Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 05, 2020 | |
Document and entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | SANDY SPRING BANCORP, INC. | |
Entity Central Index Key | 0000824410 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding | 46,980,140 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Security 12b Title | Common Stock, par value $1.00 per share | |
Trading Symbol | SASR | |
Security Exchange Name | NASDAQ | |
Entity File Number | 0-19065 | |
Entity Incorporation State Country Code | MD | |
Entity Tax Identification Number | 52-1532952 | |
Entity Address Address Line1 | 17801 Georgia Avenue | |
Entity Address City Or Town | Olney | |
Entity Address State Or Province | MD | |
Entity Address Postal Zip Code | 20832 | |
City Area Code | 301 | |
Local Phone Number | 774-6400 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - UNAUDITED - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 79,185,000 | $ 82,469,000 |
Federal funds sold | 131,000 | 208,000 |
Interest-bearing deposits with banks | 181,792,000 | 63,426,000 |
Cash and cash equivalents | 261,108,000 | 146,103,000 |
Residential mortgage loans held for sale (at fair value) | 67,114,000 | 53,701,000 |
Investments available-for-sale (at fair value) | 1,187,607,000 | 1,073,333,000 |
Other equity securities | 62,953,000 | 51,803,000 |
Total loans | 6,722,992,000 | 6,705,232,000 |
Less: allowance for credit losses | (85,800,000) | (56,132,000) |
Net loans | 6,637,192,000 | 6,649,100,000 |
Premises and equipment, net | 57,617,000 | 58,615,000 |
Other real estate owned | 1,416,000 | 1,482,000 |
Accrued interest receivable | 23,870,000 | 23,282,000 |
Goodwill, Net Carrying Amount | 369,708,000 | 347,149,000 |
Other intangible assets, net | 19,781,000 | 7,841,000 |
Other assets | 241,236,000 | 216,593,000 |
Total assets | 8,929,602,000 | 8,629,002,000 |
Liabilities | ||
Noninterest-bearing deposits | 1,939,937,000 | 1,892,052,000 |
Interest-bearing deposits | 4,653,937,000 | 4,548,267,000 |
Total deposits | 6,593,874,000 | 6,440,319,000 |
Securities sold under retail repurchase agreements and federal funds purchased | 125,305,000 | 213,605,000 |
Advances from FHLB | 754,061,000 | 513,777,000 |
Subordinated debentures | 199,046,000 | 209,406,000 |
Accrued interest payable and other liabilities | 140,982,000 | 118,921,000 |
Total liabilities | 7,813,268,000 | 7,496,028,000 |
Stockholders' Equity | ||
Common stock -- par value $1; shares authorized 100,000,000; shares issued and outstanding 34,164,672 and 34,970,370 at March 31, 2020 and December 31, 2019, respectively. | 34,165,000 | 34,970,000 |
Additional paid in capital | 562,891,000 | 586,622,000 |
Retained earnings | 512,934,000 | 515,714,000 |
Accumulated other comprehensive income (loss) | 6,344,000 | (4,332,000) |
Total stockholders' equity | 1,116,334,000 | 1,132,974,000 |
Total liabilities and stockholders equity | $ 8,929,602,000 | $ 8,629,002,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION - UNAUDITED - (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 34,164,672 | 34,970,370 |
Common stock, shares outstanding | 34,164,672 | 34,970,370 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest Income: | ||
Interest and fees on loans | $ 75,882 | $ 80,397 |
Interest on loans held for sale | 291 | 192 |
Interest on deposits with banks | 180 | 194 |
Interest and dividends on investment securities: | ||
Taxable | 6,132 | 5,685 |
Exempt from federal income taxes | 1,372 | 1,710 |
Interest on federal funds sold | 1 | 5 |
Total interest income | 83,858 | 88,183 |
Interest Expense: | ||
Interest on deposits | 13,518 | 14,480 |
Interest on retail repurchase agreements and federal funds purchased | 580 | 398 |
Interest on advances from FHLB | 3,145 | 6,064 |
Interest on subordinated debt | 2,281 | 491 |
Total interest expense | 19,524 | 21,433 |
Net interest income | 64,334 | 66,750 |
Provision (credit) | 24,469 | (128) |
Net interest income after provision for loan losses | 39,865 | 66,878 |
Investment securities gains | 169 | 0 |
Insurance agency commissions | 2,129 | 1,900 |
Income from bank owned life insurance | 645 | 1,189 |
Other income | 1,653 | 2,222 |
Total non-interest income | 18,168 | 16,969 |
Non-interest Expenses: | ||
Salaries and employee benefits | 28,053 | 25,976 |
Occupancy expense of premises | 4,581 | 5,231 |
Equipment expenses | 2,751 | 2,576 |
Marketing | 1,189 | 943 |
Outside data services | 1,582 | 1,778 |
FDIC insurance | 482 | 1,136 |
Amortization of intangible assets | 600 | 491 |
Merger and acquisition expenses | 1,454 | 0 |
Professional fees and services | 1,826 | 1,245 |
Other Expense | 5,228 | 4,816 |
Total non-interest expenses | 47,746 | 44,192 |
Income before income taxes | 10,287 | 39,655 |
Income tax expense | 300 | 9,338 |
Net income | $ 9,987 | $ 30,317 |
Net Income Per Common Share | ||
Basic net income per share | $ 0.29 | $ 0.85 |
Diluted net income per share | 0.28 | 0.85 |
Dividends declared per common share | $ 0.30 | $ 0.28 |
Service charges on deposit accounts [Member] | ||
Fees, comminssions and banking services | $ 2,253 | $ 2,307 |
Mortgage banking activities [Member] | ||
Fees, comminssions and banking services | 3,033 | 2,863 |
Wealth managment [Member] | ||
Fees, comminssions and banking services | 6,966 | 5,236 |
Bank card fees [member] | ||
Fees, comminssions and banking services | $ 1,320 | $ 1,252 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 9,987 | $ 30,317 |
Investments available-for-sale: | ||
Net change in unrealized gains on investments available-for-sale | 14,263 | 8,814 |
Related income tax expense | (3,624) | (2,306) |
Net investment gains reclassified into earnings | (169) | 0 |
Related income tax expense | 42 | 0 |
Net effect on other comprehensive income for the period | 10,512 | 6,508 |
Defined benefit pension plan: | ||
Recognition of unrealized loss | 219 | 265 |
Related income tax expense | (55) | (69) |
Net effect on other comprehensive income for the period | 164 | 196 |
Total other comprehensive income | 10,676 | 6,704 |
Comprehensive income | $ 20,663 | $ 37,021 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Operating activities: | |||
Net income | $ 9,987 | $ 30,317 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 3,427 | 3,326 | |
Provision (credit) | 24,469 | (128) | $ 4,684 |
Stock based compensation expense | 754 | 690 | |
Tax benefits associated with share based compensation | 28 | 41 | |
Deferred income tax expense/ (benefit) | (5,205) | 1,069 | |
Origination of loans held for sale | (217,560) | (97,286) | |
Proceeds from sales of loans held for sale | 208,409 | 97,456 | |
Gains on sales of loans held for sale | (4,262) | (2,395) | |
Losses on sales of other real estate owned | 9 | 0 | |
Investment securities gains | (169) | 0 | |
Increase (Decrease) in Operating Capital [Abstract] | |||
Net increase in accrued interest receivable | (588) | (1,573) | |
Net (increase)/ decrease in other assets | (19,317) | 5,191 | |
Net increase/(decrease) in accrued expenses and other liabilities | 7,976 | (10,381) | |
Other - net | 5,055 | 992 | |
Net cash provided by operating activities | 13,013 | 27,319 | |
Investing activities: | |||
(Purchases) of other equity securities | (10,582) | ||
Proceeds from other equity securities | 12,620 | ||
Purchases of investments available-for-sale | (241,682) | (15,919) | |
Proceeds from sales of investment available-for-sale | 13,104 | 0 | |
Proceeds from maturities, calls and principal payments of investments available-for-sale | 127,111 | 34,829 | |
Net (increase) in loans | (17,760) | ||
Net decrease in loans | 1,644 | ||
Proceeds from the sales of other real estate owned | 27 | 0 | |
Acquisition of business activity, net of cash paid | (26,925) | 0 | |
Expenditures for premises and equipment | (696) | (1,066) | |
Net cash provided by/ (used in) investing activities | (157,403) | 32,108 | |
Financing activities: | |||
Net increase in deposits | 153,555 | 309,643 | |
Net decrease in retail repurchase agreements and federal funds purchased | (88,300) | (204,803) | |
Proceeds from advances from FHLB | 250,000 | 1,079,000 | |
Repayment of advances from FHLB | (9,716) | (1,201,333) | |
Retirement of subordinated debt | (10,310) | 0 | |
Proceeds from issuance of common stock | 412 | 343 | |
Stock tendered for payment of withholding taxes | 0 | (101) | |
Repurchase of common stock | (25,702) | 0 | |
Dividends paid | (10,544) | (10,008) | |
Net cash provided by/ (used in) financing activities | 259,395 | (27,259) | |
Net increase in cash and cash equivalents | 115,005 | 32,168 | |
Cash and cash equivalents at beginning of period | 146,103 | 101,481 | 101,481 |
Cash and cash equivalents at end of period | 261,108 | 133,649 | $ 146,103 |
Supplemental Disclosures: | |||
Interest payments | 17,055 | 21,455 | |
Income tax payments | 0 | 0 | |
Transfer of investments held-to-maturity to available-for-sale | 0 | 0 | |
Transfer from loans to residential mortgage loans held for sale | 0 | 0 | |
Transfers from loans to other real estate owned | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Common sttock | Common sttockRevision of Prior Period, Accounting Standards Update, Adjustment [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member]Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Revision of Prior Period, Accounting Standards Update, Adjustment [Member] |
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 - $0.30 and $0.28 per share for the first quarter ended: March 31, 2020 and 2019 respectively | (10,008) | 0 | 0 | (10,008) | 0 | |||||
Stock compensation expense | 690 | 0 | 690 | 0 | 0 | |||||
Common stock issued pursuant to: | ||||||||||
Stock option plan 6,013 and 6,755 shares for the quarters ended: March 2020, 2019 respectively | 129 | 7 | 122 | 0 | 0 | |||||
Employee stock purchase plan - 8,617 and 7,662 shares for the quarters ended: March 2020, 2019 respectively | 214 | 7 | 207 | 0 | 0 | |||||
Restricted stock - 11,959 shares for the quarter ended: March 31, 2019 | (101) | 12 | (113) | 0 | 0 | |||||
Balance at at Mar. 31, 2019 | 1,095,848 | 35,557 | 607,479 | 461,862 | (9,050) | |||||
Balance at at Dec. 31, 2019 | 1,132,974 | 34,970 | 586,622 | 515,714 | (4,332) | |||||
Net income | 9,987 | 0 | 0 | 9,987 | 0 | |||||
Other comprehensive income, net of tax | 10,676 | 0 | 0 | 0 | 10,676 | |||||
Common stock dividends - $0.30 and $0.28 per share for the first quarter ended: March 31, 2020 and 2019 respectively | (10,544) | 0 | 0 | (10,544) | 0 | |||||
Stock compensation expense | 754 | 0 | 754 | 0 | 0 | |||||
Common stock issued pursuant to: | ||||||||||
Stock option plan 6,013 and 6,755 shares for the quarters ended: March 2020, 2019 respectively | 122 | 6 | 116 | 0 | 0 | |||||
Employee stock purchase plan - 8,617 and 7,662 shares for the quarters ended: March 2020, 2019 respectively | 290 | 9 | 281 | 0 | 0 | |||||
Adoption of ASC 326 - Financial Instruments - Credit Losses | $ (2,223) | $ 0 | $ 0 | $ (2,223) | $ 0 | |||||
Purchase of treasury shares - 820,328 shares | (25,702) | (820) | (24,882) | 0 | 0 | |||||
Balance at at Mar. 31, 2020 | $ 1,116,334 | $ 34,165 | $ 562,891 | $ 512,934 | $ 6,344 | |||||
Common stock issued pursuant to: | ||||||||||
Accounting Standards Update [Extensible List] | u-sgaap:AccountingStandardsUpdate201613Member |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - UNAUDITED - (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||
Common stock dividends, per share | $ 0.30 | $ 0.28 |
Stock option plan, shares | 6,013 | 6,755 |
Employee stock purchase plan, shares | 8,617 | 7,662 |
Restricted stock, shares | 11,959 | |
Treasury stock purchased | 820,328 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1 – Significant Accounting Policies Nature of Operations Sandy Spring Bancorp (the “Company” or “Sandy Spring”), 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 greater Washington, D.C. market. Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services through its subsidiaries, Sandy Spring Insurance Corporation (“Sandy Spring Insurance”), West Financial Services, Inc. (“West Financial”) and Rembert Pendleton Jackson (“RPJ”). Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, the interim financial statements do not include all of the information and notes required for complete financial statements. The following summary of significant accounting policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2020. 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 have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of the issuance of its financial statements. These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2019 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 21, 2020. The Company adopted ASC 326 – Financial Instruments – Credit Losses during the first quarter of 2020. There have been no significant changes to any other of the Company’s accounting policies as disclosed in the 2019 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 its subsidiaries, Sandy Spring Insurance Corporation, West Financial Services, Inc. and Rembert Pendleton Jackson. 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 affecting 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 credit losses and the related allowance, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether available-for-sale debt securities with fair values less than amortized costs are impaired and require allowance for credit losses, valuation 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 projections related to pension expense and the related liability. Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less). Revenue from Contracts with Customers The Company’s revenue includes net interest income on financial instruments and non-interest income. Specific categories of revenue are presented in the Condensed Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard Update (ASU) No. 2014-09 – Revenue from Contracts with Customers. For revenue within the scope of ASU 2014-09, the Company provides services to customers and has related performance obligations. The revenue from such services is recognized upon satisfaction of all contractual performance obligations. The following discusses key revenue streams within the scope of revenue recognition guidance. Wealth Management Income West Financial Services, Inc. and Rembert Pendleton Jackson , subsidiaries of the Bank, provide 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 contractually-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 Sandy Spring Insurance is a producer. Sandy Spring Insurance 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 services 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 is recognized at month end. Obligation for overdraft services is satisfied at the time of the overdraft and revenue is recognized as earned. Allowance for Credit Losses The allowance for credit losses (“allowance” or “ACL”) represents an amount which, in management's judgment, is adequate to absorb the lifetime expected losses that may be sustained on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The allowance is measured and recorded upon the initial recognition of a financial asset. The allowance is reduced by charge-offs, net of recoveries of previous losses, and is increased or decreased by a provision or credit for credit losses, which is recorded as a current period operating expense. Determination of the adequacy of the allowance is inherently complex and requires the use of significant and highly subjective estimates. The reasonableness of the allowance is reviewed periodically by the Risk Committee of the board of directors and formally approved quarterly by that same committee of the board. The Company’s methodology for estimating the allowance includes: (1) a collective quantified reserve that reflects the Company’s historical default and loss experience adjusted for expected economic conditions throughout a reasonable and supportable period and the Company’s prepayment and curtailment rates, (2) collective qualitative factors that consider concentrations of the loan portfolio, expected changes to the economic forecasts, large relationships, early delinquencies, and factors related to credit administrations, including, among others, loan-to-value ratios, borrowers’ risk rating and credit score migrations, and (3) individual allowances on collateral-dependent loans where borrowers are experiencing financial difficulty or when the Company determines that the foreclosure is probable. The Company excludes accrued interest from the measurement of the allowance as the Company has a non-accrual policy to reverse any accrued, uncollected interest income as loans are moved to non-accrual status. Loans are pooled into segments based on the similar risk characteristics of the underlying borrowers, in addition to consideration of collateral type, industry and business purpose of the loans. Portfolio segments used to estimate the allowance are the same as portfolio segments used for general credit risk management purposes. Refer to Note 4 – Loans for more details on management’s discussion of the Company’s portfolio segments. The Company applies two calculation methodologies to estimate the collective quantified component of the allowance: discounted cash flows method and weighted average remaining life method. Allowance estimates on commercial acquisition, development and construction (“AD&C) and residential construction segments are based on the weighted average remaining life method. Allowance estimates on all other portfolio segments are based on the discounted cash flows method. Segments utilizing the discounted cash flows method are further sub-segmented into risk level pools, determined either by risk rating or Beacon Scores ranges. To better manage risk and reasonably determine the sufficiency of reserves, this segregation allows the Company to monitor the allowance component applicable to higher risk loans separate from the remainder of the portfolio. Collective calculation methodologies utilize the Company’s historical default and loss experience adjusted for future economic forecasts. At initial adoption of the accounting standard for current expected credit losses (“CECL”), management opted for the application of the reasonable and supportable forecast period of two years under stable economic conditions. However, under the current deteriorated economic conditions, the reasonable and supportable forecast period was adjusted to one year, due to the inherent uncertainty in the future economic outlook. Following the end of the reasonable and supportable forecast period expected losses revert back to the historical mean over the next two years on a straight-line basis. Economic variables that have the most significant impact on the allowance include: unemployment rate, house price index and number of business bankruptcies. Contractual loan level cash flows within discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience. The collective quantified component of the allowance is supplemented by a qualitative component to address various risk characteristics of the Company’s loan portfolio including: trends in early delinquencies; changes in the risk profile related to large loans in the portfolio; concentrations of loans to specific industry segments; expected changes in economic conditions; changes in the Company’s credit administration and loan portfolio management processes; and the quality of the Company’s credit risk identification processes. The individual reserve assessment is applied to collateral dependent loans where borrowers are experiencing financial difficulty or when the Company determines that a foreclosure is probable. The determination of the fair value of the collateral depends on whether a repayment of the loan is expected to be from the sale or the operation of the collateral. When a repayment is expected from the operation of the collateral, the Company uses the present value of expected cash flows from the operation of the collateral as the fair value. When the repayment of the loan is expected from the sale of the collateral the fair value of the collateral is based on an observable market price or the collateral’s appraised value less estimated cost to sell. Third party appraisals used in the individual reserve assessment are conducted at least annually with underlying assumptions that are reviewed by management. Third party appraisals may be obtained on a more frequent basis if deemed necessary. Internal evaluations of collateral value are conducted quarterly to ensure any further deterioration of the collateral value is recognized on a timely basis. During the individual reserve assessment, management also considers the potential future changes in the value of the collateral over the remainder of the loan’s remaining life. The Company may receive updated appraisals which contradict the preliminary determination of fair value used to establish an individual allowance on a loan. In these instances the individual allowance is adjusted to reflect the Company’s evaluation of the updated appraised fair value. In the event a loss was previously confirmed and the loan was charged down to the estimated fair value based on a previous appraisal, the balance of partially charged-off loans are not subsequently increased but could be further decreased depending on the direction of the change in fair value. Payments on fully or partially charged-off loans are accounted for under the cost-recovery method. Under this method, all payments received are applied on a cash basis to reduce the entire outstanding principal, then to recognize a recovery of all previously charged-off amounts before any interest income may be recognized. Based on the individual reserve assessment, if the Company determines that the fair value of the collateral is less than the amortized cost basis of the loan, an individual allowance will be established measured as the difference between the fair value of the collateral (less cost to sell) and the amortized cost basis of the loan. Once a loss has been confirmed, the loan is charged-down to its estimated fair value. Large groups of smaller non-accrual homogeneous loans are not individually evaluated for allowance and include residential permanent and construction mortgages and consumer installment loans. These portfolios are reserved for on a collective basis using historical loss rates of similar loans over the weighted average life of each pool. Management believes it uses relevant information available to make determinations about the allowance and that it has established the existing allowance in accordance with GAAP. However, the determination of the allowance requires significant judgment, and estimates of expected lifetime losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize expected losses, future additions to the allowance may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. The adoption of CECL guidance did not result in a significant change to any other credit risk management and monitoring processes, including identification of past due or delinquent borrowers, non-accrual practices, assessment of troubled debt restructurings or charge-off policy. 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 represent 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, any lease incentives received and any favorable or unfavorable fair value adjustments on acquired leases. 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. Lease 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. |
ACQUISITION OF REVERE BANK
ACQUISITION OF REVERE BANK | 3 Months Ended |
Mar. 31, 2020 | |
Acquisition of Revere bank [Abstract] | |
Acquisition of Revere bank | Note 2 – Acquisition of revere bank On September 23, 2019, the Company and Revere Bank (“Revere”) entered into a definitive agreement for the Company to acquire the Maryland-based Revere. The acquisition of Revere was completed on April 1, 2020. With the completion of the merger, former Revere shareholders received 1.05 shares of the Sandy Spring common stock for each share of Revere common stock they held. Based on the $ 22.64 per share closing price of Sandy Spring common stock on March 31, 2020, the total transaction value is approximately $ 287 million. Upon completion of the acquisition, Sandy Spring shareholders owned approximately 74 percent of the combined company, and former Revere shareholders owned approximately 26 percent. As of March 31, 2020, Revere had more than $ 2.8 billion in assets and operated 11 full-service community banking offices throughout the Washington D.C. metropolitan region. |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | Note 3 – Investments Investments available-for-sale The amortized cost and estimated fair values of investments available-for-sale at the dates indicated are presented in the following table: March 31, 2020 December 31, 2019 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 $ 186,184 $ 1,559 $ ( 7,399) $ 180,344 $ 260,294 $ 887 $ ( 2,686) $ 258,495 State and municipal 271,771 6,106 ( 1,428) 276,449 229,309 4,377 ( 37) 233,649 Mortgage-backed and asset-backed 698,029 20,631 ( 178) 718,482 568,373 3,268 ( 882) 570,759 Corporate debt 12,150 182 - 12,332 9,100 452 - 9,552 Trust preferred - - - - 310 - - 310 Total debt securities 1,168,134 28,478 ( 9,005) 1,187,607 1,067,386 8,984 ( 3,605) 1,072,765 Marketable equity securities - - - - 568 - - 568 Total investments available-for-sale $ 1,168,134 $ 28,478 $ ( 9,005) $ 1,187,607 $ 1,067,954 $ 8,984 $ ( 3,605) $ 1,073,333 Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at March 31, 2020 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at March 31, 2020. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity. The mortgage-backed securities portfolio at March 31, 2020 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($ 169.3 million), GNMA, FNMA or FHLMC mortgage-backed securities ($ 481.9 million) or SBA asset-backed securities ($ 67.3 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 anticipated 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, 2020 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 6 $ 86,597 $ 3,624 $ 3,775 $ 7,399 State and municipal 14 44,737 1,428 - 1,428 Mortgage-backed and asset-backed 8 24,981 144 34 178 Total 28 $ 156,315 $ 5,196 $ 3,809 $ 9,005 December 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 12 $ 151,132 $ 2,211 $ 475 $ 2,686 State and municipal 3 7,227 37 - 37 Mortgage-backed and asset-backed 35 184,784 508 374 882 Total 50 $ 343,143 $ 2,756 $ 849 $ 3,605 The 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 average 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 or without prepayment penalties. March 31, 2020 One Year One to Five to After Ten (In thousands) or less Five Years Ten Years Years Total U.S. treasuries and government agencies $ 68,673 $ 25,074 $ - $ 86,597 $ 180,344 State and municipal 25,296 66,226 72,676 112,251 276,449 Mortgage-backed and asset-backed - 4,413 52,349 661,720 718,482 Corporate debt - - 12,332 - 12,332 Trust preferred - - - - - Total available-for-sale debt securities $ 93,969 $ 95,713 $ 137,357 $ 860,568 $ 1,187,607 December 31, 2019 One Year One to Five to After Ten (In thousands) or less Five Years Ten Years Years Total U.S. treasuries and government agencies $ 69,799 $ 96,709 $ - $ 91,987 $ 258,495 State and municipal 33,311 76,723 75,820 47,795 233,649 Mortgage-backed and asset-backed 852 7,125 55,226 507,556 570,759 Corporate debt - - 9,552 - 9,552 Trust preferred - - - 310 310 Total available-for-sale debt securities $ 103,962 $ 180,557 $ 140,598 $ 647,648 $ 1,072,765 At March 31, 2020 and December 31, 2019, investments available-for-sale with a book value of $ 417.1 million and $ 424.8 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, 2020 and December 31, 2019. Equity securities Other equity securities at the dates indicated are presented in the following table: (In thousands) March 31, 2020 December 31, 2019 Federal Reserve Bank stock $ 22,581 $ 22,559 Federal Home Loan Bank of Atlanta stock 39,804 29,244 Marketable equity securities 568 - Total equity securities $ 62,953 $ 51,803 |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2020 | |
Loans [Abstract] | |
Loans | Note 4 – LOANS Outstanding loan balances at March 31, 2020 and December 31, 2019 are net of unearned income, including net deferred loan fees of $ 2.2 million and $ 1.8 million, respectively. The loan portfolio segment balances at the dates indicated are presented in the following table: (In thousands) March 31, 2020 December 31, 2019 Residential real estate: Residential mortgage $ 1,116,512 $ 1,149,327 Residential construction 149,573 146,279 Commercial real estate: Commercial owner-occupied real estate 1,305,682 1,288,677 Commercial investor real estate 2,241,240 2,169,156 Commercial AD&C 643,114 684,010 Commercial business 813,525 801,019 Consumer 453,346 466,764 Total loans $ 6,722,992 $ 6,705,232 Portfolio Segments The Company currently manages its credit products and the respective exposure to credit losses (credit risk) by the following specific portfolio segments (classes) which are levels at which the Company develops and documents its systematic methodology to determine the allowance for credit losses attributable to each respective portfolio segment. These segments are: Commercial business loans - Commercial loans are made to provide funds for equipment and general corporate needs. Repayment of a loan primarily comes from the funds obtained from the operation of the borrower’s business. Commercial loans also include lines of credit that are utilized to finance a borrower’s short-term credit needs and/or to finance a percentage of eligible receivables and inventory. Commercial acquisition, development and construction loans - Commercial acquisition, development and construction loans are intended to finance the construction of commercial properties and include loans for the acquisition and development of land. Construction loans represent a higher degree of risk than permanent real estate loans and may be affected by a variety of factors such as the borrower’s ability to control costs and adhere to time schedules and the risk that constructed units may not be absorbed by the market within the anticipated time frame or at the anticipated price. The loan commitment on these loans often includes an interest reserve that allows the lender to periodically advance loan funds to pay interest charges on the outstanding balance of the loan. Commercial owner occupied real estate loans - Commercial owned-occupied real estate loans consist of commercial mortgage loans secured by owner occupied properties where an established banking relationship exists and involves a variety of property types to conduct the borrower’s operations. The primary source of repayment for this type of loan is the cash flow from the business and is based upon the borrower’s financial health and the ability of the borrower and the business to repay. Commercial investor real estate loans - Commercial investor real estate loans consist of loans secured by non-owner occupied properties where an established banking relationship exists and involves investment properties for warehouse, retail, and office space with a history of occupancy and cash flow. This commercial real estate category contains mortgage loans to the developers and owners of commercial real estate where the borrower intends to operate or sell the property at a profit and use the income stream or proceeds from the sale(s) to repay the loan. Consumer loans - This category of loans includes primarily home equity loans and lines, installment loans, personal lines of credit and marine loans. The home equity category consists mainly of revolving lines of credit to consumers which are secured by residential real estate. These loans are typically secured with second mortgages on the homes. Other consumer loans include installment loans used by customers to purchase automobiles, boats and recreational vehicles. Residential mortgage loans - The residential mortgage category contains permanent mortgage loans principally to consumers secured by residential real estate. Residential real estate loans are evaluated for the adequacy of repayment sources at the time of approval, based upon measures including credit scores, debt-to-income ratios, and collateral values. Loans may be either conforming or non-conforming. Residential construction loans - The Company makes residential real estate construction loans generally to provide interim financing on residential property during the construction period. Borrowers are typically individuals who will ultimately occupy the single-family dwelling. Loan funds are disbursed periodically as pre-specified stages of completion are attained based upon site inspections . |
CREDIT QUALITY ASSESSMENT
CREDIT QUALITY ASSESSMENT | 3 Months Ended |
Mar. 31, 2020 | |
Credit Quality Assessment [Abstract] | |
Credit Quality Assessment | Note 5 – CREDIT QUALITY ASSESSMENT The Company completed implementation of the CECL standard during the first quarter of 2020. The new guidance requires additional disclosures and introduces certain changes to definitions previously used under allowance for loan losses guidance. Accordingly, the following sections present separate disclosures compliant with the new and the legacy disclosure requirements. Allowance for Credit Losses Summary information on the allowance for credit loss activity for the period indicated is provided in the following table: Three Months Ended March 31, (In thousands) 2020 2019 Balance at beginning of period $ 56,132 $ 53,486 Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 2,762 - Transition impact of adopting ASC 326 2,983 - Provision (credit) for credit losses 24,469 ( 128) Loan charge-offs ( 654) ( 356) Loan recoveries 108 87 Net charge-offs ( 546) ( 269) Balance at period end $ 85,800 $ 53,089 The following table provides summary information regarding collateral dependent loans individually evaluated for credit loss at the dates indicated: (In thousands) March 31, 2020 December 31, 2019 Collateral dependent loans individually evaluated for credit loss with an allowance $ 26,652 $ 15,333 Collateral dependent loans individually evaluated for credit loss without an allowance 11,023 9,440 Total individually evaluated collateral dependent loans $ 37,675 $ 24,773 Allowance for credit losses related to loans evaluated individually $ 8,643 $ 5,501 Allowance for credit losses related to loans evaluated collectively 77,157 50,631 Total allowance for credit losses $ 85,800 $ 56,132 The below section presents allowance for credit losses disclosures in line with the new CECL disclosure requirements. The following table provides information on the activity in the allowance for credit losses by the respective loan portfolio segment for the period indicated: For the Three Months Ended March 31, 2020 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 period $ 11,395 $ 7,590 $ 18,407 $ 6,884 $ 2,086 $ 8,803 $ 967 $ 56,132 Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 1,549 - 1,114 - 99 - - 2,762 Transition impact of adopting ASC 326 2,988 2,576 ( 3,125) 387 820 ( 388) ( 275) 2,983 Provision for credit losses 13,506 1,042 3,454 2,839 1,349 1,810 469 24,469 Charge-offs ( 175) - - - ( 133) ( 346) - ( 654) Recoveries 67 - - - 26 13 2 108 Net recoveries (charge-offs) ( 108) - - - ( 107) ( 333) 2 ( 546) Balance at end of period $ 29,330 $ 11,208 $ 19,850 $ 10,110 $ 4,247 $ 9,892 $ 1,163 $ 85,800 Total loans $ 813,525 $ 643,114 $ 2,241,240 $ 1,305,682 $ 453,346 $ 1,116,512 $ 149,573 $ 6,722,992 Allowance for credit losses to total loans ratio 3.61% 1.74% 0.89% 0.77% 0.94% 0.89% 0.78% 1.28% Balance of loans individually evaluated for credit loss $ 11,560 $ 829 $ 18,545 $ 4,074 $ 1,313 $ 1,354 $ - $ 37,675 Allowance related to loans evaluated individually $ 5,659 $ 132 $ 2,704 $ 49 $ 99 $ - $ - $ 8,643 Individual allowance to loans evaluated individually ratio 48.95% 15.92% 14.58% 1.20% 7.54% 0.00% - 22.94% Balance of loans collectively evaluated for credit loss $ 801,965 $ 642,285 $ 2,222,695 $ 1,301,608 $ 452,033 $ 1,115,158 $ 149,573 $ 6,685,317 Allowance related to loans evaluated collectively $ 23,671 $ 11,076 $ 17,146 $ 10,061 $ 4,148 $ 9,892 $ 1,163 $ 77,157 Collective allowance to loans evaluated collectively ratio 2.95% 1.72% 0.77% 0.77% 0.92% 0.89% 0.78% 1.15% The following table presents collateral dependent loans individually evaluated for credit loss with the associated allowances for credit losses by the applicable portfolio segment: March 31, 2020 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 Loans individually evaluated for credit loss with an allowance Non-accruing $ 7,967 $ 829 $ 14,443 $ 760 $ 99 $ - $ - $ 24,098 Restructured accruing 579 - - - - - - 579 Restructured non-accruing 1,107 - 749 119 - - - 1,975 Balance $ 9,653 $ 829 $ 15,192 $ 879 $ 99 $ - $ - $ 26,652 Allowance $ 5,659 $ 132 $ 2,704 $ 49 $ 99 $ - $ - $ 8,643 Loans individually evaluated for credit loss without an allowance Non-accruing $ 362 $ - $ 2,578 $ 1,486 $ 850 $ 7 $ - $ 5,283 Restructured accruing 147 - 775 - - 1,074 - 1,996 Restructured non-accruing 1,398 - - 1,709 364 273 - 3,744 Balance $ 1,907 $ - $ 3,353 $ 3,195 $ 1,214 $ 1,354 $ - $ 11,023 Total individually evaluated loans Non-accruing $ 8,329 $ 829 $ 17,021 $ 2,246 $ 949 $ 7 $ - $ 29,381 Restructured accruing 726 - 775 - - 1,074 - 2,575 Restructured non-accruing 2,505 - 749 1,828 364 273 - 5,719 Balance $ 11,560 $ 829 $ 18,545 $ 4,074 $ 1,313 $ 1,354 $ - $ 37,675 Total unpaid contractual principal balance $ 14,450 $ 829 $ 24,373 $ 6,037 $ 1,583 $ 2,747 $ - $ 50,019 The following table presents average principal balance of the total non-accrual loans, contractual interest due and interest income recognized on a cash basis on non-accrual loans for the periods indicated below: March 31, 2020 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 Average non-accrual loans for the period $ 10,912 $ 829 $ 17,876 $ 4,111 $ 5,348 $ 12,470 $ - $ 51,546 Contractual interest income due on non-accrual loans during the period $ 230 $ 13 $ 415 $ 111 $ 91 $ 172 $ - $ 1,032 Interest income on non-accrual loans recognized on a cash basis $ 39 $ - $ 179 $ 39 $ 24 $ 91 $ - $ 372 Loans designated as non-accrual have all previously accrued but unpaid interest reversed from interest income. During the three months ended March 31, 2020 new loans placed on non-accrual status totaled $ 2.4 million and the related amount of reversed uncollected accrued interest was insignificant. The below section presents historical allowance for loan losses disclosures in line with the legacy disclosure requirements. The following table provides information on the activity in the allowance for loan losses by the respective loan portfolio segment for the period indicated: For the Year Ended December 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 period $ 11,377 $ 5,944 $ 17,603 $ 6,307 $ 2,113 $ 8,881 $ 1,261 $ 53,486 Provision (credit) 1,164 1,418 788 577 565 474 ( 302) 4,684 Charge-offs ( 1,195) - - - ( 783) ( 690) - ( 2,668) Recoveries 49 228 16 - 191 138 8 630 Net recoveries (charge-offs) ( 1,146) 228 16 - ( 592) ( 552) 8 ( 2,038) Balance at end of period $ 11,395 $ 7,590 $ 18,407 $ 6,884 $ 2,086 $ 8,803 $ 967 $ 56,132 Total loans $ 801,019 $ 684,010 $ 2,169,156 $ 1,288,677 $ 466,764 $ 1,149,327 $ 146,279 $ 6,705,232 Allowance for loan losses to total loans ratio 1.42% 1.11% 0.85% 0.53% 0.45% 0.77% 0.66% 0.84% Balance of loans specifically evaluated for impairment $ 8,867 $ 829 $ 9,212 $ 4,148 na. $ 1,717 $ - $ 24,773 Allowance for loans specifically evaluated for impairment $ 3,817 $ 132 $ 1,529 $ 23 na. $ - $ - $ 5,501 Specific allowance to specific loans ratio 43.05% - 16.60% 0.55% na. - - 22.21% Balance of loans collectively evaluated $ 789,613 $ 683,181 $ 2,150,400 $ 1,284,529 $ 465,771 $ 1,147,602 $ 146,279 $ 6,667,375 Allowance for loans collectively evaluated $ 7,578 $ 7,458 $ 16,878 $ 6,861 $ 2,086 $ 8,803 $ 967 $ 50,631 Collective allowance to collective loans ratio 0.96% 1.09% 0.78% 0.53% 0.45% 0.77% 0.66% 0.76% Balance of loans acquired with deteriorated credit quality $ 2,539 $ - $ 9,544 $ - $ 993 $ 8 $ - $ 13,084 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Allowance to loan acquired with deteriorated credit quality ratio - - - - - - - - The following tables present the recorded investment with respect to impaired loans, the associated allowance by the applicable portfolio segment and the unpaid contractual principal balance of the impaired loans: December 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 $ 5,608 $ 829 $ 5,448 $ 767 $ - $ 12,652 Restructured accruing 266 - - - - 266 Restructured non-accruing 1,856 - 437 122 - 2,415 Balance $ 7,730 $ 829 $ 5,885 $ 889 $ - $ 15,333 Allowance $ 3,817 $ 132 $ 1,529 $ 23 $ - $ 5,501 Impaired loans without a specific allowance Non-accruing $ 114 $ - $ 2,552 $ 1,522 $ - $ 4,188 Restructured accruing 151 - 775 - 1,444 2,370 Restructured non-accruing 872 - - 1,737 273 2,882 Balance $ 1,137 $ - $ 3,327 $ 3,259 $ 1,717 $ 9,440 Total impaired loans Non-accruing $ 5,722 $ 829 $ 8,000 $ 2,289 $ - $ 16,840 Restructured accruing 417 - 775 - 1,444 2,636 Restructured non-accruing 2,728 - 437 1,859 273 5,297 Balance $ 8,867 $ 829 $ 9,212 $ 4,148 $ 1,717 $ 24,773 Unpaid principal balance in total impaired loans $ 11,296 $ 829 $ 13,805 $ 6,072 $ 2,618 $ 34,620 December 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 $ 7,781 $ 2,052 $ 7,565 $ 4,390 $ 1,577 $ 23,365 Contractual interest income due on impaired loans during the period $ 648 $ 127 $ 786 $ 258 $ 128 Interest income on impaired loans recognized on a cash basis $ 221 $ - $ 49 $ 187 $ 8 Interest income on impaired loans recognized on an accrual basis $ 62 $ - $ 39 $ - $ 68 Credit Quality The following section provides information on the credit quality of loan portfolio under the new CECL disclosure requirements: March 31, 2020 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 Analysis of Non-accrual Loan Activity: Balance at beginning of period $ 8,450 $ 829 $ 8,437 $ 4,148 $ 4,107 $ 12,661 $ - $ 38,632 Purchased credit deteriorated loans designated as non-accrual (1) 2,539 - 9,544 - 993 8 - 13,084 Loans placed on non-accrual 1,001 - - - 748 620 - 2,369 Non-accrual balances transferred to OREO - - - - - - - - Non-accrual balances charged-off ( 175) - - - ( 54) ( 346) - ( 575) Net payments or draws ( 981) - ( 211) ( 74) ( 176) ( 418) - ( 1,860) Non-accrual loans brought current - - - - ( 22) ( 254) - ( 276) Balance at end of period $ 10,834 $ 829 $ 17,770 $ 4,074 $ 5,596 $ 12,271 $ - $ 51,374 (1) Upon the adoption of CECL standard, the Company transitioned from closed pool level accounting for PCI loans during the first quarter of 2020. Non-accrual loans are determined based on the individual loan level and aggregated for reporting. March 31, 2020 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 Performing loans: Current $ 798,856 $ 632,929 $ 2,208,163 $ 1,298,353 $ 443,320 $ 1,082,513 $ 148,102 $ 6,612,236 31-60 days 2,671 9,356 13,521 3,255 3,126 16,324 - 48,253 61-90 days 438 - 1,011 - 1,304 4,322 1,471 8,546 Total performing loans 801,965 642,285 2,222,695 1,301,608 447,750 1,103,159 149,573 6,669,035 Non-performing loans: Non-accrual loans 10,834 829 17,770 4,074 5,596 12,271 - 51,374 Loans greater than 90 days past due - - - - - 8 - 8 Restructured loans 726 - 775 - - 1,074 - 2,575 Total non-performing loans 11,560 829 18,545 4,074 5,596 13,353 - 53,957 Total loans $ 813,525 $ 643,114 $ 2,241,240 $ 1,305,682 $ 453,346 $ 1,116,512 $ 149,573 $ 6,722,992 The following table provides information about credit quality indicators by the year of origination: March 31, 2020 Term Loans by Origination Year Revolving (In thousands) 2020 2019 2018 2017 2016 Prior Loans Total Commercial: Pass $ 43,565 $ 106,211 $ 133,570 $ 70,396 $ 38,508 $ 80,786 $ 325,583 $ 798,619 Special Mention - 701 26 379 304 633 499 2,542 Substandard 322 1,104 3,384 1,082 2,166 2,835 1,471 12,364 Doubtful - - - - - - - - Total $ 43,887 $ 108,016 $ 136,980 $ 71,857 $ 40,978 $ 84,254 $ 327,553 $ 813,525 Commercial AD&C: Pass $ 119,146 $ 237,288 $ 189,046 $ 54,654 $ 2,901 $ 2,404 $ 36,845 $ 642,284 Special Mention - - - - - - - - Substandard - - 730 100 - - - 830 Doubtful - - - - - - - - Total $ 119,146 $ 237,288 $ 189,776 $ 54,754 $ 2,901 $ 2,404 $ 36,845 $ 643,114 Commercial Investor R/E: Pass $ 169,448 $ 580,249 $ 319,063 $ 304,598 $ 361,218 $ 470,582 $ 14,839 $ 2,219,997 Special Mention - 883 980 257 - 342 - 2,462 Substandard 347 2,658 - - 112 15,664 - 18,781 Doubtful - - - - - - - - Total $ 169,795 $ 583,790 $ 320,043 $ 304,855 $ 361,330 $ 486,588 $ 14,839 $ 2,241,240 Commercial Owner Occupied R/E: Pass $ 88,082 $ 254,565 $ 179,210 $ 226,489 $ 212,350 $ 333,170 $ 1,313 $ 1,295,179 Special Mention - 1,050 878 - - 333 - 2,261 Substandard - 988 454 1,176 400 5,224 - 8,242 Doubtful - - - - - - - - Total $ 88,082 $ 256,603 $ 180,542 $ 227,665 $ 212,750 $ 338,727 $ 1,313 $ 1,305,682 Consumer: Beacon score: 660-850 $ 627 $ 7,093 $ 7,477 $ 3,462 $ 3,342 $ 21,332 $ 361,325 $ 404,658 600-659 108 771 167 185 1,039 5,748 14,705 22,723 540-599 1 69 153 236 795 3,126 5,993 10,373 less than 540 56 1,072 282 413 594 3,720 9,455 15,592 Total $ 792 $ 9,005 $ 8,079 $ 4,296 $ 5,770 $ 33,926 $ 391,478 $ 453,346 Residential Mortgage: Beacon score: 660-850 $ 19,705 $ 50,503 $ 191,761 $ 236,191 $ 171,471 $ 317,518 $ - $ 987,149 600-659 202 11,096 14,850 13,690 10,053 22,938 - 72,829 540-599 171 1,883 5,062 1,645 4,628 13,289 - 26,678 less than 540 92 1,445 6,793 2,818 2,444 16,264 - 29,856 Total $ 20,170 $ 64,927 $ 218,466 $ 254,344 $ 188,596 $ 370,009 $ - $ 1,116,512 Residential Construction: Beacon score: 660-850 $ 23,564 $ 72,488 $ 41,516 $ 5,660 $ 1,968 $ - $ - $ 145,196 600-659 741 3,356 280 - - - - 4,377 540-599 - - - - - - - - less than 540 - - - - - - - - Total $ 24,305 $ 75,844 $ 41,796 $ 5,660 $ 1,968 $ - $ - $ 149,573 The following section provides historical information on the credit quality of the loan portfolio under the legacy disclosure requirements: December 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 $ 8,450 $ 829 $ 8,437 $ 4,148 $ 4,107 $ 12,661 $ - $ 38,632 Loans 90 days past due - - - - - - - - Restructured loans 417 - 775 - 364 1,080 - 2,636 Total non-performing loans 8,867 829 9,212 4,148 4,471 13,741 - 41,268 Other real estate owned 39 665 409 - 64 305 - 1,482 Total non-performing assets $ 8,906 $ 1,494 $ 9,621 $ 4,148 $ 4,535 $ 14,046 $ - $ 42,750 December 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 $ 908 $ - $ 932 $ 316 $ 2,697 $ 14,853 $ 280 $ 19,986 61-90 days 370 - - - 1,517 4,541 1,334 7,762 > 90 days - - - - - - - - Total past due 1,278 - 932 316 4,214 19,394 1,614 27,748 Non-accrual loans 8,450 829 8,437 4,148 4,107 12,661 - 38,632 Loans acquired with deteriorated credit quality 2,539 - 9,544 - 993 8 - 13,084 Current loans 788,752 683,181 2,150,243 1,284,213 457,450 1,117,264 144,665 6,625,768 Total loans $ 801,019 $ 684,010 $ 2,169,156 $ 1,288,677 $ 466,764 $ 1,149,327 $ 146,279 $ 6,705,232 December 31, 2019 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 783,909 $ 683,181 $ 2,146,971 $ 1,278,337 $ 4,892,398 Special Mention 2,487 - 3,189 2,284 7,960 Substandard 14,623 829 18,996 8,056 42,504 Doubtful - - - - - Total $ 801,019 $ 684,010 $ 2,169,156 $ 1,288,677 $ 4,942,862 December 31, 2019 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 462,293 $ 1,135,586 $ 146,279 $ 1,744,158 Non-performing: 90 days past due - - - - Non-accruing 4,107 12,661 - 16,768 Restructured loans 364 1,080 - 1,444 Total $ 466,764 $ 1,149,327 $ 146,279 $ 1,762,370 During the three months ended March 31, 2020, the Company restructured $ 1.4 million in loans that were designated as troubled debt restructurings. Restructured loans are subject to periodic credit reviews to determine the necessity and adequacy of an individual loan loss allowance based on the collectability of the recorded investment in the restructured loan. Loans restructured during the three months ended March 31, 2020 had individual reserves of $ 0.2 million. For the year ended December 31, 2019, the Company restructured $ 2.4 million in loans. Loans restructured during 2019 had individual reserves of $ 0.4 million at December 31, 2019. During both the three months ended March 31, 2020 and for the year ended December 31, 2019 modifications consisted principally of interest rate concessions, and did t result in the reduction of the recorded investment in the associated loan balances. The commitments to lend additional funds on loans that have been restructured at March 31, 2020 and December 31, 2019 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, 2020 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 $ 322 $ - $ - $ - $ - $ 322 Restructured non-accruing - - 347 760 - 1,107 Balance $ 322 $ - $ 347 $ 760 $ - $ 1,429 Specific allowance $ 80 $ - $ 60 $ 40 $ - $ 180 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - For the Year Ended December 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 $ 170 $ - $ 775 $ - $ 364 $ 1,309 Restructured non-accruing 261 - 789 - - 1,050 Balance $ 431 $ - $ 1,564 $ - $ 364 $ 2,359 Specific allowance $ 196 $ - $ 205 $ - $ - $ 401 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - Other Real Estate Owned Other real estate owned totaled $ 1.4 million and $ 1.5 million at March 31, 2020 and December 31, 2019, respectively. There were noconsumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process as of March 31, 2020. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 6 – Goodwill and Other Intangible Assets The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at the dates indicated in the following table: March 31, 2020 Weighted December 31, 2019 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 $ ( 4,077) $ 6,601 7.8 years $ 10,678 $ ( 3,689) $ 6,989 8.0 years Other identifiable intangibles 13,906 ( 726) 13,180 11.4 years 1,478 ( 626) 852 9.7 years Total amortizing intangible assets $ 24,584 $ ( 4,803) $ 19,781 $ 12,156 $ ( 4,315) $ 7,841 Goodwill $ 369,708 $ 369,708 $ 347,149 $ 347,149 The amount of goodwill by reportable segment is presented in the following table: Community Investment (In thousands) Banking Insurance Management Total Balance December 31, 2019 $ 331,173 $ 6,788 $ 9,188 $ 347,149 Acquisition of Rembert Pendleton Jackson - - 22,559 22,559 Balance March 31, 2020 $ 331,173 $ 6,788 $ 31,747 $ 369,708 The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: (In thousands) Amount 2020 $ 2,893 2021 3,305 2022 2,939 2023 2,573 Thereafter 8,071 Total amortizing intangible assets $ 19,781 |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Deposits | Note 7 – Deposits The following table presents the composition of deposits at the dates indicated: (In thousands) March 31, 2020 December 31, 2019 Noninterest-bearing deposits $ 1,939,937 $ 1,892,052 Interest-bearing deposits: Demand 864,620 836,433 Money market savings 1,806,875 1,839,593 Regular savings 335,831 329,919 Time deposits of less than $100,000 456,017 463,431 Time deposits of $100,000 or more 1,190,594 1,078,891 Total interest-bearing deposits 4,653,937 4,548,267 Total deposits $ 6,593,874 $ 6,440,319 |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 3 Months Ended |
Mar. 31, 2020 | |
Subordinated Debt [Abstract] | |
Subordinated Debt | Note 8 – SUBORDINATED DEBT On November 5, 2019, the Company completed an offering of $ 175.0 million aggregate principal amount Fixed to Floating Rate Subordinated Notes due in 2029 4.25% per year through November 14, 2024. Beginning November 15, 2024, the interest rate will become a floating rate equal to three month LIBOR, or an alternative benchmark rate as determined pursuant to the terms of the indenture for the notes in the event LIBOR has been discontinued by November 15, 2024, plus 262 basis points 2.9 million of debt issuance costs which are being amortized through the contractual life of the debt. The entire amount of subordinated debt is considered Tier 2 capital under current regulatory guidelines. In conjunction with the acquisition of WashingtonFirst Bankshares, Inc., 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. During the first quarter of 2020, the Company redeemed $ 10.3 million of the outstanding principal balance of callable junior subordinated debt securities. The non-callable subordinated debt has a maturity of ten years, is due in full on October 15, 2025, is non-callable until October 15, 2020 and currently bears a fixed interest rate of 6.00% per annum, payable quarterly, subject to a reset after 5 years (on October 5, 2020) at 3 month LIBOR plus 467 basis points The following table provides information on subordinated debentures as of the date indicated: (In thousands) March 31, 2020 December 31, 2019 Subordinated debentures $ 200,000 $ 200,000 Add: Purchase accounting premium 1,846 1,894 Less: Debt Issuance Costs ( 2,800) ( 2,885) Trust preferred capital notes - 10,310 Add: Purchase accounting premium - 87 Total subordinated debentures $ 199,046 $ 209,406 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders Equity | Note 9 – Stockholders’ Equity The Company’s board of directors approved a new stock repurchase plan in December 2018. The current program permits the repurchase of up to 1,800,000 shares of common stock. The Company repurchased 1,488,519 common shares for the total cost of $ 50.0 million under the current repurchase plan. |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2020 | |
Share Based Compensation [Abstract] | |
Share Based Compensation | Note 10 – Share Based Compensation At March 31, 2020, 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 Company’s Omnibus Incentive Plan was approved on May 6, 2015 and provides for the granting of incentive stock options, non-qualifying stock options, stock appreciation rights, restricted stock grants, restricted stock units and performance awards to selected directors and employees on a periodic basis at the discretion of the board. The Omnibus Incentive Plan authorizes the issuance of up to 1,500,000 shares of common stock, of which 970,957 are available for issuance at March 31, 2020, 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 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 upon the exercise of such options. The Company generally issues authorized but previously unissued shares to satisfy option exercises. 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, restricted stock or restricted stock unit grant. The Company recognized compensation expense of $ 0.8 million and $ 0.7 million for the three months ended March 31, 2020 and 2019, respectively, related to the awards of stock options and restricted stock grants. The intrinsic value of stock options exercised in the three months ended March 31, 2020 and 2019 was $ 0.1 million during both periods. The total of unrecognized compensation cost related to stock options was approximately $ 0.1 million as of March 31, 2020. That cost is expected to be recognized over a weighted average period of approximately 1.0year. The total of unrecognized compensation cost related to restricted stock was approximately $ 9.7 million as of March 31, 2020. That cost is expected to be recognized over a weighted average period of approximately 3.3years. The fair value of the options vested during the three months ended March 31, 2020 and 2019, was not significant . The Company granted a total of 181,186 restricted shares, restricted stock units and performance share units in the first quarter of 2020, of which 54,472 units are subject to achievement of certain performance conditions measured over a three year performance period and 126,714 shares or units subject to a three- or five-year vesting schedule. The Company did not 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, 2020 65,279 $ 31.34 $ 485 Granted - $ - Exercised ( 6,013) $ 20.26 $ 60 Forfeited ( 323) $ 39.20 Expired ( 426) $ 20.26 Balance at March 31, 2020 58,517 $ 32.52 3.2 $ - Exercisable at March 31, 2020 44,740 $ 30.42 2.7 $ - Weighted average fair value of options granted during the year $ - A summary of the activity for the Company’s restricted stock, restricted stock units and performance share units for the period indicated is presented in the following table: Number Weighted of Average Common Grant-Date Shares/Units Fair Value Nonvested at January 1, 2020 226,502 $ 35.43 Granted 181,186 $ 26.40 Vested - $ - Forfeited ( 7,057) $ 47.58 Nonvested at March 31, 2020 400,631 $ 31.13 |
PENSION, PROFIT SHARING, AND OT
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2020 | |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] | |
Pension Profit Sharing, and Other Employee Benefit Plans | Note 11 – 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 increases 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 minimum 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 freeze. 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) 2020 2019 Interest cost on projected benefit obligation $ 359 $ 402 Expected return on plan assets ( 456) ( 412) Recognized net actuarial loss 219 265 Net periodic benefit cost $ 122 $ 255 |
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2020 | |
Net Inocme Per Common Share [Abstract] | |
Net Income Per Common Share | Note 12 – 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) 2020 2019 Net income $ 9,987 $ 30,317 Basic: Basic weighted average EPS shares 34,979 35,794 Basic net income per share $ 0.29 $ 0.85 Diluted: Basic weighted average EPS shares 34,979 35,794 Dilutive common stock equivalents 78 13 Dilutive EPS shares 35,057 35,807 Diluted net income per share $ 0.28 $ 0.85 Anti-dilutive shares 9 12 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | NOTE 13 – 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 on Investments Defined Benefit (In thousands) Available-for-Sale Pension Plan Total Balance at January 1, 2020 $ 4,000 $ ( 8,332) $ ( 4,332) Other comprehensive income before reclassification, net of tax 10,639 - 10,639 Reclassifications from accumulated other comprehensive income, net of tax ( 127) 164 37 Current period change in other comprehensive income, net of tax 10,512 164 10,676 Balance at March 31, 2020 $ 14,512 $ ( 8,168) $ 6,344 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) The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income (loss) for the periods indicated: Three Months Ended March 31, (In thousands) 2020 2019 Unrealized gains on investments available-for-sale Affected line item in the Statements of Income: Investment securities gains $ 169 $ - Income before taxes 169 - Tax expense ( 42) - Net income $ 127 $ - Amortization of defined benefit pension plan items Affected line item in the Statements of Income: Recognized actuarial loss (1) $ ( 219) $ ( 265) Income before taxes ( 219) ( 265) Tax benefit 55 69 Net loss $ ( 164) $ ( 196) (1) This amount is included in the computation of net periodic benefit cost. See Note 11. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE 14 – 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 twenty years or more. As March 31, 2020, ROU assets and lease liabilities totaled $ 67.5 million and $ 75.1 million, respectively. For the three months ended March 31, 2020, the Company recognized total operating lease expense in the amount of $ 2.7 million. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2020 was $ 2.1 million and is included in net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows. The Company added two locations from the acquisition of Rembert Pendleton Jackson during the current quarter. The associated new ROU asset obtained in exchange for lease obligations totaled $ 0.3 million. As of March 31, 2020, the maturities of the Company’s operating lease liabilities were as follows: (In thousands) Amount Maturity: One year $ 8,136 Two years 10,421 Three years 10,101 Four years 10,120 Five years 8,402 Thereafter 42,730 Total undiscounted lease payments 89,910 Less: Present value discount ( 14,786) Lease Liability $ 75,124 As of March 31, 2020, the weighted average remaining lease term was 10.2 years and the weighted average operating discount rate used to determine the operating lease liability was 3.27%. The Company had no additional operating or finance leases that have not yet commenced operations at March 31, 2020. The Company does not have any lease arrangements with any of its related parties as of March 31, 2020. |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND DERIVATIVES | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments With Off- Balance Sheet Risk and Derivatives [Abstract] | |
Financial Instruments With Off-Balance Sheet Risk and Derivatives | Note 15 – 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 $ 204.2 million with a fair value of $ 9.6 million as of March 31, 2020 compared to $ 204.7 million with a fair value of $ 2.5 million as of December 31, 2019. The swap positions are offset to minimize the potential impact on the Company’s financial statements. Fair values of the swaps are carried as both gross assets and gross liabilities in the Condensed Consolidated Statements of Condition. The associated net gains and losses on the swaps are recorded in other non-interest income. |
LITIGATION
LITIGATION | 3 Months Ended |
Mar. 31, 2020 | |
Litigation [Abstract] | |
Litigation | Note 16 – 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, 2020 | |
Fair Value [Abstract] | |
Fair Value | Note 17 – Fair Value Generally accepted accounting principles provide entities the option to measure eligible financial assets, financial liabilities and commitments at fair value (i.e. the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value under other accounting standards. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a 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 the sale of mortgage loans to more accurately reflect the timing and economics of the transaction. The standard for fair value measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below. Basis of Fair Value Measurement: Level 1- Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2- Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3- Prices or valuation techniques that require inputs that are both significant to the fair value measurement and 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 due to prepayments or extinguishments. Accordingly, changes to interest rates 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-backed, 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 there 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 market 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 securities. 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 market 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 spreads 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 hierarchy. Interest rate swap agreements Interest rate swap agreements are measured by alternative pricing sources with reasonable levels of price transparency in markets that are not active. Based on the complex nature of interest rate swap agreements, the markets these instruments trade in are not as efficient and are less liquid than that of the more mature Level 1 markets. These markets do however have comparable, observable inputs in which an alternative pricing source values these assets in order 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, 2020 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 $ - $ 67,114 $ - $ 67,114 Investments available-for-sale: U.S. government agencies - 180,344 - 180,344 State and municipal - 276,449 - 276,449 Mortgage-backed and asset-backed - 718,482 - 718,482 Corporate debt - - 12,332 12,332 Trust preferred - - - - Marketable equity securities - 568 - 568 Interest rate swap agreements - 9,571 - 9,571 Liabilities Interest rate swap agreements $ - $ ( 9,571) $ - $ ( 9,571) December 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 $ - $ 53,701 $ - $ 53,701 Investments available-for-sale: U.S. government agencies - 258,495 - 258,495 State and municipal - 233,649 - 233,649 Mortgage-backed and asset-backed - 570,759 - 570,759 Corporate debt - - 9,552 9,552 Trust preferred - - 310 310 Marketable equity securities - 568 - 568 Interest rate swap agreements - 2,507 - 2,507 Liabilities Interest rate swap agreements $ - $ ( 2,507) $ - $ ( 2,507) The following table provides a change in the fair value of assets measured in the Condensed Consolidated Statements of Condition at fair value with significant unobservable inputs (Level 3) on a recurring basis for the period indicated: Significant Unobservable Inputs (In thousands) (Level 3) Investments available-for-sale: Balance at January 1, 2020 $ 9,862 Additions of Level 3 assets 3,050 Sales of Level 3 assets ( 310) Total unrealized loss included in other comprehensive income ( 270) Balance at March 31, 2020 $ 12,332 Assets Measured at Fair Value on a Nonrecurring Basis The following table sets forth the Company’s financial assets subject to fair value adjustments 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, 2020 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 Loans $ - $ - $ 6,658 $ 6,658 $ ( 9,364) Other real estate owned - - 1,416 1,416 ( 311) Total $ - $ - $ 8,074 $ 8,074 $ ( 9,675) December 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 Loans $ - $ - $ 6,886 $ 6,886 $ ( 6,299) Other real estate owned - - 1,482 1,482 ( 281) Total $ - $ - $ 8,368 $ 8,368 $ ( 6,580) At March 31, 2020, loans totaling $ 37.7 million were written down to fair value of $ 29.0 million as a result of individual credit loss allowances of $8.7 million associated with the collateral dependent loans. Loans totaling $ 24.8 million were written down to fair value of $ 19.3 million at December 31, 2019 as a result of individual credit loss allowances of $5.5 million associated with the collateral dependent loans. Fair value of the collateral dependent loans is measured based on the loan’s observable market price or the fair value of the collateral (less estimated selling costs). Collateral may be real estate and/or business assets such as equipment, inventory and/or accounts 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 reported 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. Collateral dependent loans are reviewed and evaluated on at least a quarterly basis for additional individual reserve and adjusted accordingly, based on the factors identified above. Other real estate owned (“OREO”) is adjusted to fair value upon acquisition of the real estate collateral. Subsequently, OREO is carried at the lower of carrying value or fair value. The estimated fair value for OREO 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 subsequent 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, based on the exit price notion, of financial instruments that are not measured at fair value in the financial statements. 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 individual 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, 2020 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 $ 62,953 $ 62,953 $ - $ 62,953 $ - Loans, net of allowance 6,637,192 6,721,435 - - 6,721,435 Other assets (1) 113,817 113,817 - 113,817 - Financial Liabilities Time deposits $ 1,646,611 $ 1,663,576 $ - $ 1,663,576 $ - Securities sold under retail repurchase agreements and Federal funds purchased 125,305 125,305 - 125,305 - Advances from FHLB 754,061 770,511 - 770,511 - Subordinated debentures 199,046 183,857 - - 183,857 (1) Includes bank owned life insurance products. Fair Value Measurements December 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 $ 51,803 $ 51,803 $ - $ 51,803 $ - Loans, net of allowance 6,649,100 6,628,054 - - 6,628,054 Other assets (1) 113,171 113,171 - 113,171 - Financial Liabilities Time deposits $ 1,542,322 $ 1,547,116 $ - $ 1,547,116 $ - Securities sold under retail repurchase agreements and Federal funds purchased 213,605 213,605 - 213,605 - Advances from FHLB 513,777 520,729 - 520,729 - Subordinated debentures 209,406 200,864 - - 200,864 (1) Includes bank owned life insurance products. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | N ote 18 - 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 Company. However, the segment data reflects 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 deposit products, to both individuals and businesses. Parent company income is included in the Community Banking segment, as the majority of parent company functions is related to this segment. Major revenue sources include net interest income, gains on sales of mortgage 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, 2020 and 2019 , respectively. The Insurance segment is conducted through Sandy Spring Insurance Corporation, a subsidiary of the Bank. Sandy Spring Insurance Corporation operates Sandy Spring Insurance, a general insurance agency located in Annapolis, Maryland, and Neff and Associates, located in Ocean City, Maryland. Major sources of revenue are insurance commissions from commercial lines, personal lines, and medical liability lines. Expenses include personnel and support charges. Non-cash charges associated with amortization of intangibles were not significant for the three months ended March 31, 2020 and 2019, respectively. The Investment Management segment is conducted through West Financial Services, Inc. and Rembert Pendleton Jackson, subsidiaries of the Bank. These asset management and financial planning firms, located in McLean, Virginia and Falls Church, Virginia, provide 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 and RPJ had approximately $ 2.6 billion in assets under management as of March 31, 2020. 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 $ 0.2 million for the three months ended March 31, 2020 and were not significant for the same period in the prior year. 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, 2020 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 83,857 $ 3 $ 2 $ ( 4) $ 83,858 Interest expense 19,528 - - ( 4) 19,524 Provision for credit losses 24,469 - - - 24,469 Noninterest income 13,977 2,129 2,266 ( 204) 18,168 Noninterest expense 44,655 1,464 1,831 ( 204) 47,746 Income before income taxes 9,182 668 437 - 10,287 Income tax expense 1 185 114 - 300 Net income $ 9,181 $ 483 $ 323 $ - $ 9,987 Assets $ 8,917,849 $ 10,887 $ 55,657 $ ( 54,791) $ 8,929,602 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 credit losses ( 128) - - - ( 128) Non-interest income 12,707 1,904 2,525 ( 167) 16,969 Non-interest 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 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Sandy Spring Bancorp (the “Company” or “Sandy Spring”), 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 greater Washington, D.C. market. Sandy Spring Bank also offers a comprehensive menu of insurance and wealth management services through its subsidiaries, Sandy Spring Insurance Corporation (“Sandy Spring Insurance”), West Financial Services, Inc. (“West Financial”) and Rembert Pendleton Jackson (“RPJ”). |
Basis of Presentation | Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), prevailing practices within the financial services industry for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, the interim financial statements do not include all of the information and notes required for complete financial statements. The following summary of significant accounting policies of the Company is presented to assist the reader in understanding the financial and other data presented in this report. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for any future periods or for the year ending December 31, 2020. 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 have been made to prior period amounts, as necessary, to conform to the current period presentation. The Company has evaluated subsequent events through the date of the issuance of its financial statements. These statements should be read in conjunction with the financial statements and accompanying notes included in the Company’s 2019 Annual Report on Form 10-K as filed with the Securities and Exchange Commission (“SEC”) on February 21, 2020. The Company adopted ASC 326 – Financial Instruments – Credit Losses during the first quarter of 2020. There have been no significant changes to any other of the Company’s accounting policies as disclosed in the 2019 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 its subsidiaries, Sandy Spring Insurance Corporation, West Financial Services, Inc. and Rembert Pendleton Jackson. 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 affecting 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 credit losses and the related allowance, potential impairment of goodwill or other intangible assets, valuation of investment securities and the determination of whether available-for-sale debt securities with fair values less than amortized costs are impaired and require allowance for credit losses, valuation 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 projections related to pension expense and the related liability. |
Cash Flows | Cash Flows For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, federal funds sold and interest-bearing deposits with banks (items with stated original maturity of three months or less). |
Revenue from Contract with Customers | Revenue from Contracts with Customers The Company’s revenue includes net interest income on financial instruments and non-interest income. Specific categories of revenue are presented in the Condensed Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard Update (ASU) No. 2014-09 – Revenue from Contracts with Customers. For revenue within the scope of ASU 2014-09, the Company provides services to customers and has related performance obligations. The revenue from such services is recognized upon satisfaction of all contractual performance obligations. The following discusses key revenue streams within the scope of revenue recognition guidance. Wealth Management Income West Financial Services, Inc. and Rembert Pendleton Jackson , subsidiaries of the Bank, provide 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 contractually-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 Sandy Spring Insurance is a producer. Sandy Spring Insurance 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 services 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 is recognized at month end. Obligation for overdraft services is satisfied at the time of the overdraft and revenue is recognized as earned. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses (“allowance” or “ACL”) represents an amount which, in management's judgment, is adequate to absorb the lifetime expected losses that may be sustained on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The allowance is measured and recorded upon the initial recognition of a financial asset. The allowance is reduced by charge-offs, net of recoveries of previous losses, and is increased or decreased by a provision or credit for credit losses, which is recorded as a current period operating expense. Determination of the adequacy of the allowance is inherently complex and requires the use of significant and highly subjective estimates. The reasonableness of the allowance is reviewed periodically by the Risk Committee of the board of directors and formally approved quarterly by that same committee of the board. The Company’s methodology for estimating the allowance includes: (1) a collective quantified reserve that reflects the Company’s historical default and loss experience adjusted for expected economic conditions throughout a reasonable and supportable period and the Company’s prepayment and curtailment rates, (2) collective qualitative factors that consider concentrations of the loan portfolio, expected changes to the economic forecasts, large relationships, early delinquencies, and factors related to credit administrations, including, among others, loan-to-value ratios, borrowers’ risk rating and credit score migrations, and (3) individual allowances on collateral-dependent loans where borrowers are experiencing financial difficulty or when the Company determines that the foreclosure is probable. The Company excludes accrued interest from the measurement of the allowance as the Company has a non-accrual policy to reverse any accrued, uncollected interest income as loans are moved to non-accrual status. Loans are pooled into segments based on the similar risk characteristics of the underlying borrowers, in addition to consideration of collateral type, industry and business purpose of the loans. Portfolio segments used to estimate the allowance are the same as portfolio segments used for general credit risk management purposes. Refer to Note 4 – Loans for more details on management’s discussion of the Company’s portfolio segments. The Company applies two calculation methodologies to estimate the collective quantified component of the allowance: discounted cash flows method and weighted average remaining life method. Allowance estimates on commercial acquisition, development and construction (“AD&C) and residential construction segments are based on the weighted average remaining life method. Allowance estimates on all other portfolio segments are based on the discounted cash flows method. Segments utilizing the discounted cash flows method are further sub-segmented into risk level pools, determined either by risk rating or Beacon Scores ranges. To better manage risk and reasonably determine the sufficiency of reserves, this segregation allows the Company to monitor the allowance component applicable to higher risk loans separate from the remainder of the portfolio. Collective calculation methodologies utilize the Company’s historical default and loss experience adjusted for future economic forecasts. At initial adoption of the accounting standard for current expected credit losses (“CECL”), management opted for the application of the reasonable and supportable forecast period of two years under stable economic conditions. However, under the current deteriorated economic conditions, the reasonable and supportable forecast period was adjusted to one year, due to the inherent uncertainty in the future economic outlook. Following the end of the reasonable and supportable forecast period expected losses revert back to the historical mean over the next two years on a straight-line basis. Economic variables that have the most significant impact on the allowance include: unemployment rate, house price index and number of business bankruptcies. Contractual loan level cash flows within discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience. The collective quantified component of the allowance is supplemented by a qualitative component to address various risk characteristics of the Company’s loan portfolio including: trends in early delinquencies; changes in the risk profile related to large loans in the portfolio; concentrations of loans to specific industry segments; expected changes in economic conditions; changes in the Company’s credit administration and loan portfolio management processes; and the quality of the Company’s credit risk identification processes. The individual reserve assessment is applied to collateral dependent loans where borrowers are experiencing financial difficulty or when the Company determines that a foreclosure is probable. The determination of the fair value of the collateral depends on whether a repayment of the loan is expected to be from the sale or the operation of the collateral. When a repayment is expected from the operation of the collateral, the Company uses the present value of expected cash flows from the operation of the collateral as the fair value. When the repayment of the loan is expected from the sale of the collateral the fair value of the collateral is based on an observable market price or the collateral’s appraised value less estimated cost to sell. Third party appraisals used in the individual reserve assessment are conducted at least annually with underlying assumptions that are reviewed by management. Third party appraisals may be obtained on a more frequent basis if deemed necessary. Internal evaluations of collateral value are conducted quarterly to ensure any further deterioration of the collateral value is recognized on a timely basis. During the individual reserve assessment, management also considers the potential future changes in the value of the collateral over the remainder of the loan’s remaining life. The Company may receive updated appraisals which contradict the preliminary determination of fair value used to establish an individual allowance on a loan. In these instances the individual allowance is adjusted to reflect the Company’s evaluation of the updated appraised fair value. In the event a loss was previously confirmed and the loan was charged down to the estimated fair value based on a previous appraisal, the balance of partially charged-off loans are not subsequently increased but could be further decreased depending on the direction of the change in fair value. Payments on fully or partially charged-off loans are accounted for under the cost-recovery method. Under this method, all payments received are applied on a cash basis to reduce the entire outstanding principal, then to recognize a recovery of all previously charged-off amounts before any interest income may be recognized. Based on the individual reserve assessment, if the Company determines that the fair value of the collateral is less than the amortized cost basis of the loan, an individual allowance will be established measured as the difference between the fair value of the collateral (less cost to sell) and the amortized cost basis of the loan. Once a loss has been confirmed, the loan is charged-down to its estimated fair value. Large groups of smaller non-accrual homogeneous loans are not individually evaluated for allowance and include residential permanent and construction mortgages and consumer installment loans. These portfolios are reserved for on a collective basis using historical loss rates of similar loans over the weighted average life of each pool. Management believes it uses relevant information available to make determinations about the allowance and that it has established the existing allowance in accordance with GAAP. However, the determination of the allowance requires significant judgment, and estimates of expected lifetime losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize expected losses, future additions to the allowance may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. The adoption of CECL guidance did not result in a significant change to any other credit risk management and monitoring processes, including identification of past due or delinquent borrowers, non-accrual practices, assessment of troubled debt restructurings or charge-off policy. |
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 represent 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, any lease incentives received and any favorable or unfavorable fair value adjustments on acquired leases. 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. Lease 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. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Amortized cost and Estimated fair values of Investments Available-for-sale | March 31, 2020 December 31, 2019 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 $ 186,184 $ 1,559 $ ( 7,399) $ 180,344 $ 260,294 $ 887 $ ( 2,686) $ 258,495 State and municipal 271,771 6,106 ( 1,428) 276,449 229,309 4,377 ( 37) 233,649 Mortgage-backed and asset-backed 698,029 20,631 ( 178) 718,482 568,373 3,268 ( 882) 570,759 Corporate debt 12,150 182 - 12,332 9,100 452 - 9,552 Trust preferred - - - - 310 - - 310 Total debt securities 1,168,134 28,478 ( 9,005) 1,187,607 1,067,386 8,984 ( 3,605) 1,072,765 Marketable equity securities - - - - 568 - - 568 Total investments available-for-sale $ 1,168,134 $ 28,478 $ ( 9,005) $ 1,187,607 $ 1,067,954 $ 8,984 $ ( 3,605) $ 1,073,333 |
Estimated fair values of debt securities available-for-sale by contractual maturity | March 31, 2020 One Year One to Five to After Ten (In thousands) or less Five Years Ten Years Years Total U.S. treasuries and government agencies $ 68,673 $ 25,074 $ - $ 86,597 $ 180,344 State and municipal 25,296 66,226 72,676 112,251 276,449 Mortgage-backed and asset-backed - 4,413 52,349 661,720 718,482 Corporate debt - - 12,332 - 12,332 Trust preferred - - - - - Total available-for-sale debt securities $ 93,969 $ 95,713 $ 137,357 $ 860,568 $ 1,187,607 December 31, 2019 One Year One to Five to After Ten (In thousands) or less Five Years Ten Years Years Total U.S. treasuries and government agencies $ 69,799 $ 96,709 $ - $ 91,987 $ 258,495 State and municipal 33,311 76,723 75,820 47,795 233,649 Mortgage-backed and asset-backed 852 7,125 55,226 507,556 570,759 Corporate debt - - 9,552 - 9,552 Trust preferred - - - 310 310 Total available-for-sale debt securities $ 103,962 $ 180,557 $ 140,598 $ 647,648 $ 1,072,765 |
Other Equity Securities | (In thousands) March 31, 2020 December 31, 2019 Federal Reserve Bank stock $ 22,581 $ 22,559 Federal Home Loan Bank of Atlanta stock 39,804 29,244 Marketable equity securities 568 - Total equity securities $ 62,953 $ 51,803 |
Available-for-Sale Securities | |
Gross Unrealized Losses and Fair Value by Length of Time | March 31, 2020 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 6 $ 86,597 $ 3,624 $ 3,775 $ 7,399 State and municipal 14 44,737 1,428 - 1,428 Mortgage-backed and asset-backed 8 24,981 144 34 178 Total 28 $ 156,315 $ 5,196 $ 3,809 $ 9,005 December 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 12 $ 151,132 $ 2,211 $ 475 $ 2,686 State and municipal 3 7,227 37 - 37 Mortgage-backed and asset-backed 35 184,784 508 374 882 Total 50 $ 343,143 $ 2,756 $ 849 $ 3,605 |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans [Abstract] | |
Loan Portfolio Segment Balances | (In thousands) March 31, 2020 December 31, 2019 Residential real estate: Residential mortgage $ 1,116,512 $ 1,149,327 Residential construction 149,573 146,279 Commercial real estate: Commercial owner-occupied real estate 1,305,682 1,288,677 Commercial investor real estate 2,241,240 2,169,156 Commercial AD&C 643,114 684,010 Commercial business 813,525 801,019 Consumer 453,346 466,764 Total loans $ 6,722,992 $ 6,705,232 |
CREDIT QUALITY ASSESSMENT (Tabl
CREDIT QUALITY ASSESSMENT (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Summary Information On The Allowance For Credit Loss Activity | Three Months Ended March 31, (In thousands) 2020 2019 Balance at beginning of period $ 56,132 $ 53,486 Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 2,762 - Transition impact of adopting ASC 326 2,983 - Provision (credit) for credit losses 24,469 ( 128) Loan charge-offs ( 654) ( 356) Loan recoveries 108 87 Net charge-offs ( 546) ( 269) Balance at period end $ 85,800 $ 53,089 |
Summary Information Regarding Collateral Dependent Loans Individually Evaluated For Credit Loss | (In thousands) March 31, 2020 December 31, 2019 Collateral dependent loans individually evaluated for credit loss with an allowance $ 26,652 $ 15,333 Collateral dependent loans individually evaluated for credit loss without an allowance 11,023 9,440 Total individually evaluated collateral dependent loans $ 37,675 $ 24,773 Allowance for credit losses related to loans evaluated individually $ 8,643 $ 5,501 Allowance for credit losses related to loans evaluated collectively 77,157 50,631 Total allowance for credit losses $ 85,800 $ 56,132 |
Activity in Allowance for Credit Losses or Loan and Lease Losses by Respective Loan Portfolio Segment | For the Three Months Ended March 31, 2020 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 period $ 11,395 $ 7,590 $ 18,407 $ 6,884 $ 2,086 $ 8,803 $ 967 $ 56,132 Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 1,549 - 1,114 - 99 - - 2,762 Transition impact of adopting ASC 326 2,988 2,576 ( 3,125) 387 820 ( 388) ( 275) 2,983 Provision for credit losses 13,506 1,042 3,454 2,839 1,349 1,810 469 24,469 Charge-offs ( 175) - - - ( 133) ( 346) - ( 654) Recoveries 67 - - - 26 13 2 108 Net recoveries (charge-offs) ( 108) - - - ( 107) ( 333) 2 ( 546) Balance at end of period $ 29,330 $ 11,208 $ 19,850 $ 10,110 $ 4,247 $ 9,892 $ 1,163 $ 85,800 Total loans $ 813,525 $ 643,114 $ 2,241,240 $ 1,305,682 $ 453,346 $ 1,116,512 $ 149,573 $ 6,722,992 Allowance for credit losses to total loans ratio 3.61% 1.74% 0.89% 0.77% 0.94% 0.89% 0.78% 1.28% Balance of loans individually evaluated for credit loss $ 11,560 $ 829 $ 18,545 $ 4,074 $ 1,313 $ 1,354 $ - $ 37,675 Allowance related to loans evaluated individually $ 5,659 $ 132 $ 2,704 $ 49 $ 99 $ - $ - $ 8,643 Individual allowance to loans evaluated individually ratio 48.95% 15.92% 14.58% 1.20% 7.54% 0.00% - 22.94% Balance of loans collectively evaluated for credit loss $ 801,965 $ 642,285 $ 2,222,695 $ 1,301,608 $ 452,033 $ 1,115,158 $ 149,573 $ 6,685,317 Allowance related to loans evaluated collectively $ 23,671 $ 11,076 $ 17,146 $ 10,061 $ 4,148 $ 9,892 $ 1,163 $ 77,157 Collective allowance to loans evaluated collectively ratio 2.95% 1.72% 0.77% 0.77% 0.92% 0.89% 0.78% 1.15% For the Year Ended December 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 period $ 11,377 $ 5,944 $ 17,603 $ 6,307 $ 2,113 $ 8,881 $ 1,261 $ 53,486 Provision (credit) 1,164 1,418 788 577 565 474 ( 302) 4,684 Charge-offs ( 1,195) - - - ( 783) ( 690) - ( 2,668) Recoveries 49 228 16 - 191 138 8 630 Net recoveries (charge-offs) ( 1,146) 228 16 - ( 592) ( 552) 8 ( 2,038) Balance at end of period $ 11,395 $ 7,590 $ 18,407 $ 6,884 $ 2,086 $ 8,803 $ 967 $ 56,132 Total loans $ 801,019 $ 684,010 $ 2,169,156 $ 1,288,677 $ 466,764 $ 1,149,327 $ 146,279 $ 6,705,232 Allowance for loan losses to total loans ratio 1.42% 1.11% 0.85% 0.53% 0.45% 0.77% 0.66% 0.84% Balance of loans specifically evaluated for impairment $ 8,867 $ 829 $ 9,212 $ 4,148 na. $ 1,717 $ - $ 24,773 Allowance for loans specifically evaluated for impairment $ 3,817 $ 132 $ 1,529 $ 23 na. $ - $ - $ 5,501 Specific allowance to specific loans ratio 43.05% - 16.60% 0.55% na. - - 22.21% Balance of loans collectively evaluated $ 789,613 $ 683,181 $ 2,150,400 $ 1,284,529 $ 465,771 $ 1,147,602 $ 146,279 $ 6,667,375 Allowance for loans collectively evaluated $ 7,578 $ 7,458 $ 16,878 $ 6,861 $ 2,086 $ 8,803 $ 967 $ 50,631 Collective allowance to collective loans ratio 0.96% 1.09% 0.78% 0.53% 0.45% 0.77% 0.66% 0.76% Balance of loans acquired with deteriorated credit quality $ 2,539 $ - $ 9,544 $ - $ 993 $ 8 $ - $ 13,084 Allowance for loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Allowance to loan acquired with deteriorated credit quality ratio - - - - - - - - |
Schedule Of Collateral Dependent Loans Individually Evaluated For Credit Loss With The Associated Allowances | March 31, 2020 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 Loans individually evaluated for credit loss with an allowance Non-accruing $ 7,967 $ 829 $ 14,443 $ 760 $ 99 $ - $ - $ 24,098 Restructured accruing 579 - - - - - - 579 Restructured non-accruing 1,107 - 749 119 - - - 1,975 Balance $ 9,653 $ 829 $ 15,192 $ 879 $ 99 $ - $ - $ 26,652 Allowance $ 5,659 $ 132 $ 2,704 $ 49 $ 99 $ - $ - $ 8,643 Loans individually evaluated for credit loss without an allowance Non-accruing $ 362 $ - $ 2,578 $ 1,486 $ 850 $ 7 $ - $ 5,283 Restructured accruing 147 - 775 - - 1,074 - 1,996 Restructured non-accruing 1,398 - - 1,709 364 273 - 3,744 Balance $ 1,907 $ - $ 3,353 $ 3,195 $ 1,214 $ 1,354 $ - $ 11,023 Total individually evaluated loans Non-accruing $ 8,329 $ 829 $ 17,021 $ 2,246 $ 949 $ 7 $ - $ 29,381 Restructured accruing 726 - 775 - - 1,074 - 2,575 Restructured non-accruing 2,505 - 749 1,828 364 273 - 5,719 Balance $ 11,560 $ 829 $ 18,545 $ 4,074 $ 1,313 $ 1,354 $ - $ 37,675 Total unpaid contractual principal balance $ 14,450 $ 829 $ 24,373 $ 6,037 $ 1,583 $ 2,747 $ - $ 50,019 |
Table Of Average Principal Balance Of The Total Non-Accrual Loans, Contractual Interest Due And Interest Income | March 31, 2020 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 Average non-accrual loans for the period $ 10,912 $ 829 $ 17,876 $ 4,111 $ 5,348 $ 12,470 $ - $ 51,546 Contractual interest income due on non-accrual loans during the period $ 230 $ 13 $ 415 $ 111 $ 91 $ 172 $ - $ 1,032 Interest income on non-accrual loans recognized on a cash basis $ 39 $ - $ 179 $ 39 $ 24 $ 91 $ - $ 372 |
Summary Of Investment With Respect To Impaired Loans | December 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 $ 5,608 $ 829 $ 5,448 $ 767 $ - $ 12,652 Restructured accruing 266 - - - - 266 Restructured non-accruing 1,856 - 437 122 - 2,415 Balance $ 7,730 $ 829 $ 5,885 $ 889 $ - $ 15,333 Allowance $ 3,817 $ 132 $ 1,529 $ 23 $ - $ 5,501 Impaired loans without a specific allowance Non-accruing $ 114 $ - $ 2,552 $ 1,522 $ - $ 4,188 Restructured accruing 151 - 775 - 1,444 2,370 Restructured non-accruing 872 - - 1,737 273 2,882 Balance $ 1,137 $ - $ 3,327 $ 3,259 $ 1,717 $ 9,440 Total impaired loans Non-accruing $ 5,722 $ 829 $ 8,000 $ 2,289 $ - $ 16,840 Restructured accruing 417 - 775 - 1,444 2,636 Restructured non-accruing 2,728 - 437 1,859 273 5,297 Balance $ 8,867 $ 829 $ 9,212 $ 4,148 $ 1,717 $ 24,773 Unpaid principal balance in total impaired loans $ 11,296 $ 829 $ 13,805 $ 6,072 $ 2,618 $ 34,620 December 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 $ 7,781 $ 2,052 $ 7,565 $ 4,390 $ 1,577 $ 23,365 Contractual interest income due on impaired loans during the period $ 648 $ 127 $ 786 $ 258 $ 128 Interest income on impaired loans recognized on a cash basis $ 221 $ - $ 49 $ 187 $ 8 Interest income on impaired loans recognized on an accrual basis $ 62 $ - $ 39 $ - $ 68 |
Schedule Of Information On The Credit Quality Of Loan Portfolio Under The New CECL | March 31, 2020 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 Analysis of Non-accrual Loan Activity: Balance at beginning of period $ 8,450 $ 829 $ 8,437 $ 4,148 $ 4,107 $ 12,661 $ - $ 38,632 Purchased credit deteriorated loans designated as non-accrual (1) 2,539 - 9,544 - 993 8 - 13,084 Loans placed on non-accrual 1,001 - - - 748 620 - 2,369 Non-accrual balances transferred to OREO - - - - - - - - Non-accrual balances charged-off ( 175) - - - ( 54) ( 346) - ( 575) Net payments or draws ( 981) - ( 211) ( 74) ( 176) ( 418) - ( 1,860) Non-accrual loans brought current - - - - ( 22) ( 254) - ( 276) Balance at end of period $ 10,834 $ 829 $ 17,770 $ 4,074 $ 5,596 $ 12,271 $ - $ 51,374 (1) Upon the adoption of CECL standard, the Company transitioned from closed pool level accounting for PCI loans during the first quarter of 2020. Non-accrual loans are determined based on the individual loan level and aggregated for reporting. |
Credit Quality of Loan Portfolio by Segment | March 31, 2020 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 Performing loans: Current $ 798,856 $ 632,929 $ 2,208,163 $ 1,298,353 $ 443,320 $ 1,082,513 $ 148,102 $ 6,612,236 31-60 days 2,671 9,356 13,521 3,255 3,126 16,324 - 48,253 61-90 days 438 - 1,011 - 1,304 4,322 1,471 8,546 Total performing loans 801,965 642,285 2,222,695 1,301,608 447,750 1,103,159 149,573 6,669,035 Non-performing loans: Non-accrual loans 10,834 829 17,770 4,074 5,596 12,271 - 51,374 Loans greater than 90 days past due - - - - - 8 - 8 Restructured loans 726 - 775 - - 1,074 - 2,575 Total non-performing loans 11,560 829 18,545 4,074 5,596 13,353 - 53,957 Total loans $ 813,525 $ 643,114 $ 2,241,240 $ 1,305,682 $ 453,346 $ 1,116,512 $ 149,573 $ 6,722,992 |
Information About Credit Quality Indicator By The Year Of Origination | March 31, 2020 Term Loans by Origination Year Revolving (In thousands) 2020 2019 2018 2017 2016 Prior Loans Total Commercial: Pass $ 43,565 $ 106,211 $ 133,570 $ 70,396 $ 38,508 $ 80,786 $ 325,583 $ 798,619 Special Mention - 701 26 379 304 633 499 2,542 Substandard 322 1,104 3,384 1,082 2,166 2,835 1,471 12,364 Doubtful - - - - - - - - Total $ 43,887 $ 108,016 $ 136,980 $ 71,857 $ 40,978 $ 84,254 $ 327,553 $ 813,525 Commercial AD&C: Pass $ 119,146 $ 237,288 $ 189,046 $ 54,654 $ 2,901 $ 2,404 $ 36,845 $ 642,284 Special Mention - - - - - - - - Substandard - - 730 100 - - - 830 Doubtful - - - - - - - - Total $ 119,146 $ 237,288 $ 189,776 $ 54,754 $ 2,901 $ 2,404 $ 36,845 $ 643,114 Commercial Investor R/E: Pass $ 169,448 $ 580,249 $ 319,063 $ 304,598 $ 361,218 $ 470,582 $ 14,839 $ 2,219,997 Special Mention - 883 980 257 - 342 - 2,462 Substandard 347 2,658 - - 112 15,664 - 18,781 Doubtful - - - - - - - - Total $ 169,795 $ 583,790 $ 320,043 $ 304,855 $ 361,330 $ 486,588 $ 14,839 $ 2,241,240 Commercial Owner Occupied R/E: Pass $ 88,082 $ 254,565 $ 179,210 $ 226,489 $ 212,350 $ 333,170 $ 1,313 $ 1,295,179 Special Mention - 1,050 878 - - 333 - 2,261 Substandard - 988 454 1,176 400 5,224 - 8,242 Doubtful - - - - - - - - Total $ 88,082 $ 256,603 $ 180,542 $ 227,665 $ 212,750 $ 338,727 $ 1,313 $ 1,305,682 Consumer: Beacon score: 660-850 $ 627 $ 7,093 $ 7,477 $ 3,462 $ 3,342 $ 21,332 $ 361,325 $ 404,658 600-659 108 771 167 185 1,039 5,748 14,705 22,723 540-599 1 69 153 236 795 3,126 5,993 10,373 less than 540 56 1,072 282 413 594 3,720 9,455 15,592 Total $ 792 $ 9,005 $ 8,079 $ 4,296 $ 5,770 $ 33,926 $ 391,478 $ 453,346 Residential Mortgage: Beacon score: 660-850 $ 19,705 $ 50,503 $ 191,761 $ 236,191 $ 171,471 $ 317,518 $ - $ 987,149 600-659 202 11,096 14,850 13,690 10,053 22,938 - 72,829 540-599 171 1,883 5,062 1,645 4,628 13,289 - 26,678 less than 540 92 1,445 6,793 2,818 2,444 16,264 - 29,856 Total $ 20,170 $ 64,927 $ 218,466 $ 254,344 $ 188,596 $ 370,009 $ - $ 1,116,512 Residential Construction: Beacon score: 660-850 $ 23,564 $ 72,488 $ 41,516 $ 5,660 $ 1,968 $ - $ - $ 145,196 600-659 741 3,356 280 - - - - 4,377 540-599 - - - - - - - - less than 540 - - - - - - - - Total $ 24,305 $ 75,844 $ 41,796 $ 5,660 $ 1,968 $ - $ - $ 149,573 |
Historical Information On The Credit Quality Of The Loan Portfolio Under The Legacy Disclosure | December 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 $ 8,450 $ 829 $ 8,437 $ 4,148 $ 4,107 $ 12,661 $ - $ 38,632 Loans 90 days past due - - - - - - - - Restructured loans 417 - 775 - 364 1,080 - 2,636 Total non-performing loans 8,867 829 9,212 4,148 4,471 13,741 - 41,268 Other real estate owned 39 665 409 - 64 305 - 1,482 Total non-performing assets $ 8,906 $ 1,494 $ 9,621 $ 4,148 $ 4,535 $ 14,046 $ - $ 42,750 December 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 $ 908 $ - $ 932 $ 316 $ 2,697 $ 14,853 $ 280 $ 19,986 61-90 days 370 - - - 1,517 4,541 1,334 7,762 > 90 days - - - - - - - - Total past due 1,278 - 932 316 4,214 19,394 1,614 27,748 Non-accrual loans 8,450 829 8,437 4,148 4,107 12,661 - 38,632 Loans acquired with deteriorated credit quality 2,539 - 9,544 - 993 8 - 13,084 Current loans 788,752 683,181 2,150,243 1,284,213 457,450 1,117,264 144,665 6,625,768 Total loans $ 801,019 $ 684,010 $ 2,169,156 $ 1,288,677 $ 466,764 $ 1,149,327 $ 146,279 $ 6,705,232 |
Restructured Loans for Specific Segments of Loan Portfolio | For the Three Months Ended March 31, 2020 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 $ 322 $ - $ - $ - $ - $ 322 Restructured non-accruing - - 347 760 - 1,107 Balance $ 322 $ - $ 347 $ 760 $ - $ 1,429 Specific allowance $ 80 $ - $ 60 $ 40 $ - $ 180 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - For the Year Ended December 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 $ 170 $ - $ 775 $ - $ 364 $ 1,309 Restructured non-accruing 261 - 789 - - 1,050 Balance $ 431 $ - $ 1,564 $ - $ 364 $ 2,359 Specific allowance $ 196 $ - $ 205 $ - $ - $ 401 Restructured and subsequently defaulted $ - $ - $ - $ - $ - $ - |
Commercial [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality of Loan Portfolio by Segment | December 31, 2019 Commercial Real Estate Commercial Commercial Commercial Owner (In thousands) Commercial AD&C Investor R/E Occupied R/E Total Pass $ 783,909 $ 683,181 $ 2,146,971 $ 1,278,337 $ 4,892,398 Special Mention 2,487 - 3,189 2,284 7,960 Substandard 14,623 829 18,996 8,056 42,504 Doubtful - - - - - Total $ 801,019 $ 684,010 $ 2,169,156 $ 1,288,677 $ 4,942,862 |
Non Commercial Loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Credit Quality of Loan Portfolio by Segment | December 31, 2019 Residential Real Estate Residential Residential (In thousands) Consumer Mortgage Construction Total Performing $ 462,293 $ 1,135,586 $ 146,279 $ 1,744,158 Non-performing: 90 days past due - - - - Non-accruing 4,107 12,661 - 16,768 Restructured loans 364 1,080 - 1,444 Total $ 466,764 $ 1,149,327 $ 146,279 $ 1,762,370 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets [Abstract] | |
Gross Carrying Amounts and Accumulated Amortization of Intangible Assets and Goodwill | March 31, 2020 Weighted December 31, 2019 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 $ ( 4,077) $ 6,601 7.8 years $ 10,678 $ ( 3,689) $ 6,989 8.0 years Other identifiable intangibles 13,906 ( 726) 13,180 11.4 years 1,478 ( 626) 852 9.7 years Total amortizing intangible assets $ 24,584 $ ( 4,803) $ 19,781 $ 12,156 $ ( 4,315) $ 7,841 Goodwill $ 369,708 $ 369,708 $ 347,149 $ 347,149 |
Net carrying amount of goodwill by segment | Community Investment (In thousands) Banking Insurance Management Total Balance December 31, 2019 $ 331,173 $ 6,788 $ 9,188 $ 347,149 Acquisition of Rembert Pendleton Jackson - - 22,559 22,559 Balance March 31, 2020 $ 331,173 $ 6,788 $ 31,747 $ 369,708 |
Estimated Future Amortization Expense for Amortizing Intangibles | (In thousands) Amount 2020 $ 2,893 2021 3,305 2022 2,939 2023 2,573 Thereafter 8,071 Total amortizing intangible assets $ 19,781 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Deposits [Abstract] | |
Composition of Deposits | (In thousands) March 31, 2020 December 31, 2019 Noninterest-bearing deposits $ 1,939,937 $ 1,892,052 Interest-bearing deposits: Demand 864,620 836,433 Money market savings 1,806,875 1,839,593 Regular savings 335,831 329,919 Time deposits of less than $100,000 456,017 463,431 Time deposits of $100,000 or more 1,190,594 1,078,891 Total interest-bearing deposits 4,653,937 4,548,267 Total deposits $ 6,593,874 $ 6,440,319 |
SUBORDINATED DEBENTURES (Tables
SUBORDINATED DEBENTURES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Subordinated Debt [Abstract] | |
Schedule of subordinated debentures | (In thousands) March 31, 2020 December 31, 2019 Subordinated debentures $ 200,000 $ 200,000 Add: Purchase accounting premium 1,846 1,894 Less: Debt Issuance Costs ( 2,800) ( 2,885) Trust preferred capital notes - 10,310 Add: Purchase accounting premium - 87 Total subordinated debentures $ 199,046 $ 209,406 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share Based Compensation [Abstract] | |
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, 2020 65,279 $ 31.34 $ 485 Granted - $ - Exercised ( 6,013) $ 20.26 $ 60 Forfeited ( 323) $ 39.20 Expired ( 426) $ 20.26 Balance at March 31, 2020 58,517 $ 32.52 3.2 $ - Exercisable at March 31, 2020 44,740 $ 30.42 2.7 $ - 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 Shares/Units Fair Value Nonvested at January 1, 2020 226,502 $ 35.43 Granted 181,186 $ 26.40 Vested - $ - Forfeited ( 7,057) $ 47.58 Nonvested at March 31, 2020 400,631 $ 31.13 |
PENSION, PROFIT SHARING, AND _2
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] | |
Net Periodic Benefit Cost | Three Months Ended March 31, (In thousands) 2020 2019 Interest cost on projected benefit obligation $ 359 $ 402 Expected return on plan assets ( 456) ( 412) Recognized net actuarial loss 219 265 Net periodic benefit cost $ 122 $ 255 |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Net Inocme Per Common Share [Abstract] | |
Calculation of Net Income Per Common Share | Three Months Ended March 31, (Dollars and amounts in thousands, except per share data) 2020 2019 Net income $ 9,987 $ 30,317 Basic: Basic weighted average EPS shares 34,979 35,794 Basic net income per share $ 0.29 $ 0.85 Diluted: Basic weighted average EPS shares 34,979 35,794 Dilutive common stock equivalents 78 13 Dilutive EPS shares 35,057 35,807 Diluted net income per share $ 0.28 $ 0.85 Anti-dilutive shares 9 12 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Activity in net accumulated other comprehensive income (loss) and the components of the activity | Unrealized Gains on Investments Defined Benefit (In thousands) Available-for-Sale Pension Plan Total Balance at January 1, 2020 $ 4,000 $ ( 8,332) $ ( 4,332) Other comprehensive income before reclassification, net of tax 10,639 - 10,639 Reclassifications from accumulated other comprehensive income, net of tax ( 127) 164 37 Current period change in other comprehensive income, net of tax 10,512 164 10,676 Balance at March 31, 2020 $ 14,512 $ ( 8,168) $ 6,344 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) |
Schedule of reclassification adjustments out of accumulated other comprehensive income (loss) | Three Months Ended March 31, (In thousands) 2020 2019 Unrealized gains on investments available-for-sale Affected line item in the Statements of Income: Investment securities gains $ 169 $ - Income before taxes 169 - Tax expense ( 42) - Net income $ 127 $ - Amortization of defined benefit pension plan items Affected line item in the Statements of Income: Recognized actuarial loss (1) $ ( 219) $ ( 265) Income before taxes ( 219) ( 265) Tax benefit 55 69 Net loss $ ( 164) $ ( 196) (1) This amount is included in the computation of net periodic benefit cost. See Note 11. |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of maturities of operating lease liabilities | (In thousands) Amount Maturity: One year $ 8,136 Two years 10,421 Three years 10,101 Four years 10,120 Five years 8,402 Thereafter 42,730 Total undiscounted lease payments 89,910 Less: Present value discount ( 14,786) Lease Liability $ 75,124 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value [Abstract] | |
Financial assets and Liabilities at Dates Indicated that were Accounted for at Fair Value | March 31, 2020 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 $ - $ 67,114 $ - $ 67,114 Investments available-for-sale: U.S. government agencies - 180,344 - 180,344 State and municipal - 276,449 - 276,449 Mortgage-backed and asset-backed - 718,482 - 718,482 Corporate debt - - 12,332 12,332 Trust preferred - - - - Marketable equity securities - 568 - 568 Interest rate swap agreements - 9,571 - 9,571 Liabilities Interest rate swap agreements $ - $ ( 9,571) $ - $ ( 9,571) December 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 $ - $ 53,701 $ - $ 53,701 Investments available-for-sale: U.S. government agencies - 258,495 - 258,495 State and municipal - 233,649 - 233,649 Mortgage-backed and asset-backed - 570,759 - 570,759 Corporate debt - - 9,552 9,552 Trust preferred - - 310 310 Marketable equity securities - 568 - 568 Interest rate swap agreements - 2,507 - 2,507 Liabilities Interest rate swap agreements $ - $ ( 2,507) $ - $ ( 2,507) |
Change in Fair Value of Assets Measured in Condensed Consolidated Statements of Condition at Fair Value on a Recurring Basis | Significant Unobservable Inputs (In thousands) (Level 3) Investments available-for-sale: Balance at January 1, 2020 $ 9,862 Additions of Level 3 assets 3,050 Sales of Level 3 assets ( 310) Total unrealized loss included in other comprehensive income ( 270) Balance at March 31, 2020 $ 12,332 |
Assets Measured at Fair Value on Nonrecurring Basis | March 31, 2020 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 Loans $ - $ - $ 6,658 $ 6,658 $ ( 9,364) Other real estate owned - - 1,416 1,416 ( 311) Total $ - $ - $ 8,074 $ 8,074 $ ( 9,675) December 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 Loans $ - $ - $ 6,886 $ 6,886 $ ( 6,299) Other real estate owned - - 1,482 1,482 ( 281) Total $ - $ - $ 8,368 $ 8,368 $ ( 6,580) |
Carrying Amounts And Fair Values of Company's Financial Instruments | Fair Value Measurements March 31, 2020 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 $ 62,953 $ 62,953 $ - $ 62,953 $ - Loans, net of allowance 6,637,192 6,721,435 - - 6,721,435 Other assets (1) 113,817 113,817 - 113,817 - Financial Liabilities Time deposits $ 1,646,611 $ 1,663,576 $ - $ 1,663,576 $ - Securities sold under retail repurchase agreements and Federal funds purchased 125,305 125,305 - 125,305 - Advances from FHLB 754,061 770,511 - 770,511 - Subordinated debentures 199,046 183,857 - - 183,857 (1) Includes bank owned life insurance products. Fair Value Measurements December 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 $ 51,803 $ 51,803 $ - $ 51,803 $ - Loans, net of allowance 6,649,100 6,628,054 - - 6,628,054 Other assets (1) 113,171 113,171 - 113,171 - Financial Liabilities Time deposits $ 1,542,322 $ 1,547,116 $ - $ 1,547,116 $ - Securities sold under retail repurchase agreements and Federal funds purchased 213,605 213,605 - 213,605 - Advances from FHLB 513,777 520,729 - 520,729 - Subordinated debentures 209,406 200,864 - - 200,864 (1) Includes bank owned life insurance products. |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2020 Community Investment Inter-Segment (In thousands) Banking Insurance Mgmt. Elimination Total Interest income $ 83,857 $ 3 $ 2 $ ( 4) $ 83,858 Interest expense 19,528 - - ( 4) 19,524 Provision for credit losses 24,469 - - - 24,469 Noninterest income 13,977 2,129 2,266 ( 204) 18,168 Noninterest expense 44,655 1,464 1,831 ( 204) 47,746 Income before income taxes 9,182 668 437 - 10,287 Income tax expense 1 185 114 - 300 Net income $ 9,181 $ 483 $ 323 $ - $ 9,987 Assets $ 8,917,849 $ 10,887 $ 55,657 $ ( 54,791) $ 8,929,602 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 credit losses ( 128) - - - ( 128) Non-interest income 12,707 1,904 2,525 ( 167) 16,969 Non-interest 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 |
ACQUISITION OF REVERE BANK (Det
ACQUISITION OF REVERE BANK (Details) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)Banks$ / shares | Apr. 01, 2020shares | |
Sandy Spring Shareholders [Member] | ||
Pending acquisition [Line Items] | ||
Percentage of ownership in combined company | 74.00% | |
Revere shareholders [Member] | ||
Pending acquisition [Line Items] | ||
Percentage of ownership in combined company | 26.00% | |
Maryland-based Revere [Member] | ||
Pending acquisition [Line Items] | ||
Business acquisition rate of share exchange | shares | 1.05 | |
Closing price | $ / shares | $ 22.64 | |
Transaction value | $ 287 | |
Scenario, Plan [Member] | Maryland-based Revere [Member] | ||
Pending acquisition [Line Items] | ||
Assets acquired | $ 2,800 | |
Number of Banking Offices | Banks | 11 |
INVESTMENTS (Additional Informa
INVESTMENTS (Additional Information) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentLineItems | ||
Investments available-for-sale book value | $ 417.1 | $ 424.8 |
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] | ||
ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentLineItems | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | 169.3 | |
Government National Mortgage Association Certificates And Obligations Federal National Mortgage Association Certificates And Obligations And Federal Home Loan Mortgage Corporation Certificates And Obligations [Member] | Mortgage Backed Securities [Member] | ||
ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentLineItems | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | 481.9 | |
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] | ||
ScheduleOfFairValueOfSeparateAccountsByMajorCategoryOfInvestmentLineItems | ||
Financial Instruments, Owned, Mortgages, Mortgage-backed and Asset-backed Securities, at Fair Value | $ 67.3 |
INVESTMENTS (Amortized Cost and
INVESTMENTS (Amortized Cost and Estimated Fair Values of Investments Available-for-sale) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 1,168,134 | $ 1,067,954 |
Gross Unrealized Gains | 28,478 | 8,984 |
Gross Unrealized Losses | (9,005) | (3,605) |
Estimated Fair Value | 1,187,607 | 1,073,333 |
U.S. treasuries and government agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 186,184 | 260,294 |
Gross Unrealized Gains | 1,559 | 887 |
Gross Unrealized Losses | (7,399) | (2,686) |
Estimated Fair Value | 180,344 | 258,495 |
State and municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 271,771 | 229,309 |
Gross Unrealized Gains | 6,106 | 4,377 |
Gross Unrealized Losses | (1,428) | (37) |
Estimated Fair Value | 276,449 | 233,649 |
Mortgage-Backed and asset-backed | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 698,029 | 568,373 |
Gross Unrealized Gains | 20,631 | 3,268 |
Gross Unrealized Losses | (178) | (882) |
Estimated Fair Value | 718,482 | 570,759 |
Corporate Debt | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 12,150 | 9,100 |
Gross Unrealized Gains | 182 | 452 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 12,332 | 9,552 |
Trust Preferred | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 0 | 310 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 310 |
Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,168,134 | 1,067,386 |
Gross Unrealized Gains | 28,478 | 8,984 |
Gross Unrealized Losses | (9,005) | (3,605) |
Estimated Fair Value | 1,187,607 | 1,072,765 |
Marketable Equity Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 0 | 568 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 0 | $ 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, 2020USD ($)Securities | Dec. 31, 2019USD ($)Securities |
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 28 | 50 |
Fair Value | $ 156,315 | $ 343,143 |
Less than 12 months | 5,196 | 2,756 |
More than 12 months | 3,809 | 849 |
Total Unrealized Losses | $ 9,005 | $ 3,605 |
U.S. treasuries and government agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 6 | 12 |
Fair Value | $ 86,597 | $ 151,132 |
Less than 12 months | 3,624 | 2,211 |
More than 12 months | 3,775 | 475 |
Total Unrealized Losses | $ 7,399 | $ 2,686 |
State and municipal | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 14 | 3 |
Fair Value | $ 44,737 | $ 7,227 |
Less than 12 months | 1,428 | 37 |
More than 12 months | 0 | 0 |
Total Unrealized Losses | $ 1,428 | $ 37 |
Mortgage-Backed and asset-backed | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of Securities | Securities | 8 | 35 |
Fair Value | $ 24,981 | $ 184,784 |
Less than 12 months | 144 | 508 |
More than 12 months | 34 | 374 |
Total Unrealized Losses | $ 178 | $ 882 |
INVESTMENTS (Estimated fair val
INVESTMENTS (Estimated fair values of debt securities available-for-sale by contractual maturity ) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
U.S. treasuries and government agencies | ||
Estimated Fair Value | ||
Due in one year or less | $ 68,673 | $ 69,799 |
Due after one year through five years | 25,074 | 96,709 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 86,597 | 91,987 |
Estimated Fair Value | 180,344 | 258,495 |
State and municipal | ||
Estimated Fair Value | ||
Due in one year or less | 25,296 | 33,311 |
Due after one year through five years | 66,226 | 76,723 |
Due after five years through ten years | 72,676 | 75,820 |
Due after ten years | 112,251 | 47,795 |
Estimated Fair Value | 276,449 | 233,649 |
Mortgage-Backed and asset-backed | ||
Estimated Fair Value | ||
Due in one year or less | 0 | 852 |
Due after one year through five years | 4,413 | 7,125 |
Due after five years through ten years | 52,349 | 55,226 |
Due after ten years | 661,720 | 507,556 |
Estimated Fair Value | 718,482 | 570,759 |
Corporate Debt | ||
Estimated Fair Value | ||
Due in one year or less | 0 | 0 |
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 12,332 | 9,552 |
Due after ten years | 0 | 0 |
Estimated Fair Value | 12,332 | 9,552 |
Trust Preferred | ||
Estimated Fair Value | ||
Due in one year or less | 0 | 0 |
Due after one year through five years | 0 | 0 |
Due after five years through ten years | 0 | 0 |
Due after ten years | 0 | 310 |
Estimated Fair Value | 0 | 310 |
Debt Securities | ||
Estimated Fair Value | ||
Due in one year or less | 93,969 | 103,962 |
Due after one year through five years | 95,713 | 180,557 |
Due after five years through ten years | 137,357 | 140,598 |
Due after ten years | 860,568 | 647,648 |
Estimated Fair Value | $ 1,187,607 | $ 1,072,765 |
INVESTMENTS (Other Equity Secur
INVESTMENTS (Other Equity Securities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | ||
Federal Reserve Bank stock | $ 22,581 | $ 22,559 |
Federal Home Loan Bank of Atlanta stock | 39,804 | 29,244 |
Marketable equity securities | 568 | 0 |
Total equity securities | $ 62,953 | $ 51,803 |
LOANS (Additional Information)
LOANS (Additional Information) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Loans [Abstract] | ||
Unearned income and deferred fees | $ 2.2 | $ 1.8 |
LOANS (Loan Portfolio Segment B
LOANS (Loan Portfolio Segment Balances) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 6,722,992 | $ 6,705,232 |
Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 813,525 | 801,019 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 453,346 | 466,764 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Owner Occupied RE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,305,682 | 1,288,677 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Investor RE [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,241,240 | 2,169,156 |
Commercial Real Estate Portfolio Segment [Member] | Commercial AD&C [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 643,114 | 684,010 |
Residential Portfolio Segment [Member] | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,116,512 | 1,149,327 |
Residential Portfolio Segment [Member] | Residential Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 149,573 | $ 146,279 |
CREDIT QUALITY ASSESSMENT (Addi
CREDIT QUALITY ASSESSMENT (Additional Information) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other real estate owned | $ 1,416,000 | $ 1,482,000 |
Loans placed on non-accrual | 2,400,000 | |
Reduction of the recorded investment in the associated loan balances | 0 | 0 |
Mortgage Loans in Process of Foreclosure, Amount | 0 | |
Restructured Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Other real estate owned | 1,400,000 | 1,500,000 |
Loans restructured during the period | 1,400,000 | 2,400,000 |
Individual reserves | $ 200,000 | $ 400,000 |
CREDIT QUALITY ASSESSMENT (Summ
CREDIT QUALITY ASSESSMENT (Summary information on the allowance for credit loss activity) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 56,132 | $ 53,486 | $ 53,486 |
Provision (credit) | 24,469 | (128) | 4,684 |
Loan charge-offs | (654) | (356) | (2,668) |
Loan recoveries | 108 | 87 | 630 |
Net charge-offs | (546) | (269) | (2,038) |
Balance at end of period | 85,800 | 53,089 | 56,132 |
Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 2,762 | 0 | 0 |
Balance at end of period | 2,762 | ||
Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 2,983 | $ 0 | 0 |
Balance at end of period | $ 2,983 |
CREDIT QUALITY ASSESSMENT (Info
CREDIT QUALITY ASSESSMENT (Information regarding collateral dependent loans individually evaluated for credit loss) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Information on the allowance for credit loss activity | ||||
Collateral dependent loans individually evaluated for credit loss with an allowance | $ 26,652 | $ 15,333 | ||
Collateral dependent loans individually evaluated for credit loss without an allowance | 11,023 | 9,440 | ||
Total individually evaluated collateral dependent loans | 37,675 | 24,773 | ||
Allowance for credit losses related to loans evaluated individually | 8,643 | 5,501 | ||
Allowance for credit losses related to loans evaluated collectively | 77,157 | 50,631 | ||
Total allowance for credit losses | $ 85,800 | $ 56,132 | $ 53,089 | $ 53,486 |
CREDIT QUALITY ASSESSMENT (Acti
CREDIT QUALITY ASSESSMENT (Activity in Allowance for Credit Losses or Loan Losses by Respective Loan Portfolio Segment) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 56,132,000 | $ 53,486,000 | $ 53,486,000 |
Provision (credit) | 24,469,000 | (128,000) | 4,684,000 |
Charge-offs | (654,000) | (356,000) | (2,668,000) |
Recoveries | 108,000 | 87,000 | 630,000 |
Net charge-offs | (546,000) | (269,000) | (2,038,000) |
Balance at end of period | 85,800,000 | 53,089,000 | 56,132,000 |
Total loans | $ 6,722,992,000 | $ 6,705,232,000 | |
Allowance for loan losses to total loans ratio | 1.28% | 0.84% | |
Balance of loans individually evaluated for credit loss | $ 37,675,000 | $ 24,773,000 | |
Balance of loans specifically evaluated for impairment | 24,773,000 | ||
Allowance related to loans evaluated individually | $ 8,643,000 | 5,501,000 | |
Allowance for loans specifically evaluated for impairment | $ 5,501,000 | ||
Individual allowance to loans evaluated individually ratio | 22.94% | ||
Specific allowance to specific loans ratio | 22.21% | ||
Balance of loans collectively evaluated for credit loss | $ 6,685,317,000 | ||
Balance of loans collectively evaluated | $ 6,667,375,000 | ||
Allowance related to loans evaluated collectively | $ 77,157,000 | 50,631,000 | |
Allowance for loans collectively evaluated | $ 50,631,000 | ||
Collective allowance to collective loans ratio | 1.15% | 0.76% | |
Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 13,084,000 | ||
Allowance for loans acquired | $ 0 | ||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||
Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 2,762,000 | 0 | $ 0 |
Balance at end of period | 2,762,000 | ||
Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 2,983,000 | 0 | 0 |
Balance at end of period | 2,983,000 | ||
Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 11,395,000 | 11,377,000 | 11,377,000 |
Provision (credit) | 13,506,000 | 1,164,000 | |
Charge-offs | (175,000) | (1,195,000) | |
Recoveries | 67,000 | 49,000 | |
Net charge-offs | (108,000) | (1,146,000) | |
Balance at end of period | 29,330,000 | 11,395,000 | |
Total loans | $ 813,525,000 | $ 801,019,000 | |
Allowance for loan losses to total loans ratio | 3.61% | 1.42% | |
Balance of loans individually evaluated for credit loss | $ 11,560,000 | ||
Balance of loans specifically evaluated for impairment | $ 8,867,000 | ||
Allowance related to loans evaluated individually | $ 5,659,000 | ||
Allowance for loans specifically evaluated for impairment | $ 3,817,000 | ||
Individual allowance to loans evaluated individually ratio | 48.95% | ||
Specific allowance to specific loans ratio | 43.05% | ||
Balance of loans collectively evaluated for credit loss | $ 801,965,000 | ||
Balance of loans collectively evaluated | $ 789,613,000 | ||
Allowance related to loans evaluated collectively | $ 23,671,000 | ||
Allowance for loans collectively evaluated | $ 7,578,000 | ||
Collective allowance to collective loans ratio | 2.95% | 0.96% | |
Commercial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 2,539,000 | ||
Allowance for loans acquired | $ 0 | ||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||
Commercial [Member] | Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 1,549,000 | ||
Balance at end of period | $ 1,549,000 | ||
Commercial [Member] | Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 2,988,000 | ||
Balance at end of period | 2,988,000 | ||
Consumer | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 2,086,000 | 2,113,000 | 2,113,000 |
Provision (credit) | 1,349,000 | 565,000 | |
Charge-offs | (133,000) | (783,000) | |
Recoveries | 26,000 | 191,000 | |
Net charge-offs | (107,000) | (592,000) | |
Balance at end of period | 4,247,000 | 2,086,000 | |
Total loans | $ 453,346,000 | $ 466,764,000 | |
Allowance for loan losses to total loans ratio | 0.94% | 0.45% | |
Balance of loans individually evaluated for credit loss | $ 1,313,000 | ||
Allowance related to loans evaluated individually | $ 99,000 | ||
Individual allowance to loans evaluated individually ratio | 7.54% | ||
Balance of loans collectively evaluated for credit loss | $ 452,033,000 | ||
Balance of loans collectively evaluated | $ 465,771,000 | ||
Allowance related to loans evaluated collectively | $ 4,148,000 | ||
Allowance for loans collectively evaluated | $ 2,086,000 | ||
Collective allowance to collective loans ratio | 0.92% | 0.45% | |
Consumer | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 993,000 | ||
Allowance for loans acquired | $ 0 | ||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||
Consumer | Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 99,000 | ||
Balance at end of period | $ 99,000 | ||
Consumer | Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 820,000 | ||
Balance at end of period | 820,000 | ||
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 7,590,000 | 5,944,000 | 5,944,000 |
Provision (credit) | 1,042,000 | 1,418,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 228,000 | |
Net charge-offs | 0 | 228,000 | |
Balance at end of period | 11,208,000 | 7,590,000 | |
Total loans | $ 643,114,000 | $ 684,010,000 | |
Allowance for loan losses to total loans ratio | 1.74% | 1.11% | |
Balance of loans individually evaluated for credit loss | $ 829,000 | ||
Balance of loans specifically evaluated for impairment | $ 829,000 | ||
Allowance related to loans evaluated individually | $ 132,000 | ||
Allowance for loans specifically evaluated for impairment | $ 132,000 | ||
Individual allowance to loans evaluated individually ratio | 15.92% | ||
Specific allowance to specific loans ratio | 0.00% | ||
Balance of loans collectively evaluated for credit loss | $ 642,285,000 | ||
Balance of loans collectively evaluated | $ 683,181,000 | ||
Allowance related to loans evaluated collectively | $ 11,076,000 | ||
Allowance for loans collectively evaluated | $ 7,458,000 | ||
Collective allowance to collective loans ratio | 1.72% | 1.09% | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 0 | ||
Allowance for loans acquired | $ 0 | ||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 0 | ||
Balance at end of period | $ 0 | ||
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 2,576,000 | ||
Balance at end of period | 2,576,000 | ||
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 18,407,000 | 17,603,000 | 17,603,000 |
Provision (credit) | 3,454,000 | 788,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 16,000 | |
Net charge-offs | 0 | 16,000 | |
Balance at end of period | 19,850,000 | 18,407,000 | |
Total loans | $ 2,241,240,000 | $ 2,169,156,000 | |
Allowance for loan losses to total loans ratio | 0.89% | 0.85% | |
Balance of loans individually evaluated for credit loss | $ 18,545,000 | ||
Balance of loans specifically evaluated for impairment | $ 9,212,000 | ||
Allowance related to loans evaluated individually | $ 2,704,000 | ||
Allowance for loans specifically evaluated for impairment | $ 1,529,000 | ||
Individual allowance to loans evaluated individually ratio | 14.58% | ||
Specific allowance to specific loans ratio | 16.60% | ||
Balance of loans collectively evaluated for credit loss | $ 2,222,695,000 | ||
Balance of loans collectively evaluated | $ 2,150,400,000 | ||
Allowance related to loans evaluated collectively | $ 17,146,000 | ||
Allowance for loans collectively evaluated | $ 16,878,000 | ||
Collective allowance to collective loans ratio | 0.77% | 0.78% | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 9,544,000 | ||
Allowance for loans acquired | $ 0 | ||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 1,114,000 | ||
Balance at end of period | $ 1,114,000 | ||
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | (3,125,000) | ||
Balance at end of period | (3,125,000) | ||
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 6,884,000 | 6,307,000 | 6,307,000 |
Provision (credit) | 2,839,000 | 577,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs | 0 | 0 | |
Balance at end of period | 10,110,000 | 6,884,000 | |
Total loans | $ 1,305,682,000 | $ 1,288,677,000 | |
Allowance for loan losses to total loans ratio | 0.77% | 0.53% | |
Balance of loans individually evaluated for credit loss | $ 4,074,000 | ||
Balance of loans specifically evaluated for impairment | $ 4,148,000 | ||
Allowance related to loans evaluated individually | $ 49,000 | ||
Allowance for loans specifically evaluated for impairment | $ 23,000 | ||
Individual allowance to loans evaluated individually ratio | 1.20% | ||
Specific allowance to specific loans ratio | 0.55% | ||
Balance of loans collectively evaluated for credit loss | $ 1,301,608,000 | ||
Balance of loans collectively evaluated | $ 1,284,529,000 | ||
Allowance related to loans evaluated collectively | $ 10,061,000 | ||
Allowance for loans collectively evaluated | $ 6,861,000 | ||
Collective allowance to collective loans ratio | 0.77% | 0.53% | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance of loans acquired | $ 0 | ||
Allowance for loans acquired | $ 0 | ||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 0 | ||
Balance at end of period | $ 0 | ||
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 387,000 | ||
Balance at end of period | 387,000 | ||
Residential Real Estate Portfolio Segment | Residential Mortgage | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 8,803,000 | 8,881,000 | 8,881,000 |
Provision (credit) | 1,810,000 | 474,000 | |
Charge-offs | (346,000) | (690,000) | |
Recoveries | 13,000 | 138,000 | |
Net charge-offs | (333,000) | (552,000) | |
Balance at end of period | 9,892,000 | 8,803,000 | |
Total loans | $ 1,116,512,000 | $ 1,149,327,000 | |
Allowance for loan losses to total loans ratio | 0.89% | 0.77% | |
Balance of loans individually evaluated for credit loss | $ 1,354,000 | ||
Balance of loans specifically evaluated for impairment | $ 1,717,000 | ||
Allowance related to loans evaluated individually | $ 0 | ||
Allowance for loans specifically evaluated for impairment | $ 0 | ||
Individual allowance to loans evaluated individually ratio | 0.00% | ||
Specific allowance to specific loans ratio | 0.00% | ||
Balance of loans collectively evaluated for credit loss | $ 1,115,158,000 | ||
Balance of loans collectively evaluated | $ 1,147,602,000 | ||
Allowance related to loans evaluated collectively | $ 9,892,000 | ||
Allowance for loans collectively evaluated | $ 8,803,000 | ||
Collective allowance to collective loans ratio | 0.89% | 0.77% | |
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 | $ 8,000 | ||
Allowance for loans acquired | $ 0 | ||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||
Residential Real Estate Portfolio Segment | Residential Mortgage | Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 0 | ||
Balance at end of period | $ 0 | ||
Residential Real Estate Portfolio Segment | Residential Mortgage | Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | (388,000) | ||
Balance at end of period | (388,000) | ||
Residential Real Estate Portfolio Segment | Residential Construction | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | 967,000 | $ 1,261,000 | 1,261,000 |
Provision (credit) | 469,000 | (302,000) | |
Charge-offs | 0 | 0 | |
Recoveries | 2,000 | 8,000 | |
Net charge-offs | 2,000 | 8,000 | |
Balance at end of period | 1,163,000 | 967,000 | |
Total loans | $ 149,573,000 | $ 146,279,000 | |
Allowance for loan losses to total loans ratio | 0.78% | 0.66% | |
Balance of loans individually evaluated for credit loss | $ 0 | ||
Balance of loans specifically evaluated for impairment | $ 0 | ||
Allowance related to loans evaluated individually | $ 0 | ||
Allowance for loans specifically evaluated for impairment | $ 0 | ||
Individual allowance to loans evaluated individually ratio | 0.00% | ||
Specific allowance to specific loans ratio | 0.00% | ||
Balance of loans collectively evaluated for credit loss | $ 149,573,000 | ||
Balance of loans collectively evaluated | $ 146,279,000 | ||
Allowance related to loans evaluated collectively | $ 1,163,000 | ||
Allowance for loans collectively evaluated | $ 967,000 | ||
Collective allowance to collective loans ratio | 0.78% | 0.66% | |
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 | ||
Allowance for loans acquired | $ 0 | ||
Allowance to loans acquired with deteriorated credity quality ratio | 0.00% | ||
Residential Real Estate Portfolio Segment | Residential Construction | Initial allowance on purchased credit deteriorated loans at adoption of ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ 0 | ||
Balance at end of period | $ 0 | ||
Residential Real Estate Portfolio Segment | Residential Construction | Transition impact of adopting ASC 326 [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Balance at beginning of period | $ (275,000) | ||
Balance at end of period | $ (275,000) |
CREDIT QUALITY ASSESSMENT (Coll
CREDIT QUALITY ASSESSMENT (Collateral dependent loans individually evaluated for credit loss) (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | $ 26,652,000 | $ 15,333,000 |
Allowance | 8,643,000 | 5,501,000 |
Loans individually evaluated for credit loss without an allowance | 11,023,000 | 9,440,000 |
Total individually evaluated collateral dependent loans | 37,675,000 | $ 24,773,000 |
Total unpaid contractual principal balance | 50,019,000 | |
Non-accruing [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 24,098,000 | |
Loans individually evaluated for credit loss without an allowance | 5,283,000 | |
Total individually evaluated collateral dependent loans | 29,381,000 | |
Non-accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 1,975,000 | |
Loans individually evaluated for credit loss without an allowance | 3,744,000 | |
Total individually evaluated collateral dependent loans | 5,719,000 | |
Accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 579,000 | |
Loans individually evaluated for credit loss without an allowance | 1,996,000 | |
Total individually evaluated collateral dependent loans | 2,575,000 | |
Commercial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 9,653,000 | |
Allowance | 5,659,000 | |
Loans individually evaluated for credit loss without an allowance | 1,907,000 | |
Total individually evaluated collateral dependent loans | 11,560,000 | |
Total unpaid contractual principal balance | 14,450,000 | |
Commercial [Member] | Non-accruing [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 7,967,000 | |
Loans individually evaluated for credit loss without an allowance | 362,000 | |
Total individually evaluated collateral dependent loans | 8,329,000 | |
Commercial [Member] | Non-accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 1,107,000 | |
Loans individually evaluated for credit loss without an allowance | 1,398,000 | |
Total individually evaluated collateral dependent loans | 2,505,000 | |
Commercial [Member] | Accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 579,000 | |
Loans individually evaluated for credit loss without an allowance | 147,000 | |
Total individually evaluated collateral dependent loans | 726,000 | |
Consumer Loan [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 99,000 | |
Allowance | 99,000 | |
Loans individually evaluated for credit loss without an allowance | 1,214,000 | |
Total individually evaluated collateral dependent loans | 1,313,000 | |
Total unpaid contractual principal balance | 1,583,000 | |
Consumer Loan [Member] | Non-accruing [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 99,000 | |
Loans individually evaluated for credit loss without an allowance | 850,000 | |
Total individually evaluated collateral dependent loans | 949,000 | |
Consumer Loan [Member] | Non-accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 364,000 | |
Total individually evaluated collateral dependent loans | 364,000 | |
Consumer Loan [Member] | Accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 0 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 829,000 | |
Allowance | 132,000 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 829,000 | |
Total unpaid contractual principal balance | 829,000 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Non-accruing [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 829,000 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 829,000 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Non-accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 0 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 15,192,000 | |
Allowance | 2,704,000 | |
Loans individually evaluated for credit loss without an allowance | 3,353,000 | |
Total individually evaluated collateral dependent loans | 18,545,000 | |
Total unpaid contractual principal balance | 24,373,000 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Non-accruing [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 14,443,000 | |
Loans individually evaluated for credit loss without an allowance | 2,578,000 | |
Total individually evaluated collateral dependent loans | 17,021,000 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Non-accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 749,000 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 749,000 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 775,000 | |
Total individually evaluated collateral dependent loans | 775,000 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 879,000 | |
Allowance | 49,000 | |
Loans individually evaluated for credit loss without an allowance | 3,195,000 | |
Total individually evaluated collateral dependent loans | 4,074,000 | |
Total unpaid contractual principal balance | 6,037,000 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Non-accruing [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 760,000 | |
Loans individually evaluated for credit loss without an allowance | 1,486,000 | |
Total individually evaluated collateral dependent loans | 2,246,000 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Non-accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 119,000 | |
Loans individually evaluated for credit loss without an allowance | 1,709,000 | |
Total individually evaluated collateral dependent loans | 1,828,000 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 0 | |
Residential Real Estate [Member] | Residential Mortgage [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 1,354,000 | |
Total individually evaluated collateral dependent loans | 1,354,000 | |
Total unpaid contractual principal balance | 2,747,000 | |
Residential Real Estate [Member] | Residential Mortgage [Member] | Non-accruing [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 7,000 | |
Total individually evaluated collateral dependent loans | 7,000 | |
Residential Real Estate [Member] | Residential Mortgage [Member] | Non-accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 273,000 | |
Total individually evaluated collateral dependent loans | 273,000 | |
Residential Real Estate [Member] | Residential Mortgage [Member] | Accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 1,074,000 | |
Total individually evaluated collateral dependent loans | 1,074,000 | |
Residential Real Estate [Member] | Residential Construction [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 0 | |
Total unpaid contractual principal balance | 0 | |
Residential Real Estate [Member] | Residential Construction [Member] | Non-accruing [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 0 | |
Residential Real Estate [Member] | Residential Construction [Member] | Non-accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | 0 | |
Residential Real Estate [Member] | Residential Construction [Member] | Accruing [Member] | Restructured [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Loans individually evaluated for credit loss with an allowance | 0 | |
Loans individually evaluated for credit loss without an allowance | 0 | |
Total individually evaluated collateral dependent loans | $ 0 |
CREDIT QUALITY ASSESSMENT (Non-
CREDIT QUALITY ASSESSMENT (Non-accrual Loans) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Financing Receivable, Nonaccrual [Line Items] | |
Average non-accrual loans for the period | $ 51,546 |
Contractual interest income due on non-accrual loans during the period | 1,032 |
Interest income on non-accrual loans recognized on a cash basis | 372 |
Commercial [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Average non-accrual loans for the period | 10,912 |
Contractual interest income due on non-accrual loans during the period | 230 |
Interest income on non-accrual loans recognized on a cash basis | 39 |
Consumer Loan [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Average non-accrual loans for the period | 5,348 |
Contractual interest income due on non-accrual loans during the period | 91 |
Interest income on non-accrual loans recognized on a cash basis | 24 |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Average non-accrual loans for the period | 829 |
Contractual interest income due on non-accrual loans during the period | 13 |
Interest income on non-accrual loans recognized on a cash basis | 0 |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Average non-accrual loans for the period | 17,876 |
Contractual interest income due on non-accrual loans during the period | 415 |
Interest income on non-accrual loans recognized on a cash basis | 179 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Average non-accrual loans for the period | 4,111 |
Contractual interest income due on non-accrual loans during the period | 111 |
Interest income on non-accrual loans recognized on a cash basis | 39 |
Residential Real Estate [Member] | Residential Mortgage [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Average non-accrual loans for the period | 12,470 |
Contractual interest income due on non-accrual loans during the period | 172 |
Interest income on non-accrual loans recognized on a cash basis | 91 |
Residential Real Estate [Member] | Residential Construction [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Average non-accrual loans for the period | 0 |
Contractual interest income due on non-accrual loans during the period | 0 |
Interest income on non-accrual loans recognized on a cash basis | $ 0 |
CREDIT QUALITY ASSESSMENT (Reco
CREDIT QUALITY ASSESSMENT (Recorded Investment with Respect to Impaired loans, Associated Allowance by Applicable Portfolio Segment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | $ 15,333 | |
Allowance | 5,501 | |
Impaired loans without a specific allowance | 9,440 | |
Impaired loans | $ 37,700 | 24,773 |
Unpaid principal balance in total impaired loans | 34,620 | |
Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 12,652 | |
Impaired loans without a specific allowance | 4,188 | |
Impaired loans | 16,840 | |
Restructured [Member] | Accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 266 | |
Impaired loans without a specific allowance | 2,370 | |
Impaired loans | 2,636 | |
Restructured [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 2,415 | |
Impaired loans without a specific allowance | 2,882 | |
Impaired loans | 5,297 | |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 7,730 | |
Allowance | 3,817 | |
Impaired loans without a specific allowance | 1,137 | |
Impaired loans | 8,867 | |
Unpaid principal balance in total impaired loans | 11,296 | |
Commercial [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 5,608 | |
Impaired loans without a specific allowance | 114 | |
Impaired loans | 5,722 | |
Commercial [Member] | Restructured [Member] | Accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 266 | |
Impaired loans without a specific allowance | 151 | |
Impaired loans | 417 | |
Commercial [Member] | Restructured [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 1,856 | |
Impaired loans without a specific allowance | 872 | |
Impaired loans | 2,728 | |
All Other | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | |
Allowance | 0 | |
Impaired loans without a specific allowance | 1,717 | |
Impaired loans | 1,717 | |
Unpaid principal balance in total impaired loans | 2,618 | |
All Other | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | |
Impaired loans without a specific allowance | 0 | |
Impaired loans | 0 | |
All Other | Restructured [Member] | Accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | |
Impaired loans without a specific allowance | 1,444 | |
Impaired loans | 1,444 | |
All Other | Restructured [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | |
Impaired loans without a specific allowance | 273 | |
Impaired loans | 273 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 829 | |
Allowance | 132 | |
Impaired loans without a specific allowance | 0 | |
Impaired loans | 829 | |
Unpaid principal balance in total impaired loans | 829 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 829 | |
Impaired loans without a specific allowance | 0 | |
Impaired loans | 829 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Restructured [Member] | Accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | |
Impaired loans without a specific allowance | 0 | |
Impaired loans | 0 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | Restructured [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | |
Impaired loans without a specific allowance | 0 | |
Impaired loans | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 5,885 | |
Allowance | 1,529 | |
Impaired loans without a specific allowance | 3,327 | |
Impaired loans | 9,212 | |
Unpaid principal balance in total impaired loans | 13,805 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 5,448 | |
Impaired loans without a specific allowance | 2,552 | |
Impaired loans | 8,000 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Restructured [Member] | Accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | |
Impaired loans without a specific allowance | 775 | |
Impaired loans | 775 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | Restructured [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 437 | |
Impaired loans without a specific allowance | 0 | |
Impaired loans | 437 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 889 | |
Allowance | 23 | |
Impaired loans without a specific allowance | 3,259 | |
Impaired loans | 4,148 | |
Unpaid principal balance in total impaired loans | 6,072 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 767 | |
Impaired loans without a specific allowance | 1,522 | |
Impaired loans | 2,289 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Restructured [Member] | Accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 0 | |
Impaired loans without a specific allowance | 0 | |
Impaired loans | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | Restructured [Member] | Non-accruing [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired loans with a specific allowance | 122 | |
Impaired loans without a specific allowance | 1,737 | |
Impaired loans | $ 1,859 |
CREDIT QUALITY ASSESSMENT (Impa
CREDIT QUALITY ASSESSMENT (Impaired Loans by Portfolio) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Financing Receivable Impaired [Line Items] | |
Average impaired loans for the period | $ 23,365 |
Contractual interest income due on impaired loans during the period | 50,631 |
Interest income on impaired loans recognized on a cash basis | 56,132 |
Commercial [Member] | |
Financing Receivable Impaired [Line Items] | |
Average impaired loans for the period | 7,781 |
Contractual interest income due on impaired loans during the period | 648 |
Interest income on impaired loans recognized on a cash basis | 221 |
Interest income on impaired loans recognized on an accrual basis | 62 |
All Other | |
Financing Receivable Impaired [Line Items] | |
Average impaired loans for the period | 1,577 |
Contractual interest income due on impaired loans during the period | 128 |
Interest income on impaired loans recognized on a cash basis | 8 |
Interest income on impaired loans recognized on an accrual basis | 68 |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | |
Financing Receivable Impaired [Line Items] | |
Average impaired loans for the period | 2,052 |
Contractual interest income due on impaired loans during the period | 127 |
Interest income on impaired loans recognized on a cash basis | 0 |
Interest income on impaired loans recognized on an accrual basis | 0 |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | |
Financing Receivable Impaired [Line Items] | |
Average impaired loans for the period | 7,565 |
Contractual interest income due on impaired loans during the period | 786 |
Interest income on impaired loans recognized on a cash basis | 49 |
Interest income on impaired loans recognized on an accrual basis | 39 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | |
Financing Receivable Impaired [Line Items] | |
Average impaired loans for the period | 4,390 |
Contractual interest income due on impaired loans during the period | 258 |
Interest income on impaired loans recognized on a cash basis | 187 |
Interest income on impaired loans recognized on an accrual basis | $ 0 |
CREDIT QUALITY ASSESSMENT (in_2
CREDIT QUALITY ASSESSMENT (information on the credit quality of loan portfolio under the new CECL) (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | $ 38,632 |
Loans placed on non-accrual | 2,400 |
Balance at end of period | 51,374 |
Commercial [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 8,450 |
Balance at end of period | 10,834 |
Consumer [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 4,107 |
Balance at end of period | 5,596 |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 829 |
Balance at end of period | 829 |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 8,437 |
Balance at end of period | 17,770 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 4,148 |
Balance at end of period | 4,074 |
Residential Real Estate Portfolio Segment | Residential Mortgage | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 12,661 |
Balance at end of period | 12,271 |
Residential Real Estate Portfolio Segment | Residential Construction | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 0 |
Balance at end of period | 0 |
Non-accrual status [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 38,632 |
Purchased credit deteriorated loans designated as Non-accrual | 13,084 |
Loans placed on non-accrual | 2,369 |
Non-accrual balances transferred to OREO | 0 |
Non-accrual balances charged-off | (575) |
Net payments or draws | (1,860) |
Non-accrual loans brought current | (276) |
Balance at end of period | 51,374 |
Non-accrual status [Member] | Commercial [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 8,450 |
Purchased credit deteriorated loans designated as Non-accrual | 2,539 |
Loans placed on non-accrual | 1,001 |
Non-accrual balances transferred to OREO | 0 |
Non-accrual balances charged-off | (175) |
Net payments or draws | (981) |
Non-accrual loans brought current | 0 |
Balance at end of period | 10,834 |
Non-accrual status [Member] | Consumer [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 4,107 |
Purchased credit deteriorated loans designated as Non-accrual | 993 |
Loans placed on non-accrual | 748 |
Non-accrual balances transferred to OREO | 0 |
Non-accrual balances charged-off | (54) |
Net payments or draws | (176) |
Non-accrual loans brought current | (22) |
Balance at end of period | 5,596 |
Non-accrual status [Member] | Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 829 |
Purchased credit deteriorated loans designated as Non-accrual | 0 |
Loans placed on non-accrual | 0 |
Non-accrual balances transferred to OREO | 0 |
Non-accrual balances charged-off | 0 |
Net payments or draws | 0 |
Non-accrual loans brought current | 0 |
Balance at end of period | 829 |
Non-accrual status [Member] | Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 8,437 |
Purchased credit deteriorated loans designated as Non-accrual | 9,544 |
Loans placed on non-accrual | 0 |
Non-accrual balances transferred to OREO | 0 |
Non-accrual balances charged-off | 0 |
Net payments or draws | (211) |
Non-accrual loans brought current | 0 |
Balance at end of period | 17,770 |
Non-accrual status [Member] | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 4,148 |
Purchased credit deteriorated loans designated as Non-accrual | 0 |
Loans placed on non-accrual | 0 |
Non-accrual balances transferred to OREO | 0 |
Non-accrual balances charged-off | 0 |
Net payments or draws | (74) |
Non-accrual loans brought current | 0 |
Balance at end of period | 4,074 |
Non-accrual status [Member] | Residential Real Estate Portfolio Segment | Residential Mortgage | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 12,661 |
Purchased credit deteriorated loans designated as Non-accrual | 8 |
Loans placed on non-accrual | 620 |
Non-accrual balances transferred to OREO | 0 |
Non-accrual balances charged-off | (346) |
Net payments or draws | (418) |
Non-accrual loans brought current | (254) |
Balance at end of period | 12,271 |
Non-accrual status [Member] | Residential Real Estate Portfolio Segment | Residential Construction | |
Financing Receivable, Nonaccrual [Line Items] | |
Balance at beginning of period | 0 |
Purchased credit deteriorated loans designated as Non-accrual | 0 |
Loans placed on non-accrual | 0 |
Non-accrual balances transferred to OREO | 0 |
Non-accrual balances charged-off | 0 |
Net payments or draws | 0 |
Non-accrual loans brought current | 0 |
Balance at end of period | $ 0 |
CREDIT QUALITY ASSESSMENT (Cred
CREDIT QUALITY ASSESSMENT (Credit Quality of Loan Portfolio, New) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | $ 6,612,236 | |
Past due | $ 27,748 | |
Total performing loans | 6,669,035 | |
Non-accrual loans | 51,374 | 38,632 |
Loans greater than 90 days past due | 8 | 0 |
Restructured loans | 2,575 | 2,636 |
Total non-performing loans | 53,957 | |
Total loans | 6,722,992 | 6,705,232 |
31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 48,253 | 19,986 |
61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 8,546 | 7,762 |
> 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | |
Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 798,856 | |
Past due | 1,278 | |
Total performing loans | 801,965 | |
Non-accrual loans | 10,834 | 8,450 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 726 | 417 |
Total non-performing loans | 11,560 | |
Total loans | 813,525 | 801,019 |
Commercial [Member] | 31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 2,671 | 908 |
Commercial [Member] | 61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 438 | 370 |
Commercial [Member] | > 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | |
Consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 443,320 | |
Past due | 4,214 | |
Total performing loans | 447,750 | |
Non-accrual loans | 5,596 | 4,107 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 0 | 364 |
Total non-performing loans | 5,596 | |
Total loans | 453,346 | 466,764 |
Consumer [Member] | 31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 3,126 | 2,697 |
Consumer [Member] | 61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 1,304 | 1,517 |
Consumer [Member] | > 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 632,929 | |
Past due | 0 | |
Total performing loans | 642,285 | |
Non-accrual loans | 829 | 829 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 829 | |
Total loans | 643,114 | 684,010 |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | 31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 9,356 | 0 |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | 61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | > 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 2,208,163 | |
Past due | 932 | |
Total performing loans | 2,222,695 | |
Non-accrual loans | 17,770 | 8,437 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 775 | 775 |
Total non-performing loans | 18,545 | |
Total loans | 2,241,240 | 2,169,156 |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | 31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 13,521 | 932 |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | 61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 1,011 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | > 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 1,298,353 | |
Past due | 316 | |
Total performing loans | 1,301,608 | |
Non-accrual loans | 4,074 | 4,148 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 4,074 | |
Total loans | 1,305,682 | 1,288,677 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | 31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 3,255 | 316 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | 61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | > 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 1,082,513 | |
Past due | 19,394 | |
Total performing loans | 1,103,159 | |
Non-accrual loans | 12,271 | 12,661 |
Loans greater than 90 days past due | 8 | 0 |
Restructured loans | 1,074 | 1,080 |
Total non-performing loans | 13,353 | |
Total loans | 1,116,512 | 1,149,327 |
Residential Real Estate Portfolio Segment | Residential Mortgage | 31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 16,324 | 14,853 |
Residential Real Estate Portfolio Segment | Residential Mortgage | 61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 4,322 | 4,541 |
Residential Real Estate Portfolio Segment | Residential Mortgage | > 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Current | 148,102 | |
Past due | 1,614 | |
Total performing loans | 149,573 | |
Non-accrual loans | 0 | 0 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 0 | |
Total loans | 149,573 | 146,279 |
Residential Real Estate Portfolio Segment | Residential Construction | 31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | 0 | 280 |
Residential Real Estate Portfolio Segment | Residential Construction | 61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | $ 1,471 | 1,334 |
Residential Real Estate Portfolio Segment | Residential Construction | > 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Past due | $ 0 |
CREDIT QUALITY ASSESSMENT (in_3
CREDIT QUALITY ASSESSMENT (information about credit quality indicator by year of origination) (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Commercial [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | $ 43,887 |
2019 | 108,016 |
2018 | 136,980 |
2017 | 71,857 |
2016 | 40,978 |
Prior | 84,254 |
Revolving Loans | 327,553 |
Total | 813,525 |
Commercial [Member] | Pass | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 43,565 |
2019 | 106,211 |
2018 | 133,570 |
2017 | 70,396 |
2016 | 38,508 |
Prior | 80,786 |
Revolving Loans | 325,583 |
Total | 798,619 |
Commercial [Member] | Special Mention | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 701 |
2018 | 26 |
2017 | 379 |
2016 | 304 |
Prior | 633 |
Revolving Loans | 499 |
Total | 2,542 |
Commercial [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 322 |
2019 | 1,104 |
2018 | 3,384 |
2017 | 1,082 |
2016 | 2,166 |
Prior | 2,835 |
Revolving Loans | 1,471 |
Total | 12,364 |
Commercial [Member] | Doubtful | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | 0 |
Commercial AD&C [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 119,146 |
2019 | 237,288 |
2018 | 189,776 |
2017 | 54,754 |
2016 | 2,901 |
Prior | 2,404 |
Revolving Loans | 36,845 |
Total | 643,114 |
Commercial AD&C [Member] | Pass | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 119,146 |
2019 | 237,288 |
2018 | 189,046 |
2017 | 54,654 |
2016 | 2,901 |
Prior | 2,404 |
Revolving Loans | 36,845 |
Total | 642,284 |
Commercial AD&C [Member] | Special Mention | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | 0 |
Commercial AD&C [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 730 |
2017 | 100 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | 830 |
Commercial AD&C [Member] | Doubtful | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | 0 |
Commercial Investor RE [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 169,795 |
2019 | 583,790 |
2018 | 320,043 |
2017 | 304,855 |
2016 | 361,330 |
Prior | 486,588 |
Revolving Loans | 14,839 |
Total | 2,241,240 |
Commercial Investor RE [Member] | Pass | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 169,448 |
2019 | 580,249 |
2018 | 319,063 |
2017 | 304,598 |
2016 | 361,218 |
Prior | 470,582 |
Revolving Loans | 14,839 |
Total | 2,219,997 |
Commercial Investor RE [Member] | Special Mention | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 883 |
2018 | 980 |
2017 | 257 |
2016 | 0 |
Prior | 342 |
Revolving Loans | 0 |
Total | 2,462 |
Commercial Investor RE [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 347 |
2019 | 2,658 |
2018 | 0 |
2017 | 0 |
2016 | 112 |
Prior | 15,664 |
Revolving Loans | 0 |
Total | 18,781 |
Commercial Investor RE [Member] | Doubtful | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | 0 |
Commercial Owner Occupied RE [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 88,082 |
2019 | 256,603 |
2018 | 180,542 |
2017 | 227,665 |
2016 | 212,750 |
Prior | 338,727 |
Revolving Loans | 1,313 |
Total | 1,305,682 |
Commercial Owner Occupied RE [Member] | Pass | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 88,082 |
2019 | 254,565 |
2018 | 179,210 |
2017 | 226,489 |
2016 | 212,350 |
Prior | 333,170 |
Revolving Loans | 1,313 |
Total | 1,295,179 |
Commercial Owner Occupied RE [Member] | Special Mention | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 1,050 |
2018 | 878 |
2017 | 0 |
2016 | 0 |
Prior | 333 |
Revolving Loans | 0 |
Total | 2,261 |
Commercial Owner Occupied RE [Member] | Substandard [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 988 |
2018 | 454 |
2017 | 1,176 |
2016 | 400 |
Prior | 5,224 |
Revolving Loans | 0 |
Total | 8,242 |
Commercial Owner Occupied RE [Member] | Doubtful | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | 0 |
Consumer [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 792 |
2019 | 9,005 |
2018 | 8,079 |
2017 | 4,296 |
2016 | 5,770 |
Prior | 33,926 |
Revolving Loans | 391,478 |
Total | 453,346 |
Consumer [Member] | 660-850 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 627 |
2019 | 7,093 |
2018 | 7,477 |
2017 | 3,462 |
2016 | 3,342 |
Prior | 21,332 |
Revolving Loans | 361,325 |
Total | 404,658 |
Consumer [Member] | 600-659 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 108 |
2019 | 771 |
2018 | 167 |
2017 | 185 |
2016 | 1,039 |
Prior | 5,748 |
Revolving Loans | 14,705 |
Total | 22,723 |
Consumer [Member] | 540-599 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 1 |
2019 | 69 |
2018 | 153 |
2017 | 236 |
2016 | 795 |
Prior | 3,126 |
Revolving Loans | 5,993 |
Total | 10,373 |
Consumer [Member] | Less than 540 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 56 |
2019 | 1,072 |
2018 | 282 |
2017 | 413 |
2016 | 594 |
Prior | 3,720 |
Revolving Loans | 9,455 |
Total | 15,592 |
Residential Mortgage [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 20,170 |
2019 | 64,927 |
2018 | 218,466 |
2017 | 254,344 |
2016 | 188,596 |
Prior | 370,009 |
Revolving Loans | 0 |
Total | 1,116,512 |
Residential Mortgage [Member] | 660-850 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 19,705 |
2019 | 50,503 |
2018 | 191,761 |
2017 | 236,191 |
2016 | 171,471 |
Prior | 317,518 |
Revolving Loans | 0 |
Total | 987,149 |
Residential Mortgage [Member] | 600-659 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 202 |
2019 | 11,096 |
2018 | 14,850 |
2017 | 13,690 |
2016 | 10,053 |
Prior | 22,938 |
Revolving Loans | 0 |
Total | 72,829 |
Residential Mortgage [Member] | 540-599 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 171 |
2019 | 1,883 |
2018 | 5,062 |
2017 | 1,645 |
2016 | 4,628 |
Prior | 13,289 |
Revolving Loans | 0 |
Total | 26,678 |
Residential Mortgage [Member] | Less than 540 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 92 |
2019 | 1,445 |
2018 | 6,793 |
2017 | 2,818 |
2016 | 2,444 |
Prior | 16,264 |
Revolving Loans | 0 |
Total | 29,856 |
Residential Construction [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 24,305 |
2019 | 75,844 |
2018 | 41,796 |
2017 | 5,660 |
2016 | 1,968 |
Prior | 0 |
Revolving Loans | 0 |
Total | 149,573 |
Residential Construction [Member] | 660-850 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 23,564 |
2019 | 72,488 |
2018 | 41,516 |
2017 | 5,660 |
2016 | 1,968 |
Prior | 0 |
Revolving Loans | 0 |
Total | 145,196 |
Residential Construction [Member] | 600-659 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 741 |
2019 | 3,356 |
2018 | 280 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | 4,377 |
Residential Construction [Member] | 540-599 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | 0 |
Residential Construction [Member] | Less than 540 [Member] | |
Financing Receivable Recorded Investment [Line Items] | |
2020 | 0 |
2019 | 0 |
2018 | 0 |
2017 | 0 |
2016 | 0 |
Prior | 0 |
Revolving Loans | 0 |
Total | $ 0 |
CREDIT QUALITY ASSESSMENT (hist
CREDIT QUALITY ASSESSMENT (historical information on the credit quality of the loan portfolio under the legacy disclosure) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | $ 51,374 | $ 38,632 |
Loans 90 days past due | 8 | 0 |
Restructured loans | 2,575 | 2,636 |
Total non-performing loans | 41,268 | |
Other real estate owned | 1,416 | 1,482 |
Total non-performing assets | 42,750 | |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 10,834 | 8,450 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 726 | 417 |
Total non-performing loans | 8,867 | |
Other real estate owned | 39 | |
Total non-performing assets | 8,906 | |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 5,596 | 4,107 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 0 | 364 |
Total non-performing loans | 4,471 | |
Other real estate owned | 64 | |
Total non-performing assets | 4,535 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 829 | 829 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 829 | |
Other real estate owned | 665 | |
Total non-performing assets | 1,494 | |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 17,770 | 8,437 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 775 | 775 |
Total non-performing loans | 9,212 | |
Other real estate owned | 409 | |
Total non-performing assets | 9,621 | |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 4,074 | 4,148 |
Loans 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 4,148 | |
Other real estate owned | 0 | |
Total non-performing assets | 4,148 | |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 12,271 | 12,661 |
Loans 90 days past due | 8 | 0 |
Restructured loans | 1,074 | 1,080 |
Total non-performing loans | 13,741 | |
Other real estate owned | 305 | |
Total non-performing assets | 14,046 | |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Non-accrual loans | 0 | 0 |
Loans 90 days past due | 0 | 0 |
Restructured loans | $ 0 | 0 |
Total non-performing loans | 0 | |
Other real estate owned | 0 | |
Total non-performing assets | $ 0 |
CREDIT QUALITY ASSESSMENT (Cr_2
CREDIT QUALITY ASSESSMENT (Credit Quality of Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | $ 27,748 | |
Non-accrual loans | $ 51,374 | 38,632 |
Loans aquired with deteriorated credit quality | 13,084 | |
Current loans | 6,625,768 | |
Total loans | 6,722,992 | 6,705,232 |
Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,278 | |
Non-accrual loans | 10,834 | 8,450 |
Loans aquired with deteriorated credit quality | 2,539 | |
Current loans | 788,752 | |
Total loans | 813,525 | 801,019 |
Consumer | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans aquired with deteriorated credit quality | 993 | |
Current loans | 457,450 | |
Total loans | 453,346 | 466,764 |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | |
Non-accrual loans | 829 | 829 |
Loans aquired with deteriorated credit quality | 0 | |
Current loans | 683,181 | |
Total loans | 643,114 | 684,010 |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 932 | |
Non-accrual loans | 17,770 | 8,437 |
Loans aquired with deteriorated credit quality | 9,544 | |
Current loans | 2,150,243 | |
Total loans | 2,241,240 | 2,169,156 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 316 | |
Non-accrual loans | 4,074 | 4,148 |
Loans aquired with deteriorated credit quality | 0 | |
Current loans | 1,284,213 | |
Total loans | 1,305,682 | 1,288,677 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 19,394 | |
Non-accrual loans | 12,271 | 12,661 |
Loans aquired with deteriorated credit quality | 8 | |
Current loans | 1,117,264 | |
Total loans | 1,116,512 | 1,149,327 |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,614 | |
Non-accrual loans | 0 | 0 |
Loans aquired with deteriorated credit quality | 0 | |
Current loans | 144,665 | |
Total loans | 149,573 | 146,279 |
31-60 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 48,253 | 19,986 |
31-60 days | Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 2,671 | 908 |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 9,356 | 0 |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 13,521 | 932 |
31-60 days | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 3,255 | 316 |
31-60 days | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 16,324 | 14,853 |
31-60 days | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | 280 |
61-90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 8,546 | 7,762 |
61-90 days | Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 438 | 370 |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | 0 |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 1,011 | 0 |
61-90 days | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
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 | 4,322 | 4,541 |
61-90 days | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | $ 1,471 | 1,334 |
> 90 days | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | |
> 90 days | Commercial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | |
> 90 days | Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | |
> 90 days | Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | |
> 90 days | Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | |
> 90 days | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | 0 | |
> 90 days | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Total past due | $ 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, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 6,722,992 | $ 6,705,232 |
Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 813,525 | 801,019 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,942,862 | |
Commercial Portfolio Segment [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 801,019 | |
Commercial Portfolio Segment [Member] | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,892,398 | |
Commercial Portfolio Segment [Member] | Pass | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 783,909 | |
Commercial Portfolio Segment [Member] | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,960 | |
Commercial Portfolio Segment [Member] | Special Mention | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,487 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 42,504 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 14,623 | |
Commercial Portfolio Segment [Member] | Doubtful | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Commercial Portfolio Segment [Member] | Doubtful | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Commercial Real Estate Portfolio Segment | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 643,114 | 684,010 |
Commercial Real Estate Portfolio Segment | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,241,240 | 2,169,156 |
Commercial Real Estate Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 1,305,682 | 1,288,677 |
Commercial Real Estate Portfolio Segment | Pass | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 683,181 | |
Commercial Real Estate Portfolio Segment | Pass | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,146,971 | |
Commercial Real Estate Portfolio Segment | Pass | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,278,337 | |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,189 | |
Commercial Real Estate Portfolio Segment | Special Mention | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,284 | |
Commercial Real Estate Portfolio Segment | Substandard [Member] | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 829 | |
Commercial Real Estate Portfolio Segment | Substandard [Member] | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 18,996 | |
Commercial Real Estate Portfolio Segment | Substandard [Member] | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,056 | |
Commercial Real Estate Portfolio Segment | Doubtful | Commercial AD&C [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Commercial Real Estate Portfolio Segment | Doubtful | Commercial Investor RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 0 | |
Commercial Real Estate Portfolio Segment | Doubtful | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 0 |
CREDIT QUALITY ASSESSMENT (In_4
CREDIT QUALITY ASSESSMENT (Information by Credit Risk Rating Indicators for Those Remaining Segments of Loan Portfolio) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | $ 6,722,992 | $ 6,705,232 |
Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 453,346 | 466,764 |
Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,116,512 | 1,149,327 |
Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | $ 149,573 | 146,279 |
Homogeneous Loan Pools | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,762,370 | |
Homogeneous Loan Pools | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 466,764 | |
Homogeneous Loan Pools | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,149,327 | |
Homogeneous Loan Pools | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 146,279 | |
Homogeneous Loan Pools | Performing Financing Receivable | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,744,158 | |
Homogeneous Loan Pools | Performing Financing Receivable | Consumer | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 462,293 | |
Homogeneous Loan Pools | Performing Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,135,586 | |
Homogeneous Loan Pools | Performing Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 146,279 | |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Loans 90 Days Or More Past Due | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 0 | |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Non-accruing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 16,768 | |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Restructured Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 1,444 | |
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 | |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Consumer | Non-accruing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 4,107 | |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Consumer | Accruing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 364 | |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | Loans 90 Days Or More Past Due | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 0 | |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Mortgage | Non-accruing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 12,661 | |
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 | 1,080 | |
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 | |
Homogeneous Loan Pools | Nonperforming Financing Receivable | Residential Real Estate Portfolio Segment | Residential Construction | Non-accruing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans and leases | 0 | |
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 |
CREDIT QUALITY ASSESSMENT (Rest
CREDIT QUALITY ASSESSMENT (Restructured Loans at the date of Restructuring For Specific Segments of the Loan Portfolio) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | $ 322 | $ 1,309 |
Restructured non-accruing | 1,107 | 1,050 |
Balance | 1,429 | 2,359 |
Specific allowance | 180 | 401 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 322 | 170 |
Restructured non-accruing | 0 | 261 |
Balance | 322 | 431 |
Specific allowance | 80 | 196 |
Restructured and subsequently defaulted | 0 | 0 |
All Other | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 364 |
Restructured non-accruing | 0 | 0 |
Balance | 0 | 364 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Portfolio Segment | Commercial AD&C [Member] | ||
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 RE [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 775 |
Restructured non-accruing | 347 | 789 |
Balance | 347 | 1,564 |
Specific allowance | 60 | 205 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Portfolio Segment | Commercial Owner Occupied RE [Member] | ||
Financing Receivable Modifications [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 760 | 0 |
Balance | 760 | 0 |
Specific allowance | 40 | 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 ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 24,584,000 | $ 12,156,000 |
Accumulated Amortization | (4,803,000) | (4,315,000) |
Net Carrying Amount | 19,781,000 | 7,841,000 |
Goodwill Gross Carrying Amount | 369,708,000 | 347,149,000 |
Goodwill, Net Carrying Amount | 369,708,000 | 347,149,000 |
Core deposits [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10,678,000 | 10,678,000 |
Accumulated Amortization | (4,077,000) | (3,689,000) |
Net Carrying Amount | $ 6,601,000 | $ 6,989,000 |
Finite-Lived Intangible Asset, Useful Life | 7 years 9 months 18 days | 8 years |
Other Identifiable Intangible Assets | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 13,906,000 | $ 1,478,000 |
Accumulated Amortization | (726,000) | (626,000) |
Net Carrying Amount | $ 13,180,000 | $ 852,000 |
Finite-Lived Intangible Asset, Useful Life | 11 years 4 months 24 days | 9 years 8 months 12 days |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Net Carrying Amount of Goodwill By Segment) (Detail) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Beginning balance | $ 347,149,000 |
Acquisition of Rembert Pendleton Jackson | 22,559,000 |
Ending balance | 369,708,000 |
Community Banking | |
Goodwill [Line Items] | |
Beginning balance | 331,173,000 |
Acquisition of Rembert Pendleton Jackson | 0 |
Ending balance | 331,173,000 |
Insurance | |
Goodwill [Line Items] | |
Beginning balance | 6,788,000 |
Acquisition of Rembert Pendleton Jackson | 0 |
Ending balance | 6,788,000 |
Investment Management | |
Goodwill [Line Items] | |
Beginning balance | 9,188,000 |
Acquisition of Rembert Pendleton Jackson | 22,559,000 |
Ending balance | $ 31,747,000 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Estimated Future Amortization Expense for Amortizing Intangibles) (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Goodwill and Intangible Assets [Abstract] | |
2020 | $ 2,893 |
2021 | 3,305 |
2022 | 2,939 |
2023 | 2,573 |
Thereafter | 8,071 |
Total amortizing intangible assets | $ 19,781 |
DEPOSITS (Composition of Deposi
DEPOSITS (Composition of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Disclosure Composition Of Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 1,939,937 | $ 1,892,052 |
Interest-bearing deposits: | ||
Demand | 864,620 | 836,433 |
Money market savings | 1,806,875 | 1,839,593 |
Regular savings | 335,831 | 329,919 |
Time deposits of less than $100,000 | 456,017 | 463,431 |
Time deposits of $100,000 or more | 1,190,594 | 1,078,891 |
Total interest-bearing deposits | 4,653,937 | 4,548,267 |
Total deposits | $ 6,593,874 | $ 6,440,319 |
SUBORDINATED DEBENTURES (Additi
SUBORDINATED DEBENTURES (Additional Information) (Detail) - USD ($) $ in Thousands | Nov. 05, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Subordinated Borrowing [Line Items] | ||||
Subordinated Debt | $ 199,046 | $ 209,406 | ||
Repayments of Subordinated Debt | 10,310 | $ 0 | ||
Subordinated Debt [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated Debt | $ 175,000 | 200,000 | 200,000 | |
Purchase accounting premium | 1,846 | 1,894 | ||
Subordinated debt maturity date | Jan. 1, 2029 | |||
Subordinated debt fixed interest rate | 4.25% | |||
Debt issuance costs | $ 2,900 | 2,800 | 2,885 | |
Subordinated Debt [Member] | WashingtonFirst Bankshares Inc [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated Debt | 25,000 | |||
Purchase accounting premium | $ 2,200 | |||
Maturity period | 10 years | |||
Subordinated debt maturity date | Oct. 15, 2025 | |||
Subordinated debt fixed interest rate | 6.00% | |||
Junior subordinated debt securities [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated Debt | 10,310 | |||
Purchase accounting premium | $ 87 | |||
Repayments of Subordinated Debt | $ 10,300 | |||
Junior subordinated debt securities [Member] | WashingtonFirst Bankshares Inc [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated Debt | 10,300 | |||
Purchase accounting premium | $ 100 | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Description of Variable Rate Basis | three month LIBOR, or an alternative benchmark rate as determined pursuant to the terms of the indenture for the notes in the event LIBOR has been discontinued by November 15, 2024, plus 262 basis points | |||
Basis spread variable interest rate | 2.62% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt [Member] | WashingtonFirst Bankshares Inc [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Description of Variable Rate Basis | at 3 month LIBOR plus 467 basis points | |||
Basis spread variable interest rate | 4.67% |
SUBORDINATED DEBENTURES (Detail
SUBORDINATED DEBENTURES (Detailed information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Nov. 05, 2019 |
Borrowings [Line Items] | |||
Subordinated Debt | $ 199,046 | $ 209,406 | |
Subordinated Debt [Member] | |||
Borrowings [Line Items] | |||
Subordinated Debt | 200,000 | 200,000 | $ 175,000 |
Purchase accounting premium | 1,846 | 1,894 | |
Less: Debt Issuance Costs | $ (2,800) | (2,885) | $ (2,900) |
Trust preferred securities [Member] | |||
Borrowings [Line Items] | |||
Subordinated Debt | 10,310 | ||
Purchase accounting premium | $ 87 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) $ in Millions | 16 Months Ended |
Mar. 31, 2020USD ($)shares | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,800,000 |
Stock Repurchased During Period Shares | 1,488,519 |
Stock Repurchased During Period Value | $ | $ 50 |
SHARE BASED COMPENSATION (Addit
SHARE BASED COMPENSATION (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | May 06, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options exercised intrinsic value | $ 60 | ||
Options Granted | 0 | ||
Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options Vested, Fair Value | |||
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 | 970,957 | ||
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 | 181,186 | ||
2015 Omnibus Incentive Plan | Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise period | 7 years | ||
2015 Omnibus Incentive Plan | Maximum | |||
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 | 54,472 | ||
2015 Omnibus Incentive Plan | 3 or 5 Year Vesting Period | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock award | 126,714 | ||
2015 Omnibus Incentive Plan | Stock Options and Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Recognized Compensation expense | $ 800 | 700 | |
2015 Omnibus Incentive Plan | Stock Option | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized Compensation expense | $ 100 | ||
Expected cost recognition weighted average period | 1 year | ||
Options exercised intrinsic value | $ 100 | $ 100 | |
Options Granted | 0 | ||
2015 Omnibus Incentive Plan | Restricted Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized Compensation expense | $ 9,700 | ||
Expected cost recognition weighted average period | 3 years 3 months 18 days |
SHARE BASED COMPENSATION (Summa
SHARE BASED COMPENSATION (Summary of Share Option Activity) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Number of Common Shares | ||
Beginning balance | 65,279 | |
Granted | 0 | |
Exercised | (6,013) | (6,755) |
Forfeited | (323) | |
Expired | (426) | |
Ending balance | 58,517 | |
Exercisable, Common Shares | 44,740 | |
Weighted Average Exercise Share Price | ||
Beginning balance | $ 31.34 | |
Granted | 0 | |
Exercised | 20.26 | |
Forfeited | 39.20 | |
Expired | 20.26 | |
Ending balance | 32.52 | |
Exercisable Weighted Average Exercise Price | 30.42 | |
Weighted average fair value of options granted during the year | $ 0 | |
Weighted Average Contractual Remaining Life(Years) | ||
Balance at end of period | 3 years 2 months 12 days | |
Exercisable at end of period | 2 years 8 months 12 days | |
Aggregate Intrinsic value | ||
Beginning balance | $ 485 | |
Exercised | 60 | |
Ending balance | 0 | |
Exercisable, Intrinsic Value | $ 0 |
SHARE BASED COMPENSATION (Sum_2
SHARE BASED COMPENSATION (Summary of Activity for Company's Restricted Stock) (Detail) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Weighted Average Grant-Date Fair Value | |
Granted | $ 0 |
Restricted Stock | |
Number of Shares | |
Nonvested beginning balance | shares | 226,502 |
Granted | shares | 181,186 |
Vested | shares | 0 |
Forfeited | shares | (7,057) |
Nonvested ending balance | shares | 400,631 |
Weighted Average Grant-Date Fair Value | |
Nonvested beginning balance | $ 35.43 |
Granted | 26.40 |
Vested | 0 |
Forfeited | 47.58 |
Nonvested ending balance | $ 31.13 |
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, 2020 | Mar. 31, 2019 | |
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract] | ||
Interest cost on projected benefit obligation | $ 359 | $ 402 |
Expected return on plan assets | (456) | (412) |
Recognized net actuarial loss | 219 | 265 |
Net periodic benefit cost | $ 122 | $ 255 |
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, 2020 | Mar. 31, 2019 | |
Net Inocme Per Common Share [Abstract] | ||
Net income | $ 9,987 | $ 30,317 |
Basic: | ||
Basic weighted average EPS shares | 34,979 | 35,794 |
Basic net income per share | $ 0.29 | $ 0.85 |
Diluted: | ||
Basic weighted average EPS shares | 34,979 | 35,794 |
Dilutive common stock equivalents | 78 | 13 |
Dilutive EPS shares | 35,057 | 35,807 |
Diluted net income per share | $ 0.28 | $ 0.85 |
Anti-dilutive shares | 9 | 12 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Net Accumulated Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ (4,332) | $ (15,754) |
Other comprehensive income before reclassification, net of tax | 10,639 | 6,508 |
Reclassifications from accumulated other comprehensive income, net of tax | 37 | 196 |
Total other comprehensive income | 10,676 | 6,704 |
Ending Balance | 6,344 | (9,050) |
Unrealized Gains (Losses) on Investments Available-for-Sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 4,000 | (6,630) |
Other comprehensive income before reclassification, net of tax | 10,639 | 6,508 |
Reclassifications from accumulated other comprehensive income, net of tax | (127) | 0 |
Total other comprehensive income | 10,512 | 6,508 |
Ending Balance | 14,512 | (122) |
Defined Benefit Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (8,332) | (9,124) |
Other comprehensive income before reclassification, net of tax | 0 | 0 |
Reclassifications from accumulated other comprehensive income, net of tax | 164 | 196 |
Total other comprehensive income | 164 | 196 |
Ending Balance | $ (8,168) | $ (8,928) |
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, 2020 | Mar. 31, 2019 | |
Unrealized gains/(losses) on investments available-for-sale Affected line item in the Statements of Income: | ||
Investment securities gains | $ 169 | $ 0 |
Income before taxes | 169 | 0 |
Tax expense | (42) | 0 |
Net income | 127 | 0 |
Amortization of defined benefit pension plan items Affected line item in the Statements of Income: | ||
Recognized actuarial loss | (219) | (265) |
Income before taxes | (219) | (265) |
Tax expense | 55 | 69 |
Net income/ (Loss) | $ (164) | $ (196) |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
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 | $ 67,500 |
Operating Lease Liability | 75,124 |
Operating Lease, Expense | 2,700 |
ROU asset obtained in exchange for lease obligations | 300 |
Cash paid for amounts included in the measurement of lease liabilities | $ 2,100 |
Weighted average remaining lease term | 10 years 2 months 12 days |
Weighted average discount rate | 3.27% |
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) $ in Thousands | Mar. 31, 2020USD ($) |
Operating Lease Liabilities, Payments Due [Abstract] | |
One year | $ 8,136 |
Two years | 10,421 |
Three years | 10,101 |
Four years | 10,120 |
Five years | 8,402 |
Thereafter | 42,730 |
Total undiscounted lease payments | 89,910 |
Less: Present value discount | (14,786) |
Lease Liability | $ 75,124 |
FINANCIAL INSTRUMENTS WITH OF_2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND DERIVATIVES (Detail) - Swap - Commercial Loan [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Notional Amount | $ 204.2 | $ 204.7 |
Estimated Fair Value | $ 9.6 | $ 2.5 |
FAIR VALUE - Narrative (Details
FAIR VALUE - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value [Abstract] | ||
Financing Receivable, Individually Evaluated for Credit Loss | $ 37,675 | $ 24,773 |
Allowance related to loans evaluated individually | 8,643 | 5,501 |
Loans receivable, fair value | $ 29,000 | $ 19,300 |
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, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale (at fair value) | $ 67,114 | $ 53,701 |
Investments available-for-sale (at fair value) | 1,187,607 | 1,073,333 |
U.S. treasuries and government agencies | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 180,344 | 258,495 |
State and municipal | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 276,449 | 233,649 |
Mortgage-Backed and asset-backed | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 718,482 | 570,759 |
Corporate Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 12,332 | 9,552 |
Trust Preferred | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 310 |
Marketable Equity Securities | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 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) | 67,114 | 53,701 |
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) | 180,344 | 258,495 |
Fair Value, Measurements, Recurring | State and municipal | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 276,449 | 233,649 |
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) | 718,482 | 570,759 |
Fair Value, Measurements, Recurring | Corporate Debt | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 12,332 | 9,552 |
Fair Value, Measurements, Recurring | Trust Preferred | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investments available-for-sale (at fair value) | 0 | 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 | 9,571 | 2,507 |
Other liabilities | (9,571) | (2,507) |
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) | 67,114 | 53,701 |
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) | 180,344 | 258,495 |
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) | 276,449 | 233,649 |
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) | 718,482 | 570,759 |
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 | 9,571 | 2,507 |
Other liabilities | (9,571) | (2,507) |
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) | 12,332 | 9,552 |
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) | 0 | 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 (Change in the fair
FAIR VALUE (Change in the fair value of assets measured in the Condensed Consolidated Statements) (Detail) - Fair Value, Inputs, Level 3 - Available-for-sale Securities [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $ 9,862 |
Purchases of Level 3 assets | 3,050 |
Sales of level 3 assets | (310) |
Total unrealized gains (losses) included in other comprehensive income (loss) | (270) |
Ending balance | $ 12,332 |
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, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 8,074 | $ 8,368 |
Total Losses | (9,675) | (6,580) |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 6,658 | 6,886 |
Total Losses | (9,364) | (6,299) |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 1,416 | 1,482 |
Total Losses | (311) | (281) |
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 | 8,074 | 8,368 |
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 | 6,658 | 6,886 |
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 | $ 1,416 | $ 1,482 |
FAIR VALUE (Carrying Amounts an
FAIR VALUE (Carrying Amounts and Fair Values of Company's Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Liabilities | ||
Securities sold under retail repurchase agreements and federal funds purchased | $ 125,305 | $ 213,605 |
Advances from FHLB | 754,061 | 513,777 |
Subordinated debentures | 199,046 | 209,406 |
Carying amount [member] | ||
Financial Assets | ||
Other equity securities | 62,953 | 51,803 |
Loans, net of allowance | 6,637,192 | 6,649,100 |
Other assets | 113,817 | 113,171 |
Financial Liabilities | ||
Time Deposits | 1,646,611 | 1,542,322 |
Securities sold under retail repurchase agreements and federal funds purchased | 125,305 | 213,605 |
Advances from FHLB | 754,061 | 513,777 |
Subordinated debentures | 199,046 | 209,406 |
Estimated fair value [member] | ||
Financial Assets | ||
Other equity securities | 62,953 | 51,803 |
Loans, net of allowance | 6,721,435 | 6,628,054 |
Other assets | 113,817 | 113,171 |
Financial Liabilities | ||
Time Deposits | 1,663,576 | 1,547,116 |
Securities sold under retail repurchase agreements and federal funds purchased | 125,305 | 213,605 |
Advances from FHLB | 770,511 | 520,729 |
Subordinated debentures | 183,857 | 200,864 |
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 | 62,953 | 51,803 |
Loans, net of allowance | 0 | 0 |
Other assets | 113,817 | 113,171 |
Financial Liabilities | ||
Time Deposits | 1,663,576 | 1,547,116 |
Securities sold under retail repurchase agreements and federal funds purchased | 125,305 | 213,605 |
Advances from FHLB | 770,511 | 520,729 |
Subordinated debentures | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial Assets | ||
Other equity securities | 0 | 0 |
Loans, net of allowance | 6,721,435 | 6,628,054 |
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 | $ 183,857 | $ 200,864 |
SEGMENT REPORTING (Additional I
SEGMENT REPORTING (Additional Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Amortization Of Intangible Assets | $ 600 | $ 491 |
Community Banking | ||
Segment Reporting Information [Line Items] | ||
Amortization Of Intangible Assets | 400 | $ 400 |
Investment Management | ||
Segment Reporting Information [Line Items] | ||
Amortization Of Intangible Assets | 200 | |
Investment Management | West Financial and RPJ | ||
Segment Reporting Information [Line Items] | ||
Assets under management | $ 2,600,000 |
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, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 83,858 | $ 88,183 | |
Interest expense | 19,524 | 21,433 | |
Provision for credit losses | 24,469 | (128) | $ 4,684 |
Noninterest income | 18,168 | 16,969 | |
Noninterest expense | 47,746 | 44,192 | |
Income before income taxes | 10,287 | 39,655 | |
Income tax expense | 300 | 9,338 | |
Net income | 9,987 | 30,317 | |
Assets | 8,929,602 | 8,327,900 | $ 8,629,002 |
Intersegment Elimination | |||
Segment Reporting Information [Line Items] | |||
Interest income | (4) | (3) | |
Interest expense | (4) | (3) | |
Provision for credit losses | 0 | 0 | |
Noninterest income | (204) | (167) | |
Noninterest expense | (204) | (167) | |
Income before income taxes | 0 | 0 | |
Income tax expense | 0 | 0 | |
Net income | 0 | 0 | |
Assets | (54,791) | (30,324) | |
Community Banking | |||
Segment Reporting Information [Line Items] | |||
Interest income | 83,857 | 88,183 | |
Interest expense | 19,528 | 21,436 | |
Provision for credit losses | 24,469 | (128) | |
Noninterest income | 13,977 | 12,707 | |
Noninterest expense | 44,655 | 41,211 | |
Income before income taxes | 9,182 | 38,371 | |
Income tax expense | 1 | 8,993 | |
Net income | 9,181 | 29,378 | |
Assets | 8,917,849 | 8,326,141 | |
Insurance | |||
Segment Reporting Information [Line Items] | |||
Interest income | 3 | 1 | |
Interest expense | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Noninterest income | 2,129 | 1,904 | |
Noninterest expense | 1,464 | 1,420 | |
Income before income taxes | 668 | 485 | |
Income tax expense | 185 | 135 | |
Net income | 483 | 350 | |
Assets | 10,887 | 11,519 | |
Investment Management | |||
Segment Reporting Information [Line Items] | |||
Interest income | 2 | 2 | |
Interest expense | 0 | 0 | |
Provision for credit losses | 0 | 0 | |
Noninterest income | 2,266 | 2,525 | |
Noninterest expense | 1,831 | 1,728 | |
Income before income taxes | 437 | 799 | |
Income tax expense | 114 | 210 | |
Net income | 323 | 589 | |
Assets | $ 55,657 | $ 20,564 |