DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 06, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SASR | |
Entity Common Stock, Shares Outstanding | 35,523,703 | |
Entity Listing, Par Value Per Share | $ 1 | |
Entity Registrant Name | SANDY SPRING BANCORP INC | |
Entity Central Index Key | 824,410 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 63,380 | $ 55,693 |
Federal funds sold | 2,055 | 2,845 |
Interest-bearing deposits with banks | 13,142 | 53,962 |
Cash and cash equivalents | 78,577 | 112,500 |
Residential mortgage loans held for sale (at fair value) | 31,581 | 9,848 |
Investments available-for-sale (at fair value) | 926,723 | 729,507 |
Other equity securities | 66,074 | 45,518 |
Total loans | 6,388,959 | 4,314,248 |
Less: allowance for loan losses | (50,409) | (45,257) |
Net loans | 6,338,550 | 4,268,991 |
Premises and equipment, net | 62,098 | 54,761 |
Other real estate owned | 2,118 | 2,253 |
Accrued interest receivable | 24,058 | 15,480 |
Goodwill | 345,422 | 85,768 |
Other intangible assets, net | 10,327 | 580 |
Other assets | 149,037 | 121,469 |
Total assets | 8,034,565 | 5,446,675 |
Liabilities | ||
Noninterest-bearing deposits | 1,902,537 | 1,264,392 |
Interest-bearing deposits | 3,995,857 | 2,699,270 |
Total deposits | 5,898,394 | 3,963,662 |
Securities sold under retail repurchase agreements and federal funds purchased | 142,669 | 119,359 |
Advances from FHLB | 866,445 | 765,833 |
Subordinated debentures | 37,460 | 0 |
Accrued interest payable and other liabilities | 46,881 | 34,005 |
Total liabilities | 6,991,849 | 4,882,859 |
Stockholders Equity | ||
Common stock -- par value $1.00; shares authorized 100,000,000; shares issued and outstanding 35,521,541 and 23,996,293 at September 30, 2018 and December 31, 2017, respectively | 35,522 | 23,996 |
Additional paid in capital | 605,623 | 168,188 |
Retained earnings | 425,991 | 378,489 |
Accumulated other comprehensive loss | (24,420) | (6,857) |
Total stockholders equity | 1,042,716 | 563,816 |
Total liabilities and stockholders equity | $ 8,034,565 | $ 5,446,675 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,521,541 | 23,996,293 |
Common stock, shares outstanding | 35,521,541 | 23,996,293 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest Income: | ||||
Interest and fees on loans | $ 76,786 | $ 43,891 | $ 215,050 | $ 126,861 |
Interest on loans held for sale | 336 | 119 | 983 | 273 |
Interest on deposits with banks | 211 | 108 | 1,082 | 289 |
Interest and dividends on investment securities: | ||||
Taxable | 5,112 | 3,410 | 15,297 | 10,572 |
Exempt from federal income taxes | 1,921 | 2,053 | 6,035 | 6,110 |
Interest on federal funds sold | 8 | 8 | 28 | 18 |
Total interest income | 84,374 | 49,589 | 238,475 | 144,123 |
Interest Expense: | ||||
Interest on deposits | 10,773 | 3,701 | 26,583 | 9,212 |
Interest on retail repurchase agreements and federal funds purchased | 383 | 83 | 599 | 238 |
Interest on advances from FHLB | 5,141 | 3,108 | 15,557 | 9,385 |
Interest on subordinated debt | 486 | 0 | 1,436 | 12 |
Total interest expense | 16,783 | 6,892 | 44,175 | 18,847 |
Net interest income | 67,591 | 42,697 | 194,300 | 125,276 |
Provision for loan losses | 1,890 | 934 | 5,620 | 2,450 |
Net interest income after provision for loan losses | 65,701 | 41,763 | 188,680 | 122,826 |
Non-interest Income: | ||||
Investment securities gains | 82 | 0 | 145 | 1,275 |
Service charges on deposit accounts | 2,316 | 2,140 | 6,865 | 6,121 |
Mortgage banking activities | 1,672 | 632 | 5,943 | 2,080 |
Wealth management income | 5,344 | 4,864 | 15,792 | 14,092 |
Insurance agency commissions | 2,016 | 1,950 | 5,020 | 4,924 |
Income from bank owned life insurance | 663 | 609 | 3,664 | 1,808 |
Bank card fees | 1,436 | 1,211 | 4,199 | 3,609 |
Other income | 1,504 | 1,340 | 5,391 | 5,040 |
Total non-interest income | 15,033 | 12,746 | 47,019 | 38,949 |
Non-interest Expenses: | ||||
Salaries and employee benefits | 24,488 | 18,442 | 73,064 | 54,525 |
Occupancy expense of premises | 4,355 | 3,294 | 13,939 | 9,907 |
Equipment expenses | 2,441 | 1,722 | 6,909 | 5,213 |
Marketing | 770 | 784 | 2,863 | 2,223 |
Outside data services | 1,736 | 1,286 | 4,840 | 4,045 |
FDIC insurance | 1,257 | 850 | 3,840 | 2,478 |
Amortization of intangible assets | 540 | 25 | 1,622 | 76 |
Merger expenses | 580 | 345 | 11,766 | 1,332 |
Other Expense | 6,226 | 4,443 | 18,273 | 14,241 |
Total non-interest expenses | 42,393 | 31,191 | 137,116 | 94,040 |
Income before income taxes | 38,341 | 23,318 | 98,583 | 67,735 |
Income tax expense | 9,107 | 8,229 | 23,285 | 22,793 |
Net income | $ 29,234 | $ 15,089 | $ 75,298 | $ 44,942 |
Per share information: | ||||
Basic net income per share | $ 0.82 | $ 0.62 | $ 2.11 | $ 1.86 |
Diluted net income per share | 0.82 | 0.62 | 2.11 | 1.86 |
Dividends declared per common share | $ 0.28 | $ 0.26 | $ 0.82 | $ 0.78 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 29,234 | $ 15,089 | $ 75,298 | $ 44,942 |
Investments available-for-sale: | ||||
Net change in unrealized gains on investments available-for-sale | (5,399) | 113 | (22,318) | 5,618 |
Related income tax expense | 1,411 | (45) | 5,839 | (2,236) |
Net investment gains reclassified into earnings | (82) | 0 | (145) | (1,275) |
Related income tax expense | 22 | 0 | 38 | 508 |
Net effect on other comprehensive income (loss) for the period | (4,048) | 68 | (16,586) | 2,615 |
Defined benefit pension plan: | ||||
Recognition of unrealized gain (loss) | 250 | 296 | 750 | 886 |
Related income tax (expense) benefit | (66) | (129) | (250) | (364) |
Net effect on other comprehensive income for the period | 184 | 167 | 500 | 522 |
Total other comprehensive income | (3,864) | 235 | (16,086) | 3,137 |
Comprehensive income | $ 25,370 | $ 15,324 | $ 59,212 | $ 48,079 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Operating activities: | |||||
Net income | $ 29,234 | $ 15,089 | $ 75,298 | $ 44,942 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 9,265 | 5,939 | |||
Provision for loan losses | 1,890 | 934 | 5,620 | 2,450 | $ 2,977 |
Stock based compensation expense | 1,941 | 1,611 | |||
Tax benefits associated with share based compensation | 250 | 700 | |||
Deferred Income Tax Expense (Benefit) | 6,959 | 163 | |||
Origination of loans held for sale | (321,224) | (105,970) | |||
Proceeds from sales of loans held for sale | 331,212 | 114,474 | |||
(Gains)/ losses on sales of loans held for sale | (5,809) | (2,653) | |||
(Gains) losses on sales of other real estate owned | 104 | (82) | |||
Investment securities gains | (82) | 0 | (145) | (1,275) | |
Increase (Decrease) in Operating Capital [Abstract] | |||||
Net (increase) decrease in accrued interest receivable | (2,072) | (1,456) | |||
Net decrease (increase) in other assets | 1,653 | (5,314) | |||
Net increase (decrease) in accrued expenses and other liabilities | (3,160) | 19 | |||
Other - net | 3,988 | 3,521 | |||
Net cash provided by operating activities | 103,880 | 57,069 | |||
Investing activities: | |||||
(Purchases) of other equity securities | (3,659) | ||||
Proceeds from other equity securities | 6,241 | ||||
Purchases of investments available-for-sale | (55,251) | (125,028) | |||
Proceeds from sales of investment available-for-sale | 34,691 | 2,251 | |||
Proceeds from maturities, calls and principal payments of investments available-for-sale | 83,789 | 103,775 | |||
Net increase in loans | (454,760) | (306,755) | |||
Proceeds from the sales of other real estate owned | 759 | 1,228 | |||
Proceeds from sales of loans previously held for investment | 59,945 | 40,031 | |||
Acquisition of business activity, net of cash paid | 32,552 | 0 | |||
Expenditures for premises and equipment | (8,545) | (4,589) | |||
Net cash (used) in investing activities | (310,479) | (282,846) | |||
Financing activities: | |||||
Net increase in deposits | 323,890 | 378,248 | |||
Net increase/(decrease) in retail repurchase agreements and federal funds purchased | 16,424 | 21,450 | |||
Proceeds from advances from FHLB | 4,930,000 | 3,080,000 | |||
Repayment of advances from FHLB | (5,068,745) | (3,237,083) | |||
Retirement of subordinated debt | 0 | (30,000) | |||
Proceeds from issuance of common stock | 1,140 | 1,015 | |||
Stock tendered for payment of withholding taxes | (760) | (953) | |||
Repurchase of common stock | 0 | 0 | |||
Dividends paid | (29,273) | (18,844) | |||
Net cash provided by financing activities | 172,676 | 193,833 | |||
Net increase (decrease) in cash and cash equivalents | (33,923) | (31,944) | |||
Cash and cash equivalents at beginning of period | 112,500 | 134,125 | 134,125 | ||
Cash and cash equivalents at end of period | $ 78,577 | $ 102,181 | 78,577 | 102,181 | $ 112,500 |
Supplemental Disclosures: | |||||
Interest payments | 42,279 | 19,244 | |||
Income tax payments | 19,092 | 22,927 | |||
Transfer of Investments Held-to-maturity to Available For Sale Securities | 0 | 0 | |||
Transfer from loans to residential mortgage loans held for sale | 60,043 | 39,744 | |||
Transfers from loans to other real estate owned | $ 289 | $ 700 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at at Dec. 31, 2016 | $ 533,572 | $ 23,901 | $ 165,871 | $ 350,414 | $ (6,614) |
Net income | 44,942 | 0 | 0 | 44,942 | 0 |
Other comprehensive income, net of tax | 3,137 | 0 | 0 | 0 | 3,137 |
Common stock dividends - $0.82, and $0.78 per share at September 30, 2018 and 2017 respectively. | (18,844) | 0 | 0 | (18,844) | 0 |
Stock compensation expense | 1,611 | 0 | 1,611 | 0 | 0 |
Common stock issued pursuant to: | |||||
Stock option plan - 19, 918 and 28, 736 shares at September 30, 2018 and 2017, respectively | 550 | 29 | 521 | 0 | 0 |
Employee stock purchase plan - 21, 428 and 13, 486 shares at September 30, 2018 and 2017 respectively | 465 | 13 | 452 | ||
Restricted stock - 37,705 and 47,064 shares at September 30, 2018 and 2017, respectively | (953) | 47 | (1,000) | 0 | 0 |
Balance at at Sep. 30, 2017 | 564,480 | 23,990 | 167,455 | 376,512 | (3,477) |
Balance at at Dec. 31, 2017 | 563,816 | 23,996 | 168,188 | 378,489 | (6,857) |
Net income | 75,298 | 0 | 0 | 75,298 | 0 |
Other comprehensive income, net of tax | (16,086) | 0 | 0 | 0 | (16,086) |
Common stock dividends - $0.82, and $0.78 per share at September 30, 2018 and 2017 respectively. | (29,273) | 0 | 0 | (29,273) | 0 |
Stock compensation expense | 1,941 | 0 | 1,941 | 0 | 0 |
Common stock issued pursuant to: | |||||
Acquisition of WashingtonFirst Bankshares Inc. - 11,446,197 shares | 446,640 | 11,446 | 435,194 | 0 | 0 |
Stock option plan - 19, 918 and 28, 736 shares at September 30, 2018 and 2017, respectively | 423 | 20 | 403 | 0 | 0 |
Employee stock purchase plan - 21, 428 and 13, 486 shares at September 30, 2018 and 2017 respectively | 717 | 22 | 695 | 0 | 0 |
Restricted stock - 37,705 and 47,064 shares at September 30, 2018 and 2017, respectively | (760) | 38 | (798) | 0 | 0 |
Reclassfication of tax effects from other comprehensive income | 0 | 0 | 0 | 1,477 | (1,477) |
Balance at at Sep. 30, 2018 | $ 1,042,716 | $ 35,522 | $ 605,623 | $ 425,991 | $ (24,420) |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock dividends, per share | $ 0.82 | $ 0.78 |
Stock option plan, shares | 19,918 | 28,736 |
Employee stock purchase plan, shares | 21,428 | 13,486 |
Restricted stock, shares | 37,705 | 47,064 |
Number of shares issued by the company, pursuant to WashingtonFirst acquisition | 11,446,197 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 – Significant Accounting Policies Nature of Operations Sandy Spring Bancorp (the “Company”), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”). Independent and community-oriented, Sandy Spring Bank offers a broad range of commercial banking, retail banking, mortgage and trust services throughout central Maryland, Northern Virginia, and the g reater Washington, D.C. market. Through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services. Basis of Presentation The accou nting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Reg ulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements and prevailing practices within the banking industry. The following summary of significant accounting policies of the Company is pre sented to assist the reader in understanding the financial and other data presented in this report. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2018 . In the opinion of management, all adjustments (comprising only normal recurring accruals) necessary for a fair presentation of the results of the interim periods have been incl uded. Certain reclassifications have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of the issuance of its financial statements. These statement s should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2017 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 23, 2018 . There have been no sign ificant changes to the Company’s accounting p olicies as disclosed in the 2017 Annual Report on Form 10-K. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned su bsidiary, Sandy Spring Bank and its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. Consolidation has resulted in the elimination of all intercompany accounts and transactions. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and affect the reported a mounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to the provision for loan losses and the related allowance, determination of imp aired loans and the related measurement of impairment, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether impaired securities are other-than-temporarily impaired, valuation of ot her real estate owned, prepayment rates, valuation of share-based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, the calculation of current and deferred income taxes and the actuarial projec tions related to pension expense and the related liability. Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less). Revenue from Contracts with Customers The Company’s revenue includes net interest income on financial instruments and non-interest income. Specific categories of revenue are presented in the Condensed Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard Update (ASU) No. 2014-09 – Revenue from Contracts with Customers. For revenue within the scope of ASU 2014-09, the Company provides services to customers and has related performance obligations. The revenue from such services is recognized upon satisfaction of all contractual performance obligations. The following discusses key revenue streams within the scope of the new revenue recognition guidance. Wealth M anagement Income West Financial Services, Inc., a subsidiary of the Bank, provides comprehensive investment management and financial planning services. Wealth management income is comprised of income for providing trust, estate and investment management se rvices. Trust services include acting as a trustee for corporate or personal trusts. Investment management services include investment management, record-keeping and reporting of security portfolios. Fees for these services are recognized based on a contra ctually-agreed fixed percentage applied to net assets under management at the end of each reporting period. The Company does not charge/recognize any performance based fees. Insurance Agency Commissions Sandy Spring Insurance, a subsidiary of the Bank, pe rforms the function of an insurance intermediary by introducing the policyholder and insurer and is compensated by a commission fee for placement of an insurance policy. Sandy Spring Insurance does not provide any captive management services or any claim h andling services. Commission fees are set as a percentage of the premium for the insurance policy for which the Sandy Spring Insurance is a producer. The Company recognizes revenue when the insurance policy has been contractually agreed to by the insurer a nd policyholder (at transaction date). Service Charges on Deposit Accounts Service charges on deposit accounts are earned on depository accounts for consumer and commercial account holders and include fees for account and overdraft services. Account servi ces include fees for event-driven services and periodic account maintenance activities. The obligation for event-driven services is satisfied at the time of the event when service is delivered and revenue recognized as earned. Obligation for maintenance ac tivities is satisfied over the course of each month and revenue recognized at month end. Obligation for overdraft services is satisfied at the time of the overdraft and revenue recognized as earned. Loans Acquired with Deteriorated Credit Quality Acquired loans with evidence of credit deterioration since their origination as of the date of the acquisition are recorded at their initial fair value. Credit deterioration is determined based on the probability of collection of all contractually required princi pal and interest payments. The historical allowance for loan losses related to the acquired loans is not carried over to the Company’s financial statements. The determination of credit quality deterioration as of the purchase date may include parameters such as past due and non-accrual status, commercial risk ratings, cash flow projections, type of loan and collateral, collateral value and recent loan-to-value ratios or appraised values. For loans acquired with evidence of credit deterioration, the Compa ny determines at the acquisition date the excess of the loan’s contractually required payments over all cash flows expected to be collected as an amount that should not be accreted into interest income (nonaccretable difference). The remaining amount, repr esenting the difference in the expected cash flows of acquired loans and the initial investment in the acquired loans, is accreted into interest income over the remaining life of the loan or pool of loans (accretable yield). Subsequent to the purchase date , increases in expected cash flows over those expected at the purchase date are recognized prospectively as interest income over the remaining life of the loan as an adjustment to the accretable yield. The present value of any decreases in expected cash f lows after the purchase date is recognized as an impairment through addition to the valuation allowance. Adopted Accounting Pronouncements The FASB issued Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) , in May 2014 that provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to customers. The guidance also provides for a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The Company’s revenue is comprised of net interest income and non-interest income. The guidance does not apply to revenue associated with financial in struments, net interest income, mortgage origination and servicing activities, and gains and losses from securities. Accordingly, the majority of the Company’s revenues have not been affected. The following revenue streams were identified to be in scope of ASC 606: 1) wealth management income; 2) insurance agency commissions; and 3) service charges on deposit accounts. The Company adopted the standard on January 1, 2018 using modified retrospective adoption method. The Company’s accounting policies and reve nue recognition principles did not change materially as the principles of ASC 606 are largely consistent with the current revenue recognition practices. The FASB issued Update No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Re classification of Certain Tax Effects from Accumulated Other Comprehensive Income , in February 2018. The guidance permits entities to reclassify from accumulated other comprehensive income (“OCI”) to retained earnings stranded income tax effects resulting from the Tax Cuts and Jobs Act enacted in December 2017. The Company made the election to adopt this guidance during the first quarter of 2018 and reclassified $ 1.5 million of stranded income tax effects from OCI to retained earnings. The Company made the adjustment between OCI and retained earnings in the Condensed Consolidated Statements of Changes in Stockholders’ Equity as of the beginning of the current reporting period. The FASB issued Update No. 2016-01, Financial Instruments – (Subtopic 825-10): Re cognition and Measurement of Financial Assets and Liabilities” , in January 2016. This guidance amends the presentation and accounting for certain financial instruments, including liabilities measured at fair value under fair value option and equity invest ments. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. The Company adopted the guidance in the first quarter 2018 with no impact to retained earnings or other comprehensive income. The Company has no investments in marketable equity securities classified as available-for-sale accounted for at fair value. The Company’s marketable equity securities that do not have determinable fair values are measured at cost less any impairm ent. The Company’s existing accounting policy is consistent with the measurement alternative provided by the guidance. For purposes of disclosing fair values of financial instruments carried at amortized cost, we determined the fair values based on “exit p rice” as required by the guidance. Pending Accounting Pronouncements The FASB issued Update No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , in March 2017. This guidance is intended to eliminate the current diversity in practice with respect to the amortization period for certain purchased callable debt securities held at a premium. Under current GAAP, entities generally amortize the premium as an adjustment of yi eld over the contractual life. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. The amendments in this update shorten the amortization period for such callabl e debt securities held at a premium requiring the premium to be amortized to the earliest call date. This guidance is effective for a public business entity that is a U.S. Securities and Exchange Commission (SEC) filer for its fiscal years, and interim per iods within those fiscal years, beginning after December 15, 2019. The adoption of this standard is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The FASB issued Update No. 2017-04, Intang ibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , in January 2017. The objective of this guidance is to simplify an entity’s required test for impairment of goodwill by eliminating Step 2 from the goodwill impairment test. In Step 2 an entity measured a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill, an entity had to determine the fair valu e at the impairment date of its assets and liabilities, including any unrecognized assets and liabilities, following a procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Unde r this Update, an entity should perform its annual or quarterly goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount and record an impairment charge for the excess of the carrying amount over the reporting uni t’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit and the entity must consider the income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measu ring the goodwill impairment loss, if applicable. This guidance is effective for a public business entity that is an SEC filer for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of this s tandard is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The FASB issued Update No. 2016-13, Current Expected Credit Losses (CECL) , in June 2016. This guidance changes the impairment model for most financial assets measured at amortized cost and certain other instruments. Entities will be required to use an expected loss model, replacing the incurred loss model that is currently in use. Under the new guidance, an entity will measure all exp ected credit losses for financial instruments held at the reporting date based on historical experience, current condition and reasonable and supportable forecasts. This will result in earlier recognition of loss allowances in most instances. Credit losse s related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reduc tions in the amortized cost of the related securities. With respect to trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures, the guidance requires that an entity estimate its lifetime expected credit loss and record an allowance resulting in the net amount expected to be collected to be reflected as the financial asset. Entities are also required to provide significantly more disclosures, including information used to track c redit quality by year of origination for most financing receivables. This guidance is effective for public business entities for the first interim or annual period beginning after December 15, 2019. The standard’s provisions will be applied as a cumulative -effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Early adoption by public business entities is permitted for the first interim or annual period beginning after December 15, 2018. The Company assessed the guidance and has identified the available historical loan level information and completed a data gap analysis. The Company is in process of reviewing various calculation methodologies and the approximate impact on the Company’s fin ancial position, results of operations and cash flows. The FASB issued Update No. 2016-02 , Leases , in February 2016. From the lessee’s perspective, the new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for lessees. The guid ance also eliminates the current real estate-specific provision and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs. With respect to lessors, the guidance modifies the classification criteria and the acco unting for sales-type and direct financing leases. All entities will classify leases to determine how to recognize lease-related revenue and expense. In applying this guidance entities will also need to determine whether an arrangement contains a lease or service agreement. Disclosures are required by lessees and lessors to meet the objective of enabling users of financials statements to assess the amount, timing, and uncertainty of cash flows arising from leases. For public entities, this guidance is effec tive for the first interim or annual period beginning after December 15, 2018. Early adoption is permitted. The Company assess ed this guidance and collected relevant terms for each of its lease agreements. The Company is in process of quantifying the impac t on the Company’s financial position, results of operations and cash flows. |
ACQUISITION OF WASHINGTONFIRST
ACQUISITION OF WASHINGTONFIRST BANKSHARES INC | 9 Months Ended |
Sep. 30, 2018 | |
Acqusition of WashingtonFirst Bankshares Inc. [Abstract] | |
Business Combination Disclosure | NOTE 2 - ACQUISITION OF WASHINGTONFIRST BANKSHARES, INC. On January 1, 2018 (“Acquisition Date”), the Company completed its acquisition of WashingtonFirst Bankshares, Inc. (“WashingtonFirst”) in a transaction valued at approximately $447 million in the aggregate, based on the Company’s closing market price of $ 39.02 on December 29, 2017. The Company issued an aggregate of 11,446,197 shares of the Company’s common stock in the transaction. At the effective date of the acquisition, Sandy Spr ing shareholders owned approximately 67.7 % and WashingtonFirst’s shareholders owned approximately 32.3 % of the combined company. As of the Acquisition Date, WashingtonFirst was merged into the Company and WashingtonFirst’s wholly-owned subsidiary, Washingt onFirst Bank, was merged with and into Sandy Spring Bank. WashingtonFirst, headquartered in Reston, Virginia, had 19 community banking offices throughout the Washington D.C. metropolitan region and more than $ 2.1 billion in assets as of December 31, 2017. In addition, WashingtonFirst provided wealth management services through its subsidiary, 1st Portfolio Wealth Advisors, and mortgage banking services through the bank’s subsidiary, WashingtonFirst Mortgage Corporation. The acquisition of WashingtonFirs t is being accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid are recorded at estimated fair values on the Acquisition Date. During the second qu arter of 2018, management recorded a re-measurement period adjustment to goodwill and fair value of the acquired loan portfolio in the total amount of $ 3.4 million, as the Company continues to assess the credit quality of the acquired loan portfolio from W ashingtonFirst. The provisional amount of goodwill recognized as of the Acquisition Date was approximately $259.7 million. The estimated fair values of the acquired assets and assumed liabilities are subject to refinement as additional information relative to closing date fair values becomes available. Any subsequent adjustments to the fair values of acquired assets and liabilities assumed, identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to goodwill within the first 12 months following the closing date of acquisition. The consideration paid for WashingtonFirst's common equity and the provisional fair values of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows: (In thousands) January 1, 2018 Purchase Price: Fair value of common shares issued (11,446,197 shares) based on Sandy Spring's share price of $39.02 $ 446,640 Cash for fractional shares 10 Total purchase price $ 446,650 Identifiable assets: Cash and cash equivalents $ 32,497 Residential mortgage loans held for sale 25,789 Investment securities 302,321 Loans 1,680,278 Premises and equipment 4,602 Other Real Estate Owned 497 Accrued Interest Receivable 6,648 Other Intangible assets 11,370 Other Assets 34,654 Total identifiable assets $ 2,098,656 Identifiable liabilities: Deposits $ 1,610,327 Borrowings 283,808 Other Liabilities 17,525 Total identifiable liabilities $ 1,911,660 Provisional fair value of net assets acquired including identifiable intangible assets 186,996 Provisional resulting goodwill $ 259,654 |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
INVESTMENTS | Note 3 – Investments Investments available-for-sale The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table: September 30, 2018 December 31, 2017 Gross Gross Estimated Gross Gross Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. treasuries and government agencies $ 246,840 $ - $ (7,384) $ 239,456 $ 109,349 $ - $ (2,781) $ 106,568 State and municipal 297,348 1,952 (2,794) 296,506 306,109 6,313 (169) 312,253 Mortgage-backed 393,878 472 (13,719) 380,631 302,664 1,585 (4,209) 300,040 Corporate debt 9,100 152 - 9,252 9,100 332 - 9,432 Trust preferred 310 - - 310 931 71 - 1,002 Total debt securities 947,476 2,576 (23,897) 926,155 728,153 8,301 (7,159) 729,295 Marketable equity securities 568 - - 568 212 - - 212 Total investments available-for-sale $ 948,044 $ 2,576 $ (23,897) $ 926,723 $ 728,365 $ 8,301 $ (7,159) $ 729,507 Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed or corporate debt investment securities at September 30, 2018 are not the result of credit related events but due to changes in interest rates. These declines in fair market value are considered temporary in na ture and are expected to recover over time as these securities approach maturity. The mortgage-backed securities portfolio at September 30, 2018 is composed entirely of either the most senior tranches of GNMA, F NMA or FHLMC collaterali zed mortgage obligations ($144.0 million), or GNMA, FNMA or FHLMC mo rtgage-backed securities ($249.9 million). The Company does not intend to sell these securities and has sufficient liquidity to hold these securities for an adequat e period of time to allow for any anticipated recovery in fair value. During the first quarter of 2018, the Company sold the pooled trust preferred security for an insignificant gain. This security had incurred credit related other-than-temporary impair ment which was recognized in periods prior to 2017. Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following table: September 30, 2018 Continuous Unrealized Losses Existing for: Number Total of Less than More than Unrealized (Dollars in thousands) Securities Fair Value 12 months 12 months Losses U.S. treasuries and government agencies 48 $ 239,456 $ 1,799 $ 5,585 $ 7,384 State and municipal 133 126,066 2,617 177 2,794 Mortgage-backed 140 358,854 5,858 7,861 13,719 Total 321 $ 724,376 $ 10,274 $ 13,623 $ 23,897 December 31, 2017 Continuous Unrealized Losses Existing for: Number Total of Less than More than Unrealized (Dollars in thousands) Securities Fair Value 12 months 12 months Losses U.S. treasuries and government agencies 13 $ 106,568 $ 545 $ 2,236 $ 2,781 State and municipal 20 18,228 107 62 169 Mortgage-backed 46 221,621 402 3,807 4,209 Total 79 $ 346,417 $ 1,054 $ 6,105 $ 7,159 The amortized cost and estimated fair values of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following table using the expected av erage life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with o r without prepayment penalties. September 30, 2018 December 31, 2017 Estimated Estimated Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Due in one year or less $ 58,653 $ 59,057 $ 12,789 $ 12,889 Due after one year through five years 263,959 263,262 180,109 184,264 Due after five years through ten years 278,132 269,055 228,484 227,688 Due after ten years 346,732 334,781 306,771 304,454 Total debt securities available for sale $ 947,476 $ 926,155 $ 728,153 $ 729,295 At September 30, 2018 and December 31, 2017 , investments available-for-sale with a book value of $596.8 million and $431.7 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. Agencies securities, exceeded ten percent of stockholders' equity at September 30, 2018 and December 31, 2017 . Equity securities Other equity securities at the dates indicated are presented in the following table: (In thousands) September 30, 2018 December 31, 2017 Federal Reserve Bank stock $ 22,456 $ 8,398 Federal Home Loan Bank of Atlanta stock 43,618 37,120 Total equity securities $ 66,074 $ 45,518 |
LOANS AND LEASES
LOANS AND LEASES | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
LOANS AND LEASES | Note 4 – L OANS Outstanding loan balances at September 30, 2018 and December 31, 2017 are net of unearned income including net deferred loan costs of $ 1.0 million and $ 1.8 million, respectively. The loan portfolio segment balances at the dates indicated are presented in the following table: (In thousands) September 30, 2018 December 31, 2017 Residential real estate: Residential mortgage $ 1,181,427 $ 921,435 Residential construction 188,779 176,687 Commercial real estate: Commercial owner occupied real estate 1,201,673 857,196 Commercial investor real estate 1,924,397 1,112,710 Commercial AD&C 631,589 292,443 Commercial business 738,083 497,948 Consumer 523,011 455,829 Total loans $ 6,388,959 $ 4,314,248 The fair value of the financial assets acquired in the WashingtonFirst transaction included loans receivable with a gross amortized cost basis of $1.7 billion. The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired. Interest and credit fair value adjustments related to loans acquired without evidence of credit quality deterioration are accreted or amortized into interest income over the remaining expected lives of t he loans. The specific credit adjustment on acquired credit impaired loans includes accretable and non-accretable components. During the second quarter, management recorded a re-measurement period adjustment to goodwill and fair value of the acquired loan portfolio in the total amount of $3.4 million, as the Company continues to assess the credit quality of the acquired loan portfolio from WashingtonFirst. Of the $10.7 million specific credit mark on acquired credit impaired loans, approximately $2.6 millio n was estimated to be an accretable adjustment recognized over the remaining expected lives of the loans and $ 8.1 million non-accretable adjustment. In conjunction with the WashingtonFirst acquisition , the acquired loan portfolio was accounted for at fair value as follows: (Dollars in thousands) January 1, 2018 Gross amortized cost basis at January 1, 2018 $ 1,697,760 Interest rate fair value adjustment 15,591 Credit fair value adjustment on pools of homogeneous loans (22,421) Credit fair value adjustment on purchased credit impaired loans (10,652) Fair value of acquired loan portfolio at January 1, 2018 $ 1,680,278 The following table presents the acquired credit impaired loans receivable as of the Acquisition Date: (Dollars in thousands) January 1, 2018 Contractual principal and interest at acquisition $ 33,275 Contractual cash flows not expected to be collected (Nonaccretable yield) (12,466) Expected cash flows at acquisition 20,809 Interest component of expected cash flows (Accretable yield) (2,616) Fair value of purchased credit impaired loans $ 18,193 The outstanding balance of purchased credit impaired loans receivable totaled $ 28.8 million and $ 16.0 million at January 1, 2018 and September 30, 2018, respectively. The fair value of purchased credit impaired loans was $ 8. 0 million at September 30, 2018. The decrease in the loans receivable and fair value amounts since the acquisition date was driven primarily by the settlement of a purchased credit impaired loan during the current quarter. Liquidation of the collateral resulted in full pay-off of the outstanding principal balance of $ 10.4 million and the related release of accretable and non-accretable adjustments into interest income in the total amounts of $ 0.7 million and $ 1.3 million, respectively. Activity for the ac cretable yield since th e Acquisition Date was as follows: For the Nine Months Ended September 30, 2018 (Dollars in thousands) Accretable yield at the beginning of the period $ - Addition of accretable yield due to acquisition 2,616 Accretion into interest income (962) Disposals (including maturities, foreclosures, and charge-offs) (694) Accretable yield at the end of the period. $ 960 |
CREDIT QUALITY ASSESSMENT
CREDIT QUALITY ASSESSMENT | 9 Months Ended |
Sep. 30, 2018 | |
Credit Quality Assessment [Abstract] | |
CREDIT QUALITY ASSESSMENT | Note 5 – CREDIT QUALITY ASSESSMENT Allowance for Loan Losses Summary information on t he allowance for loan loss activity for the period indicated is provided in the following table: Nine Months Ended September 30, (In thousands) 2018 2017 Balance at beginning of year $ 45,257 $ 44,067 Provision for loan losses 5,620 2,450 Loan charge-offs (1,003) (2,044) Loan recoveries 535 451 Net charge-offs (468) (1,593) Balance at period end $ 50,409 $ 44,924 The following tables provide information on the activity in t he allowance for loan losses by the respective loan portfolio segment for the period indicated: For the Nine Months Ended September 30, 2018 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Commercial Owner Residential Residential (Dollars in thousands) Business AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Balance at beginning of year $ 8,711 $ 3,501 $ 14,970 $ 7,178 $ 2,383 $ 7,268 $ 1,246 $ 45,257 Provision (credit) 1,472 1,357 2,145 (577) 144 892 187 5,620 Charge-offs (437) - - - (541) (25) - (1,003) Recoveries 237 62 65 - 113 45 13 535 Net recoveries (charge-offs) (200) 62 65 - (428) 20 13 (468) Balance at end of period $ 9,983 $ 4,920 $ 17,180 $ 6,601 $ 2,099 $ 8,180 $ 1,446 $ 50,409 Total loans $ 738,083 $ 631,589 $ 1,924,397 $ 1,201,673 $ 523,011 $ 1,181,427 $ 188,779 $ 6,388,959 Allowance for loans losses to total loans ratio 1.35% 0.78% 0.89% 0.55% 0.40% 0.69% 0.77% 0.79% Balance of loans specifically evaluated for impairment $ 7,123 $ 136 $ 5,861 $ 3,352 $ N/A $ 1,876 $ - $ 18,348 Allowance for loans specifically evaluated for impairment $ 2,827 $ - $ 1,255 $ 122 $ N/A $ - $ - $ 4,204 Specific allowance to specific loans ratio 39.69% - 21.41% 3.64% N/A - - 22.91% Balance of loans collectively evaluated $ 724,333 $ 631,453 $ 1,912,697 $ 1,196,079 $ 521,705 $ 1,179,540 $ 188,779 $ 6,354,586 Allowance for loans collectively evaluated $ 7,156 $ 4,920 $ 15,925 $ 6,479 $ 2,099 $ 8,180 $ 1,446 $ 46,205 Collective allowance to collective loans ratio 0.99% 0.78% 0.83% 0.54% 0.40% 0.69% 0.77% 0.73% Balance of loans acquired with deteriorated credit quality $ 6,627 $ - $ 5,839 $ 2,242 $ 1,306 $ 11 $ - $ 16,025 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Allowance to loans acquired with deteriorated credit quality ratio $ - $ - $ - $ - $ - $ - $ - $ - For the Year Ended December 31,2017 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Commercial Owner Residential Residential (Dollars in thousands) Business AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Balance at beginning of year $ 7,539 $ 4,652 $ 12,939 $ 7,885 $ 2,828 $ 7,261 $ 963 $ 44,067 Provision (credit) 2,616 (1,254) 1,930 (459) (57) (56) 257 2,977 Charge-offs (1,538) - - (248) (693) (87) - (2,566) Recoveries 94 103 101 - 305 150 26 779 Net recoveries (charge-offs) (1,444) 103 101 (248) (388) 63 26 (1,787) Balance at end of period $ 8,711 $ 3,501 $ 14,970 $ 7,178 $ 2,383 $ 7,268 $ 1,246 $ 45,257 Total loans $ 497,948 $ 292,443 $ 1,112,710 $ 857,196 $ 455,829 $ 921,435 $ 176,687 $ 4,314,248 Allowance for loan losses to total loans ratio 1.75% 1.20% 1.35% 0.84% 0.52% 0.79% 0.71% 1.05% Balance of loans specifically evaluated for impairment $ 8,105 $ 136 $ 5,575 $ 4,078 $ N/A $ 2,915 $ - $ 20,809 Allowance for loans specifically evaluated for impairment $ 3,220 $ - $ 663 $ 131 $ N/A $ - $ - $ 4,014 Specific allowance to specific loans ratio 39.73% - 11.89% 3.21% N/A - - 19.29% Balance of loans collectively evaluated $ 489,843 $ 292,307 $ 1,107,135 $ 853,118 $ 455,829 $ 918,520 $ 176,687 $ 4,293,439 Allowance for loans collectively evaluated $ 5,491 $ 3,501 $ 14,307 $ 7,047 $ 2,383 $ 7,268 $ 1,246 $ 41,243 Collective allowance to collective loans ratio 1.12% 1.20% 1.29% 0.83% 0.52% 0.79% 0.71% 0.96% The following table provides summary information regarding impaired loans at the dates indicated and for the periods then ended: (In thousands) September 30, 2018 December 31, 2017 Impaired loans with a specific allowance $ 11,450 $ 11,693 Impaired loans without a specific allowance 6,898 9,116 Total impaired loans $ 18,348 $ 20,809 Allowance for loan losses related to impaired loans $ 4,204 $ 4,014 Allowance for loan losses related to loans collectively evaluated 46,205 41,243 Total allowance for loan losses $ 50,409 $ 45,257 Average impaired loans for the period $ 19,712 $ 23,179 Contractual interest income due on impaired loans during the period $ 1,888 $ 2,314 Interest income on impaired loans recognized on a cash basis $ 473 $ 754 Interest income on impaired loans recognized on an accrual basis $ 109 $ 169 The following tables present the recorded investment with respect to impaired loans, the associated allowance by the applicable portfolio segment and the principal balance of the impaired loans prior to amounts charged-off at the dates indicated: September 30, 2018 Commercial Real Estate Total Recorded Commercial All Investment in Commercial Commercial Owner Other Impaired (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Loans Impaired loans with a specific allowance Non-accruing $ 3,261 $ - $ 5,157 $ - $ - $ 8,418 Restructured accruing 335 - - - - 335 Restructured non-accruing 1,922 - - 775 - 2,697 Balance $ 5,518 $ - $ 5,157 $ 775 $ - $ 11,450 Allowance $ 2,827 $ - $ 1,255 $ 122 $ - $ 4,204 Impaired loans without a specific allowance Non-accruing $ 175 $ - $ 704 $ 1,054 $ - $ 1,933 Restructured accruing 436 - - - 1,453 1,889 Restructured non-accruing 994 136 - 1,523 423 3,076 Balance $ 1,605 $ 136 $ 704 $ 2,577 $ 1,876 $ 6,898 Total impaired loans Non-accruing $ 3,436 $ - $ 5,861 $ 1,054 $ - $ 10,351 Restructured accruing 771 - - - 1,453 2,224 Restructured non-accruing 2,916 136 - 2,298 423 5,773 Balance $ 7,123 $ 136 $ 5,861 $ 3,352 $ 1,876 $ 18,348 Unpaid principal balance in total impaired loans $ 10,255 $ 1,248 $ 10,467 $ 5,723 $ 2,633 $ 30,326 September 30, 2018 Commercial Real Estate Total Recorded Commercial All Investment in Commercial Commercial Owner Other Impaired (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Loans Average impaired loans for the period $ 7,710 $ 136 $ 5,782 $ 3,720 $ 2,364 $ 19,712 Contractual interest income due on impaired loans during the period $ 736 $ 283 $ 478 $ 283 $ 108 Interest income on impaired loans recognized on a cash basis $ 227 $ - $ 21 $ 129 $ 96 Interest income on impaired loans recognized on an accrual basis $ 53 $ - $ - $ - $ 56 December 31, 2017 Commercial Real Estate Total Recorded Commercial All Investment in Commercial Commercial Owner Other Impaired (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Loans Impaired loans with a specific allowance Non-accruing $ 4,516 $ - $ 5,157 $ - $ - $ 9,673 Restructured accruing 1,129 - - - - 1,129 Restructured non-accruing 108 - - 783 - 891 Balance $ 5,753 $ - $ 5,157 $ 783 $ - $ 11,693 Allowance $ 3,220 $ - $ 663 $ 131 $ - $ 4,014 Impaired loans without a specific allowance Non-accruing $ 391 $ - $ 418 $ 1,318 $ - $ 2,127 Restructured accruing 273 - - 496 890 1,659 Restructured non-accruing 1,688 136 - 1,481 2,025 5,330 Balance $ 2,352 $ 136 $ 418 $ 3,295 $ 2,915 $ 9,116 Total impaired loans Non-accruing $ 4,907 $ - $ 5,575 $ 1,318 $ - $ 11,800 Restructured accruing 1,402 - - 496 890 2,788 Restructured non-accruing 1,796 136 - 2,264 2,025 6,221 Balance $ 8,105 $ 136 $ 5,575 $ 4,078 $ 2,915 $ 20,809 Unpaid principal balance in total impaired loans $ 11,263 $ 1,248 $ 10,166 $ 6,331 $ 3,681 $ 32,689 December 31, 2017 Commercial Real Estate Total Recorded Commercial All Investment in Commercial Commercial Owner Other Impaired (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Loans Average impaired loans for the period $ 7,903 $ 137 $ 6,835 $ 5,336 $ 2,968 $ 23,179 Contractual interest income due on impaired loans during the period $ 828 $ 333 $ 669 $ 400 $ 84 Interest income on impaired loans recognized on a cash basis $ 204 $ - $ 24 $ 394 $ 132 Interest income on impaired loans recognized on an accrual basis $ 111 $ - $ - $ 26 $ 32 Credit Quality The following tables provide information on the credit quality of the loan portfolio by segment at the dates indicated: September 30, 2018 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Owner Residential Residential (In thousands) Commercial AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Non-performing loans and assets: Non-accrual loans (1) $ 6,352 $ 136 $ 5,861 $ 3,352 $ 4,098 $ 9,134 $ 163 $ 29,096 Loans 90 days past due 150 1,261 - 13 563 - - 1,987 Restructured loans 771 - - - - 1,453 - 2,224 Total non-performing loans 7,273 1,397 5,861 3,365 4,661 10,587 163 33,307 Other real estate owned 39 365 497 - - 1,217 - 2,118 Total non-performing assets $ 7,312 $ 1,762 $ 6,358 $ 3,365 $ 4,661 $ 11,804 $ 163 $ 35,425 (1) Includes $1.3 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. December 31, 2017 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Owner Residential Residential (In thousands) Commercial AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Non-performing loans and assets: Non-accrual loans $ 6,703 $ 136 $ 5,575 $ 3,582 $ 2,967 $ 7,196 $ 177 $ 26,336 Loans 90 days past due - - - - - 225 - 225 Restructured loans 1,402 - - 496 - 890 - 2,788 Total non-performing loans 8,105 136 5,575 4,078 2,967 8,311 177 29,349 Other real estate owned 39 365 - 400 - 1,449 - 2,253 Total non-performing assets $ 8,144 $ 501 $ 5,575 $ 4,478 $ 2,967 $ 9,760 $ 177 $ 31,602 September 30, 2018 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Owner Residential Residential (In thousands) Commercial AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Past due loans 31-60 days $ 473 $ 2,749 $ 3,295 $ 1,700 $ 1,885 $ 9,023 $ 3,802 $ 22,927 61-90 days 1,431 1,910 428 1,933 1,382 2,222 391 9,697 > 90 days 150 1,261 - 13 563 - - 1,987 Total past due 2,054 5,920 3,723 3,646 3,830 11,245 4,193 34,611 Non-accrual loans (1) 6,352 136 5,861 3,352 4,098 9,134 163 29,096 Loans acquired with deteriorated credit quality 6,627 - 5,839 2,242 1,306 11 - 16,025 Current loans 723,050 625,533 1,908,974 1,192,433 513,777 1,161,037 184,423 6,309,227 Total loans $ 738,083 $ 631,589 $ 1,924,397 $ 1,201,673 $ 523,011 $ 1,181,427 $ 188,779 $ 6,388,959 (1) Includes $1.3 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. December 31, 2017 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Owner Residential Residential (In thousands) Commercial AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Past due loans 31-60 days $ 587 $ - $ 775 $ 414 $ 2,107 $ 6,100 $ - $ 9,983 61-90 days - - - - 106 3,103 - 3,209 > 90 days - - - - - 225 - 225 Total past due 587 - 775 414 2,213 9,428 - 13,417 Non-accrual loans 6,703 136 5,575 3,582 2,967 7,196 177 26,336 Current loans 490,658 292,307 1,106,360 853,200 450,649 904,811 176,510 4,274,495 Total loans $ 497,948 $ 292,443 $ 1,112,710 $ 857,196 $ 455,829 $ 921,435 $ 176,687 $ 4,314,248 The following tables provide information by credit risk rating indicators for each segment of the commercial loan portfolio at the dates indicated: September 30, 2018 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 714,372 $ 631,132 $ 1,898,911 $ 1,186,129 $ 4,430,544 Special Mention 4,333 321 13,786 5,114 23,554 Substandard 19,378 136 11,700 10,430 41,644 Doubtful - - - - - Total $ 738,083 $ 631,589 $ 1,924,397 $ 1,201,673 $ 4,495,742 December 31, 2017 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 482,924 $ 292,307 $ 1,103,480 $ 845,102 $ 2,723,813 Special Mention 2,443 - 3,517 5,505 11,465 Substandard 12,581 136 5,713 6,589 25,019 Doubtful - - - - - Total $ 497,948 $ 292,443 $ 1,112,710 $ 857,196 $ 2,760,297 Homogeneous loan pools do not have individual loans subjected to internal risk ratings therefore, the credit indicator applied to these pools is based on their delinquency status. The following tables provide information by credit risk rating indicators for those remaining segments of the loan portfolio at the dates indicated: September 30, 2018 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 518,350 $ 1,170,840 $ 188,616 $ 1,877,806 Non-performing: 90 days past due 563 - - 563 Non-accruing (1) 4,098 9,134 163 13,395 Restructured loans - 1,453 - 1,453 Total $ 523,011 $ 1,181,427 $ 188,779 $ 1,893,217 (1) Includes $1.3 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. December 31, 2017 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 452,862 $ 913,124 $ 176,510 $ 1,542,496 Non-performing: 90 days past due - 225 - 225 Non-accruing 2,967 7,196 177 10,340 Restructured loans - 890 - 890 Total $ 455,829 $ 921,435 $ 176,687 $ 1,553,951 During the nine months ended September 30, 2018 , the Company restructured $1.6 million in loans that were designated as troubled debt restructurings . No modifications resulted in the redu ction of the principal in the associated loan balances. Restructured loans are subject to periodic credit reviews to determine the necessity and adequacy of a specific loan loss allowance based on the collectability of the recorded investment in the restructured loan. Loans r estructured during the nine months ended September 30, 2018 had specific reserves of $0.6 million . For the year ended December 31, 2017 , the Company restructured $2.1 million in loans. Modifications consisted principally of interest rate concessions and no modifications resulted in the reduction of the recorded investment in the associated loan balances. Loans restructured during 2017 had specific reserves of $0.2 million at December 31, 2017 . The commitments to lend additional funds on loans that h ave been restructured at September 30, 2018 and December 31, 2017 were not significant. The following table provides the amounts of the restructured loans at the date of restructuring for specific segments of the loan portfolio during the period indicated: For the Nine Months Ended September 30, 2018 Commercial Real Estate Commercial All Commercial Commercial Owner Other (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Total Troubled debt restructurings Restructured accruing $ - $ - $ - $ - $ - $ - Restructured non-accruing 1,464 - - 158 - 1,622 Balance $ 1,464 $ - $ - $ 158 $ - $ 1,622 Specific allowance $ 563 $ - $ - $ - $ - $ 563 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - For the Year Ended December 31, 2017 Commercial Real Estate Commercial All Commercial Commercial Owner Other (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Total Troubled debt restructurings Restructured accruing $ 492 $ - $ - $ - $ - $ 492 Restructured non-accruing 1,019 - - 540 - 1,559 Balance $ 1,511 $ - $ - $ 540 $ - $ 2,051 Specific allowance $ 247 $ - $ - $ - $ - $ 247 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - Other Real Estate Owned Other real estate owned totaled $2.1 million and $2.3 million at September 30, 2018 and December 31, 2017 , respectively . There were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process as of September 30, 2018 . |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | Note 6 – Goodwill and Other Intangible Assets The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table: September 30, 2018 Weighted December 31, 2017 Weighted Gross Net Average Gross Net Average Carrying Accumulated Carrying Remaining Carrying Accumulated Carrying Remaining (Dollars in thousands) Amount Amortization Amount Life Amount Amortization Amount Life Amortizing intangible assets: Core deposit intangibles $ 10,678 $ (1,456) $ 9,222 9.3 years $ - $ - $ - - Other identifiable intangibles 1,477 (372) 1,105 10.8 years 786 (206) 580 13.1 years Total amortizing intangible assets $ 12,155 $ (1,828) $ 10,327 $ 786 $ (206) $ 580 Goodwill $ 345,422 $ 345,422 $ 85,768 $ 85,768 During 2018, the acquisition of WashingtonFirst and subsidiaries resulted in the addition of $0.7 million in other intangible assets. The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: (In thousands) Amount 2018 $ 540 2019 1,944 2020 1,720 2021 1,507 Thereafter 4,616 Total amortizing intangible assets $ 10,327 The amount of goodwill by reportable segment recognized in the WashingtonFirst acquisition is presented in the following table: Community Investment (Dollars in thousands) Banking Insurance Management Total Balance December 31, 2017 $ 69,991 $ 6,788 $ 8,989 $ 85,768 WashingtonFirst Acquisition 259,455 - 199 259,654 Balance September 30, 2018 $ 329,446 $ 6,788 $ 9,188 $ 345,422 |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
DEPOSITS | Note 7 – Deposits The following table presents the composition of deposits at the dates indicated: (In thousands) September 30, 2018 December 31, 2017 Noninterest-bearing deposits $ 1,902,537 $ 1,264,392 Interest-bearing deposits: Demand 679,856 658,716 Money market savings 1,615,492 1,030,432 Regular savings 340,794 321,171 Time deposits of less than $100,000 426,545 293,201 Time deposits of $100,000 or more 933,170 395,750 Total interest-bearing deposits 3,995,857 2,699,270 Total deposits $ 5,898,394 $ 3,963,662 |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 9 Months Ended |
Sep. 30, 2018 | |
Brokers and Dealers [Abstract] | |
SUBORDINATED DEBENTURES | Note 8 – SUBORDINATED DEBENTURES In conjunction with the acquisition, the Company assumed $25.0 million in non-callable subordinated debt and $10.3 million in callable junior subordinated debt securities. The associated purchase premiums at acquisition were $2.2 million and $0.1 million, respectively. The premiums are amortized over the contractual life of each obligation. The subordinated debt has a maturity of ten years, is due in full on October 15, 2025, is non-callable and currently bears a fixed i nterest rate of 6.00% per annum, payable quarterly, subject to a reset after 5 years (on October 5, 2020) at 3 month LIBOR plus 467 basis points. The entire amount of subordinated debt is considered Tier 2 capital under current regulatory guidelines. In 2 003, Alliance Bankshares Corporation, which was acquired by WashingtonFirst in 2012, issued $10.3 million of junior subordinated debt securities to Alliance Virginia Capital Trust I, of which Alliance Bankshares Corporation owned all of the common securiti es. The trust used the proceeds from the issuance of its underlying common securities and preferred securities, which were sold to third parties, to purchase the debt securities. These debt securities are the trust’s only assets and the interest payments from the debentures finance the distributions paid on the preferred securities. The obligations under the debt securities were assumed by the Company at the date of acquisition. The debt securities are due on June 30, 2033 and are callable at any time, wit hout penalty. The interest rate associated with the debt securities is three month LIBOR plus 3.15% subject to quarterly interest rate adjustments. The interest ra te as of September 30, 2018 was 5.55 %. Under the indenture governing the debt securities, the Comp any has the right to defer payments of interest for up to twenty consecutive quarterly periods. During any such extension period, distributions on the trust’s preferred securities will also be deferred, and the Company’s ability to pay dividends on its com mon stock will be restricted. The trust’s preferred securities are mandatorily redeemable upon maturity of the debt securities, or upon earlier redemption as provided in the indenture. If the debt securities are redeemed prior to maturity, the redemption p rice will be the principal amount and any accrued but unpaid interest. The Company unconditionally guarantees payment of accrued and unpaid distributions required to be paid on the trust securities subject to certain exceptions, the redemption price with r espect to any trust securities called for redemption and amounts due if the trust is liquidat ed or terminated. As of September 30 , 2018, the Company was current on all interest payments. Under current regulatory guidelines the trust preferred securities are con sidered to be Tier 1 capital. The following table provides information on subordinated debentures for the period indicated: As of, (In thousands) January 1, 2018 September 30, 2018 Subordinated debentures $ 25,000 $ 25,000 Add: Purchase accounting premium 2,158 2,058 Trust preferred securities 10,310 10,310 Add: Purchase accounting premium 96 92 Total subordinated debentures $ 37,564 $ 37,460 |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2018 | |
Share Based Compensation [Abstract] | |
SHARE BASED COMPENSATION | Note 9 – Share Based Compensation At September 30, 2018 , the Company had two share based compensation plans in existence, the 2005 Omnibus Stock Plan (“Omnibus Stock Plan”) and the 2015 Omnibus Incentive Plan (“Omnibus Incentive Plan”). The Omnibus Stock Plan expired during the second quarter of 2015 but has outstanding options that may still be exercised. The Omnibus Incentive Plan is described in the following paragraph. The Co mpany’s Omnibus Incentive Plan was approved on May 6, 2015 and provides for the granting of incentive stock options, non-qualifying stock options , stock appreci ation rights , restricted stock grants , restricted stock units and performance awards to selected employees on a periodic basis at the discretion of the board. The Omnibus Incentive Plan auth orizes the issuance of up to 1,5 00,000 shares of common stock, of which 1,244 ,015 are available for issuance at September 30, 2018 , has a term of ten years, and is administered by a committee of at least three directors appointed by the board of directors. Options granted under the plan have an exercise price which may not be less than 100% of the fair market value of the common stock on the date of the grant and must be exercised within seven to ten years from the date of grant. The exercise price of stock options must be paid for in full in cash or shares of common stock, or a combination of both. The board committee has the discretion when making a grant of stock options to impose restrictions on the shares to be purchased upo n the exercise of such options. T he Company generally issues authorized but previously unissued sh ares to satisfy option exercises. The fair values of all of the options granted for the periods indicated have been estimated using a bino mial option-pricing model. T he weighted-average assumptions for the periods shown are presented in the following tabl e: Nine Months Ended September 30, 2018 2017 Dividend yield 2.64 % 2.45 % Weighted average expected volatility 39.13 % 40.27 % Weighted average risk-free interest rate 2.61 % 2.14 % Weighted average expected lives (in years) 5.61 5.67 Weighted average grant-date fair value $11.73 $13.42 The dividend yield is based on estimated future dividend yields. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury yield curve in effect at the time of the grant. Expected volatilities are generally based on historical volatilities. The expected term of share options granted is generally derived from historical experience. Compensation expense is recognized on a straight-line basis over the vesting period of the respective stock option or restricted stock grant. The Company recognized compensation expense of $0.6 million and $0.5 million for the three months ended September 30, 2018 and 2017 , respectively, related to the awards of stock option s and restricted stock grants. Compensation expense of $1.8 million and $1.5 million was recognized for the nine months ended September 30, 2018 and 2017, respectively. The intrinsic value of stock options exercised in the nine months ended September 30, 2018 and 2017 was $0. 4 million and $0.6 million, respectively. The total of unrecognized compensation cost related to stock options was approximately $0. 3 million as of September 30, 2018 . That cost is expected to be recognized over a weighted average period of approximately 2. 0 years . The total of unrecognized compensation cost related to restric ted stock was approximately $5.8 million as of September 30, 2018 . That cost is expected to be recognized over a weighted average period of approximately 3.1 years . The fair value of the options vested during the nine months ended September 30, 2018 and 2017 , was not significant. In the first quarter of 2018 , 16,212 stock options were granted, subject to a three year vesting schedule with one third of the options vesting on April 1 st of each year . The Company granted 36,003 shares of restricted stock in the first quarter of 2018 , of which 9,170 shares are subject to a three year vesting schedule with one third of the shares vesting each year and 26,833 shares subject to a five year vesting schedule with one fifth of the shares vesting each year. During the second quarter of 2018, the Company granted 46,582 shares of restricted stock, all of which are subject to a five year vesting schedule with one fifth of shares vesting on April 1 st of each year . A summary of share option activity for the period indicated is reflected in the following table: Weighted Number Weighted Average Aggregate of Average Contractual Intrinsic Common Exercise Remaining Value Shares Share Price Life (Years) (in thousands) Balance at January 1, 2018 87,300 $ 26.22 $ 1,160 Granted 16,212 $ 38.15 Exercised (19,918) $ 21.24 $ 367 Forfeited (920) $ 36.19 Expired (196) $ 42.48 Balance at September 30, 2018 82,478 $ 29.61 3.9 $ 837 Exercisable at September 30, 2018 52,771 $ 25.36 2.9 $ 749 Weighted average fair value of options granted during the year $ 11.73 A summary of the activity for the Company’s restricted stock for the period indicated is presented in the following table: Number Weighted of Average Common Grant-Date (In dollars, except share data): Shares Fair Value Restricted stock at January 1, 2018 189,035 $ 30.92 Granted 82,585 $ 38.93 Vested (64,875) $ 27.74 Forfeited (1,892) $ 32.44 Restricted stock at September 30, 2018 204,853 $ 35.14 |
PENSION, PROFIT SHARING, AND OT
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2018 | |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] | |
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS | Note 10 – Pension, Profit Sharing, and Other Employee Benefit Plans Defined Benefit Pension Plan The Company has a qualified, noncontributory, defined benefit pension plan (the “Plan”). Benefits after January 1, 2005, are based on the benefit earned as of December 31, 2004, plus benefits earned in future years of service based on the employee’s compensation during each such year. All benefit accruals for employees were frozen as of December 31, 2007 based on past service and thus salary increas es and additional years of service after such date no longer affect the defined benefit provided by the plan although additional vesting may continue to occur. The Company's funding policy is to contribute amounts to the plan sufficient to meet the minim um funding requirements of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended. In addition, the Company contributes additional amounts as it deems appropriate based on benefits attributed to service prior to the date of the plan free ze. The Plan invests primarily in a diversified portfolio of managed fixed income and equity funds. The components of net periodic benefit cost for the periods indicated are presented in the following table: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Interest cost on projected benefit obligation $ 385 $ 410 $ 1,155 $ 1,230 Expected return on plan assets (466) (497) (1,396) (1,489) Recognized net actuarial loss 250 296 750 886 Net periodic benefit cost $ 169 $ 209 $ 509 $ 627 Contributions The decision as to whether or not to make a plan contribution and the amount of any such contribution is dependent on a number of factors. Such factors include the investment performance of the plan assets in the current economy and, since the plan is currently frozen, the remaining investmen t horizon of the plan. After consideration of these factors, the Company made a contribution of $0.2 million to the plan during the second and third quarters of 2018. The Company did not make any contributions to the plan during the first quarter of 2018. Management continues to monitor the funding level of the pension plan and may make additional contri butions as necessary during 2018 . |
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE | Note 11 – Net Income per Common Share The calculation of net income per common share for the periods indicated is presented in the following table: Three Months Ended September 30, Nine Months Ended September 30, (Dollars and amounts in thousands, except per share data) 2018 2017 2018 2017 Net income $ 29,234 $ 15,089 $ 75,298 $ 44,942 Basic: Basic weighted average EPS shares 35,723 24,200 35,699 24,171 Basic net income per share $ 0.82 $ 0.62 $ 2.11 $ 1.86 Diluted: Basic weighted average EPS shares 35,723 24,200 35,699 24,171 Dilutive common stock equivalents 21 23 23 30 Dilutive EPS shares 35,744 24,223 35,722 24,201 Diluted net income per share $ 0.82 $ 0.62 $ 2.11 $ 1.86 Anti-dilutive shares 6 5 6 3 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income Loss [Abstract] | |
OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 12 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive income is defined as net income plus transactions and other occurrences that are the result of non-owner changes in equity. For condensed financial statements presented for the Company, non-owner changes in equity are comprised of unrealized gains or losses on available-for-sale debt securities and any minimum pension liability adjustments. The following table presents the activity in net accumulated other comprehensive income ( loss) and the components of the activity for the periods indicated: Unrealized Gains (Losses) on Investments Defined Benefit (In thousands) Available-for-Sale Pension Plan Total Balance at January 1, 2018 $ 687 $ (7,544) $ (6,857) Other comprehensive income before reclassification, net of tax (16,479) - (16,479) Reclassifications from accumulated other comprehensive income, net of tax (107) 500 393 Current period change in other comprehensive income, net of tax (16,586) 500 (16,086) Reclassification of tax effects from accumulated other comprehensive income 148 (1,625) (1,477) Balance at September 30, 2018 $ (15,751) $ (8,669) $ (24,420) Unrealized Gains (Losses) on Investments Defined Benefit (In thousands) Available-for-Sale Pension Plan Total Balance at January 1, 2017 $ 1,642 $ (8,256) $ (6,614) Other comprehensive income before reclassification, net of tax 3,382 - 3,382 Reclassifications from accumulated other comprehensive income, net of tax (767) 522 (245) Current period change in other comprehensive income, net of tax 2,615 522 3,137 Balance at September 30, 2017 $ 4,257 $ (7,734) $ (3,477) The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income for the periods indicated: Nine Months Ended September 30, (In thousands) 2018 2017 Unrealized gains on investments available-for-sale Affected line item in the Statements of Income: Investment securities gains $ 145 $ 1,275 Income before taxes 145 1,275 Tax expense (38) (508) Net income $ 107 $ 767 Amortization of defined benefit pension plan items Affected line item in the Statements of Income: Recognized actuarial loss (1) $ (750) $ (886) Income before taxes (750) (886) Tax benefit 250 364 Net loss $ (500) $ (522) (1) This amount is included in the computation of net periodic benefit cost, see Note 10 In the first quarter of 2018, the Company elected to make a one-time reclassification from accumulated other comprehensive income to retained earnings for the effects of re-measuring the deferred tax assets and liabilities originally recorded in other comprehensive income as a result of the change in the federal tax rate by the Tax Cut s and Jobs Act. |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND DERIVATIVES | 9 Months Ended |
Sep. 30, 2018 | |
Financial Instruments With Off- Balance Sheet Risk and Derivatives [Abstract] | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND DERIVATIVES | Note 13 – Financial Instruments with Off-balance Sheet Risk and Derivatives The Company has entered into interest rate swaps (“swaps”) to facilitate customer transactions and meet their financing needs. These swaps qualify as derivatives, but are not designated as hedging instruments. Interest rate swap contracts involve the risk of dealing with counterparties and their ability to meet contractual terms. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty or customer owes the Company, and results in credit risk to the Company. When the fair value of a derivative instrument contract is negative, the Company owes the customer or counterparty and therefore, has no credit risk. The notional va lue of commercial loan swaps outstanding was $1 7 . 2 m illion with a fair value of $0.4 million a s of September 30, 2018 compared to $17 . 8 m illion with a fair value of $0.7 million as of December 31, 2017 . The swap positions are offset to minimize the potential impact on the Company’s financial statements . Fair values of the swaps are carried as both gross asset s and gross liabilities in the C ondensed C onsolidated S tatements of C ondition. The associated net gains and losses on the swaps are recorded in other no n-interest income. |
LITIGATION
LITIGATION | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | Note 14 – Litigation The Company and its subsidiaries are subject in the ordinary course of business to various pending or threatened legal proceedings in which claims for monetary damages are asserted. After consultation with legal counsel, management does not anticipate that the ultimate liability, if any, arising out of these legal matters will have a material adverse effect on the Company's financial condition, operating results or liquidity. |
FAIR VALUE
FAIR VALUE | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | Note 15 – Fair Value Generally accepted accounting principles provide entities the option to measure eligible financial assets, financial liabilities and commitments at fair value (i.e. the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value under other accounting standards. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a commitm ent. Subsequent changes in fair value must be recorded in earnings. The Company applies the fair value option on residential mortgage loans held for sale. The fair value option on residential mortgage loans held for sale allows the recognition of gains on sale of mortgage loans to more accurately reflect the timing and economics of the transaction. The standard for fair value measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. T he hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hier archy are described below. Basis of Fair Value Measurement: Level 1- Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2- Quoted prices in markets that are not a ctive, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3- Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobserv able (i.e. supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Changes to interest rates may result in cha nges in the cash flows due to prepayments or extinguishments. Accordingly, this could result in higher or lower measurements of the fair values. Assets and Liabilities Mortgage loans held for sale Mortgage loans held for sale are valued based on quotations from the secondary market for similar instruments and are classified as Level 2 of the fair value hierarchy. Investments available-for-sale U.S. government agencies and mortgage-back ed securities Valuations are based on active market data and use of evaluated broker pricing models that vary based by asset class and includes available trade, bid, and other market information. Generally, the methodology includes broker quotes, proprietary models, descriptive terms and conditions databases coupled with extensive quality control programs. Multiple quality control evaluation processes review available market, credit and deal level information to support the evaluation of the security. If th ere is a lack of objectively verifiable information available to support the valuation, the evaluation of the security is discontinued. Additionally, proprietary models and pricing systems, mathematical tools, actual transacted prices, integration of mark et developments and experienced evaluators are used to determine the value of a security based on a hierarchy of market information regarding a security or securities with similar characteristics. The Company does not adjust the quoted price for such secu rities. Such instruments are generally classified within Level 2 of the fair value hierarchy. State and municipal securities Proprietary valuation matrices are used for valuing all tax-exempt municipals that can incorporate changes in the municipal marke t as they occur. Market evaluation models include the ability to value bank qualified municipals and general market municipals that can be broken down further according to insurer, credit support, state of issuance and rating to incorporate additional spr eads and municipal curves. Taxable municipals are valued using a third party model that incorporates a methodology that captures the trading nuances associated with these bonds. Such instruments are generally classified within Level 2 of the fair value h ierarchy. Interest rate swap agreements Interest rate swap agreements are measured by alternative pricing sources with reasonable levels of price transparency in markets that are not active. Based on the complex nature of interest rate swap agreements, the markets these instruments trade in are not as efficient and are less liquid than that of the more mature Level 1 markets. These markets do however have comparable, observable inputs in which an alternative pricing source values these assets in order t o arrive at a fair market value. These characteristics classify interest rate swap agreements as Level 2. Assets Measured at Fair Value on a Recurring Basis The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for or disclosed at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: September 30, 2018 Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets Residential mortgage loans held for sale $ - $ 31,581 $ - $ 31,581 Investments available-for-sale: U.S. government agencies - 239,456 - 239,456 State and municipal - 296,506 - 296,506 Mortgage-backed - 380,631 - 380,631 Corporate debt - - 9,252 9,252 Trust preferred - - 310 310 Marketable equity securities - 568 - 568 Interest rate swap agreements - 432 - 432 Liabilities Interest rate swap agreements $ - $ (432) $ - $ (432) December 31, 2017 Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets Residential mortgage loans held for sale $ - $ 9,848 $ - $ 9,848 Investments available-for-sale: U.S. government agencies - 106,568 - 106,568 State and municipal - 312,253 - 312,253 Mortgage-backed - 300,040 - 300,040 Corporate debt - - 9,432 9,432 Trust preferred - - 1,002 1,002 Marketable equity securities - 212 - 212 Interest rate swap agreements - 707 - 707 Liabilities Interest rate swap agreements $ - $ (707) $ - $ (707) The following table provides unrealized losses included in assets measured in the Condensed Consolidated Statements of Condition at fair value on a recurring basis for the period indicated: Significant Unobservable Inputs (In thousands) (Level 3) Investments available-for-sale: Balance at January 1, 2018 $ 10,434 Additions of Level 3 assets 310 Principal sales (1,002) Total unrealized losses included in other comprehensive loss (180) Balance at September 30, 2018 $ 9,562 Assets Measured at Fair Value on a Nonrecurring Basis The following table sets forth the Company’s financial assets subject to fair value adjustments (impairment) on a nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: September 30, 2018 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Total Losses Impaired loans $ - $ - $ 6,995 $ 6,995 $ (12,022) Other real estate owned - - 2,118 2,118 (215) Total $ - $ - $ 9,113 $ 9,113 $ (12,237) December 31, 2017 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Total Losses Impaired loans $ - $ - $ 8,474 $ 8,474 $ (11,806) Other real estate owned - - 2,253 2,253 (158) Total $ - $ - $ 10,727 $ 10,727 $ (11,964) At September 30, 2018 , impaired loans totaling $18.3 million were written down to fair value of $14.1 million as a result of spe cific loan loss allowances of $4 . 2 million associated with the impaired loans which was included in the allowance for loan losses. Impaired loans totaling $20.8 million were wri tten down to fair value of $16.8 million at December 31, 2017 as a result of speci fic loan loss allowances of $4.0 million associated with the impaired loans. Loan impairment is measured using the present value of expected cash flows, the loan’s observable market price or the fair value of the collateral (less selling costs) if the loans are collateral dependent. Collateral may be real estate and/or business assets including equipment, inventory and/or acc ounts receivable. The value of business equipment, inventory and accounts receivable collateral is based on net book value on the business’ financial statements and, if necessary, discounted based on management’s review and analysis. Appraised and reporte d values may be discounted based on management’s historical experience , changes in market conditions from the time of valuation, and/or management’s expertise and knowledge of the client and client’s business. Impaired loans are reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted accordingly, based on the factors identified above. Valuation techniques are consistent with those techniques applied in prior periods. Other real estate owned (“OREO”) is adjusted to fair value upon transfer of the loans to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value. The estimated fair value for other real estate owned included in Level 3 is determined by independent market based appraisals and other available market information, less cost to sell, that may be reduced further based on market expectations or an executed sales agreement. If the fair value of the collateral deteriorates subseque nt to initial recognition, the Company records the OREO as a non-recurring Level 3 adjustment. Valuation techniques are consistent with those techniques applied in prior periods. Fair Value of Financial Instruments The Company discloses fair value information of financial instruments that are not measured at fair value in the financial statements based on the exit price notion. Fair value is the amount at which a financial instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation, and is best evidenced by a quoted market price, if one exists. Quoted market prices, where available, are shown as estimates of fair market values. Because no quoted market prices are available for a significant portion of the Company's financial instruments, the fair value of such instruments has been derived based on the amount and timing of future cash flows and estimated discount rates based on observable inputs (“Level 2 ”) or unobservable inputs (“Level 3”). Present value techniques used in estimating the fair value of many of the Company's financial instruments are significantly affected by the assumptions used. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate cash settlement of the instrument. Additionally, the accompanying estimates of fair values are only representative of the fair values of the individu al financial assets and liabilities, and should not be considered an indication of the fair value of the Company. Management utilizes internal models used in asset liability management to determine the fair values disclosed below. The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented in the following table: Fair Value Measurements September 30, 2018 Quoted Prices in Estimated Active Markets for Significant Other Significant Carrying Fair Identical Assets Observable Inputs Unobservable Inputs (In thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets Other equity securities $ 66,074 $ 66,074 $ - $ 66,074 $ - Loans, net of allowance 6,338,550 6,157,550 - - 6,157,550 Other assets 110,161 110,161 - 110,161 - Financial Liabilities Time deposits $ 1,359,715 $ 1,366,044 $ - $ 1,366,044 $ - Securities sold under retail repurchase agreements and federal funds purchased 142,669 142,669 - 142,669 - Advances from FHLB 866,445 868,094 - 868,094 - Subordinated debentures 37,460 32,644 - - 32,644 Fair Value Measurements December 31, 2017 Quoted Prices in Estimated Active Markets for Significant Other Significant Carrying Fair Identical Assets Observable Inputs Unobservable Inputs (In thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets Other equity securities $ 45,518 $ 45,518 $ - $ 45,518 $ - Loans, net of allowance 4,268,991 4,320,719 - - 4,320,719 Other assets 95,730 95,730 - 95,730 - Financial Liabilities Time deposits $ 688,951 $ 684,139 $ - $ 684,139 $ - Securities sold under retail repurchase agreements and federal funds purchased 119,359 119,359 - 119,359 - Advances from FHLB 765,833 769,860 - 769,860 - Subordinated debentures - - - - - |
SEGMENT REPORTING
SEGMENT REPORTING | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | N ote 16 - Segment Reporting Currently, the Company conducts business in three operating segments—Community Banking, Insurance and Investment Management. Each of the operating segments is a strategic business unit that offers different products and services. The Insurance and Investment Management segments were businesses that were acquired in separate transactions where management of the acquired business was retained. The accounting policies of the segments are the same as those of the Compa ny. However, the segment data reflect inter-segment transactions and balances. The Community Banking segment is conducted through Sandy Spring Bank and involves delivering a broad range of financial products and services, including various loan and depos it products to both individuals and businesses. Parent company income is included in the Community Banking segment, as the majority of effort of these functions is related to this segment. Major revenue sources include net interest income, gains on sales of mortga ge loans, trust income fees and service charges on deposit accounts. Expenses include personnel, occupancy, marketing, equipment and other expenses. Non-cash charges associated with amortization of intangibles was $0.5 million and $1.6 million for the three and nine months ended September 30, 2018 , respectively. This amount was not significant for the three and nine months ended September 30, 2017 . The Insurance segment is conducted through Sandy Spring Insurance Corporation, a subsidiary of the Bank, and offers annuities as an alternative to traditional deposit accounts. Sandy Spring Insurance Corporation operates Sandy Spring Insurance, a general insurance agency located in Annapolis, Maryland, and Neff and Associates, located in Ocean City, Maryland. Major sources of revenue are insurance commissions from commercial lines, personal lines, and medical liability lines. Expenses include personnel a nd support charges. Non-cash charges associated with amortization of intangibles were not significant for the three and nine months ended September 30, 2018 and 2017 , respectively. The Investment Management segment is conducted through West Financial Servi ces, Inc., a subsidiary of the Bank. This asset management and financial planning firm, located in McLean, Virginia, provides comprehensive investment management and financial planning to individuals, families, small businesses and associations including cash flow analysis, investment review, tax planning, retirement planning, insurance analysis and estate planning. West Financial currently has approximately $1. 6 billion in assets under management. Major revenue sources include non-interest income earned on the above services. Expenses include personnel and support charges. Non-cash charges associated with amortization of intangibles were not significant for the three and nine months ended September 30, 2018 and 2017 , respectively. Information for the operating segments and reconciliation of the information to the condensed consolidated financial statements for the periods indicated is presented in the following tables: Three Months Ended September 30, 2018 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 84,374 $ 1 $ 2 $ (3) $ 84,374 Interest expense 16,786 - - (3) 16,783 Provision for loan losses 1,890 - - - 1,890 Noninterest income 10,707 2,018 2,462 (154) 15,033 Noninterest expense 39,372 1,564 1,611 (154) 42,393 Income before income taxes 37,033 455 853 - 38,341 Income tax expense 8,755 127 225 - 9,107 Net income $ 28,278 $ 328 $ 628 $ - $ 29,234 Assets $ 8,038,263 $ 9,473 $ 15,969 $ (29,140) $ 8,034,565 Three Months Ended September 30, 2017 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 49,590 $ - $ 2 $ (3) $ 49,589 Interest expense 6,895 - - (3) 6,892 Provision for loan losses 934 - - - 934 Non-interest income 8,915 1,948 2,092 (209) 12,746 Non-interest expense 28,634 1,559 1,207 (209) 31,191 Income before income taxes 22,042 389 887 - 23,318 Income tax expense 7,725 158 346 - 8,229 Net income $ 14,317 $ 231 $ 541 $ - $ 15,089 Assets $ 5,333,539 $ 7,499 $ 11,807 $ (18,057) $ 5,334,788 Nine Months Ended September 30, 2018 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 238,474 $ 2 $ 5 $ (6) $ 238,475 Interest expense 44,181 - - (6) 44,175 Provision for loan losses 5,620 - - - 5,620 Noninterest income 35,130 5,019 7,331 (461) 47,019 Noninterest expense 128,705 4,245 4,627 (461) 137,116 Income before income taxes 95,098 776 2,709 - 98,583 Income tax expense 22,357 218 710 - 23,285 Net income $ 72,741 $ 558 $ 1,999 $ - $ 75,298 Assets $ 8,038,263 $ 9,473 $ 15,969 $ (29,140) $ 8,034,565 Nine Months Ended September 30, 2017 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 144,123 $ 1 $ 6 $ (7) $ 144,123 Interest expense 18,854 - - (7) 18,847 Provision for loan losses 2,450 - - - 2,450 Non-interest income 28,545 4,923 6,109 (628) 38,949 Non-interest expense 87,035 4,238 3,395 (628) 94,040 Income before income taxes 64,329 686 2,720 - 67,735 Income tax expense 21,454 279 1,060 - 22,793 Net income $ 42,875 $ 407 $ 1,660 $ - $ 44,942 Assets $ 5,333,539 $ 7,499 $ 11,807 $ (18,057) $ 5,334,788 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Sandy Spring Bancorp (the “Company”), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”). Independent and community-oriented, Sandy Spring Bank offers a broad range of commercial banking, retail banking, mortgage and trust services throughout central Maryland, Northern Virginia, and the g reater Washington, D.C. market. Through its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc., Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services. |
Basis of Presentation | Basis of Presentation The accou nting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Reg ulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements and prevailing practices within the banking industry. The following summary of significant accounting policies of the Company is pre sented to assist the reader in understanding the financial and other data presented in this report. Operating results for the three and nine months ended September 30, 2018 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2018 . In the opinion of management, all adjustments (comprising only normal recurring accruals) necessary for a fair presentation of the results of the interim periods have been incl uded. Certain reclassifications have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of the issuance of its financial statements. These statement s should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2017 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 23, 2018 . There have been no sign ificant changes to the Company’s accounting p olicies as disclosed in the 2017 Annual Report on Form 10-K. |
Principles of Consolidation | Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned su bsidiary, Sandy Spring Bank and its subsidiaries, Sandy Spring Insurance Corporation and West Financial Services, Inc. Consolidation has resulted in the elimination of all intercompany accounts and transactions. |
Use of Estimates | Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and affect the reported a mounts of revenues earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Estimates that could change significantly relate to the provision for loan losses and the related allowance, determination of imp aired loans and the related measurement of impairment, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether impaired securities are other-than-temporarily impaired, valuation of ot her real estate owned, prepayment rates, valuation of share-based compensation, the assessment that a liability should be recognized with respect to any matters under litigation, the calculation of current and deferred income taxes and the actuarial projec tions related to pension expense and the related liability. |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less). |
Revenue from Contract with Customers [Policy Text Block] | Revenue from Contracts with Customers The Company’s revenue includes net interest income on financial instruments and non-interest income. Specific categories of revenue are presented in the Condensed Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard Update (ASU) No. 2014-09 – Revenue from Contracts with Customers. For revenue within the scope of ASU 2014-09, the Company provides services to customers and has related performance obligations. The revenue from such services is recognized upon satisfaction of all contractual performance obligations. The following discusses key revenue streams within the scope of the new revenue recognition guidance. Wealth M anagement Income West Financial Services, Inc., a subsidiary of the Bank, provides comprehensive investment management and financial planning services. Wealth management income is comprised of income for providing trust, estate and investment management se rvices. Trust services include acting as a trustee for corporate or personal trusts. Investment management services include investment management, record-keeping and reporting of security portfolios. Fees for these services are recognized based on a contra ctually-agreed fixed percentage applied to net assets under management at the end of each reporting period. The Company does not charge/recognize any performance based fees. Insurance Agency Commissions Sandy Spring Insurance, a subsidiary of the Bank, pe rforms the function of an insurance intermediary by introducing the policyholder and insurer and is compensated by a commission fee for placement of an insurance policy. Sandy Spring Insurance does not provide any captive management services or any claim h andling services. Commission fees are set as a percentage of the premium for the insurance policy for which the Sandy Spring Insurance is a producer. The Company recognizes revenue when the insurance policy has been contractually agreed to by the insurer a nd policyholder (at transaction date). Service Charges on Deposit Accounts Service charges on deposit accounts are earned on depository accounts for consumer and commercial account holders and include fees for account and overdraft services. Account servi ces include fees for event-driven services and periodic account maintenance activities. The obligation for event-driven services is satisfied at the time of the event when service is delivered and revenue recognized as earned. Obligation for maintenance ac tivities is satisfied over the course of each month and revenue recognized at month end. Obligation for overdraft services is satisfied at the time of the overdraft and revenue recognized as earned. |
Loans Acquired with Deteriorated Credit Quality [Policy Text Block] | Loans Acquired with Deteriorated Credit Quality Acquired loans with evidence of credit deterioration since their origination as of the date of the acquisition are recorded at their initial fair value. Credit deterioration is determined based on the probability of collection of all contractually required princi pal and interest payments. The historical allowance for loan losses related to the acquired loans is not carried over to the Company’s financial statements. The determination of credit quality deterioration as of the purchase date may include parameters such as past due and non-accrual status, commercial risk ratings, cash flow projections, type of loan and collateral, collateral value and recent loan-to-value ratios or appraised values. For loans acquired with evidence of credit deterioration, the Compa ny determines at the acquisition date the excess of the loan’s contractually required payments over all cash flows expected to be collected as an amount that should not be accreted into interest income (nonaccretable difference). The remaining amount, repr esenting the difference in the expected cash flows of acquired loans and the initial investment in the acquired loans, is accreted into interest income over the remaining life of the loan or pool of loans (accretable yield). Subsequent to the purchase date , increases in expected cash flows over those expected at the purchase date are recognized prospectively as interest income over the remaining life of the loan as an adjustment to the accretable yield. The present value of any decreases in expected cash f lows after the purchase date is recognized as an impairment through addition to the valuation allowance. |
Pending Accounting Pronouncements | Adopted Accounting Pronouncements The FASB issued Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) , in May 2014 that provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts to provide goods or services to customers. The guidance also provides for a model for the measurement and recognition of gains and losses on the sale of certain nonfinancial assets, such as property and equipment, including real estate. The Company’s revenue is comprised of net interest income and non-interest income. The guidance does not apply to revenue associated with financial in struments, net interest income, mortgage origination and servicing activities, and gains and losses from securities. Accordingly, the majority of the Company’s revenues have not been affected. The following revenue streams were identified to be in scope of ASC 606: 1) wealth management income; 2) insurance agency commissions; and 3) service charges on deposit accounts. The Company adopted the standard on January 1, 2018 using modified retrospective adoption method. The Company’s accounting policies and reve nue recognition principles did not change materially as the principles of ASC 606 are largely consistent with the current revenue recognition practices. The FASB issued Update No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Re classification of Certain Tax Effects from Accumulated Other Comprehensive Income , in February 2018. The guidance permits entities to reclassify from accumulated other comprehensive income (“OCI”) to retained earnings stranded income tax effects resulting from the Tax Cuts and Jobs Act enacted in December 2017. The Company made the election to adopt this guidance during the first quarter of 2018 and reclassified $ 1.5 million of stranded income tax effects from OCI to retained earnings. The Company made the adjustment between OCI and retained earnings in the Condensed Consolidated Statements of Changes in Stockholders’ Equity as of the beginning of the current reporting period. The FASB issued Update No. 2016-01, Financial Instruments – (Subtopic 825-10): Re cognition and Measurement of Financial Assets and Liabilities” , in January 2016. This guidance amends the presentation and accounting for certain financial instruments, including liabilities measured at fair value under fair value option and equity invest ments. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. The Company adopted the guidance in the first quarter 2018 with no impact to retained earnings or other comprehensive income. The Company has no investments in marketable equity securities classified as available-for-sale accounted for at fair value. The Company’s marketable equity securities that do not have determinable fair values are measured at cost less any impairm ent. The Company’s existing accounting policy is consistent with the measurement alternative provided by the guidance. For purposes of disclosing fair values of financial instruments carried at amortized cost, we determined the fair values based on “exit p rice” as required by the guidance. Pending Accounting Pronouncements The FASB issued Update No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities , in March 2017. This guidance is intended to eliminate the current diversity in practice with respect to the amortization period for certain purchased callable debt securities held at a premium. Under current GAAP, entities generally amortize the premium as an adjustment of yi eld over the contractual life. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. The amendments in this update shorten the amortization period for such callabl e debt securities held at a premium requiring the premium to be amortized to the earliest call date. This guidance is effective for a public business entity that is a U.S. Securities and Exchange Commission (SEC) filer for its fiscal years, and interim per iods within those fiscal years, beginning after December 15, 2019. The adoption of this standard is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The FASB issued Update No. 2017-04, Intang ibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , in January 2017. The objective of this guidance is to simplify an entity’s required test for impairment of goodwill by eliminating Step 2 from the goodwill impairment test. In Step 2 an entity measured a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. In computing the implied fair value of goodwill, an entity had to determine the fair valu e at the impairment date of its assets and liabilities, including any unrecognized assets and liabilities, following a procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Unde r this Update, an entity should perform its annual or quarterly goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount and record an impairment charge for the excess of the carrying amount over the reporting uni t’s fair value. The loss recognized should not exceed the total amount of goodwill allocated to the reporting unit and the entity must consider the income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measu ring the goodwill impairment loss, if applicable. This guidance is effective for a public business entity that is an SEC filer for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of this s tandard is not expected to have a material impact on the Company’s financial position, results of operations or cash flows. The FASB issued Update No. 2016-13, Current Expected Credit Losses (CECL) , in June 2016. This guidance changes the impairment model for most financial assets measured at amortized cost and certain other instruments. Entities will be required to use an expected loss model, replacing the incurred loss model that is currently in use. Under the new guidance, an entity will measure all exp ected credit losses for financial instruments held at the reporting date based on historical experience, current condition and reasonable and supportable forecasts. This will result in earlier recognition of loss allowances in most instances. Credit losse s related to available-for-sale debt securities (regardless of whether the impairment is considered to be other-than-temporary) will be measured in a manner similar to the present, except that such losses will be recorded as allowances rather than as reduc tions in the amortized cost of the related securities. With respect to trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures, the guidance requires that an entity estimate its lifetime expected credit loss and record an allowance resulting in the net amount expected to be collected to be reflected as the financial asset. Entities are also required to provide significantly more disclosures, including information used to track c redit quality by year of origination for most financing receivables. This guidance is effective for public business entities for the first interim or annual period beginning after December 15, 2019. The standard’s provisions will be applied as a cumulative -effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Early adoption by public business entities is permitted for the first interim or annual period beginning after December 15, 2018. The Company assessed the guidance and has identified the available historical loan level information and completed a data gap analysis. The Company is in process of reviewing various calculation methodologies and the approximate impact on the Company’s fin ancial position, results of operations and cash flows. The FASB issued Update No. 2016-02 , Leases , in February 2016. From the lessee’s perspective, the new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for lessees. The guid ance also eliminates the current real estate-specific provision and changes the guidance on sale-leaseback transactions, initial direct costs and lease executory costs. With respect to lessors, the guidance modifies the classification criteria and the acco unting for sales-type and direct financing leases. All entities will classify leases to determine how to recognize lease-related revenue and expense. In applying this guidance entities will also need to determine whether an arrangement contains a lease or service agreement. Disclosures are required by lessees and lessors to meet the objective of enabling users of financials statements to assess the amount, timing, and uncertainty of cash flows arising from leases. For public entities, this guidance is effec tive for the first interim or annual period beginning after December 15, 2018. Early adoption is permitted. The Company assess ed this guidance and collected relevant terms for each of its lease agreements. The Company is in process of quantifying the impac t on the Company’s financial position, results of operations and cash flows. |
ACQUISITION OF WASHINGTONFIRS_2
ACQUISITION OF WASHINGTONFIRST BANKSHARES INC (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Acqusition of WashingtonFirst Bankshares Inc. [Abstract] | |
Provisional fair values of acquired identifiable assets and liabilities assumed | (In thousands) January 1, 2018 Purchase Price: Fair value of common shares issued (11,446,197 shares) based on Sandy Spring's share price of $39.02 $ 446,640 Cash for fractional shares 10 Total purchase price $ 446,650 Identifiable assets: Cash and cash equivalents $ 32,497 Residential mortgage loans held for sale 25,789 Investment securities 302,321 Loans 1,680,278 Premises and equipment 4,602 Other Real Estate Owned 497 Accrued Interest Receivable 6,648 Other Intangible assets 11,370 Other Assets 34,654 Total identifiable assets $ 2,098,656 Identifiable liabilities: Deposits $ 1,610,327 Borrowings 283,808 Other Liabilities 17,525 Total identifiable liabilities $ 1,911,660 Provisional fair value of net assets acquired including identifiable intangible assets 186,996 Provisional resulting goodwill $ 259,654 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Amortized cost and Estimated fair values of Investments Available-for-sale | September 30, 2018 December 31, 2017 Gross Gross Estimated Gross Gross Estimated Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. treasuries and government agencies $ 246,840 $ - $ (7,384) $ 239,456 $ 109,349 $ - $ (2,781) $ 106,568 State and municipal 297,348 1,952 (2,794) 296,506 306,109 6,313 (169) 312,253 Mortgage-backed 393,878 472 (13,719) 380,631 302,664 1,585 (4,209) 300,040 Corporate debt 9,100 152 - 9,252 9,100 332 - 9,432 Trust preferred 310 - - 310 931 71 - 1,002 Total debt securities 947,476 2,576 (23,897) 926,155 728,153 8,301 (7,159) 729,295 Marketable equity securities 568 - - 568 212 - - 212 Total investments available-for-sale $ 948,044 $ 2,576 $ (23,897) $ 926,723 $ 728,365 $ 8,301 $ (7,159) $ 729,507 |
Other Equity Securities | Equity securities Other equity securities at the dates indicated are presented in the following table: (In thousands) September 30, 2018 December 31, 2017 Federal Reserve Bank stock $ 22,456 $ 8,398 Federal Home Loan Bank of Atlanta stock 43,618 37,120 Total equity securities $ 66,074 $ 45,518 |
Available-for-Sale Securities | |
Gross Unrealized Losses and Fair Value by Length of Time | Gross unrealized losses and fair value by length of time that the individual available-for-sale securities have been in an unrealized loss position at the dates indicated are presented in the following table: September 30, 2018 Continuous Unrealized Losses Existing for: Number Total of Less than More than Unrealized (Dollars in thousands) Securities Fair Value 12 months 12 months Losses U.S. treasuries and government agencies 48 $ 239,456 $ 1,799 $ 5,585 $ 7,384 State and municipal 133 126,066 2,617 177 2,794 Mortgage-backed 140 358,854 5,858 7,861 13,719 Total 321 $ 724,376 $ 10,274 $ 13,623 $ 23,897 December 31, 2017 Continuous Unrealized Losses Existing for: Number Total of Less than More than Unrealized (Dollars in thousands) Securities Fair Value 12 months 12 months Losses U.S. treasuries and government agencies 13 $ 106,568 $ 545 $ 2,236 $ 2,781 State and municipal 20 18,228 107 62 169 Mortgage-backed 46 221,621 402 3,807 4,209 Total 79 $ 346,417 $ 1,054 $ 6,105 $ 7,159 |
Amortized Cost and Estimated Fair Values of Investment Securities | The amortized cost and estimated fair values of debt securities available-for-sale by contractual maturity at the dates indicated are provided in the following table. The Company has allocated mortgage-backed securities into the four maturity groupings reflected in the following table using the expected av erage life of the individual securities based on statistics provided by independent third party industry sources. Expected maturities will differ from contractual maturities as borrowers may have the right to prepay obligations with o r without prepayment penalties. September 30, 2018 December 31, 2017 Estimated Estimated Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Due in one year or less $ 58,653 $ 59,057 $ 12,789 $ 12,889 Due after one year through five years 263,959 263,262 180,109 184,264 Due after five years through ten years 278,132 269,055 228,484 227,688 Due after ten years 346,732 334,781 306,771 304,454 Total debt securities available for sale $ 947,476 $ 926,155 $ 728,153 $ 729,295 |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Loans and Leases [Abstract] | |
Loan Portfolio Segment Balances | (In thousands) September 30, 2018 December 31, 2017 Residential real estate: Residential mortgage $ 1,181,427 $ 921,435 Residential construction 188,779 176,687 Commercial real estate: Commercial owner occupied real estate 1,201,673 857,196 Commercial investor real estate 1,924,397 1,112,710 Commercial AD&C 631,589 292,443 Commercial business 738,083 497,948 Consumer 523,011 455,829 Total loans $ 6,388,959 $ 4,314,248 |
Loans acquired accounted for at fair value | (Dollars in thousands) January 1, 2018 Gross amortized cost basis at January 1, 2018 $ 1,697,760 Interest rate fair value adjustment 15,591 Credit fair value adjustment on pools of homogeneous loans (22,421) Credit fair value adjustment on purchased credit impaired loans (10,652) Fair value of acquired loan portfolio at January 1, 2018 $ 1,680,278 |
Acquired credit impaired loans receivable | (Dollars in thousands) January 1, 2018 Contractual principal and interest at acquisition $ 33,275 Contractual cash flows not expected to be collected (Nonaccretable yield) (12,466) Expected cash flows at acquisition 20,809 Interest component of expected cash flows (Accretable yield) (2,616) Fair value of purchased credit impaired loans $ 18,193 |
Accretable yield activity since acquisition date | For the Nine Months Ended September 30, 2018 (Dollars in thousands) Accretable yield at the beginning of the period $ - Addition of accretable yield due to acquisition 2,616 Accretion into interest income (962) Disposals (including maturities, foreclosures, and charge-offs) (694) Accretable yield at the end of the period. $ 960 |
CREDIT QUALITY ASSESSMENT (Tabl
CREDIT QUALITY ASSESSMENT (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Summary Information on Allowance for Loan and Lease Loss Activity | Summary information on t he allowance for loan loss activity for the period indicated is provided in the following table: Nine Months Ended September 30, (In thousands) 2018 2017 Balance at beginning of year $ 45,257 $ 44,067 Provision for loan losses 5,620 2,450 Loan charge-offs (1,003) (2,044) Loan recoveries 535 451 Net charge-offs (468) (1,593) Balance at period end $ 50,409 $ 44,924 |
Activity in Allowance for Loan and Lease Losses by Respective Loan Portfolio Segment | The following tables provide information on the activity in t he allowance for loan losses by the respective loan portfolio segment for the period indicated: For the Nine Months Ended September 30, 2018 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Commercial Owner Residential Residential (Dollars in thousands) Business AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Balance at beginning of year $ 8,711 $ 3,501 $ 14,970 $ 7,178 $ 2,383 $ 7,268 $ 1,246 $ 45,257 Provision (credit) 1,472 1,357 2,145 (577) 144 892 187 5,620 Charge-offs (437) - - - (541) (25) - (1,003) Recoveries 237 62 65 - 113 45 13 535 Net recoveries (charge-offs) (200) 62 65 - (428) 20 13 (468) Balance at end of period $ 9,983 $ 4,920 $ 17,180 $ 6,601 $ 2,099 $ 8,180 $ 1,446 $ 50,409 Total loans $ 738,083 $ 631,589 $ 1,924,397 $ 1,201,673 $ 523,011 $ 1,181,427 $ 188,779 $ 6,388,959 Allowance for loans losses to total loans ratio 1.35% 0.78% 0.89% 0.55% 0.40% 0.69% 0.77% 0.79% Balance of loans specifically evaluated for impairment $ 7,123 $ 136 $ 5,861 $ 3,352 $ N/A $ 1,876 $ - $ 18,348 Allowance for loans specifically evaluated for impairment $ 2,827 $ - $ 1,255 $ 122 $ N/A $ - $ - $ 4,204 Specific allowance to specific loans ratio 39.69% - 21.41% 3.64% N/A - - 22.91% Balance of loans collectively evaluated $ 724,333 $ 631,453 $ 1,912,697 $ 1,196,079 $ 521,705 $ 1,179,540 $ 188,779 $ 6,354,586 Allowance for loans collectively evaluated $ 7,156 $ 4,920 $ 15,925 $ 6,479 $ 2,099 $ 8,180 $ 1,446 $ 46,205 Collective allowance to collective loans ratio 0.99% 0.78% 0.83% 0.54% 0.40% 0.69% 0.77% 0.73% Balance of loans acquired with deteriorated credit quality $ 6,627 $ - $ 5,839 $ 2,242 $ 1,306 $ 11 $ - $ 16,025 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Allowance to loans acquired with deteriorated credit quality ratio $ - $ - $ - $ - $ - $ - $ - $ - For the Year Ended December 31,2017 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Commercial Owner Residential Residential (Dollars in thousands) Business AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Balance at beginning of year $ 7,539 $ 4,652 $ 12,939 $ 7,885 $ 2,828 $ 7,261 $ 963 $ 44,067 Provision (credit) 2,616 (1,254) 1,930 (459) (57) (56) 257 2,977 Charge-offs (1,538) - - (248) (693) (87) - (2,566) Recoveries 94 103 101 - 305 150 26 779 Net recoveries (charge-offs) (1,444) 103 101 (248) (388) 63 26 (1,787) Balance at end of period $ 8,711 $ 3,501 $ 14,970 $ 7,178 $ 2,383 $ 7,268 $ 1,246 $ 45,257 Total loans $ 497,948 $ 292,443 $ 1,112,710 $ 857,196 $ 455,829 $ 921,435 $ 176,687 $ 4,314,248 Allowance for loan losses to total loans ratio 1.75% 1.20% 1.35% 0.84% 0.52% 0.79% 0.71% 1.05% Balance of loans specifically evaluated for impairment $ 8,105 $ 136 $ 5,575 $ 4,078 $ N/A $ 2,915 $ - $ 20,809 Allowance for loans specifically evaluated for impairment $ 3,220 $ - $ 663 $ 131 $ N/A $ - $ - $ 4,014 Specific allowance to specific loans ratio 39.73% - 11.89% 3.21% N/A - - 19.29% Balance of loans collectively evaluated $ 489,843 $ 292,307 $ 1,107,135 $ 853,118 $ 455,829 $ 918,520 $ 176,687 $ 4,293,439 Allowance for loans collectively evaluated $ 5,491 $ 3,501 $ 14,307 $ 7,047 $ 2,383 $ 7,268 $ 1,246 $ 41,243 Collective allowance to collective loans ratio 1.12% 1.20% 1.29% 0.83% 0.52% 0.79% 0.71% 0.96% |
Summary of Impaired Loans | The following table provides summary information regarding impaired loans at the dates indicated and for the periods then ended: (In thousands) September 30, 2018 December 31, 2017 Impaired loans with a specific allowance $ 11,450 $ 11,693 Impaired loans without a specific allowance 6,898 9,116 Total impaired loans $ 18,348 $ 20,809 Allowance for loan losses related to impaired loans $ 4,204 $ 4,014 Allowance for loan losses related to loans collectively evaluated 46,205 41,243 Total allowance for loan losses $ 50,409 $ 45,257 Average impaired loans for the period $ 19,712 $ 23,179 Contractual interest income due on impaired loans during the period $ 1,888 $ 2,314 Interest income on impaired loans recognized on a cash basis $ 473 $ 754 Interest income on impaired loans recognized on an accrual basis $ 109 $ 169 |
Recorded Investment with Respect to Impaired loans, Associated Allowance by Applicable Portfolio Segment and Principal Balance of Impaired Loans Prior to Amounts Charged-Off | The following tables present the recorded investment with respect to impaired loans, the associated allowance by the applicable portfolio segment and the principal balance of the impaired loans prior to amounts charged-off at the dates indicated: September 30, 2018 Commercial Real Estate Total Recorded Commercial All Investment in Commercial Commercial Owner Other Impaired (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Loans Impaired loans with a specific allowance Non-accruing $ 3,261 $ - $ 5,157 $ - $ - $ 8,418 Restructured accruing 335 - - - - 335 Restructured non-accruing 1,922 - - 775 - 2,697 Balance $ 5,518 $ - $ 5,157 $ 775 $ - $ 11,450 Allowance $ 2,827 $ - $ 1,255 $ 122 $ - $ 4,204 Impaired loans without a specific allowance Non-accruing $ 175 $ - $ 704 $ 1,054 $ - $ 1,933 Restructured accruing 436 - - - 1,453 1,889 Restructured non-accruing 994 136 - 1,523 423 3,076 Balance $ 1,605 $ 136 $ 704 $ 2,577 $ 1,876 $ 6,898 Total impaired loans Non-accruing $ 3,436 $ - $ 5,861 $ 1,054 $ - $ 10,351 Restructured accruing 771 - - - 1,453 2,224 Restructured non-accruing 2,916 136 - 2,298 423 5,773 Balance $ 7,123 $ 136 $ 5,861 $ 3,352 $ 1,876 $ 18,348 Unpaid principal balance in total impaired loans $ 10,255 $ 1,248 $ 10,467 $ 5,723 $ 2,633 $ 30,326 September 30, 2018 Commercial Real Estate Total Recorded Commercial All Investment in Commercial Commercial Owner Other Impaired (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Loans Average impaired loans for the period $ 7,710 $ 136 $ 5,782 $ 3,720 $ 2,364 $ 19,712 Contractual interest income due on impaired loans during the period $ 736 $ 283 $ 478 $ 283 $ 108 Interest income on impaired loans recognized on a cash basis $ 227 $ - $ 21 $ 129 $ 96 Interest income on impaired loans recognized on an accrual basis $ 53 $ - $ - $ - $ 56 December 31, 2017 Commercial Real Estate Total Recorded Commercial All Investment in Commercial Commercial Owner Other Impaired (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Loans Impaired loans with a specific allowance Non-accruing $ 4,516 $ - $ 5,157 $ - $ - $ 9,673 Restructured accruing 1,129 - - - - 1,129 Restructured non-accruing 108 - - 783 - 891 Balance $ 5,753 $ - $ 5,157 $ 783 $ - $ 11,693 Allowance $ 3,220 $ - $ 663 $ 131 $ - $ 4,014 Impaired loans without a specific allowance Non-accruing $ 391 $ - $ 418 $ 1,318 $ - $ 2,127 Restructured accruing 273 - - 496 890 1,659 Restructured non-accruing 1,688 136 - 1,481 2,025 5,330 Balance $ 2,352 $ 136 $ 418 $ 3,295 $ 2,915 $ 9,116 Total impaired loans Non-accruing $ 4,907 $ - $ 5,575 $ 1,318 $ - $ 11,800 Restructured accruing 1,402 - - 496 890 2,788 Restructured non-accruing 1,796 136 - 2,264 2,025 6,221 Balance $ 8,105 $ 136 $ 5,575 $ 4,078 $ 2,915 $ 20,809 Unpaid principal balance in total impaired loans $ 11,263 $ 1,248 $ 10,166 $ 6,331 $ 3,681 $ 32,689 December 31, 2017 Commercial Real Estate Total Recorded Commercial All Investment in Commercial Commercial Owner Other Impaired (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Loans Average impaired loans for the period $ 7,903 $ 137 $ 6,835 $ 5,336 $ 2,968 $ 23,179 Contractual interest income due on impaired loans during the period $ 828 $ 333 $ 669 $ 400 $ 84 Interest income on impaired loans recognized on a cash basis $ 204 $ - $ 24 $ 394 $ 132 Interest income on impaired loans recognized on an accrual basis $ 111 $ - $ - $ 26 $ 32 |
Credit Quality of Loan Portfolio by Segment | The following tables provide information on the credit quality of the loan portfolio by segment at the dates indicated: September 30, 2018 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Owner Residential Residential (In thousands) Commercial AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Non-performing loans and assets: Non-accrual loans (1) $ 6,352 $ 136 $ 5,861 $ 3,352 $ 4,098 $ 9,134 $ 163 $ 29,096 Loans 90 days past due 150 1,261 - 13 563 - - 1,987 Restructured loans 771 - - - - 1,453 - 2,224 Total non-performing loans 7,273 1,397 5,861 3,365 4,661 10,587 163 33,307 Other real estate owned 39 365 497 - - 1,217 - 2,118 Total non-performing assets $ 7,312 $ 1,762 $ 6,358 $ 3,365 $ 4,661 $ 11,804 $ 163 $ 35,425 (1) Includes $1.3 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. December 31, 2017 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Owner Residential Residential (In thousands) Commercial AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Non-performing loans and assets: Non-accrual loans $ 6,703 $ 136 $ 5,575 $ 3,582 $ 2,967 $ 7,196 $ 177 $ 26,336 Loans 90 days past due - - - - - 225 - 225 Restructured loans 1,402 - - 496 - 890 - 2,788 Total non-performing loans 8,105 136 5,575 4,078 2,967 8,311 177 29,349 Other real estate owned 39 365 - 400 - 1,449 - 2,253 Total non-performing assets $ 8,144 $ 501 $ 5,575 $ 4,478 $ 2,967 $ 9,760 $ 177 $ 31,602 September 30, 2018 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Owner Residential Residential (In thousands) Commercial AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Past due loans 31-60 days $ 473 $ 2,749 $ 3,295 $ 1,700 $ 1,885 $ 9,023 $ 3,802 $ 22,927 61-90 days 1,431 1,910 428 1,933 1,382 2,222 391 9,697 > 90 days 150 1,261 - 13 563 - - 1,987 Total past due 2,054 5,920 3,723 3,646 3,830 11,245 4,193 34,611 Non-accrual loans (1) 6,352 136 5,861 3,352 4,098 9,134 163 29,096 Loans acquired with deteriorated credit quality 6,627 - 5,839 2,242 1,306 11 - 16,025 Current loans 723,050 625,533 1,908,974 1,192,433 513,777 1,161,037 184,423 6,309,227 Total loans $ 738,083 $ 631,589 $ 1,924,397 $ 1,201,673 $ 523,011 $ 1,181,427 $ 188,779 $ 6,388,959 (1) Includes $1.3 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. December 31, 2017 Commercial Real Estate Residential Real Estate Commercial Commercial Commercial Owner Residential Residential (In thousands) Commercial AD&C Investor R/E Occupied R/E Consumer Mortgage Construction Total Past due loans 31-60 days $ 587 $ - $ 775 $ 414 $ 2,107 $ 6,100 $ - $ 9,983 61-90 days - - - - 106 3,103 - 3,209 > 90 days - - - - - 225 - 225 Total past due 587 - 775 414 2,213 9,428 - 13,417 Non-accrual loans 6,703 136 5,575 3,582 2,967 7,196 177 26,336 Current loans 490,658 292,307 1,106,360 853,200 450,649 904,811 176,510 4,274,495 Total loans $ 497,948 $ 292,443 $ 1,112,710 $ 857,196 $ 455,829 $ 921,435 $ 176,687 $ 4,314,248 |
Restructured Loans for Specific Segments of Loan Portfolio | The following table provides the amounts of the restructured loans at the date of restructuring for specific segments of the loan portfolio during the period indicated: For the Nine Months Ended September 30, 2018 Commercial Real Estate Commercial All Commercial Commercial Owner Other (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Total Troubled debt restructurings Restructured accruing $ - $ - $ - $ - $ - $ - Restructured non-accruing 1,464 - - 158 - 1,622 Balance $ 1,464 $ - $ - $ 158 $ - $ 1,622 Specific allowance $ 563 $ - $ - $ - $ - $ 563 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - For the Year Ended December 31, 2017 Commercial Real Estate Commercial All Commercial Commercial Owner Other (In thousands) Commercial AD&C Investor R/E Occupied R/E Loans Total Troubled debt restructurings Restructured accruing $ 492 $ - $ - $ - $ - $ 492 Restructured non-accruing 1,019 - - 540 - 1,559 Balance $ 1,511 $ - $ - $ 540 $ - $ 2,051 Specific allowance $ 247 $ - $ - $ - $ - $ 247 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - |
Commercial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Risk Rating Indicators | The following tables provide information by credit risk rating indicators for each segment of the commercial loan portfolio at the dates indicated: September 30, 2018 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 714,372 $ 631,132 $ 1,898,911 $ 1,186,129 $ 4,430,544 Special Mention 4,333 321 13,786 5,114 23,554 Substandard 19,378 136 11,700 10,430 41,644 Doubtful - - - - - Total $ 738,083 $ 631,589 $ 1,924,397 $ 1,201,673 $ 4,495,742 December 31, 2017 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 482,924 $ 292,307 $ 1,103,480 $ 845,102 $ 2,723,813 Special Mention 2,443 - 3,517 5,505 11,465 Substandard 12,581 136 5,713 6,589 25,019 Doubtful - - - - - Total $ 497,948 $ 292,443 $ 1,112,710 $ 857,196 $ 2,760,297 |
Non Commercial Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Risk Rating Indicators | Homogeneous loan pools do not have individual loans subjected to internal risk ratings therefore, the credit indicator applied to these pools is based on their delinquency status. The following tables provide information by credit risk rating indicators for those remaining segments of the loan portfolio at the dates indicated: September 30, 2018 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 518,350 $ 1,170,840 $ 188,616 $ 1,877,806 Non-performing: 90 days past due 563 - - 563 Non-accruing (1) 4,098 9,134 163 13,395 Restructured loans - 1,453 - 1,453 Total $ 523,011 $ 1,181,427 $ 188,779 $ 1,893,217 (1) Includes $1.3 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. December 31, 2017 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 452,862 $ 913,124 $ 176,510 $ 1,542,496 Non-performing: 90 days past due - 225 - 225 Non-accruing 2,967 7,196 177 10,340 Restructured loans - 890 - 890 Total $ 455,829 $ 921,435 $ 176,687 $ 1,553,951 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross Carrying Amounts and Accumulated Amortization of Intangible Assets and Goodwill | The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table: September 30, 2018 Weighted December 31, 2017 Weighted Gross Net Average Gross Net Average Carrying Accumulated Carrying Remaining Carrying Accumulated Carrying Remaining (Dollars in thousands) Amount Amortization Amount Life Amount Amortization Amount Life Amortizing intangible assets: Core deposit intangibles $ 10,678 $ (1,456) $ 9,222 9.3 years $ - $ - $ - - Other identifiable intangibles 1,477 (372) 1,105 10.8 years 786 (206) 580 13.1 years Total amortizing intangible assets $ 12,155 $ (1,828) $ 10,327 $ 786 $ (206) $ 580 Goodwill $ 345,422 $ 345,422 $ 85,768 $ 85,768 |
Estimated Future Amortization Expense for Amortizing Intangibles | (In thousands) Amount 2018 $ 540 2019 1,944 2020 1,720 2021 1,507 Thereafter 4,616 Total amortizing intangible assets $ 10,327 |
Net carrying amount of goodwill by segment | Community Investment (Dollars in thousands) Banking Insurance Management Total Balance December 31, 2017 $ 69,991 $ 6,788 $ 8,989 $ 85,768 WashingtonFirst Acquisition 259,455 - 199 259,654 Balance September 30, 2018 $ 329,446 $ 6,788 $ 9,188 $ 345,422 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deposits [Abstract] | |
Composition of Deposits | The following table presents the composition of deposits at the dates indicated: (In thousands) September 30, 2018 December 31, 2017 Noninterest-bearing deposits $ 1,902,537 $ 1,264,392 Interest-bearing deposits: Demand 679,856 658,716 Money market savings 1,615,492 1,030,432 Regular savings 340,794 321,171 Time deposits of less than $100,000 426,545 293,201 Time deposits of $100,000 or more 933,170 395,750 Total interest-bearing deposits 3,995,857 2,699,270 Total deposits $ 5,898,394 $ 3,963,662 |
SUBORDINATED DEBENTURES (Tables
SUBORDINATED DEBENTURES (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Brokers and Dealers [Abstract] | |
Schedule of subordinated debentures | As of, (In thousands) January 1, 2018 September 30, 2018 Subordinated debentures $ 25,000 $ 25,000 Add: Purchase accounting premium 2,158 2,058 Trust preferred securities 10,310 10,310 Add: Purchase accounting premium 96 92 Total subordinated debentures $ 37,564 $ 37,460 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Share Based Compensation [Abstract] | |
Fair Values of all Options Granted Estimated Using Binomial Option-Pricing Model with Weighted-average Assumptions | Nine Months Ended September 30, 2018 2017 Dividend yield 2.64 % 2.45 % Weighted average expected volatility 39.13 % 40.27 % Weighted average risk-free interest rate 2.61 % 2.14 % Weighted average expected lives (in years) 5.61 5.67 Weighted average grant-date fair value $11.73 $13.42 |
Summary of Share Option Activity | A summary of share option activity for the period indicated is reflected in the following table: Weighted Number Weighted Average Aggregate of Average Contractual Intrinsic Common Exercise Remaining Value Shares Share Price Life (Years) (in thousands) Balance at January 1, 2018 87,300 $ 26.22 $ 1,160 Granted 16,212 $ 38.15 Exercised (19,918) $ 21.24 $ 367 Forfeited (920) $ 36.19 Expired (196) $ 42.48 Balance at September 30, 2018 82,478 $ 29.61 3.9 $ 837 Exercisable at September 30, 2018 52,771 $ 25.36 2.9 $ 749 Weighted average fair value of options granted during the year $ 11.73 |
Summary of Activity for Company's Restricted Stock | Number Weighted of Average Common Grant-Date (In dollars, except share data): Shares Fair Value Restricted stock at January 1, 2018 189,035 $ 30.92 Granted 82,585 $ 38.93 Vested (64,875) $ 27.74 Forfeited (1,892) $ 32.44 Restricted stock at September 30, 2018 204,853 $ 35.14 |
PENSION, PROFIT SHARING, AND _2
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] | |
Net Periodic Benefit Cost | The components of net periodic benefit cost for the periods indicated are presented in the following table: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2018 2017 2018 2017 Interest cost on projected benefit obligation $ 385 $ 410 $ 1,155 $ 1,230 Expected return on plan assets (466) (497) (1,396) (1,489) Recognized net actuarial loss 250 296 750 886 Net periodic benefit cost $ 169 $ 209 $ 509 $ 627 |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Common Share | The calculation of net income per common share for the periods indicated is presented in the following table: Three Months Ended September 30, Nine Months Ended September 30, (Dollars and amounts in thousands, except per share data) 2018 2017 2018 2017 Net income $ 29,234 $ 15,089 $ 75,298 $ 44,942 Basic: Basic weighted average EPS shares 35,723 24,200 35,699 24,171 Basic net income per share $ 0.82 $ 0.62 $ 2.11 $ 1.86 Diluted: Basic weighted average EPS shares 35,723 24,200 35,699 24,171 Dilutive common stock equivalents 21 23 23 30 Dilutive EPS shares 35,744 24,223 35,722 24,201 Diluted net income per share $ 0.82 $ 0.62 $ 2.11 $ 1.86 Anti-dilutive shares 6 5 6 3 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Comprehensive Income Loss [Abstract] | |
Net Accumulated Other Comprehensive Income (Loss) | Unrealized Gains (Losses) on Investments Defined Benefit (In thousands) Available-for-Sale Pension Plan Total Balance at January 1, 2018 $ 687 $ (7,544) $ (6,857) Other comprehensive income before reclassification, net of tax (16,479) - (16,479) Reclassifications from accumulated other comprehensive income, net of tax (107) 500 393 Current period change in other comprehensive income, net of tax (16,586) 500 (16,086) Reclassification of tax effects from accumulated other comprehensive income 148 (1,625) (1,477) Balance at September 30, 2018 $ (15,751) $ (8,669) $ (24,420) Unrealized Gains (Losses) on Investments Defined Benefit (In thousands) Available-for-Sale Pension Plan Total Balance at January 1, 2017 $ 1,642 $ (8,256) $ (6,614) Other comprehensive income before reclassification, net of tax 3,382 - 3,382 Reclassifications from accumulated other comprehensive income, net of tax (767) 522 (245) Current period change in other comprehensive income, net of tax 2,615 522 3,137 Balance at September 30, 2017 $ 4,257 $ (7,734) $ (3,477) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income for the periods indicated: Nine Months Ended September 30, (In thousands) 2018 2017 Unrealized gains on investments available-for-sale Affected line item in the Statements of Income: Investment securities gains $ 145 $ 1,275 Income before taxes 145 1,275 Tax expense (38) (508) Net income $ 107 $ 767 Amortization of defined benefit pension plan items Affected line item in the Statements of Income: Recognized actuarial loss (1) $ (750) $ (886) Income before taxes (750) (886) Tax benefit 250 364 Net loss $ (500) $ (522) (1) This amount is included in the computation of net periodic benefit cost, see Note 10 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial assets and Liabilities at Dates Indicated that were Accounted for at Fair Value | The following tables set forth the Company’s financial assets and liabilities at the dates indicated that were accounted for or disclosed at fair value. Assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: September 30, 2018 Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets Residential mortgage loans held for sale $ - $ 31,581 $ - $ 31,581 Investments available-for-sale: U.S. government agencies - 239,456 - 239,456 State and municipal - 296,506 - 296,506 Mortgage-backed - 380,631 - 380,631 Corporate debt - - 9,252 9,252 Trust preferred - - 310 310 Marketable equity securities - 568 - 568 Interest rate swap agreements - 432 - 432 Liabilities Interest rate swap agreements $ - $ (432) $ - $ (432) December 31, 2017 Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs (In thousands) (Level 1) (Level 2) (Level 3) Total Assets Residential mortgage loans held for sale $ - $ 9,848 $ - $ 9,848 Investments available-for-sale: U.S. government agencies - 106,568 - 106,568 State and municipal - 312,253 - 312,253 Mortgage-backed - 300,040 - 300,040 Corporate debt - - 9,432 9,432 Trust preferred - - 1,002 1,002 Marketable equity securities - 212 - 212 Interest rate swap agreements - 707 - 707 Liabilities Interest rate swap agreements $ - $ (707) $ - $ (707) |
Unrealized Losses Included in Assets Measured in Condensed Consolidated Statements of Condition at Fair Value on a Recurring Basis | The following table provides unrealized losses included in assets measured in the Condensed Consolidated Statements of Condition at fair value on a recurring basis for the period indicated: Significant Unobservable Inputs (In thousands) (Level 3) Investments available-for-sale: Balance at January 1, 2018 $ 10,434 Additions of Level 3 assets 310 Principal sales (1,002) Total unrealized losses included in other comprehensive loss (180) Balance at September 30, 2018 $ 9,562 |
Assets Measured at Fair Value on Nonrecurring Basis | The following table sets forth the Company’s financial assets subject to fair value adjustments (impairment) on a nonrecurring basis at the date indicated that are valued at the lower of cost or market. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement: September 30, 2018 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Total Losses Impaired loans $ - $ - $ 6,995 $ 6,995 $ (12,022) Other real estate owned - - 2,118 2,118 (215) Total $ - $ - $ 9,113 $ 9,113 $ (12,237) December 31, 2017 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Total Losses Impaired loans $ - $ - $ 8,474 $ 8,474 $ (11,806) Other real estate owned - - 2,253 2,253 (158) Total $ - $ - $ 10,727 $ 10,727 $ (11,964) |
Carrying Amounts And Fair Values of Company's Financial Instruments | The carrying amounts and fair values of the Company’s financial instruments at the dates indicated are presented in the following table: Fair Value Measurements September 30, 2018 Quoted Prices in Estimated Active Markets for Significant Other Significant Carrying Fair Identical Assets Observable Inputs Unobservable Inputs (In thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets Other equity securities $ 66,074 $ 66,074 $ - $ 66,074 $ - Loans, net of allowance 6,338,550 6,157,550 - - 6,157,550 Other assets 110,161 110,161 - 110,161 - Financial Liabilities Time deposits $ 1,359,715 $ 1,366,044 $ - $ 1,366,044 $ - Securities sold under retail repurchase agreements and federal funds purchased 142,669 142,669 - 142,669 - Advances from FHLB 866,445 868,094 - 868,094 - Subordinated debentures 37,460 32,644 - - 32,644 Fair Value Measurements December 31, 2017 Quoted Prices in Estimated Active Markets for Significant Other Significant Carrying Fair Identical Assets Observable Inputs Unobservable Inputs (In thousands) Amount Value (Level 1) (Level 2) (Level 3) Financial Assets Other equity securities $ 45,518 $ 45,518 $ - $ 45,518 $ - Loans, net of allowance 4,268,991 4,320,719 - - 4,320,719 Other assets 95,730 95,730 - 95,730 - Financial Liabilities Time deposits $ 688,951 $ 684,139 $ - $ 684,139 $ - Securities sold under retail repurchase agreements and federal funds purchased 119,359 119,359 - 119,359 - Advances from FHLB 765,833 769,860 - 769,860 - Subordinated debentures - - - - - |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Operating Segments and Reconciliation of Information to Condensed Consolidated Financial Statements | Information for the operating segments and reconciliation of the information to the condensed consolidated financial statements for the periods indicated is presented in the following tables: Three Months Ended September 30, 2018 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 84,374 $ 1 $ 2 $ (3) $ 84,374 Interest expense 16,786 - - (3) 16,783 Provision for loan losses 1,890 - - - 1,890 Noninterest income 10,707 2,018 2,462 (154) 15,033 Noninterest expense 39,372 1,564 1,611 (154) 42,393 Income before income taxes 37,033 455 853 - 38,341 Income tax expense 8,755 127 225 - 9,107 Net income $ 28,278 $ 328 $ 628 $ - $ 29,234 Assets $ 8,038,263 $ 9,473 $ 15,969 $ (29,140) $ 8,034,565 Three Months Ended September 30, 2017 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 49,590 $ - $ 2 $ (3) $ 49,589 Interest expense 6,895 - - (3) 6,892 Provision for loan losses 934 - - - 934 Non-interest income 8,915 1,948 2,092 (209) 12,746 Non-interest expense 28,634 1,559 1,207 (209) 31,191 Income before income taxes 22,042 389 887 - 23,318 Income tax expense 7,725 158 346 - 8,229 Net income $ 14,317 $ 231 $ 541 $ - $ 15,089 Assets $ 5,333,539 $ 7,499 $ 11,807 $ (18,057) $ 5,334,788 Nine Months Ended September 30, 2018 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 238,474 $ 2 $ 5 $ (6) $ 238,475 Interest expense 44,181 - - (6) 44,175 Provision for loan losses 5,620 - - - 5,620 Noninterest income 35,130 5,019 7,331 (461) 47,019 Noninterest expense 128,705 4,245 4,627 (461) 137,116 Income before income taxes 95,098 776 2,709 - 98,583 Income tax expense 22,357 218 710 - 23,285 Net income $ 72,741 $ 558 $ 1,999 $ - $ 75,298 Assets $ 8,038,263 $ 9,473 $ 15,969 $ (29,140) $ 8,034,565 Nine Months Ended September 30, 2017 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 144,123 $ 1 $ 6 $ (7) $ 144,123 Interest expense 18,854 - - (7) 18,847 Provision for loan losses 2,450 - - - 2,450 Non-interest income 28,545 4,923 6,109 (628) 38,949 Non-interest expense 87,035 4,238 3,395 (628) 94,040 Income before income taxes 64,329 686 2,720 - 67,735 Income tax expense 21,454 279 1,060 - 22,793 Net income $ 42,875 $ 407 $ 1,660 $ - $ 44,942 Assets $ 5,333,539 $ 7,499 $ 11,807 $ (18,057) $ 5,334,788 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |
Income tax effects from OCI to retained earnings | $ 1,477 |
ACQUISITION OF WASHINGTONFIRS_3
ACQUISITION OF WASHINGTONFIRST BANKSHARES INC (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2018shares | Dec. 31, 2017USD ($)Number_Of_Offices | Dec. 29, 2017$ / shares |
Business Acquisition [Line Items] | |||||
Transaction value, business combination | $ 446,650 | ||||
Share Price | $ / shares | $ 39.02 | ||||
Number of shares issued by the company, pursuant to WashingtonFirst acquisition | shares | 11,446,197 | ||||
Assets acquired | 2,098,656 | $ 2,100,000 | |||
(Decrease) in goodwill from re-measurement period adjustment | $ 3,400 | ||||
Provisional amount of goodwill recognized | $ 259,654 | ||||
WashingtonFirst Bankshares Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of Banking Offices | Number_Of_Offices | 19 | ||||
The combined company [Member] | Sandy Spring Shareholders [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired, combined co. | 67.70% | ||||
The combined company [Member] | WashingtonFirst Shareholders [Member] | |||||
Business Acquisition [Line Items] | |||||
Percentage of voting interests acquired, combined co. | 32.30% |
ACQUISITION OF WASHINGTONFIRS_4
ACQUISITION OF WASHINGTONFIRST BANKSHARES INC -acquired assets liabilities (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Purchase price: | |||
Fair value of common share issue (11,446,197 shares), based on Sandy Spring's share price of $36.02 | $ 446,640 | $ 446,640 | |
Cash for fractional shares | 10 | ||
Total purchase price | 446,650 | ||
Identifiable assets and liabilities: | |||
Cash and cash equivalents | 32,497 | ||
Residential mortgage loans held for sale | 25,789 | ||
Investment securities | 302,321 | ||
Loans | 1,680,278 | ||
Premises and equipment | 4,602 | ||
Other Real Estate Owned | 497 | ||
Accrued Interest Receivable | 6,648 | ||
Other Intangible assets | 11,370 | ||
Other Assets | 34,654 | ||
Total identifiable assets | 2,098,656 | $ 2,100,000 | |
Deposits | 1,610,327 | ||
Other Liabilities | 283,808 | ||
Borrowings | 17,525 | ||
Total identifiable liabilities | 1,911,660 | ||
Provisional fair value of net assets acquired including identifiable intangible assets | 186,996 | ||
Provisional resulting goodwill | $ 259,654 |
INVESTMENTS (Additional Informa
INVESTMENTS (Additional Information) (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Investment [Line Items] | ||
Investments available-for-sale book value | $ 596.8 | $ 431.7 |
Government National Mortgage Association Certificates And Obligations Federal National Mortgage Association Certificates And Obligations And Federal Home Loan Mortgage Corporation Certificates And Obligations [Member] | Collateralized Mortgage Obligations [Member] | ||
Investment [Line Items] | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | 144 | |
Government National Mortgage Association Certificates And Obligations Federal National Mortgage Association Certificates And Obligations And Federal Home Loan Mortgage Corporation Certificates And Obligations [Member] | Mortgage Backed Securities [Member] | ||
Investment [Line Items] | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | $ 249.9 |
INVESTMENTS (Amortized Cost and
INVESTMENTS (Amortized Cost and Estimated Fair Values of Investments Available-for-sale) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 948,044 | $ 728,365 |
Gross Unrealized Gains | 2,576 | 8,301 |
Gross Unrealized Losses | (23,897) | (7,159) |
Estimated Fair Value | 926,723 | 729,507 |
Marketable Equity Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 568 | 212 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 568 | 212 |
Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 947,476 | 728,153 |
Gross Unrealized Gains | 2,576 | 8,301 |
Gross Unrealized Losses | (23,897) | (7,159) |
Estimated Fair Value | 926,155 | 729,295 |
Debt Securities | U.S. Government Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 246,840 | 109,349 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7,384) | (2,781) |
Estimated Fair Value | 239,456 | 106,568 |
Debt Securities | State and municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 297,348 | 306,109 |
Gross Unrealized Gains | 1,952 | 6,313 |
Gross Unrealized Losses | (2,794) | (169) |
Estimated Fair Value | 296,506 | 312,253 |
Debt Securities | Mortgage-Backed | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 393,878 | 302,664 |
Gross Unrealized Gains | 472 | 1,585 |
Gross Unrealized Losses | (13,719) | (4,209) |
Estimated Fair Value | 380,631 | 300,040 |
Debt Securities | Corporate Debt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 9,100 | 9,100 |
Gross Unrealized Gains | 152 | 332 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 9,252 | 9,432 |
Debt Securities | Trust Preferred | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 310 | 931 |
Gross Unrealized Gains | 0 | 71 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 310 | $ 1,002 |
INVESTMENTS (Gross Unrealized L
INVESTMENTS (Gross Unrealized Losses and Fair Value by Length of Time of Available-For-Sale Securities) (Detail) $ in Thousands | Sep. 30, 2018USD ($)Securities | Dec. 31, 2017USD ($)Securities |
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 321 | 79 |
Fair Value | $ 724,376 | $ 346,417 |
Less than 12 months | 10,274 | 1,054 |
More than 12 months | 13,623 | 6,105 |
Total Unrealized Losses | $ 23,897 | $ 7,159 |
Us Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 48 | 13 |
Fair Value | $ 239,456 | $ 106,568 |
Less than 12 months | 1,799 | 545 |
More than 12 months | 5,585 | 2,236 |
Total Unrealized Losses | $ 7,384 | $ 2,781 |
U S States and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 133 | 20 |
Fair Value | $ 126,066 | $ 18,228 |
Less than 12 months | 2,617 | 107 |
More than 12 months | 177 | 62 |
Total Unrealized Losses | $ 2,794 | $ 169 |
Mortgage Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 140 | 46 |
Fair Value | $ 358,854 | $ 221,621 |
Less than 12 months | 5,858 | 402 |
More than 12 months | 7,861 | 3,807 |
Total Unrealized Losses | $ 13,719 | $ 4,209 |
INVESTMENTS (Amortized Cost a_2
INVESTMENTS (Amortized Cost and Estimated Fair Values of investment securities Available-For-Sale by Contractual Maturity) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Amortized Cost | ||
Due in one year or less | $ 58,653 | $ 12,789 |
Due after one year through five years | 263,959 | 180,109 |
Due after five years through ten years | 278,132 | 228,484 |
Due after ten years | 346,732 | 306,771 |
Total debt securities available for sale | 947,476 | 728,153 |
Estimated Fair Value | ||
Due in one year or less | 59,057 | 12,889 |
Due after one year through five years | 263,262 | 184,264 |
Due after five years through ten years | 269,055 | 227,688 |
Due after ten years | 334,781 | 304,454 |
Estimated Fair Value | $ 926,155 | $ 729,295 |
INVESTMENTS (Other Equity Secur
INVESTMENTS (Other Equity Securities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | ||
Federal Reserve Bank stock | $ 22,456 | $ 8,398 |
Federal Home Loan Bank of Atlanta stock | 43,618 | 37,120 |
Total equity securities | $ 66,074 | $ 45,518 |
LOANS AND LEASES (Additional In
LOANS AND LEASES (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Loans and Leases [Abstract] | |||||
Unearned income and deferred fees | $ 1,000 | $ 1,000 | $ 1,800 | ||
Loans receivable with a gross amortized cost basis | $ 1,697,760 | ||||
Credit fair value adjustment on purchased credit impaired loans | 10,652 | ||||
Certain Loans Acquired In Transfer Accretable Yield | 2,616 | ||||
Credit Impaired Loans Acquired In Transfer Nonaccretable Difference | 8,100 | ||||
Outstanding balance of purchased credit impaired loans receivable | 16,025 | 16,025 | 28,800 | ||
Fair value of purchase credit impaired loans | 8,000 | 8,000 | $ 18,193 | ||
(Decrease) in goodwill from re-measurement period adjustment | $ 3,400 | ||||
Proceeds from credit impaired loans | $ 10,400 | ||||
Accreditable adjustments | 694 | ||||
Non-accredtable adjustments | $ 1,300 |
LOANS AND LEASES (Loan Portfoli
LOANS AND LEASES (Loan Portfolio Segment Balances) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 6,388,959 | $ 4,314,248 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 738,083 | 497,948 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 523,011 | 455,829 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,201,673 | 857,196 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Investor Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,924,397 | 1,112,710 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition, Development and Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 631,589 | 292,443 |
Residential Portfolio Segment [Member] | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,181,427 | 921,435 |
Residential Portfolio Segment [Member] | Residential Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 188,779 | $ 176,687 |
LOANS AND LEASES (Acquired loan
LOANS AND LEASES (Acquired loan portfolio) (Detail) $ in Thousands | Jan. 01, 2018USD ($) |
Loans and Leases [Abstract] | |
Gross amortized cost basis at January 1, 2018 | $ 1,697,760 |
Interest rate fair value adjustment | 15,591 |
Credit fair value adjustment on pools of homogeneous loans | (22,421) |
Credit fair value adjustment on purchased credit impaired loans | (10,652) |
Fair value of acquired loan portfolio | $ 1,680,278 |
LOANS AND LEASES (Acquired cred
LOANS AND LEASES (Acquired credit impaired loans receivable) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period [Abstract] | ||
Contractual principal and interest at acquisition | $ 33,275 | |
Contractual cash flows not expected to be collected (Nonaccretable yield) | (12,466) | |
Expected cash flows at acquisition | 20,809 | |
Interest component of expected cash flows (Accretable yield) | (2,616) | |
Fair value of purchase credit impaired loans | $ 8,000 | $ 18,193 |
LOANS AND LEASES (Accretable yi
LOANS AND LEASES (Accretable yield activity) (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Activity for the accretable yield since the Acquisition Date: | |
Accretable yield at the beginning of the period | $ 0 |
Addition of accretable yield due to acquisitions | 2,616 |
Accretion into interest income | (962) |
Disposals (including maturities, foreclosures, and charge-offs) | (694) |
Accretable yield at the end of the period | $ 960 |
CREDIT QUALITY ASSESSMENT (Addi
CREDIT QUALITY ASSESSMENT (Additional Information) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable Troubled Debt Restructurings Specific Allowance | $ 563 | $ 247 |
Other real estate owned | 2,118 | 2,253 |
Mortgage Loans in Process of Foreclosure, Amount | 0 | |
Non-accrual loans | 29,096 | 26,336 |
Consumer Portfolio Segment [Member] | WashingtonFirst Bankshares Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,300 | |
Restructured Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable Troubled Debt Restructurings Specific Allowance | 600 | 200 |
Additional Financing Receivable Troubled Debt Restructurings Restructured | $ 1,600 | $ 2,100 |
CREDIT QUALITY ASSESSMENT (Summ
CREDIT QUALITY ASSESSMENT (Summary Information on Allowance for Loan and Lease Loss Activity) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Credit Quality Assessment [Abstract] | |||||
Balance at beginning of year | $ 45,257 | $ 44,067 | $ 44,067 | ||
Provision for loan losses | $ 1,890 | $ 934 | 5,620 | 2,450 | 2,977 |
Loan and lease charge-offs | (1,003) | (2,044) | (2,566) | ||
Loan and lease recoveries | 535 | 451 | 779 | ||
Net charge-offs | (468) | (1,593) | (1,787) | ||
Balance at period end | $ 50,409 | $ 44,924 | $ 50,409 | $ 44,924 | $ 45,257 |
CREDIT QUALITY ASSESSMENT (Acti
CREDIT QUALITY ASSESSMENT (Activity in Allowance for Loan and Lease Losses by Respective Loan Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 45,257 | $ 44,067 | $ 44,067 | ||
Provision (credit) | $ 1,890 | $ 934 | 5,620 | 2,450 | 2,977 |
Charge-offs | (1,003) | (2,044) | (2,566) | ||
Recoveries | 535 | 451 | 779 | ||
Net charge-offs | (468) | (1,593) | (1,787) | ||
Balance at period end | 50,409 | $ 44,924 | 50,409 | 44,924 | 45,257 |
Total loans and leases | $ 6,388,959 | $ 6,388,959 | $ 4,314,248 | ||
Allowance for loans and leases to total loans and leases ratio | 0.79% | 0.79% | 1.05% | ||
Balance of loans specifically evaluated for impairment | $ 18,348 | $ 18,348 | $ 20,809 | ||
Allowance for loans specifically evaluated for impairment | $ 4,204 | $ 4,204 | $ 4,014 | ||
Specific allowance to specific loans ratio | 22.91% | 22.91% | 19.29% | ||
Balance of loans collectively evaluated | $ 6,354,586 | $ 6,354,586 | $ 4,293,439 | ||
Allowance for loans collectively evaluated | 46,205 | $ 46,205 | $ 41,243 | ||
Collective allowance to collective loans ratio | 0.73% | 0.96% | |||
Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance of loans acquired | $ 16,025 | ||||
Allowance for loans acquired | $ 0 | ||||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||||
Commercial | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 8,711 | 7,539 | $ 7,539 | ||
Provision (credit) | 1,472 | 2,616 | |||
Charge-offs | (437) | (1,538) | |||
Recoveries | 237 | 94 | |||
Net charge-offs | (200) | (1,444) | |||
Balance at period end | 9,983 | 9,983 | 8,711 | ||
Total loans and leases | $ 738,083 | $ 738,083 | $ 497,948 | ||
Allowance for loans and leases to total loans and leases ratio | 1.35% | 1.35% | 1.75% | ||
Balance of loans specifically evaluated for impairment | $ 7,123 | $ 7,123 | $ 8,105 | ||
Allowance for loans specifically evaluated for impairment | $ 2,827 | $ 2,827 | $ 3,220 | ||
Specific allowance to specific loans ratio | 39.69% | 39.69% | 39.73% | ||
Balance of loans collectively evaluated | $ 724,333 | $ 724,333 | $ 489,843 | ||
Allowance for loans collectively evaluated | 7,156 | $ 7,156 | $ 5,491 | ||
Collective allowance to collective loans ratio | 0.99% | 1.12% | |||
Commercial | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance of loans acquired | $ 6,627 | ||||
Allowance for loans acquired | $ 0 | ||||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||||
Consumer | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 2,383 | 2,828 | $ 2,828 | ||
Provision (credit) | 144 | (57) | |||
Charge-offs | (541) | (693) | |||
Recoveries | 113 | 305 | |||
Net charge-offs | (428) | (388) | |||
Balance at period end | 2,099 | 2,099 | 2,383 | ||
Total loans and leases | $ 523,011 | $ 523,011 | $ 455,829 | ||
Allowance for loans and leases to total loans and leases ratio | 0.40% | 0.40% | 0.52% | ||
Balance of loans collectively evaluated | $ 521,705 | $ 521,705 | $ 455,829 | ||
Allowance for loans collectively evaluated | 2,099 | $ 2,099 | $ 2,383 | ||
Collective allowance to collective loans ratio | 0.40% | 0.52% | |||
Consumer | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance of loans acquired | $ 1,306 | ||||
Allowance for loans acquired | $ 0 | ||||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||||
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 3,501 | 4,652 | $ 4,652 | ||
Provision (credit) | 1,357 | (1,254) | |||
Charge-offs | 0 | 0 | |||
Recoveries | 62 | 103 | |||
Net charge-offs | 62 | 103 | |||
Balance at period end | 4,920 | 4,920 | 3,501 | ||
Total loans and leases | $ 631,589 | $ 631,589 | $ 292,443 | ||
Allowance for loans and leases to total loans and leases ratio | 0.78% | 0.78% | 1.20% | ||
Balance of loans specifically evaluated for impairment | $ 136 | $ 136 | $ 136 | ||
Allowance for loans specifically evaluated for impairment | $ 0 | $ 0 | $ 0 | ||
Specific allowance to specific loans ratio | 0.00% | 0.00% | 0.00% | ||
Balance of loans collectively evaluated | $ 631,453 | $ 631,453 | $ 292,307 | ||
Allowance for loans collectively evaluated | 4,920 | $ 4,920 | $ 3,501 | ||
Collective allowance to collective loans ratio | 0.78% | 1.20% | |||
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance of loans acquired | $ 0 | ||||
Allowance for loans acquired | $ 0 | ||||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||||
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 14,970 | 12,939 | $ 12,939 | ||
Provision (credit) | 2,145 | 1,930 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 65 | 101 | |||
Net charge-offs | 65 | 101 | |||
Balance at period end | 17,180 | 17,180 | 14,970 | ||
Total loans and leases | $ 1,924,397 | $ 1,924,397 | $ 1,112,710 | ||
Allowance for loans and leases to total loans and leases ratio | 0.89% | 0.89% | 1.35% | ||
Balance of loans specifically evaluated for impairment | $ 5,861 | $ 5,861 | $ 5,575 | ||
Allowance for loans specifically evaluated for impairment | $ 1,255 | $ 1,255 | $ 663 | ||
Specific allowance to specific loans ratio | 21.41% | 21.41% | 11.89% | ||
Balance of loans collectively evaluated | $ 1,912,697 | $ 1,912,697 | $ 1,107,135 | ||
Allowance for loans collectively evaluated | 15,925 | $ 15,925 | $ 14,307 | ||
Collective allowance to collective loans ratio | 0.83% | 1.29% | |||
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance of loans acquired | $ 5,839 | ||||
Allowance for loans acquired | $ 0 | ||||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||||
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 7,178 | 7,885 | $ 7,885 | ||
Provision (credit) | (577) | (459) | |||
Charge-offs | 0 | (248) | |||
Recoveries | 0 | 0 | |||
Net charge-offs | 0 | (248) | |||
Balance at period end | 6,601 | 6,601 | 7,178 | ||
Total loans and leases | $ 1,201,673 | $ 1,201,673 | $ 857,196 | ||
Allowance for loans and leases to total loans and leases ratio | 0.55% | 0.55% | 0.84% | ||
Balance of loans specifically evaluated for impairment | $ 3,352 | $ 3,352 | $ 4,078 | ||
Allowance for loans specifically evaluated for impairment | $ 122 | $ 122 | $ 131 | ||
Specific allowance to specific loans ratio | 3.64% | 3.64% | 3.21% | ||
Balance of loans collectively evaluated | $ 1,196,079 | $ 1,196,079 | $ 853,118 | ||
Allowance for loans collectively evaluated | 6,479 | $ 6,479 | $ 7,047 | ||
Collective allowance to collective loans ratio | 0.54% | 0.83% | |||
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance of loans acquired | $ 2,242 | ||||
Allowance for loans acquired | $ 0 | ||||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||||
Residential Real Estate Portfolio Segment | Residential Mortgage | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 7,268 | 7,261 | $ 7,261 | ||
Provision (credit) | 892 | (56) | |||
Charge-offs | (25) | (87) | |||
Recoveries | 45 | 150 | |||
Net charge-offs | 20 | 63 | |||
Balance at period end | 8,180 | 8,180 | 7,268 | ||
Total loans and leases | $ 1,181,427 | $ 1,181,427 | $ 921,435 | ||
Allowance for loans and leases to total loans and leases ratio | 0.69% | 0.69% | 0.79% | ||
Balance of loans specifically evaluated for impairment | $ 1,876 | $ 1,876 | $ 2,915 | ||
Allowance for loans specifically evaluated for impairment | 0 | 0 | 0 | ||
Balance of loans collectively evaluated | 1,179,540 | 1,179,540 | 918,520 | ||
Allowance for loans collectively evaluated | 8,180 | $ 8,180 | $ 7,268 | ||
Collective allowance to collective loans ratio | 0.69% | 0.79% | |||
Residential Real Estate Portfolio Segment | Residential Mortgage | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance of loans acquired | $ 11 | ||||
Allowance for loans acquired | $ 0 | ||||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||||
Residential Real Estate Portfolio Segment | Residential Construction | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance at beginning of year | $ 1,246 | $ 963 | $ 963 | ||
Provision (credit) | 187 | 257 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 13 | 26 | |||
Net charge-offs | 13 | 26 | |||
Balance at period end | 1,446 | 1,446 | 1,246 | ||
Total loans and leases | $ 188,779 | $ 188,779 | $ 176,687 | ||
Allowance for loans and leases to total loans and leases ratio | 0.77% | 0.77% | 0.71% | ||
Balance of loans specifically evaluated for impairment | $ 0 | $ 0 | $ 0 | ||
Allowance for loans specifically evaluated for impairment | 0 | 0 | 0 | ||
Balance of loans collectively evaluated | 188,779 | 188,779 | 176,687 | ||
Allowance for loans collectively evaluated | $ 1,446 | $ 1,446 | $ 1,246 | ||
Collective allowance to collective loans ratio | 0.77% | 0.71% | |||
Residential Real Estate Portfolio Segment | Residential Construction | Financial Asset Acquired with Credit Deterioration [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Balance of loans acquired | $ 0 | ||||
Allowance for loans acquired | $ 0 | ||||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% |
CREDIT QUALITY ASSESSMENT (Su_2
CREDIT QUALITY ASSESSMENT (Summary of Impaired Loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Credit Quality Assessment [Abstract] | |||
Impaired loans with a specific allowance | $ 11,450 | $ 11,450 | $ 11,693 |
Impaired loans without a specific allowance | 6,898 | 6,898 | 9,116 |
Total impaired loans | 18,348 | 18,348 | 20,809 |
Allowance for loan and lease losses related to impaired loans | 4,204 | 4,204 | 4,014 |
Allowance for loan and lease losses related to loans collectively evaluated | 46,205 | 46,205 | 41,243 |
Total allowance for loan and lease losses | 50,409 | 50,409 | 45,257 |
Average impaired loans for the period | $ 19,712 | 19,712 | 23,179 |
Contractual interest income due on impaired loans during the period | 1,888 | 2,314 | |
Interest income on impaired loans recognized on a cash basis | 473 | 754 | |
Interest income on impaired loans recognized on an accrual basis | $ 109 | $ 169 |
CREDIT QUALITY ASSESSMENT (Reco
CREDIT QUALITY ASSESSMENT (Recorded Investment with Respect to Impaired loans, Associated Allowance by Applicable Portfolio Segment and Principal Balance of Impaired Loans prior to Amounts Charged-off) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | $ 11,450 | $ 11,693 |
Impaired loans without a specific allowance | 6,898 | 9,116 |
Impaired loans | 18,348 | 20,809 |
Impaired Financing Receivable, Related Allowance | 4,204 | 4,014 |
Unpaid principal balance in total impaired loans | 30,326 | 32,689 |
Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 8,418 | 9,673 |
Impaired loans without a specific allowance | 1,933 | 2,127 |
Impaired loans | 10,351 | 11,800 |
Restructuring | Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 335 | 1,129 |
Impaired loans without a specific allowance | 1,889 | 1,659 |
Impaired loans | 2,224 | 2,788 |
Restructuring | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 2,697 | 891 |
Impaired loans without a specific allowance | 3,076 | 5,330 |
Impaired loans | 5,773 | 6,221 |
Commercial | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 5,518 | 5,753 |
Impaired loans without a specific allowance | 1,605 | 2,352 |
Impaired loans | 7,123 | 8,105 |
Impaired Financing Receivable, Related Allowance | 2,827 | 3,220 |
Unpaid principal balance in total impaired loans | 10,255 | 11,263 |
Commercial | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 3,261 | 4,516 |
Impaired loans without a specific allowance | 175 | 391 |
Impaired loans | 3,436 | 4,907 |
Commercial | Restructuring | Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 335 | 1,129 |
Impaired loans without a specific allowance | 436 | 273 |
Impaired loans | 771 | 1,402 |
Commercial | Restructuring | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 1,922 | 108 |
Impaired loans without a specific allowance | 994 | 1,688 |
Impaired loans | 2,916 | 1,796 |
All Other | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 1,876 | 2,915 |
Impaired loans | 1,876 | 2,915 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Unpaid principal balance in total impaired loans | 2,633 | 3,681 |
All Other | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans without a specific allowance | 0 | 0 |
Impaired loans | 0 | 0 |
All Other | Restructuring | Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 1,453 | 890 |
Impaired loans | 1,453 | 890 |
All Other | Restructuring | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 423 | 2,025 |
Impaired loans | 423 | 2,025 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 136 | 136 |
Impaired loans | 136 | 136 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Unpaid principal balance in total impaired loans | 1,248 | 1,248 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 0 | 0 |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Restructuring | Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 0 | 0 |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Restructuring | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 136 | 136 |
Impaired loans | 136 | 136 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 5,157 | 5,157 |
Impaired loans without a specific allowance | 704 | 418 |
Impaired loans | 5,861 | 5,575 |
Impaired Financing Receivable, Related Allowance | 1,255 | 663 |
Unpaid principal balance in total impaired loans | 10,467 | 10,166 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 5,157 | 5,157 |
Impaired loans without a specific allowance | 704 | 418 |
Impaired loans | 5,861 | 5,575 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Restructuring | Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 0 | 0 |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Restructuring | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 0 | 0 |
Impaired loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 775 | 783 |
Impaired loans without a specific allowance | 2,577 | 3,295 |
Impaired loans | 3,352 | 4,078 |
Impaired Financing Receivable, Related Allowance | 122 | 131 |
Unpaid principal balance in total impaired loans | 5,723 | 6,331 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 1,054 | 1,318 |
Impaired loans | 1,054 | 1,318 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Restructuring | Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Impaired loans without a specific allowance | 0 | 496 |
Impaired loans | 0 | 496 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Restructuring | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 775 | 783 |
Impaired loans without a specific allowance | 1,523 | 1,481 |
Impaired loans | $ 2,298 | $ 2,264 |
CREDIT QUALITY ASSESSMENT (Impa
CREDIT QUALITY ASSESSMENT (Impaired Loans by Portfolio) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable Impaired [Line Items] | |||
Average impaired loans for the period | $ 19,712 | $ 19,712 | $ 23,179 |
Contractual interest income due on impaired loans during the period | 1,888 | 2,314 | |
Interest income on impaired loans recognized on a cash basis | 473 | 754 | |
Interest income on impaired loans recognized on an accrual basis | 109 | 169 | |
Commercial | |||
Financing Receivable Impaired [Line Items] | |||
Average impaired loans for the period | 7,710 | 7,903 | |
Contractual interest income due on impaired loans during the period | 736 | 828 | |
Interest income on impaired loans recognized on a cash basis | 227 | 204 | |
Interest income on impaired loans recognized on an accrual basis | 53 | 111 | |
All Other | |||
Financing Receivable Impaired [Line Items] | |||
Average impaired loans for the period | 2,364 | 2,968 | |
Contractual interest income due on impaired loans during the period | 108 | 84 | |
Interest income on impaired loans recognized on a cash basis | 96 | 132 | |
Interest income on impaired loans recognized on an accrual basis | 56 | 32 | |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | |||
Financing Receivable Impaired [Line Items] | |||
Average impaired loans for the period | 136 | 137 | |
Contractual interest income due on impaired loans during the period | 283 | 333 | |
Interest income on impaired loans recognized on a cash basis | 0 | 0 | |
Interest income on impaired loans recognized on an accrual basis | 0 | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Average impaired loans for the period | 5,782 | 6,835 | |
Contractual interest income due on impaired loans during the period | 478 | 669 | |
Interest income on impaired loans recognized on a cash basis | 21 | 24 | |
Interest income on impaired loans recognized on an accrual basis | 0 | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | |||
Financing Receivable Impaired [Line Items] | |||
Average impaired loans for the period | 3,720 | 5,336 | |
Contractual interest income due on impaired loans during the period | 283 | 400 | |
Interest income on impaired loans recognized on a cash basis | 129 | 394 | |
Interest income on impaired loans recognized on an accrual basis | $ 0 | $ 26 |
CREDIT QUALITY ASSESSMENT (Cred
CREDIT QUALITY ASSESSMENT (Credit Quality of Loan Portfolio by Segment) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | $ 29,096 | $ 26,336 |
Loans 90 days past due | 1,987 | 225 |
Restructured loans | 2,224 | 2,788 |
Total non-performing loans | 33,307 | 29,349 |
Other real estate owned | 2,118 | 2,253 |
Total non-performing assets | 35,425 | 31,602 |
Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 6,352 | 6,703 |
Loans 90 days past due | 150 | 0 |
Restructured loans | 771 | 1,402 |
Total non-performing loans | 7,273 | 8,105 |
Other real estate owned | 39 | 39 |
Total non-performing assets | 7,312 | 8,144 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 4,098 | 2,967 |
Loans 90 days past due | 563 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 4,661 | 2,967 |
Other real estate owned | 0 | 0 |
Total non-performing assets | 4,661 | 2,967 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 136 | 136 |
Loans 90 days past due | 1,261 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 1,397 | 136 |
Other real estate owned | 365 | 365 |
Total non-performing assets | 1,762 | 501 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 5,861 | 5,575 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 5,861 | 5,575 |
Other real estate owned | 497 | 0 |
Total non-performing assets | 6,358 | 5,575 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 3,352 | 3,582 |
Loans 90 days past due | 13 | 0 |
Restructured loans | 0 | 496 |
Total non-performing loans | 3,365 | 4,078 |
Other real estate owned | 0 | 400 |
Total non-performing assets | 3,365 | 4,478 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 9,134 | 7,196 |
Loans 90 days past due | 0 | 225 |
Restructured loans | 1,453 | 890 |
Total non-performing loans | 10,587 | 8,311 |
Other real estate owned | 1,217 | 1,449 |
Total non-performing assets | 11,804 | 9,760 |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 163 | 177 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 163 | 177 |
Other real estate owned | 0 | 0 |
Total non-performing assets | $ 163 | $ 177 |
CREDIT QUALITY ASSESSMENT (Cr_2
CREDIT QUALITY ASSESSMENT (Credit Quality of Loan Portfolio) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | $ 34,611 | $ 13,417 | |
Non-accrual loans | 29,096 | 26,336 | |
Loans aquired with deteriorated credit quality | 16,025 | $ 28,800 | |
Current loans | 6,309,227 | 4,274,495 | |
Total loans | 6,388,959 | 4,314,248 | |
Commercial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 2,054 | 587 | |
Non-accrual loans | 6,352 | 6,703 | |
Loans aquired with deteriorated credit quality | 6,627 | ||
Current loans | 723,050 | 490,658 | |
Total loans | 738,083 | 497,948 | |
Consumer | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 3,830 | 2,213 | |
Non-accrual loans | 4,098 | 2,967 | |
Loans aquired with deteriorated credit quality | 1,306 | ||
Current loans | 513,777 | 450,649 | |
Total loans | 523,011 | 455,829 | |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 5,920 | 0 | |
Non-accrual loans | 136 | 136 | |
Loans aquired with deteriorated credit quality | 0 | ||
Current loans | 625,533 | 292,307 | |
Total loans | 631,589 | 292,443 | |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 3,723 | 775 | |
Non-accrual loans | 5,861 | 5,575 | |
Loans aquired with deteriorated credit quality | 5,839 | ||
Current loans | 1,908,974 | 1,106,360 | |
Total loans | 1,924,397 | 1,112,710 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 3,646 | 414 | |
Non-accrual loans | 3,352 | 3,582 | |
Loans aquired with deteriorated credit quality | 2,242 | ||
Current loans | 1,192,433 | 853,200 | |
Total loans | 1,201,673 | 857,196 | |
Residential Real Estate Portfolio Segment | Residential Mortgage | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 11,245 | 9,428 | |
Non-accrual loans | 9,134 | 7,196 | |
Loans aquired with deteriorated credit quality | 11 | ||
Current loans | 1,161,037 | 904,811 | |
Total loans | 1,181,427 | 921,435 | |
Residential Real Estate Portfolio Segment | Residential Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 4,193 | 0 | |
Non-accrual loans | 163 | 177 | |
Loans aquired with deteriorated credit quality | 0 | ||
Current loans | 184,423 | 176,510 | |
Total loans | 188,779 | 176,687 | |
31-60 days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 22,927 | 9,983 | |
31-60 days | Commercial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 473 | 587 | |
31-60 days | Consumer | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1,885 | 2,107 | |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 2,749 | 0 | |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 3,295 | 775 | |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1,700 | 414 | |
31-60 days | Residential Real Estate Portfolio Segment | Residential Mortgage | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 9,023 | 6,100 | |
31-60 days | Residential Real Estate Portfolio Segment | Residential Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 3,802 | 0 | |
61-90 days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 9,697 | 3,209 | |
61-90 days | Commercial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1,431 | 0 | |
61-90 days | Consumer | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1,382 | 106 | |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1,910 | 0 | |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 428 | 0 | |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1,933 | 0 | |
61-90 days | Residential Real Estate Portfolio Segment | Residential Mortgage | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 2,222 | 3,103 | |
61-90 days | Residential Real Estate Portfolio Segment | Residential Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 391 | 0 | |
> 90 days | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1,987 | 225 | |
> 90 days | Commercial | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 150 | 0 | |
> 90 days | Consumer | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 563 | 0 | |
> 90 days | Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 1,261 | 0 | |
> 90 days | Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 0 | 0 | |
> 90 days | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 13 | 0 | |
> 90 days | Residential Real Estate Portfolio Segment | Residential Mortgage | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | 0 | 225 | |
> 90 days | Residential Real Estate Portfolio Segment | Residential Construction | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total past due | $ 0 | $ 0 |
CREDIT QUALITY ASSESSMENT (Cr_3
CREDIT QUALITY ASSESSMENT (Credit Risk Rating Indicators for Each Segment of Commercial Loan Portfolio) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 6,388,959 | $ 4,314,248 |
Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 738,083 | 497,948 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,495,742 | 2,760,297 |
Commercial Portfolio Segment [Member] | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 738,083 | 497,948 |
Commercial Portfolio Segment [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,430,544 | 2,723,813 |
Commercial Portfolio Segment [Member] | Pass | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 714,372 | 482,924 |
Commercial Portfolio Segment [Member] | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 23,554 | 11,465 |
Commercial Portfolio Segment [Member] | Special Mention | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,333 | 2,443 |
Commercial Portfolio Segment [Member] | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 41,644 | 25,019 |
Commercial Portfolio Segment [Member] | Substandard | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 19,378 | 12,581 |
Commercial Portfolio Segment [Member] | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 631,589 | 292,443 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,924,397 | 1,112,710 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,201,673 | 857,196 |
Commercial Real Estate Portfolio Segment | Pass | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 631,132 | 292,307 |
Commercial Real Estate Portfolio Segment | Pass | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,898,911 | 1,103,480 |
Commercial Real Estate Portfolio Segment | Pass | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,186,129 | 845,102 |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 321 | 0 |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 13,786 | 3,517 |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,114 | 5,505 |
Commercial Real Estate Portfolio Segment | Substandard | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 136 | 136 |
Commercial Real Estate Portfolio Segment | Substandard | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,700 | 5,713 |
Commercial Real Estate Portfolio Segment | Substandard | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,430 | 6,589 |
Commercial Real Estate Portfolio Segment | Doubtful | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Doubtful | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | 0 |
Commercial Real Estate Portfolio Segment | Doubtful | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 0 | $ 0 |
CREDIT QUALITY ASSESSMENT (Info
CREDIT QUALITY ASSESSMENT (Information by Credit Risk Rating Indicators for Those Remaining Segments of Loan Portfolio) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | $ 6,388,959 | $ 4,314,248 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 523,011 | 455,829 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,181,427 | 921,435 |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 188,779 | 176,687 |
Homogeneous Loan Pools | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,893,217 | 1,553,951 |
Homogeneous Loan Pools | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 523,011 | 455,829 |
Homogeneous Loan Pools | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,181,427 | 921,435 |
Homogeneous Loan Pools | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 188,779 | 176,687 |
Homogeneous Loan Pools | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,877,806 | 1,542,496 |
Homogeneous Loan Pools | Performing Financing Receivable | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 518,350 | 452,862 |
Homogeneous Loan Pools | Performing Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,170,840 | 913,124 |
Homogeneous Loan Pools | Performing Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 188,616 | 176,510 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Loans 90 Days Or More Past Due | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 563 | 225 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Non Accrual Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 13,395 | 10,340 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Restructured Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,453 | 890 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Consumer | Loans 90 Days Or More Past Due | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 563 | 0 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Consumer | Non Accrual Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 4,098 | 2,967 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Consumer | Restructured Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | Loans 90 Days Or More Past Due | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 225 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | Non Accrual Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 9,134 | 7,196 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | Restructured Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,453 | 890 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | Loans 90 Days Or More Past Due | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 0 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | Non Accrual Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 163 | 177 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | Restructured Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | $ 0 | $ 0 |
CREDIT QUALITY ASSESSMENT (Trou
CREDIT QUALITY ASSESSMENT (Troubled Debt Restructured Loans for Specific Segments of the Loan Portfolio) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | $ 0 | $ 492 |
Restructured non-accruing | 1,622 | 1,559 |
Balance | 1,622 | 2,051 |
Specific allowance | 563 | 247 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 492 |
Restructured non-accruing | 1,464 | 1,019 |
Balance | 1,464 | 1,511 |
Specific allowance | 563 | 247 |
Restructured and subsequently defaulted | 0 | 0 |
All Other | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 0 | 0 |
Balance | 0 | 0 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 0 | 0 |
Balance | 0 | 0 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 0 | 0 |
Balance | 0 | 0 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 158 | 540 |
Balance | 158 | 540 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Gross Carrying Amouns and Accumulated Amortization of Intangible Assets and Goodwill) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,155,000 | $ 786,000 |
Accumulated Amortization | (1,828,000) | (206,000) |
Net Carrying Amount | 10,327,000 | 580,000 |
Goodwill | 345,422,000 | 85,768,000 |
Finite-lived Intangible Assets Acquired | 700,000 | |
Other Identifiable Intangible Assets | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,477,000 | 786,000 |
Accumulated Amortization | (372,000) | (206,000) |
Net Carrying Amount | $ 1,105,000 | $ 580,000 |
Other Identifiable Intangible Assets | Weighted average [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years 10 months | 13 years |
Core deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 10,678,000 | $ 0 |
Accumulated Amortization | (1,456,000) | 0 |
Net Carrying Amount | $ 9,222,000 | $ 0 |
Core deposits [Member] | Weighted average [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 9 years 4 months |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (goodwill by segment) (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 85,768 |
WashingtonFirst Acquisition | 259,654 |
Ending balance | 345,422 |
Community Banking [Member] | |
Goodwill [Line Items] | |
Beginning balance | 69,991 |
WashingtonFirst Acquisition | 259,455 |
Ending balance | 329,446 |
Insurance Segment [Member] | |
Goodwill [Line Items] | |
Beginning balance | 6,788 |
WashingtonFirst Acquisition | 0 |
Ending balance | 6,788 |
Investment Management Segment [Member] | |
Goodwill [Line Items] | |
Beginning balance | 8,989 |
WashingtonFirst Acquisition | 199 |
Ending balance | $ 9,188 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense for Amortizing Intangibles) (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 540 |
2,019 | 1,944 |
2,020 | 1,720 |
2,021 | 1,507 |
Thereafter | 4,616 |
Total amortizing intangible assets | $ 10,327 |
DEPOSITS (Composition of Deposi
DEPOSITS (Composition of Deposits) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Disclosure Composition Of Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 1,902,537 | $ 1,264,392 |
Interest-bearing deposits: | ||
Demand | 679,856 | 658,716 |
Money market savings | 1,615,492 | 1,030,432 |
Regular savings | 340,794 | 321,171 |
Time deposits of less than $100,000 | 426,545 | 293,201 |
Time deposits of $100,000 or more | 933,170 | 395,750 |
Total interest-bearing deposits | 3,995,857 | 2,699,270 |
Total deposits | $ 5,898,394 | $ 3,963,662 |
SUBORDINATED DEBENTURES (Detail
SUBORDINATED DEBENTURES (Detailed information) (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Subordinated debentures [Line Items]: | |||
Subordinated Debt | $ 37,460 | $ 37,564 | $ 0 |
Subordinated Debt [Member] | |||
Subordinated debentures [Line Items]: | |||
Purchase accounting premium | 2,058 | 2,158 | |
Subordinated Debt | $ 25,000 | 25,000 | |
Maturity period | 10 years | ||
Subordinated Borrowing, Due Date | Oct. 15, 2025 | ||
Subordinated debt fixed interest rate | 6.00% | ||
Description of Variable Rate Basis | Libor plus 467 basis points | ||
Subordinated debt variable interest rate | 4.67% | ||
Trust preferred capital notes [Member] | |||
Subordinated debentures [Line Items]: | |||
Purchase accounting premium | $ 92 | 96 | |
Subordinated Debt | $ 10,310 | $ 10,310 | |
Subordinated Borrowing, Due Date | Jun. 30, 2033 | ||
Subordinated debt fixed interest rate | 5.55% | ||
Description of Variable Rate Basis | Libor plus 3.15% | ||
Subordinated debt variable interest rate | 3.15% |
SHARE BASED COMPENSATION (Addit
SHARE BASED COMPENSATION (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Exercise period | 5 years 7 months 9 days | 5 years 8 months 12 days | ||||
Options exercised intrinsic value | $ 367 | |||||
Stock Options Granted | 16,212 | |||||
Stock Options and Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Recognized Compensation expense | $ 600 | $ 500 | $ 1,800 | $ 1,500 | ||
2015 Omnibus Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Common stock, shares authorizes | 1,500,000 | 1,500,000 | ||||
Common stock, shares available for issuance | 1,244,015 | 1,244,015 | ||||
Term of share based compensation plan | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||
2015 Omnibus Incentive Plan | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 7 years | |||||
2015 Omnibus Incentive Plan | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vesting period | 10 years | |||||
2015 Omnibus Incentive Plan | Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized Compensation expense | $ 300 | $ 300 | ||||
Expected cost recognition weighted average period | 2 years | |||||
Options exercised intrinsic value | $ 400 | $ 600 | ||||
Stock Options Vested, Fair Value | ||||||
Stock Options Granted | 0 | |||||
2015 Omnibus Incentive Plan | Stock Option | 3 Year Vesting Period | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock Options Granted | 16,212 | |||||
Vesting period | 3 years | |||||
2015 Omnibus Incentive Plan | Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized Compensation expense | $ 5,800 | $ 5,800 | ||||
Expected cost recognition weighted average period | 3 years 1 month | |||||
Stock Options Granted | 0 | 36,003 | ||||
2015 Omnibus Incentive Plan | Restricted Stock | 3 Year Vesting Period | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock Options Granted | 9,170 | |||||
Vesting period | 3 years | |||||
2015 Omnibus Incentive Plan | Restricted Stock | 5 Year Vesting Period | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock Options Granted | 46,582 | 26,833 | ||||
Vesting period | 5 years | 5 years |
SHARE BASED COMPENSATION (Fair
SHARE BASED COMPENSATION (Fair Values of all Options Granted Estimated Using Binomial Option-Pricing Model with Weighted-average Assumptions) (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation [Abstract] | ||
Dividend yield | 2.64% | 2.45% |
Weighted average expected volatility | 39.13% | 40.27% |
Weighted average risk-free interest rate | 2.61% | 2.14% |
Weighted average expected lives (in years) | 5 years 7 months 9 days | 5 years 8 months 12 days |
Weighted average grant-date fair value | $ 11.73 | $ 13.42 |
SHARE BASED COMPENSATION (Summa
SHARE BASED COMPENSATION (Summary of Share Option Activity) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Number of Common Shares | ||
Beginning balance | 87,300 | |
Granted | 16,212 | |
Exercised | (19,918) | (28,736) |
Forfeited | (920) | |
Expired | (196) | |
Ending balance | 82,478 | |
Exercisable, Common Shares | 52,771 | |
Weighted Average Exercise Share Price | ||
Beginning balance | $ 26.22 | |
Granted | 38.15 | |
Exercised | 21.24 | |
Forfeited | 36.19 | |
Expired | 42.48 | |
Ending balance | 29.61 | |
Exercisable Weighted Average Exercise Price | 25.36 | |
Weighted average fair value of options granted during the year | $ 11.73 | $ 13.42 |
Weighted Average Contractual Remaining Life(Years) | ||
Balance at end of period | 3 years 11 months | |
Exercisable at end of period | 2 years 11 months | |
Beginning balance | $ 1,160 | |
Exercised | 367 | |
Ending balance | 837 | |
Exercisable, Intrinsic Value | $ 749 |
SHARE BASED COMPENSATION (Sum_2
SHARE BASED COMPENSATION (Summary of Activity for Company's Restricted Stock) (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Weighted Average Grant-Date Fair Value | ||
Granted | $ 11.73 | $ 13.42 |
Restricted Stock | ||
Number of Shares | ||
Restricted stock beginning balance | 189,035 | |
Granted | 82,585 | |
Vested | (64,875) | |
Forfeited | (1,892) | |
Restricted stock ending balance | 204,853 | |
Weighted Average Grant-Date Fair Value | ||
Restricted stock beginning balance | $ 30.92 | |
Granted | 38.93 | |
Vested | 27.74 | |
Forfeited | 32.44 | |
Restricted stock ending balance | $ 35.14 |
PENSION, PROFIT SHARING, AND _3
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Additional Information) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | $ 0.2 | $ 0.2 | $ 0 |
PENSION, PROFIT SHARING, AND _4
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] | ||||
Interest cost on projected benefit obligation | $ 385 | $ 410 | $ 1,155 | $ 1,230 |
Expected return on plan assets | (466) | (497) | (1,396) | (1,489) |
Recognized net actuarial loss | 250 | 296 | 750 | 886 |
Net periodic benefit cost | $ 169 | $ 209 | $ 509 | $ 627 |
NET INCOME PER SHARE (Calculati
NET INCOME PER SHARE (Calculation of Net Income per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 29,234 | $ 15,089 | $ 75,298 | $ 44,942 |
Basic: | ||||
Basic weighted average EPS shares | 35,723 | 24,200 | 35,699 | 24,171 |
Basic net income per share | $ 0.82 | $ 0.62 | $ 2.11 | $ 1.86 |
Diluted: | ||||
Basic weighted average EPS shares | 35,723 | 24,200 | 35,699 | 24,171 |
Dilutive common stock equivalents | 21 | 23 | 23 | 30 |
Dilutive EPS shares | 35,744 | 24,223 | 35,722 | 24,201 |
Diluted net income per share | $ 0.82 | $ 0.62 | $ 2.11 | $ 1.86 |
Anti-dilutive shares | 6 | 5 | 6 | 3 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Net Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (6,857) | $ (6,614) | ||
Other comprehensive income before reclassification, net of tax | (16,479) | 3,382 | ||
Reclassifications from accumulated other comprehensive income, net of tax | 393 | (245) | ||
Current period change in other comprehensive income, net of tax | $ (3,864) | $ 235 | (16,086) | 3,137 |
Reclassfication of tax effects from accumulated other comprehensive income | (1,477) | |||
Ending Balance | (24,420) | (3,477) | (24,420) | (3,477) |
Unrealized Gains (Losses) on Investments Available-for-Sale | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | 687 | 1,642 | ||
Other comprehensive income before reclassification, net of tax | (16,479) | 3,382 | ||
Reclassifications from accumulated other comprehensive income, net of tax | (107) | (767) | ||
Current period change in other comprehensive income, net of tax | (16,586) | 2,615 | ||
Reclassfication of tax effects from accumulated other comprehensive income | 148 | |||
Ending Balance | (15,751) | 4,257 | (15,751) | 4,257 |
Defined Benefit Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (7,544) | (8,256) | ||
Other comprehensive income before reclassification, net of tax | 0 | 0 | ||
Reclassifications from accumulated other comprehensive income, net of tax | 500 | 522 | ||
Current period change in other comprehensive income, net of tax | 500 | 522 | ||
Reclassfication of tax effects from accumulated other comprehensive income | (1,625) | |||
Ending Balance | $ (8,669) | $ (7,734) | $ (8,669) | $ (7,734) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassification Adjustments Out of Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Unrealized gains/(losses) on investments available-for-sale Affected line item in the Statements of Income: | |||||
Investment securities gains | $ 82 | $ 0 | $ 145 | $ 1,275 | |
Income before taxes | 82 | 0 | 145 | 1,275 | |
Tax expense | $ (22) | $ 0 | (38) | (508) | |
Net income | 107 | 767 | |||
Amortization of defined benefit pension plan items Affected line item in the Statements of Income: | |||||
Recognized actuarial loss | [1] | (750) | (886) | ||
Income before taxes | (750) | (886) | |||
Tax expense | 250 | 364 | |||
Net income/ (Loss) | $ (500) | $ (522) | |||
[1] | This amount is included in the computation of net periodic benefit cost, see Note 10. |
FINANCIAL INSTRUMENTS WITH OF_2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND DERIVATIVES (Company's Interest Rate Swaps) (Detail) - Swap - Commercial Loan [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Notional Amount | $ 17.2 | $ 17.8 |
Estimated Fair Value | $ 0.4 | $ 0.7 |
FAIR VALUE (Additional Informat
FAIR VALUE (Additional Information) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Impaired loans | $ 18,348 | $ 20,809 |
Impaired loans fair value | 14,100 | 16,800 |
Specific loan loss reserves | $ 4,200 | $ 4,000 |
FAIR VALUE (Financial Assets an
FAIR VALUE (Financial Assets and Liabilities at Dates Indicated that Were Accounted for or Disclosed at Fair Value) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale (at fair value) | $ 31,581 | $ 9,848 |
Investments available-for-sale (at fair value) | 926,723 | 729,507 |
Fair Value, Measurements, Recurring | Residential Mortgage Loans Held For Sale | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale (at fair value) | 31,581 | 9,848 |
Fair Value, Measurements, Recurring | U.S. Government Agencies | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 239,456 | 106,568 |
Fair Value, Measurements, Recurring | State and municipal | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 296,506 | 312,253 |
Fair Value, Measurements, Recurring | Mortgage-Backed | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 380,631 | 300,040 |
Fair Value, Measurements, Recurring | Corporate Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 9,252 | 9,432 |
Fair Value, Measurements, Recurring | Trust Preferred | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 310 | 1,002 |
Fair Value, Measurements, Recurring | Marketable Equity Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 568 | 212 |
Fair Value, Measurements, Recurring | Interest Rate Swap Agreements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 432 | 707 |
Other liabilities | (432) | (707) |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential Mortgage Loans Held For Sale | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government Agencies | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | State and municipal | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-Backed | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Trust Preferred | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Marketable Equity Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest Rate Swap Agreements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 0 | 0 |
Other liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Residential Mortgage Loans Held For Sale | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale (at fair value) | 31,581 | 9,848 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Government Agencies | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 239,456 | 106,568 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | State and municipal | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 296,506 | 312,253 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Backed | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 380,631 | 300,040 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Trust Preferred | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Marketable Equity Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 568 | 212 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swap Agreements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 432 | 707 |
Other liabilities | (432) | (707) |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Residential Mortgage Loans Held For Sale | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Government Agencies | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | State and municipal | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Mortgage-Backed | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 9,252 | 9,432 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Trust Preferred | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 310 | 1,002 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Marketable Equity Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Swap Agreements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 0 | 0 |
Other liabilities | $ 0 | $ 0 |
FAIR VALUE (Unrealized Losses I
FAIR VALUE (Unrealized Losses Included in Assets Measured in Consolidated Statements of Condition at Fair Value on Recurring Basis) (Detail) - Fair Value, Inputs, Level 3 - Available-for-sale Securities [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 10,434 |
Additions of level 3 assets | 310 |
Principal sales | (1,002) |
Total unrealized gains (losses) included in other comprehensive income (loss) | (180) |
Ending balance | $ 9,562 |
FAIR VALUE (Assets Measured at
FAIR VALUE (Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 9,113 | $ 10,727 |
Fair value measured on nonrecurring basis losses | (12,237) | (11,964) |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 6,995 | 8,474 |
Fair value measured on nonrecurring basis losses | (12,022) | (11,806) |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 2,118 | 2,253 |
Fair value measured on nonrecurring basis losses | (215) | (158) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 9,113 | 10,727 |
Significant Unobservable Inputs (Level 3) | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 6,995 | 8,474 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 2,118 | $ 2,253 |
FAIR VALUE (Carrying Amounts an
FAIR VALUE (Carrying Amounts and Fair Values of Company's Financial Instruments) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Financial Liabilities | |||
Securities sold under retail repurchase agreements and federal funds purchased | $ 142,669 | $ 119,359 | |
Advances from FHLB | 866,445 | 765,833 | |
Subordinated debentures | 37,460 | $ 37,564 | 0 |
Carying amount [member] | |||
Financial Assets | |||
Other equity securities | 66,074 | 45,518 | |
Loans, net of allowance | 6,338,550 | 4,268,991 | |
Other assets | 110,161 | 95,730 | |
Financial Liabilities | |||
Time Deposits | 1,359,715 | 688,951 | |
Securities sold under retail repurchase agreements and federal funds purchased | 142,669 | 119,359 | |
Advances from FHLB | 866,445 | 765,833 | |
Subordinated debentures | 37,460 | 0 | |
Estimated fair value [member] | |||
Financial Assets | |||
Other equity securities | 66,074 | 45,518 | |
Loans, net of allowance | 6,157,550 | 4,320,719 | |
Other assets | 110,161 | 95,730 | |
Financial Liabilities | |||
Time Deposits | 1,366,044 | 684,139 | |
Securities sold under retail repurchase agreements and federal funds purchased | 142,669 | 119,359 | |
Advances from FHLB | 868,094 | 769,860 | |
Subordinated debentures | 32,644 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial Assets | |||
Other equity securities | 0 | 0 | |
Loans, net of allowance | 0 | 0 | |
Other assets | 0 | 0 | |
Financial Liabilities | |||
Time Deposits | 0 | 0 | |
Securities sold under retail repurchase agreements and federal funds purchased | 0 | 0 | |
Advances from FHLB | 0 | 0 | |
Subordinated debentures | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | |||
Financial Assets | |||
Other equity securities | 66,074 | 45,518 | |
Loans, net of allowance | 0 | 0 | |
Other assets | 110,161 | 95,730 | |
Financial Liabilities | |||
Time Deposits | 1,366,044 | 684,139 | |
Securities sold under retail repurchase agreements and federal funds purchased | 142,669 | 119,359 | |
Advances from FHLB | 868,094 | 769,860 | |
Subordinated debentures | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | |||
Financial Assets | |||
Other equity securities | 0 | 0 | |
Loans, net of allowance | 6,157,550 | 4,320,719 | |
Other assets | 0 | 0 | |
Financial Liabilities | |||
Time Deposits | 0 | 0 | |
Securities sold under retail repurchase agreements and federal funds purchased | 0 | 0 | |
Advances from FHLB | 0 | 0 | |
Subordinated debentures | $ 32,644 | $ 0 |
SEGMENT REPORTING (Additional I
SEGMENT REPORTING (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Amortization Of Intangible Assets | $ 540 | $ 25 | $ 1,622 | $ 76 |
Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Assets under management | $ 1,600,000 | $ 1,600,000 |
SEGMENT REPORTING (Operating Se
SEGMENT REPORTING (Operating Segments and Reconciliation of Information to Condensed Consolidated Financial Statements) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Interest income | $ 84,374 | $ 49,589 | $ 238,475 | $ 144,123 | |
Interest expense | 16,783 | 6,892 | 44,175 | 18,847 | |
Provision for loan losses | 1,890 | 934 | 5,620 | 2,450 | $ 2,977 |
Non-interest income | 15,033 | 12,746 | 47,019 | 38,949 | |
Non-interest Expense | 42,393 | 31,191 | 137,116 | 94,040 | |
Income before income taxes | 38,341 | 23,318 | 98,583 | 67,735 | |
Income tax expense | 9,107 | 8,229 | 23,285 | 22,793 | |
Net income | 29,234 | 15,089 | 75,298 | 44,942 | |
Assets | 8,034,565 | 5,334,788 | 8,034,565 | 5,334,788 | $ 5,446,675 |
Intersegment Elimination | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | (3) | (3) | (6) | (7) | |
Interest expense | (3) | (3) | (6) | (7) | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Non-interest income | (154) | (209) | (461) | (628) | |
Non-interest Expense | (154) | (209) | (461) | (628) | |
Income before income taxes | 0 | 0 | 0 | 0 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Net income | 0 | 0 | 0 | 0 | |
Assets | (29,140) | (18,057) | (29,140) | (18,057) | |
Community Banking | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 84,374 | 49,590 | 238,474 | 144,123 | |
Interest expense | 16,786 | 6,895 | 44,181 | 18,854 | |
Provision for loan losses | 1,890 | 934 | 5,620 | 2,450 | |
Non-interest income | 10,707 | 8,915 | 35,130 | 28,545 | |
Non-interest Expense | 39,372 | 28,634 | 128,705 | 87,035 | |
Income before income taxes | 37,033 | 22,042 | 95,098 | 64,329 | |
Income tax expense | 8,755 | 7,725 | 22,357 | 21,454 | |
Net income | 28,278 | 14,317 | 72,741 | 42,875 | |
Assets | 8,038,263 | 5,333,539 | 8,038,263 | 5,333,539 | |
Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 1 | 0 | 2 | 1 | |
Interest expense | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Non-interest income | 2,018 | 1,948 | 5,019 | 4,923 | |
Non-interest Expense | 1,564 | 1,559 | 4,245 | 4,238 | |
Income before income taxes | 455 | 389 | 776 | 686 | |
Income tax expense | 127 | 158 | 218 | 279 | |
Net income | 328 | 231 | 558 | 407 | |
Assets | 9,473 | 7,499 | 9,473 | 7,499 | |
Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 2 | 2 | 5 | 6 | |
Interest expense | 0 | 0 | 0 | 0 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Non-interest income | 2,462 | 2,092 | 7,331 | 6,109 | |
Non-interest Expense | 1,611 | 1,207 | 4,627 | 3,395 | |
Income before income taxes | 853 | 887 | 2,709 | 2,720 | |
Income tax expense | 225 | 346 | 710 | 1,060 | |
Net income | 628 | 541 | 1,999 | 1,660 | |
Assets | $ 15,969 | $ 11,807 | $ 15,969 | $ 11,807 |