total accumulated other (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ (142,733) $ 179 $ (142,912) $ 31,479 $ (111,433) $ (222,441) $ (111,433) $ (333,874) Retirement obligation 0 (340) 340 (79) 261 (20,246) 261 (19,985) Foreign currency translation (70) 0 (70) 0 (70) (641) (70) (711) Total $ (142,803) $ (161) $ (142,642) $ 31,400 $ (111,242) $ (243,328) $ (111,242) $ (354,570) Nine months ended September 30, 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 $ (64,285) $ (407) $ (63,878) $ 14,070 $ (49,808) $ (325,925) $ (49,808) $ (375,733) Unrealized gain (loss) on derivatives (2,445) (72) (2,373) 549 (1,824) 0 (1,824) (1,824) Retirement obligation 0 (534) 534 (123) 411 (32,023) 411 (31,612) Foreign currency translation (121) 0 (121) 0 (121) (715) (121) (836) Total $ (66,851) $ (1,013) $ (65,838) $ 14,496 $ (51,342) $ (358,663) $ (51,342) $ (410,005) Nine months ended September 30, 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 $ (454,844) $ 176 $ (455,020) $ 100,108 $ (354,912) $ 21,038 $ (354,912) $ (333,874) Retirement obligation 0 (995) 995 (134) 861 (20,846) 861 (19,985) Foreign currency translation (86) 0 (86) 0 (86) (625) (86) (711) Total $ (454,930) $ (819) $ (454,111) $ 99,974 $ (354,137) $ (433) $ (354,137) $ (354,570) The following table presents the activity reclassified from accumulated other comprehensive income into income during the three and nine month periods ended September 30, 2023 and 2022, respectively: Amount reclassified from Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Affected Line Item in the Consolidated Statements of Income Gains and losses on cash flow hedges Interest rate contracts $ (71) $ 0 $ (72) $ 0 Interest income - Loans and leases, including fees Realized gain (loss) on securities available-for-sale $ (4) $ 179 $ (407) $ 176 Net gain (loss) on sales of investments securities Defined benefit pension plan Amortization of prior service cost (1) (5) 76 (6) 226 Other noninterest expense Recognized net actuarial loss (1) (208) (416) (528) (1,221) Other noninterest expense Defined benefit pension plan total (213) (340) (534) (995) Total reclassifications for the period, before tax $ (288) $ (161) $ (1,013) $ (819) (1) Included in the computation of net periodic pension cost (see Note 14 - Employee Benefit Plans for additional details). |
DERIVATIVES
DERIVATIVES | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVES First Financial maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce certain risks related to interest rate, prepayment and foreign currency volatility. Additionally, First Financial holds derivative instruments for the benefit of its commercial customers and for other business purposes. The Company does not enter into unhedged speculative derivative positions. The Company’s interest rate risk management strategy involves modifying the repricing characteristics of certain financial instruments so that changes in interest rates do not adversely affect First Financial’s net interest margin and cash flows. Derivative instruments that the Company may use as part of its interest rate risk management strategy include 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. These derivatives are reported within Accumulated other comprehensive income (loss). 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. Interest rate 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. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Client derivative fees in the Consolidated Statements of Income. While these derivatives represent economic hedges, they do not qualify as hedges for accounting purposes. At September 30, 2023, for the interest rate client derivatives, the Company had a total counterparty notional amount outstanding of $2.2 billion, spread among six counterparties, with an estimated fair value of $167.7 million. At December 31, 2022, the Company had interest rate client 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 client 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 when providing this service to customers. These controls include a determination of currency volatility and credit equivalent exposure on these contracts. At September 30, 2023, the Company had total counterparty notional amount outstanding of $7.5 billion spread among five counterparties, with an estimated fair value of $47.1 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. Cash Flow Hedges . In 2023, First Financial entered into interest rate collars and floors, which are designated as cash flow hedges. These cash flow hedges are utilized to mitigate interest rate risk on variable-rate commercial loan pools. As of September 30, 2023, the hedges were determined to be effective during the period and are expected to remain effective during the remaining terms. Changes in the fair value of cash flow hedges included in the assessment of hedge effectiveness are recorded in AOCI and reclassified from AOCI to current period earnings when the hedged item affects earnings. Reclassified gains and losses on interest rate contracts related to commercial and industrial loans are recorded within interest income in the Consolidated Statements of Income. The structure of the interest rate collars is such that First Financial pays the counterparty an incremental amount if the collar index exceeds the cap rate. Conversely, First Financial receives an incremental amount if the index falls below the floor rate. No payments are required if the collar index falls between the cap and floor rates. The structure of First Financial's interest rate floors is such that First Financial receives an incremental amount if the index falls below the floor strike rate. No payments are required if the index remains above the floor strike rate. The notional value of the Company's cash flow hedges was $600.0 million as of September 30, 2023, with the $1.8 million change in the fair value recorded in AOCI in the Consolidated Balance Sheet, there were no cash flow hedges outstanding at December 31, 2022. As of September 30, 2023, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows is 60 months. It is estimated that $0.3 million will be reclassified from OCI to interest income during the next 12 months. The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows: Three months ended (Dollars in thousands) September 30, 2023 Derivatives in Cash Flow Hedging Relationship Location of Gain or (Loss)Reclassified from AOCI into income Gain (loss) recognized in OCI on Derivatives Gain (loss) reclassified in AOCI on Derivatives Interest rate contracts Interest income/(expense) $ (1,493) $ (71) Nine months ended (Dollars in thousands) September 30, 2023 Derivatives in Cash Flow Hedging Relationship Location of Gain or (Loss)Reclassified from AOCI into income Gain (loss) recognized in OCI on Derivatives Gain (loss) reclassified in AOCI on Derivatives Interest rate contracts Interest income/(expense) $ (1,824) $ (72) The following table details the classification and amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets: September 30, 2023 December 31, 2022 Estimated fair value Estimated fair value (Dollars in thousands) Notional Gain (1) Loss (2) Notional Gain (1) Loss (2) Derivatives not designated as qualifying hedging instruments Interest rate derivatives - instruments associated with loans Matched interest rate contracts with borrowers $ 2,218,153 $ 5,297 $ (168,339) $ 2,206,351 $ 5,057 $ (147,759) Matched interest rate contracts with counterparty 2,218,153 168,165 (5,297) 2,206,351 147,759 (5,057) Foreign exchange contracts Matched foreign exchange contracts with customers 7,521,938 121,048 (73,908) 7,734,395 111,078 (93,804) Match foreign exchange contracts with counterparty 7,469,467 73,908 (121,048) 7,681,006 93,804 (111,078) Total derivatives not designated as qualifying hedging instruments 19,427,711 368,418 (368,592) 19,828,103 357,698 (357,698) Derivatives designated as qualifying hedging instruments Cash flow hedges Interest rate collars and floors on loan pools 600,000 558 (1,984) 0 0 0 Total derivatives designated as qualifying hedging instruments 600,000 558 (1,984) 0 0 0 Total $ 20,027,711 $ 368,976 $ (370,576) $ 19,828,103 $ 357,698 $ (357,698) (1) Derivative assets are included in Accrued interest and other assets in the Consolidated Balance Sheets. (2) Derivative liabilities are included in Accrued interest and other liabilities in the Consolidated Balance Sheets. The following table discloses the gross and net amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets: September 30, 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 Interest rate contracts (1) $ 173,462 $ (432,368) $ (258,906) $ 152,816 $ (314,048) $ (161,232) Foreign exchange contracts 194,956 (76,033) 118,923 204,882 (101,945) 102,937 Cash flow hedges 2,542 (1,595) 947 0 0 0 Total $ 370,960 $ (509,996) $ (139,036) $ 357,698 $ (415,993) $ (58,295) (1) Includes accrued interest receivable and collateral. The following table details the derivative financial instruments and the average remaining maturities at September 30, 2023: (Dollars in thousands) Notional Average Fair Interest rate contracts Receive fixed, matched interest rate contracts with borrower $ 2,218,153 4.9 $ (163,042) Pay fixed, matched interest rate contracts with counterparty 2,218,153 4.9 162,868 Foreign exchange contracts Foreign exchange contracts-pay USD 7,521,938 0.6 47,140 Foreign exchange contracts-receive USD 7,469,467 0.6 (47,140) Total client derivatives 19,427,711 1.6 (174) Cash flow hedges Interest rate collars and floors on loan pools 600,000 3.8 (1,426) Total cash flow hedges 600,000 3.8 (1,426) Total $ 20,027,711 1.6 $ (1,600) At September 30, 2023, the derivative collateral owed by the Company to counterparty banks was $195.1 million with $24.1 million restricted within cash and due from banks on the Company's Consolidated Balance Sheets and $219.2 million recorded in short-term borrowings. Derivative collateral owed by the Company to the counterparty banks 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 either assumes or sells 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 either make a payment to or receive a payment from the counterparty if the loan customer defaults on its obligation to perform under the interest rate swap contract. The total notional value of the purchased risk agreements totaled $200.7 million as of September 30, 2023 and $246.8 million as of December 31, 2022. The total notional value of the sold risk agreements totaled $117.4 million as of September 30, 2023 and $132.5 million as of December 31, 2022. The net fair value of these agreements is recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets and was insignificant at September 30, 2023 and at December 31, 2022. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 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 $17.0 million and $18.4 million of reserves for unfunded commitments recorded in Accrued interest and other liabilities on the Consolidated Balance Sheets at September 30, 2023 and December 31, 2022, respectively. First Financial had commitments to extend credit, including overdraft lending lines, of $4.5 billion at September 30, 2023 and $4.4 billion at December 31, 2022. As of September 30, 2023, commitments with a fixed interest rate totaled $111.5 million while commitments with variable interest rates totaled $4.4 billion. At December 31, 2022, 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 commitments have interest rates ranging from 0.00% to 21.00% at both September 30, 2023 and December 31, 2022 and have maturities ranging from less than one year to 31.1 years at September 30, 2023 and maturities ranging from less than one year to 31.6 years at December 31, 2022. 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. The following table presents by type First Financial's active loan balances and related obligations to extend credit: September 30, 2023 December 31, 2022 (dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance Commercial & industrial $ 1,945,253 $ 3,420,873 $ 1,833,977 $ 3,410,272 Lease financing 0 399,973 6,842 236,124 Construction real estate 605,920 578,824 689,015 512,050 Commercial real estate-investor 116,343 3,059,422 107,205 3,094,064 Commercial real estate-owner 28,840 933,232 48,208 958,695 Residential real estate 104,946 1,293,470 74,089 1,092,265 Home equity 954,536 743,991 903,459 733,791 Installment 25,657 160,648 16,073 209,895 Credit card 232,252 56,386 225,864 51,815 Total $ 4,013,747 $ 10,646,819 $ 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 $32.4 million and $31.5 million at September 30, 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 $318.1 million and $379.3 million at September 30, 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 September 30, 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) September 30, 2023 December 31, 2022 Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment LIHTC Proportional amortization $ 135,187 $ 74,149 $ 126,537 $ 70,690 HTC Equity 19,798 14,784 17,108 11,955 NMTC Equity 2,192 0 2,944 0 Renewable energy Equity 24,085 12,982 11,851 1,689 Total $ 181,262 $ 101,915 $ 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 September 30, 2023 September 30, 2022 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 3,455 $ (3,434) $ 3,211 $ (2,757) HTC 0 (80) 0 (80) NMTC 104 (53) 104 (53) Renewable energy 0 0 17,108 (18,881) Total $ 3,559 $ (3,567) $ 20,423 $ (21,771) Nine months ended September 30, 2023 September 30, 2022 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 10,520 $ (10,411) $ 9,311 $ (8,551) HTC 0 (239) 0 (239) NMTC 311 (158) 311 (158) Renewable energy 0 0 17,108 (18,881) Total $ 10,831 $ (10,808) $ 26,730 $ (27,829) (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 or nine months ended September 30, 2023 or in the three months ended September 30, 2022. However, during the nine months ended September 30, 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 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the third quarter of 2023, the Company recorded income tax expense of $15.3 million resulting in an effective tax rate of 19.5% compared to income tax benefit of $8.6 million and an effective tax rate of negative 18.3% for the comparable period in 2022. For the first nine months of 2023, income tax expense was $48.1 million, resulting in an effective tax rate of 19.4% compared with $13.7 million and an effective tax rate of 8.5% for the comparable period in 2022. The increase in the effective tax rate is primarily driven by tax credits realized in the 2022 as well as increased taxable income and the resolution of unrecognized tax benefits. At September 30, 2023, First Financial had no unrecognized tax benefits compared to $1.9 million at December 31, 2022. As defined by FASB ASC Topic 740-10, Income Taxes, an unrecognized tax benefit is a position that if recognized would favorably impact the effective income tax rate in future periods. The unrecognized tax benefits in 2022 were related to state income tax exposures where the Company believed it was likely that, upon examination, a state may have taken a position contrary to the position taken by First Financial. A resolution regarding the Company's uncertain tax position resulted in partial recognition of the benefit in the second quarter of 2023. First Financial recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense. At September 30, 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. First Financial is no longer subject to state and local income tax examinations for years prior to 2018. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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 Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Service cost $ 2,304 $ 2,153 $ 6,988 $ 6,912 Interest cost 1,066 661 3,213 1,923 Expected return on assets (2,701) (2,743) (8,101) (8,240) Amortization of prior service cost 5 (76) 6 (226) Net actuarial loss 208 416 528 1,221 Net periodic benefit cost (income) $ 882 $ 411 $ 2,634 $ 1,590 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2023 | |
Revenue Recognition [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITIONThe 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. Wealth management fees. 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 wealth management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, as incurred. 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 third quarter of 2023 was $7.5 million, partially offset by $4.1 million of expenses within Noninterest income. Gross interchange income for the same period in 2022 was $7.5 million, partially offset by $4.0 million of expenses within Noninterest income. Gross interchange income for the first nine months of 2023 was $22.3 million, partially offset by $11.6 million of expenses within Noninterest income. Gross interchange income for the same period in 2022 was $22.1 million, partially offset by $11.4 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 | 9 Months Ended |
Sep. 30, 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 Nine months ended September 30, September 30, (Dollars in thousands, except per share data) 2023 2022 2023 2022 Numerator Net income available to common shareholders $ 63,061 $ 55,705 $ 199,131 $ 148,526 Denominator Weighted average shares outstanding for basic earnings per common share 94,030,275 93,582,250 93,896,716 93,507,831 Effect of dilutive securities Employee stock awards 1,095,994 1,211,516 1,189,155 996,622 Adjusted weighted average shares for diluted earnings per common share 95,126,269 94,793,766 95,085,871 94,504,453 Earnings per share available to common shareholders Basic $ 0.67 $ 0.60 $ 2.12 $ 1.59 Diluted $ 0.66 $ 0.59 $ 2.09 $ 1.57 |
FAIR VALUE DISCLOSURES
FAIR VALUE DISCLOSURES | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE DISCLOSURES | FAIR VALUE DISCLOSURESThe fair value framework as disclosed in the Fair Value Topic includes a hierarchy which focuses on prioritizing the inputs used in valuation techniques. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1), a lower priority to observable inputs other than quoted prices in active markets for identical assets and liabilities (Level 2) and the lowest priority to unobservable inputs (Level 3). When determining the fair value measurements for assets and liabilities, First Financial looks to active markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, First Financial looks to observable market data for similar assets and liabilities and classifies such items as Level 2. Certain assets and liabilities are not actively traded in observable markets and First Financial must use alternative techniques, based on unobservable inputs, to determine the fair value and classifies such items as Level 3. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. The estimated fair values of First Financial’s financial instruments not measured at fair value on a recurring or nonrecurring basis in the consolidated financial statements were as follows: Carrying Estimated fair value (Dollars in thousands) value Total Level 1 Level 2 Level 3 September 30, 2023 Financial assets Cash and short-term investments $ 673,202 $ 673,202 $ 673,202 $ 0 $ 0 Investment securities held-to-maturity 81,326 69,845 0 69,845 0 Other investments 133,725 133,725 992 123,413 9,320 Loans and leases 10,501,618 10,135,741 0 0 10,135,741 Accrued interest receivable 70,471 70,471 0 16,436 54,035 Financial liabilities Deposits 12,915,553 12,889,572 0 12,889,572 0 Short-term borrowings 974,188 974,188 974,188 0 0 Long-term debt 340,902 343,815 0 343,815 0 Accrued interest payable 51,013 51,013 16,613 34,400 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 are defined as loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrowers are experiencing financial difficulty. Collateral dependent loans are carried at fair value when the value of the operation or collateral less any costs to sell is not sufficient to cover the remaining balance. In these instances, the loans will either be 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 $26.9 million and $11.9 million at September 30, 2023 and December 31, 2022, respectively, with a valuation allowance of $7.5 million and $3.7 million at September 30, 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 September 30, 2023 Assets Investment securities available-for-sale $ 32,141 $ 2,979,075 $ 33,145 $ 3,044,361 Loans held for sale 0 12,391 0 12,391 Interest rate derivative contracts 0 173,470 0 173,470 Foreign exchange derivative contracts 0 194,956 0 194,956 Interest rate floor 0 558 0 558 Total $ 32,141 $ 3,360,450 $ 33,145 $ 3,425,736 Liabilities Interest rate derivative contracts $ 0 $ 173,652 $ 0 $ 173,652 Foreign exchange derivative contracts 0 194,956 0 194,956 Interest rate collars 0 1,984 0 1,984 Total $ 0 $ 370,592 $ 0 $ 370,592 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 and nine months ended September 30, 2023 and September 30, 2022. Three months ended Nine months ended September 30, September 30, (dollars in thousands) 2023 2022 2023 2022 Beginning balance $ 34,132 $ 36,796 $ 35,857 $ 38,181 Accretion (amortization) (30) (22) (84) (45) Increase (decrease) in fair value (162) 9 (119) 34 Settlements (795) (730) (2,509) (2,117) Ending balance $ 33,145 $ 36,053 $ 33,145 $ 36,053 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 September 30, 2023 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 1,511 Commercial real estate 0 0 17,926 OREO 0 0 38 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 September 30, 2023 and December 31, 2022 was $12.4 million and $7.9 million, respectively. The aggregate unpaid principal balance of the Company’s residential mortgage loans held for sale as of September 30, 2023 and December 31, 2022 was $11.4 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 $1.0 million and $0.4 million as of September 30, 2023 and December 31, 2022, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 63,061 | $ 55,705 | $ 199,131 | $ 148,526 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization, Consolidation a_2
Organization, Consolidation and Presentation of Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 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 past due, 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. 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 a specific reserve is required based on the borrower’s overall financial condition, resources and payment record, support from guarantors and the realizable value of any collateral. Specific reserves 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 $54.0 million and $47.5 million as of September 30, 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 September 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, office, 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 September 30, 2023, the ACL decreased due the stabilization of prepayment speeds and economic forecasts in third quarter. For the nine months ended September 30, 2023, the ACL increased due to slower prepayment speeds, changes in economic forecasts, and loan growth. |
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 September 30, 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, the recipient of the right to control, 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 |
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 in 2022 were related to state income tax exposures where the Company believed it was likely that, upon examination, a state may have taken 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 are defined as loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrowers are experiencing financial difficulty. Collateral dependent loans are carried at fair value when the value of the operation or collateral less any costs to sell is not sufficient to cover the remaining balance. In these instances, the loans will either be 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 $26.9 million and $11.9 million at September 30, 2023 and December 31, 2022, respectively, with a valuation allowance of $7.5 million and $3.7 million at September 30, 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 |
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 either assumes or sells 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 either make a payment to or receive a payment from the counterparty if the loan customer defaults on its obligation to perform under the interest rate swap contract. |
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. These derivatives are classified as free-standing instruments with the revaluation gain or loss recorded in Client derivative fees in the Consolidated Statements of Income. While these derivatives represent economic hedges, they do not qualify as hedges for accounting purposes. |
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 client 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 when providing this service to customers. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 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 $ 37,085 $ 0 $ (4,943) $ 32,142 Securities of U.S. government agencies and corporations 0 0 0 0 81,434 0 (15,309) 66,125 Mortgage-backed securities - residential 0 0 0 0 705,681 0 (121,198) 584,483 Mortgage-backed securities - commercial 33,399 0 (5,958) 27,441 599,969 0 (50,399) 549,570 Collateralized mortgage obligations 8,410 0 (1,182) 7,228 488,590 0 (75,659) 412,931 Obligations of state and other political subdivisions 8,177 17 (530) 7,664 814,669 472 (151,398) 663,743 Asset-backed securities 0 0 0 0 661,779 0 (49,679) 612,100 Other securities 31,250 0 (3,738) 27,512 136,889 0 (13,622) 123,267 Total $ 81,236 $ 17 $ (11,408) $ 69,845 $ 3,526,096 $ 472 $ (482,207) $ 3,044,361 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 September 30, 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 $ 9,534 $ 9,435 Due after one year through five years 4,164 4,064 129,631 117,854 Due after five years through ten years 33,505 29,652 269,634 228,912 Due after ten years 1,758 1,460 661,278 529,076 Mortgage-backed securities - residential 0 0 705,681 584,483 Mortgage-backed securities - commercial 33,399 27,441 599,969 549,570 Collateralized mortgage obligations 8,410 7,228 488,590 412,931 Asset-backed securities 0 0 661,779 612,100 Total $ 81,236 $ 69,845 $ 3,526,096 $ 3,044,361 |
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: September 30, 2023 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasuries $ 2,146 $ (40) $ 29,996 $ (4,903) $ 32,142 $ (4,943) Securities of U.S. Government agencies and corporations 0 0 66,125 (15,309) 66,125 (15,309) Mortgage-backed securities - residential 77,097 (4,853) 507,386 (116,345) 584,483 (121,198) Mortgage-backed securities - commercial 14,712 (650) 533,334 (49,749) 548,046 (50,399) Collateralized mortgage obligations 26,373 (1,091) 386,540 (74,568) 412,913 (75,659) Obligations of state and other political subdivisions 95,647 (6,574) 530,379 (144,824) 626,026 (151,398) Asset-backed securities 28,394 (448) 578,706 (49,231) 607,100 (49,679) Other securities 9,713 (287) 113,554 (13,335) 123,267 (13,622) Total $ 254,082 $ (13,943) $ 2,746,020 $ (468,264) $ 3,000,102 $ (482,207) 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: September 30, 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 27,441 (5,958) 27,441 (5,958) Collateralized mortgage obligations 0 0 7,228 (1,182) 7,228 (1,182) Obligations of state and other political subdivisions 4,656 (231) 1,459 (299) 6,115 (530) Asset-backed securities 0 0 0 0 0 0 Other securities 0 0 27,512 (3,738) 27,512 (3,738) Total $ 4,656 $ (231) $ 63,640 $ (11,177) $ 68,296 $ (11,408) 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 7,081 (418) 21,670 (2,081) 28,751 (2,499) Total $ 36,214 $ (3,422) $ 37,399 $ (4,219) $ 73,613 $ (7,641) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Financial Receivable Credit Quality Indicators | The following table sets forth the Company's loan portfolio at September 30, 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 $ 591,753 $ 745,219 $ 454,198 $ 294,123 $ 140,937 $ 258,364 $ 2,484,594 $ 811,270 $ 3,295,864 Special mention 76 8,516 6,597 385 22,077 1,677 39,328 18,021 57,349 Substandard 3,138 8,140 12,788 2,927 1,058 11,264 39,315 28,345 67,660 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 594,967 594967000 $ 761,875 $ 473,583 $ 297,435 $ 164,072 $ 271,305 $ 2,563,237 $ 857,636 $ 3,420,873 YTD Gross chargeoffs $ 0 $ 2,280 $ 2,011 $ 7,055 $ 76 $ 887 $ 12,309 $ 0 $ 12,309 Lease financing Pass $ 161,017 $ 210,492 $ 7,133 $ 1,635 $ 2,611 $ 1,047 $ 383,935 $ 0 $ 383,935 Special mention 3,344 4,963 0 0 0 0 8,307 0 8,307 Substandard 2,634 4,815 103 0 179 0 7,731 0 7,731 Total $ 166,995 $ 220,270 $ 7,236 $ 1,635 $ 2,790 $ 1,047 $ 399,973 $ 0 $ 399,973 YTD Gross chargeoffs $ 0 $ 0 $ 179 $ 0 $ 0 $ 0 $ 179 $ 0 $ 179 Construction real estate Pass $ 141,951 $ 167,657 $ 180,340 $ 41,879 $ 7,009 $ 6,200 $ 545,036 $ 17,457 $ 562,493 Special mention 0 0 0 16,331 0 0 16,331 0 16,331 Substandard 0 0 0 0 0 0 0 0 0 Total $ 141,951 $ 167,657 $ 180,340 $ 58,210 $ 7,009 $ 6,200 $ 561,367 $ 17,457 $ 578,824 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - investor Pass $ 347,308 $ 628,892 $ 414,220 $ 277,051 $ 578,892 $ 652,738 $ 2,899,101 $ 34,574 $ 2,933,675 Special mention 0 8,894 25,214 8,763 32,934 9,246 85,051 397 85,448 Substandard 0 0 0 6,238 3,926 30,135 40,299 0 40,299 Doubtful 0 0 0 0 0 0 0 0 0 (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Term Total Revolving Total Total $ 347,308 $ 637,786 $ 439,434 $ 292,052 $ 615,752 $ 692,119 $ 3,024,451 $ 34,971 $ 3,059,422 YTD Gross chargeoffs $ 0 $ 0 $ 859 $ 2,030 $ 0 $ 3,119 $ 6,008 $ 0 $ 6,008 Commercial real estate - owner Pass $ 87,573 $ 168,301 $ 136,547 $ 148,233 $ 97,777 $ 251,283 $ 889,714 $ 8,501 $ 898,215 Special mention 406 47 4,992 1,106 469 21,016 28,036 0 28,036 Substandard 0 0 176 837 3 5,315 6,331 650 6,981 Total $ 87,979 $ 168,348 $ 141,715 $ 150,176 $ 98,249 $ 277,614 $ 924,081 $ 9,151 $ 933,232 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 2,643 $ 0 $ 71 $ 2,714 $ 0 $ 2,714 Residential real estate Performing $ 257,700 $ 246,156 $ 259,529 $ 190,804 $ 103,692 $ 220,983 $ 1,278,864 $ 0 $ 1,278,864 Nonperforming 74 805 2,077 2,814 2,395 6,441 14,606 0 14,606 Total $ 257,774 $ 246,961 $ 261,606 $ 193,618 $ 106,087 $ 227,424 $ 1,293,470 $ 0 $ 1,293,470 YTD Gross chargeoffs $ 0 $ 0 $ 8 $ 1 $ 21 $ 0 $ 30 $ 0 $ 30 Home equity Performing $ 21,254 $ 23,808 $ 30,022 $ 34,512 $ 10,357 $ 24,605 $ 144,558 $ 594,038 $ 738,596 Nonperforming 29 41 225 75 0 385 755 4,640 5,395 Total $ 21,283 $ 23,849 $ 30,247 $ 34,587 $ 10,357 $ 24,990 $ 145,313 $ 598,678 $ 743,991 YTD Gross chargeoffs $ 0 $ 0 $ 7 $ 0 $ 0 $ 159 $ 166 $ 0 $ 166 Installment Performing $ 14,442 $ 44,069 $ 26,816 $ 4,610 $ 2,119 $ 4,062 $ 96,118 $ 62,230 $ 158,348 Nonperforming 117 992 815 21 0 32 1,977 323 2,300 Total $ 14,559 $ 45,061 $ 27,631 $ 4,631 $ 2,119 $ 4,094 $ 98,095 $ 62,553 $ 160,648 YTD Gross chargeoffs $ 28 $ 2,170 $ 2,018 $ 154 $ 5 $ 13 $ 4,388 $ 0 $ 4,388 Credit cards Performing $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 55,688 $ 55,688 Nonperforming 0 0 0 0 0 0 0 698 698 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 56,386 $ 56,386 YTD Gross chargeoffs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 810 $ 810 Grand Total Loans $ 1,632,816 $ 2,271,807 $ 1,561,792 $ 1,032,344 $ 1,006,435 $ 1,504,793 $ 9,009,987 $ 1,636,832 $ 10,646,819 Grand Total YTD Gross Chargeoffs $ 28 $ 4,450 $ 5,082 $ 11,883 $ 102 $ 4,249 $ 25,794 $ 810 $ 26,604 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 September 30, 2023 (Dollars in thousands) 30 – 59 60 – 89 > 89 days Total Current Total > 89 days Loans Commercial & industrial $ 480 $ 344 $ 6,629 $ 7,453 $ 3,413,420 $ 3,420,873 $ 0 Lease financing 12,566 1,671 5,307 19,544 380,429 399,973 503 Construction real estate 0 0 0 0 578,824 578,824 0 Commercial real estate-investor 112 0 6,238 6,350 3,053,072 3,059,422 0 Commercial real estate-owner 405 650 5,318 6,373 926,859 933,232 0 Residential real estate 4,123 1,776 2,234 8,133 1,285,337 1,293,470 0 Home equity 1,334 781 2,208 4,323 739,668 743,991 0 Installment 837 838 540 2,215 158,433 160,648 0 Credit card 331 243 196 770 55,616 56,386 195 Total $ 20,188 $ 6,303 $ 28,670 $ 55,161 $ 10,591,658 $ 10,646,819 $ 698 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 at September 30, 2023 that were modified during the three and nine months ended September 30, 2023 by class of loan and type of modification: Three months ended September 30, 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 Commercial & industrial $ 0 $ 2,834 $ 0 $ 0 $ 0 $ 2,834 0.08 % Residential real estate 0 756 0 0 0 756 0.06 % Home equity 0 0 0 0 0 0 0.00 % Total $ 0 $ 3,590 $ 0 $ 0 $ 0 $ 3,590 0.03 % Nine months ended September 30, 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 Commercial & industrial $ 0 $ 2,834 $ 3,561 $ 0 $ 0 $ 6,395 0.19 % Residential real estate 0 1,772 99 0 57 1,928 0.15 % Home equity 0 168 0 0 15 183 0.02 % Total $ 0 $ 4,774 $ 3,660 $ 0 $ 72 $ 8,506 0.08 % The following table provides the financial effect of FDM during the three and nine months ended September 30, 2023 by class of loans: Three months ended September 30, 2023 (Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension Commercial & industrial $ 0 0.00 % N/A Residential real estate 0 0.00 % N/A Home equity 0 0.00 % N/A Total $ 0 0.00 % N/A Nine months ended September 30, 2023 (Dollars in thousands) Principal forgiveness Weighted average interest rate reduction Weighted average term extension Commercial & industrial $ 0 0.00 % 0.2 years Residential real estate 0 2.00 % 11.4 years Home equity 0 0.31 % 22.6 years Total $ 0 1.65 % 0.8 years |
Financing Modifications Modifications Payment Status | The Company closely monitors the performance of FDMs 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 September 30, 2023 (Dollars in thousands) Current 30 – 59 days past due 60 – 89 days past due > 89 days past due Total Commercial & industrial $ 6,395 $ 0 $ 0 $ 0 $ 6,395 Residential real estate 1,334 538 0 57 1,929 Home equity 182 0 0 0 182 Total $ 7,911 $ 538 $ 0 $ 57 $ 8,506 |
Financing Receivable, Nonaccrual | The following table provides information on nonperforming loans: September 30, 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 $ 6,112 $ 11,040 $ 17,152 $ 6,692 $ 1,550 $ 8,242 Lease financing 4,860 2,871 7,731 0 178 178 Construction real estate 0 0 0 0 0 0 Commercial real estate 20,813 12,206 33,019 5,216 570 5,786 Residential real estate 0 12,328 12,328 0 10,691 10,691 Home equity 348 3,589 3,937 0 3,123 3,123 Installment 0 774 774 0 603 603 Total nonaccrual loans $ 32,133 $ 42,808 $ 74,941 $ 11,908 $ 16,715 $ 28,623 (1) Nonaccrual loans include nonaccrual TDR of $10.0 million as of December 31, 2022. Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Interest income effect on nonperforming loans Gross amount of interest that would have been recorded under original terms $ 1,905 $ 855 $ 3,906 $ 2,443 Interest included in income Nonaccrual loans 683 343 1,275 901 Troubled debt restructurings 0 126 0 288 Total interest included in income 683 469 1,275 1,189 Net impact on interest income $ 1,222 $ 386 $ 2,631 $ 1,254 |
Schedule of Collateral Dependent Loans | The following table presents the amortized cost basis of collateral dependent loans by class of loan. September 30, 2023 Type of Collateral (Dollar in thousands) Business Commercial real estate Equipment Land Residential real estate Other Total Class of loan Commercial & industrial $ 9,027 $ 0 $ 5,623 $ 0 $ 0 $ 2,502 $ 17,152 Lease financing 0 0 7,731 0 0 0 7,731 Commercial real estate-investor 0 27,051 0 0 0 0 27,051 Commercial real estate-owner 0 4,075 1,893 0 0 0 5,968 Residential real estate 0 0 0 0 12,328 0 12,328 Home equity 0 0 0 0 3,937 0 3,937 Installment 0 0 0 0 0 774 774 Total $ 9,027 $ 31,126 $ 15,247 $ 0 $ 16,265 $ 3,276 $ 74,941 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) September 30, 2023 December 31, 2022 Direct financing leases Lease receivables $ 18,286 $ 35,081 Unguaranteed residual values 11,877 16,058 Sales-type leases Lease receivables 366,198 184,985 Unguaranteed residual values 3,612 0 Total net investment in direct financing and sales-type leases $ 399,973 $ 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 $ 26,182 2024 90,986 2025 81,807 2026 72,374 2027 76,416 Thereafter 93,287 Total lease payments 441,052 Less: unearned interest income (56,568) Net lease receivables $ 384,484 |
Changes in Other Real Estate Owned | Changes in OREO were as follows: Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 281 $ 22 $ 191 $ 98 Additions Commercial real estate 0 0 0 0 Residential real estate 68 0 387 136 Total additions 68 0 387 136 Disposals Commercial real estate 0 0 0 (98) Residential real estate (167) 0 (252) (72) Total disposals (167) 0 (252) (170) Valuation adjustment Commercial real estate 0 0 0 0 Residential real estate (40) 0 (184) (42) Total valuation adjustment (40) 0 (184) (42) Balance at end of period $ 142 $ 22 $ 142 $ 22 |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses by Classification | Changes in the allowance by loan category were as follows: Three months ended September 30, 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: Balance at beginning of period $ 42,627 $ 8,069 $ 11,778 $ 44,451 $ 19,405 $ 15,067 $ 4,466 $ 2,783 $ 148,646 Provision for credit losses (584) 2,918 (821) 7,088 1,969 1,138 1,303 (104) 12,907 Gross charge-offs (9,207) (76) 0 (6,008) (10) (54) (1,349) (319) (17,023) Recoveries 335 1 0 39 44 125 87 40 671 Total net charge-offs (8,872) (75) 0 (5,969) 34 71 (1,262) (279) (16,352) Ending allowance for credit losses $ 33,171 $ 10,912 $ 10,957 $ 45,570 $ 21,408 $ 16,276 $ 4,507 $ 2,400 $ 145,201 Three months ended September 30, 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: Balance at beginning of period $ 39,179 $ 2,212 $ 11,965 $ 39,856 $ 7,383 $ 10,980 $ 1,189 $ 5,121 $ 117,885 Provision for credit losses 3,710 238 2,081 (2,343) 2,123 500 3,931 (2,342) 7,898 Loans charged off (1,947) (13) 0 (3) (119) (45) (294) (237) (2,658) Recoveries 90 13 0 561 35 185 29 58 971 Total net charge-offs (1,857) 0 0 558 (84) 140 (265) (179) (1,687) Ending allowance for credit losses $ 41,032 $ 2,450 $ 14,046 $ 38,071 $ 9,422 $ 11,620 $ 4,855 $ 2,600 $ 124,096 Nine months ended September 30, 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 2,092 7,517 (2,570) 10,756 8,531 3,558 3,719 667 34,270 Loans charged off (12,309) (179) 0 (8,722) (30) (166) (4,388) (810) (26,604) Recoveries 1,075 3 0 2,430 223 437 231 159 4,558 Total net charge-offs (11,234) (176) 0 (6,292) 193 271 (4,157) (651) (22,046) Ending allowance for credit losses $ 33,171 $ 10,912 $ 10,957 $ 45,570 $ 21,408 $ 16,276 $ 4,507 $ 2,400 $ 145,201 Nine months ended September 30, 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 1,899 920 2,172 (14,904) 3,183 1,255 4,493 (976) (1,958) Loans charged off (5,565) (152) 0 (3,422) (145) (88) (832) (695) (10,899) Recoveries 646 49 0 2,977 159 810 97 223 4,961 Total net charge-offs (4,919) (103) 0 (445) 14 722 (735) (472) (5,938) Ending allowance for credit losses $ 41,032 $ 2,450 $ 14,046 $ 38,071 $ 9,422 $ 11,620 $ 4,855 $ 2,600 $ 124,096 |
GOODWILL (Tables)
GOODWILL (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the three and nine months ended September 30, 2023 and September 30, 2022 were as follows: Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 1,005,828 $ 999,959 $ 1,001,507 $ 1,000,749 Goodwill resulting from business combinations 40 (1,537) 4,361 (2,327) Balance at end of period $ 1,005,868 $ 998,422 $ 1,005,868 $ 998,422 |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (Dollars in thousands) September 30, 2023 December 31, 2022 Gross Accumulated Gross Accumulated Core deposit intangibles $ 41,750 $ (28,668) $ 41,750 $ (26,488) Customer list 69,563 (19,029) 69,563 (14,457) Other 10,960 (5,073) 14,079 (7,064) Mortgage servicing rights 23,067 (6,192) 21,347 (4,811) Total $ 145,340 $ (58,962) $ 146,739 $ (52,820) |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease expense were as follows: Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Operating lease cost $ 1,945 $ 1,907 $ 5,736 $ 5,709 Short-term lease cost 0 1 0 8 Variable lease cost 787 684 2,301 2,143 Total operating lease cost $ 2,732 $ 2,592 $ 8,037 $ 7,860 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future minimum commitments due under these lease agreements as of September 30, 2023 are as follows: (Dollars in thousands) Operating leases 2023 (remaining three months) $ 1,937 2024 7,968 2025 7,705 2026 7,501 2027 7,087 Thereafter 50,737 Total lease payments 82,935 Less imputed interest (17,249) Total $ 65,686 |
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: September 30, 2023 December 31, 2022 Operating leases Weighted-average remaining lease term 12.5 years 13.1 years Weighted-average discount rate 3.42 % 3.29 % |
Schedule of supplemental cash flow information related to leases [Table Text Block] | Supplemental cash information at September 30, 2023 and 2022 related to leases was as follows: Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,933 $ 1,963 $ 5,857 $ 5,865 ROU assets obtained in exchange for lease obligations Operating leases 5,868 2,698 6,160 4,808 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Operating Leases Maturity (Table Text Block) | The future lease payments receivable from operating leases as of September 30, 2023 are as follows: (Dollars in thousands) Undiscounted cash flows 2023 (remaining three months) $ 10,630 2024 38,568 2025 29,186 2026 19,451 2027 9,276 Thereafter 5,415 Total operating lease payments $ 112,526 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following is a summary of First Financial's short-term borrowings: (Dollars in thousands) September 30, 2023 December 31, 2022 FHLB short-term borrowings $ 755,000 $ 1,130,000 Other short-term borrowings 219,188 157,156 Total short-term borrowings $ 974,188 $ 1,287,156 |
Summary of Long-term Debt | The following is a summary of First Financial's long-term debt: September 30, 2023 December 31, 2022 (Dollars in thousands) Amount Average rate Amount Average rate Subordinated notes $ 314,048 5.61 % $ 313,705 5.48 % Unamortized debt issuance costs (1,709) N/A (1,998) N/A Notes issued in conjunction with acquisition of property and equipment 26,155 4.08 % 32,492 4.44 % Capital lease liability 1,633 3.83 % 1,698 3.82 % Capital loan with municipality 775 0.00 % 775 0.00 % Total long-term debt $ 340,902 5.50 % $ 346,672 5.40 % |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2023 Total other comprehensive income (loss) Total accumulated other (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ (71,051) $ (4) $ (71,047) $ 15,650 $ (55,397) $ (320,336) $ (55,397) $ (375,733) Unrealized gain (loss) on derivatives (2,014) (71) (1,943) 450 (1,493) (331) (1,493) (1,824) Retirement obligation 0 (213) 213 (49) 164 (31,776) 164 (31,612) Foreign currency translation (269) 0 (269) 0 (269) (567) (269) (836) Total $ (73,334) $ (288) $ (73,046) $ 16,051 $ (56,995) $ (353,010) $ (56,995) $ (410,005) Three months ended September 30, 2022 Total other comprehensive income (loss) Total accumulated other (Dollars in thousands) Prior to Reclass Pre-tax Tax effect Net of tax Beginning balance Net activity Ending balance Unrealized gain (loss) on debt securities $ (142,733) $ 179 $ (142,912) $ 31,479 $ (111,433) $ (222,441) $ (111,433) $ (333,874) Retirement obligation 0 (340) 340 (79) 261 (20,246) 261 (19,985) Foreign currency translation (70) 0 (70) 0 (70) (641) (70) (711) Total $ (142,803) $ (161) $ (142,642) $ 31,400 $ (111,242) $ (243,328) $ (111,242) $ (354,570) Nine months ended September 30, 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 $ (64,285) $ (407) $ (63,878) $ 14,070 $ (49,808) $ (325,925) $ (49,808) $ (375,733) Unrealized gain (loss) on derivatives (2,445) (72) (2,373) 549 (1,824) 0 (1,824) (1,824) Retirement obligation 0 (534) 534 (123) 411 (32,023) 411 (31,612) Foreign currency translation (121) 0 (121) 0 (121) (715) (121) (836) Total $ (66,851) $ (1,013) $ (65,838) $ 14,496 $ (51,342) $ (358,663) $ (51,342) $ (410,005) Nine months ended September 30, 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 $ (454,844) $ 176 $ (455,020) $ 100,108 $ (354,912) $ 21,038 $ (354,912) $ (333,874) Retirement obligation 0 (995) 995 (134) 861 (20,846) 861 (19,985) Foreign currency translation (86) 0 (86) 0 (86) (625) (86) (711) Total $ (454,930) $ (819) $ (454,111) $ 99,974 $ (354,137) $ (433) $ (354,137) $ (354,570) |
Other Accumulated Comprehensive income reclassified from AOCI | The following table presents the activity reclassified from accumulated other comprehensive income into income during the three and nine month periods ended September 30, 2023 and 2022, respectively: Amount reclassified from Three months ended Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Affected Line Item in the Consolidated Statements of Income Gains and losses on cash flow hedges Interest rate contracts $ (71) $ 0 $ (72) $ 0 Interest income - Loans and leases, including fees Realized gain (loss) on securities available-for-sale $ (4) $ 179 $ (407) $ 176 Net gain (loss) on sales of investments securities Defined benefit pension plan Amortization of prior service cost (1) (5) 76 (6) 226 Other noninterest expense Recognized net actuarial loss (1) (208) (416) (528) (1,221) Other noninterest expense Defined benefit pension plan total (213) (340) (534) (995) Total reclassifications for the period, before tax $ (288) $ (161) $ (1,013) $ (819) (1) Included in the computation of net periodic pension cost (see Note 14 - Employee Benefit Plans for additional details). |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) | The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows: Three months ended (Dollars in thousands) September 30, 2023 Derivatives in Cash Flow Hedging Relationship Location of Gain or (Loss)Reclassified from AOCI into income Gain (loss) recognized in OCI on Derivatives Gain (loss) reclassified in AOCI on Derivatives Interest rate contracts Interest income/(expense) $ (1,493) $ (71) Nine months ended (Dollars in thousands) September 30, 2023 Derivatives in Cash Flow Hedging Relationship Location of Gain or (Loss)Reclassified from AOCI into income Gain (loss) recognized in OCI on Derivatives Gain (loss) reclassified in AOCI on Derivatives Interest rate contracts Interest income/(expense) $ (1,824) $ (72) |
Summary of Derivative Financial Instruments and Balances | The following table details the classification and amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets: September 30, 2023 December 31, 2022 Estimated fair value Estimated fair value (Dollars in thousands) Notional Gain (1) Loss (2) Notional Gain (1) Loss (2) Derivatives not designated as qualifying hedging instruments Interest rate derivatives - instruments associated with loans Matched interest rate contracts with borrowers $ 2,218,153 $ 5,297 $ (168,339) $ 2,206,351 $ 5,057 $ (147,759) Matched interest rate contracts with counterparty 2,218,153 168,165 (5,297) 2,206,351 147,759 (5,057) Foreign exchange contracts Matched foreign exchange contracts with customers 7,521,938 121,048 (73,908) 7,734,395 111,078 (93,804) Match foreign exchange contracts with counterparty 7,469,467 73,908 (121,048) 7,681,006 93,804 (111,078) Total derivatives not designated as qualifying hedging instruments 19,427,711 368,418 (368,592) 19,828,103 357,698 (357,698) Derivatives designated as qualifying hedging instruments Cash flow hedges Interest rate collars and floors on loan pools 600,000 558 (1,984) 0 0 0 Total derivatives designated as qualifying hedging instruments 600,000 558 (1,984) 0 0 0 Total $ 20,027,711 $ 368,976 $ (370,576) $ 19,828,103 $ 357,698 $ (357,698) (1) Derivative assets are included in Accrued interest and other assets in the Consolidated Balance Sheets. |
Disclosure by Type of Financial Instrument | The following table discloses the gross and net amounts of interest rate derivatives, foreign exchange contracts and cash flow hedges recognized in the Consolidated Balance Sheets: September 30, 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 Interest rate contracts (1) $ 173,462 $ (432,368) $ (258,906) $ 152,816 $ (314,048) $ (161,232) Foreign exchange contracts 194,956 (76,033) 118,923 204,882 (101,945) 102,937 Cash flow hedges 2,542 (1,595) 947 0 0 0 Total $ 370,960 $ (509,996) $ (139,036) $ 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 and the average remaining maturities at September 30, 2023: (Dollars in thousands) Notional Average Fair Interest rate contracts Receive fixed, matched interest rate contracts with borrower $ 2,218,153 4.9 $ (163,042) Pay fixed, matched interest rate contracts with counterparty 2,218,153 4.9 162,868 Foreign exchange contracts Foreign exchange contracts-pay USD 7,521,938 0.6 47,140 Foreign exchange contracts-receive USD 7,469,467 0.6 (47,140) Total client derivatives 19,427,711 1.6 (174) Cash flow hedges Interest rate collars and floors on loan pools 600,000 3.8 (1,426) Total cash flow hedges 600,000 3.8 (1,426) Total $ 20,027,711 1.6 $ (1,600) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2023 December 31, 2022 (dollars in thousands) Unfunded commitment Loan balance Unfunded commitment Loan balance Commercial & industrial $ 1,945,253 $ 3,420,873 $ 1,833,977 $ 3,410,272 Lease financing 0 399,973 6,842 236,124 Construction real estate 605,920 578,824 689,015 512,050 Commercial real estate-investor 116,343 3,059,422 107,205 3,094,064 Commercial real estate-owner 28,840 933,232 48,208 958,695 Residential real estate 104,946 1,293,470 74,089 1,092,265 Home equity 954,536 743,991 903,459 733,791 Installment 25,657 160,648 16,073 209,895 Credit card 232,252 56,386 225,864 51,815 Total $ 4,013,747 $ 10,646,819 $ 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) September 30, 2023 December 31, 2022 Investment Accounting Method Investment Unfunded commitment Investment Unfunded commitment LIHTC Proportional amortization $ 135,187 $ 74,149 $ 126,537 $ 70,690 HTC Equity 19,798 14,784 17,108 11,955 NMTC Equity 2,192 0 2,944 0 Renewable energy Equity 24,085 12,982 11,851 1,689 Total $ 181,262 $ 101,915 $ 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 September 30, 2023 September 30, 2022 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 3,455 $ (3,434) $ 3,211 $ (2,757) HTC 0 (80) 0 (80) NMTC 104 (53) 104 (53) Renewable energy 0 0 17,108 (18,881) Total $ 3,559 $ (3,567) $ 20,423 $ (21,771) Nine months ended September 30, 2023 September 30, 2022 (Dollars in thousands) Amortization expense (1) Tax expense (benefit) recognized (2) Amortization expense (1) Tax expense (benefit) recognized (2) LIHTC $ 10,520 $ (10,411) $ 9,311 $ (8,551) HTC 0 (239) 0 (239) NMTC 311 (158) 311 (158) Renewable energy 0 0 17,108 (18,881) Total $ 10,831 $ (10,808) $ 26,730 $ (27,829) (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) | 9 Months Ended |
Sep. 30, 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 Nine months ended September 30, September 30, (Dollars in thousands) 2023 2022 2023 2022 Service cost $ 2,304 $ 2,153 $ 6,988 $ 6,912 Interest cost 1,066 661 3,213 1,923 Expected return on assets (2,701) (2,743) (8,101) (8,240) Amortization of prior service cost 5 (76) 6 (226) Net actuarial loss 208 416 528 1,221 Net periodic benefit cost (income) $ 882 $ 411 $ 2,634 $ 1,590 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 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 Nine months ended September 30, September 30, (Dollars in thousands, except per share data) 2023 2022 2023 2022 Numerator Net income available to common shareholders $ 63,061 $ 55,705 $ 199,131 $ 148,526 Denominator Weighted average shares outstanding for basic earnings per common share 94,030,275 93,582,250 93,896,716 93,507,831 Effect of dilutive securities Employee stock awards 1,095,994 1,211,516 1,189,155 996,622 Adjusted weighted average shares for diluted earnings per common share 95,126,269 94,793,766 95,085,871 94,504,453 Earnings per share available to common shareholders Basic $ 0.67 $ 0.60 $ 2.12 $ 1.59 Diluted $ 0.66 $ 0.59 $ 2.09 $ 1.57 |
FAIR VALUE DISCLOSURES (Tables)
FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2023 Financial assets Cash and short-term investments $ 673,202 $ 673,202 $ 673,202 $ 0 $ 0 Investment securities held-to-maturity 81,326 69,845 0 69,845 0 Other investments 133,725 133,725 992 123,413 9,320 Loans and leases 10,501,618 10,135,741 0 0 10,135,741 Accrued interest receivable 70,471 70,471 0 16,436 54,035 Financial liabilities Deposits 12,915,553 12,889,572 0 12,889,572 0 Short-term borrowings 974,188 974,188 974,188 0 0 Long-term debt 340,902 343,815 0 343,815 0 Accrued interest payable 51,013 51,013 16,613 34,400 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 September 30, 2023 Assets Investment securities available-for-sale $ 32,141 $ 2,979,075 $ 33,145 $ 3,044,361 Loans held for sale 0 12,391 0 12,391 Interest rate derivative contracts 0 173,470 0 173,470 Foreign exchange derivative contracts 0 194,956 0 194,956 Interest rate floor 0 558 0 558 Total $ 32,141 $ 3,360,450 $ 33,145 $ 3,425,736 Liabilities Interest rate derivative contracts $ 0 $ 173,652 $ 0 $ 173,652 Foreign exchange derivative contracts 0 194,956 0 194,956 Interest rate collars 0 1,984 0 1,984 Total $ 0 $ 370,592 $ 0 $ 370,592 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 and nine months ended September 30, 2023 and September 30, 2022. Three months ended Nine months ended September 30, September 30, (dollars in thousands) 2023 2022 2023 2022 Beginning balance $ 34,132 $ 36,796 $ 35,857 $ 38,181 Accretion (amortization) (30) (22) (84) (45) Increase (decrease) in fair value (162) 9 (119) 34 Settlements (795) (730) (2,509) (2,117) Ending balance $ 33,145 $ 36,053 $ 33,145 $ 36,053 |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | The following table summarizes financial assets and liabilities measured at fair value on a nonrecurring basis. Fair value measurements using (Dollars in thousands) Level 1 Level 2 Level 3 September 30, 2023 Assets Collateral dependent loans Commercial $ 0 $ 0 $ 1,511 Commercial real estate 0 0 17,926 OREO 0 0 38 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 | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Gain (Loss) on Securities [Line Items] | |||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 100 | $ 111,800 | $ 4,821 | $ 116,796 | |
Debt Securities, Available-for-sale, Realized Gain | 0 | 200 | 0 | 300 | |
Available-for-sale Securities, Gross Realized Losses | 0 | 400 | 400 | 400 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 0 | $ 0 | $ 0 | ||
NumberOfSecuritiesInSecurityPortfolio | 1,041 | 1,041 | 1,251 | ||
NumberOfSecuritiesInUnrealizedLossPosition | 919 | 919 | 891 | ||
Debt Securities, Held-to-maturity, Nonaccrual | $ 0 | $ 0 | $ 0 | ||
Net gain (loss) on sales of investment securities | $ (4) | $ (179) | $ (407) | $ (176) |
INVESTMENTS - Summary of Held-T
INVESTMENTS - Summary of Held-To-Maturity and Available-For-Sale Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment Holdings [Line Items] | ||
Total | $ 81,236 | $ 84,021 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 17 | 105 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (11,408) | (7,641) |
Held-to-Maturity Market Value | 69,845 | 76,485 |
Total | 3,526,096 | 3,827,418 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 472 | 834 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (482,207) | (418,604) |
Investment securities available-for-sale | 3,044,361 | 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 | 37,085 | 37,312 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (4,943) | (4,616) |
Investment securities available-for-sale | 32,142 | 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 | 81,434 | 80,382 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (15,309) | (13,914) |
Investment securities available-for-sale | 66,125 | 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 | 705,681 | 747,478 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 47 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (121,198) | (97,462) |
Investment securities available-for-sale | 584,483 | 650,063 |
Commercial Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 33,399 | 35,363 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (5,958) | (4,114) |
Held-to-Maturity Market Value | 27,441 | 31,249 |
Total | 599,969 | 676,934 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 2 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (50,399) | (47,374) |
Investment securities available-for-sale | 549,570 | 629,562 |
Collateralized Mortgage Backed Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 8,410 | 9,280 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (1,182) | (827) |
Held-to-Maturity Market Value | 7,228 | 8,453 |
Total | 488,590 | 538,970 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 181 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (75,659) | (61,439) |
Investment securities available-for-sale | 412,931 | 477,712 |
Obligations of state and other political subdivisions | ||
Investment Holdings [Line Items] | ||
Total | 8,177 | 8,128 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 17 | 105 |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | (530) | (201) |
Held-to-Maturity Market Value | 7,664 | 8,032 |
Total | 814,669 | 832,066 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 472 | 565 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (151,398) | (124,168) |
Investment securities available-for-sale | 663,743 | 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 | 661,779 | 772,261 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 39 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (49,679) | (60,975) |
Investment securities available-for-sale | 612,100 | 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 | (3,738) | (2,499) |
Held-to-Maturity Market Value | 27,512 | 28,751 |
Total | 136,889 | 142,015 |
Available for Sale Securities Gross Unrealized Gain Accumulated In Investments | 0 | 0 |
Available for Sale Securities Gross Unrealized Loss Accumulated In Investments | (13,622) | (8,656) |
Investment securities available-for-sale | $ 123,267 | $ 133,359 |
INVESTMENTS - Summary of Invest
INVESTMENTS - Summary of Investment Securities by Estimated Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Held-to-Maturity Amortized Cost | ||
Amortized Cost | $ 81,236 | $ 84,021 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 69,845 | 76,485 |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 3,526,096 | 3,827,418 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 3,044,361 | 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 | 9,534 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 9,435 | |
After One Year Through Five Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 4,164 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 4,064 | |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 129,631 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 117,854 | |
After Five Years Through Ten Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 33,505 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 29,652 | |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 269,634 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 228,912 | |
After Ten Years [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 1,758 | |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 1,460 | |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 661,278 | |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 529,076 | |
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 | 705,681 | 747,478 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 584,483 | 650,063 |
Commercial Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 33,399 | 35,363 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 27,441 | 31,249 |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 599,969 | 676,934 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 549,570 | 629,562 |
Collateralized Mortgage Backed Securities [Member] | ||
Held-to-Maturity Amortized Cost | ||
Amortized Cost | 8,410 | 9,280 |
Held-to-Maturity Market Value | ||
Debt Securities, Held-to-maturity, Fair Value | 7,228 | 8,453 |
Available-for-Sale Amortized Cost | ||
Debt Securities, Available-for-sale, Amortized Cost | 488,590 | 538,970 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | 412,931 | 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 | 661,779 | 772,261 |
Available-for-Sale Market Value | ||
Investment securities available-for-sale | $ 612,100 | $ 711,325 |
INVESTMENTS - Age of Gross Unre
INVESTMENTS - Age of Gross Unrealized Losses and Associated Fair Value by Investment Category (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 254,082 | $ 1,502,821 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 13,943 | 89,206 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,746,020 | 1,785,690 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 468,264 | 329,398 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 3,000,102 | 3,288,511 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (482,207) | (418,604) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 4,656 | 36,214 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (231) | (3,422) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 63,640 | 37,399 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (11,177) | (4,219) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 68,296 | 73,613 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (11,408) | (7,641) |
U.S. Treasuries | ||
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,146 | 2,383 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 40 | 46 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 29,996 | 30,313 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4,903 | 4,570 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 32,142 | 32,696 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (4,943) | (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, Less than 12 Months, Accumulated Loss | 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 |
Securities of U.S. government agencies and corporations | ||
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 0 |
Debt Securities, Available-for-Sale, 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 | 66,125 | 66,468 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 15,309 | 13,914 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 66,125 | 66,468 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (15,309) | (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, Less than 12 Months, Accumulated Loss | 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 |
Residential Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 77,097 | 195,972 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,853 | 10,413 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 507,386 | 443,415 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 116,345 | 87,049 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 584,483 | 639,387 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (121,198) | (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, Less than 12 Months, Accumulated Loss | 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 |
Commercial Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 14,712 | 440,207 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 650 | 18,823 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 533,334 | 175,530 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 49,749 | 28,551 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 548,046 | 615,737 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (50,399) | (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, Less than 12 Months, Accumulated Loss | 0 | (2,197) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 27,441 | 13,593 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (5,958) | (1,917) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 27,441 | 31,249 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (5,958) | (4,114) |
Collateralized Mortgage Backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 26,373 | 199,138 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,091 | 12,453 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 386,540 | 269,242 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 74,568 | 48,986 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 412,913 | 468,380 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (75,659) | (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, Less than 12 Months, Accumulated Loss | 0 | (606) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 7,228 | 2,136 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,182) | (221) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 7,228 | 8,453 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (1,182) | (827) |
Obligations of state and other political subdivisions | ||
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 95,647 | 295,913 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 6,574 | 31,196 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 530,379 | 368,673 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 144,824 | 92,972 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 626,026 | 664,586 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (151,398) | (124,168) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 4,656 | 5,160 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (231) | (201) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,459 | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (299) | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 6,115 | 5,160 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (530) | (201) |
Asset-backed Securities [Member] | ||
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 28,394 | 250,946 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 448 | 9,410 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 578,706 | 422,090 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 49,231 | 51,565 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 607,100 | 673,036 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (49,679) | (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, Less than 12 Months, Accumulated Loss | 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 |
Other securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months | 9,713 | 118,262 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 287 | 6,865 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 113,554 | 9,959 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 13,335 | 1,791 |
Debt Securities, Available-for-Sale, Unrealized Loss Position | 123,267 | 128,221 |
Debt Securities, Available-for-Sale, Accumulated Gross Unrealized Loss, before Tax | (13,622) | (8,656) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 0 | 7,081 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (418) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 27,512 | 21,670 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (3,738) | (2,081) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 27,512 | 28,751 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | $ (3,738) | $ (2,499) |
LOANS AND LEASES - Additional I
LOANS AND LEASES - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 USD ($) loans | Sep. 30, 2023 USD ($) loans | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 400,000 | $ 600,000 | |||||
Restructured Loans, Nonaccrual Status | $ 10,000,000 | ||||||
Real Estate Acquired Through Foreclosure | 142,000 | 142,000 | $ 281,000 | 191,000 | $ 22,000 | $ 22,000 | $ 98,000 |
Loans and Leases Receivable, Net of Deferred Income | 10,646,819,000 | 10,646,819,000 | 10,298,971,000 | ||||
Unused Commitments to Extend Credit | $ 4,013,747,000 | $ 4,013,747,000 | 3,904,732,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loans | 4 | 5 | |||||
Commercial segment | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and Leases Receivable, Net of Deferred Income | $ 17,152,000 | $ 17,152,000 | 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 | 12,328,000 | 12,328,000 | 10,691,000 | ||||
Lease financing | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Loans and Leases Receivable, Net of Deferred Income | 7,731,000 | 7,731,000 | $ 178,000 | ||||
Financial Difficulty Modification | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Unused Commitments to Extend Credit | $ 0 | $ 0 |
LOANS AND LEASES - Commercial a
LOANS AND LEASES - Commercial and Consumer Credit Exposure by Risk Attribute (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 9,009,987 | $ 8,545,307 |
Loans and Leases Receivable, Net of Deferred Income | 10,646,819 | 10,298,971 |
Gross loans and leases, excluding accrued interest | 10,646,819 | 10,298,971 |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 26,604 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 810 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 25,794 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 4,249 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 102 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 11,883 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 5,082 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 4,450 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 28 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 1,632,816 | 2,402,422 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,271,807 | 1,892,719 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 1,561,792 | 1,223,810 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,032,344 | 1,219,466 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,006,435 | 664,072 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,504,793 | 1,142,818 |
Financing Receivable, Excluding Accrued Interest, Revolving | 1,636,832 | 1,753,664 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 12,309 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 12,309 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 887 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 76 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 7,055 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 2,011 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 2,280 | |
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 | 810 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 810 | |
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 | 4,388 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 4,388 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 13 | |
Financing Receivable Allowance For Credit Losses Write Offs Four Years Before Latest Fiscal Year | 5 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 154 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 2,018 | |
Financing Receivable Allowance For Credit Losses Write Offs In Fiscal Year Before Latest Fiscal Year | 2,170 | |
Financing Receivable Allowance For Credit Losses Write Offs In Current Fiscal Year | 28 | |
Home Equity Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,937 | 3,123 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 166 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 166 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 159 | |
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 | 12,328 | 10,691 |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 30 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 30 | |
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 | 21 | |
Financing Receivable Allowance For Credit Losses Write Offs Three Years Before Latest Fiscal Year | 1 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 8 | |
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 | 2,714 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 2,714 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 71 | |
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 | 2,643 | |
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 | 27,051 | 375 |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 6,008 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 6,008 | |
Financing Receivable Allowance For Credit Losses Write Offs in Five or More Years Before Latest Fiscal Year | 3,119 | |
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 | 2,030 | |
Financing Receivable Allowance For Credit Losses Write Offs Two Years Before Latest Fiscal Year | 859 | |
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 | 7,731 | 178 |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year Including Revolving | 179 | |
Financing Receivable Allowance For Credit Losses Write Offs Revolving | 0 | |
Financing Receivable Allowance For Credit Losses Write Offs By Origination Year | 179 | |
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 | 179 | |
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 | 2,563,237 | 2,411,901 |
Loans and Leases Receivable, Net of Deferred Income | 3,420,873 | 3,410,272 |
Gross loans and leases, excluding accrued interest | 3,420,873 | 3,410,272 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 594,967 | 884,911 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 761,875 | 580,887 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 473,583 | 364,134 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 297,435 | 231,821 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 164,072 | 124,136 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 271,305 | 226,012 |
Financing Receivable, Excluding Accrued Interest, Revolving | 857,636 | 998,371 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,484,594 | 2,318,545 |
Gross loans and leases, excluding accrued interest | 3,295,864 | 3,289,625 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 591,753 | 879,836 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 745,219 | 561,890 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 454,198 | 348,123 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 294,123 | 209,758 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 140,937 | 112,282 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 258,364 | 206,656 |
Financing Receivable, Excluding Accrued Interest, Revolving | 811,270 | 971,080 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 39,328 | 48,800 |
Gross loans and leases, excluding accrued interest | 57,349 | 66,855 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 76 | 2,740 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,516 | 13,821 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 6,597 | 4,125 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 385 | 14,047 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 22,077 | 8,523 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,677 | 5,544 |
Financing Receivable, Excluding Accrued Interest, Revolving | 18,021 | 18,055 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 39,315 | 44,556 |
Gross loans and leases, excluding accrued interest | 67,660 | 53,792 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 3,138 | 2,335 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,140 | 5,176 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 12,788 | 11,886 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 2,927 | 8,016 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 1,058 | 3,331 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 11,264 | 13,812 |
Financing Receivable, Excluding Accrued Interest, Revolving | 28,345 | 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 | 399,973 | 236,124 |
Loans and Leases Receivable, Net of Deferred Income | 399,973 | 236,124 |
Gross loans and leases, excluding accrued interest | 399,973 | 236,124 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 166,995 | 171,398 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 220,270 | 25,638 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 7,236 | 13,775 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,635 | 12,961 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,790 | 9,413 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,047 | 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 | 383,935 | 231,507 |
Gross loans and leases, excluding accrued interest | 383,935 | 231,507 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 161,017 | 167,035 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 210,492 | 25,638 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 7,133 | 13,705 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,635 | 12,797 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,611 | 9,402 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 1,047 | 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 | 8,307 | 70 |
Gross loans and leases, excluding accrued interest | 8,307 | 70 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 3,344 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,963 | 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 | 7,731 | 4,547 |
Gross loans and leases, excluding accrued interest | 7,731 | 4,547 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 2,634 | 4,363 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,815 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 103 | 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 | 179 | 11 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 0 | 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 | 561,367 | 488,784 |
Loans and Leases Receivable, Net of Deferred Income | 578,824 | 512,050 |
Gross loans and leases, excluding accrued interest | 578,824 | 512,050 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 141,951 | 89,116 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 167,657 | 291,034 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 180,340 | 96,823 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 58,210 | 4,902 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 7,009 | 6,556 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,200 | 353 |
Financing Receivable, Excluding Accrued Interest, Revolving | 17,457 | 23,266 |
Construction real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 545,036 | 468,223 |
Gross loans and leases, excluding accrued interest | 562,493 | 491,489 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 141,951 | 89,116 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 167,657 | 276,639 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 180,340 | 96,823 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 41,879 | 4,902 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 7,009 | 390 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,200 | 353 |
Financing Receivable, Excluding Accrued Interest, Revolving | 17,457 | 23,266 |
Construction real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 16,331 | 20,561 |
Gross loans and leases, excluding accrued interest | 16,331 | 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 | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 16,331 | 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 | 3,024,451 | 3,067,050 |
Loans and Leases Receivable, Net of Deferred Income | 3,059,422 | 3,094,064 |
Gross loans and leases, excluding accrued interest | 3,059,422 | 3,094,064 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 347,308 | 643,174 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 637,786 | 490,125 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 439,434 | 324,627 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 292,052 | 733,021 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 615,752 | 344,029 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 692,119 | 532,074 |
Financing Receivable, Excluding Accrued Interest, Revolving | 34,971 | 27,014 |
Commercial real estate - investor | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,899,101 | 2,943,879 |
Gross loans and leases, excluding accrued interest | 2,933,675 | 2,970,032 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 347,308 | 643,174 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 628,892 | 470,085 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 414,220 | 301,510 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 277,051 | 719,699 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 578,892 | 300,772 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 652,738 | 508,639 |
Financing Receivable, Excluding Accrued Interest, Revolving | 34,574 | 26,153 |
Commercial real estate - investor | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 85,051 | 85,381 |
Gross loans and leases, excluding accrued interest | 85,448 | 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 | 8,894 | 13,090 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 25,214 | 23,111 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 8,763 | 9,297 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 32,934 | 26,079 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 9,246 | 13,804 |
Financing Receivable, Excluding Accrued Interest, Revolving | 397 | 861 |
Commercial real estate - investor | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 40,299 | 37,790 |
Gross loans and leases, excluding accrued interest | 40,299 | 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 | 6,238 | 4,025 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 3,926 | 17,178 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 30,135 | 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 | 924,081 | 947,570 |
Loans and Leases Receivable, Net of Deferred Income | 933,232 | 958,695 |
Gross loans and leases, excluding accrued interest | 933,232 | 958,695 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 87,979 | 165,411 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 168,348 | 155,566 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 141,715 | 171,431 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 150,176 | 107,730 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 98,249 | 115,564 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 277,614 | 231,868 |
Financing Receivable, Excluding Accrued Interest, Revolving | 9,151 | 11,125 |
Commercial real estate-owner | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 889,714 | 915,616 |
Gross loans and leases, excluding accrued interest | 898,215 | 926,741 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 87,573 | 165,411 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 168,301 | 155,041 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 136,547 | 170,587 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 148,233 | 101,137 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 97,777 | 112,063 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 251,283 | 211,377 |
Financing Receivable, Excluding Accrued Interest, Revolving | 8,501 | 11,125 |
Commercial real estate-owner | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 28,036 | 15,519 |
Gross loans and leases, excluding accrued interest | 28,036 | 15,519 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 406 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 47 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 4,992 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 1,106 | 1,479 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 469 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 21,016 | 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 | 6,331 | 16,435 |
Gross loans and leases, excluding accrued interest | 6,981 | 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 | 176 | 844 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 837 | 5,114 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 3 | 3,501 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 5,315 | 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 | 1,293,470 | 1,092,265 |
Loans and Leases Receivable, Net of Deferred Income | 1,293,470 | 1,092,265 |
Gross loans and leases, excluding accrued interest | 1,293,470 | 1,092,265 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 257,774 | 321,090 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 246,961 | 276,431 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 261,606 | 207,234 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 193,618 | 113,299 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 106,087 | 53,338 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 227,424 | 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 | 1,278,864 | 1,078,410 |
Gross loans and leases, excluding accrued interest | 1,278,864 | 1,078,410 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 257,700 | 320,676 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 246,156 | 274,816 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 259,529 | 205,948 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 190,804 | 110,745 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 103,692 | 51,583 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 220,983 | 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 | 14,606 | 13,855 |
Gross loans and leases, excluding accrued interest | 14,606 | 13,855 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 74 | 414 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 805 | 1,615 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 2,077 | 1,286 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 2,814 | 2,554 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,395 | 1,755 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 6,441 | 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 | 145,313 | 143,871 |
Loans and Leases Receivable, Net of Deferred Income | 743,991 | 733,791 |
Gross loans and leases, excluding accrued interest | 743,991 | 733,791 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 21,283 | 26,416 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 23,849 | 33,550 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 30,247 | 38,524 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 34,587 | 11,811 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10,357 | 8,155 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 24,990 | 25,415 |
Financing Receivable, Excluding Accrued Interest, Revolving | 598,678 | 589,920 |
Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 144,558 | 142,820 |
Gross loans and leases, excluding accrued interest | 738,596 | 728,532 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 21,254 | 26,411 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 23,808 | 33,414 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 30,022 | 38,226 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 34,512 | 11,733 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 10,357 | 8,051 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 24,605 | 24,985 |
Financing Receivable, Excluding Accrued Interest, Revolving | 594,038 | 585,712 |
Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 755 | 1,051 |
Gross loans and leases, excluding accrued interest | 5,395 | 5,259 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 29 | 5 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 41 | 136 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 225 | 298 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 75 | 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 | 385 | 430 |
Financing Receivable, Excluding Accrued Interest, Revolving | 4,640 | 4,208 |
Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 98,095 | 157,742 |
Loans and Leases Receivable, Net of Deferred Income | 160,648 | 209,895 |
Gross loans and leases, excluding accrued interest | 160,648 | 209,895 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 14,559 | 100,906 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 45,061 | 39,488 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 27,631 | 7,262 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 4,631 | 3,921 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,119 | 2,881 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 4,094 | 3,284 |
Financing Receivable, Excluding Accrued Interest, Revolving | 62,553 | 52,153 |
Installment | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 96,118 | 156,212 |
Gross loans and leases, excluding accrued interest | 158,348 | 208,066 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 14,442 | 100,256 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 44,069 | 38,694 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 26,816 | 7,244 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 4,610 | 3,915 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 2,119 | 2,861 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 4,062 | 3,242 |
Financing Receivable, Excluding Accrued Interest, Revolving | 62,230 | 51,854 |
Installment | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,977 | 1,530 |
Gross loans and leases, excluding accrued interest | 2,300 | 1,829 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year | 117 | 650 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year | 992 | 794 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year | 815 | 18 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year | 21 | 6 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 20 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year | 32 | 42 |
Financing Receivable, Excluding Accrued Interest, Revolving | 323 | 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 | 56,386 | 51,815 |
Gross loans and leases, excluding accrued interest | 56,386 | 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 | 56,386 | 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 | 55,688 | 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 | 55,688 | 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 | 698 | 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 | $ 698 | $ 528 |
LOANS AND LEASES - Loan Delinqu
LOANS AND LEASES - Loan Delinquency, including Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | $ 55,161 | $ 33,897 |
Current | 10,591,658 | 10,265,074 |
Gross loans and leases, excluding accrued interest | 10,646,819 | 10,298,971 |
> 90 days past due and still accruing | 698 | 857 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 20,188 | 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 | 6,303 | 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 | 28,670 | 6,387 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 7,453 | 5,948 |
Current | 3,413,420 | 3,404,324 |
Gross loans and leases, excluding accrued interest | 3,420,873 | 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 | 480 | 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 | 344 | 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 | 6,629 | 501 |
Lease financing | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 19,544 | 7,107 |
Current | 380,429 | 229,017 |
Gross loans and leases, excluding accrued interest | 399,973 | 236,124 |
> 90 days past due and still accruing | 503 | 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 | 12,566 | 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 | 1,671 | 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 | 5,307 | 843 |
Construction real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 0 | 0 |
Current | 578,824 | 512,050 |
Gross loans and leases, excluding accrued interest | 578,824 | 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 | 6,350 | 0 |
Current | 3,053,072 | 3,094,064 |
Gross loans and leases, excluding accrued interest | 3,059,422 | 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 | 112 | 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 | 0 | 0 |
Commercial real estate - investor | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 6,238 | 0 |
Commercial real estate-owner | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 6,373 | 5,286 |
Current | 926,859 | 953,409 |
Gross loans and leases, excluding accrued interest | 933,232 | 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 | 405 | 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 | 650 | 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 | 5,318 | 44 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 8,133 | 9,588 |
Current | 1,285,337 | 1,082,677 |
Gross loans and leases, excluding accrued interest | 1,293,470 | 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 | 4,123 | 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 | 1,776 | 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 | 2,234 | 3,260 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 4,323 | 3,663 |
Current | 739,668 | 730,128 |
Gross loans and leases, excluding accrued interest | 743,991 | 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 | 1,334 | 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 | 781 | 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 | 2,208 | 1,209 |
Installment | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 2,215 | 1,778 |
Current | 158,433 | 208,117 |
Gross loans and leases, excluding accrued interest | 160,648 | 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 | 837 | 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 | 838 | 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 | 540 | 414 |
Credit card | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Noncurrent | 770 | 527 |
Current | 55,616 | 51,288 |
Gross loans and leases, excluding accrued interest | 56,386 | 51,815 |
> 90 days past due and still accruing | 195 | 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 | 331 | 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 | 243 | 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 | $ 196 | $ 116 |
LOANS AND LEASES - Financial Di
LOANS AND LEASES - Financial Difficulty Modifications (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3,590 | $ 8,506 | |
Finance Receivable Percentage Of Class Of Loans And Leases | 0.0003 | 0.0008 | |
Derivative liabilities | $ 370,576 | $ 370,576 | $ 357,698 |
Foreign Exchange | Fair Value, Measurements, Recurring | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Derivative liabilities | 194,956 | 194,956 | 204,882 |
Foreign Exchange | Fair Value Measurements Using Level 1 | Fair Value, Measurements, Recurring | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Derivative liabilities | 0 | 0 | 0 |
Foreign Exchange | Fair Value Measurements Using Level 2 | Fair Value, Measurements, Recurring | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Derivative liabilities | 194,956 | 194,956 | 204,882 |
Foreign Exchange | Fair Value Measurements Using Level 3 | Fair Value, Measurements, Recurring | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Derivative liabilities | 0 | 0 | $ 0 |
Principal Forgiveness | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification | 0 | 0 | |
Payment Delay | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 3,590 | 4,774 | |
Extended Maturity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 3,660 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Term Extension | N/A | 0.8 years | |
Contractual Interest Rate Reduction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Interest Rate Reduction | 0% | 1.65% | |
Term Extension and Interest Rate Reduction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 72 | |
Residential Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 756 | $ 1,928 | |
Finance Receivable Percentage Of Class Of Loans And Leases | 0.0006 | 0.0015 | |
Residential Portfolio Segment [Member] | Principal Forgiveness | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification | 0 | 0 | |
Residential Portfolio Segment [Member] | Payment Delay | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 756 | 1,772 | |
Residential Portfolio Segment [Member] | Extended Maturity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 99 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Term Extension | N/A | 11.4 years | |
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Interest Rate Reduction | 0% | 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 | $ 0 | $ 57 | |
Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 183 | |
Finance Receivable Percentage Of Class Of Loans And Leases | 0 | 0.0002 | |
Home equity | Principal Forgiveness | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification | 0 | 0 | |
Home equity | Payment Delay | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 0 | 168 | |
Home equity | Extended Maturity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Term Extension | N/A | 22.6 years | |
Home equity | Contractual Interest Rate Reduction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Interest Rate Reduction | 0% | 0.31% | |
Home equity | Term Extension and Interest Rate Reduction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 15 | |
Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 2,834 | $ 6,395 | |
Finance Receivable Percentage Of Class Of Loans And Leases | 0.0008 | 0.0019 | |
Commercial | Principal Forgiveness | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Increase (Decrease) from Modification | 0 | 0 | |
Commercial | Payment Delay | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | 2,834 | 2,834 | |
Commercial | Extended Maturity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 3,561 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Term Extension | N/A | 0.2 years | |
Commercial | Contractual Interest Rate Reduction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | |
Financing Receivable Restructured Loans Not Considered TDRs Weighted Average Interest Rate Reduction | 0% | 0% | |
Commercial | Term Extension and Interest Rate Reduction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 |
LOANS AND LEASES - Financial _2
LOANS AND LEASES - Financial Difficulty Modifications, Payment Status (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 400 | $ 600 |
Financial Receivables, Financial Difficulty Modifications | 8,506 | 8,506 |
Financial Receivables, Financial Difficulty Modifications | 8,506 | 8,506 |
Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 7,911 | 7,911 |
Financial Receivables, Financial Difficulty Modifications | 7,911 | 7,911 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 538 | 538 |
Financial Receivables, Financial Difficulty Modifications | 538 | 538 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 57 | 57 |
Financial Receivables, Financial Difficulty Modifications | 57 | 57 |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 1,929 | 1,929 |
Financial Receivables, Financial Difficulty Modifications | 1,929 | 1,929 |
Residential Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 1,334 | 1,334 |
Financial Receivables, Financial Difficulty Modifications | 1,334 | 1,334 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 538 | 538 |
Financial Receivables, Financial Difficulty Modifications | 538 | 538 |
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 | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 | 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 | 57 | 57 |
Financial Receivables, Financial Difficulty Modifications | 57 | 57 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 182 | 182 |
Financial Receivables, Financial Difficulty Modifications | 182 | 182 |
Home equity | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 182 | 182 |
Financial Receivables, Financial Difficulty Modifications | 182 | 182 |
Home equity | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Home equity | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 | 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 | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 6,395 | 6,395 |
Financial Receivables, Financial Difficulty Modifications | 6,395 | 6,395 |
Commercial | Financial Asset, 1 to 29 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 6,395 | 6,395 |
Financial Receivables, Financial Difficulty Modifications | 6,395 | 6,395 |
Commercial | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Commercial | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Commercial | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financial Receivables, Financial Difficulty Modifications | 0 | 0 |
Financial Receivables, Financial Difficulty Modifications | $ 0 | $ 0 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | $ 32,133 | $ 32,133 | $ 11,908 | ||
Financing Receivable, Nonaccrual, No Allowance | 42,808 | 42,808 | 16,715 | ||
Nonaccrual loans | 74,941 | 74,941 | 28,623 | ||
Interest income effect | |||||
Gross amount of interest that would have been recorded under original terms | 1,905 | $ 855 | 3,906 | $ 2,443 | |
Interest included in income | |||||
Nonaccrual loans | 683 | 343 | 1,275 | 901 | |
Troubled debt restructurings | 0 | 126 | 0 | 288 | |
Total interest included in income | 683 | 469 | 1,275 | 1,189 | |
Net impact on interest income | 1,222 | $ 386 | 2,631 | $ 1,254 | |
Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 6,112 | 6,112 | 6,692 | ||
Financing Receivable, Nonaccrual, No Allowance | 11,040 | 11,040 | 1,550 | ||
Nonaccrual loans | 17,152 | 17,152 | 8,242 | ||
Lease financing | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 4,860 | 4,860 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 2,871 | 2,871 | 178 | ||
Nonaccrual loans | 7,731 | 7,731 | 178 | ||
Construction real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 0 | 0 | 0 | ||
Nonaccrual loans | 0 | 0 | 0 | ||
Commercial real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 20,813 | 20,813 | 5,216 | ||
Financing Receivable, Nonaccrual, No Allowance | 12,206 | 12,206 | 570 | ||
Nonaccrual loans | 33,019 | 33,019 | 5,786 | ||
Residential real estate | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 12,328 | 12,328 | 10,691 | ||
Nonaccrual loans | 12,328 | 12,328 | 10,691 | ||
Home equity | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 348 | 348 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 3,589 | 3,589 | 3,123 | ||
Nonaccrual loans | 3,937 | 3,937 | 3,123 | ||
Installment | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Nonaccrual, With Allowance | 0 | 0 | 0 | ||
Financing Receivable, Nonaccrual, No Allowance | 774 | 774 | 603 | ||
Nonaccrual loans | $ 774 | $ 774 | $ 603 |
LOANS AND LEASES - Collateral (
LOANS AND LEASES - Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | $ 10,646,819 | $ 10,298,971 |
Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 9,027 | 8,205 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 31,126 | 3,752 |
Equipment | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 15,247 | 2,071 |
Land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 0 | 119 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 16,265 | 13,836 |
Other | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 3,276 | 640 |
Total Collateral | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 74,941 | 28,623 |
Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 17,152 | 8,242 |
Commercial | Business Assets | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 9,027 | 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 | 5,623 | 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 | 2,502 | 37 |
Commercial real estate - investor | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 27,051 | 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 | 27,051 | 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 | 0 | 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 | 5,968 | 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 | 4,075 | 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 | 0 | 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 | 12,328 | 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 | 12,328 | 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 | 3,937 | 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 | 3,937 | 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 | 774 | 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 | 774 | 603 |
Lease financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income | 7,731 | 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 | 7,731 | 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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Receivables [Abstract] | |||||
Direct Financing Lease, Lease Receivable | $ 18,286 | $ 18,286 | $ 35,081 | ||
Direct Financing Lease, Unguaranteed Residual Asset | 11,877 | 11,877 | 16,058 | ||
Sales-type Lease, Lease Receivable | 366,198 | 366,198 | 184,985 | ||
Sales-type Lease, Unguaranteed Residual Asset | 3,612 | 3,612 | 0 | ||
Net Investment in Lease, before Allowance for Credit Loss, Total | 399,973 | 399,973 | $ 236,124 | ||
Sales-type and Direct Financing Leases, Interest Income | $ 6,800 | $ 3,000 | $ 17,900 | $ 7,900 |
LOANS AND LEASES - Leasing Matu
LOANS AND LEASES - Leasing Maturity (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Sales-Type and Direct Financing Leases, Payment to be Received, Fiscal Year Maturity [Abstract] | |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Remainder of Fiscal Year | $ 26,182 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two | 90,986 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three | 81,807 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four | 72,374 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five | 76,416 |
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five | 93,287 |
Sales-type and Direct Financing Leases, Lease Receivable | 441,052 |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (56,568) |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 384,484 |
LOANS AND LEASES - Changes in O
LOANS AND LEASES - Changes in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Balance at beginning of period | $ 281 | $ 22 | $ 191 | $ 98 |
Additions | 68 | 0 | 387 | 136 |
Disposals | (167) | 0 | (252) | (170) |
Other Real Estate, Period Increase (Decrease) | 40 | 0 | 184 | 42 |
Balance at end of period | 142 | 22 | 142 | 22 |
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Additions | 0 | 0 | 0 | 0 |
Disposals | 0 | 0 | 0 | (98) |
Other Real Estate, Period Increase (Decrease) | 0 | 0 | 0 | 0 |
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Additions | 68 | 0 | 387 | 136 |
Disposals | (167) | 0 | (252) | (72) |
Other Real Estate, Period Increase (Decrease) | $ 40 | $ 0 | $ 184 | $ 42 |
ALLOWANCE FOR CREDIT LOSSES - C
ALLOWANCE FOR CREDIT LOSSES - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | $ 148,646 | $ 117,885 | $ 132,977 | $ 131,992 |
Provision for Credit Losses-loans and leases | 12,907 | 7,898 | 34,270 | (1,958) |
Loans charged off | (17,023) | (2,658) | (26,604) | (10,899) |
Recoveries | 671 | 971 | 4,558 | 4,961 |
Total net charge-offs | (16,352) | (1,687) | (22,046) | (5,938) |
Balance at end of year | 145,201 | 124,096 | 145,201 | 124,096 |
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 42,627 | 39,179 | 42,313 | 44,052 |
Provision for Credit Losses-loans and leases | (584) | 3,710 | 2,092 | 1,899 |
Loans charged off | (9,207) | (1,947) | (12,309) | (5,565) |
Recoveries | 335 | 90 | 1,075 | 646 |
Total net charge-offs | (8,872) | (1,857) | (11,234) | (4,919) |
Balance at end of year | 33,171 | 41,032 | 33,171 | 41,032 |
Lease financing | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 8,069 | 2,212 | 3,571 | 1,633 |
Provision for Credit Losses-loans and leases | 2,918 | 238 | 7,517 | 920 |
Loans charged off | (76) | (13) | (179) | (152) |
Recoveries | 1 | 13 | 3 | 49 |
Total net charge-offs | (75) | 0 | (176) | (103) |
Balance at end of year | 10,912 | 2,450 | 10,912 | 2,450 |
Construction real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 11,778 | 11,965 | 13,527 | 11,874 |
Provision for Credit Losses-loans and leases | (821) | 2,081 | (2,570) | 2,172 |
Loans charged off | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Total net charge-offs | 0 | 0 | 0 | 0 |
Balance at end of year | 10,957 | 14,046 | 10,957 | 14,046 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 44,451 | 39,856 | 41,106 | 53,420 |
Provision for Credit Losses-loans and leases | 7,088 | (2,343) | 10,756 | (14,904) |
Loans charged off | (6,008) | (3) | (8,722) | (3,422) |
Recoveries | 39 | 561 | 2,430 | 2,977 |
Total net charge-offs | (5,969) | 558 | (6,292) | (445) |
Balance at end of year | 45,570 | 38,071 | 45,570 | 38,071 |
Residential Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 19,405 | 7,383 | 12,684 | 6,225 |
Provision for Credit Losses-loans and leases | 1,969 | 2,123 | 8,531 | 3,183 |
Loans charged off | (10) | (119) | (30) | (145) |
Recoveries | 44 | 35 | 223 | 159 |
Total net charge-offs | 34 | (84) | 193 | 14 |
Balance at end of year | 21,408 | 9,422 | 21,408 | 9,422 |
Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 15,067 | 10,980 | 12,447 | 9,643 |
Provision for Credit Losses-loans and leases | 1,138 | 500 | 3,558 | 1,255 |
Loans charged off | (54) | (45) | (166) | (88) |
Recoveries | 125 | 185 | 437 | 810 |
Total net charge-offs | 71 | 140 | 271 | 722 |
Balance at end of year | 16,276 | 11,620 | 16,276 | 11,620 |
Installment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 4,466 | 1,189 | 4,945 | 1,097 |
Provision for Credit Losses-loans and leases | 1,303 | 3,931 | 3,719 | 4,493 |
Loans charged off | (1,349) | (294) | (4,388) | (832) |
Recoveries | 87 | 29 | 231 | 97 |
Total net charge-offs | (1,262) | (265) | (4,157) | (735) |
Balance at end of year | 4,507 | 4,855 | 4,507 | 4,855 |
Credit card | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance at beginning of year | 2,783 | 5,121 | 2,384 | 4,048 |
Provision for Credit Losses-loans and leases | (104) | (2,342) | 667 | (976) |
Loans charged off | (319) | (237) | (810) | (695) |
Recoveries | 40 | 58 | 159 | 223 |
Total net charge-offs | 279 | 179 | 651 | 472 |
Balance at end of year | $ 2,400 | $ 2,600 | $ 2,400 | $ 2,600 |
ALLOWANCE FOR CREDIT LOSSES- Ad
ALLOWANCE FOR CREDIT LOSSES- Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Receivables [Abstract] | |||||
Interest Receivable | $ 54,035 | $ 54,035 | $ 47,500 | ||
Reserves for unfunded commitments | 17,000 | 17,000 | $ 18,400 | ||
Provision for credit losses-unfunded commitments | $ (1,234) | $ 386 | $ (1,393) | $ 3,641 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill [Roll Forward] | |||||
Balance at beginning of period | $ 1,005,828 | $ 1,001,507 | $ 999,959 | $ 1,001,507 | $ 1,000,749 |
Goodwill | 40 | $ 4,200 | (1,537) | 4,361 | (2,327) |
Balance at end of period | $ 1,005,868 | $ 998,422 | $ 1,005,868 | $ 998,422 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS--Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill | $ 40 | $ 4,200 | $ (1,537) | $ 4,361 | $ (2,327) | |||
Other Depreciation and Amortization | 3,400 | 3,500 | 10,100 | 11,000 | ||||
Amortization of Mortgage Servicing Rights (MSRs) | $ 800 | $ 700 | 2,300 | $ 2,400 | ||||
Brady Ware Corporate Finance | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Goodwill | $ 100 | |||||||
Core deposits | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible assets amortization method | accelerated basis | |||||||
Estimated weighted average life (in years) | 4 years 6 months | 4 years 6 months | ||||||
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 | $ 25,700 | $ 25,700 | $ 27,600 | |||||
Customer lists | Bannockburn [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Finite-Lived Intangible Assets, Net | $ 24,800 | $ 24,800 | $ 27,500 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS--Schedule of Other Intangibles (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 145,340 | $ 146,739 |
Finite-Lived Intangible Assets, Accumulated Amortization | (58,962) | (52,820) |
Servicing Asset | 23,067 | 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 | (28,668) | (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 | (19,029) | (14,457) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 10,960 | 14,079 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,073) | (7,064) |
Servicing Contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (6,192) | $ (4,811) |
LEASES - Additional Information
LEASES - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 55,500 | $ 54,300 |
Operating Lease, Liability | $ 65,686 | $ 64,500 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Lease, Cost [Abstract] | ||||
Operating Lease, Cost | $ 1,945 | $ 1,907 | $ 5,736 | $ 5,709 |
Short-term Lease, Cost | 0 | 1 | 0 | 8 |
Variable Lease, Cost | 787 | 684 | 2,301 | 2,143 |
Lease, Cost | $ 2,732 | $ 2,592 | $ 8,037 | $ 7,860 |
LEASES - Lease Maturity (Detail
LEASES - Lease Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 1,937 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 7,968 | |
Lessee, Operating Lease, Liability, to be Paid, Year Two | 7,705 | |
Lessee, Operating Lease, Liability, to be Paid, Year Three | 7,501 | |
Lessee, Operating Lease, Liability, to be Paid, Year Four | 7,087 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 50,737 | |
Lessee, Operating Lease, Liability, to be Paid | 82,935 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (17,249) | |
Operating Lease, Liability | $ 65,686 | $ 64,500 |
LEASES - Schedule of supplement
LEASES - Schedule of supplemental balance sheet information related to assets (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 12 years 6 months | 13 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.42% | 3.29% |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information related to leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 1,933 | $ 1,963 | $ 5,857 | $ 5,865 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5,868 | $ 2,698 | $ 6,160 | $ 4,808 |
OPERATING LEASES - Additional i
OPERATING LEASES - Additional information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Leases [Abstract] | |||||
Operating leases | $ 136,883 | $ 136,883 | $ 91,738 | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation | 54,500 | 54,500 | $ 35,000 | ||
Operating Lease, Lease Income, Lease Payments | 10,900 | $ 7,000 | 28,900 | $ 17,300 | |
Depreciation, Lessor Asset under Operating Lease | $ 8,900 | $ 5,700 | 23,500 | $ 14,300 | |
Impairment, Lessor Asset under Operating Lease | $ 0 |
OPERATING LEASES - Maturity Tab
OPERATING LEASES - Maturity Table (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
Lessor, Operating Lease, Payment to be Received, Remainder of Fiscal Year | $ 10,630 |
Lessor, Operating Lease, Payment to be Received, Year Two | 38,568 |
Lessor, Operating Lease, Payment to be Received, Year Three | 29,186 |
Lessor, Operating Lease, Payment to be Received, Year Four | 19,451 |
Lessor, Operating Lease, Payment to be Received, Year Five | 9,276 |
Lessor, Operating Lease, Payment to be Received, after Year Five | 5,415 |
Lessor, Operating Lease, Payments to be Received | $ 112,526 |
BORROWINGS - Schedule of Short-
BORROWINGS - Schedule of Short-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 974,188 | $ 1,287,156 |
Other Short-term Borrowings | 219,188 | 157,156 |
Federal Home Loan Bank Borrowings | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 755,000 | 1,130,000 |
Short-term Debt | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 219,188 | 157,156 |
Other Short-term Borrowings | $ 0 | $ 0 |
BORROWINGS - Schedule of Long-t
BORROWINGS - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Amount | ||
Subordinated debt | $ 314,048 | $ 313,705 |
Unamortized debt issuance costs | (1,709) | (1,998) |
Other Notes Payable, Noncurrent | 26,155 | 32,492 |
Finance Lease, Liability | 1,633 | 1,698 |
Capital loan with municipality | 775 | 775 |
Total long-term debt | $ 340,902 | $ 346,672 |
Average Rate | ||
Debt, Weighted Average Interest Rate | 5.61% | 5.48% |
Other Notes payable interest rate | 4.08% | 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 | 5.50% | 5.40% |
BORROWINGS Borrowings - - Addit
BORROWINGS Borrowings - - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 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 | 755,000 | 1,130,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | 40,000 | ||
Short-term Debt | 974,188 | 1,287,156 | |
Long-term Debt | 340,902 | 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 | $ 314,048 | $ 313,705 | |
Debt, Weighted Average Interest Rate | 5.61% | 5.48% | |
Weighted average rate on other long-term debt | 0% | 0% | |
Short-term Debt | |||
Short-term Debt | $ 219,188 | $ 157,156 | |
Long-term Debt [Member] | |||
Subordinated Borrowing, Interest Rate | 5.25% | ||
Subordinated Debt [Member] | |||
Subordinated debt | $ 44,000 | $ 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 | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), before Reclassification Adjustments and Tax [Abstract] | ||||||||
Unrealized gain (loss) on investment securities | $ (71,051) | $ (142,733) | $ (64,285) | $ (454,844) | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (2,014) | (2,445) | ||||||
Retirement obligation | 0 | 0 | 0 | 0 | ||||
Foreign currency translation | (269) | (70) | (121) | (86) | ||||
Total | (73,334) | (142,803) | (66,851) | (454,930) | ||||
Other Comprehensive Income (Loss) Reclassifications before Tax [Abstract] | ||||||||
Realized gain (loss) on securities available-for-sale | (4) | 179 | (407) | 176 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (71) | 0 | (72) | 0 | ||||
Retirement obligation | (213) | (340) | (534) | (995) | ||||
Foreign currency translation | 0 | 0 | 0 | 0 | ||||
Total | (288) | (161) | (1,013) | (819) | ||||
Transactions Pre-tax | ||||||||
Unrealized gain (loss) on investment securities | (71,047) | (142,912) | (63,878) | (455,020) | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | (1,943) | (2,373) | ||||||
Unfunded pension obligation | 213 | 340 | 534 | 995 | ||||
Foreign currency translation | (269) | (70) | (121) | (86) | ||||
Total | (73,046) | (142,642) | (65,838) | (454,111) | ||||
Transactions Tax-effect | ||||||||
Unrealized gain (loss) on investment securities | 15,650 | 31,479 | 14,070 | 100,108 | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (450) | (549) | ||||||
Retirement obligation | (49) | (79) | (123) | (134) | ||||
Foreign currency translation | 0 | 0 | 0 | 0 | ||||
Total | 16,051 | 31,400 | 14,496 | 99,974 | ||||
Transactions Net of tax | ||||||||
Unrealized gain (loss) on investment securities | (55,397) | (111,433) | (49,808) | (354,912) | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (1,493) | 0 | (1,824) | 0 | ||||
Retirement obligation | 164 | 261 | 411 | 861 | ||||
Foreign currency translation | (269) | (70) | (121) | (86) | ||||
Total | (56,995) | (111,242) | (51,342) | (354,137) | ||||
Balances Net of tax | ||||||||
Unrealized gain (loss) on investment securities | (375,733) | (333,874) | (375,733) | (333,874) | $ (320,336) | $ (325,925) | $ (222,441) | $ 21,038 |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | (1,824) | (1,824) | (331) | 0 | ||||
Retirement obligation | (31,612) | (19,985) | (31,612) | (19,985) | (31,776) | (32,023) | (20,246) | (20,846) |
Foreign currency translation | (836) | (711) | (836) | (711) | (567) | (715) | (641) | (625) |
Accumulated other comprehensive loss | (410,005) | (354,570) | (410,005) | (354,570) | $ (353,010) | $ (358,663) | $ (243,328) | $ (433) |
Accumulated other comprehensive income (loss) | ||||||||
Transactions Net of tax | ||||||||
Total | $ (56,995) | $ (111,242) | $ (51,342) | $ (354,137) |
AMOUNT RECLASSIFIED FROM ACCUMU
AMOUNT RECLASSIFIED FROM ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Accumulated Comprehensive income reclassified from AOCI [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (71) | $ 0 | $ (72) | $ 0 |
Realized gain (loss) on securities available-for-sale | (4) | 179 | (407) | 176 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (5) | 76 | (6) | 226 |
Defined Benefit Plan, Amortization of Gain (Loss) | (208) | (416) | (528) | (1,221) |
Other Comprehensive Income, Reclassification, Amortization of Defined Benefit Plans items, Pre-tax | (213) | (340) | (534) | (995) |
Total | $ (288) | $ (161) | $ (1,013) | $ (819) |
DERIVATIVES - Additional Inform
DERIVATIVES - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) entity | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) entity | Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) entity | |
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 20,027,711 | $ 20,027,711 | $ 19,828,103 | |||
Number of counterparties | entity | 6 | 6 | 6 | |||
Derivative liabilities | $ 370,576 | $ 370,576 | $ 357,698 | |||
Derivative Liability, Fair Value of Collateral, net of restricted cash | 195,100 | 195,100 | 132,200 | |||
Derivative Liability, Fair Value of Collateral | 219,200 | 219,200 | 157,200 | |||
Restricted Cash | 24,100 | 24,100 | 25,000 | |||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | (1,824) | (1,824) | $ (331) | $ 0 | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 300 | 300 | ||||
Client derivative fees | $ 1,612 | $ 1,447 | $ 4,444 | $ 3,619 | ||
Foreign Exchange | ||||||
Derivative [Line Items] | ||||||
Number of counterparties | entity | 5 | 5 | 5 | |||
Credit Risk Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 200,700 | $ 200,700 | $ 246,800 | |||
Interest Rate Lock Commitments [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 32,300 | 32,300 | 12,000 | |||
Other Credit Derivatives [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 31,300 | 31,300 | 15,300 | |||
Credit Risk Derivative Liabilities, at Fair Value | 1,200 | 1,200 | ||||
Credit Risk Derivative Assets, at Fair Value | (4,300) | |||||
Mortgage Banking | ||||||
Derivative [Line Items] | ||||||
Client derivative fees | 400 | $ 300 | 1,200 | $ 4,000 | ||
Other Contract-Mortgage | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 117,400 | 117,400 | 132,500 | |||
Derivative | ||||||
Derivative [Line Items] | ||||||
Derivative liabilities | 167,700 | 167,700 | 145,800 | |||
Derivative | Foreign Exchange | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 7,700,000 | |||||
Derivative liabilities | 47,100 | 47,100 | 17,300 | |||
Accrued interest and other liabilities | Derivative | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 2,200,000 | 2,200,000 | $ 2,200,000 | |||
Accrued interest and other liabilities | Derivative | Foreign Exchange | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 7,500,000 | $ 7,500,000 |
DERIVATIVES Cash Flow Hedging R
DERIVATIVES Cash Flow Hedging Relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ (1,493) | $ 0 | $ (1,824) | $ 0 |
Maximum Length of Time Hedged in Cash Flow Hedge | 60 months | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (71) | $ 0 | $ (72) | $ 0 |
Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (1,493) | (1,824) | ||
Interest Income | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (71) | $ (72) |
DERIVATIVES - Summary of Deriva
DERIVATIVES - Summary of Derivative Financial Instruments and Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 20,027,711 | $ 19,828,103 |
Derivative Asset | 368,976 | 357,698 |
Derivative liabilities | (370,576) | (357,698) |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 19,427,711 | 19,828,103 |
Derivative Asset | 368,418 | 357,698 |
Derivative liabilities | (368,592) | (357,698) |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 600,000 | 0 |
Derivative Asset | 558 | 0 |
Derivative liabilities | (1,984) | 0 |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other assets | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,218,153 | 2,206,351 |
Derivative Asset | 5,297 | 5,057 |
Derivative liabilities | (168,339) | (147,759) |
Fair Value Hedges | Matched interest rate swaps | Accrued interest and other liabilities | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 2,218,153 | 2,206,351 |
Derivative Asset | 168,165 | 147,759 |
Derivative liabilities | (5,297) | (5,057) |
Foreign Exchange | Matched interest rate swaps | Accrued interest and other assets | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 7,521,938 | 7,734,395 |
Derivative Asset | 121,048 | 111,078 |
Derivative liabilities | (73,908) | (93,804) |
Foreign Exchange | Matched interest rate swaps | Accrued interest and other liabilities | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | 7,469,467 | 7,681,006 |
Derivative Asset | 73,908 | 93,804 |
Derivative liabilities | $ (121,048) | $ (111,078) |
Cash Flow Hedging | Interest Rate Floor | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Cash Flow Hedging | Interest Rate Floor | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 600,000 | |
Cash Flow Hedging | Interest Rate Floor | Accrued interest and other liabilities | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Notional Amount | $ 600,000 | $ 0 |
DERIVATIVES - Disclosure by Typ
DERIVATIVES - Disclosure by Type of Financial Instrument (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | $ 370,960 | $ 357,698 |
Derivative Liability, Fair Value, Gross Asset | (509,996) | (415,993) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (139,036) | (58,295) |
Fair Value Hedges | Foreign Exchange | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 194,956 | 204,882 |
Derivative Liability, Fair Value, Gross Asset | (76,033) | (101,945) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 118,923 | 102,937 |
Fair Value Hedges | Interest Rate Swap | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 173,462 | 152,816 |
Derivative Liability, Fair Value, Gross Asset | (432,368) | (314,048) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | (258,906) | (161,232) |
Fair Value Hedges | Cash Flow Hedging | Accrued interest and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross amounts of recognized liabilities | 2,542 | 0 |
Derivative Liability, Fair Value, Gross Asset | (1,595) | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 947 | $ 0 |
DERIVATIVES - Derivative Financ
DERIVATIVES - Derivative Financial Instruments, Average Remaining Maturity and the Weighted-Average Interest Rates being Paid and Received (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 20,027,711 | $ 19,828,103 |
Average Maturity (years) | 1 year 7 months 6 days | |
Fair Value | $ (1,600) | |
Interest Rate Swap | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,218,153 | |
Average Maturity (years) | 4 years 10 months 24 days | |
Fair Value | $ (163,042) | |
Interest Rate Swap | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 2,218,153 | |
Average Maturity (years) | 4 years 10 months 24 days | |
Fair Value | $ 162,868 | |
Foreign Exchange | Derivative Financial Instruments Receive Fixed Pay Variable | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 7,521,938 | |
Average Maturity (years) | 7 months 6 days | |
Fair Value | $ 47,140 | |
Foreign Exchange | Derivative Financial Instruments Receive Variable Pay Fixed | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 7,469,467 | |
Average Maturity (years) | 7 months 6 days | |
Fair Value | $ (47,140) | |
Interest Rate Floor | Fixed Income Interest Rate | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 600,000 | |
Average Maturity (years) | 3 years 9 months 18 days | |
Fair Value | $ (1,426) | |
Derivative | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 19,427,711 | |
Average Maturity (years) | 1 year 7 months 6 days | |
Fair Value | $ (174) |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Loan and Unfunded Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | $ 4,013,747 | $ 3,904,732 |
Loans and Leases Receivable, Net of Deferred Income | 10,646,819 | 10,298,971 |
Commercial | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 1,945,253 | 1,833,977 |
Loans and Leases Receivable, Net of Deferred Income | 3,420,873 | 3,410,272 |
Lease financing | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 0 | 6,842 |
Loans and Leases Receivable, Net of Deferred Income | 399,973 | 236,124 |
Construction real estate | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 605,920 | 689,015 |
Loans and Leases Receivable, Net of Deferred Income | 578,824 | 512,050 |
Commercial real estate - investor | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 116,343 | 107,205 |
Loans and Leases Receivable, Net of Deferred Income | 3,059,422 | 3,094,064 |
Commercial real estate-owner | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 28,840 | 48,208 |
Loans and Leases Receivable, Net of Deferred Income | 933,232 | 958,695 |
Residential real estate | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 104,946 | 74,089 |
Loans and Leases Receivable, Net of Deferred Income | 1,293,470 | 1,092,265 |
Home equity | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 954,536 | 903,459 |
Loans and Leases Receivable, Net of Deferred Income | 743,991 | 733,791 |
Installment | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 25,657 | 16,073 |
Loans and Leases Receivable, Net of Deferred Income | 160,648 | 209,895 |
Credit card | ||
Other Commitments [Line Items] | ||
Unused Commitments to Extend Credit | 232,252 | 225,864 |
Loans and Leases Receivable, Net of Deferred Income | $ 56,386 | $ 51,815 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Investment holdings schedule (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Summary of Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | $ 181,262 | $ 181,262 | $ 158,440 | ||
Qualified Affordable Housing Project Investments, Commitment | 101,915 | 101,915 | 84,334 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 3,559 | $ 20,423 | 10,831 | $ 26,730 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (3,567) | (21,771) | (10,808) | (27,829) | |
Low Income Housing Tax Credits | |||||
Summary of Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 135,187 | 135,187 | 126,537 | ||
Qualified Affordable Housing Project Investments, Commitment | 74,149 | 74,149 | 70,690 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 3,455 | 3,211 | 10,520 | 9,311 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (3,434) | (2,757) | (10,411) | (8,551) | |
Historic tax credit [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 19,798 | 19,798 | 17,108 | ||
Qualified Affordable Housing Project Investments, Commitment | 14,784 | 14,784 | 11,955 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 0 | 0 | 0 | 0 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (80) | (80) | (239) | (239) | |
New Markets Tax Credit | |||||
Summary of Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 2,192 | 2,192 | 2,944 | ||
Qualified Affordable Housing Project Investments, Commitment | 0 | 0 | 0 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 104 | 104 | 311 | 311 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | (53) | (53) | (158) | (158) | |
Renewable Energy Program | |||||
Summary of Investment Holdings [Line Items] | |||||
Amortization Method Qualified Affordable Housing Project Investments | 24,085 | 24,085 | 11,851 | ||
Qualified Affordable Housing Project Investments, Commitment | 12,982 | 12,982 | $ 1,689 | ||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | 0 | 17,108 | 0 | 17,108 | |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | $ 0 | $ (18,881) | $ 0 | $ (18,881) |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Line Items] | |||||
Reserves for unfunded commitments | $ 17,000 | $ 17,000 | $ 18,400 | ||
Loans and Leases Receivable, Commitments, Fixed Rates | 111,500 | 126,300 | |||
Loans and Leases Receivable, Commitments, Variable Rates | $ 4,400,000 | $ 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 1 month 6 days | 31 years 7 months 6 days | |||
Letters of credit issued to guarantee performance of a client to a third party | 32,400 | $ 32,400 | $ 31,500 | ||
Derivative, Notional Amount | 20,027,711 | 20,027,711 | 19,828,103 | ||
Litigation Settlement, Expense | 0 | $ 0 | 0 | $ 3,300 | |
Estimated Litigation Liability | 0 | 0 | 0 | ||
Credit Default Swap | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Derivative, Notional Amount | 318,100 | 318,100 | 379,300 | ||
Commitments to Extend Credit | |||||
Commitments and Contingencies Disclosure [Line Items] | |||||
Commitments outstanding to extend credit | $ 4,500,000 | $ 4,500,000 | $ 4,400,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense (benefit) | $ 15,305 | $ (8,631) | $ 48,074 | $ 13,737 | ||
Effective tax rate | 19.50% | (18.30%) | 19.40% | 8.50% | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 0 | $ 0 | $ 1,900 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS - Additi
EMPLOYEE BENEFIT PLANS - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 2,304 | $ 2,153 | $ 6,988 | $ 6,912 |
Interest cost | 1,066 | 661 | 3,213 | 1,923 |
Expected return on plan assets | (2,701) | (2,743) | (8,101) | (8,240) |
Amortization of prior service cost | 5 | (76) | 6 | (226) |
Defined Benefit Plan, Amortization of Gain (Loss) | 208 | 416 | 528 | 1,221 |
Net periodic benefit cost (income) | $ 882 | $ 411 | $ 2,634 | $ 1,590 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue Recognition [Abstract] | ||||
Interchange income | $ 7.5 | $ 7.5 | $ 22.3 | $ 22.1 |
Credit card expense | $ 4.1 | $ 4 | $ 11.6 | $ 11.4 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Numerator for basic and diluted earnings per share -income available to common shareholders: | ||||
Net income | $ 63,061 | $ 55,705 | $ 199,131 | $ 148,526 |
Denominator for basic earnings per share - weighted average shares | 94,030,275 | 93,582,250 | 93,896,716 | 93,507,831 |
Effect of dilutive securities - | ||||
Employee stock awards | 1,095,994 | 1,211,516 | 1,189,155 | 996,622 |
Denominator for diluted earnings per share - adjusted weighted average shares | 95,126,269 | 94,793,766 | 95,085,871 | 94,504,453 |
Basic | $ 0.67 | $ 0.60 | $ 2.12 | $ 1.59 |
Diluted | $ 0.66 | $ 0.59 | $ 2.09 | $ 1.57 |
EARNINGS PER COMMON SHARE - Add
EARNINGS PER COMMON SHARE - Additional Information (Details) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets | ||
Investment securities held-to-maturity | $ 81,236 | $ 84,021 |
Other investments | 133,725 | 143,160 |
Loans held for sale | 12,400 | 7,900 |
Interest Receivable | 54,035 | 47,500 |
Deposits | ||
Noninterest-bearing | 3,438,572 | 4,135,180 |
Savings | 4,023,455 | 3,828,139 |
Time | 2,572,909 | 1,700,705 |
Impaired Commercial And Commercial Real Estate Loans Member | ||
Deposits | ||
Principal Amount of Commercial and Commercial Real Estate Loans | 26,900 | 11,900 |
Allowance for Loan and Lease Losses, Real Estate | 7,500 | 3,700 |
Carrying value | ||
Financial assets | ||
Cash and short-term investments | 673,202 | 595,683 |
Investment securities held-to-maturity | 81,326 | 84,021 |
Other investments | 133,725 | 143,160 |
Loans and leases | 10,501,618 | 10,165,994 |
Interest Receivable | 70,471 | 63,721 |
Deposits | ||
Deposits | 12,915,553 | 12,701,177 |
Short-term borrowings | 974,188 | 1,287,156 |
Long-term debt | 340,902 | 346,672 |
Interest Payable | 51,013 | 11,150 |
Fair value | ||
Financial assets | ||
Cash and short-term investments | 673,202 | 595,683 |
Investment securities held-to-maturity | 69,845 | 76,485 |
Other investments | 133,725 | 143,160 |
Loans and leases | 10,135,741 | 9,916,353 |
Interest Receivable | 70,471 | 63,721 |
Deposits | ||
Deposits | 12,889,572 | 12,670,747 |
Short-term borrowings | 974,188 | 1,287,156 |
Long-term debt | 343,815 | 348,041 |
Interest Payable | 51,013 | 11,150 |
Fair Value, Inputs, Level 1 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 673,202 | 595,683 |
Investment securities held-to-maturity | 0 | 0 |
Other investments | 992 | 1,171 |
Loans and leases | 0 | 0 |
Interest Receivable | 0 | 0 |
Deposits | ||
Deposits | 0 | 0 |
Short-term borrowings | 974,188 | 1,287,156 |
Long-term debt | 0 | 0 |
Interest Payable | 16,613 | 3,835 |
Fair Value, Inputs, Level 2 [Member] | Fair value | ||
Financial assets | ||
Cash and short-term investments | 0 | 0 |
Investment securities held-to-maturity | 69,845 | 76,485 |
Other investments | 123,413 | 132,853 |
Loans and leases | 0 | 0 |
Interest Receivable | 16,436 | 16,233 |
Deposits | ||
Deposits | 12,889,572 | 12,670,747 |
Short-term borrowings | 0 | 0 |
Long-term debt | 343,815 | 348,041 |
Interest Payable | 34,400 | 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 | 9,320 | 9,136 |
Loans and leases | 10,135,741 | 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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Assets | |||||
Investment securities available-for-sale | $ 3,044,361 | $ 3,044,361 | $ 3,409,648 | ||
Loans Held-for-sale, Fair Value Disclosure | 12,400 | 12,400 | 7,900 | ||
Derivative Asset | 368,976 | 368,976 | 357,698 | ||
Liabilities | |||||
Derivative liabilities | 370,576 | 370,576 | 357,698 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (100) | $ (200) | 600 | $ (1,400) | |
Financing Receivable, Held-for-Sale | 11,400 | 11,400 | 7,500 | ||
Fair Value, Option, Aggregate Differences, Loans and Long-term Receivables | 1,000 | 1,000 | 400 | ||
Fair Value, Measurements, Recurring | |||||
Assets | |||||
Investment securities available-for-sale | 3,044,361 | 3,044,361 | 3,409,648 | ||
Derivative Asset | 152,846 | ||||
Total | 3,425,736 | 3,425,736 | 3,775,294 | ||
Liabilities | |||||
Total | 370,592 | 370,592 | 358,001 | ||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | Fair value | |||||
Assets | |||||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||||
Assets | |||||
Investment securities available-for-sale | 32,141 | 32,141 | 32,696 | ||
Derivative Asset | 0 | ||||
Total | 32,141 | 32,141 | 32,696 | ||
Liabilities | |||||
Total | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | Fair value | |||||
Assets | |||||
Loans Held-for-sale, Fair Value Disclosure | 12,391 | 12,391 | 7,918 | ||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||||
Assets | |||||
Investment securities available-for-sale | 2,979,075 | 2,979,075 | 3,341,095 | ||
Derivative Asset | 152,846 | ||||
Total | 3,360,450 | 3,360,450 | 3,706,741 | ||
Liabilities | |||||
Total | 370,592 | 370,592 | 358,001 | ||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | Fair value | |||||
Assets | |||||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||||
Assets | |||||
Investment securities available-for-sale | 33,145 | 33,145 | 35,857 | ||
Derivative Asset | 0 | ||||
Total | 33,145 | 33,145 | 35,857 | ||
Liabilities | |||||
Total | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1, 2 and 3 | |||||
Assets | |||||
Loans Held-for-sale, Fair Value Disclosure | 12,391 | 12,391 | 7,918 | ||
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | |||||
Assets | |||||
Derivative Asset | 173,470 | 173,470 | |||
Liabilities | |||||
Derivative liabilities | 173,652 | 173,652 | 153,119 | ||
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||||
Assets | |||||
Derivative Asset | 0 | 0 | |||
Liabilities | |||||
Derivative liabilities | 0 | 0 | 0 | ||
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||||
Assets | |||||
Derivative Asset | 173,470 | 173,470 | |||
Liabilities | |||||
Derivative liabilities | 173,652 | 173,652 | 153,119 | ||
Interest Rate Contract [Member] | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||||
Assets | |||||
Derivative Asset | 0 | 0 | |||
Liabilities | |||||
Derivative liabilities | 0 | 0 | 0 | ||
Foreign Exchange | Fair Value, Measurements, Recurring | |||||
Assets | |||||
Derivative Asset | 194,956 | 194,956 | 204,882 | ||
Liabilities | |||||
Derivative liabilities | 194,956 | 194,956 | 204,882 | ||
Foreign Exchange | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||||
Assets | |||||
Derivative Asset | 0 | 0 | 0 | ||
Liabilities | |||||
Derivative liabilities | 0 | 0 | 0 | ||
Foreign Exchange | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||||
Assets | |||||
Derivative Asset | 194,956 | 194,956 | 204,882 | ||
Liabilities | |||||
Derivative liabilities | 194,956 | 194,956 | 204,882 | ||
Foreign Exchange | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 3 | |||||
Assets | |||||
Derivative Asset | 0 | 0 | 0 | ||
Liabilities | |||||
Derivative liabilities | 0 | 0 | $ 0 | ||
Cash Flow Hedging | Fair Value, Measurements, Recurring | |||||
Assets | |||||
Derivative Asset | 558 | 558 | |||
Liabilities | |||||
Derivative liabilities | 1,984 | 1,984 | |||
Cash Flow Hedging | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 1 | |||||
Assets | |||||
Derivative Asset | 0 | 0 | |||
Liabilities | |||||
Derivative liabilities | 0 | 0 | |||
Cash Flow Hedging | Fair Value, Measurements, Recurring | Fair Value Measurements Using Level 2 | |||||
Assets | |||||
Derivative Asset | 558 | 558 | |||
Liabilities | |||||
Derivative liabilities | 1,984 | 1,984 | |||
Cash Flow Hedging | 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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | ||||
Beginning balance | $ 34,132 | $ 36,796 | $ 35,857 | $ 38,181 |
Accretion (amortization) | (30) | (22) | (84) | (45) |
Increase (decrease) in fair value | (162) | 9 | (119) | 34 |
Settlements | (795) | (730) | (2,509) | (2,117) |
Ending balance | $ 33,145 | $ 36,053 | $ 33,145 | $ 36,053 |
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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Assets | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (100) | $ (200) | $ 600 | $ (1,400) | |
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Other real estate owned | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | $ 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Fair value | Operating lease | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Commercial | Fair value | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 1 | Commercial real estate | Fair value | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Other real estate owned | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Fair value | Operating lease | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Commercial | Fair value | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 2 | Commercial real estate | Fair value | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Other real estate owned | |||||
Assets | |||||
Assets, Fair Value Disclosure | 38 | 38 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Fair value | Operating lease | |||||
Assets | |||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Commercial | Fair value | |||||
Assets | |||||
Assets, Fair Value Disclosure | 1,511 | 1,511 | 4,240 | ||
Fair Value, Measurements, Nonrecurring | Fair Value Measurements Using Level 3 | Commercial real estate | Fair value | |||||
Assets | |||||
Assets, Fair Value Disclosure | $ 17,926 | $ 17,926 | $ 4,015 |
BUSINESS COMBINATION - Addition
BUSINESS COMBINATION - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 941 | $ 1,635 |
BUSINESS COMBINATIONS (Details)
BUSINESS COMBINATIONS (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||
Cash consideration | $ 3,535 | $ 0 |
Total liabilities assumed | $ 941 | $ 1,635 |