DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SASR | |
Entity Common Stock, Shares Outstanding | 35,602,868 | |
Entity Listing, Par Value Per Share | $ 1 | |
Entity Registrant Name | SANDY SPRING BANCORP INC | |
Entity Central Index Key | 0000824410 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - UNAUDITED - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 67,282 | $ 67,014 |
Federal funds sold | 481 | 609 |
Interest-bearing deposits with banks | 65,886 | 33,858 |
Cash and cash equivalents | 133,649 | 101,481 |
Residential mortgage loans held for sale (at fair value) | 24,998 | 22,773 |
Investments available-for-sale (at fair value) | 926,530 | 937,335 |
Other equity securities | 60,769 | 73,389 |
Total loans | 6,569,990 | 6,571,634 |
Less: allowance for loan losses | (53,089) | (53,486) |
Net loans | 6,516,901 | 6,518,148 |
Premises and equipment, net | 61,003 | 61,942 |
Other real estate owned | 1,410 | 1,584 |
Accrued interest receivable | 26,182 | 24,609 |
Goodwill | 347,149 | 347,149 |
Other intangible assets, net | 9,297 | 9,788 |
Other assets | 220,012 | 145,074 |
Total assets | 8,327,900 | 8,243,272 |
Liabilities | ||
Noninterest-bearing deposits | 1,813,708 | 1,750,319 |
Interest-bearing deposits | 4,410,815 | 4,164,561 |
Total deposits | 6,224,523 | 5,914,880 |
Securities sold under retail repurchase agreements and federal funds purchased | 122,626 | 327,429 |
Advances from FHLB | 726,278 | 848,611 |
Subordinated debentures | 37,389 | 37,425 |
Accrued interest payable and other liabilities | 121,236 | 47,024 |
Total liabilities | 7,232,052 | 7,175,369 |
Stockholders Equity | ||
Common stock -- par value $1.00; shares authorized 100,000,000; shares issued and outstanding 35,557,110 and 35,530,734 at March 31, 2019 and December 31, 2018, respectively | 35,557 | 35,531 |
Additional paid in capital | 607,479 | 606,573 |
Retained earnings | 461,862 | 441,553 |
Accumulated other comprehensive loss | (9,050) | (15,754) |
Total stockholders equity | 1,095,848 | 1,067,903 |
Total liabilities and stockholders equity | $ 8,327,900 | $ 8,243,272 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - UNAUDITED - (Parenthetical) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
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 | 35,557,110 | 35,530,734 |
Common stock, shares outstanding | 35,557,110 | 35,530,734 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest Income: | ||
Interest and fees on loans | $ 80,397 | $ 67,592 |
Interest on loans held for sale | 192 | 368 |
Interest on deposits with banks | 194 | 357 |
Interest and dividends on investment securities: | ||
Taxable | 5,685 | 5,102 |
Exempt from federal income taxes | 1,710 | 2,072 |
Interest on federal funds sold | 5 | 13 |
Total interest income | 88,183 | 75,504 |
Interest Expense: | ||
Interest on deposits | 14,480 | 6,959 |
Interest on retail repurchase agreements and federal funds purchased | 398 | 108 |
Interest on advances from FHLB | 6,064 | 5,078 |
Interest on subordinated debt | 491 | 468 |
Total interest expense | 21,433 | 12,613 |
Net interest income | 66,750 | 62,891 |
Provision (credit) for loan losses | (128) | 1,997 |
Net interest income after provision for loan losses | 66,878 | 60,894 |
Investment securities gains | 0 | 63 |
Insurance agency commissions | 1,900 | 1,824 |
Income from bank owned life insurance | 1,189 | 2,331 |
Other income | 2,222 | 2,003 |
Total non-interest income | 16,969 | 17,118 |
Non-interest Expenses: | ||
Salaries and employee benefits | 25,976 | 23,912 |
Occupancy expense of premises | 5,231 | 4,942 |
Equipment expenses | 2,576 | 2,225 |
Marketing | 943 | 1,148 |
Outside data services | 1,778 | 1,397 |
FDIC insurance | 1,136 | 1,193 |
Amortization of intangible assets | 491 | 541 |
Merger expenses | 0 | 8,958 |
Professional fees and services | 1,245 | 1,040 |
Other Expense | 4,816 | 4,285 |
Total non-interest expenses | 44,192 | 49,641 |
Income before income taxes | 39,655 | 28,371 |
Income tax expense | 9,338 | 6,706 |
Net income | $ 30,317 | $ 21,665 |
Per share information: | ||
Basic net income per share | $ 0.85 | $ 0.61 |
Diluted net income per share | 0.85 | 0.61 |
Dividends declared per common share | $ 0.28 | $ 0.26 |
Service charges on deposit accounts [Member] | ||
Fees, comminssions and banking services | $ 2,307 | $ 2,259 |
Mortgage banking activities [Member] | ||
Fees, comminssions and banking services | 2,863 | 2,207 |
Wealth managment [Member] | ||
Fees, comminssions and banking services | 5,236 | 5,061 |
Bank card fees [member] | ||
Fees, comminssions and banking services | $ 1,252 | $ 1,370 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 30,317 | $ 21,665 |
Investments available-for-sale: | ||
Net change in unrealized gains on investments available-for-sale | 8,814 | (12,689) |
Related income tax expense | (2,306) | 3,321 |
Net investment gains reclassified into earnings | 0 | (63) |
Related income tax expense | 0 | (16) |
Net effect on other comprehensive income (loss) for the period | 6,508 | (9,415) |
Defined benefit pension plan: | ||
Recognition of unrealized gain (loss) | 265 | 250 |
Related income tax (expense) benefit | (69) | (119) |
Net effect on other comprehensive income for the period | 196 | 131 |
Total other comprehensive income | 6,704 | (9,284) |
Comprehensive income | $ 37,021 | $ 12,381 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Operating activities: | |||
Net income | $ 30,317 | $ 21,665 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 3,326 | 2,990 | |
Provision for loan losses | (128) | 1,997 | $ 9,023 |
Stock based compensation expense | 690 | 582 | |
Tax benefits associated with share based compensation | 41 | 34 | |
Deferred Income Tax Expense (Benefit) | 1,069 | (1,673) | |
Origination of loans held for sale | (97,286) | (47,975) | |
Proceeds from sales of loans held for sale | 97,456 | 58,121 | |
(Gains)/ losses on sales of loans held for sale | (2,395) | (2,872) | |
(Gains) losses on sales of other real estate owned | 0 | 90 | |
Investment securities gains | 0 | (63) | |
Increase (Decrease) in Operating Capital [Abstract] | |||
Net (increase) decrease in accrued interest receivable | (1,573) | (397) | |
Net decrease (increase) in other assets | 5,191 | 11,407 | |
Net increase (decrease) in accrued expenses and other liabilities | (10,381) | (403) | |
Other - net | 992 | 754 | |
Net cash provided by operating activities | 27,319 | 44,257 | |
Investing activities: | |||
(Purchases) of other equity securities | (700) | ||
Proceeds from other equity securities | 12,620 | ||
Purchases of investments available-for-sale | (15,919) | (497) | |
Proceeds from sales of investment available-for-sale | 0 | 994 | |
Proceeds from maturities, calls and principal payments of investments available-for-sale | 34,829 | 23,975 | |
Net (increase)/ decrease in loans | 1,644 | (123,945) | |
Proceeds from the sales of other real estate owned | 0 | 292 | |
Proceeds from sales of loans previously held for investment | 0 | 59,945 | |
Acquisition of business activity, net of cash paid | 0 | 32,552 | |
Expenditures for premises and equipment | (1,066) | (2,842) | |
Net cash provided/ (used) by investing activities | 32,108 | (10,226) | |
Financing activities: | |||
Net increase in deposits | 309,643 | 52,702 | |
Net increase/(decrease) in retail repurchase agreements and federal funds purchased | (204,803) | 23,078 | |
Proceeds from advances from FHLB | 1,079,000 | 1,990,000 | |
Repayment of advances from FHLB | (1,201,333) | (1,984,081) | |
Proceeds from issuance of common stock | 343 | 456 | |
Stock tendered for payment of withholding taxes | (101) | 0 | |
Dividends paid | (10,008) | (9,267) | |
Net cash used by financing activities | (27,259) | 72,888 | |
Net increase (decrease) in cash and cash equivalents | 32,168 | 106,919 | |
Cash and cash equivalents at beginning of period | 101,481 | 112,500 | 112,500 |
Cash and cash equivalents at end of period | 133,649 | 219,419 | $ 101,481 |
Supplemental Disclosures: | |||
Interest payments | 21,455 | 11,680 | |
Income tax payments | 0 | 15 | |
Transfer from loans to residential mortgage loans held for sale | 0 | 60,043 | |
Transfers from loans to other real estate owned | $ 0 | $ 289 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at at Dec. 31, 2017 | $ 563,816 | $ 23,996 | $ 168,188 | $ 378,489 | $ (6,857) |
Net income | 21,665 | 0 | 0 | 21,665 | 0 |
Other comprehensive income, net of tax | (9,284) | 0 | 0 | 0 | (9,284) |
Common stock dividends - $0.28 and $0.26 per share at March 31, 2019 and 2018 respectively | (9,267) | 0 | 0 | (9,267) | 0 |
Stock compensation expense | 582 | 0 | 582 | 0 | 0 |
Common stock issued pursuant to: | |||||
Acquisition of WashingtonFirst - 11,446,197 shares | 446,640 | 11,446 | 435,194 | 0 | 0 |
Stock option plan - 6,755 and 12,353 shares at March 31, 2019 and 2018 respectively | 232 | 12 | 220 | 0 | 0 |
Employee stock purchase plan - 7,662 and 6,912 shares at March 31, 2019 and 2018 respectively | 224 | 7 | 217 | ||
Restricted stock - 11,959 and 1,514 shares at March 31, 2019 and 2018 respectively | 0 | 2 | (2) | 0 | 0 |
Reclassfication of tax effects from other comprehensive income | 0 | 1,477 | (1,477) | ||
Balance at at Mar. 31, 2018 | 1,014,608 | 35,463 | 604,399 | 392,364 | (17,618) |
Balance at at Dec. 31, 2018 | 1,067,903 | 35,531 | 606,573 | 441,553 | (15,754) |
Net income | 30,317 | 0 | 0 | 30,317 | 0 |
Other comprehensive income, net of tax | 6,704 | 0 | 0 | 0 | 6,704 |
Common stock dividends - $0.28 and $0.26 per share at March 31, 2019 and 2018 respectively | (10,008) | 0 | 0 | (10,008) | 0 |
Stock compensation expense | 690 | 0 | 690 | 0 | 0 |
Common stock issued pursuant to: | |||||
Stock option plan - 6,755 and 12,353 shares at March 31, 2019 and 2018 respectively | 129 | 7 | 122 | 0 | 0 |
Employee stock purchase plan - 7,662 and 6,912 shares at March 31, 2019 and 2018 respectively | 214 | 7 | 207 | 0 | 0 |
Restricted stock - 11,959 and 1,514 shares at March 31, 2019 and 2018 respectively | (101) | 12 | (113) | 0 | 0 |
Balance at at Mar. 31, 2019 | $ 1,095,848 | $ 35,557 | $ 607,479 | $ 461,862 | $ (9,050) |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock dividends, per share | $ 0.28 | $ 0.26 |
Stock option plan, shares | 6,755 | 12,353 |
Employee stock purchase plan, shares | 7,662 | 6,912 |
Restricted stock, shares | 11,959 | 1,514 |
Number of shares issued by the company, pursuant to WashingtonFirst acquisition | 11,446,197 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2019 | |
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. Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services t hrough its subsidiaries, Sandy Spring Insurance Corporation an d West Financial Services, Inc. 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 months ended March 31, 2019 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2019 . 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 included. Certain reclassifications ha ve 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 statements should be read in conjunction wi th the financial statements and accompanying notes included in the Company’s 2018 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2019 . There have been no significant changes to the Company’s a ccounting p olicies as disclosed in the 2018 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 subsidiary, Sandy Spring Bank and it s 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, in addition to affect ing the reported amounts 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, determ ination of impaired 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, v aluation of other real estate owned, 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 projection s 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 mat urity 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 Con solidated 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 cus tomers 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 revenue recognition guidance. Wealth Management 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 services. 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 cont ractually-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, performs 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 handling 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 and 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 ser vices 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 activities 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 require d principal 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 par ameters 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, t he Company 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 amou nt, representing 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 purch ase 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 expecte d cash flows after the purchase date is recognized as impairment through addition to the valuation allowance. Leases The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Condensed Consolidated Statements of Condition. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities re present the Company’s obligation to make lease payments arising from the lease arrangements. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the expected future lease payments over the remaining lease term. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating ROU assets are adjusted for any lease payments made at or before lease commencement date, initial direct costs and any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Le ase expense is recognized on a straight line basis over the expected lease term. Lease agreements that include lease and non-lease components, such as common area maintenance charges, are accounted for separately. Adopted Accounting Pronouncements The F ASB issued Update No. 2016-02, Leases , in February 2016. From the lessee’s perspective, the new standard 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. The Company adopted the standard on January 1, 2019 (“adoption date”) using modified retrospective approach. The Company elected the transition option to apply the provisions of the new standard only as of the beginning of the adoption period and did not restate comparative historical periods presented. The Company also elected a package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification of those leases in existence as of the adoption date. The standard had a material impact on the Company’s Condensed Consolidated Statements of Condition, but did not have a material impact on Condensed Consolidated Statements of Income. The most significant impact at the adoption date was the recognition of ROU assets and lease liabilities for operating leases which totaled $ 77.7 million and $ 85.1 million, respectively. Refer to Note 12 – Leases for other required disclosures. 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 yield over the contractual life. As a result, upon the exerc ise 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 callable 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 periods within those fiscal years, beginning after December 1 5, 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, Intangibles-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 b y 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 value at the impairment date of its assets and liabilities, in cluding 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. Under this Update, an entity should perform its annual or quar terly 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 unit’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 measuring the goodwill impairment loss, if applicable. This gui dance 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 standard is not expected to have a material impact on the C ompany’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 conditions and reasonable and supportable forecasts. This will result in earlier recognition of loss allowances in most instances. Credit loss es 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 redu ctions 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 it s 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 will also be required to provide significantly more disclosures, including information used to tr ack credit 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 cumul ative-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, 2 018. 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 designing calculation methodologies under the new guidance and quantifying the approxi mate impact on the Company’s financial position and results of operations. |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
INVESTMENTS | Note 2 – 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: March 31, 2019 December 31, 2018 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 $ 314,928 $ 546 $ (1,886) $ 313,588 $ 300,338 $ 370 $ (4,030) $ 296,678 State and municipal 261,126 3,491 (37) 264,580 280,725 2,080 (781) 282,024 Mortgage-backed and asset-backed 340,657 1,037 (3,597) 338,097 355,267 653 (7,405) 348,515 Corporate debt 9,100 287 - 9,387 9,100 140 - 9,240 Trust preferred 310 - - 310 310 - - 310 Total debt securities 926,121 5,361 (5,520) 925,962 945,740 3,243 (12,216) 936,767 Marketable equity securities 568 - - 568 568 - - 568 Total investments available-for-sale $ 926,689 $ 5,361 $ (5,520) $ 926,530 $ 946,308 $ 3,243 $ (12,216) $ 937,335 Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at March 31, 2019 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 se curities portfolio at March 31, 2019 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collaterali zed mortgage obligations ($117.6 million), GNMA, FNMA or FHLMC mo rtgage-backed securities ($170.4 million) and SBA asset-backed secu rities ($50.1 million) . The Company does not intend to sell these securities and has sufficient liquidity to hold these securities for an adequate period of time to allow for any antic ipated recovery in fair value. 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: March 31, 2019 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 27 $ 186,675 $ 204 $ 1,682 $ 1,886 State and municipal 9 8,724 - 37 37 Mortgage-backed and asset-backed 78 254,545 23 3,574 3,597 Total 114 $ 449,944 $ 227 $ 5,293 $ 5,520 December 31, 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 33 $ 194,135 $ 452 $ 3,578 $ 4,030 State and municipal 80 78,232 569 212 781 Mortgage-backed and asset-backed 110 308,254 1,592 5,813 7,405 Total 223 $ 580,621 $ 2,613 $ 9,603 $ 12,216 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. March 31, 2019 December 31, 2018 Estimated Estimated Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Due in one year or less $ 57,794 $ 58,089 $ 63,482 $ 63,747 Due after one year through five years 283,422 284,235 277,297 276,830 Due after five years through ten years 190,435 191,473 212,825 210,386 Due after ten years 394,470 392,165 392,136 385,804 Total debt securities available for sale $ 926,121 $ 925,962 $ 945,740 $ 936,767 At March 31, 2019 and December 31, 2018 , investments available-for-sale with a book value of $446 .3 million and $477 .3 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 March 31, 2019 and December 31, 2018 . Equity securities Other equity securities at the dates indicated are presented in the following table: (In thousands) March 31, 2019 December 31, 2018 Federal Reserve Bank stock $ 22,496 $ 22,456 Federal Home Loan Bank of Atlanta stock 38,273 50,933 Total equity securities $ 60,769 $ 73,389 |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
LOANS | Note 3 – L OANS Outstanding loan balances at March 31, 2019 and December 31, 2018 are net of unearned income including net deferred loan fees of $ 0 .6 million and $ 0 .9 million, respectively. The loan portfolio segment balances at the dates indicated are presented in the following table: (In thousands) March 31, 2019 December 31, 2018 Residential real estate: Residential mortgage $ 1,249,968 $ 1,228,247 Residential construction 176,388 186,785 Commercial real estate: Commercial owner occupied real estate 1,216,713 1,202,903 Commercial investor real estate 1,962,879 1,958,395 Commercial AD&C 688,939 681,201 Commercial business 769,660 796,264 Consumer 505,443 517,839 Total loans $ 6,569,990 $ 6,571,634 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. Of the $1 4 . 5 million specific credit mark on acquired credit impaired loans, approximately $ 4 . 0 millio n was estimated to be an accretable adjustment recognized over the remaining expected lives of the loans and $ 10 . 5 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 15,370 Credit fair value adjustment on pools of homogeneous loans (22,421) Credit fair value adjustment on purchased credit impaired loans (14,518) Fair value of acquired loan portfolio at January 1, 2018 $ 1,676,191 The following table presents the acquired credit impaired loans receivable as of January 1, 2018 (the “Acquisition Date”) : (Dollars in thousands) January 1, 2018 Contractual principal and interest at acquisition $ 49,412 Contractual cash flows not expected to be collected (Nonaccretable yield) (17,915) Expected cash flows at acquisition 31,497 Interest component of expected cash flows (Accretable yield) (3,988) Fair value of purchased credit impaired loans $ 27,509 The outstanding balance of purchased credit impaired loans receivable totaled $ 41.9 million, $ 26.0 million and $ 19.1 million at January 1, 2018, December 31, 2018 and March 31, 2019, respectively. The fair value of purchased credit impaired loans was $ 11 .2 million and $ 15.3 million at March 31, 2019 and December 31, 2018, respectively. The decrease in the outstanding amounts of purchased credit impaired loans receivable from the acquisition date through the current period was driven by the efforts of cred it management function to resolve the most material credit deteriorated borrowers. During 2018, liquidation of the collateral resulted in full pay-off of the outstanding principal balances of $ 12.4 million and the related release of accretable and non-accr etable adjustments into interest income in the total amounts of $0.9 million and $ 1.3 million, respectively. During the current quarter, the Company settled two additional purchased credit impaired loans with total outstanding balances of $ 4.4 million resu lting in the related release of accretable and non-accretable adjustments into interest income in the total amounts of $0.2 million and $ 1.6 million, respectively. Activity for the accretable yield since the Acquisition Date was as follows: For the Period Ended, (Dollars in thousands) March 31, 2019 December 31, 2018 Accretable yield at the beginning of the period $ 1,279 $ - Addition of accretable yield due to acquisition - 3,988 Accretion into interest income (292) (1,860) Disposals (including maturities, foreclosures, and charge-offs) (199) (849) Accretable yield at the end of the period. $ 788 $ 1,279 |
CREDIT QUALITY ASSESSMENT
CREDIT QUALITY ASSESSMENT | 3 Months Ended |
Mar. 31, 2019 | |
Credit Quality Assessment [Abstract] | |
CREDIT QUALITY ASSESSMENT | Note 4 – 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: Three Months Ended March 31, (In thousands) 2019 2018 Balance at beginning of year $ 53,486 $ 45,257 Provision (credit) for loan losses (128) 1,997 Loan charge-offs (356) (477) Loan recoveries 87 154 Net charge-offs (269) (323) Balance at period end $ 53,089 $ 46,931 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 Three Months Ended March 31, 2019 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 $ 11,377 $ 5,944 $ 17,603 $ 6,307 $ 2,113 $ 8,881 $ 1,261 $ 53,486 Provision (credit) (422) 497 (329) (139) 212 253 (200) (128) Charge-offs (17) - - - (226) (113) - (356) Recoveries 10 - 7 - 44 24 2 87 Net recoveries (charge-offs) (7) - 7 - (182) (89) 2 (269) Balance at end of period $ 10,948 $ 6,441 $ 17,281 $ 6,168 $ 2,143 $ 9,045 $ 1,063 $ 53,089 Total loans $ 769,660 $ 688,939 $ 1,962,879 $ 1,216,713 $ 505,443 $ 1,249,968 $ 176,388 $ 6,569,990 Allowance for loans losses to total loans ratio 1.42% 0.93% 0.88% 0.51% 0.42% 0.72% 0.60% 0.81% Balance of loans specifically evaluated for impairment $ 8,286 $ 3,306 $ 6,845 $ 5,992 na. $ 1,711 $ - $ 26,140 Allowance for loans specifically evaluated for impairment $ 3,624 $ 151 $ 1,315 $ 251 na. $ - $ - $ 5,341 Specific allowance to specific loans ratio 43.74% - 19.21% 4.19% na. - - 20.43% Balance of loans collectively evaluated $ 754,019 $ 685,633 $ 1,945,061 $ 1,210,721 $ 504,219 $ 1,248,247 $ 176,388 $ 6,524,288 Allowance for loans collectively evaluated $ 7,324 $ 6,290 $ 15,966 $ 5,917 $ 2,143 $ 9,045 $ 1,063 $ 47,748 Collective allowance to collective loans ratio 0.97% 0.92% 0.82% 0.49% 0.43% 0.72% 0.60% 0.73% Balance of loans acquired with deteriorated credit quality $ 7,355 $ - $ 10,973 $ - $ 1,224 $ 10 $ - $ 19,562 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Allowance to loans acquired with deteriorated credit quality ratio na. na. na. na. na. na. na. na. For the Year Ended December 31, 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) 2,857 2,381 2,677 (871) 203 1,776 - 9,023 Charge-offs (449) - (131) - (611) (225) - (1,416) Recoveries 258 62 87 - 138 62 15 622 Net recoveries (charge-offs) (191) 62 (44) - (473) (163) 15 (794) Balance at end of period $ 11,377 $ 5,944 $ 17,603 $ 6,307 $ 2,113 $ 8,881 $ 1,261 $ 53,486 Total loans $ 796,264 $ 681,201 $ 1,958,395 $ 1,202,903 $ 517,839 $ 1,228,247 $ 186,785 $ 6,571,634 Allowance for loan losses to total loans ratio 1.43% 0.87% 0.90% 0.52% 0.41% 0.72% 0.68% 0.81% Balance of loans specifically evaluated for impairment $ 7,586 $ 3,306 $ 5,355 $ 4,234 na. $ 1,729 $ - $ 22,210 Allowance for loans specifically evaluated for impairment $ 3,594 $ - $ 1,207 $ 123 na. $ - $ - $ 4,924 Specific allowance to specific loans ratio 47.38% - 22.54% 2.91% na. - - 22.17% Balance of loans collectively evaluated $ 780,523 $ 677,895 $ 1,938,712 $ 1,196,487 $ 516,567 $ 1,226,508 $ 186,785 $ 6,523,477 Allowance for loans collectively evaluated $ 7,783 $ 5,944 $ 16,396 $ 6,184 $ 2,113 $ 8,881 $ 1,261 $ 48,562 Collective allowance to collective loans ratio 1.00% 0.88% 0.85% 0.52% 0.41% 0.72% 0.68% 0.74% Balance of loans acquired with deteriorated credit quality $ 8,155 $ - $ 14,328 $ 2,182 $ 1,272 $ 10 $ - $ 25,947 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Allowance to loan acquired with deteriorated credit quality ratio na. na. na. na. na. na. na. na. The following table provides summary information regarding impaired loans at the dates indicated and for the periods then ended: (In thousands) March 31, 2019 December 31, 2018 Impaired loans with a specific allowance $ 17,848 $ 12,876 Impaired loans without a specific allowance 8,292 9,334 Total impaired loans $ 26,140 $ 22,210 Allowance for loan losses related to impaired loans $ 5,341 $ 4,924 Allowance for loan losses related to loans collectively evaluated 47,748 48,562 Total allowance for loan losses $ 53,089 $ 53,486 Average impaired loans for the period $ 24,175 $ 20,211 Contractual interest income due on impaired loans during the period $ 646 $ 2,513 Interest income on impaired loans recognized on a cash basis $ 110 $ 506 Interest income on impaired loans recognized on an accrual basis $ 42 $ 138 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: March 31, 2019 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 $ 4,706 $ 1,261 $ 5,117 $ 2,950 $ - $ 14,034 Restructured accruing 105 - - - - 105 Restructured non-accruing 2,151 - 789 769 - 3,709 Balance $ 6,962 $ 1,261 $ 5,906 $ 3,719 $ - $ 17,848 Allowance $ 3,624 $ 151 $ 1,315 $ 251 $ - $ 5,341 Impaired loans without a specific allowance Non-accruing $ 214 $ 1,910 $ 165 $ 840 $ - $ 3,129 Restructured accruing 168 - 774 - 1,432 2,374 Restructured non-accruing 942 135 - 1,433 279 2,789 Balance $ 1,324 $ 2,045 $ 939 $ 2,273 $ 1,711 $ 8,292 Total impaired loans Non-accruing $ 4,920 $ 3,171 $ 5,282 $ 3,790 $ - $ 17,163 Restructured accruing 273 - 774 - 1,432 2,479 Restructured non-accruing 3,093 135 789 2,202 279 6,498 Balance $ 8,286 $ 3,306 $ 6,845 $ 5,992 $ 1,711 $ 26,140 Unpaid principal balance in total impaired loans $ 11,421 $ 4,419 $ 11,397 $ 8,434 $ 3,066 $ 38,737 March 31, 2019 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 $ 7,936 $ 3,306 $ 6,100 $ 5,113 $ 1,720 $ 24,175 Contractual interest income due on impaired loans during the period $ 127 $ 184 $ 179 $ 122 $ 34 Interest income on impaired loans recognized on a cash basis $ 49 $ - $ 4 $ 52 $ 5 Interest income on impaired loans recognized on an accrual basis $ 13 $ - $ 10 $ - $ 19 December 31, 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 $ 4,126 $ - $ 5,117 $ 767 $ - $ 10,010 Restructured accruing 328 - - - - 328 Restructured non-accruing 1,766 - - 772 - 2,538 Balance $ 6,220 $ - $ 5,117 $ 1,539 $ - $ 12,876 Allowance $ 3,594 $ - $ 1,207 $ 123 $ - $ 4,924 Impaired loans without a specific allowance Non-accruing $ 220 $ 3,170 $ 238 $ 1,216 $ - $ 4,844 Restructured accruing 172 - - - 1,442 1,614 Restructured non-accruing 974 136 - 1,479 287 2,876 Balance $ 1,366 $ 3,306 $ 238 $ 2,695 $ 1,729 $ 9,334 Total impaired loans Non-accruing $ 4,346 $ 3,170 $ 5,355 $ 1,983 $ - $ 14,854 Restructured accruing 500 - - - 1,442 1,942 Restructured non-accruing 2,740 136 - 2,251 287 5,414 Balance $ 7,586 $ 3,306 $ 5,355 $ 4,234 $ 1,729 $ 22,210 Unpaid principal balance in total impaired loans $ 11,056 $ 4,419 $ 9,909 $ 6,656 $ 3,081 $ 35,121 December 31, 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 $ 7,685 $ 770 $ 5,696 $ 3,823 $ 2,237 $ 20,211 Contractual interest income due on impaired loans during the period $ 858 $ 495 $ 610 $ 407 $ 143 Interest income on impaired loans recognized on a cash basis $ 215 $ - $ 20 $ 175 $ 96 Interest income on impaired loans recognized on an accrual basis $ 63 $ - $ - $ - $ 75 Credit Quality The following tables provide information on the credit quality of the loan portfolio by segment at the dates indicated: March 31, 2019 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) $ 8,013 $ 3,306 $ 6,071 $ 5,992 $ 4,081 $ 9,704 $ 156 $ 37,323 Loans 90 days past due - - - 90 - 221 - 311 Restructured loans 273 - 774 - - 1,432 - 2,479 Total non-performing loans 8,286 3,306 6,845 6,082 4,081 11,357 156 40,113 Other real estate owned 39 315 409 - - 647 - 1,410 Total non-performing assets $ 8,325 $ 3,621 $ 7,254 $ 6,082 $ 4,081 $ 12,004 $ 156 $ 41,523 (1) Includes $5.4 million of loans acquired from WashingtonFirst considered performing at the Acquisition Date, the majority of which are collateralized by real estate properties. December 31, 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) $ 7,086 $ 3,306 $ 5,355 $ 4,234 $ 4,107 $ 9,336 $ 159 $ 33,583 Loans 90 days past due 49 - - - 219 221 - 489 Restructured loans 500 - - - - 1,442 - 1,942 Total non-performing loans 7,635 3,306 5,355 4,234 4,326 10,999 159 36,014 Other real estate owned 39 315 409 - - 821 - 1,584 Total non-performing assets $ 7,674 $ 3,621 $ 5,764 $ 4,234 $ 4,326 $ 11,820 $ 159 $ 37,598 (1) Includes $4.8 million of loans acquired from WashingtonFirst considered performing at the Acquisition Date, the majority of which are collateralized by real estate properties. March 31, 2019 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 $ 1,417 $ 277 $ 3,669 $ 1,506 $ 1,863 $ 12,508 $ 1,219 $ 22,459 61-90 days 2,682 - 1,815 - 1,572 2,612 477 9,158 > 90 days - - - 90 - 221 - 311 Total past due 4,099 277 5,484 1,596 3,435 15,341 1,696 31,928 Non-accrual loans (1) 8,013 3,306 6,071 5,992 4,081 9,704 156 37,323 Loans acquired with deteriorated credit quality 7,355 - 10,973 - 1,224 10 - 19,562 Current loans 750,193 685,356 1,940,351 1,209,125 496,703 1,224,913 174,536 6,481,177 Total loans $ 769,660 $ 688,939 $ 1,962,879 $ 1,216,713 $ 505,443 $ 1,249,968 $ 176,388 $ 6,569,990 (1) Includes $5.4 million of loans acquired from WashingtonFirst considered performing at the Acquisition Date, the majority of which are collateralized by real estate properties. December 31, 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 $ 2,737 $ 474 $ 3,041 $ 433 $ 3,871 $ 8,181 $ 3,226 $ 21,963 61-90 days - - 789 - 1,477 2,517 - 4,783 > 90 days 49 - - - 219 221 - 489 Total past due 2,786 474 3,830 433 5,567 10,919 3,226 27,235 Non-accrual loans (1) 7,086 3,306 5,355 4,234 4,107 9,336 159 33,583 Loans acquired with deteriorated credit quality 8,155 - 14,328 2,182 1,272 10 - 25,947 Current loans 778,237 677,421 1,934,882 1,196,054 506,893 1,207,982 183,400 6,484,869 Total loans $ 796,264 $ 681,201 $ 1,958,395 $ 1,202,903 $ 517,839 $ 1,228,247 $ 186,785 $ 6,571,634 (1) Includes $4.8 million of loans acquired from WashingtonFirst considered performing at the Acquisition Date, majority of which are collateralized by real estate properties. The following tables provide information by credit risk rating indicators for each segment of the commercial loan portfolio at the dates indicated: March 31, 2019 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 747,335 $ 685,313 $ 1,942,814 $ 1,204,269 $ 4,579,731 Special Mention (1) 2,162 320 1,980 2,140 6,602 Substandard (2) 20,163 3,306 18,085 10,304 51,858 Doubtful - - - - - Total $ 769,660 $ 688,939 $ 1,962,879 $ 1,216,713 $ 4,638,191 (1) Includes $2.0 million of loans acquired from WashingtonFirst and considered performing at the Acquisition Date. (2) Includes $17.9 million of purchased credit impaired loans acquired from WashingtonFirst and $9.2 million of loans acquired from WashingtonFirst and considered performing at the Acquisition Date. December 31, 2018 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 773,958 $ 677,574 $ 1,934,886 $ 1,189,903 $ 4,576,321 Special Mention (1) 1,942 321 3,826 2,738 8,827 Substandard (2) 20,364 3,306 19,683 10,262 53,615 Doubtful - - - - - Total $ 796,264 $ 681,201 $ 1,958,395 $ 1,202,903 $ 4,638,763 (1) Includes $4.2 million of loans acquired from WashingtonFirst and considered performing at the Acquisition Date. (2) Includes $24.3 million of purchased credit impaired loans acquired from WashingtonFirst and $7.2 million of loans acquired from WashingtonFirst and considered performing at the Acquisition Date. 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: March 31, 2019 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 501,362 $ 1,238,611 $ 176,232 $ 1,916,205 Non-performing: 90 days past due - 221 - 221 Non-accruing (1) 4,081 9,704 156 13,941 Restructured loans - 1,432 - 1,432 Total $ 505,443 $ 1,249,968 $ 176,388 $ 1,931,799 (1) Includes $1.1 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. December 31, 2018 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 513,513 $ 1,217,248 $ 186,626 $ 1,917,387 Non-performing: 90 days past due 219 221 - 440 Non-accruing (1) 4,107 9,336 159 13,602 Restructured loans - 1,442 - 1,442 Total $ 517,839 $ 1,228,247 $ 186,785 $ 1,932,871 (1) Includes $1.3 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. During the three months ended March 31, 2019 , the Company restructured $1.8 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 three months ended March 31, 2019 had specific reserves of $0.3 million . For the year ended December 31, 2018 , the Company restructured $1.6 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 2018 had specific reserves of $0.6 million at December 31, 2018 . The commitments to lend additional funds on loans th at have been restructured at March 31, 2019 and December 31, 2018 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 Three Months Ended March 31, 2019 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 $ - $ - $ 775 $ - $ - $ 775 Restructured non-accruing 261 - 789 - - 1,050 Balance $ 261 $ - $ 1,564 $ - $ - $ 1,825 Specific allowance $ 184 $ - $ 108 $ - $ - $ 292 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - For the Year Ended December 31, 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 $ - $ - $ - $ - $ - $ - Other Real Estate Owned Other real estate owned totaled $1 .4 million and $1 .6 million at March 31, 2019 and December 31, 2018 , respectively . There were no consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process as of March 31, 2019 . |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | Note 5 – 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: March 31, 2019 Weighted December 31, 2018 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 $ (2,378) $ 8,300 8.8 years $ 10,678 $ (1,941) $ 8,737 9.0 years Other identifiable intangibles 1,478 (481) 997 10.4 years 1,478 (427) 1,051 10.6 years Total amortizing intangible assets $ 12,156 $ (2,859) $ 9,297 $ 12,156 $ (2,368) $ 9,788 Goodwill $ 347,149 $ 347,149 $ 347,149 $ 347,149 The amount of goodwill by reportable segment is presented in the following table: Community Investment (Dollars in thousands) Banking Insurance Management Total Balance December 31, 2018 $ 331,173 $ 6,788 $ 9,188 $ 347,149 No Activity - - - - Balance March 31, 2019 $ 331,173 $ 6,788 $ 9,188 $ 347,149 The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: (In thousands) Amount 2019 $ 1,453 2020 1,720 2021 1,507 2022 1,295 Thereafter 3,322 Total amortizing intangible assets $ 9,297 |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
DEPOSITS | Note 6 – Deposits The following table presents the composition of deposits at the dates indicated: (In thousands) March 31, 2019 December 31, 2018 Noninterest-bearing deposits $ 1,813,708 $ 1,750,319 Interest-bearing deposits: Demand 755,676 703,145 Money market savings 1,686,178 1,605,024 Regular savings 336,950 330,231 Time deposits of less than $100,000 433,944 427,421 Time deposits of $100,000 or more 1,198,067 1,098,740 Total interest-bearing deposits 4,410,815 4,164,561 Total deposits $ 6,224,523 $ 5,914,880 |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 3 Months Ended |
Mar. 31, 2019 | |
Brokers and Dealers [Abstract] | |
SUBORDINATED DEBENTURES | Note 7 – 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 interest rate of 6.00% per annum, pay able 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 2003, 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 securities. The trust used the proceeds fro m 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 dist ributions 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, without penalty. The interest rate asso ciated with the debt securities is three month LIBOR plus 3.15% subject to quarterly interest rate adjustments. The interest ra te as of March 31, 2019 was 5.7 5 %. Under the indenture governing the debt securities, the Company 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 common stock will be restricted. The trus t’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 price 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 respect to any trust securities called for redemption and amounts due if the trust is liquidat ed or terminated. As of March 31, 2019 , the Company was current on all interest payments. Under current regulatory guidelines the trust preferred securities are considered to be Tier 1 capital. The follo wing table provides information on subordinated debentures for the period indicated: As of, (In thousands) March 31, 2019 December 31, 2018 Subordinated debentures $ 25,000 $ 25,000 Add: Purchase accounting premium 1,989 2,023 Trust preferred securities 10,310 10,310 Add: Purchase accounting premium 90 92 Total subordinated debentures $ 37,389 $ 37,425 |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2019 | |
Share Based Compensation [Abstract] | |
SHARE BASED COMPENSATION | Note 8 – Share Based Compensation At March 31, 2019 , 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 1,151 ,509 are available for issuance at March 31, 2019 , 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: Three Months Ended March 31, 2019 2018 Dividend yield - % 2.64 % Weighted average expected volatility - % 39.13 % Weighted average risk-free interest rate - % 2.61 % Weighted average expected lives (in years) - 5.61 Weighted average grant-date fair value $0.00 $11.73 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 $0.7 million and $0.5 million for the three months ended March 31, 2019 and 2018 , respectively, related to the awards of stock option s and restricted stock grants. The intrinsic value of stock options exercised in the three months ended March 31, 2019 and 2018 was $0. 1 million and $0.2 million, respectively. The total of unrecognized compensation cost related to stock options was approximately $0. 2 million as of March 31, 2019 . That cost is expected to be recognized over a weighted average period of approximately 1 . 7 years . The total of unrecognized compensation cost related to restric ted stock was approximately $7.8 million as of March 31, 2019 . That cost is expected to be recognized over a weighted average period of approximately 3.3 years . The fair value of the options vested during the three months ended March 31, 2019 and 2018 , was not significant. The Company granted 96,191 shares of restricted stock in the first quarter of 2019 , of which 21,390 shares are subject to a three year vesting schedule with one third of the shares vesting on April 1 st of each year and 74,801 shares subject to a five year vesting schedule with one fifth of the shares vesting on Apri l 1 st of each year. The Company did not grant any stock options during the first quarter of 2019. 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, 2019 81,508 $ 29.74 $ 369 Granted - $ - Exercised (6,755) $ 19.02 $ 76 Forfeited (1,007) $ 37.11 Balance at March 31, 2019 73,746 $ 30.62 3.7 $ 283 Exercisable at March 31, 2019 45,046 $ 26.45 2.6 $ 261 Weighted average fair value of options granted during the year $ - 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, 2019 203,603 $ 35.14 Granted 96,191 $ 34.98 Vested (8,199) $ 27.95 Forfeited (3,848) $ 31.98 Restricted stock at March 31, 2019 287,747 $ 35.33 |
PENSION, PROFIT SHARING, AND OT
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2019 | |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] | |
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS | Note 9 – 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 March 31, (In thousands) 2019 2018 Interest cost on projected benefit obligation $ 402 $ 385 Expected return on plan assets (412) (465) Recognized net actuarial loss 265 250 Net periodic benefit cost $ 255 $ 170 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. Management continues to monitor the funding level of the pension plan and may make additional contri butions as necessary during 2019 . |
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE | Note 10 – 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 March 31, (Dollars and amounts in thousands, except per share data) 2019 2018 Net income $ 30,317 $ 21,665 Basic: Basic weighted average EPS shares 35,794 35,659 Basic net income per share $ 0.85 $ 0.61 Diluted: Basic weighted average EPS shares 35,794 35,659 Dilutive common stock equivalents 13 25 Dilutive EPS shares 35,807 35,684 Diluted net income per share $ 0.85 $ 0.61 Anti-dilutive shares 12 4 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2019 | |
Other Comprehensive Income Loss [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 11 – 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, 2019 $ (6,630) $ (9,124) $ (15,754) Other comprehensive income before reclassification, net of tax 6,508 - 6,508 Reclassifications from accumulated other comprehensive income, net of tax - 196 196 Current period change in other comprehensive income, net of tax 6,508 196 6,704 Balance at March 31, 2019 $ (122) $ (8,928) $ (9,050) 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 (9,368) - (9,368) Reclassifications from accumulated other comprehensive income, net of tax (47) 131 84 Current period change in other comprehensive income, net of tax (9,415) 131 (9,284) Reclassification of tax effects from accumulated other comprehensive income 148 (1,625) (1,477) Balance at March 31, 2018 $ (8,580) $ (9,038) $ (17,618) The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income for the periods indicated: Three Months Ended March 31, (In thousands) 2019 2018 Unrealized gains on investments available-for-sale Affected line item in the Statements of Income: Investment securities gains $ - $ 63 Income before taxes - 63 Tax expense - 16 Net income $ - $ 47 Amortization of defined benefit pension plan items Affected line item in the Statements of Income: Recognized actuarial loss (1) $ (265) $ (250) Income before taxes (265) (250) Tax benefit 69 (119) Net loss $ (196) $ (131) (1) This amount is included in the computation of net periodic benefit cost, see Note 9. 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. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
LEASES | NOTE 12 – LEASES The Company leases real estate properties for its network of bank branches, financial centers and corporate offices. All of the Company’s leases are currently classified as operating. Most lease agreements include one or more options to renew, with renewal terms that can extend the original lease term from one to twenty years or more. The Company does not sublease any of its leased real estate properties. As of March 31, 2019, ROU assets and lease liabilities totaled $ 75.5 mi llion and $ 83.0 million, respectively. For the three months ended March 31, 2019, the Company recognized total operating lease expense in the amount of $ 2 . 9 million. Cash paid for amounts included in the measurement of lease liabilities for the three month s ended March 31, 2019 was $ 2 . 2 million and is included in Net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows. There were no new ROU assets obtained in exchange for lease obligations during the three months end ed March 31, 2019. As of March 31, 2019, the maturities of the Company’s operating lease liabilities were as follows: (In thousands) Amount Maturity: One year $ 11,193 Two years 10,682 Three years 10,147 Four years 10,110 Five years 9,997 Thereafter 48,791 Total undiscounted lease payments 100,920 Less: Present value discount (17,929) Lease Liability $ 82,991 As of March 31, 2019, the weighted average remaining lease term was 1 0 . 8 years and the weighted average operating discount rate to determine the operating lease liability was 3. 31 %. The Company had no additional operating and finance leases that have not yet commenced at March 31, 2019. The Company does not have any lease arrangements with any of its related parties as of March 31, 2019. |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND DERIVATIVES | 3 Months Ended |
Mar. 31, 2019 | |
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 value of commercial loan swaps outstanding was $ 43 . 8 m illion with a fair value of $ 0.7 million a s of March 31, 2019 compared to $16 . 6 m illion with a fair value of $0.4 million as of December 31, 2018 . The swap positions are offset to minimize the potential impact on the Company’s financial statements . Fair values of the swaps are carri ed 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 non-interest income. |
LITIGATION
LITIGATION | 3 Months Ended |
Mar. 31, 2019 | |
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 | 3 Months Ended |
Mar. 31, 2019 | |
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 permit ted 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 commitment. 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 loan s 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. The hierarchy gives the h ighest 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 hierarchy are described belo w. 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 active, or inputs that ar e 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 unobservable (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 changes in the cash flows d ue 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, mortgage-back ed, and asset-backed 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, t he 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 to 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: March 31, 2019 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 $ - $ 24,998 $ - $ 24,998 Investments available-for-sale: U.S. government agencies - 313,588 - 313,588 State and municipal - 264,580 - 264,580 Mortgage-backed and asset-backed - 338,097 - 338,097 Corporate debt - - 9,387 9,387 Trust preferred - - 310 310 Marketable equity securities - 568 - 568 Interest rate swap agreements - 701 - 701 Liabilities Interest rate swap agreements $ - $ (701) $ - $ (701) December 31, 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 $ - $ 22,773 $ - $ 22,773 Investments available-for-sale: U.S. government agencies - 296,678 - 296,678 State and municipal - 282,024 - 282,024 Mortgage-backed and asset-backed - 348,515 - 348,515 Corporate debt - - 9,240 9,240 Trust preferred - - 310 310 Marketable equity securities - 568 - 568 Interest rate swap agreements - 446 - 446 Liabilities Interest rate swap agreements $ - $ (446) $ - $ (446) 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, 2019 $ 9,550 Additions of Level 3 assets - Sales of Level 3 assets - Total unrealized gain included in other comprehensive income 147 Balance at March 31, 2019 $ 9,697 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: March 31, 2019 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 $ - $ - $ 6,748 $ 6,748 $ (10,862) Other real estate owned - - 1,410 1,410 (436) Total $ - $ - $ 8,158 $ 8,158 $ (11,298) December 31, 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 $ - $ - $ 6,780 $ 6,780 $ (10,932) Other real estate owned - - 1,584 1,584 (262) Total $ - $ - $ 8,364 $ 8,364 $ (11,194) At March 31, 2019 , impaired loans totaling $26 .1 million were written down to fair value of $20 .8 million as a result of spe cific loan loss allowances of $5 . 3 million associated with the impaired loans which was included in the allowance for loan losses. Impaired loans totaling $22 .2 million were wri tten down to fair value of $17 .3 million at December 31, 2018 as a result of speci fic loan loss allowances of $4.9 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 March 31, 2019 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 $ 60,769 $ 60,769 $ - $ 60,769 $ - Loans, net of allowance 6,516,901 6,377,572 - - 6,377,572 Other assets (1) 111,195 111,195 - 111,195 - Financial Liabilities Time deposits $ 1,632,011 $ 1,628,658 $ - $ 1,628,658 $ - Securities sold under retail repurchase agreements and federal funds purchased 122,626 122,626 - 122,626 - Advances from FHLB 726,278 729,767 - 729,767 - Subordinated debentures 37,389 35,260 - - 35,260 (1) Includes bank owned life insurance products. Fair Value Measurements December 31, 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 $ 73,389 $ 73,389 $ - $ 73,389 $ - Loans, net of allowance 6,518,148 6,376,307 - - 6,376,307 Other assets (1) 110,823 110,823 - 110,823 - Financial Liabilities Time deposits $ 1,526,161 $ 1,536,238 $ - $ 1,536,238 $ - Securities sold under retail repurchase agreements and federal funds purchased 327,429 327,429 - 327,429 - Advances from FHLB 848,611 850,186 - 850,186 - Subordinated debentures 37,425 33,588 - - 33,588 (1) Includes bank owned life insurance products. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2019 | |
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 were $ 0.4 million for both the three months ended March 31, 2019 and March 31, 2018 , respectively. 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 li nes, personal lines, and medical liability lines. Expenses include personnel and support charges. Non-cash charges associated with amortization of intangibles were not significant for the three months ended March 31, 2019 and 2018 , respectively. The Investment Management segment is conducted through West Financial Services, 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 ass ets 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 months ended March 31, 2019 and 2018 , 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 March 31, 2019 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 88,183 $ 1 $ 2 $ (3) $ 88,183 Interest expense 21,436 - - (3) 21,433 Provision (credit) for loan losses (128) - - - (128) Noninterest income 12,707 1,904 2,525 (167) 16,969 Noninterest expense 41,211 1,420 1,728 (167) 44,192 Income before income taxes 38,371 485 799 - 39,655 Income tax expense 8,993 135 210 - 9,338 Net income $ 29,378 $ 350 $ 589 $ - $ 30,317 Assets $ 8,326,141 $ 11,519 $ 20,564 $ (30,324) $ 8,327,900 Three Months Ended March 31, 2018 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 75,504 $ - $ 1 $ (1) $ 75,504 Interest expense 12,614 - - (1) 12,613 Provision for loan losses 1,997 - - - 1,997 Non-interest income 13,171 1,822 2,279 (154) 17,118 Non-interest expense 47,031 1,379 1,385 (154) 49,641 Income before income taxes 27,033 443 895 - 28,371 Income tax expense 6,353 123 230 - 6,706 Net income $ 20,680 $ 320 $ 665 $ - $ 21,665 Assets $ 7,894,964 $ 8,984 $ 16,216 $ (25,246) $ 7,894,918 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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. Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services t hrough its subsidiaries, Sandy Spring Insurance Corporation an d West Financial Services, Inc. |
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 months ended March 31, 2019 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2019 . 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 included. Certain reclassifications ha ve 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 statements should be read in conjunction wi th the financial statements and accompanying notes included in the Company’s 2018 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 22, 2019 . There have been no significant changes to the Company’s a ccounting p olicies as disclosed in the 2018 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 subsidiary, Sandy Spring Bank and it s 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, in addition to affect ing the reported amounts 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, determ ination of impaired 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, v aluation of other real estate owned, 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 projection s 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 mat urity of three months or less). |
Revenue from Contract with Customers | 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 Con solidated 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 cus tomers 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 revenue recognition guidance. Wealth Management 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 services. 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 cont ractually-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, performs 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 handling 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 and 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 ser vices 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 activities 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 | 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 require d principal 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 par ameters 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, t he Company 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 amou nt, representing 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 purch ase 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 expecte d cash flows after the purchase date is recognized as impairment through addition to the valuation allowance. |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements The F ASB issued Update No. 2016-02, Leases , in February 2016. From the lessee’s perspective, the new standard 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. The Company adopted the standard on January 1, 2019 (“adoption date”) using modified retrospective approach. The Company elected the transition option to apply the provisions of the new standard only as of the beginning of the adoption period and did not restate comparative historical periods presented. The Company also elected a package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification of those leases in existence as of the adoption date. The standard had a material impact on the Company’s Condensed Consolidated Statements of Condition, but did not have a material impact on Condensed Consolidated Statements of Income. The most significant impact at the adoption date was the recognition of ROU assets and lease liabilities for operating leases which totaled $ 77.7 million and $ 85.1 million, respectively. Refer to Note 12 – Leases for other required disclosures. |
Leases | Leases The Company determines if an arrangement is a lease at inception. All of the Company’s leases are currently classified as operating leases and are included in other assets and other liabilities on the Company’s Condensed Consolidated Statements of Condition. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities re present the Company’s obligation to make lease payments arising from the lease arrangements. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the expected future lease payments over the remaining lease term. In determining the present value of future lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The operating ROU assets are adjusted for any lease payments made at or before lease commencement date, initial direct costs and any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Le ase expense is recognized on a straight line basis over the expected lease term. Lease agreements that include lease and non-lease components, such as common area maintenance charges, are accounted for separately. |
Pending accounting pronouncements | 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 yield over the contractual life. As a result, upon the exerc ise 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 callable 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 periods within those fiscal years, beginning after December 1 5, 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, Intangibles-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 b y 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 value at the impairment date of its assets and liabilities, in cluding 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. Under this Update, an entity should perform its annual or quar terly 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 unit’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 measuring the goodwill impairment loss, if applicable. This gui dance 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 standard is not expected to have a material impact on the C ompany’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 conditions and reasonable and supportable forecasts. This will result in earlier recognition of loss allowances in most instances. Credit loss es 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 redu ctions 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 it s 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 will also be required to provide significantly more disclosures, including information used to tr ack credit 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 cumul ative-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, 2 018. 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 designing calculation methodologies under the new guidance and quantifying the approxi mate impact on the Company’s financial |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Amortized cost and Estimated fair values of Investments Available-for-sale | March 31, 2019 December 31, 2018 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 $ 314,928 $ 546 $ (1,886) $ 313,588 $ 300,338 $ 370 $ (4,030) $ 296,678 State and municipal 261,126 3,491 (37) 264,580 280,725 2,080 (781) 282,024 Mortgage-backed and asset-backed 340,657 1,037 (3,597) 338,097 355,267 653 (7,405) 348,515 Corporate debt 9,100 287 - 9,387 9,100 140 - 9,240 Trust preferred 310 - - 310 310 - - 310 Total debt securities 926,121 5,361 (5,520) 925,962 945,740 3,243 (12,216) 936,767 Marketable equity securities 568 - - 568 568 - - 568 Total investments available-for-sale $ 926,689 $ 5,361 $ (5,520) $ 926,530 $ 946,308 $ 3,243 $ (12,216) $ 937,335 |
Other Equity Securities | (In thousands) March 31, 2019 December 31, 2018 Federal Reserve Bank stock $ 22,496 $ 22,456 Federal Home Loan Bank of Atlanta stock 38,273 50,933 Total equity securities $ 60,769 $ 73,389 |
Available-for-Sale Securities | |
Gross Unrealized Losses and Fair Value by Length of Time | March 31, 2019 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 27 $ 186,675 $ 204 $ 1,682 $ 1,886 State and municipal 9 8,724 - 37 37 Mortgage-backed and asset-backed 78 254,545 23 3,574 3,597 Total 114 $ 449,944 $ 227 $ 5,293 $ 5,520 December 31, 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 33 $ 194,135 $ 452 $ 3,578 $ 4,030 State and municipal 80 78,232 569 212 781 Mortgage-backed and asset-backed 110 308,254 1,592 5,813 7,405 Total 223 $ 580,621 $ 2,613 $ 9,603 $ 12,216 |
Amortized Cost and Estimated Fair Values of Investment Securities | March 31, 2019 December 31, 2018 Estimated Estimated Amortized Fair Amortized Fair (In thousands) Cost Value Cost Value Due in one year or less $ 57,794 $ 58,089 $ 63,482 $ 63,747 Due after one year through five years 283,422 284,235 277,297 276,830 Due after five years through ten years 190,435 191,473 212,825 210,386 Due after ten years 394,470 392,165 392,136 385,804 Total debt securities available for sale $ 926,121 $ 925,962 $ 945,740 $ 936,767 |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Loans [Abstract] | |
Loan Portfolio Segment Balances | (In thousands) March 31, 2019 December 31, 2018 Residential real estate: Residential mortgage $ 1,249,968 $ 1,228,247 Residential construction 176,388 186,785 Commercial real estate: Commercial owner occupied real estate 1,216,713 1,202,903 Commercial investor real estate 1,962,879 1,958,395 Commercial AD&C 688,939 681,201 Commercial business 769,660 796,264 Consumer 505,443 517,839 Total loans $ 6,569,990 $ 6,571,634 |
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 15,370 Credit fair value adjustment on pools of homogeneous loans (22,421) Credit fair value adjustment on purchased credit impaired loans (14,518) Fair value of acquired loan portfolio at January 1, 2018 $ 1,676,191 |
Acquired credit impaired loans receivable | (Dollars in thousands) January 1, 2018 Contractual principal and interest at acquisition $ 49,412 Contractual cash flows not expected to be collected (Nonaccretable yield) (17,915) Expected cash flows at acquisition 31,497 Interest component of expected cash flows (Accretable yield) (3,988) Fair value of purchased credit impaired loans $ 27,509 |
Accretable yield activity since acquisition date | For the Period Ended, (Dollars in thousands) March 31, 2019 December 31, 2018 Accretable yield at the beginning of the period $ 1,279 $ - Addition of accretable yield due to acquisition - 3,988 Accretion into interest income (292) (1,860) Disposals (including maturities, foreclosures, and charge-offs) (199) (849) Accretable yield at the end of the period. $ 788 $ 1,279 |
CREDIT QUALITY ASSESSMENT (Tabl
CREDIT QUALITY ASSESSMENT (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: Three Months Ended March 31, (In thousands) 2019 2018 Balance at beginning of year $ 53,486 $ 45,257 Provision (credit) for loan losses (128) 1,997 Loan charge-offs (356) (477) Loan recoveries 87 154 Net charge-offs (269) (323) Balance at period end $ 53,089 $ 46,931 |
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 Three Months Ended March 31, 2019 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 $ 11,377 $ 5,944 $ 17,603 $ 6,307 $ 2,113 $ 8,881 $ 1,261 $ 53,486 Provision (credit) (422) 497 (329) (139) 212 253 (200) (128) Charge-offs (17) - - - (226) (113) - (356) Recoveries 10 - 7 - 44 24 2 87 Net recoveries (charge-offs) (7) - 7 - (182) (89) 2 (269) Balance at end of period $ 10,948 $ 6,441 $ 17,281 $ 6,168 $ 2,143 $ 9,045 $ 1,063 $ 53,089 Total loans $ 769,660 $ 688,939 $ 1,962,879 $ 1,216,713 $ 505,443 $ 1,249,968 $ 176,388 $ 6,569,990 Allowance for loans losses to total loans ratio 1.42% 0.93% 0.88% 0.51% 0.42% 0.72% 0.60% 0.81% Balance of loans specifically evaluated for impairment $ 8,286 $ 3,306 $ 6,845 $ 5,992 na. $ 1,711 $ - $ 26,140 Allowance for loans specifically evaluated for impairment $ 3,624 $ 151 $ 1,315 $ 251 na. $ - $ - $ 5,341 Specific allowance to specific loans ratio 43.74% - 19.21% 4.19% na. - - 20.43% Balance of loans collectively evaluated $ 754,019 $ 685,633 $ 1,945,061 $ 1,210,721 $ 504,219 $ 1,248,247 $ 176,388 $ 6,524,288 Allowance for loans collectively evaluated $ 7,324 $ 6,290 $ 15,966 $ 5,917 $ 2,143 $ 9,045 $ 1,063 $ 47,748 Collective allowance to collective loans ratio 0.97% 0.92% 0.82% 0.49% 0.43% 0.72% 0.60% 0.73% Balance of loans acquired with deteriorated credit quality $ 7,355 $ - $ 10,973 $ - $ 1,224 $ 10 $ - $ 19,562 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Allowance to loans acquired with deteriorated credit quality ratio na. na. na. na. na. na. na. na. For the Year Ended December 31, 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) 2,857 2,381 2,677 (871) 203 1,776 - 9,023 Charge-offs (449) - (131) - (611) (225) - (1,416) Recoveries 258 62 87 - 138 62 15 622 Net recoveries (charge-offs) (191) 62 (44) - (473) (163) 15 (794) Balance at end of period $ 11,377 $ 5,944 $ 17,603 $ 6,307 $ 2,113 $ 8,881 $ 1,261 $ 53,486 Total loans $ 796,264 $ 681,201 $ 1,958,395 $ 1,202,903 $ 517,839 $ 1,228,247 $ 186,785 $ 6,571,634 Allowance for loan losses to total loans ratio 1.43% 0.87% 0.90% 0.52% 0.41% 0.72% 0.68% 0.81% Balance of loans specifically evaluated for impairment $ 7,586 $ 3,306 $ 5,355 $ 4,234 na. $ 1,729 $ - $ 22,210 Allowance for loans specifically evaluated for impairment $ 3,594 $ - $ 1,207 $ 123 na. $ - $ - $ 4,924 Specific allowance to specific loans ratio 47.38% - 22.54% 2.91% na. - - 22.17% Balance of loans collectively evaluated $ 780,523 $ 677,895 $ 1,938,712 $ 1,196,487 $ 516,567 $ 1,226,508 $ 186,785 $ 6,523,477 Allowance for loans collectively evaluated $ 7,783 $ 5,944 $ 16,396 $ 6,184 $ 2,113 $ 8,881 $ 1,261 $ 48,562 Collective allowance to collective loans ratio 1.00% 0.88% 0.85% 0.52% 0.41% 0.72% 0.68% 0.74% Balance of loans acquired with deteriorated credit quality $ 8,155 $ - $ 14,328 $ 2,182 $ 1,272 $ 10 $ - $ 25,947 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Allowance to loan acquired with deteriorated credit quality ratio na. na. na. na. na. na. na. na. |
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) March 31, 2019 December 31, 2018 Impaired loans with a specific allowance $ 17,848 $ 12,876 Impaired loans without a specific allowance 8,292 9,334 Total impaired loans $ 26,140 $ 22,210 Allowance for loan losses related to impaired loans $ 5,341 $ 4,924 Allowance for loan losses related to loans collectively evaluated 47,748 48,562 Total allowance for loan losses $ 53,089 $ 53,486 Average impaired loans for the period $ 24,175 $ 20,211 Contractual interest income due on impaired loans during the period $ 646 $ 2,513 Interest income on impaired loans recognized on a cash basis $ 110 $ 506 Interest income on impaired loans recognized on an accrual basis $ 42 $ 138 March 31, 2019 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 $ 4,706 $ 1,261 $ 5,117 $ 2,950 $ - $ 14,034 Restructured accruing 105 - - - - 105 Restructured non-accruing 2,151 - 789 769 - 3,709 Balance $ 6,962 $ 1,261 $ 5,906 $ 3,719 $ - $ 17,848 Allowance $ 3,624 $ 151 $ 1,315 $ 251 $ - $ 5,341 Impaired loans without a specific allowance Non-accruing $ 214 $ 1,910 $ 165 $ 840 $ - $ 3,129 Restructured accruing 168 - 774 - 1,432 2,374 Restructured non-accruing 942 135 - 1,433 279 2,789 Balance $ 1,324 $ 2,045 $ 939 $ 2,273 $ 1,711 $ 8,292 Total impaired loans Non-accruing $ 4,920 $ 3,171 $ 5,282 $ 3,790 $ - $ 17,163 Restructured accruing 273 - 774 - 1,432 2,479 Restructured non-accruing 3,093 135 789 2,202 279 6,498 Balance $ 8,286 $ 3,306 $ 6,845 $ 5,992 $ 1,711 $ 26,140 Unpaid principal balance in total impaired loans $ 11,421 $ 4,419 $ 11,397 $ 8,434 $ 3,066 $ 38,737 March 31, 2019 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 $ 7,936 $ 3,306 $ 6,100 $ 5,113 $ 1,720 $ 24,175 Contractual interest income due on impaired loans during the period $ 127 $ 184 $ 179 $ 122 $ 34 Interest income on impaired loans recognized on a cash basis $ 49 $ - $ 4 $ 52 $ 5 Interest income on impaired loans recognized on an accrual basis $ 13 $ - $ 10 $ - $ 19 December 31, 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 $ 4,126 $ - $ 5,117 $ 767 $ - $ 10,010 Restructured accruing 328 - - - - 328 Restructured non-accruing 1,766 - - 772 - 2,538 Balance $ 6,220 $ - $ 5,117 $ 1,539 $ - $ 12,876 Allowance $ 3,594 $ - $ 1,207 $ 123 $ - $ 4,924 Impaired loans without a specific allowance Non-accruing $ 220 $ 3,170 $ 238 $ 1,216 $ - $ 4,844 Restructured accruing 172 - - - 1,442 1,614 Restructured non-accruing 974 136 - 1,479 287 2,876 Balance $ 1,366 $ 3,306 $ 238 $ 2,695 $ 1,729 $ 9,334 Total impaired loans Non-accruing $ 4,346 $ 3,170 $ 5,355 $ 1,983 $ - $ 14,854 Restructured accruing 500 - - - 1,442 1,942 Restructured non-accruing 2,740 136 - 2,251 287 5,414 Balance $ 7,586 $ 3,306 $ 5,355 $ 4,234 $ 1,729 $ 22,210 Unpaid principal balance in total impaired loans $ 11,056 $ 4,419 $ 9,909 $ 6,656 $ 3,081 $ 35,121 December 31, 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 $ 7,685 $ 770 $ 5,696 $ 3,823 $ 2,237 $ 20,211 Contractual interest income due on impaired loans during the period $ 858 $ 495 $ 610 $ 407 $ 143 Interest income on impaired loans recognized on a cash basis $ 215 $ - $ 20 $ 175 $ 96 Interest income on impaired loans recognized on an accrual basis $ 63 $ - $ - $ - $ 75 |
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: March 31, 2019 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) $ 8,013 $ 3,306 $ 6,071 $ 5,992 $ 4,081 $ 9,704 $ 156 $ 37,323 Loans 90 days past due - - - 90 - 221 - 311 Restructured loans 273 - 774 - - 1,432 - 2,479 Total non-performing loans 8,286 3,306 6,845 6,082 4,081 11,357 156 40,113 Other real estate owned 39 315 409 - - 647 - 1,410 Total non-performing assets $ 8,325 $ 3,621 $ 7,254 $ 6,082 $ 4,081 $ 12,004 $ 156 $ 41,523 (1) Includes $5.4 million of loans acquired from WashingtonFirst considered performing at the Acquisition Date, the majority of which are collateralized by real estate properties. December 31, 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) $ 7,086 $ 3,306 $ 5,355 $ 4,234 $ 4,107 $ 9,336 $ 159 $ 33,583 Loans 90 days past due 49 - - - 219 221 - 489 Restructured loans 500 - - - - 1,442 - 1,942 Total non-performing loans 7,635 3,306 5,355 4,234 4,326 10,999 159 36,014 Other real estate owned 39 315 409 - - 821 - 1,584 Total non-performing assets $ 7,674 $ 3,621 $ 5,764 $ 4,234 $ 4,326 $ 11,820 $ 159 $ 37,598 (1) Includes $4.8 million of loans acquired from WashingtonFirst considered performing at the Acquisition Date, the majority of which are collateralized by real estate properties. March 31, 2019 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 $ 1,417 $ 277 $ 3,669 $ 1,506 $ 1,863 $ 12,508 $ 1,219 $ 22,459 61-90 days 2,682 - 1,815 - 1,572 2,612 477 9,158 > 90 days - - - 90 - 221 - 311 Total past due 4,099 277 5,484 1,596 3,435 15,341 1,696 31,928 Non-accrual loans (1) 8,013 3,306 6,071 5,992 4,081 9,704 156 37,323 Loans acquired with deteriorated credit quality 7,355 - 10,973 - 1,224 10 - 19,562 Current loans 750,193 685,356 1,940,351 1,209,125 496,703 1,224,913 174,536 6,481,177 Total loans $ 769,660 $ 688,939 $ 1,962,879 $ 1,216,713 $ 505,443 $ 1,249,968 $ 176,388 $ 6,569,990 (1) Includes $5.4 million of loans acquired from WashingtonFirst considered performing at the Acquisition Date, the majority of which are collateralized by real estate properties. December 31, 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 $ 2,737 $ 474 $ 3,041 $ 433 $ 3,871 $ 8,181 $ 3,226 $ 21,963 61-90 days - - 789 - 1,477 2,517 - 4,783 > 90 days 49 - - - 219 221 - 489 Total past due 2,786 474 3,830 433 5,567 10,919 3,226 27,235 Non-accrual loans (1) 7,086 3,306 5,355 4,234 4,107 9,336 159 33,583 Loans acquired with deteriorated credit quality 8,155 - 14,328 2,182 1,272 10 - 25,947 Current loans 778,237 677,421 1,934,882 1,196,054 506,893 1,207,982 183,400 6,484,869 Total loans $ 796,264 $ 681,201 $ 1,958,395 $ 1,202,903 $ 517,839 $ 1,228,247 $ 186,785 $ 6,571,634 (1) Includes $4.8 million of loans acquired from WashingtonFirst considered performing at the Acquisition Date, majority of which are collateralized by real estate properties. |
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 Three Months Ended March 31, 2019 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 $ - $ - $ 775 $ - $ - $ 775 Restructured non-accruing 261 - 789 - - 1,050 Balance $ 261 $ - $ 1,564 $ - $ - $ 1,825 Specific allowance $ 184 $ - $ 108 $ - $ - $ 292 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - For the Year Ended December 31, 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 $ - $ - $ - $ - $ - $ - |
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: March 31, 2019 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 747,335 $ 685,313 $ 1,942,814 $ 1,204,269 $ 4,579,731 Special Mention (1) 2,162 320 1,980 2,140 6,602 Substandard (2) 20,163 3,306 18,085 10,304 51,858 Doubtful - - - - - Total $ 769,660 $ 688,939 $ 1,962,879 $ 1,216,713 $ 4,638,191 (1) Includes $2.0 million of loans acquired from WashingtonFirst and considered performing at the Acquisition Date. (2) Includes $17.9 million of purchased credit impaired loans acquired from WashingtonFirst and $9.2 million of loans acquired from WashingtonFirst and considered performing at the Acquisition Date. December 31, 2018 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 773,958 $ 677,574 $ 1,934,886 $ 1,189,903 $ 4,576,321 Special Mention (1) 1,942 321 3,826 2,738 8,827 Substandard (2) 20,364 3,306 19,683 10,262 53,615 Doubtful - - - - - Total $ 796,264 $ 681,201 $ 1,958,395 $ 1,202,903 $ 4,638,763 (1) Includes $4.2 million of loans acquired from WashingtonFirst and considered performing at the Acquisition Date. (2) Includes $24.3 million of purchased credit impaired loans acquired from WashingtonFirst and $7.2 million of loans acquired from WashingtonFirst and considered performing at the Acquisition Date. |
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: March 31, 2019 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 501,362 $ 1,238,611 $ 176,232 $ 1,916,205 Non-performing: 90 days past due - 221 - 221 Non-accruing (1) 4,081 9,704 156 13,941 Restructured loans - 1,432 - 1,432 Total $ 505,443 $ 1,249,968 $ 176,388 $ 1,931,799 (1) Includes $1.1 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. December 31, 2018 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 513,513 $ 1,217,248 $ 186,626 $ 1,917,387 Non-performing: 90 days past due 219 221 - 440 Non-accruing (1) 4,107 9,336 159 13,602 Restructured loans - 1,442 - 1,442 Total $ 517,839 $ 1,228,247 $ 186,785 $ 1,932,871 (1) Includes $1.3 million of consumer loans acquired from WashingtonFirst considered performing at the Acquisition Date. |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: March 31, 2019 Weighted December 31, 2018 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 $ (2,378) $ 8,300 8.8 years $ 10,678 $ (1,941) $ 8,737 9.0 years Other identifiable intangibles 1,478 (481) 997 10.4 years 1,478 (427) 1,051 10.6 years Total amortizing intangible assets $ 12,156 $ (2,859) $ 9,297 $ 12,156 $ (2,368) $ 9,788 Goodwill $ 347,149 $ 347,149 $ 347,149 $ 347,149 |
Net carrying amount of goodwill by segment | Community Investment (Dollars in thousands) Banking Insurance Management Total Balance December 31, 2018 $ 331,173 $ 6,788 $ 9,188 $ 347,149 No Activity - - - - Balance March 31, 2019 $ 331,173 $ 6,788 $ 9,188 $ 347,149 |
Estimated Future Amortization Expense for Amortizing Intangibles | (In thousands) Amount 2019 $ 1,453 2020 1,720 2021 1,507 2022 1,295 Thereafter 3,322 Total amortizing intangible assets $ 9,297 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Deposits [Abstract] | |
Composition of Deposits | The following table presents the composition of deposits at the dates indicated: (In thousands) March 31, 2019 December 31, 2018 Noninterest-bearing deposits $ 1,813,708 $ 1,750,319 Interest-bearing deposits: Demand 755,676 703,145 Money market savings 1,686,178 1,605,024 Regular savings 336,950 330,231 Time deposits of less than $100,000 433,944 427,421 Time deposits of $100,000 or more 1,198,067 1,098,740 Total interest-bearing deposits 4,410,815 4,164,561 Total deposits $ 6,224,523 $ 5,914,880 |
SUBORDINATED DEBENTURES (Tables
SUBORDINATED DEBENTURES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Schedule of subordinated debentures | As of, (In thousands) March 31, 2019 December 31, 2018 Subordinated debentures $ 25,000 $ 25,000 Add: Purchase accounting premium 1,989 2,023 Trust preferred securities 10,310 10,310 Add: Purchase accounting premium 90 92 Total subordinated debentures $ 37,389 $ 37,425 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Share Based Compensation [Abstract] | |
Fair Values of all Options Granted Estimated Using Binomial Option-Pricing Model with Weighted-average Assumptions | Three Months Ended March 31, 2019 2018 Dividend yield - % 2.64 % Weighted average expected volatility - % 39.13 % Weighted average risk-free interest rate - % 2.61 % Weighted average expected lives (in years) - 5.61 Weighted average grant-date fair value $0.00 $11.73 |
Summary of Share Option Activity | Weighted Number Weighted Average Aggregate of Average Contractual Intrinsic Common Exercise Remaining Value Shares Share Price Life (Years) (in thousands) Balance at January 1, 2019 81,508 $ 29.74 $ 369 Granted - $ - Exercised (6,755) $ 19.02 $ 76 Forfeited (1,007) $ 37.11 Balance at March 31, 2019 73,746 $ 30.62 3.7 $ 283 Exercisable at March 31, 2019 45,046 $ 26.45 2.6 $ 261 Weighted average fair value of options granted during the year $ - |
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, 2019 203,603 $ 35.14 Granted 96,191 $ 34.98 Vested (8,199) $ 27.95 Forfeited (3,848) $ 31.98 Restricted stock at March 31, 2019 287,747 $ 35.33 |
PENSION, PROFIT SHARING, AND _2
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, (In thousands) 2019 2018 Interest cost on projected benefit obligation $ 402 $ 385 Expected return on plan assets (412) (465) Recognized net actuarial loss 265 250 Net periodic benefit cost $ 255 $ 170 |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Common Share | Three Months Ended March 31, (Dollars and amounts in thousands, except per share data) 2019 2018 Net income $ 30,317 $ 21,665 Basic: Basic weighted average EPS shares 35,794 35,659 Basic net income per share $ 0.85 $ 0.61 Diluted: Basic weighted average EPS shares 35,794 35,659 Dilutive common stock equivalents 13 25 Dilutive EPS shares 35,807 35,684 Diluted net income per share $ 0.85 $ 0.61 Anti-dilutive shares 12 4 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 $ (6,630) $ (9,124) $ (15,754) Other comprehensive income before reclassification, net of tax 6,508 - 6,508 Reclassifications from accumulated other comprehensive income, net of tax - 196 196 Current period change in other comprehensive income, net of tax 6,508 196 6,704 Balance at March 31, 2019 $ (122) $ (8,928) $ (9,050) 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 (9,368) - (9,368) Reclassifications from accumulated other comprehensive income, net of tax (47) 131 84 Current period change in other comprehensive income, net of tax (9,415) 131 (9,284) Reclassification of tax effects from accumulated other comprehensive income 148 (1,625) (1,477) Balance at March 31, 2018 $ (8,580) $ (9,038) $ (17,618) |
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: Three Months Ended March 31, (In thousands) 2019 2018 Unrealized gains on investments available-for-sale Affected line item in the Statements of Income: Investment securities gains $ - $ 63 Income before taxes - 63 Tax expense - 16 Net income $ - $ 47 Amortization of defined benefit pension plan items Affected line item in the Statements of Income: Recognized actuarial loss (1) $ (265) $ (250) Income before taxes (265) (250) Tax benefit 69 (119) Net loss $ (196) $ (131) (1) This amount is included in the computation of net periodic benefit cost, see Note 9. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of maturities of operating lease liabilities | (In thousands) Amount Maturity: One year $ 11,193 Two years 10,682 Three years 10,147 Four years 10,110 Five years 9,997 Thereafter 48,791 Total undiscounted lease payments 100,920 Less: Present value discount (17,929) Lease Liability $ 82,991 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial assets and Liabilities at Dates Indicated that were Accounted for at Fair Value | March 31, 2019 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 $ - $ 24,998 $ - $ 24,998 Investments available-for-sale: U.S. government agencies - 313,588 - 313,588 State and municipal - 264,580 - 264,580 Mortgage-backed and asset-backed - 338,097 - 338,097 Corporate debt - - 9,387 9,387 Trust preferred - - 310 310 Marketable equity securities - 568 - 568 Interest rate swap agreements - 701 - 701 Liabilities Interest rate swap agreements $ - $ (701) $ - $ (701) December 31, 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 $ - $ 22,773 $ - $ 22,773 Investments available-for-sale: U.S. government agencies - 296,678 - 296,678 State and municipal - 282,024 - 282,024 Mortgage-backed and asset-backed - 348,515 - 348,515 Corporate debt - - 9,240 9,240 Trust preferred - - 310 310 Marketable equity securities - 568 - 568 Interest rate swap agreements - 446 - 446 Liabilities Interest rate swap agreements $ - $ (446) $ - $ (446) |
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, 2019 $ 9,550 Additions of Level 3 assets - Sales of Level 3 assets - Total unrealized gain included in other comprehensive income 147 Balance at March 31, 2019 $ 9,697 |
Assets Measured at Fair Value on Nonrecurring Basis | March 31, 2019 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 $ - $ - $ 6,748 $ 6,748 $ (10,862) Other real estate owned - - 1,410 1,410 (436) Total $ - $ - $ 8,158 $ 8,158 $ (11,298) December 31, 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 $ - $ - $ 6,780 $ 6,780 $ (10,932) Other real estate owned - - 1,584 1,584 (262) Total $ - $ - $ 8,364 $ 8,364 $ (11,194) |
Carrying Amounts And Fair Values of Company's Financial Instruments | Fair Value Measurements March 31, 2019 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 $ 60,769 $ 60,769 $ - $ 60,769 $ - Loans, net of allowance 6,516,901 6,377,572 - - 6,377,572 Other assets (1) 111,195 111,195 - 111,195 - Financial Liabilities Time deposits $ 1,632,011 $ 1,628,658 $ - $ 1,628,658 $ - Securities sold under retail repurchase agreements and federal funds purchased 122,626 122,626 - 122,626 - Advances from FHLB 726,278 729,767 - 729,767 - Subordinated debentures 37,389 35,260 - - 35,260 (1) Includes bank owned life insurance products. Fair Value Measurements December 31, 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 $ 73,389 $ 73,389 $ - $ 73,389 $ - Loans, net of allowance 6,518,148 6,376,307 - - 6,376,307 Other assets (1) 110,823 110,823 - 110,823 - Financial Liabilities Time deposits $ 1,526,161 $ 1,536,238 $ - $ 1,536,238 $ - Securities sold under retail repurchase agreements and federal funds purchased 327,429 327,429 - 327,429 - Advances from FHLB 848,611 850,186 - 850,186 - Subordinated debentures 37,425 33,588 - - 33,588 (1) Includes bank owned life insurance products. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Operating Segments and Reconciliation of Information to 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 March 31, 2019 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 88,183 $ 1 $ 2 $ (3) $ 88,183 Interest expense 21,436 - - (3) 21,433 Provision (credit) for loan losses (128) - - - (128) Noninterest income 12,707 1,904 2,525 (167) 16,969 Noninterest expense 41,211 1,420 1,728 (167) 44,192 Income before income taxes 38,371 485 799 - 39,655 Income tax expense 8,993 135 210 - 9,338 Net income $ 29,378 $ 350 $ 589 $ - $ 30,317 Assets $ 8,326,141 $ 11,519 $ 20,564 $ (30,324) $ 8,327,900 Three Months Ended March 31, 2018 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 75,504 $ - $ 1 $ (1) $ 75,504 Interest expense 12,614 - - (1) 12,613 Provision for loan losses 1,997 - - - 1,997 Non-interest income 13,171 1,822 2,279 (154) 17,118 Non-interest expense 47,031 1,379 1,385 (154) 49,641 Income before income taxes 27,033 443 895 - 28,371 Income tax expense 6,353 123 230 - 6,706 Net income $ 20,680 $ 320 $ 665 $ - $ 21,665 Assets $ 7,894,964 $ 8,984 $ 16,216 $ (25,246) $ 7,894,918 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 75,500 | $ 77,700 |
Operating Lease Liability | $ 82,991 | $ 85,100 |
INVESTMENTS (Additional Informa
INVESTMENTS (Additional Information) (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Investments available-for-sale book value | $ 446.3 | $ 477.3 |
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 | 117.6 | |
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 | 170.4 | |
Government National Mortgage Association Certificates And Obligations Federal National Mortgage Association Certificates And Obligations And Federal Home Loan Mortgage Corporation Certificates And Obligations [Member] | SBA asset backed securities [Member] | ||
Investment [Line Items] | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | $ 50.1 |
INVESTMENTS (Amortized Cost and
INVESTMENTS (Amortized Cost and Estimated Fair Values of Investments Available-for-sale) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 926,689 | $ 946,308 |
Gross Unrealized Gains | 5,361 | 3,243 |
Gross Unrealized Losses | (5,520) | (12,216) |
Estimated Fair Value | 926,530 | 937,335 |
U.S. treasuries and government agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 314,928 | 300,338 |
Gross Unrealized Gains | 546 | 370 |
Gross Unrealized Losses | (1,886) | (4,030) |
Estimated Fair Value | 313,588 | 296,678 |
State and municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 261,126 | 280,725 |
Gross Unrealized Gains | 3,491 | 2,080 |
Gross Unrealized Losses | (37) | (781) |
Estimated Fair Value | 264,580 | 282,024 |
Mortgage-Backed and asset-backed | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 340,657 | 355,267 |
Gross Unrealized Gains | 1,037 | 653 |
Gross Unrealized Losses | (3,597) | (7,405) |
Estimated Fair Value | 338,097 | 348,515 |
Corporate Debt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 9,100 | 9,100 |
Gross Unrealized Gains | 287 | 140 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 9,387 | 9,240 |
Trust Preferred | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 310 | 310 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 310 | 310 |
Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 926,121 | 945,740 |
Gross Unrealized Gains | 5,361 | 3,243 |
Gross Unrealized Losses | (5,520) | (12,216) |
Estimated Fair Value | 925,962 | 936,767 |
Marketable Equity Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 568 | 568 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 568 | $ 568 |
INVESTMENTS (Gross Unrealized L
INVESTMENTS (Gross Unrealized Losses and Fair Value by Length of Time of Available-For-Sale Securities) (Detail) $ in Thousands | Mar. 31, 2019USD ($)Securities | Dec. 31, 2018USD ($)Securities |
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 114 | 223 |
Fair Value | $ 449,944 | $ 580,621 |
Less than 12 months | 227 | 2,613 |
More than 12 months | 5,293 | 9,603 |
Total Unrealized Losses | $ 5,520 | $ 12,216 |
U.S. treasuries and government agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 27 | 33 |
Fair Value | $ 186,675 | $ 194,135 |
Less than 12 months | 204 | 452 |
More than 12 months | 1,682 | 3,578 |
Total Unrealized Losses | $ 1,886 | $ 4,030 |
State and municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 9 | 80 |
Fair Value | $ 8,724 | $ 78,232 |
Less than 12 months | 0 | 569 |
More than 12 months | 37 | 212 |
Total Unrealized Losses | $ 37 | $ 781 |
Mortgage-Backed and asset-backed | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 78 | 110 |
Fair Value | $ 254,545 | $ 308,254 |
Less than 12 months | 23 | 1,592 |
More than 12 months | 3,574 | 5,813 |
Total Unrealized Losses | $ 3,597 | $ 7,405 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in one year or less | $ 57,794 | $ 63,482 |
Due after one year through five years | 283,422 | 277,297 |
Due after five years through ten years | 190,435 | 212,825 |
Due after ten years | 394,470 | 392,136 |
Total debt securities available for sale | 926,121 | 945,740 |
Estimated Fair Value | ||
Due in one year or less | 58,089 | 63,747 |
Due after one year through five years | 284,235 | 276,830 |
Due after five years through ten years | 191,473 | 210,386 |
Due after ten years | 392,165 | 385,804 |
Estimated Fair Value | $ 925,962 | $ 936,767 |
INVESTMENTS (Other Equity Secur
INVESTMENTS (Other Equity Securities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | ||
Federal Reserve Bank stock | $ 22,496 | $ 22,456 |
Federal Home Loan Bank of Atlanta stock | 38,273 | 50,933 |
Total equity securities | $ 60,769 | $ 73,389 |
INVESTMENTS (Gross Realized Gai
INVESTMENTS (Gross Realized Gains and Losses on All Investments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments [Abstract] | ||
Net securities gains | $ 0 | $ 63 |
LOANS (Additional Information)
LOANS (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Loans [Abstract] | |||
Unearned income and deferred fees | $ 600 | $ 900 | |
Loans receivable with a gross amortized cost basis | $ 1,697,760 | ||
Credit fair value adjustment on purchased credit impaired loans | 14,518 | ||
Certain Loans Acquired In Transfer Accretable Yield | 3,988 | ||
Credit Impaired Loans Acquired In Transfer Nonaccretable Difference | 10,500 | ||
Fair value of purchase credit impaired loans | 11,200 | 15,300 | 27,509 |
Proceeds from credit impaired loans | 4,400 | 12,400 | |
Accretable adjustments | 199 | 849 | |
Non-accretable adjustments | 1,600 | 1,300 | |
Loans [Line Items] | |||
Outstanding balance of purchased credit impaired loans receivable | 19,562 | ||
WashingtonFirst Bankshares Inc [Member] | |||
Loans [Line Items] | |||
Outstanding balance of purchased credit impaired loans receivable | $ 19,100 | $ 26,000 | $ 41,900 |
LOANS (Loan Portfolio Segment B
LOANS (Loan Portfolio Segment Balances) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 6,569,990 | $ 6,571,634 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 769,660 | 796,264 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 505,443 | 517,839 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,216,713 | 1,202,903 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Investor Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,962,879 | 1,958,395 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Acquisition, Development and Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 688,939 | 681,201 |
Residential Portfolio Segment [Member] | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,249,968 | 1,228,247 |
Residential Portfolio Segment [Member] | Residential Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 176,388 | $ 186,785 |
LOANS (Acquired loan portfolio)
LOANS (Acquired loan portfolio) (Detail) $ in Thousands | Jan. 01, 2018USD ($) |
Loans [Abstract] | |
Gross amortized cost basis at January 1, 2018 | $ 1,697,760 |
Interest rate fair value adjustment | 15,370 |
Credit fair value adjustment on pools of homogeneous loans | (22,421) |
Credit fair value adjustment on purchased credit impaired loans | (14,518) |
Fair value of acquired loan portfolio | $ 1,676,191 |
LOANS (Acquired credit impaired
LOANS (Acquired credit impaired loans receivable) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Acquired During Period [Abstract] | |||
Contractual principal and interest at acquisition | $ 49,412 | ||
Contractual cash flows not expected to be collected (Nonaccretable yield) | (17,915) | ||
Expected cash flows at acquisition | 31,497 | ||
Interest component of expected cash flows (Accretable yield) | (3,988) | ||
Fair value of purchase credit impaired loans | $ 11,200 | $ 15,300 | $ 27,509 |
LOANS (Accretable yield activit
LOANS (Accretable yield activity) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Activity for the accretable yield since the Acquisition Date: | ||
Accretable yield at the beginning of the period | $ 1,279 | $ 0 |
Addition of accretable yield due to acquisitions | 0 | 3,988 |
Accretion into interest income | (292) | (1,860) |
Disposals (including maturities, foreclosures, and charge-offs) | (199) | (849) |
Accretable yield at the end of the period | $ 788 | $ 1,279 |
CREDIT QUALITY ASSESSMENT (Addi
CREDIT QUALITY ASSESSMENT (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable Troubled Debt Restructurings Specific Allowance | $ 292 | $ 563 |
Other real estate owned | 1,410 | 1,584 |
Mortgage Loans in Process of Foreclosure, Amount | 0 | |
Non-accrual loans | 37,323 | 33,583 |
Loans and Leases Receivable, Net of Deferred Income, Total | 6,569,990 | 6,571,634 |
Homogeneous Loan Pools | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,931,799 | 1,932,871 |
Performing Financing Receivable [Member] | Homogeneous Loan Pools | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,916,205 | 1,917,387 |
WashingtonFirst Bankshares Inc [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 5,400 | 4,800 |
WashingtonFirst Bankshares Inc [Member] | Performing Financing Receivable [Member] | Homogeneous Loan Pools | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,100 | 1,300 |
WashingtonFirst Bankshares Inc [Member] | Special Mention [Member] | Performing Financing Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,000 | 4,200 |
WashingtonFirst Bankshares Inc [Member] | Substandard | Credit impaired loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 17,600 | 24,300 |
WashingtonFirst Bankshares Inc [Member] | Substandard | Performing Financing Receivable [Member] | Credit impaired loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 9,200 | 7,200 |
Restructured Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable Troubled Debt Restructurings Specific Allowance | 300 | 600 |
Additional Financing Receivable Troubled Debt Restructurings Restructured | $ 1,800 | $ 1,600 |
CREDIT QUALITY ASSESSMENT (Summ
CREDIT QUALITY ASSESSMENT (Summary Information on Allowance for Loan and Lease Loss Activity) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Credit Quality Assessment [Abstract] | |||
Balance at beginning of year | $ 53,486 | $ 45,257 | $ 45,257 |
Provision (credit) for loan losses | (128) | 1,997 | 9,023 |
Loan charge-offs | (356) | (477) | (1,416) |
Loan recoveries | 87 | 154 | 622 |
Net charge-offs | (269) | (323) | (794) |
Balance at period end | $ 53,089 | $ 46,931 | $ 53,486 |
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 | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of year | $ 53,486 | $ 45,257 | $ 45,257 |
Provision (credit) for loan losses | (128) | 1,997 | 9,023 |
Charge-offs | (356) | (477) | (1,416) |
Recoveries | 87 | 154 | 622 |
Net charge-offs | (269) | (323) | (794) |
Balance at period end | 53,089 | 46,931 | 53,486 |
Total loans and leases | $ 6,569,990 | $ 6,571,634 | |
Allowance for loans and leases to total loans and leases ratio | 0.81% | 0.81% | |
Balance of loans specifically evaluated for impairment | $ 26,140 | $ 22,210 | |
Allowance for loans specifically evaluated for impairment | $ 5,341 | $ 4,924 | |
Specific allowance to specific loans ratio | 20.43% | 22.17% | |
Balance of loans collectively evaluated | $ 6,524,288 | $ 6,523,477 | |
Allowance for loans collectively evaluated | $ 47,748 | $ 48,562 | |
Collective allowance to collective loans ratio | 0.73% | 0.74% | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 19,562 | $ 25,947 | |
Allowance for loans acquired | 0 | 0 | |
Commercial | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of year | 11,377 | 8,711 | 8,711 |
Provision (credit) for loan losses | (422) | 2,857 | |
Charge-offs | (17) | (449) | |
Recoveries | 10 | 258 | |
Net charge-offs | (7) | (191) | |
Balance at period end | 10,948 | 11,377 | |
Total loans and leases | $ 769,660 | $ 796,264 | |
Allowance for loans and leases to total loans and leases ratio | 1.42% | 1.43% | |
Balance of loans specifically evaluated for impairment | $ 8,286 | $ 7,586 | |
Allowance for loans specifically evaluated for impairment | $ 3,624 | $ 3,594 | |
Specific allowance to specific loans ratio | 43.74% | 47.38% | |
Balance of loans collectively evaluated | $ 754,019 | $ 780,523 | |
Allowance for loans collectively evaluated | $ 7,324 | $ 7,783 | |
Collective allowance to collective loans ratio | 0.97% | 1.00% | |
Commercial | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 7,355 | $ 8,155 | |
Allowance for loans acquired | 0 | 0 | |
Consumer | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of year | 2,113 | 2,383 | 2,383 |
Provision (credit) for loan losses | 212 | 203 | |
Charge-offs | (226) | (611) | |
Recoveries | 44 | 138 | |
Net charge-offs | (182) | (473) | |
Balance at period end | 2,143 | 2,113 | |
Total loans and leases | $ 505,443 | $ 517,839 | |
Allowance for loans and leases to total loans and leases ratio | 0.42% | 0.41% | |
Balance of loans collectively evaluated | $ 504,219 | $ 516,567 | |
Allowance for loans collectively evaluated | $ 2,143 | $ 2,113 | |
Collective allowance to collective loans ratio | 0.43% | 0.41% | |
Consumer | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 1,224 | $ 1,272 | |
Allowance for loans acquired | 0 | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of year | 5,944 | 3,501 | 3,501 |
Provision (credit) for loan losses | 497 | 2,381 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 62 | |
Net charge-offs | 0 | 62 | |
Balance at period end | 6,441 | 5,944 | |
Total loans and leases | $ 688,939 | $ 681,201 | |
Allowance for loans and leases to total loans and leases ratio | 0.93% | 0.87% | |
Balance of loans specifically evaluated for impairment | $ 3,306 | $ 3,306 | |
Allowance for loans specifically evaluated for impairment | $ 151 | $ 0 | |
Specific allowance to specific loans ratio | 0.00% | 0.00% | |
Balance of loans collectively evaluated | $ 685,633 | $ 677,895 | |
Allowance for loans collectively evaluated | $ 6,290 | $ 5,944 | |
Collective allowance to collective loans ratio | 0.92% | 0.88% | |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 0 | $ 0 | |
Allowance for loans acquired | 0 | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of year | 17,603 | 14,970 | 14,970 |
Provision (credit) for loan losses | (329) | 2,677 | |
Charge-offs | 0 | (131) | |
Recoveries | 7 | 87 | |
Net charge-offs | 7 | (44) | |
Balance at period end | 17,281 | 17,603 | |
Total loans and leases | $ 1,962,879 | $ 1,958,395 | |
Allowance for loans and leases to total loans and leases ratio | 0.88% | 0.90% | |
Balance of loans specifically evaluated for impairment | $ 6,845 | $ 5,355 | |
Allowance for loans specifically evaluated for impairment | $ 1,315 | $ 1,207 | |
Specific allowance to specific loans ratio | 19.21% | 22.54% | |
Balance of loans collectively evaluated | $ 1,945,061 | $ 1,938,712 | |
Allowance for loans collectively evaluated | $ 15,966 | $ 16,396 | |
Collective allowance to collective loans ratio | 0.82% | 0.85% | |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 10,973 | $ 14,328 | |
Allowance for loans acquired | 0 | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of year | 6,307 | 7,178 | 7,178 |
Provision (credit) for loan losses | (139) | (871) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs | 0 | 0 | |
Balance at period end | 6,168 | 6,307 | |
Total loans and leases | $ 1,216,713 | $ 1,202,903 | |
Allowance for loans and leases to total loans and leases ratio | 0.51% | 0.52% | |
Balance of loans specifically evaluated for impairment | $ 5,992 | $ 4,234 | |
Allowance for loans specifically evaluated for impairment | $ 251 | $ 123 | |
Specific allowance to specific loans ratio | 4.19% | 2.91% | |
Balance of loans collectively evaluated | $ 1,210,721 | $ 1,196,487 | |
Allowance for loans collectively evaluated | $ 5,917 | $ 6,184 | |
Collective allowance to collective loans ratio | 0.49% | 0.52% | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 0 | $ 2,182 | |
Allowance for loans acquired | 0 | 0 | |
Residential Real Estate Portfolio Segment | Residential Mortgage | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of year | 8,881 | 7,268 | 7,268 |
Provision (credit) for loan losses | 253 | 1,776 | |
Charge-offs | (113) | (225) | |
Recoveries | 24 | 62 | |
Net charge-offs | (89) | (163) | |
Balance at period end | 9,045 | 8,881 | |
Total loans and leases | $ 1,249,968 | $ 1,228,247 | |
Allowance for loans and leases to total loans and leases ratio | 0.72% | 0.72% | |
Balance of loans specifically evaluated for impairment | $ 1,711 | $ 1,729 | |
Allowance for loans specifically evaluated for impairment | 0 | 0 | |
Balance of loans collectively evaluated | 1,248,247 | 1,226,508 | |
Allowance for loans collectively evaluated | $ 9,045 | $ 8,881 | |
Collective allowance to collective loans ratio | 0.72% | 0.72% | |
Residential Real Estate Portfolio Segment | Residential Mortgage | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 10 | $ 10 | |
Allowance for loans acquired | 0 | 0 | |
Residential Real Estate Portfolio Segment | Residential Construction | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of year | 1,261 | $ 1,246 | 1,246 |
Provision (credit) for loan losses | (200) | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 2 | 15 | |
Net charge-offs | 2 | 15 | |
Balance at period end | 1,063 | 1,261 | |
Total loans and leases | $ 176,388 | $ 186,785 | |
Allowance for loans and leases to total loans and leases ratio | 0.60% | 0.68% | |
Balance of loans specifically evaluated for impairment | $ 0 | $ 0 | |
Allowance for loans specifically evaluated for impairment | 0 | 0 | |
Balance of loans collectively evaluated | 176,388 | 186,785 | |
Allowance for loans collectively evaluated | $ 1,063 | $ 1,261 | |
Collective allowance to collective loans ratio | 0.60% | 0.68% | |
Residential Real Estate Portfolio Segment | Residential Construction | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 0 | $ 0 | |
Allowance for loans acquired | $ 0 | $ 0 |
CREDIT QUALITY ASSESSMENT (Su_2
CREDIT QUALITY ASSESSMENT (Summary of Impaired Loans) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Credit Quality Assessment [Abstract] | ||
Impaired loans with a specific allowance | $ 17,848 | $ 12,876 |
Impaired loans without a specific allowance | 8,292 | 9,334 |
Total impaired loans | 26,140 | 22,210 |
Allowance for loan and lease losses related to impaired loans | 5,341 | 4,924 |
Allowance for loan and lease losses related to loans collectively evaluated | 47,748 | 48,562 |
Total allowance for loan and lease losses | 53,089 | 53,486 |
Average impaired loans for the period | 24,175 | 20,211 |
Contractual interest income due on impaired loans during the period | 646 | 2,513 |
Interest income on impaired loans recognized on a cash basis | 110 | 506 |
Interest income on impaired loans recognized on an accrual basis | $ 42 | $ 138 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | $ 17,848 | $ 12,876 |
Allowance | 5,341 | 4,924 |
Impaired loans without a specific allowance | 8,292 | 9,334 |
Impaired loans | 26,140 | 22,210 |
Unpaid principal balance in total impaired loans | 38,737 | 35,121 |
Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 14,034 | 10,010 |
Impaired loans without a specific allowance | 3,129 | 4,844 |
Impaired loans | 17,163 | 14,854 |
Restructuring | Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 105 | 328 |
Impaired loans without a specific allowance | 2,374 | 1,614 |
Impaired loans | 2,479 | 1,942 |
Restructuring | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 3,709 | 2,538 |
Impaired loans without a specific allowance | 2,789 | 2,876 |
Impaired loans | 6,498 | 5,414 |
Commercial | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 6,962 | 6,220 |
Allowance | 3,624 | 3,594 |
Impaired loans without a specific allowance | 1,324 | 1,366 |
Impaired loans | 8,286 | 7,586 |
Unpaid principal balance in total impaired loans | 11,421 | 11,056 |
Commercial | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 4,706 | 4,126 |
Impaired loans without a specific allowance | 214 | 220 |
Impaired loans | 4,920 | 4,346 |
Commercial | Restructuring | Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 105 | 328 |
Impaired loans without a specific allowance | 168 | 172 |
Impaired loans | 273 | 500 |
Commercial | Restructuring | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 2,151 | 1,766 |
Impaired loans without a specific allowance | 942 | 974 |
Impaired loans | 3,093 | 2,740 |
All Other | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | 0 |
Allowance | 0 | 0 |
Impaired loans without a specific allowance | 1,711 | 1,729 |
Impaired loans | 1,711 | 1,729 |
Unpaid principal balance in total impaired loans | 3,066 | 3,081 |
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 | 1,432 | 1,442 |
Impaired loans | 1,432 | 1,442 |
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 | 279 | 287 |
Impaired loans | 279 | 287 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 1,261 | 0 |
Allowance | 151 | 0 |
Impaired loans without a specific allowance | 2,045 | 3,306 |
Impaired loans | 3,306 | 3,306 |
Unpaid principal balance in total impaired loans | 4,419 | 4,419 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 1,261 | 0 |
Impaired loans without a specific allowance | 1,910 | 3,170 |
Impaired loans | 3,171 | 3,170 |
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 | 135 | 136 |
Impaired loans | 135 | 136 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 5,906 | 5,117 |
Allowance | 1,315 | 1,207 |
Impaired loans without a specific allowance | 939 | 238 |
Impaired loans | 6,845 | 5,355 |
Unpaid principal balance in total impaired loans | 11,397 | 9,909 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 5,117 | 5,117 |
Impaired loans without a specific allowance | 165 | 238 |
Impaired loans | 5,282 | 5,355 |
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 | 774 | 0 |
Impaired loans | 774 | 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 | 789 | 0 |
Impaired loans without a specific allowance | 0 | 0 |
Impaired loans | 789 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 3,719 | 1,539 |
Allowance | 251 | 123 |
Impaired loans without a specific allowance | 2,273 | 2,695 |
Impaired loans | 5,992 | 4,234 |
Unpaid principal balance in total impaired loans | 8,434 | 6,656 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | Non Accrual Loans | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 2,950 | 767 |
Impaired loans without a specific allowance | 840 | 1,216 |
Impaired loans | 3,790 | 1,983 |
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 | 0 |
Impaired loans | 0 | 0 |
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 | 769 | 772 |
Impaired loans without a specific allowance | 1,433 | 1,479 |
Impaired loans | $ 2,202 | $ 2,251 |
CREDIT QUALITY ASSESSMENT (Impa
CREDIT QUALITY ASSESSMENT (Impaired Loans by Portfolio) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable Impaired [Line Items] | ||
Average impaired loans for the period | $ 24,175 | $ 20,211 |
Contractual interest income due on impaired loans during the period | 646 | 2,513 |
Interest income on impaired loans recognized on a cash basis | 110 | 506 |
Interest income on impaired loans recognized on an accrual basis | 42 | 138 |
Commercial | ||
Financing Receivable Impaired [Line Items] | ||
Average impaired loans for the period | 7,936 | 7,685 |
Contractual interest income due on impaired loans during the period | 127 | 858 |
Interest income on impaired loans recognized on a cash basis | 49 | 215 |
Interest income on impaired loans recognized on an accrual basis | 13 | 63 |
All Other | ||
Financing Receivable Impaired [Line Items] | ||
Average impaired loans for the period | 1,720 | 2,237 |
Contractual interest income due on impaired loans during the period | 34 | 143 |
Interest income on impaired loans recognized on a cash basis | 5 | 96 |
Interest income on impaired loans recognized on an accrual basis | 19 | 75 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Impaired [Line Items] | ||
Average impaired loans for the period | 3,306 | 770 |
Contractual interest income due on impaired loans during the period | 184 | 495 |
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 | 6,100 | 5,696 |
Contractual interest income due on impaired loans during the period | 179 | 610 |
Interest income on impaired loans recognized on a cash basis | 4 | 20 |
Interest income on impaired loans recognized on an accrual basis | 10 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Average impaired loans for the period | 5,113 | 3,823 |
Contractual interest income due on impaired loans during the period | 122 | 407 |
Interest income on impaired loans recognized on a cash basis | 52 | 175 |
Interest income on impaired loans recognized on an accrual basis | $ 0 | $ 0 |
CREDIT QUALITY ASSESSMENT (Cred
CREDIT QUALITY ASSESSMENT (Credit Quality of Loan Portfolio by Segment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | $ 37,323 | $ 33,583 |
Loans 90 days past due | 311 | 489 |
Restructured loans | 2,479 | 1,942 |
Total non-performing loans | 40,113 | 36,014 |
Other real estate owned | 1,410 | 1,584 |
Total non-performing assets | 41,523 | 37,598 |
Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 8,013 | 7,086 |
Loans 90 days past due | 0 | 49 |
Restructured loans | 273 | 500 |
Total non-performing loans | 8,286 | 7,635 |
Other real estate owned | 39 | 39 |
Total non-performing assets | 8,325 | 7,674 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 4,081 | 4,107 |
Loans 90 days past due | 0 | 219 |
Restructured loans | 0 | 0 |
Total non-performing loans | 4,081 | 4,326 |
Other real estate owned | 0 | 0 |
Total non-performing assets | 4,081 | 4,326 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 3,306 | 3,306 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 3,306 | 3,306 |
Other real estate owned | 315 | 315 |
Total non-performing assets | 3,621 | 3,621 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 6,071 | 5,355 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 774 | 0 |
Total non-performing loans | 6,845 | 5,355 |
Other real estate owned | 409 | 409 |
Total non-performing assets | 7,254 | 5,764 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 5,992 | 4,234 |
Loans 90 days past due | 90 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 6,082 | 4,234 |
Other real estate owned | 0 | 0 |
Total non-performing assets | 6,082 | 4,234 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 9,704 | 9,336 |
Loans 90 days past due | 221 | 221 |
Restructured loans | 1,432 | 1,442 |
Total non-performing loans | 11,357 | 10,999 |
Other real estate owned | 647 | 821 |
Total non-performing assets | 12,004 | 11,820 |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 156 | 159 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 156 | 159 |
Other real estate owned | 0 | 0 |
Total non-performing assets | $ 156 | $ 159 |
CREDIT QUALITY ASSESSMENT (Cr_2
CREDIT QUALITY ASSESSMENT (Credit Quality of Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | $ 31,928 | $ 27,235 |
Non-accrual loans | 37,323 | 33,583 |
Loans aquired with deteriorated credit quality | 19,562 | |
Current loans | 6,481,177 | 6,484,869 |
Total loans | 6,569,990 | 6,571,634 |
Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 4,099 | 2,786 |
Non-accrual loans | 8,013 | 7,086 |
Loans aquired with deteriorated credit quality | 7,355 | 8,155 |
Current loans | 750,193 | 778,237 |
Total loans | 769,660 | 796,264 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 3,435 | 5,567 |
Non-accrual loans | 4,081 | 4,107 |
Loans aquired with deteriorated credit quality | 1,224 | 1,272 |
Current loans | 496,703 | 506,893 |
Total loans | 505,443 | 517,839 |
Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 277 | 474 |
Non-accrual loans | 3,306 | 3,306 |
Loans aquired with deteriorated credit quality | 0 | 0 |
Current loans | 685,356 | 677,421 |
Total loans | 688,939 | 681,201 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 5,484 | 3,830 |
Non-accrual loans | 6,071 | 5,355 |
Loans aquired with deteriorated credit quality | 10,973 | 14,328 |
Current loans | 1,940,351 | 1,934,882 |
Total loans | 1,962,879 | 1,958,395 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,596 | 433 |
Non-accrual loans | 5,992 | 4,234 |
Loans aquired with deteriorated credit quality | 0 | 2,182 |
Current loans | 1,209,125 | 1,196,054 |
Total loans | 1,216,713 | 1,202,903 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 15,341 | 10,919 |
Non-accrual loans | 9,704 | 9,336 |
Loans aquired with deteriorated credit quality | 10 | 10 |
Current loans | 1,224,913 | 1,207,982 |
Total loans | 1,249,968 | 1,228,247 |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,696 | 3,226 |
Non-accrual loans | 156 | 159 |
Loans aquired with deteriorated credit quality | 0 | 0 |
Current loans | 174,536 | 183,400 |
Total loans | 176,388 | 186,785 |
31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 22,459 | 21,963 |
31-60 days | Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,417 | 2,737 |
31-60 days | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,863 | 3,871 |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 277 | 474 |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 3,669 | 3,041 |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,506 | 433 |
31-60 days | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 12,508 | 8,181 |
31-60 days | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,219 | 3,226 |
61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 9,158 | 4,783 |
61-90 days | Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 2,682 | 0 |
61-90 days | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,572 | 1,477 |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | 0 |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,815 | 789 |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | 0 |
61-90 days | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 2,612 | 2,517 |
61-90 days | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 477 | 0 |
> 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 311 | 489 |
> 90 days | Commercial | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | 49 |
> 90 days | Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | 219 |
> 90 days | Commercial Real Estate Portfolio Segment | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | 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 | 90 | 0 |
> 90 days | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 221 | 221 |
> 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 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 6,569,990 | $ 6,571,634 |
Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 769,660 | 796,264 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,638,191 | 4,638,763 |
Commercial Portfolio Segment [Member] | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 769,660 | 796,264 |
Commercial Portfolio Segment [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,579,731 | 4,576,321 |
Commercial Portfolio Segment [Member] | Pass | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 747,335 | 773,958 |
Commercial Portfolio Segment [Member] | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,602 | 8,827 |
Commercial Portfolio Segment [Member] | Special Mention | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,162 | 1,942 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 51,858 | 53,615 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Commercial | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 20,163 | 20,364 |
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 | 688,939 | 681,201 |
Commercial Real Estate Portfolio Segment | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,962,879 | 1,958,395 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,216,713 | 1,202,903 |
Commercial Real Estate Portfolio Segment | Pass | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 685,313 | 677,574 |
Commercial Real Estate Portfolio Segment | Pass | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,942,814 | 1,934,886 |
Commercial Real Estate Portfolio Segment | Pass | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,204,269 | 1,189,903 |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 320 | 321 |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,980 | 3,826 |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,140 | 2,738 |
Commercial Real Estate Portfolio Segment | Substandard [Member] | Commercial Acquisition, Development and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,306 | 3,306 |
Commercial Real Estate Portfolio Segment | Substandard [Member] | Commercial Investor Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,085 | 19,683 |
Commercial Real Estate Portfolio Segment | Substandard [Member] | Commercial Owner Occupied Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 10,304 | 10,262 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | $ 6,569,990 | $ 6,571,634 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 505,443 | 517,839 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,249,968 | 1,228,247 |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 176,388 | 186,785 |
Homogeneous Loan Pools | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,931,799 | 1,932,871 |
Homogeneous Loan Pools | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 505,443 | 517,839 |
Homogeneous Loan Pools | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,249,968 | 1,228,247 |
Homogeneous Loan Pools | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 176,388 | 186,785 |
Homogeneous Loan Pools | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,916,205 | 1,917,387 |
Homogeneous Loan Pools | Performing Financing Receivable | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 501,362 | 513,513 |
Homogeneous Loan Pools | Performing Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,238,611 | 1,217,248 |
Homogeneous Loan Pools | Performing Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 176,232 | 186,626 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Loans 90 Days Or More Past Due | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 221 | 440 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Non Accrual Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 13,941 | 13,602 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Restructured Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,432 | 1,442 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Consumer | Loans 90 Days Or More Past Due | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 0 | 219 |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Consumer | Non Accrual Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 4,081 | 4,107 |
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 | 221 | 221 |
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 | 9,704 | 9,336 |
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 | 1,432 | 1,442 |
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 | 156 | 159 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | $ 775 | $ 0 |
Restructured non-accruing | 1,050 | 1,622 |
Balance | 1,825 | 1,622 |
Specific allowance | 292 | 563 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 261 | 1,464 |
Balance | 261 | 1,464 |
Specific allowance | 184 | 563 |
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 | 775 | 0 |
Restructured non-accruing | 789 | 0 |
Balance | 1,564 | 0 |
Specific allowance | 108 | 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 | 0 | 158 |
Balance | 0 | 158 |
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 ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,156 | $ 12,156 |
Accumulated Amortization | (2,859) | (2,368) |
Net Carrying Amount | 9,297 | 9,788 |
Goodwill | 347,149 | 347,149 |
Core deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,678 | 10,678 |
Accumulated Amortization | (2,378) | (1,941) |
Net Carrying Amount | $ 8,300 | $ 8,737 |
Core deposits [Member] | Weighted average [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 8 years 9 months 18 days | 9 years |
Other Identifiable Intangible Assets | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,478 | $ 1,478 |
Accumulated Amortization | (481) | (427) |
Net Carrying Amount | $ 997 | $ 1,051 |
Other Identifiable Intangible Assets | Weighted average [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years 4 months 24 days | 10 years 7 months 6 days |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Net Carrying Amount of Goodwill By Segment) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 347,149 |
WashingtonFirst, No Activity | 0 |
Ending balance | 347,149 |
Community Banking | |
Goodwill [Line Items] | |
Beginning balance | 331,173 |
WashingtonFirst, No Activity | 0 |
Ending balance | 331,173 |
Insurance | |
Goodwill [Line Items] | |
Beginning balance | 6,788 |
WashingtonFirst, No Activity | 0 |
Ending balance | 6,788 |
Investment Management | |
Goodwill [Line Items] | |
Beginning balance | 9,188 |
WashingtonFirst, No Activity | 0 |
Ending balance | $ 9,188 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense for Amortizing Intangibles) (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 1,453 |
2020 | 1,720 |
2021 | 1,507 |
2022 | 1,295 |
Thereafter | 3,322 |
Total amortizing intangible assets | $ 9,297 |
DEPOSITS (Composition of Deposi
DEPOSITS (Composition of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Disclosure Composition Of Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 1,813,708 | $ 1,750,319 |
Interest-bearing deposits: | ||
Demand | 755,676 | 703,145 |
Money market savings | 1,686,178 | 1,605,024 |
Regular savings | 336,950 | 330,231 |
Time deposits of less than $100,000 | 433,944 | 427,421 |
Time deposits of $100,000 or more | 1,198,067 | 1,098,740 |
Total interest-bearing deposits | 4,410,815 | 4,164,561 |
Total deposits | $ 6,224,523 | $ 5,914,880 |
SUBORDINATED DEBENTURES (Additi
SUBORDINATED DEBENTURES (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Subordinated Borrowing [Line Items] | ||
Subordinated Debt | $ 37,389 | $ 37,425 |
Subordinated Debt [Member] | ||
Subordinated Borrowing [Line Items] | ||
Subordinated Debt | 25,000 | 25,000 |
Purchase accounting premium | $ 1,989 | 2,023 |
Maturity period | 10 years | |
Subordinated debt maturity 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 Borrowing [Line Items] | ||
Subordinated Debt | $ 10,310 | 10,310 |
Purchase accounting premium | $ 90 | $ 92 |
Subordinated debt maturity date | Jun. 30, 2033 | |
Subordinated debt fixed interest rate | 5.75% | |
Description of Variable Rate Basis | Libor plus 3.15% | |
Subordinated debt variable interest rate | 3.15% |
SUBORDINATED DEBENTURES (Detail
SUBORDINATED DEBENTURES (Detailed information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Subordinated debentures [Line Items]: | ||
Subordinated Debt | $ 37,389 | $ 37,425 |
Subordinated Debt [Member] | ||
Subordinated debentures [Line Items]: | ||
Subordinated Debt | 25,000 | 25,000 |
Purchase accounting premium | 1,989 | 2,023 |
Trust preferred capital notes [Member] | ||
Subordinated debentures [Line Items]: | ||
Subordinated Debt | 10,310 | 10,310 |
Purchase accounting premium | $ 90 | $ 92 |
SHARE BASED COMPENSATION (Addit
SHARE BASED COMPENSATION (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | May 05, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise period | 5 years 7 months 9 days | ||
Options exercised intrinsic value | $ 76 | ||
Options Granted | 0 | ||
Stock Options and Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized Compensation expense | $ 700 | $ 500 | |
2015 Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Common stock, shares authorizes | 1,500,000 | ||
Common stock, shares available for issuance | 1,151,509 | ||
Term of share based compensation plan | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||
Restricted stock award | 96,191 | ||
2015 Omnibus Incentive Plan | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise period | 7 years | ||
2015 Omnibus Incentive Plan | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise period | 10 years | ||
2015 Omnibus Incentive Plan | 3 Year Vesting Period | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock award | 21,390 | ||
2015 Omnibus Incentive Plan | 5 Year Vesting Period | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock award | 74,801 | ||
2015 Omnibus Incentive Plan | Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized Compensation expense | $ 200 | ||
Expected cost recognition weighted average period | 1 year 8 months 12 days | ||
Options exercised intrinsic value | $ 100 | $ 200 | |
Stock Options Vested, Fair Value | |||
Options Granted | 0 | ||
2015 Omnibus Incentive Plan | Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized Compensation expense | $ 7,800 | ||
Expected cost recognition weighted average period | 3 years 3 months 18 days | ||
2015 Omnibus Incentive Plan | Restricted Stock | 3 Year Vesting Period | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
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] | |||
Vesting period | 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 | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation [Abstract] | ||
Dividend yield | 0.00% | 2.64% |
Weighted average expected volatility | 0.00% | 39.13% |
Weighted average risk-free interest rate | 0.00% | 2.61% |
Weighted average expected lives (in years) | 5 years 7 months 9 days | |
Weighted average grant-date fair value | $ 0 | $ 11.73 |
SHARE BASED COMPENSATION (Summa
SHARE BASED COMPENSATION (Summary of Share Option Activity) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Common Shares | ||
Beginning balance | 81,508 | |
Granted | 0 | |
Exercised | (6,755) | (12,353) |
Forfeited | (1,007) | |
Expired | 0 | |
Ending balance | 73,746 | |
Exercisable, Common Shares | 45,046 | |
Weighted Average Exercise Share Price | ||
Beginning balance | $ 29.74 | |
Granted | 0 | |
Exercised | 19.02 | |
Forfeited | 37.11 | |
Expired | 0 | |
Ending balance | 30.62 | |
Exercisable Weighted Average Exercise Price | 26.45 | |
Weighted average fair value of options granted during the year | $ 0 | $ 11.73 |
Weighted Average Contractual Remaining Life(Years) | ||
Balance at end of period | 3 years 8 months 12 days | |
Exercisable at end of period | 2 years 7 months 6 days | |
Beginning balance | $ 369 | |
Exercised | 76 | |
Ending balance | 283 | |
Exercisable, Intrinsic Value | $ 261 |
SHARE BASED COMPENSATION (Sum_2
SHARE BASED COMPENSATION (Summary of Activity for Company's Restricted Stock) (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted Average Grant-Date Fair Value | ||
Granted | $ 0 | $ 11.73 |
Restricted Stock | ||
Number of Shares | ||
Restricted stock beginning balance | 203,603 | |
Granted | 96,191 | |
Vested | (8,199) | |
Forfeited | (3,848) | |
Restricted stock ending balance | 287,747 | |
Weighted Average Grant-Date Fair Value | ||
Restricted stock beginning balance | $ 35.14 | |
Granted | 34.98 | |
Vested | 27.95 | |
Forfeited | 31.98 | |
Restricted stock ending balance | $ 35.33 |
PENSION, PROFIT SHARING, AND _3
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Net Periodic Benefit Cost) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] | ||
Interest cost on projected benefit obligation | $ 402 | $ 385 |
Expected return on plan assets | (412) | (465) |
Recognized net actuarial loss | 265 | 250 |
Net periodic benefit cost | $ 255 | $ 170 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income | $ 30,317 | $ 21,665 |
Basic: | ||
Basic weighted average EPS shares | 35,794 | 35,659 |
Basic net income per share | $ 0.85 | $ 0.61 |
Diluted: | ||
Basic weighted average EPS shares | 35,794 | 35,659 |
Dilutive common stock equivalents | 13 | 25 |
Dilutive EPS shares | 35,807 | 35,684 |
Diluted net income per share | $ 0.85 | $ 0.61 |
Anti-dilutive shares | 12 | 4 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Net Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (15,754) | $ (6,857) |
Other comprehensive income before reclassification, net of tax | 6,508 | (9,368) |
Reclassifications from accumulated other comprehensive income, net of tax | (196) | 84 |
Current period change in other comprehensive income, net of tax | 6,704 | (9,284) |
Reclassfication of tax effects from accumulated other comprehensive income | (1,477) | |
Ending Balance | (9,050) | (17,618) |
Unrealized Gains (Losses) on Investments Available-for-Sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (6,630) | 687 |
Other comprehensive income before reclassification, net of tax | 6,508 | (9,368) |
Reclassifications from accumulated other comprehensive income, net of tax | 0 | (47) |
Current period change in other comprehensive income, net of tax | 6,508 | (9,415) |
Reclassfication of tax effects from accumulated other comprehensive income | 148 | |
Ending Balance | (122) | (8,580) |
Defined Benefit Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (9,124) | (7,544) |
Other comprehensive income before reclassification, net of tax | 0 | 0 |
Reclassifications from accumulated other comprehensive income, net of tax | 196 | 131 |
Current period change in other comprehensive income, net of tax | 196 | 131 |
Reclassfication of tax effects from accumulated other comprehensive income | (1,625) | |
Ending Balance | $ (8,928) | $ (9,038) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassification Adjustments Out of Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Unrealized gains/(losses) on investments available-for-sale Affected line item in the Statements of Income: | ||
Investment securities gains | $ 0 | $ 63 |
Income before taxes | 0 | 63 |
Tax expense | 0 | 16 |
Net income | 0 | 47 |
Amortization of defined benefit pension plan items Affected line item in the Statements of Income: | ||
Recognized actuarial loss | (265) | (250) |
Income before taxes | (265) | (250) |
Tax expense | 69 | (119) |
Net income/ (Loss) | $ (196) | $ (131) |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
Lessee, Operating Lease, Description | The Company leases real estate properties for its network of bank branches, financial centers and corporate offices. | |
Lessee, Operating Lease, Option to Extend | Most lease agreements include one or more options to renew, with renewal terms that can extend the original lease term from one to twenty years or more. | |
Operating Lease, Right-of-Use Asset | $ 75,500 | $ 77,700 |
Operating Lease Liability | 82,991 | $ 85,100 |
Operating Lease, Expense | 2,900 | |
Cash paid for amounts included in the measurement of lease liabilities | $ 2,200 | |
Weighted average remaining lease term | 10 years 9 months 18 days | |
Weighted average discount rate | 3.31% | |
Minimum [Member] | ||
Lessee, Operating Lease, Renewal Term | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Renewal Term | 20 years |
LEASES - Maturities of operatin
LEASES - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
One year | $ 11,193 | |
Two years | 10,682 | |
Three years | 10,147 | |
Four years | 10,110 | |
Five years | 9,997 | |
Thereafter | 48,791 | |
Total undiscounted lease payments | 100,920 | |
Less: Present value discount | (17,929) | |
Lease Liability | $ 82,991 | $ 85,100 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Notional Amount | $ 43.8 | $ 16.6 |
Estimated Fair Value | $ 0.7 | $ 0.4 |
FAIR VALUE - Narrative (Details
FAIR VALUE - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Impaired loans | $ 26,140 | $ 22,210 |
Impaired loans fair value | 20,800 | 17,300 |
Specific loan loss reserves | $ 5,300 | $ 4,900 |
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 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale (at fair value) | $ 24,998 | $ 22,773 |
Investments available-for-sale (at fair value) | 926,530 | 937,335 |
U.S. treasuries and government agencies | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 313,588 | 296,678 |
State and municipal | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 264,580 | 282,024 |
Mortgage-Backed and asset-backed | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 338,097 | 348,515 |
Corporate Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 9,387 | 9,240 |
Trust Preferred | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 310 | 310 |
Marketable Equity Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 568 | 568 |
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) | 24,998 | 22,773 |
Fair Value, Measurements, Recurring | U.S. treasuries and government agencies | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 313,588 | 296,678 |
Fair Value, Measurements, Recurring | State and municipal | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 264,580 | 282,024 |
Fair Value, Measurements, Recurring | Mortgage-Backed and asset-backed | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 338,097 | 348,515 |
Fair Value, Measurements, Recurring | Corporate Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 9,387 | 9,240 |
Fair Value, Measurements, Recurring | Trust Preferred | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 310 | 310 |
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 | 568 |
Fair Value, Measurements, Recurring | Interest Rate Swap Agreements | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Other assets | 701 | 446 |
Other liabilities | (701) | (446) |
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. treasuries and 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 and asset-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) | 24,998 | 22,773 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. treasuries and government agencies | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 313,588 | 296,678 |
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) | 264,580 | 282,024 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Mortgage-Backed and asset-backed | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 338,097 | 348,515 |
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 | 568 |
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 | 701 | 446 |
Other liabilities | (701) | (446) |
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. treasuries and 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 and asset-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) | 9,387 | 9,240 |
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 | 310 |
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 | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 9,550 |
Additions of level 3 assets | 0 |
Sales of level 3 assets | 0 |
Total unrealized gains (losses) included in other comprehensive income (loss) | 147 |
Ending balance | $ 9,697 |
FAIR VALUE (Assets Measured at
FAIR VALUE (Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 8,158 | $ 8,364 |
Fair value measured on nonrecurring basis losses | (11,298) | (11,194) |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 6,748 | 6,780 |
Fair value measured on nonrecurring basis losses | (10,862) | (10,932) |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 1,410 | 1,584 |
Fair value measured on nonrecurring basis losses | (436) | (262) |
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 | 8,158 | 8,364 |
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 | 6,748 | 6,780 |
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 | $ 1,410 | $ 1,584 |
FAIR VALUE (Carrying Amounts an
FAIR VALUE (Carrying Amounts and Fair Values of Company's Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial Liabilities | ||
Securities sold under retail repurchase agreements and federal funds purchased | $ 122,626 | $ 327,429 |
Advances from FHLB | 726,278 | 848,611 |
Subordinated debentures | 37,389 | 37,425 |
Carying amount [member] | ||
Financial Assets | ||
Other equity securities | 60,769 | 73,389 |
Loans, net of allowance | 6,516,901 | 6,518,148 |
Other assets | 111,195 | 110,823 |
Financial Liabilities | ||
Time Deposits | 1,632,011 | 1,526,161 |
Securities sold under retail repurchase agreements and federal funds purchased | 122,626 | 327,429 |
Advances from FHLB | 726,278 | 848,611 |
Subordinated debentures | 37,389 | 37,425 |
Estimated fair value [member] | ||
Financial Assets | ||
Other equity securities | 60,769 | 73,389 |
Loans, net of allowance | 6,377,572 | 6,376,307 |
Other assets | 111,195 | 110,823 |
Financial Liabilities | ||
Time Deposits | 1,628,658 | 1,536,238 |
Securities sold under retail repurchase agreements and federal funds purchased | 122,626 | 327,429 |
Advances from FHLB | 729,767 | 850,186 |
Subordinated debentures | 35,260 | 33,588 |
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 | 60,769 | 73,389 |
Loans, net of allowance | 0 | 0 |
Other assets | 111,195 | 110,823 |
Financial Liabilities | ||
Time Deposits | 1,628,658 | 1,536,238 |
Securities sold under retail repurchase agreements and federal funds purchased | 122,626 | 327,429 |
Advances from FHLB | 729,767 | 850,186 |
Subordinated debentures | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Other equity securities | 0 | 0 |
Loans, net of allowance | 6,377,572 | 6,376,307 |
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 | $ 35,260 | $ 33,588 |
SEGMENT REPORTING (Additional I
SEGMENT REPORTING (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Amortization Of Intangible Assets | $ 491 | $ 541 |
Community Banking | ||
Segment Reporting Information [Line Items] | ||
Amortization Of Intangible Assets | 400 | |
Investment Management | ||
Segment Reporting Information [Line Items] | ||
Assets under management | $ 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 | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 88,183 | $ 75,504 | |
Interest expense | 21,433 | 12,613 | |
Provision (credit) for loan losses | (128) | 1,997 | $ 9,023 |
Non-interest income | 16,969 | 17,118 | |
Non-interest Expense | 44,192 | 49,641 | |
Income before income taxes | 39,655 | 28,371 | |
Income tax expense | 9,338 | 6,706 | |
Net income | 30,317 | 21,665 | |
Assets | 8,327,900 | 7,894,918 | $ 8,243,272 |
Intersegment Elimination | |||
Segment Reporting Information [Line Items] | |||
Interest income | (3) | (1) | |
Interest expense | (3) | (1) | |
Provision (credit) for loan losses | 0 | 0 | |
Non-interest income | (167) | (154) | |
Non-interest Expense | (167) | (154) | |
Income before income taxes | 0 | 0 | |
Income tax expense | 0 | 0 | |
Net income | 0 | 0 | |
Assets | (30,324) | (25,246) | |
Community Banking | |||
Segment Reporting Information [Line Items] | |||
Interest income | 88,183 | 75,504 | |
Interest expense | 21,436 | 12,614 | |
Provision (credit) for loan losses | (128) | 1,997 | |
Non-interest income | 12,707 | 13,171 | |
Non-interest Expense | 41,211 | 47,031 | |
Income before income taxes | 38,371 | 27,033 | |
Income tax expense | 8,993 | 6,353 | |
Net income | 29,378 | 20,680 | |
Assets | 8,326,141 | 7,894,964 | |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Interest income | 1 | 0 | |
Interest expense | 0 | 0 | |
Provision (credit) for loan losses | 0 | 0 | |
Non-interest income | 1,904 | 1,822 | |
Non-interest Expense | 1,420 | 1,379 | |
Income before income taxes | 485 | 443 | |
Income tax expense | 135 | 123 | |
Net income | 350 | 320 | |
Assets | 11,519 | 8,984 | |
Investment Management | |||
Segment Reporting Information [Line Items] | |||
Interest income | 2 | 1 | |
Interest expense | 0 | 0 | |
Provision (credit) for loan losses | 0 | 0 | |
Non-interest income | 2,525 | 2,279 | |
Non-interest Expense | 1,728 | 1,385 | |
Income before income taxes | 799 | 895 | |
Income tax expense | 210 | 230 | |
Net income | 589 | 665 | |
Assets | $ 20,564 | $ 16,216 |