COVER
COVER - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 16, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 0-19065 | ||
Entity Registrant Name | SANDY SPRING BANCORP, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 52-1532952 | ||
Entity Address, Address Line One | 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 | ||
Title of 12(b) Security | Common Stock, par value $1.00 per share | ||
Trading Symbol | SASR | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2 | ||
Entity Common Stock, Shares Outstanding | 45,131,555 | ||
Documents Incorporated by Reference | Documents Incorporated By Reference Part III: Portions of the definitive proxy statement for the Annual Meeting of Shareholders to be held on May 18, 2022 (the "Proxy Statement"). | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000824410 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | Tysons, VA |
CONSOLIDATED STATEMENTS OF COND
CONSOLIDATED STATEMENTS OF CONDITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 65,630 | $ 93,651 |
Federal funds sold | 312 | 291 |
Interest-bearing deposits with banks | 354,078 | 203,061 |
Cash and cash equivalents | 420,020 | 297,003 |
Residential mortgage loans held for sale (at fair value) | 39,409 | 78,294 |
Investments available-for-sale (at fair value) | 1,465,896 | 1,348,021 |
Equity securities | 41,166 | 65,760 |
Total loans | 9,967,091 | 10,400,509 |
Less: allowance for credit losses | (109,145) | (165,367) |
Net loans | 9,857,946 | 10,235,142 |
Premises and equipment, net | 59,685 | 57,720 |
Other real estate owned | 1,034 | 1,455 |
Accrued interest receivable | 34,349 | 46,431 |
Goodwill | 370,223 | 370,223 |
Other intangible assets, net | 25,920 | 32,521 |
Other assets | 275,078 | 265,859 |
Total assets | 12,590,726 | 12,798,429 |
Liabilities | ||
Noninterest-bearing deposits | 3,779,630 | 3,325,547 |
Interest-bearing deposits | 6,845,101 | 6,707,522 |
Total deposits | 10,624,731 | 10,033,069 |
Securities sold under retail repurchase agreements and federal funds purchased | 141,086 | 543,157 |
Advances from FHLB | 0 | 379,075 |
Subordinated debt | 172,712 | 227,088 |
Total borrowings | 313,798 | 1,149,320 |
Accrued interest payable and other liabilities | 132,518 | 146,085 |
Total liabilities | 11,071,047 | 11,328,474 |
Stockholders' equity | ||
Common stock | 45,119 | 47,057 |
Additional paid-in capital | 751,072 | 846,922 |
Retained earnings | 732,027 | 557,271 |
Accumulated other comprehensive income/ (loss) | (8,539) | 18,705 |
Total stockholders' equity | 1,519,679 | 1,469,955 |
Total liabilities and stockholders' equity | $ 12,590,726 | $ 12,798,429 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF CONDITION - (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 45,118,930 | 47,056,777 |
Common stock, shares outstanding (in shares) | 45,118,930 | 47,056,777 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income: | |||
Interest and fees on loans | $ 423,152 | $ 393,477 | $ 316,550 |
Interest on loans held for sale | 1,736 | 1,686 | 1,607 |
Interest on deposits with banks | 725 | 446 | 2,129 |
Interest and dividends on investment securities: | |||
Taxable for federal income taxes | 16,118 | 22,136 | 21,739 |
Exempt from federal income taxes | 8,552 | 5,814 | 5,834 |
Interest on federal funds sold | 1 | 1 | 10 |
Total interest income | 450,284 | 423,560 | 347,869 |
Interest expense: | |||
Interest on deposits | 15,022 | 41,651 | 61,681 |
Interest on retail repurchase agreements and federal funds purchased | 182 | 1,965 | 1,161 |
Interest on advances from FHLB | 2,649 | 6,593 | 16,578 |
Interest on subordinated debt | 7,913 | 10,192 | 3,141 |
Total interest expense | 25,766 | 60,401 | 82,561 |
Net interest income | 424,518 | 363,159 | 265,308 |
Provision/ (credit) | (45,556) | 85,669 | 4,684 |
Net interest income after provision/ (credit) for credit losses | 470,074 | 277,490 | 260,624 |
Non-interest income: | |||
Investment securities gains | 212 | 467 | 77 |
Insurance agency commissions | 7,017 | 6,795 | 6,612 |
Income from bank owned life insurance | 3,022 | 2,867 | 3,165 |
Other income | 15,317 | 9,221 | 8,780 |
Total non-interest income | 102,055 | 102,716 | 71,322 |
Non-interest expense: | |||
Salaries and employee benefits | 155,830 | 134,471 | 103,950 |
Occupancy expense of premises | 22,405 | 21,383 | 19,470 |
Equipment expenses | 12,883 | 12,224 | 10,720 |
Marketing | 4,730 | 4,281 | 4,456 |
Outside data services | 8,983 | 8,759 | 7,567 |
FDIC insurance | 4,294 | 4,727 | 2,260 |
Amortization of intangible assets | 6,600 | 6,221 | 1,946 |
Merger and acquisition expense | 45 | 25,174 | 1,312 |
Professional fees and services | 10,308 | 7,939 | 6,978 |
Other expenses | 34,392 | 30,603 | 20,426 |
Total non-interest expense | 260,470 | 255,782 | 179,085 |
Income before income tax expense | 311,659 | 124,424 | 152,861 |
Income tax expense | 76,552 | 27,471 | 36,428 |
Net income | $ 235,107 | $ 96,953 | $ 116,433 |
Earnings Per Share [Abstract] | |||
Basic net income per common share (in dollars per share) | $ 5 | $ 2.19 | $ 3.25 |
Diluted net income per common share (in dollars per share) | 4.98 | 2.18 | 3.25 |
Dividends declared per share (in dollars per share) | $ 1.28 | $ 1.20 | $ 1.18 |
Service charges on deposit accounts | |||
Non-interest income: | |||
Fees and commissions, mortgage banking and servicing | $ 8,241 | $ 7,066 | $ 9,692 |
Mortgage banking activities | |||
Non-interest income: | |||
Fees and commissions, mortgage banking and servicing | 24,509 | 40,058 | 14,711 |
Wealth management income | |||
Non-interest income: | |||
Fees and commissions, mortgage banking and servicing | 36,841 | 30,570 | 22,669 |
Bank card fees | |||
Non-interest income: | |||
Fees and commissions, mortgage banking and servicing | $ 6,896 | $ 5,672 | $ 5,616 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 235,107 | $ 96,953 | $ 116,433 |
Investments available-for-sale: | |||
Net change in unrealized gains/ (losses) on investments available-for-sale | (38,104) | 32,950 | 14,429 |
Related income tax expense/ (benefit) | 9,751 | (8,428) | (3,742) |
Net investment gains reclassified into earnings | (212) | (467) | (77) |
Related income tax expense | 54 | 120 | 20 |
Net effect on other comprehensive income/ (loss) | (28,511) | 24,175 | 10,630 |
Defined benefit pension plan: | |||
Net change of unrealized (gain)/ loss | 1,687 | (1,542) | 1,175 |
Related income tax expense/ (benefit) | (420) | 404 | (383) |
Net effect on other comprehensive income/ (loss) | 1,267 | (1,138) | 792 |
Total other comprehensive income/ (loss) | (27,244) | 23,037 | 11,422 |
Comprehensive income | $ 207,863 | $ 119,990 | $ 127,855 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Revision of Prior Period, Accounting Standards Update, Adjustment | Common Stock | Additional Paid-In Capital | Retained Earnings | Retained EarningsRevision of Prior Period, Accounting Standards Update, Adjustment | Accumulated Other Comprehensive Income/ (Loss) |
Balance at beginning of period at Dec. 31, 2018 | $ 1,067,903 | $ 35,531 | $ 606,573 | $ 441,553 | $ (15,754) | ||
Net income | 116,433 | 116,433 | |||||
Other comprehensive income, net of tax | 11,422 | 11,422 | |||||
Total other comprehensive income | 127,855 | ||||||
Common stock dividends | (42,272) | (42,272) | |||||
Stock compensation expense | 3,042 | 3,042 | |||||
Stock option plan | 334 | 15 | 319 | ||||
Directors stock purchase plan | 30 | 1 | 29 | ||||
Employee stock purchase plan | 1,069 | 37 | 1,032 | ||||
Restricted stock vesting, net of tax withholding | (703) | 54 | (757) | ||||
Repurchase of common stock | (24,284) | (668) | (23,616) | ||||
Balance at end of period at Dec. 31, 2019 | 1,132,974 | $ (2,221) | 34,970 | 586,622 | 515,714 | $ (2,221) | (4,332) |
Net income | 96,953 | 96,953 | |||||
Other comprehensive income, net of tax | 23,037 | 23,037 | |||||
Total other comprehensive income | 119,990 | ||||||
Common stock dividends | (53,175) | (53,175) | |||||
Stock compensation expense | 3,850 | 3,850 | |||||
Acquisition | 289,089 | 12,769 | 276,320 | ||||
Stock option plan | 316 | 27 | 289 | ||||
Conversion of stock options | 3,611 | 3,611 | |||||
Employee stock purchase plan | 1,681 | 65 | 1,616 | ||||
Restricted stock vesting, net of tax withholding | (458) | 46 | (504) | ||||
Repurchase of common stock | (25,702) | (820) | (24,882) | ||||
Balance at end of period at Dec. 31, 2020 | 1,469,955 | 47,057 | 846,922 | 557,271 | 18,705 | ||
Net income | 235,107 | 235,107 | |||||
Other comprehensive income, net of tax | (27,244) | (27,244) | |||||
Total other comprehensive income | 207,863 | ||||||
Common stock dividends | (60,351) | (60,351) | |||||
Stock compensation expense | 5,299 | 5,299 | |||||
Stock option plan | 3,694 | 270 | 3,424 | ||||
Employee stock purchase plan | 2,064 | 60 | 2,004 | ||||
Restricted stock vesting, net of tax withholding | (1,577) | 82 | (1,659) | ||||
Repurchase of common stock | (107,268) | (2,350) | (104,918) | ||||
Balance at end of period at Dec. 31, 2021 | $ 1,519,679 | $ 45,119 | $ 751,072 | $ 732,027 | $ (8,539) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 1.28 | $ 1.20 | $ 1.18 |
Revere Bank acquisition (in shares) | 12,768,949 | ||
Stock option plan (in shares) | 270,297 | 26,063 | 15,080 |
Director stock purchase plan (in shares) | 867 | ||
Conversion of Revere stock options (in shares) | 395,298 | ||
Employee stock purchase plan (in shares) | 60,018 | 65,337 | 37,091 |
Restricted stock vesting, net of tax withholding (in shares) | 81,838 | 46,386 | 54,789 |
Repurchase of common stock (in shares) | (2,350,000) | (820,328) | (668,191) |
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating activities: | |||
Net income | $ 235,107 | $ 96,953 | $ 116,433 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 14,522 | 19,873 | 13,398 |
Provision/ (credit) for credit losses | (45,556) | 85,669 | 4,684 |
Share based compensation expense | 5,299 | 3,850 | 3,042 |
Deferred income tax / (benefit) | 12,255 | (29,568) | 1,719 |
Origination of loans held for sale | (1,385,664) | (1,576,865) | (887,216) |
Proceeds from sales of loans held for sale | 1,456,110 | 1,585,690 | 869,294 |
Gains on sales of loans held for sale | (31,561) | (33,418) | (13,006) |
Losses on sale of other real estate owned | 241 | 32 | 173 |
Investment securities gains | (212) | (467) | (77) |
Loss on sales of premises and equipment | 0 | 0 | 269 |
Tax (benefit)/ expense associated with share based compensation | (1,850) | (133) | 92 |
Net (increase)/ decrease in accrued interest receivable | 12,082 | (15,499) | 1,327 |
Net (increase)/ decrease other assets | (35,498) | 1,500 | (3,664) |
Net increase/ (decrease) accrued expenses and other liabilities | (20,771) | 1,704 | (5,804) |
Other, net | 1,894 | 2,660 | (721) |
Net cash provided by operating activities | 216,398 | 141,981 | 99,943 |
Investing activities: | |||
Sales/ (purchases) of equity securities | 24,594 | 21,586 | |
Sales/ (purchases) of equity securities | (3,553) | ||
Purchases of investments available-for-sale | (933,491) | (633,741) | (326,604) |
Proceeds from sales of investment available-for-sale | 400,567 | 121,357 | 2,926 |
Proceeds from maturities, calls and principal payments of investments available-for-sale | 369,678 | 441,672 | 199,652 |
Net (increase)/ decrease in loans | 457,724 | (1,174,467) | (134,012) |
Proceeds from the sales of other real estate owned | 680 | 60 | 324 |
Cash paid for the acquisition of business activity of RPJ, net of cash acquired | 0 | (26,925) | 0 |
Cash acquired in the acquisition of business activity of Revere Bank, net of cash paid | 0 | 80,442 | 0 |
Expenditures for premises and equipment | (11,491) | (5,041) | (5,148) |
Net cash provided by/ (used in) investing activities | 308,261 | (1,200,196) | (241,276) |
Financing activities: | |||
Net increase in deposits | 595,942 | 1,270,328 | 525,439 |
Net increase/ (decrease) in in retail repurchase agreements and federal funds purchased | (402,071) | 329,552 | (113,824) |
Proceeds from advances from borrowings | 0 | 400,000 | 2,298,000 |
Repayment of advances from borrowings | (379,075) | (703,117) | (2,457,834) |
Retirement of subordinated debt | (53,000) | (10,310) | 0 |
Proceeds from issuance of common stock | 5,758 | 1,997 | 1,433 |
Stock tendered for payment of withholding taxes | (1,577) | (458) | (703) |
Repurchase of Common Stock | (107,268) | (25,702) | (24,284) |
Dividends paid | (60,351) | (53,175) | (42,272) |
Net cash provided by/ (used in) financing activities | (401,642) | 1,209,115 | 185,955 |
Net increase in cash and cash equivalents | 123,017 | 150,900 | 44,622 |
Cash and cash equivalents at beginning of year | 297,003 | 146,103 | 101,481 |
Cash and cash equivalents at end of year | 420,020 | 297,003 | 146,103 |
Supplemental Disclosures: | |||
Interest payments | 37,847 | 62,637 | 84,448 |
Income tax payments, net of refunds of $2,673 in 2021 | 71,908 | 56,430 | 33,795 |
Transfers from loans to other real estate owned | $ 257 | $ 70 | $ 414 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - Parenthetical $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Statement of Cash Flows [Abstract] | |
Income tax refunds | $ 2,673 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Sandy Spring Bancorp, Inc. ("Sandy Spring" or, together with its subsidiaries, the "Company"), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”), which conducts a full-service commercial banking, mortgage banking and trust business. Services to individuals and businesses include accepting deposits, extending credit to buy real estate or equipment, consumer and commercial loans and lines of credit, general insurance, personal trust, and investment and wealth management services. The Company operates in central Maryland, Northern Virginia, and the greater Washington D.C. market. The Company offers investment and wealth management services through the Bank’s subsidiaries, West Financial Services ("West Financial") and Rembert Pendleton Jackson ("RPJ"). Insurance products are available to clients through Sandy Spring Insurance Corporation ("Sandy Spring Insurance"), and Neff & Associates, which are agencies of Sandy Spring Insurance. Basis of Presentation The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices within the financial services industry for financial information. 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. The Company has evaluated subsequent events through the date of the issuance of its financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Sandy Spring Bank and its subsidiaries, Sandy Spring Insurance, West Financial and RPJ. Consolidation has resulted in the elimination of all significant intercompany accounts and transactions. See Note 25 for more information on the Company's segments and consolidation. 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 an 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. Assets Under Management Assets held for others under fiduciary and agency relationships are not assets of the Company or its subsidiaries and are not included in the accompanying Consolidated Statements of Condition. Trust department income and investment management fees are presented on an accrual basis. 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 an 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 Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard Codification (“ASC”) 606 – Revenue from Contracts with Customers. For revenue within the scope of ASC 606, 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 and RPJ 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. An 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. The overdraft services obligation is satisfied at the time of the overdraft and revenue is recognized as earned. Residential Mortgage Loans Held for Sale The Company engages in sales of residential mortgage loans originated by the Bank. Loans held for sale are carried at fair value. Fair value is derived from secondary market quotations for similar instruments. The Company measures residential mortgage loans at fair value when the Company first recognizes the loan (i.e., the fair value option). Changes in fair value of these loans are recorded in earnings as a component of mortgage banking activities in non-interest income in the Consolidated Statements of Income. The Company's current practice is to sell the majority of such loans on a servicing released basis. Any retained servicing assets are amortized in proportion to their net servicing fee income over the life of the respective loans. Servicing assets are evaluated for impairment on a periodic basis. Investments Available-for-Sale Debt securities not classified as held-to-maturity or trading are classified as securities available-for-sale. Securities available-for-sale are acquired as part of the Company's asset/liability management strategy and may be sold in response to changes in interest rates, loan demand, changes in prepayment risk or other factors. Securities available-for-sale are carried at fair value, with unrealized gains or losses based on the difference between amortized cost and fair value, reported net of deferred tax, as accumulated other comprehensive income/ (loss), a separate component of stockholders' equity. The carrying values of securities available-for-sale are adjusted for premium amortization and discount accretion. Premium is amortized to the earliest call date and discount accreted to the maturity date using the effective interest method. Realized gains and losses on security sales or maturities, using the specific identification method, are included as a separate component of non-interest income. Related interest and dividends are included in interest income. Declines in the fair value of individual available-for-sale securities below their amortized cost due to credit-related factors are recognized as an allowance for credit losses. Credit-related factors affecting the determination of whether impairment has occurred include a downgrading of the security below investment grade by a rating agency or due to potential default, a significant deterioration in the financial condition of the issuer, increase in entity-specific credit spreads. Additionally, on any available-for-sale securities with unrealized losses, the Company evaluates its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. Equity Securities Equity securities include Federal Reserve Bank stock, Federal Home Loan Bank of Atlanta ("FHLB") stock and other equities that are considered restricted as to marketability and recorded at cost. As these securities do not have readily available market values, they are carried at cost and adjusted for any necessary impairments each reporting period. Loan Financing Receivables The Company’s financing receivables consist primarily of loans that are stated at their principal balance outstanding, net of any unearned income, acquisition fair value marks and deferred loan origination fees and costs. Interest income on loans is accrued at the contractual rate based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Loans are considered past due or delinquent when the principal or interest due in accordance with the contractual terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Immaterial shortfalls in payment amounts do not necessarily result in a loan being considered delinquent or past due. If any payments are past due and subsequent payments are resumed without payment of the delinquent amount, the loan shall continue to be considered past due. Whenever any loan is reported delinquent on a principal or interest payment or portion thereof, the amount reported as delinquent is the outstanding principal balance of the loan. Loans, except for consumer installment loans, are placed into non-accrual status when any portion of the loan principal or interest becomes 90 days past due. Management may determine that certain circumstances warrant earlier discontinuance of interest accruals on specific loans if an evaluation of other relevant factors (such as bankruptcy, interruption of cash flows, etc.) indicates collection of amounts contractually due is unlikely. These loans are considered, collectively, to be non-performing loans. Consumer installment loans that are not secured by real estate are not placed on non-accrual, but are charged down to their net realizable value when they are four months past due. Loans designated as non-accrual have all previously accrued but unpaid interest reversed. Interest income is not recognized on non-accrual loans. All payments received on non-accrual loans are applied using a cost-recovery method to reduce the outstanding principal balance until the loan returns to accrual status. Loans may be returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans considered to be TDRs are loans that have their terms restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provide payment relief to a borrower experiencing financial difficulty. All restructured collateral-dependent loans are individually assessed for allowance for credit losses and may either be in accruing or non-accruing status. Non-accruing restructured loans may return to accruing status provided doubt has been removed concerning the collectability of principal and interest as evidenced by a sufficient period of payment performance in accordance with the restructured terms. Loans may be removed from the restructured category if the borrower is no longer experiencing financial difficulty, a re-underwriting event took place, and the revised loan terms of the subsequent restructuring agreement are considered to be consistent with terms that can be obtained in the market for loans with comparable credit risk. Allowance for Credit Losses On January 1, 2020, the Company adopted the provisions of ASU No. 2016-13, Current Expected Credit Losses . The allowance for credit losses (“allowance” or “ACL”) represents an amount which, in management's judgment, reflects 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 expense. Determination of the appropriateness 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 the expected impact of certain factors not fully captured in the collective quantified reserve, including concentrations of the loan portfolio, expected changes to the economic forecasts, large relationships, early delinquencies, and factors related to credit administration, 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 5 for more details on 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 for commercial loans or Beacon Scores ranges for residential and consumer loans. 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. The reasonable and supportable forecast period represents a two-year economic outlook for the applicable economic variables. 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 business bankruptcies. Contractual loan level cash flows within the discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience. 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 costs 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 balance, 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 costs 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. The Company reviews its unfunded commitments to determine if they are unconditionally cancellable by the Company. If the unfunded commitment is determined to not be unconditionally cancellable by the Company, a reserve for unfunded commitments is established. The reserve for unfunded commitments considers both the likelihood that the funding will occur and an estimate of expected credit losses over the life of the commitment. 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. Acquired Loans Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value. The allowance for credit losses related to the acquired loan portfolio is not carried over. Acquired loans are classified into two categories based on the credit risk characteristics of the underlying borrowers as either purchased credit deteriorated (“PCD”) loans, or loans with no evidence of credit deterioration (“non-PCD”). PCD loans are defined as a loan or pool of loans that have experienced more-than-insignificant credit deterioration since the origination date. The Company uses a combination of individual and pooled review approaches to determine if acquired loans are PCD. At acquisition, the Company considers a number of factors to determine if an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. These factors include: • loans classified as non-accrual, • loans with risk rating of special mention or worse (using the Company's risk rating scale), • loans with multiple risk rating downgrades since origination, • loans with evidence of being 60 days or more past due, • loans previously modified in a troubled debt restructuring, • loans that received an interest only or payment deferral modification, and • loans in industries that show evidence of additional risk due to economic conditions. The initial allowance related to PCD loans that share similar risk characteristics is established using a pooled approach. The Company uses either a discounted cash flow or weighted average remaining life method to determine the required level of the allowance. PCD loans that were classified as non-accrual as of the acquisition date and are collateral dependent are assessed for allowance on an individual basis. For PCD loans, an initial allowance is established on the acquisition date and added to the fair value of the loan to arrive at acquisition date amortized cost. Accordingly, no provision for credit losses is recognized on PCD loans at the acquisition date. Subsequent to the acquisition date, the initial allowance on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. Non-PCD loans are pooled into segments together with originated loans that share similar risk characteristics and have an allowance established on the acquisition date, which is recognized in the current period provision for credit losses. Determining the fair value of the acquired loans involves estimating the principal and interest payment cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life, interest rate profile, market interest rate environment, payment schedules, risk ratings, probability of default and loss given default, and estimated prepayment rates. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s unpaid principal balance and amortized cost basis. The non-credit premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. For non-PCD loans, the fair value discount or premium is allocated to individual loans and recognized into interest income on a level yield basis over the remaining expected life of the loan. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization, computed using the straight-line method. Premises and equipment are depreciated over the useful lives of the assets, which generally range from 3 to 10 years for furniture, fixtures and equipment, 3 to 5 years for computer software and hardware, and 10 to 40 years for buildings and building improvements. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful lives of the improvements. The costs of major renewals and betterments are capitalized, while the costs of ordinary maintenance and repairs are included in non-interest expense. 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 Consolidated Statements of Condition. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Consolidated Statements of Income. 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 the lease commencement date, initial direct costs, any lease incentives received and, for acquired leases, any favorable or unfavorable fair value adjustments. The present value of the lease liability may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options provided in the lease terms. 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. Goodwill and Other Intangible Assets Goodwill represents the excess purchase price paid over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairment testing requires that the fair value of each of the Company’s reporting units be compared to the carrying amount of the reporting unit’s net assets, including goodwill. The Company’s reporting units were identified based upon an analysis of each of its individual operating segments. If the fair values of the reporting units exceed their book values, no write-down of recorded goodwill is required. If the fair value of a reporting unit is less than book value, an expense may be required to write-down the related goodwill to the proper carrying value. Any impairment would be realized through a reduction of goodwill or the intangible and an offsetting charge to non-interest expense. Annually, the Company performs an impairment test of goodwill as of October 1 of each year. During the year, any triggering event that occurs may affect goodwill and could require an impairment assessment. Determining the fair value of a reporting unit requires the Company to use a degree of subjectivity. The Company's annual impairment test of goodwill and other intangible assets did not identify any impairment. Additionally, the Company determined that there were no triggering events and as a result no evidence of impairment between the annual impairment test and December 31, 2021 . Accounting guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company assesses qualitative factors on a quarterly basis. Based on the assessment of these qualitative factors, if it is determined that it is more likely than not that the fair value of a reporting unit is not less than the carrying value, then performing the impairment process is not necessary. However, if it is determined that it is more likely than not that the carrying value exceeds the fair value a quantified analysis is required to determine whether an impairment exists. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Other intangible assets have finite lives and are reviewed for impairment annually. These assets are amortized over their estimated useful lives either on a straight-line or sum-of-the-years basis over varying periods that initially did not exceed 15 years. Other Real Estate Owned OREO is comprised of properties acquired in partial or total satisfaction of problem loans. The properties are recorded at fair value less estimated costs of disposal, on the date acquired or on the date that the Company acquires effective control over the property. Gains or losses arising at the time of acquisition of such properties are charged against the allowance for credit losses. During the holding period OREO continues to be measured at lower of cost or fair value less estimated costs of disposal, and any subsequent declines in value are expensed as incurred. Gains and losses realized from the sale of OREO, as well as valuation adjustments and expenses of operation are included in non-interest expense. Derivative Financial Instruments Derivative Loan Commitments Mortgage loan commitments are derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Derivative loan commitments are recognized at fair value in the Consolidated Statements of Condition in other assets or other liabilities with changes in their fair values recorded as a component of mortgage banking activities in the Consolidated Statements of Income. Mortgage loan commitments are issued to borrowers. Subsequent to commitment date, changes in the fair value of the loan commitment are recognized based on changes in the fair value of the underlying mortgage loan due to interest rate changes, changes in the probability the derivative loan commitment will be exercised, and the passage of time. In estimating fair value, a probability is assigned to a loan commitment based on an expectation that it will be exercised and the loan will be funded. Forward Loan Sale Commitments Loan sales agreements are evaluated to determine whether they meet the definition of a derivative as facts and circumstances may differ significantly. If agreements qualify, to protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery contracts are accounted for as derivative instruments. Generally, best efforts contracts also meet the definition of derivative instruments after the loan to the borrower has closed. Accordingly, forward loan sale commitments that economically hedge the closed loan inventory are recognized at fair value in the Consolidated Statements of Condition in other assets or other liabilities with changes in their fair values recorded as a component of mortgage banking acti |
ACQUISITION OF REVERE BANK
ACQUISITION OF REVERE BANK | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION OF REVERE BANK | ACQUISITION OF REVERE BANK On April 1, 2020 (“Acquisition Date”), the Company completed the acquisition of Revere Bank (“Revere”), a Maryland chartered commercial bank, in accordance with the definitive agreement that was entered into on September 23, 2019 by and among the Company, the Bank and Revere. In connection with the completion of the merger, former Revere shareholders received 1.05 shares of 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, and including the fair value of options converted or cashed-out, the total transaction value was approximately $293.0 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, headquartered in Rockville, MD, had more than $2.8 billion in assets and operated 11 full-service community banking offices throughout the Washington D.C. metropolitan region. The acquisition of Revere was accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid are recorded at estimated fair values on the Acquisition Date. The provisional amount of goodwill recognized as of the Acquisition Date was approximately $0.8 million. After immaterial adjustments recorded during the fourth quarter of 2020, the provisional amount of goodwill recognized as of December 31, 2020 was $0.5 million. Management's final review of assets acquired and liabilities assumed did not result in additional adjustments during the first quarter of 2021, and goodwill was determined to be final as of March 31, 2021. The goodwill is not deductible for tax purposes. The consideration paid for Revere’s common equity and outstanding stock options and the final fair values of acquired identifiable assets and assumed identifiable liabilities as of March 31, 2021 were as follows: (Dollars in thousands, except per share data) March 31, 2021 Purchase price: Fair value of common shares issued (12,768,949 shares) based on Sandy Spring's share price of $22.64 $ 289,089 Fair value of Revere stock options converted to Sandy Spring stock options 3,611 Cash paid for cashed-out Revere stock options 291 Cash for fractional shares 11 Total purchase price $ 293,002 Identifiable assets: Cash and cash equivalents $ 80,744 Investments available-for-sale 180,752 Loans 2,502,244 Premises and equipment 3,443 Accrued interest receivable 7,651 Core deposit intangible asset 18,360 Other assets 53,162 Total identifiable assets $ 2,846,356 Identifiable liabilities: Deposits $ 2,322,422 Borrowings 205,514 Other liabilities 25,933 Total identifiable liabilities $ 2,553,869 Fair value of net assets acquired including identifiable intangible assets 292,487 Goodwill $ 515 |
CASH AND DUE FROM BANKS
CASH AND DUE FROM BANKS | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND DUE FROM BANKS | CASH AND DUE FROM BANKSThe Federal Reserve Act requires that banks maintain cash reserve balances with the Federal Reserve Bank based principally on the type and amount of their deposits. At its option, the Company maintains additional balances to compensate for clearing and safekeeping services. The average balance maintained in 2021 was $491.9 million and in 2020 was $236.3 million. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | INVESTMENTS Investments available-for-sale The amortized cost and estimated fair values of investments available-for-sale at December 31 are presented in the following table: 2021 2020 (In thousands) Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair U.S. treasuries and government agencies $ 68,487 $ 202 $ (150) $ 68,539 $ 42,750 $ 549 $ (2) $ 43,297 State and municipal 323,286 6,561 (3,445) 326,402 377,108 13,470 (211) 390,367 Mortgage-backed and asset-backed 1,074,577 8,203 (11,825) 1,070,955 881,201 24,078 (847) 904,432 Corporate debt — — — — 9,100 825 — 9,925 Total investments available-for-sale $ 1,466,350 $ 14,966 $ (15,420) $ 1,465,896 $ 1,310,159 $ 38,922 $ (1,060) $ 1,348,021 Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at December 31, 2021 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at December 31, 2021. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity. The Company does not intend to sell, nor is it more likely than not that it will be required to sell, these securities and has sufficient liquidity to hold these securities for an adequate period of time, which may be maturity, to allow for any anticipated recovery in fair value. The mortgage-backed and asset-backed portfolio at December 31, 2021 is composed entirely of either the most senior tranches of GNMA, FNMA or FHLMC collateralized mortgage obligations ($364.4 million), GNMA, FNMA or FHLMC mortgage-backed securities ($652.0 million) and SBA asset-backed securities ($54.6 million). Gross unrealized losses and fair values by length of time that individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following tables: December 31, 2021 Number Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. treasuries and government agencies 5 $ 49,695 $ 150 $ — $ — $ 49,695 $ 150 State and municipal 32 63,206 2,288 21,740 1,157 84,946 3,445 Mortgage-backed and asset-backed 104 665,813 10,145 37,857 1,680 703,670 11,825 Total 141 $ 778,714 $ 12,583 $ 59,597 $ 2,837 $ 838,311 $ 15,420 December 31, 2020 Number Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. treasuries and government agencies 2 $ 25,369 $ 2 $ — $ — $ 25,369 $ 2 State and municipal 8 22,753 211 — — 22,753 211 Mortgage-backed and asset-backed 24 44,746 154 76,879 693 121,625 847 Total 34 $ 92,868 $ 367 $ 76,879 $ 693 $ 169,747 $ 1,060 The Company has allocated mortgage-backed and asset-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. The estimated fair values and amortized costs of debt securities available-for-sale by contractual maturity at December 31 are provided in the following table: December 31, 2021 December 31, 2020 (In thousands) Fair Value Amortized Cost Fair Value Amortized Cost U.S. treasuries and government agencies: One year or less $ 12,029 $ 11,995 $ 33,963 $ 33,833 One to five years 56,510 56,492 9,334 8,917 Five to ten years — — — — After ten years — — — — State and municipal: One year or less 12,821 12,709 16,581 16,458 One to five years 27,408 26,637 44,910 43,857 Five to ten years 42,960 42,661 59,059 56,130 After ten years 243,213 241,279 269,817 260,663 Mortgage-backed and asset-backed: One year or less 9,272 9,239 1 1 One to five years 14,752 14,575 21,637 21,229 Five to ten years 388,918 390,569 74,142 72,481 After ten years 658,013 660,194 808,652 787,490 Corporate debt: One year or less — — — — One to five years — — 2,318 2,100 Five to ten years — — 7,607 7,000 After ten years — — — — Total available-for-sale debt securities $ 1,465,896 $ 1,466,350 $ 1,348,021 $ 1,310,159 At December 31, 2021 and 2020, investments available-for-sale with a book value of $531.6 million and $465.7 million, respectively, were pledged as collateral for certain government deposits and for other purposes as required or permitted by law. The outstanding balance of no single issuer, except for U.S. government agency securities, exceeded ten percent of stockholders' equity at December 31, 2021 and 2020. Equity securities Other equity securities at the dates indicated are presented in the following table: (In thousands) 2021 2020 Federal Reserve Bank stock $ 34,097 $ 38,650 Federal Home Loan Bank of Atlanta stock 6,392 26,433 Other equity securities 677 677 Total equity securities $ 41,166 $ 65,760 Investment securities gains Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table: (In thousands) 2021 2020 2019 Gross realized gains from sales of investments available-for-sale $ 3,588 $ 1,297 $ 14 Gross realized losses from sales of investments available-for-sale (3,478) (1,068) (2) Net gains from calls of investments available-for-sale 102 238 65 Net investment securities gains $ 212 $ 467 $ 77 |
LOANS
LOANS | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
LOANS | LOANS The lending business of the Company is based on understanding, measuring and controlling the credit risk inherent in the loan portfolio. The Company’s loan portfolio is subject to varying degrees of credit risk. Credit risk entails both general risks, which are inherent in the process of lending, and risk specific to individual borrowers. The Company’s credit risk is mitigated through portfolio diversification, which limits exposure to any single customer, industry or collateral type. Outstanding loan balances at December 31, 2021 and 2020 are net of unearned income, including net deferred loan fees of $14.3 million and $24.5 million, respectively. Net deferred loan fees at December 31, 2021, included $4.6 million in net fees related to the loans originated under the Paycheck Protection Program (“PPP”) compared to $21.2 million at the end of the prior year. The loan portfolio segment balances at December 31 are presented in the following table: (In thousands) 2021 2020 Commercial real estate: Commercial investor real estate $ 4,141,346 $ 3,634,720 Commercial owner-occupied real estate 1,690,881 1,642,216 Commercial AD&C 1,088,094 1,050,973 Commercial business 1,481,834 2,267,548 Total commercial loans 8,402,155 8,595,457 Residential real estate: Residential mortgage 937,570 1,105,179 Residential construction 197,652 182,619 Consumer 429,714 517,254 Total residential and consumer loans 1,564,936 1,805,052 Total loans $ 9,967,091 $ 10,400,509 The fair value of the financial assets acquired in the Revere acquisition as of the Acquisition Date included loans receivable with a gross amortized cost basis of $2.5 billion. As of the Acquisition Date, the Company identified $974.8 million of loans that were classified as PCD. An initial allowance for credit losses of $18.6 million was recorded through a gross-up adjustment to fair values of PCD loans. A fair value premium related to other factors totaled $4.5 million and amortizes to interest income over the remaining life of each loan. Total fair value of PCD loans as of the Acquisition Date was $960.7 million. Refer to Note 1 for more details on factors considered in the PCD assessment. At the Acquisition Date, non-PCD loans totaled $1.5 billion and had a net fair value premium of $2.1 million, which amortizes to interest income over the remaining life of each loan. See Note 1 for more information on the Company’s accounting policy for acquired loans and Note 2 for more information on the Revere acquisition. Portfolio Segments The Company currently manages its credit products and the respective exposure to credit losses (credit risk) by the following specific portfolio segments 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 investor real estate loans - Commercial investor real estate loans consist of loans secured by nonowner-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 investor 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. • Commercial owner-occupied real estate loans - Commercial owner-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 decision to extend a loan is based upon the borrower’s financial health and the ability of the borrower and the business to repay. The primary source of repayment for this type of loan is the cash flow from the operations of the business. • 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 additional 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 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. Loans issued under the PPP are also included in this category, a substantial portion of which are expected to be forgiven by the Small Business Administration pursuant to the CARES Act. • Residential mortgage loans - The residential mortgage loans 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 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 . • Consumer loans - This category of loans includes primarily home equity loans and lines, installment loans, personal lines of credit, and other 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. Loans to Related Parties Certain directors and executive officers have loan transactions with the Company. The following schedule summarizes changes in amounts of loans outstanding, both direct and indirect, to these persons during the periods indicated: (In thousands) 2021 2020 Balance at January 1 $ 96,005 $ 51,367 Additions 7,040 46,846 Repayments (24,818) (2,208) Balance at December 31 $ 78,227 $ 96,005 |
CREDIT QUALITY ASSESSMENT
CREDIT QUALITY ASSESSMENT | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
CREDIT QUALITY ASSESSMENT | CREDIT QUALITY ASSESSMENT Allowance for Credit Losses Summary information on the allowance for credit loss activity for the years ended December 31 is provided in the following table: (In thousands) 2021 2020 2019 Balance at beginning of year $ 165,367 $ 56,132 $ 53,486 Initial allowance on PCD loans at adoption of ASC 326 — 2,762 — Transition impact of adopting ASC 326 — 2,983 — Initial allowance on Revere PCD loans — 18,628 — Provision/ (credit) for credit losses (45,556) 85,669 4,684 Loan charge-offs (12,313) (1,819) (2,668) Loan recoveries 1,647 1,012 630 Net charge-offs (10,666) (807) (2,038) Balance at period end $ 109,145 $ 165,367 $ 56,132 The following table provides summary information regarding collateral dependent loans individually evaluated for credit loss at the dates indicated: (In thousands) 2021 2020 Collateral dependent loans individually evaluated for credit loss with an allowance $ 9,510 $ 20,717 Collateral dependent loans individually evaluated for credit loss without an allowance 24,024 77,001 Total individually evaluated collateral dependent loans $ 33,534 $ 97,718 Allowance for credit losses related to loans evaluated individually $ 6,593 $ 11,405 Allowance for credit losses related to loans evaluated collectively 102,552 153,962 Total allowance for credit losses $ 109,145 $ 165,367 The following tables provide information on the activity in the allowance for credit losses by the respective loan portfolio segment for the years ended December 31: 2021 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Balance as of December 31, 2020 $ 57,404 $ 20,061 $ 22,157 $ 46,806 $ 11,295 $ 1,502 $ 6,142 $ 165,367 Provision/ (credit) (6,598) (8,238) 172 (20,132) (6,321) (459) (3,980) (45,556) Charge-offs (5,802) (136) (2,007) (4,069) — — (299) (12,313) Recoveries 285 — — 565 410 5 382 1,647 Net (charge-offs)/ recoveries (5,517) (136) (2,007) (3,504) 410 5 83 (10,666) Balance at end of period $ 45,289 $ 11,687 $ 20,322 $ 23,170 $ 5,384 $ 1,048 $ 2,245 $ 109,145 Total loans $ 4,141,346 $ 1,690,881 $ 1,088,094 $ 1,481,834 $ 937,570 $ 197,652 $ 429,714 $ 9,967,091 Allowance for credit losses to total loans ratio 1.09 % 0.69 % 1.87 % 1.56 % 0.57 % 0.53 % 0.52 % 1.10 % Average loans $ 3,689,769 $ 1,661,015 $ 1,110,420 $ 1,952,537 $ 979,754 $ 178,171 $ 463,200 $ 10,034,866 Net charge-offs/ (recoveries) to average loans 0.15 % 0.01 % 0.18 % 0.18 % (0.04) % — % (0.02) % 0.11 % Balance of loans individually evaluated for credit loss $ 12,489 $ 9,306 $ 650 $ 9,033 $ 1,704 $ — $ 352 $ 33,534 Allowance related to loans evaluated individually $ 213 $ 79 $ 504 $ 5,797 $ — $ — $ — $ 6,593 Individual allowance to loans evaluated individually ratio 1.71 % 0.85 % 77.54 % 64.18 % — % — % — % 19.66 % Balance of loans collectively evaluated for credit loss $ 4,128,857 $ 1,681,575 $ 1,087,444 $ 1,472,801 $ 935,866 $ 197,652 $ 429,362 $ 9,933,557 Allowance related to loans evaluated collectively $ 45,076 $ 11,608 $ 19,818 $ 17,373 $ 5,384 $ 1,048 $ 2,245 $ 102,552 Collective allowance to loans evaluated collectively ratio 1.09 % 0.69 % 1.82 % 1.18 % 0.58 % 0.53 % 0.52 % 1.03 % 2020 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Balance as of December 31, 2019 $ 18,407 $ 6,884 $ 7,590 $ 11,395 $ 8,803 $ 967 $ 2,086 $ 56,132 Initial allowance on PCD loans at adoption of ASC 326 1,114 — — 1,549 — — 99 2,762 Transition impact of adopting ASC 326 (3,125) 387 2,576 2,988 (388) (275) 820 2,983 Initial allowance on Revere PCD loans 7,973 2,782 1,248 6,289 243 6 87 18,628 Provision 33,431 10,008 10,743 24,374 3,016 798 3,299 85,669 Charge-offs (411) — — (491) (484) — (433) (1,819) Recoveries 15 — — 702 105 6 184 1,012 Net (charge-offs)/ recoveries (396) — — 211 (379) 6 (249) (807) Balance at end of period $ 57,404 $ 20,061 $ 22,157 $ 46,806 $ 11,295 $ 1,502 $ 6,142 $ 165,367 Total loans $ 3,634,720 $ 1,642,216 $ 1,050,973 $ 2,267,548 $ 1,105,179 $ 182,619 $ 517,254 $ 10,400,509 Allowance for credit losses to total loans ratio 1.58 % 1.22 % 2.11 % 2.06 % 1.02 % 0.82 % 1.19 % 1.59 % Average loans $ 3,210,527 $ 1,560,223 $ 906,414 $ 1,781,197 $ 1,168,668 $ 165,567 $ 524,897 $ 9,317,493 Net charge-offs/ (recoveries) to average loans 0.01 % — % — % (0.01) % 0.03 % — % 0.05 % 0.01 % Balance of loans individually evaluated for credit loss $ 45,227 $ 11,561 $ 15,044 $ 23,648 $ 1,874 $ — $ 364 $ 97,718 Allowance related to loans evaluated individually $ 1,273 $ — $ 603 $ 9,529 $ — $ — $ — $ 11,405 Individual allowance to loans evaluated individually ratio 2.81 % — % 4.01 % 40.30 % — % — % — % 11.67 % Balance of loans collectively evaluated for credit loss $ 3,589,493 $ 1,630,655 $ 1,035,929 $ 2,243,900 $ 1,103,305 $ 182,619 $ 516,890 $ 10,302,791 Allowance related to loans evaluated collectively $ 56,131 $ 20,061 $ 21,554 $ 37,277 $ 11,295 $ 1,502 $ 6,142 $ 153,962 Collective allowance to loans evaluated collectively ratio 1.56 % 1.23 % 2.08 % 1.66 % 1.02 % 0.82 % 1.19 % 1.49 % The following table presents collateral dependent loans individually evaluated for credit losses with the associated allowances for credit losses by the applicable portfolio segment: 2021 Commercial Real Estate Residential Real Estate Total (In thousands) Commercial Commercial Commercial Commercial Residential Mortgage Residential Construction Consumer Loans individually evaluated for credit losses with an allowance: Non-accruing $ 808 $ 79 $ 650 $ 4,849 $ — $ — $ — $ 6,386 Restructured accruing — — — 613 — — — 613 Restructured non-accruing 336 — — 2,175 — — — 2,511 Balance $ 1,144 $ 79 $ 650 $ 7,637 $ — $ — $ — $ 9,510 Allowance $ 213 $ 79 $ 504 $ 5,797 $ — $ — $ — $ 6,593 Loans individually evaluated for credit losses without an allowance: Non-accruing $ 3,498 $ 4,775 $ — $ 434 $ — $ — $ — $ 8,707 Restructured accruing — — — — 1,554 — — 1,554 Restructured non-accruing 7,847 4,452 — 962 150 — 352 13,763 Balance $ 11,345 $ 9,227 $ — $ 1,396 $ 1,704 $ — $ 352 $ 24,024 Total individually evaluated loans: Non-accruing $ 4,306 $ 4,854 $ 650 $ 5,283 $ — $ — $ — $ 15,093 Restructured accruing — — — 613 1,554 — — 2,167 Restructured non-accruing 8,183 4,452 — 3,137 150 — 352 16,274 Balance $ 12,489 $ 9,306 $ 650 $ 9,033 $ 1,704 $ — $ 352 $ 33,534 Unpaid contractual principal balance $ 12,857 $ 11,132 $ 695 $ 10,573 $ 2,778 $ — $ 364 $ 38,399 2020 Commercial Real Estate Residential Real Estate Total (In thousands) Commercial Commercial Commercial Commercial Residential Mortgage Residential Construction Consumer Loans individually evaluated for credit losses with an allowance: Non-accruing $ 4,913 $ — $ 1,328 $ 11,178 $ — $ — $ — $ 17,419 Restructured accruing — — — 589 — — — 589 Restructured non-accruing 699 — — 2,010 — — — 2,709 Balance $ 5,612 $ — $ 1,328 $ 13,777 $ — $ — $ — $ 20,717 Allowance $ 1,273 $ — $ 603 $ 9,529 $ — $ — $ — $ 11,405 Loans individually evaluated for credit losses without an allowance: Non-accruing $ 39,615 $ 9,315 $ 13,716 $ 9,118 $ — $ — $ — $ 71,764 Restructured accruing — — — 126 1,602 — — 1,728 Restructured non-accruing — 2,246 — 627 272 — 364 3,509 Balance $ 39,615 $ 11,561 $ 13,716 $ 9,871 $ 1,874 $ — $ 364 $ 77,001 Total individually evaluated loans: Non-accruing $ 44,528 $ 9,315 $ 15,044 $ 20,296 $ — $ — $ — $ 89,183 Restructured accruing — — — 715 1,602 — — 2,317 Restructured non-accruing 699 2,246 — 2,637 272 — 364 6,218 Balance $ 45,227 $ 11,561 $ 15,044 $ 23,648 $ 1,874 $ — $ 364 $ 97,718 Unpaid contractual principal balance $ 49,920 $ 15,309 $ 16,040 $ 30,958 $ 3,225 $ — $ 364 $ 115,816 The following table presents average principal balance of total non-accrual loans and contractual interest due on non-accrual loans for the periods indicated below: 2021 Commercial Real Estate Residential Real Estate Total (In thousands) Commercial Commercial Commercial Commercial Residential Mortgage Residential Construction Consumer Average non-accrual loans for the period $ 31,590 $ 9,444 $ 9,236 $ 12,678 $ 9,439 $ 36 $ 7,369 $ 79,792 Contractual interest income due on non-accrual loans during the period $ 2,169 $ 555 $ 597 $ 1,096 $ 271 $ 2 $ 402 $ 5,092 2020 Commercial Real Estate Residential Real Estate Total (In thousands) Commercial Commercial Commercial Commercial Residential Mortgage Residential Construction Consumer Average non-accrual loans for the period $ 26,849 $ 6,605 $ 4,267 $ 16,532 $ 11,634 $ — $ 6,675 $ 72,562 Contractual interest income due on non-accrual loans during the period $ 6,547 $ 2,741 $ 4,505 $ 2,858 $ 918 $ — $ 732 $ 18,301 There was no interest income recognized on non-accrual loans during the year ended December 31, 2021. See Note 1 for additional information on the Company's policies for non-accrual loans. Loans designated as non-accrual have all previously accrued but unpaid interest reversed from interest income. During the year ended December 31, 2021, new loans placed on non-accrual status totaled $8.1 million and the related amount of reversed uncollected accrued interest was $0.2 million. Credit Quality The following tables provide information on the credit quality of the loan portfolio by segment at December 31 for the years indicated: 2021 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Analysis of non-accrual loan activity: Balance at beginning of period $ 45,227 $ 11,561 $ 15,044 $ 22,933 $ 10,212 $ — $ 7,384 $ 112,361 Loans placed on non-accrual 699 3,676 49 1,339 695 62 1,626 8,146 Non-accrual balances transferred to OREO — (257) — — — — — (257) Non-accrual balances charged-off (5,803) (136) (2,007) (3,547) — — (100) (11,593) Net payments or draws (26,813) (5,538) (12,436) (12,305) (2,406) (7) (1,725) (61,230) Non-accrual loans brought current (821) — — — (60) — (460) (1,341) Balance at end of period $ 12,489 $ 9,306 $ 650 $ 8,420 $ 8,441 $ 55 $ 6,725 $ 46,086 2020 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Analysis of non-accrual loan activity: Balance at beginning of period $ 8,437 $ 4,148 $ 829 $ 8,450 $ 12,661 $ — $ 4,107 $ 38,632 PCD loans designated as non-accrual (1) 9,544 — — 2,539 8 — 993 13,084 Loans placed on non-accrual 37,882 8,572 15,844 17,442 1,485 — 4,061 85,286 Non-accrual balances transferred to OREO — — — — (70) — — (70) Non-accrual balances charged-off (411) — — (446) (416) — (121) (1,394) Net payments or draws (10,225) (1,059) (1,629) (4,169) (2,598) — (1,521) (21,201) Non-accrual loans brought current — (100) — (883) (858) — (135) (1,976) Balance at end of period $ 45,227 $ 11,561 $ 15,044 $ 22,933 $ 10,212 $ — $ 7,384 $ 112,361 (1) Upon the adoption of the 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. 2021 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Performing loans: Current $ 4,127,009 $ 1,680,635 $ 1,085,642 $ 1,471,669 $ 919,199 $ 197,597 $ 419,558 $ 9,901,309 30-59 days 1,656 86 1,802 753 5,157 — 3,021 12,475 60-89 days 192 854 — 379 2,662 — 410 4,497 Total performing loans 4,128,857 1,681,575 1,087,444 1,472,801 927,018 197,597 422,989 9,918,281 Non-performing loans: Non-accrual loans 12,489 9,306 650 8,420 8,441 55 6,725 46,086 Loans greater than 90 days past due — — — — 557 — — 557 Restructured loans — — — 613 1,554 — — 2,167 Total non-performing loans 12,489 9,306 650 9,033 10,552 55 6,725 48,810 Total loans $ 4,141,346 $ 1,690,881 $ 1,088,094 $ 1,481,834 $ 937,570 $ 197,652 $ 429,714 $ 9,967,091 2020 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Performing loans: Current $ 3,571,184 $ 1,624,265 $ 1,033,057 $ 2,238,617 $ 1,073,963 $ 182,557 $ 502,548 $ 10,226,191 30-59 days 14,046 6,390 29 4,859 16,213 — 5,275 46,812 60-89 days 4,130 — 2,843 263 2,709 62 2,047 12,054 Total performing loans 3,589,360 1,630,655 1,035,929 2,243,739 1,092,885 182,619 509,870 10,285,057 Non-performing loans: Non-accrual loans 45,227 11,561 15,044 22,933 10,212 — 7,384 112,361 Loans greater than 90 days past due 133 — — 161 480 — — 774 Restructured loans — — — 715 1,602 — — 2,317 Total non-performing loans 45,360 11,561 15,044 23,809 12,294 — 7,384 115,452 Total loans $ 3,634,720 $ 1,642,216 $ 1,050,973 $ 2,267,548 $ 1,105,179 $ 182,619 $ 517,254 $ 10,400,509 The credit quality indicators for commercial loans are developed through review of individual borrowers on an ongoing basis. Each borrower is evaluated at least annually with more frequent evaluation of more severely criticized loans. The indicators represent the rating for loans as of the date presented is based on the most recent credit review performed. These credit quality indicators are defined as follows: Pass - A pass rated credit is not adversely classified because it does not display any of the characteristics for adverse classification. Special mention - A special mention credit has potential weaknesses that deserve management’s close attention. If uncorrected, such weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification. Substandard - A substandard loan is inadequately protected by the current net worth and payment capacity of the obligor or of the collateral pledged, if any. Loans classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These loans are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful - A loan that is classified as doubtful has all the weaknesses inherent in a loan classified as substandard with added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable, on the basis of currently existing facts, conditions and values. Loss – Loans classified as a loss are considered uncollectible and of such little value that their continuing to be carried as a loan is not warranted. This classification is not necessarily equivalent to no potential for recovery or salvage value, but rather that it is not appropriate to defer a full write-off even though partial recovery may be effected in the future. The following tables provide information about credit quality indicators by the year of origination: 2021 Term Loans by Origination Year Revolving (In thousands) 2021 2020 2019 2018 2017 Prior Loans Total Commercial Investor R/E: Pass $ 1,391,969 $ 748,236 $ 616,761 $ 357,640 $ 328,327 $ 633,913 $ 19,239 $ 4,096,085 Special Mention 2,210 510 4,646 596 2,204 10,438 — 20,604 Substandard 807 336 4,308 8,568 10,064 574 — 24,657 Doubtful — — — — — — — — Total $ 1,394,986 $ 749,082 $ 625,715 $ 366,804 $ 340,595 $ 644,925 $ 19,239 $ 4,141,346 Current period gross charge-offs $ — $ — $ — $ 903 $ 3,975 $ 924 $ — $ 5,802 Commercial Owner-Occupied R/E: Pass $ 360,169 $ 254,350 $ 319,348 $ 178,416 $ 172,354 $ 363,685 $ 1,149 $ 1,649,471 Special Mention 156 1,476 4,388 9,035 4,456 9,106 — 28,617 Substandard 1,968 1,800 4,028 2,265 354 2,378 — 12,793 Doubtful — — — — — — — — Total $ 362,293 $ 257,626 $ 327,764 $ 189,716 $ 177,164 $ 375,169 $ 1,149 $ 1,690,881 Current period gross charge-offs $ — $ — $ — $ 136 $ — $ — $ — $ 136 Commercial AD&C: Pass $ 454,207 $ 226,332 $ 148,260 $ 87,934 $ 13,938 $ — $ 152,896 $ 1,083,567 Special Mention 2,888 — — — — — 989 3,877 Substandard 349 — 301 — — — — 650 Doubtful — — — — — — — — Total $ 457,444 $ 226,332 $ 148,561 $ 87,934 $ 13,938 $ — $ 153,885 $ 1,088,094 Current period gross charge-offs $ — $ — $ — $ — $ 2,007 $ — $ — $ 2,007 Commercial Business: Pass $ 403,871 $ 165,194 $ 137,069 $ 96,800 $ 55,100 $ 53,764 $ 533,893 $ 1,445,691 Special Mention 220 1,998 7,030 1,701 548 577 9,212 21,286 Substandard 3,777 3,262 2,609 797 811 2,065 1,536 14,857 Doubtful — — — — — — — — Total $ 407,868 $ 170,454 $ 146,708 $ 99,298 $ 56,459 $ 56,406 $ 544,641 $ 1,481,834 Current period gross charge-offs $ — $ — $ 88 $ 1,674 $ 46 $ 2,236 $ 25 $ 4,069 Residential Mortgage: Beacon score: 660-850 $ 246,612 $ 165,623 $ 46,925 $ 65,865 $ 102,628 $ 223,420 $ — $ 851,073 600-659 11,102 3,285 3,583 4,255 4,645 20,052 — 46,922 540-599 1,472 1,864 2,162 4,522 1,599 8,201 — 19,820 less than 540 452 4,293 1,575 1,829 2,079 9,527 — 19,755 Total $ 259,638 $ 175,065 $ 54,245 $ 76,471 $ 110,951 $ 261,200 $ — $ 937,570 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential Construction: Beacon score: 660-850 $ 134,335 $ 45,890 $ 8,063 $ 2,078 $ 1,347 $ 1,160 $ — $ 192,873 600-659 1,922 — 650 — — — — 2,572 540-599 — — — — — 462 — 462 less than 540 1,745 — — — — — — 1,745 Total $ 138,002 $ 45,890 $ 8,713 $ 2,078 $ 1,347 $ 1,622 $ — $ 197,652 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Beacon score: 660-850 $ 3,179 $ 1,393 $ 3,130 $ 3,060 $ 1,648 $ 26,156 $ 350,466 $ 389,032 600-659 352 123 324 716 430 4,906 14,119 20,970 540-599 58 8 311 160 89 2,809 4,926 8,361 less than 540 88 58 536 544 98 3,101 6,926 11,351 Total $ 3,677 $ 1,582 $ 4,301 $ 4,480 $ 2,265 $ 36,972 $ 376,437 $ 429,714 Current period gross charge-offs $ — $ — $ 7 $ 2 $ — $ 106 $ 184 $ 299 Total loans $ 3,023,908 $ 1,626,031 $ 1,316,007 $ 826,781 $ 702,719 $ 1,376,294 $ 1,095,351 $ 9,967,091 2020 Term Loans by Origination Year Revolving (In thousands) 2020 2019 2018 2017 2016 Prior Loans Total Commercial Investor R/E: Pass $ 910,426 $ 763,214 $ 448,406 $ 448,698 $ 469,077 $ 498,384 $ 33,531 $ 3,571,736 Special Mention 11,044 — 4,879 833 269 27 — $ 17,052 Substandard 589 4,245 13,649 20,619 673 6,157 — $ 45,932 Doubtful — — — — — — — $ — Total $ 922,059 $ 767,459 $ 466,934 $ 470,150 $ 470,019 $ 504,568 $ 33,531 $ 3,634,720 Current period gross charge-offs $ — $ 388 $ — $ — $ — $ 23 $ — $ 411 Commercial Owner-Occupied R/E: Pass $ 285,310 $ 385,058 $ 234,578 $ 192,634 $ 204,925 $ 306,840 $ 1,664 $ 1,611,009 Special Mention 2,290 — 3,027 4,742 134 4,079 — $ 14,272 Substandard 1,610 4,335 2,065 465 219 8,009 — $ 16,703 Doubtful — — — — — 232 — $ 232 Total $ 289,210 $ 389,393 $ 239,670 $ 197,841 $ 205,278 $ 319,160 $ 1,664 $ 1,642,216 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial AD&C: Pass $ 485,631 $ 261,537 $ 149,703 $ 50,192 $ 89 $ 2,357 $ 80,764 $ 1,030,273 Special Mention 1,711 — — — — — — $ 1,711 Substandard 1,439 891 — 13,816 2,843 — — $ 18,989 Doubtful — — — — — — — $ — Total $ 488,781 $ 262,428 $ 149,703 $ 64,008 $ 2,932 $ 2,357 $ 80,764 $ 1,050,973 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business: Pass $ 1,244,822 $ 208,682 $ 138,861 $ 86,830 $ 34,498 $ 81,760 $ 433,016 $ 2,228,469 Special Mention 1,929 1,382 1,119 708 309 621 4,319 $ 10,387 Substandard 2,914 4,564 3,519 1,631 2,745 3,456 1,829 $ 20,658 Doubtful 106 995 849 36 1,284 1,852 2,912 $ 8,034 Total $ 1,249,771 $ 215,623 $ 144,348 $ 89,205 $ 38,836 $ 87,689 $ 442,076 $ 2,267,548 Current period gross charge-offs $ — $ — $ 23 $ 160 $ 103 $ 205 $ — $ 491 Residential Mortgage: Beacon score: 660-850 $ 229,033 $ 74,054 $ 138,824 $ 172,493 $ 129,701 $ 251,065 $ — $ 995,170 600-659 4,824 7,706 10,763 11,719 8,173 21,424 — $ 64,609 540-599 350 1,238 5,219 2,608 4,791 10,167 — $ 24,373 less than 540 2,702 2,108 3,576 2,150 892 9,599 — $ 21,027 Total $ 236,909 $ 85,106 $ 158,382 $ 188,970 $ 143,557 $ 292,255 $ — $ 1,105,179 Current period gross charge-offs $ — $ — $ — $ — $ 11 $ 473 $ — $ 484 Residential Construction: Beacon score: 660-850 $ 112,604 $ 44,647 $ 14,543 $ 2,805 $ 1,693 $ — $ 172 $ 176,464 600-659 1,743 3,189 — — — — — $ 4,932 540-599 — — — — 369 — — $ 369 less than 540 854 — — — — — — $ 854 Total $ 115,201 $ 47,836 $ 14,543 $ 2,805 $ 2,062 $ — $ 172 $ 182,619 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Beacon score: 660-850 $ 2,575 $ 4,609 $ 5,112 $ 2,110 $ 2,614 $ 24,444 $ 417,737 $ 459,201 600-659 374 445 334 428 467 5,401 21,052 $ 28,501 540-599 89 1,216 294 339 601 3,926 6,153 $ 12,618 less than 540 751 160 525 785 532 2,826 11,355 $ 16,934 Total $ 3,789 $ 6,430 $ 6,265 $ 3,662 $ 4,214 $ 36,597 $ 456,297 $ 517,254 Current period gross charge-offs $ — $ 13 $ 123 $ 8 $ 1 $ 140 $ 148 $ 433 Total loans $ 3,305,720 $ 1,774,275 $ 1,179,845 $ 1,016,641 $ 866,898 $ 1,242,626 $ 1,014,504 $ 10,400,509 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 Year Ended December 31, 2021 Commercial Real Estate (In thousands) Commercial Commercial Commercial Commercial All Other Total Troubled debt restructurings: Restructured accruing $ — $ — $ — $ — $ — $ — Restructured non-accruing 9,594 3,157 — 1,824 — 14,575 Balance $ 9,594 $ 3,157 $ — $ 1,824 $ — $ 14,575 Specific allowance $ — $ — $ — $ 461 $ — $ 461 Restructured and subsequently defaulted $ — $ — $ — $ — $ — $ — For the Year Ended December 31, 2020 Commercial Real Estate (In thousands) Commercial Commercial Commercial Commercial All Other Total Troubled debt restructurings: Restructured accruing $ — $ — $ — $ 380 $ 549 $ 929 Restructured non-accruing 723 930 — 1,951 — 3,604 Balance $ 723 $ 930 $ — $ 2,331 $ 549 $ 4,533 Specific allowance $ 65 $ — $ — $ 955 $ — $ 1,020 Restructured and subsequently defaulted $ — $ — $ — $ — $ — $ — At December 31, 2021, TDR loans totaled $18.4 million, of which $2.2 million were accruing and $16.2 million were non-accruing. There were no commitments to lend additional funds on loans classified as TDRs as of December 31, 2021. TDR loans at December 31, 2020 totaled $8.5 million, of which $2.3 million were accruing and $6.2 million were non-accruing. Commitments to lend additional funds on TDR loans at December 31, 2020 were insignificant. During the year ended December 31, 2021, the Company restructured $14.6 million in loans that were designated as TDRs. Modifications consisted principally of interest rate concessions. No modifications resulted in the reduction of the principal in the associated loan balances. TDR loans are subject to periodic credit reviews to determine the necessity and appropriateness of an individual credit loss allowance based on the collectability of the recorded investment in the TDR loan. Loans restructured during 2021 had individual reserves of $0.5 million at December 31, 2021. For the year ended December 31, 2020, the Company restructured $4.5 million in loans. Modifications consisted principally of interest rate concessions and no modifications resulted in the reduction of the recorded investment in the associated loan balances. Loans restructured during 2020 had specific reserves of $1.0 million at December 31, 2020. For more information on the accounting policies for TDRs see Note 1. Other Real Estate Owned OREO totaled $1.0 million and $1.5 million at December 31, 2021 and 2020, respectively. There was one consumer mortgage loan secured by residential real estate property with the total amount of $0.1 million for which formal foreclosure proceedings were in process as of December 31, 2021. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Presented in the following table are the components of premises and equipment at December 31: (In thousands) 2021 2020 Land $ 21,164 $ 13,262 Buildings and leasehold improvements 70,193 70,776 Equipment 48,889 49,614 Total premises and equipment 140,246 133,652 Less: accumulated depreciation and amortization (80,561) (75,932) Net premises and equipment $ 59,685 $ 57,720 Depreciation and amortization expense for premises and equipment amounted to $7.9 million, $8.5 million, and $7.2 million for each of the years ended December 31, 2021, 2020 and 2019, respectively. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | 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 The following table provides information regarding the Company's leases as of the dates indicated: Year Ended 2021 2020 Components of lease expense: Operating lease cost (resulting from lease payments) $ 12,304 $ 12,453 Supplemental cash flow information related to leases: Operating cash flows from operating leases $ 12,930 $ 13,571 ROU assets obtained in the exchange for lease liabilities due to: New leases $ 803 $ 871 Acquisitions $ — $ 7,720 As of December 31, 2021 December 31, 2020 Supplemental balance sheet information related to leases: Operating lease ROU assets $ 57,872 $ 65,215 Operating lease liabilities $ 67,138 $ 74,982 Other information related to leases: Weighted average remaining lease term of operating leases 9.0 years 9.5 years Weighted average discount rate of operating leases 2.92 % 3.04 % The Company added two locations from the acquisition of RPJ during the first quarter of 2020. The associated new ROU assets obtained in exchange for lease obligations totaled $0.3 million. On April 1, 2020, in conjunction with the acquisition of Revere, the Company added 15 additional operating leases (at 12 locations). The associated new ROU assets of $7.4 million obtained in exchange for lease obligations of $8.7 million was recorded at the close of the acquisition. The ROU assets recorded at acquisition included $1.1 million for acquisition related unfavorable fair value marks and a tenant allowance of $0.2 million. During the three months ended June 30, 2020, subsequent to and resulting from the acquisition, the Company determined that due to market overlap and other synergies, the Company would more likely than not terminate seven of the acquired leases, comprised of six branch locations and one office space location. The decision resulted in an impairment charge of $2.3 million, which was recorded to merger and acquisition expense in the Consolidated Statements of Income during the second quarter of 2020. The Company estimated the fair value of the leases to be equal to the cash payments remaining between the impairment date and the anticipated abandonment date. There was no impairment charge recorded during 2021. As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows: (In thousands) Amount Maturity: One year $ 11,493 Two years 11,484 Three years 9,580 Four years 7,758 Five years 6,924 Thereafter 30,571 Total undiscounted lease payments 77,810 Less: Present value discount (10,672) Lease Liability $ 67,138 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at December 31 in the following table: 2021 Weighted 2020 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 $ 29,038 $ (12,624) $ 16,414 7.4 years $ 29,038 $ (7,969) $ 21,069 8.4 years Other identifiable intangibles 13,906 (4,400) 9,506 9.7 years 13,906 (2,454) 11,452 10.7 years Total amortizing intangible assets $ 42,944 $ (17,024) $ 25,920 $ 42,944 $ (10,423) $ 32,521 Goodwill $ 370,223 $ 370,223 $ 370,223 $ 370,223 The following table presents the net carrying amount of goodwill by segment for the periods indicated: (In thousands) Community Insurance Investment Total Balance December 31, 2019 $ 331,173 $ 6,788 $ 9,188 $ 347,149 Acquisition of Rembert Pendleton Jackson — — 22,559 22,559 Acquisition of Revere Bank 515 — — 515 Balance December 31, 2020 331,688 6,788 31,747 370,223 No Activity — — — — Balance December 31, 2021 $ 331,688 $ 6,788 $ 31,747 $ 370,223 The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: (In thousands) Amount 2022 $ 5,844 2023 5,089 2024 4,333 2025 3,567 2026 2,732 Thereafter 4,355 Total amortizing intangible assets $ 25,920 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS The following table presents the composition of deposits at December 31 for the years indicated: (In thousands) 2021 2020 Noninterest-bearing deposits $ 3,779,630 $ 3,325,547 Interest-bearing deposits: Demand 1,604,714 1,292,164 Money market savings 3,415,663 3,339,645 Regular savings 533,862 418,051 Time deposits of less than $250,000 910,464 1,180,636 Time deposits of $250,000 or more 380,398 477,026 Total interest-bearing deposits 6,845,101 6,707,522 Total deposits $ 10,624,731 $ 10,033,069 Demand deposit overdrafts reclassified as loan balances were $1.8 million and $13.1 million at December 31, 2021 and 2020, respectively. Overdraft charge-offs and recoveries are reflected in the allowance for credit losses. The following table presents the maturity schedule for time deposits maturing within years ending December 31: (In thousands) Amount 2022 $ 1,002,132 2023 165,131 2024 89,074 2025 16,464 2026 17,881 Thereafter 180 Total time deposits $ 1,290,862 The Company's time deposits of less than $250,000 represented 8.6% of total deposits and time deposits of $250,000 or more represented 3.6% of total deposits at December 31, 2021 and are presented by maturity in the following table: Months to Maturity (In thousands) 3 or Less Over 3 to 6 Over 6 to 12 Over 12 Total Time deposits - less than $250,000 $ 277,975 $ 226,476 $ 215,245 $ 190,768 $ 910,464 Time deposits - $250,000 or more $ 88,510 $ 93,719 $ 100,207 $ 97,962 $ 380,398 Interest expense on time deposits of less than $250,000 amounted to $6.0 million, $16.5 million, and $20.8 million and interest expense on time deposits of $250,000 of more amounted to $3.0 million, $10.7 million, and $13.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. Deposits received in the ordinary course of business from the directors and officers of the Company and their related interests amounted to $89.5 million and $73.4 million for the years ended December 31, 2021 and 2020, respectively. |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
BORROWINGS | BORROWINGS 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. The notes bear a fixed interest rate of 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 through the remaining maturity or early redemption date of the notes. The interest will be paid in arrears semi-annually during the fixed rate period and quarterly during the floating rate period. The Company incurred $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. ("WashingtonFirst"), the Company assumed $25.0 million in subordinated debt with an associated purchase premium at acquisition of $2.2 million. The premium was amortized over the contractual life of the obligation. The subordinated debt had a maturity of 10 years, maturing on October 15, 2025, and was non-callable through October 15, 2020. The subordinated debt held a fixed interest rate of 6.00% per annum through October 5, 2020 at which point the rate became variable at the three-month LIBOR plus 457 basis points payable quarterly. On July 15, 2021, the Company redeemed the entire outstanding principal balance of the WashingtonFirst subordinated debt. In conjunction with the acquisition of Revere, the Company assumed $31.0 million in subordinated debt with an associated purchase premium at acquisition of $0.2 million, which was amortized through the call date. The subordinated debt had a 10-year term, maturing on September 30, 2026, and was non-callable until September 30, 2021. The subordinated debt had a fixed interest rate of 5.625% per annum, payable semi-annually, through September 30, 2021 at which point the interest rate reset quarterly to an amount equal to three month LIBOR plus 441 basis points. On September 30, 2021, the Company redeemed the entire outstanding principal balance of the Revere subordinated debt. The Company assumed $10.3 million in callable junior subordinated debt securities with an associated purchase premium at acquisition of $0.1 million in conjunction with the acquisition of WashingtonFirst. During the first quarter of 2020, the Company redeemed all $10.3 million of the outstanding principal balance of the callable junior subordinated debt securities. The following table provides information on subordinated debentures for the period indicated: (In thousands) 2021 2020 Fixed to floating rate sub debt, 4.25% $ 175,000 $ 175,000 WashingtonFirst sub debt — 25,000 Revere fixed to floating rate sub debt — 31,000 Total subordinated debt 175,000 231,000 Less: Subordinated debt held as investments by Sandy Spring — (3,000) Add: Purchase accounting premium — 1,669 Less: Debt issuance costs (2,288) (2,581) Net subordinated debt 172,712 227,088 Long-term borrowings $ 172,712 $ 227,088 Other Borrowings Information relating to retail repurchase agreements and federal funds purchased is presented in the following table at and for the years ending December 31: 2021 2020 (Dollars in thousands) Amount Rate Amount Rate End of period: Retail repurchase agreements $ 141,086 0.12 % $ 153,157 0.11 % Federal funds purchased — — 390,000 0.10 Average for the year: Retail repurchase agreements $ 143,734 0.12 % $ 142,283 0.32 % Federal funds purchased 15,154 0.08 367,240 0.41 Maximum month-end balance: Retail repurchase agreements $ 154,413 $ 153,157 Federal funds purchased 60,000 921,289 The Company pledges U.S. Agencies securities, based upon their market values, as collateral for greater than 102.5% of the principal of its retail repurchase agreements. At December 31, 2021, the Company had an available line of credit with the FHLB under which its borrowings are limited to $3.9 billion based on pledged collateral at prevailing market interest rates, with no outstanding borrowings against it. At December 31, 2020, lines of credit totaled $3.0 billion based on pledged collateral with $379.1 million borrowed against the line. During the year ended December 31, 2021, the Company early repaid $279.0 million of FHLB advances, resulting in a prepayment penalty of $9.1 million, which was recorded in other non-interest expense in the Consolidated Statements of Income. Under a blanket lien, the Company has pledged qualifying residential mortgage loans amounting to $829.1 million, commercial real estate loans amounting to $3.1 billion, home equity lines of credit (“HELOC”) amounting to $224.4 million and multifamily loans amounting to $333.4 million at December 31, 2021 as collateral under the borrowing agreement with the FHLB. At December 31, 2020, the Company had pledged collateral of qualifying mortgage loans of $1.0 billion, commercial real estate loans of $2.8 billion, HELOC loans of $226.2 million and multifamily loans of $237.6 million under the FHLB borrowing agreement. The Company also had secured lines of credit available from the Federal Reserve and correspondent banks of $509.4 million and $276.2 million at December 31, 2021 and 2020, respectively, collateralized by loans, with no borrowings outstanding at the end of either period. In addition, the Company had unsecured lines of credit with correspondent banks of $1.3 billion and $1.1 billion at December 31, 2021 and 2020. Of the unsecured lines of credit available there were no outstanding borrowings at December 31, 2021 and $390.0 million outstanding borrowings at December 31, 2020. At December 31, 2021, the Company did not have any borrowings outstanding under the Paycheck Protection Program Liquidity Facility ("PPPLF"). Advances from the FHLB and the respective maturity schedule at December 31 for the years indicated consisted of the following: 2021 2020 (Dollars in thousands) Amounts Weighted Average Amounts Weighted Average Maturity: One year $ — — % $ 230,243 2.39 % Two years — — 76,332 2.37 Three years — — 72,500 3.12 Four years — — — — Five years — — — — After five years — — — — Total advances from FHLB $ — — $ 379,075 2.52 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY The Company’s Articles of Incorporation authorize 100,000,000 shares of capital stock (par value $1.00 per share). Issued shares have been classified as common stock. The Articles of Incorporation provide that remaining unissued shares may later be designated as either common or preferred stock. The Company maintains an employee stock purchase plan (the “Purchase Plan”) that enables employees to purchase up to $25,000 of Company common stock each year at a discount. The Purchase Plan, which was initially authorized on July 1, 2011, was amended and restated as of November 18, 2020. As part of the amendment and restatement, an additional 700,000 shares of common stock were reserved to be issued, which is in addition to the 300,000 shares of common stock authorized for purchase under the previous version of the Purchase Plan. Under the Purchase Plan, shares are purchased at 85% of the lower of the fair market value of the common stock on the offering date or the purchase date, as defined in the Purchase Plan. Contributions are made through monthly payroll deductions of not less than 1% or more than 10% of cash compensation paid in the month. The Purchase Plan is administered by a committee of at least three directors appointed by the board of directors. At December 31, 2021, there were 647,455 shares available for issuance under this Purchase Plan. In December 2020, the Company's board of directors authorized a stock repurchase plan that permits the repurchase of up to 2,350,000 shares of common stock. During 2021, the Company repurchased and retired all 2,350,000 shares of common stock at an average price of $45.65 per share for a total cost of $107.3 million. Under the previous stock repurchase plan that was approved in 2018 and expired in December 2020, the Company was authorized to repurchase up to 1,800,000 shares. During 2020, the Company repurchased and retired 820,328 common shares for the total cost of $25.7 million. Cumulatively under the previous plan, as of December 31, 2020, the Company repurchased and retired 1,488,519 shares of its common stock at an average price of $33.58 per share for a total cumulative cost of $50.0 million. The Company has a dividend reinvestment plan that is sponsored and administered by Computershare as independent agent, which enables current shareholders as well as first-time buyers to purchase and sell common stock of Sandy Spring Bancorp, Inc. directly through Computershare. Participants may reinvest cash dividends and make periodic supplemental cash payments to purchase additional shares. Bank and bank holding company regulations, as well as Maryland law, impose certain restrictions on dividend payments by the Bank, as well as restrictions on extensions of credit and transfers of assets between the Bank and the Company. At December 31, 2021, the |
SHARE BASED COMPENSATION
SHARE BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION At December 31, 2021, 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 awards ("RSAs"), restricted stock units ("RSUs") and performance share units ("PSUs") to selected directors and employees on a periodic basis at the discretion of the Company’s board of directors. The Omnibus Incentive Plan authorizes the issuance of up to 1,500,000 shares of common stock, of which 794,433 shares are available for issuance at December 31, 2021, has a term of ten years, and is administered by a committee of at least three directors appointed by the board of directors. Awards of share-based compensation typically vest in equal increments either over three The value associated with the grant of RSAs is determined by multiplying the fair market value of the Company's common stock on the grant date by the number of shares awarded. Employees have the right to vote the shares and receive cash or stock dividends for the unvested RSAs. Non-vested shares of restricted stock awards are considered participating securities that have an immaterial impact on the computation of earnings per share. Any non-vested shares are subject to forfeiture upon termination of employment. A portion of the total RSAs granted in 2019 were based on the relative market performance of the Company's stock with another portion based on the financial performance of the Company. Compensation expense for awards based on the market performance of the Company's stock is based on their fair value determined using a probability based Monte-Carlo simulation valuation model. The expense on those awards is recognized regardless of whether the criteria for vesting is achieved. Compensation expense related to the achievement of performance criteria is variable and based on the fair market value of the Company's common stock and an assessment of the probability of achieving specified metrics and is adjusted periodically. Ultimately, the number of awards that vest can range from zero to 150% of the grant amount based on the achievement level compared to the specified performance or market-based criteria. PSUs may be granted annually and are subject to the Company's achievement of specified performance criteria over a three year period. The value of the PSU grant is determined by multiplying the fair market value of the Company's common stock on the grant date by the total initial number of shares awarded. A portion of the total PSUs granted in 2020 were based on the relative market performance of the Company's stock with another portion based on the financial performance of the Company. Compensation expense for awards based on the market performance of the Company's stock is based on their fair value determined using a probability based Monte-Carlo simulation valuation model. The expense on those awards is recognized regardless of whether the criteria for vesting is achieved. Compensation expense related to the achievement of specified performance criteria is variable and based on the fair market value of the Company's common stock and an assessment of the probability of achieving specified metrics and is adjusted periodically. Beginning in 2021, the PSU's granted annually are based on the Company's return on tangible common equity ("ROTCE") compared to a specified peer group's ROTCE over a three year period. The number of awards that vest can range from zero to 150% of the grant amount based on the achievement level compared to the specified performance or market-based criteria. Dividends that accrue during the vesting period are reinvested in dividend equivalent share units. PSUs and the related dividend equivalent share units are converted into shares of common stock at vesting. Upon qualifying employee retirement, shares can continue to vest through the initial grant period should the vesting criteria continue to be met. PSUs are not considered participating securities and do not impact the computation of earnings per share. 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 contractual term of the share option is based on the U.S. Treasury yield curve in effect at the time of the grant. Expected volatility is generally based on historical volatility. The expected term of share options granted is generally derive from historical experience. All stock compensation expense is recognized on a straight-line basis over the vesting period of the respective stock option, restricted stock, restricted stock unit grants or performance share units. Compensation associated with the performance share units is variable in nature based on the probability of achieving specific criteria. Compensation expense of $5.3 million, $3.9 million, and $2.9 million was recognized for the years ended December 31, 2021, 2020 and 2019, respectively, related to the awards of stock options, restricted stock grants, restricted stock unit grants and performance share unit grants. The intrinsic value for the stock options exercised was $8.0 million, $0.4 million, and $0.2 million in the years ended December 31, 2021, 2020 and 2019, respectively. There was no unrecognized compensation cost related to stock options at December 31, 2021. The total of unrecognized compensation cost related to restricted stock awards, restricted stock unit grants, and performance share unit grants was approximately $8.2 million at December 31, 2021. That cost is expected to be recognized over a weighted average period of approximately 2.1 years. During the year ended December 31, 2021, the Company granted 128,557 restricted shares, restricted stock units and performance share units under the Omnibus Incentive Plan, of which 32,728 units are subject to achievement of certain performance conditions measured over a three-year performance period and 95,829 are restricted shares or units subject to a three year vesting schedule. A summary of share option activity for the period indicated is reflected in the following table: Number Weighted Average Exercise Weighted Average Contractual Remaining Life (Years) Aggregate Intrinsic Balance at January 1, 2021 430,038 $ 14.97 $ 6,828 Granted — $ — Exercised (270,297) $ 13.67 $ 7,979 Forfeited — $ — Expired — $ — Balance at December 31, 2021 159,741 $ 17.18 2.4 years $ 5,264 Exercisable at December 31, 2021 159,741 $ 17.18 2.4 years $ 5,264 A summary of the activity for the Company’s restricted stock for the period indicated is presented in the following table: (In dollars, except share data): Number Weighted Average Grant-Date Fair Value Restricted stock at January 1, 2021 391,683 $ 29.50 Granted 128,557 $ 41.05 Vested (119,228) $ 31.48 Forfeited/ cancelled (10,492) $ 31.93 Restricted stock at December 31, 2021 390,520 $ 32.67 |
PENSION, PROFIT SHARING, AND OT
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS | PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS Defined Benefit Pension Plan The Company has a qualified, noncontributory, defined benefit pension plan (the “Pension Plan”) covering substantially all employees. All benefit accruals for employees were frozen as of December 31, 2007 based on past service and thus future salary increases and additional years of service will no longer affect the defined benefit provided by the Pension Plan although additional vesting may continue to occur. Several factors affect the net periodic benefit cost of the plan, including (1) the size and characteristics of the plan population, (2) the discount rate, (3) the expected long-term rate of return on plan assets and (4) other actuarial assumptions. Pension cost is directly related to the number of employees covered by the plan and other factors including salary, age, years of employment, and the terms of the plan. As a result of the plan freeze, the characteristics of the plan population should not have a materially different effect in future years. The discount rate is used to determine the present value of future benefit obligations. The discount rate is determined by matching the expected cash flows of the plan to a yield curve based on long term, high quality fixed income debt instruments available as of the measurement date, which is December 31 of each year. The discount rate is adjusted each year on the measurement date to reflect current market conditions. The expected long-term rate of return on plan assets is based on a number of factors that include expectations of market performance and the target asset allocation adopted in the plan investment policy. Should actual asset returns deviate from the projected returns, this can affect the benefit plan expense recognized in the financial statements. The Company's funding policy is to contribute amounts to the Pension 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 Pension Plan freeze. The Pension Plan invests primarily in a diversified portfolio of managed fixed income and equity funds. The Pension Plan’s funded status at December 31 is as follows: (In thousands) 2021 2020 Reconciliation of Projected Benefit Obligation: Projected obligation at January 1 $ 52,426 $ 45,497 Interest cost 1,269 1,437 Actuarial (gain)/ loss (22) 290 Benefit payments (1,115) (1,470) Increase/ (decrease) related to change in assumptions (2,040) 6,672 Settlement - lump sum payments (2,439) — Projected obligation at December 31 48,079 52,426 Reconciliation of Fair Value of Plan Assets: Fair value of plan assets at January 1 48,357 43,457 Actual return on plan assets (596) 6,370 Employer contributions 1,000 — Benefit payments (1,115) (1,470) Settlement - lump sum payments (2,439) — Fair value of plan assets at December 31 $ 45,207 $ 48,357 Funded status at December 31 $ (2,872) $ (4,069) Accumulated benefit obligation at December 31 $ 48,079 $ 52,426 Unrecognized net actuarial loss $ 11,030 $ 12,719 Net periodic pension cost not yet recognized $ 11,030 $ 12,719 Weighted average assumptions used to determine benefit obligations at December 31 are presented in the following table: 2021 2020 2019 Discount rate 2.80% 2.50% 3.25% Rate of compensation increase N/A N/A N/A The components of net periodic benefit cost for the years ended December 31 are presented in the following table: (In thousands) 2021 2020 2019 Interest cost on projected benefit obligation $ 1,269 $ 1,437 $ 1,609 Expected return on plan assets (1,247) (1,821) (1,647) Recognized net actuarial loss 909 874 1,059 Settlement charge 560 — — Net periodic benefit cost $ 1,491 $ 490 $ 1,021 Components of the net periodic benefit cost are recorded in salaries and employee benefits expense in the Consolidated Statement of Income. Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 are presented in the following table: 2021 2020 2019 Discount rate 2.50% 3.25% 4.15% Expected return on plan assets 3.25% 4.75% 5.00% Rate of compensation increase N/A N/A N/A The expected rate of return on assets of 3.25% reflects the Pension Plan’s predominant investment of assets in fixed income mutual funds and was developed as a weighted average rate based on the target asset allocation of the Plan. Key economic inputs used included future inflation, economic growth, and interest rate environment. The following table reflects the components of the net unrecognized benefits costs that is reflected in accumulated other comprehensive income/ (loss) for the periods indicated. Additions/ reductions represent the change in the unrecognized actuarial gain/ loss during the period. Reclassifications represent the portion of the unrecognized benefits that are recognized each period as a component of the net periodic benefit cost. (In thousands) Unrecognized Net Included in accumulated other comprehensive loss at January 1, 2019 $ 12,352 Reductions during the year (5,176) Reclassifications due to recognition as net periodic pension cost (1,059) Increase related to change in assumptions 5,060 Included in accumulated other comprehensive loss as of December 31, 2019 11,177 Reductions during the year (4,256) Reclassifications due to recognition as net periodic pension cost (874) Increase related to change in assumptions 6,672 Included in accumulated other comprehensive loss as of December 31, 2020 12,719 Additions during the year 1,842 Reclassifications due to recognition as net periodic pension cost (909) Settlement charge (560) Decrease related to change in assumptions (2,062) Included in accumulated other comprehensive loss as of December 31, 2021 11,030 Applicable tax effect (2,827) Included in accumulated other comprehensive loss net of tax effect at December 31, 2021 $ 8,203 Amount expected to be recognized as part of net periodic pension cost in the next fiscal year $ 674 There are no plan assets expected to be returned to the employer in the next twelve months. The following items have not yet been recognized as a component of net periodic benefit cost at December 31: (In thousands) 2021 2020 2019 Net actuarial loss $ 11,030 $ 12,719 $ 11,177 Net periodic benefit cost not yet recognized $ 11,030 $ 12,719 $ 11,177 Pension Plan Assets The Company’s Pension Plan weighted average allocations at December 31 are presented in the following table: 2021 2020 Asset Category: Equity Securities Mutual Funds 11.5 % 11.6 % Fixed Income Mutual Funds 88.5 % 88.4 % Total pension plan assets 100.0 % 100.0 % The Company has a written investment policy approved by the board of directors that governs the investment of the defined benefit pension fund trust portfolio. The investment policy is designed to provide limits on risk that is undertaken by the investment managers both in terms of market volatility of the portfolio and the quality of the individual assets that are held in the portfolio. The investment policy statement focuses on the following areas of concern: preservation of capital, diversification, risk tolerance, investment duration, rate of return, liquidity, and investment management costs. The Company has constituted the Retirement Plans Investment Committee (“RPIC”) in part to monitor the investments of the Pension Plan as well as to recommend to executive management changes in the Investment Policy Statement which governs the Pension Plan’s investment operations. These recommendations include asset allocation changes based on a number of factors including the investment horizon for the Pension Plan. The Company uses outside third parties to advise RPIC on the Pension Plan’s investment matters. Investment strategies and asset allocations are based on careful consideration of Pension Plan liabilities, the Pension Plan’s funded status and the Company’s financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis. Management allocates plan assets towards fixed income securities in order to align expected cash outflows with its funding source. This asset allocation has been set after taking into consideration the Pension Plan’s current frozen status and the possibility of partial plan terminations over the intermediate term. The Pension Plan’s asset allocation remained consistent during the current year. Market volatility risk is controlled by limiting the asset allocation of the most volatile asset class, equities, to no more than 70% of the portfolio and by ensuring that there is sufficient liquidity to meet distribution requirements from the portfolio without disrupting long-term assets. Diversification of the equity portion of the portfolio is controlled by limiting the value of any initial acquisition so that it does not exceed 5% of the market value of the portfolio when purchased. The policy requires the sale of any portion of an equity position when its value exceeds 10% of the portfolio. Fixed income market volatility risk is managed by limiting the term of fixed income investments to five years. Fixed income investments must carry an “A” or better rating by a recognized credit rating agency. Corporate debt of a single issuer may not exceed 10% of the market value of the portfolio. The investment in derivative instruments such as “naked” call options, futures, commodities, and short selling is prohibited. Investment in equity index funds and the writing of “covered” call options (a conservative strategy to increase portfolio income) are permitted. Foreign currency-denominated debt instruments are not permitted. At December 31, 2021, management is of the opinion that there are no significant concentrations of risk in the assets of the plan with respect to any single entity, industry, country, commodity or investment fund that are not otherwise mitigated by the Federal Deposit Insurance Corporation ("FDIC") insurance available to the participants of the Pension Plan and collateral pledged for any such amount that may not be covered by FDIC insurance. Investment performance is measured against industry accepted benchmarks. The risk tolerance and asset allocation limitations imposed by the policy are consistent with attaining the rate of return assumptions used in the actuarial funding calculations. The RPIC committee meets quarterly to review the activities of the investment managers to ensure adherence with the Investment Policy Statement. Fair Values The fair values of the Company’s Pension Plan assets by asset category at December 31 are presented in the following tables: 2021 (In thousands) Quoted Prices in Active Markets for Significant Other Significant Total Asset Category: Mutual funds: Large cap U.S. equity funds $ 2,231 $ 575 $ — $ 2,806 Small/Mid cap U.S. equity funds — 1,536 — 1,536 International equity funds 875 — — 875 Short-term fixed income funds 9,558 30,432 — 39,990 Total mutual funds 12,664 32,543 — 45,207 Total pension plan assets $ 12,664 $ 32,543 $ — $ 45,207 2020 (In thousands) Quoted Prices In Active Markets for Significant Other Significant Total Asset Category: Mutual funds: Large cap U.S. equity funds $ 2,779 $ 543 $ — $ 3,322 Small/Mid cap U.S. equity funds — 1,124 — 1,124 International equity funds 1,183 — — 1,183 Short-term fixed income funds — 4,299 — 4,299 Fixed income funds 10,724 27,705 — 38,429 Total mutual funds 14,686 33,671 — 48,357 Total pension plan assets $ 14,686 $ 33,671 $ — 48,357 Contributions The decision as to whether or not to make a plan contribution and the amount of any such contribution is dependent on a number of factors. Such factors include the investment performance of the plan assets in the current economy and, since the Pension Plan is currently frozen, the remaining investment horizon of the Pension Plan. After consideration of these factors, the Company made a $1.0 million contribution in 2021. Management continues to monitor the funding level of the Pension Plan and may make contributions as necessary during 2022. Estimated Future Benefit Payments Benefit payments, which reflect expected future service, as appropriate, that are expected to be paid for the years ending December 31 are presented in the following table: (In thousands) Pension Benefits 2022 $ 3,210 2023 1,990 2024 3,240 2025 2,330 2026 3,160 Thereafter 14,540 Sandy Spring Bank 401(k) Plan The Sandy Spring Bank 401(k) Plan (“the 401(k)”) is voluntary and covers all eligible employees after 90 days of service. The 401(k) provides that employees contributing to the 401(k) receive a matching contribution of 100% of the first 4% of compensation and 50% of the next 2% of compensation subject to employee contribution limitations. The Company matching contribution vests immediately. The 401(k) permits employees to purchase shares of the Company’s common stock with their 401(k) contributions, Company match, and other contributions under the 401(k). The Company’s matching contribution to the 401(k), which is included in salaries and employee benefits in non-interest expenses in the Consolidated Statements of Income, totaled $6.0 million, $5.3 million, and $4.1 million in 2021, 2020 and 2019, respectively. Executive Incentive Retirement Plan The Executive Incentive Retirement Plan ("Executive Plan") is a non-qualified deferred compensation defined contribution plan that provides for contributions to be made to the participants’ plan accounts based on the attainment of a level of financial performance compared to a selected group of peer banks. This level of performance is determined annually by the board of directors. Benefit costs related to the Executive Plan included in salaries and employee benefits in non-interest expenses in the Consolidated Statements of Income for 2021, 2020 and 2019 were $0.7 million, $0.6 million, and $0.5 million, respectively. |
OTHER NON-INTEREST INCOME AND O
OTHER NON-INTEREST INCOME AND OTHER NON-INTEREST EXPENSE | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
OTHER NON-INTEREST INCOME AND OTHER NON-INTEREST EXPENSE | OTHER NON-INTEREST INCOME AND OTHER NON-INTEREST EXPENSE Selected components of other non-interest income and other non-interest expense for the years ended December 31 are presented in the following table: (In thousands) 2021 2020 2019 Letter of credit fees $ 910 $ 710 $ 389 Extension fees 811 1,967 1,287 Swap fee income 511 1,607 1,932 Prepayment penalty fees 3,216 961 404 Other income 9,869 3,976 4,768 Total other non-interest income $ 15,317 $ 9,221 $ 8,780 (In thousands) 2021 2020 2019 Postage and delivery $ 1,906 $ 1,624 $ 1,502 Communications 2,508 2,729 2,414 Loss on FHLB redemption 9,117 5,928 — Mortgage processing expense, net 1,504 1,381 817 Online services 2,209 1,591 1,375 Provision for credit losses on unfunded loan commitments (1,236) 1,576 — Franchise taxes 1,644 1,574 1,307 Insurance 1,586 1,311 1,113 Card transaction expense 1,183 1,083 1,031 Office supplies 742 912 957 Other expenses 13,229 10,894 9,910 Total other non-interest expense $ 34,392 $ 30,603 $ 20,426 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following table provides the components of income tax expense for the years ended December 31: (In thousands) 2021 2020 2019 Current income taxes: Federal $ 48,445 $ 43,115 $ 28,404 State 15,850 13,785 6,598 Total current 64,295 56,900 35,002 Deferred income taxes: Federal 9,634 (22,793) 234 State 2,623 (6,636) 1,192 Total deferred 12,257 (29,429) 1,426 Total income tax expense $ 76,552 $ 27,471 $ 36,428 The Company does not have uncertain tax positions that are deemed material, and did not recognize any adjustments for unrecognized tax benefits. The Company is subject to U.S. federal income tax and income tax in various state jurisdictions. All tax years ending after December 31, 2017 are open to examination. The examination by the District of Columbia for the tax years 2017-2019 was finalized in 2021 with no adjustments. Temporary differences between the amounts reported in the financial statements and the tax bases of assets and liabilities result in deferred taxes. Deferred tax assets and liabilities, shown as the sum of the appropriate tax effect for each significant type of temporary difference, are presented in the following table at December 31 for the years indicated: (In thousands) 2021 2020 Deferred tax assets: Allowance for credit losses $ 27,980 $ 42,231 Lease liability 17,280 19,192 Employee benefits 7,740 6,108 Unrealized losses on pension plan 2,827 3,249 Deferred loan fees and costs 3,879 4,486 Equity based compensation 1,636 1,856 Unrealized losses on investments available-for-sale 121 — Losses on other real estate owned 21 203 Other than temporary impairment 76 75 Loan and deposit premium/discount 553 1,081 Reserve for recourse loans 223 546 Net operating loss carryforward 2,023 1,475 Other 207 181 Gross deferred tax assets 64,566 80,683 Valuation allowance (2,137) (1,479) Net deferred tax asset 62,429 79,204 Deferred tax liabilities: Right of use asset (14,888) (16,693) Unrealized gains on investments available-for-sale — (9,684) Pension plan costs (2,092) (2,211) Depreciation (2,552) (2,950) Intangible assets (5,653) (6,894) Bond accretion (78) (195) Section 481 adjustments — (669) Fair value acquisition adjustments (624) (555) Other (626) (567) Gross deferred tax liabilities (26,513) (40,418) Net deferred tax asset $ 35,916 $ 38,786 The Company has approximately $29.9 million of state net operating loss carryover which begins to expire in 2032. The Company believes that it is more likely than not that the future benefit from the state net operating loss carryover will not be realized. As such, there is a valuation allowance on the deferred tax assets of the jurisdictions in which those net operating losses relate. The reconcilements between the statutory federal income tax rate and the effective rate for the years ended December 31 are presented in the following table: (Dollars in thousands) 2021 2020 2019 Amount Percentage of Amount Percentage of Amount Percentage of Income tax expense at federal statutory rate $ 65,448 21.0 % $ 26,130 21.0 % $ 32,101 21.0 % Increase/ (decrease) resulting from: Tax exempt income, net (2,271) (0.7) (2,472) (2.0) (2,101) (1.4) Bank-owned life insurance (602) (0.2) (567) (0.5) (665) (0.4) State income taxes, net of federal income tax benefits 14,593 4.7 5,648 4.5 6,154 4.0 Federal tax law change — — (1,764) (1.4) — — Other, net (616) (0.2) 496 0.5 939 0.6 Total income tax expense and rate $ 76,552 24.6 % $ 27,471 22.1 % $ 36,428 23.8 % Under the CARES Act, which was enacted on March 27, 2020, net operating losses arising in tax years beginning after December 31, 2017, and before January 1, 2021 can be carried back five tax years preceding the tax year in which the loss originated. During the prior year, the Company utilized net operating losses acquired as a part of the 2018 WashingtonFirst acquisition. Following the passage of the CARES Act, the Company carried back WashingtonFirst's 2018 net operating loss to tax years 2013 through 2015. As a result, the Company recorded a tax benefit of $1.8 million for 2020 due to the federal statutory rates for the 2013, 2014 and 2015 tax years being higher than the 2018 tax year. |
NET INCOME PER COMMON SHARE
NET INCOME PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
NET INCOME PER COMMON SHARE | NET INCOME PER COMMON SHARE The calculation of net income per common share for the years ended December 31 is presented in the following table: (Dollars and amounts in thousands, except per share data) 2021 2020 2019 Net income $ 235,107 $ 96,953 $ 116,433 Less: Distributed and undistributed earnings allocated to participating securities (1,508) (783) (762) Net income attributable to common shareholders $ 233,599 $ 96,170 $ 115,671 Total weighted average outstanding shares 46,995 44,312 35,797 Less: Weighted average participating securities (304) (365) (235) Basic weighted average common shares 46,691 43,947 35,562 Dilutive weighted average common stock equivalents 208 185 56 Diluted weighted average common shares 46,899 44,132 35,618 Basic net income per common share $ 5.00 $ 2.19 $ 3.25 Diluted net income per common share $ 4.98 $ 2.18 $ 3.25 Anti-dilutive shares — 17 9 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS)Comprehensive income/ (loss) is defined as net income plus transactions and other occurrences that are the result of non-owner changes in equity. For financial statements presented for the Company, non-owner changes are comprised of unrealized gains or losses on available-for-sale debt securities and any pension liability adjustments and do not have an impact on the Company’s net income. Realized gains and losses on available-for-sale debt securities and the amortization of net periodic benefit cost impact the Company's net income as discussed in the tables on the following page. The following table presents the activity in net accumulated other comprehensive income/ (loss) for the periods indicated: (In thousands) Unrealized Gains/ Defined Benefit Total Balance at January 1, 2019 $ (6,630) $ (9,124) $ (15,754) Period change, net of tax 10,630 792 11,422 Balance at December 31, 2019 4,000 (8,332) (4,332) Period change, net of tax 24,175 (1,138) 23,037 Balance at December 31, 2020 28,175 (9,470) 18,705 Period change, net of tax (28,511) 1,267 (27,244) Balance at December 31, 2021 $ (336) $ (8,203) $ (8,539) The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income/ (loss) for the periods indicated: Year Ended December 31, (In thousands) 2021 2020 2019 Unrealized gains/ (losses) on investments available-for-sale: Affected line item in the Consolidated Statements of Income: Investment securities gains $ 212 $ 467 $ 77 Income before taxes 212 467 77 Tax expense (54) (120) (20) Net income $ 158 $ 347 $ 57 Amortization of defined benefit pension plan items: Affected line item in the Consolidated Statements of Income: Recognized actuarial loss (1) $ (909) $ (874) $ (1,059) Settlement charge (1) (560) — — Income before taxes (1,469) (874) (1,059) Tax benefit 376 223 277 Net loss $ (1,093) $ (651) $ (782) (1) This amount is included in the computation of net periodic benefit cost, see Note 14. |
DERIVATIVES
DERIVATIVES | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES | DERIVATIVESThe Company enters into interest rate 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 swap positions are offset to minimize the potential impact on the Company’s financial statements. Credit risk exists if the borrower’s collateral or financial condition indicates that the underlying collateral or financial condition of the borrower makes it probable that amounts due will be uncollectible. Any amounts due to the Company will be expected to be collected from the borrower. Management reviews this credit exposure on a quarterly basis. At December 31, 2021 and 2020, all loans associated with the swap agreements were determined to be “pass” rated credits as provided by regulatory guidance and therefore no component of credit loss was factored into the valuation of the swaps. A summary of the Company’s interest rate swaps at December 31 for the years indicated is included in the following table: 2021 (Dollars in thousands) Notional Amount Estimated Fair Value Years to Maturity Receive Pay Interest rate swap agreements: Pay fixed/receive variable swaps $ 198,126 $ (5,880) 8.7 years 2.21 % 3.73 % Pay variable/receive fixed swaps 198,126 5,880 8.7 years 3.73 % 2.21 % Total swaps $ 396,252 $ — 8.7 years 2.97 % 2.97 % 2020 (Dollars in thousands) Notional Amount Estimated Fair Value Years to Maturity Receive Pay Interest rate swap agreements: Pay fixed/receive variable swaps $ 160,261 $ (9,183) 8.7 years 2.39 % 3.72 % Pay variable/receive fixed swaps 160,261 9,183 8.7 years 3.72 % 2.39 % Total swaps $ 320,522 $ — 8.7 years 3.06 % 3.06 % The estimated fair value of the swaps at December 31 for the periods indicated in the table above were recorded in other assets and other liabilities in the Consolidated Statements of Financial Condition. The associated net gains and losses on the swaps are recorded in other non-interest income in the Consolidated Statement of Income. |
FINANCIAL INSTRUMENTS WITH OFF-
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK | FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK In the normal course of business, the Company has various outstanding credit commitments that are not reflected in the financial statements. These commitments are made to satisfy the financing needs of the Company's clients. The associated credit risk is controlled by subjecting such activity to the same credit and quality controls as exist for the Company's lending and investing activities. The commitments involve diverse business and consumer customers and are generally well collateralized. Collateral held varies, but may include residential real estate, commercial real estate, property and equipment, inventory and accounts receivable. Commitments do not necessarily represent future cash requirements as a portion of the commitments have some reduced likelihood of being exercised. Additionally, many of the commitments are subject to annual reviews, material change clauses or requirements for inspections prior to draw funding that could result in a curtailment of the funding commitments. A summary of the financial instruments with off-balance sheet credit risk is as follows at December 31 for the years indicated: (In thousands) 2021 2020 Commercial real estate development and construction $ 621,725 $ 871,290 Residential real estate-development and construction 885,806 94,096 Real estate-residential mortgage 54,072 335,288 Lines of credit, principally home equity and business lines 2,096,874 1,947,706 Standby letters of credit 70,642 71,777 Total commitments to extend credit and available credit lines $ 3,729,119 $ 3,320,157 |
LITIGATION
LITIGATION | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATIONThe 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 currently pending legal proceedings will have a material adverse effect on the Company’s financial condition, operating results or liquidity. |
FAIR VALUE
FAIR VALUE | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | FAIR VALUE GAAP provides 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 allows the recognition of gains on sale of mortgage loans to more accurately reflect the timing and economics of the transaction. The standard for fair value measurement establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. 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, this could result in higher or lower measurements of the fair values. Assets and Liabilities Residential mortgage loans held for sale Residential mortgage loans held for sale are valued based on quotations from the secondary market for similar instruments and are classified as Level 2 in the fair value hierarchy. Investments available-for-sale U.S. treasuries and government agencies securities and 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 databases coupled with extensive quality control programs. Quality control evaluation processes use available market, credit and deal level information to support the evaluation of the security. 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 classified within Level 2 in the fair value hierarchy. State and municipal securities The Company primarily uses prices obtained from third-party pricing services to determine the fair value of state and municipal securities. The Company independently evaluates and corroborates the fair value received from pricing services through various methods and techniques, including references to dealer or other market quotes, by reviewing valuations of comparable instruments, and by comparing the prices realized on the sale of similar securities. Such securities are classified within Level 2 in the fair value hierarchy. Corporate debt The fair value of corporate debt is determined by utilizing a discounted cash flow valuation technique employed by a third-party valuation specialist. The third-party specialist uses assumptions related to yield, prepayment speed, conditional default rates and loss severity based on certain factors such as, credit worthiness of the counterparty, prevailing market rates, and analysis of similar securities. The Company evaluates the fair values provided by the third-party specialist for reasonableness and classifies them as level 3 in the fair value hierarchy. Interest rate swap agreements Interest rate swap agreements are measured by alternative pricing sources using a discounted cash flow method that incorporates current market interest rates. 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 characteristics classify interest rate swap agreements as Level 2 in the fair value hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables set forth the Company’s financial assets and liabilities at the December 31 for the years 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: 2021 (In thousands) Quoted Prices in Significant Other Significant Total Assets Residential mortgage loans held for sale (1) $ — $ 39,409 $ — $ 39,409 Investments available-for-sale: U.S. government agencies — 68,539 — 68,539 State and municipal — 326,402 — 326,402 Mortgage-backed and asset-backed — 1,070,955 — 1,070,955 Corporate debt — — — — Total available-for-sale securities — 1,465,896 — 1,465,896 Interest rate swap agreements — 5,880 — 5,880 Total assets $ — $ 1,511,185 $ — $ 1,511,185 Liabilities Interest rate swap agreements $ — $ (5,880) $ — $ (5,880) Total liabilities $ — $ (5,880) $ — $ (5,880) (1) The outstanding principal balance for residential loans held for sale as of December 31, 2021 was $38.2 million. 2020 (In thousands) Quoted Prices in Significant Other Significant Total Assets Residential mortgage loans held for sale (1) $ — $ 78,294 $ — $ 78,294 Investments available-for-sale: U.S. government agencies — 43,297 — 43,297 State and municipal — 390,367 — 390,367 Mortgage-backed and asset-backed — 904,432 — 904,432 Corporate debt — — 9,925 9,925 Total available-for-sale securities — 1,338,096 9,925 1,348,021 Interest rate swap agreements — 9,183 — 9,183 Total assets $ — $ 1,425,573 $ 9,925 $ 1,435,498 Liabilities Interest rate swap agreements $ — $ (9,183) $ — $ (9,183) Total liabilities $ — $ (9,183) $ — $ (9,183) (1) The outstanding principal balance for residential loans held for sale as of December 31, 2020 was $75.5 million. The fair value of investments transferred or that are purchased and placed in Level 3 is estimated by discounting the expected future cash flows using the current rates for investments with similar credit ratings and similar remaining maturities. Expected cash flows were projected based on contractual cash flows. The following table provides activity of assets reported as Level 3 for the period indicated: Significant Unobservable Inputs (In thousands) (Level 3) Investments available-for-sale: Balance at January 1, 2021 $ 9,925 Transfer into Level 3 assets — Additions of Level 3 assets — Sales of Level 3 assets (9,925) Balance at December 31, 2021 $ — Assets Measured at Fair Value on a Non-recurring Basis The following tables set forth the Company’s financial assets subject to fair value adjustments on a non-recurring basis at December 31 for the year 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: 2021 (In thousands) Quoted Prices in Significant Other Significant Total Total Losses Loans (1) $ — $ — $ 404 $ 404 $ (1,353) Other real estate owned — — 1,034 1,034 (81) Total $ — $ — $ 1,438 $ 1,438 $ (1,434) (1) Amounts represent the fair value of collateral for collateral dependent non-accrual loans allocated to the allowance for credit losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records, discounted as appropriate (Level 3). 2020 (In thousands) Quoted Prices in Significant Other Significant Total Total Losses Loans (1) $ — $ — $ 13,901 $ 13,901 $ (11,326) Other real estate owned — — 1,455 1,455 (286) Total $ — $ — $ 15,356 $ 15,356 $ (11,612) (1) Amounts represent the fair value of collateral for collateral dependent non-accrual loans allocated to the allowance for credit losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records, discounted as appropriate (Level 3). At December 31, 2021, loans totaling $33.5 million were written down to fair value of $26.9 million as a result of individual credit loss allowances of $6.6 million associated with the collateral dependent non-accrual loans which was included in the allowance for credit losses. Loans totaling $97.7 million were written down to fair value of $86.3 million at December 31, 2020 as a result of individual credit loss allowances of $11.4 million associated with the collateral dependent non-accrual 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. OREO is adjusted to fair value upon transfer of the loans to OREO. Subsequently, OREO is carried at the lower of carrying value or fair value, less cost of disposal. The estimated fair value for OREO included in Level 3 is determined by independent market based appraisals and other available market information, less cost of disposal, 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 December 31 for the year indicated are presented in the following table: Fair Value Measurements 2021 Quoted Prices in Significant Other Significant (In thousands) Carrying Estimated Financial assets: Cash and cash equivalents $ 420,020 $ 420,020 $ 420,020 $ — $ — Residential mortgage loans held for sale 39,409 39,409 — 39,409 — Investments available-for-sale 1,465,896 1,465,896 — 1,465,896 — Equity securities 41,166 41,166 41,166 — — Loans, net of allowance 9,857,946 9,964,924 — — 9,964,924 Interest rate swap agreements 5,880 5,880 — 5,880 — Accrued interest receivable 34,349 34,349 34,349 — — Bank owned life insurance 147,528 147,528 — 147,528 — Financial liabilities: Time deposits $ 1,290,862 $ 1,292,598 $ — $ 1,292,598 $ — Other deposits 9,333,869 9,333,869 9,333,869 — — Securities sold under retail repurchase agreements and federal funds purchased 141,086 141,086 — 141,086 — Advances from FHLB — — — — — Subordinated debt 172,712 175,780 — — 175,780 Interest rate swap agreements 5,880 5,880 — 5,880 — Accrued interest payable 1,516 1,516 1,516 — — Fair Value Measurements 2020 Quoted Prices in Significant Other Significant (In thousands) Carrying Estimated Financial assets: Cash and cash equivalents $ 297,003 $ 297,003 $ 297,003 $ — $ — Residential mortgage loans held for sale 78,294 78,294 — 78,294 — Investments available-for-sale 1,348,021 1,348,021 — 1,338,096 9,925 Equity securities 65,760 65,760 65,760 — — Loans, net of allowance 10,235,142 10,336,355 — — 10,336,355 Interest rate swap agreements 9,183 9,183 — 9,183 — Accrued interest receivable 46,431 46,431 46,431 — — Bank owned life insurance 126,887 126,887 — 126,887 — Financial liabilities: Time deposits $ 1,657,662 $ 1,674,112 $ — $ 1,674,112 $ — Other deposits 8,375,407 8,375,407 8,375,407 — — Securities sold under retail repurchase agreements and federal funds purchased 543,157 543,157 — 543,157 — Advances from FHLB 379,075 390,593 — 390,593 — Subordinated debt 227,088 227,512 — — 227,512 Interest rate swap agreements 9,183 9,183 — 9,183 — Accrued interest payable 3,254 3,254 3,254 — — |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | PARENT COMPANY FINANCIAL INFORMATION Financial statements for Sandy Spring Bancorp, Inc. (Parent Only) for the periods indicated are presented in the following tables: Statements of Condition December 31, (In thousands) 2021 2020 Assets: Cash and cash equivalents $ 69,038 $ 63,943 Investments available-for-sale (at fair value) — 9,925 Equity securities 568 568 Investment in subsidiary 1,620,432 1,589,483 Goodwill 1,292 1,292 Other assets 2,255 2,684 Total assets $ 1,693,585 $ 1,667,895 Liabilities: Subordinated debt $ 172,712 $ 196,454 Accrued expenses and other liabilities 1,194 1,486 Total liabilities 173,906 197,940 Stockholders’ Equity: Common stock 45,119 47,057 Additional paid in capital 751,072 846,922 Retained earnings 732,027 557,271 Accumulated other comprehensive income/ (loss) (8,539) 18,705 Total stockholders’ equity 1,519,679 1,469,955 Total liabilities and stockholders’ equity $ 1,693,585 $ 1,667,895 Statements of Income Year Ended December 31, (In thousands) 2021 2020 2019 Income: Cash dividends from subsidiary $ 189,172 $ 74,410 $ 42,625 Other income 434 932 1,093 Total income 189,606 75,342 43,718 Expenses: Interest 6,765 9,028 3,141 Other expenses 1,592 1,505 1,507 Total expenses 8,357 10,533 4,648 Income before income taxes and equity in undistributed income of subsidiary 181,249 64,809 39,070 Income tax benefit (1,563) (1,988) (734) Income before equity in undistributed income of subsidiary 182,812 66,797 39,804 Equity in undistributed income of subsidiary 52,295 30,156 76,629 Net income $ 235,107 $ 96,953 $ 116,433 Statements of Cash Flows Year Ended December 31, (In thousands) 2021 2020 2019 Cash Flows from Operating Activities: Net income $ 235,107 $ 96,953 $ 116,433 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income-subsidiary (52,295) (30,156) (76,629) Share based compensation expense 5,299 3,850 3,042 Tax benefit from stock options exercised — 5 7 Other-net 4,133 (9,732) — Net cash provided by operating activities 192,244 60,920 42,853 Cash Flows from Investing Activities: Proceeds from sales of investment available-for-sale 9,099 310 — Investment in subsidiary — — (85,000) Net cash provided by/ (used in) investing activities 9,099 310 (85,000) Cash Flows from Financing Activities: Retirement of subordinated debt (32,810) (10,310) — Proceeds from issuance of subordinated debt — — 175,000 Proceeds from issuance of common stock 5,758 1,997 1,433 Stock tendered for payment of withholding taxes (1,577) (458) (703) Repurchase of common stock (107,268) (25,702) (24,284) Dividends paid (60,351) (53,175) (42,272) Net cash provided by/ (used in) financing activities (196,248) (87,648) 109,174 Net increase/ (decrease) in cash and cash equivalents 5,095 (26,418) 67,027 Cash and cash equivalents at beginning of year 63,943 90,361 23,334 Cash and cash equivalents at end of year $ 69,038 $ 63,943 $ 90,361 |
REGULATORY MATTERS
REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
REGULATORY MATTERS | REGULATORY MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's and the Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company and the Bank's capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established and defined by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of Total, Tier 1 and Common Equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. As of December 31, 2021 and 2020, the capital levels of the Company and the Bank substantially exceeded all applicable capital adequacy requirements. As of December 31, 2021, the most recent notification from the Bank’s primary regulator categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain minimum Total risk-based, Tier 1 risk-based, Common Equity Tier 1 risk-based, and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes have changed the Bank's category. The Company's and the Bank's actual capital amounts and ratios at December 31 for the years indicated are presented in the following table: Actual For Capital To be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021 Tier 1 Leverage: Company $ 1,149,694 9.26 % $ 496,520 4.00 % N/A N/A Sandy Spring Bank $ 1,251,739 10.09 % $ 496,171 4.00 % $ 620,214 5.00 % Common Equity Tier 1 Capital to risk- weighted assets: Company $ 1,149,694 11.91 % $ 434,466 4.50 % N/A N/A Sandy Spring Bank $ 1,251,739 12.98 % $ 433,889 4.50 % $ 626,729 6.50 % Tier 1 Capital to risk-weighted assets: Company $ 1,149,694 11.91 % $ 579,288 6.00 % N/A N/A Sandy Spring Bank $ 1,251,739 12.98 % $ 578,519 6.00 % $ 771,358 8.00 % Total Capital to risk-weighted assets: Company $ 1,408,808 14.59 % $ 772,384 8.00 % N/A N/A Sandy Spring Bank $ 1,335,853 13.85 % $ 771,358 8.00 % $ 964,198 10.00 % As of December 31, 2020 Tier 1 Leverage: Company $ 1,078,213 8.92 % $ 483,619 4.00 % N/A N/A Sandy Spring Bank $ 1,199,570 9.93 % $ 483,175 4.00 % $ 603,969 5.00 % Common Equity Tier 1 Capital to risk- weighted assets: Company $ 1,078,213 10.58 % $ 458,612 4.50 % N/A N/A Sandy Spring Bank $ 1,199,570 11.79 % $ 457,920 4.50 % $ 661,441 6.50 % Tier 1 Capital to risk-weighted assets: Company $ 1,078,213 10.58 % $ 611,483 6.00 % N/A N/A Sandy Spring Bank $ 1,199,570 11.79 % $ 610,561 6.00 % $ 814,081 8.00 % Total Capital to risk-weighted assets: Company $ 1,419,973 13.93 % $ 815,311 8.00 % N/A N/A Sandy Spring Bank $ 1,347,102 13.24 % $ 814,081 8.00 % $ 1,017,601 10.00 % |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | 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 and assets are included in the Community Banking segment, as the majority of parent company functions are related to this segment. Beginning on April 1, 2020, the Community Banking segment includes the impact from the Revere acquisition. 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 related to the acquired entities in the Community Banking segment totaled $4.7 million, $4.3 million and $1.7 million for the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. The Insurance segment is conducted through Sandy Spring Insurance, a subsidiary of the Bank. Sandy Spring Insurance 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, occupancy, support charges and other expenses. Non-cash charges associated with amortization of intangibles related to the acquired entities were immaterial for each of the years ended December 31, 2021, 2020 and 2019. The Investment Management segment is conducted through West Financial and RPJ, subsidiaries of the Bank. These asset management and financial planning firms, located in McLean, Virginia and Falls Church, Virginia, respectively, 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 $4.1 billion in combined assets under management. Major revenue sources include non-interest income earned on the above services. Expenses include personnel, occupancy, support charges and other expenses. Non-cash charges associated with amortization of intangibles related to the acquired entities were $1.9 million, $1.9 million, and $0.1 million for the years ended December 31, 2021, December 31, 2020 and December 31, 2019, respectively. Information for the operating segments and reconciliation of the information to the consolidated financial statements for the years ended December 31 is presented in the following tables: 2021 (In thousands) Community Insurance Investment Inter-Segment Total Interest income $ 450,284 $ 2 $ 10 $ (12) $ 450,284 Interest expense 25,778 — — (12) 25,766 Provision for credit losses (45,556) — — — (45,556) Non-interest income 80,077 7,011 22,378 (7,411) 102,055 Non-interest expenses 240,996 5,869 14,473 (868) 260,470 Income before income taxes 309,143 1,144 7,915 (6,543) 311,659 Income tax expense 74,036 339 2,177 — 76,552 Net income $ 235,107 $ 805 $ 5,738 $ (6,543) $ 235,107 Assets $ 12,590,176 $ 9,110 $ 59,099 $ (67,659) $ 12,590,726 2020 (In thousands) Community Insurance Investment Inter-Segment Total Interest income $ 423,560 $ 6 $ 7 $ (13) $ 423,560 Interest expense 60,414 — — (13) 60,401 Provision for credit losses 85,669 — — — 85,669 Non-interest income 78,940 6,810 17,831 (865) 102,716 Non-interest expenses 237,910 5,686 13,051 (865) 255,782 Income before income taxes 118,507 1,130 4,787 — 124,424 Income tax expense 25,907 313 1,251 — 27,471 Net income $ 92,600 $ 817 $ 3,536 $ — $ 96,953 Assets $ 12,800,537 $ 11,335 $ 57,768 $ (71,211) $ 12,798,429 2019 (In thousands) Community Insurance Investment Inter-Segment Total Interest income $ 347,867 $ 26 $ 13 $ (37) $ 347,869 Interest expense 82,598 — — (37) 82,561 Provision for credit losses 4,684 — — — 4,684 Non-interest income 55,042 6,621 10,326 (667) 71,322 Non-interest expenses 166,802 5,731 7,219 (667) 179,085 Income before income taxes 148,825 916 3,120 — 152,861 Income tax expense 35,350 258 820 — 36,428 Net income $ 113,475 $ 658 $ 2,300 $ — $ 116,433 Assets $ 8,624,590 $ 10,340 $ 16,424 $ (22,352) $ 8,629,002 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations Sandy Spring Bancorp, Inc. ("Sandy Spring" or, together with its subsidiaries, the "Company"), a Maryland corporation, is the bank holding company for Sandy Spring Bank (the “Bank”), which conducts a full-service commercial banking, mortgage banking and trust business. Services to individuals and businesses include accepting deposits, extending credit to buy real estate or equipment, consumer and commercial loans and lines of credit, general insurance, personal trust, and investment and wealth management services. The Company operates in central Maryland, Northern Virginia, and the greater Washington D.C. market. The Company offers investment and wealth management services through the Bank’s subsidiaries, West Financial Services ("West Financial") and Rembert Pendleton Jackson ("RPJ"). Insurance products are available to clients through Sandy Spring Insurance Corporation ("Sandy Spring Insurance"), and Neff & Associates, which are agencies of Sandy Spring Insurance. |
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”) and prevailing practices within the financial services industry for financial information. 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. The Company has evaluated subsequent events through the date of the issuance of its financial statements. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Sandy Spring Bank and its subsidiaries, Sandy Spring Insurance, West Financial and RPJ. Consolidation has resulted in the elimination of all significant intercompany accounts and transactions. See Note 25 for more information on the Company's segments and consolidation. |
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 an 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. |
Assets Under Management | Assets Under Management Assets held for others under fiduciary and agency relationships are not assets of the Company or its subsidiaries and are not included in the accompanying Consolidated Statements of Condition. Trust department income and investment management fees are presented on an accrual basis. |
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 an 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 Consolidated Statements of Income. Most of the Company’s revenue is not within the scope of Accounting Standard Codification (“ASC”) 606 – Revenue from Contracts with Customers. For revenue within the scope of ASC 606, 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 and RPJ 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. An 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. The overdraft services obligation is satisfied at the time of the overdraft and revenue is recognized as earned. |
Residential Mortgage Loans Held For Sale | Residential Mortgage Loans Held for Sale The Company engages in sales of residential mortgage loans originated by the Bank. Loans held for sale are carried at fair value. Fair value is derived from secondary market quotations for similar instruments. The Company measures residential mortgage loans at fair value when the Company first recognizes the loan (i.e., the fair value option). Changes in fair value of these loans are recorded in earnings as a component of mortgage banking activities in non-interest income in the Consolidated Statements of Income. The Company's current practice is to sell the majority of such loans on a servicing released basis. Any retained servicing assets are amortized in proportion to their net servicing fee income over the life of the respective loans. Servicing assets are evaluated for impairment on a periodic basis. |
Investments Available-for-sale | Investments Available-for-Sale Debt securities not classified as held-to-maturity or trading are classified as securities available-for-sale. Securities available-for-sale are acquired as part of the Company's asset/liability management strategy and may be sold in response to changes in interest rates, loan demand, changes in prepayment risk or other factors. Securities available-for-sale are carried at fair value, with unrealized gains or losses based on the difference between amortized cost and fair value, reported net of deferred tax, as accumulated other comprehensive income/ (loss), a separate component of stockholders' equity. The carrying values of securities available-for-sale are adjusted for premium amortization and discount accretion. Premium is amortized to the earliest call date and discount accreted to the maturity date using the effective interest method. Realized gains and losses on security sales or maturities, using the specific identification method, are included as a separate component of non-interest income. Related interest and dividends are included in interest income. Declines in the fair value of individual available-for-sale securities below their amortized cost due to credit-related factors are recognized as an allowance for credit losses. Credit-related factors affecting the determination of whether impairment has occurred include a downgrading of the security below investment grade by a rating agency or due to potential default, a significant deterioration in the financial condition of the issuer, increase in entity-specific credit spreads. Additionally, on any available-for-sale securities with unrealized losses, the Company evaluates its intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value. |
Equity Securities | Equity Securities Equity securities include Federal Reserve Bank stock, Federal Home Loan Bank of Atlanta ("FHLB") stock and other equities that are considered restricted as to marketability and recorded at cost. As these securities do not have readily available market values, they are carried at cost and adjusted for any necessary impairments each reporting period. |
Loan Financing Receivables | Loan Financing Receivables The Company’s financing receivables consist primarily of loans that are stated at their principal balance outstanding, net of any unearned income, acquisition fair value marks and deferred loan origination fees and costs. Interest income on loans is accrued at the contractual rate based on the principal balance outstanding. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. Loans are considered past due or delinquent when the principal or interest due in accordance with the contractual terms of the loan agreement or any portion thereof remains unpaid after the due date of the scheduled payment. Immaterial shortfalls in payment amounts do not necessarily result in a loan being considered delinquent or past due. If any payments are past due and subsequent payments are resumed without payment of the delinquent amount, the loan shall continue to be considered past due. Whenever any loan is reported delinquent on a principal or interest payment or portion thereof, the amount reported as delinquent is the outstanding principal balance of the loan. Loans, except for consumer installment loans, are placed into non-accrual status when any portion of the loan principal or interest becomes 90 days past due. Management may determine that certain circumstances warrant earlier discontinuance of interest accruals on specific loans if an evaluation of other relevant factors (such as bankruptcy, interruption of cash flows, etc.) indicates collection of amounts contractually due is unlikely. These loans are considered, collectively, to be non-performing loans. Consumer installment loans that are not secured by real estate are not placed on non-accrual, but are charged down to their net realizable value when they are four months past due. Loans designated as non-accrual have all previously accrued but unpaid interest reversed. Interest income is not recognized on non-accrual loans. All payments received on non-accrual loans are applied using a cost-recovery method to reduce the outstanding principal balance until the loan returns to accrual status. Loans may be returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. Loans considered to be TDRs are loans that have their terms restructured (e.g., interest rates, loan maturity date, payment and amortization period, etc.) in circumstances that provide payment relief to a borrower experiencing financial difficulty. All restructured collateral-dependent loans are individually assessed for allowance for credit losses and may either be in accruing or non-accruing status. Non-accruing restructured loans may return to accruing status provided doubt has been removed concerning the collectability of principal and interest as evidenced by a sufficient period of payment performance in accordance with the restructured terms. Loans may be removed from the restructured category if the borrower is no longer experiencing financial difficulty, a re-underwriting event took place, and the revised loan terms of the subsequent restructuring agreement are considered to be consistent with terms that can be obtained in the market for loans with comparable credit risk. |
Allowance for Credit Losses | Allowance for Credit Losses On January 1, 2020, the Company adopted the provisions of ASU No. 2016-13, Current Expected Credit Losses . The allowance for credit losses (“allowance” or “ACL”) represents an amount which, in management's judgment, reflects 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 expense. Determination of the appropriateness 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 the expected impact of certain factors not fully captured in the collective quantified reserve, including concentrations of the loan portfolio, expected changes to the economic forecasts, large relationships, early delinquencies, and factors related to credit administration, 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 5 for more details on 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 for commercial loans or Beacon Scores ranges for residential and consumer loans. 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. The reasonable and supportable forecast period represents a two-year economic outlook for the applicable economic variables. 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 business bankruptcies. Contractual loan level cash flows within the discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience. 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 costs 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 balance, 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 costs 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. The Company reviews its unfunded commitments to determine if they are unconditionally cancellable by the Company. If the unfunded commitment is determined to not be unconditionally cancellable by the Company, a reserve for unfunded commitments is established. The reserve for unfunded commitments considers both the likelihood that the funding will occur and an estimate of expected credit losses over the life of the commitment. 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 |
Acquired Loans | Acquired Loans Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value. The allowance for credit losses related to the acquired loan portfolio is not carried over. Acquired loans are classified into two categories based on the credit risk characteristics of the underlying borrowers as either purchased credit deteriorated (“PCD”) loans, or loans with no evidence of credit deterioration (“non-PCD”). PCD loans are defined as a loan or pool of loans that have experienced more-than-insignificant credit deterioration since the origination date. The Company uses a combination of individual and pooled review approaches to determine if acquired loans are PCD. At acquisition, the Company considers a number of factors to determine if an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. These factors include: • loans classified as non-accrual, • loans with risk rating of special mention or worse (using the Company's risk rating scale), • loans with multiple risk rating downgrades since origination, • loans with evidence of being 60 days or more past due, • loans previously modified in a troubled debt restructuring, • loans that received an interest only or payment deferral modification, and • loans in industries that show evidence of additional risk due to economic conditions. The initial allowance related to PCD loans that share similar risk characteristics is established using a pooled approach. The Company uses either a discounted cash flow or weighted average remaining life method to determine the required level of the allowance. PCD loans that were classified as non-accrual as of the acquisition date and are collateral dependent are assessed for allowance on an individual basis. For PCD loans, an initial allowance is established on the acquisition date and added to the fair value of the loan to arrive at acquisition date amortized cost. Accordingly, no provision for credit losses is recognized on PCD loans at the acquisition date. Subsequent to the acquisition date, the initial allowance on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. Non-PCD loans are pooled into segments together with originated loans that share similar risk characteristics and have an allowance established on the acquisition date, which is recognized in the current period provision for credit losses. Determining the fair value of the acquired loans involves estimating the principal and interest payment cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life, interest rate profile, market interest rate environment, payment schedules, risk ratings, probability of default and loss given default, and estimated prepayment rates. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s unpaid principal balance and amortized cost basis. The non-credit premium or discount is recognized into interest income on a level yield basis over the remaining expected life of the loan. For non-PCD loans, the fair value discount or premium is allocated to individual loans and recognized into interest income on a level yield basis over the remaining expected life of the loan. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization, computed using the straight-line method. Premises and equipment are depreciated over the useful lives of the assets, which generally range from 3 to 10 years for furniture, fixtures and equipment, 3 to 5 years for computer software and hardware, and 10 to 40 years for buildings and building improvements. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful lives of the improvements. The costs of major renewals and betterments are capitalized, while the costs of ordinary maintenance and repairs are included in non-interest expense. |
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 Consolidated Statements of Condition. Periodic operating lease costs are recorded in occupancy expenses of premises on the Company's Consolidated Statements of Income. 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 the lease commencement date, initial direct costs, any lease incentives received and, for acquired leases, any favorable or unfavorable fair value adjustments. The present value of the lease liability may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options provided in the lease terms. 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. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess purchase price paid over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairment testing requires that the fair value of each of the Company’s reporting units be compared to the carrying amount of the reporting unit’s net assets, including goodwill. The Company’s reporting units were identified based upon an analysis of each of its individual operating segments. If the fair values of the reporting units exceed their book values, no write-down of recorded goodwill is required. If the fair value of a reporting unit is less than book value, an expense may be required to write-down the related goodwill to the proper carrying value. Any impairment would be realized through a reduction of goodwill or the intangible and an offsetting charge to non-interest expense. Annually, the Company performs an impairment test of goodwill as of October 1 of each year. During the year, any triggering event that occurs may affect goodwill and could require an impairment assessment. Determining the fair value of a reporting unit requires the Company to use a degree of subjectivity. The Company's annual impairment test of goodwill and other intangible assets did not identify any impairment. Additionally, the Company determined that there were no triggering events and as a result no evidence of impairment between the annual impairment test and December 31, 2021 . Accounting guidance provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company assesses qualitative factors on a quarterly basis. Based on the assessment of these qualitative factors, if it is determined that it is more likely than not that the fair value of a reporting unit is not less than the carrying value, then performing the impairment process is not necessary. However, if it is determined that it is more likely than not that the carrying value exceeds the fair value a quantified analysis is required to determine whether an impairment exists. Other intangible assets represent purchased assets that lack physical substance but can be distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged either on its own or in combination with a related contract, asset, or liability. Other intangible assets have finite lives and are reviewed for impairment annually. These assets are amortized over their estimated useful lives either on a straight-line or sum-of-the-years basis over varying periods that initially did not exceed 15 years. |
Other Real Estate Owned | Other Real Estate Owned OREO is comprised of properties acquired in partial or total satisfaction of problem loans. The properties are recorded at fair value less estimated costs of disposal, on the date acquired or on the date that the Company acquires effective control over the property. Gains or losses arising at the time of acquisition of such properties are charged against the allowance for credit losses. During the holding period OREO continues to be measured at lower of cost or fair value less estimated costs of disposal, and any subsequent declines in value are expensed as incurred. Gains and losses realized from the sale of OREO, as well as valuation adjustments and expenses of operation are included in non-interest expense. |
Derivative Financial Instruments | Derivative Financial Instruments Derivative Loan Commitments Mortgage loan commitments are derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Derivative loan commitments are recognized at fair value in the Consolidated Statements of Condition in other assets or other liabilities with changes in their fair values recorded as a component of mortgage banking activities in the Consolidated Statements of Income. Mortgage loan commitments are issued to borrowers. Subsequent to commitment date, changes in the fair value of the loan commitment are recognized based on changes in the fair value of the underlying mortgage loan due to interest rate changes, changes in the probability the derivative loan commitment will be exercised, and the passage of time. In estimating fair value, a probability is assigned to a loan commitment based on an expectation that it will be exercised and the loan will be funded. Forward Loan Sale Commitments Loan sales agreements are evaluated to determine whether they meet the definition of a derivative as facts and circumstances may differ significantly. If agreements qualify, to protect against the price risk inherent in derivative loan commitments, the Company utilizes both “mandatory delivery” and “best efforts” forward loan sale commitments to mitigate the risk of potential decreases in the values of loans that would result from the exercise of the derivative loan commitments. Mandatory delivery contracts are accounted for as derivative instruments. Generally, best efforts contracts also meet the definition of derivative instruments after the loan to the borrower has closed. Accordingly, forward loan sale commitments that economically hedge the closed loan inventory are recognized at fair value in the Consolidated Statements of Condition in other assets or other liabilities with changes in their fair values recorded as a component of mortgage banking activities in the Consolidated Statements of Income. The Company estimates the fair value of its forward loan sales commitments using a methodology similar to that used for derivative loan commitments. Interest Rate Swap Agreements The Company enters into interest rate swaps (“swaps”) with commercial loan customers to provide a facility to mitigate the fluctuations in the variable rate on the respective loans. These swaps are matched in exact offsetting terms to swaps that the Company enters into with an outside third party. The swaps are reported at fair value in other assets or other liabilities in the Consolidated Statements of Condition. The Company's swaps qualify as derivatives, but are not designated as hedging instruments, thus any net gain or loss resulting from changes in the fair value is recognized in other non-interest income in the Consolidated Statements of Income. Further discussion of the Company's financial derivatives is set forth in Note 19. |
Off-Balance-Sheet Credit Risk | Off-Balance Sheet Credit Risk The Company issues financial or standby letters of credit that represent conditional commitments to fund transactions by the Company, typically to guarantee performance of a customer to a third-party related to borrowing arrangements. The credit risk associated with issuing letters of credit is essentially the same as occurs when extending loan facilities to borrowers. The Company monitors the exposure to the letters of credit as part of its credit review process. Extensions of letters of credit, if any, would become part of the loan balance outstanding and would be evaluated in accordance with the Company’s credit policies. Potential exposure to loss for unfunded letters of credit if deemed necessary would be recorded in other liabilities in the Consolidated Statements of Condition. In the ordinary course of business the Company originates and sells whole loans to a variety of investors. Mortgage loans sold are subject to representations and warranties made to the third-party purchasers regarding certain attributes. Subsequent to the sale, if a material underwriting deficiency or documentation defect is determined, the Company may be obligated to repurchase the mortgage loan or reimburse the investor for losses incurred if the deficiency or defect cannot be rectified within a specific period subsequent to discovery. The Company monitors the activity regarding the requirement to repurchase loans and the associated losses incurred. This information is applied to determine an estimated recourse reserve that is recorded in other liabilities in the Consolidated Statements of Condition. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets The Company reviews long-lived assets, including leases, and certain identifiable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right or from providing more than a trivial benefit to the transferor) to pledge or exchange the transferred assets, and (3) the Company does not maintain effective control over the transferred assets through any agreement to repurchase or redeem them before their maturity or likely cause a holder to return those assets whether through unilateral ability or a price so favorable to the transferee that it is probable that the transferee will require the transferor to repurchase them. A participating interest must be in an entire financial asset and cannot represent an interest in a group of financial assets. Except for compensation paid for services performed, all cash flows from the asset are allocated to the participating interest holders in proportion to their share of ownership. Financial assets obtained or liabilities incurred in a sale are recognized and initially measured at fair value. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and included as marketing expense in non-interest expenses in the Consolidated Statements of Income. |
Net Income per Common Share | Net Income per Common Share The Company calculates earnings per common share under the two class method, which provides that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and shall be included in the computation of earnings per share pursuant to the dual class method. The Company has determined that its outstanding non-vested restricted stock awards are participating securities. Under the two class method, basic earnings per common share is computed by dividing net earnings allocated to common shareholders by the weighted average number of common shares outstanding during the applicable period, which excludes outstanding participating securities. Diluted earnings per common share is computed using the weighted average number of common shares determined for the basic earnings per common share computation plus the dilutive effect of incremental stock options and restricted stock. |
Income Taxes | Income Taxes Income tax expense is based on the results of operations, adjusted for permanent differences between items of income or expense reported in the financial statements and those reported for tax purposes. Deferred income tax assets and liabilities are determined using the liability method. Under the liability method, deferred income taxes are determined based on the differences between the financial statement carrying amounts and the income tax bases of assets and liabilities and are measured at the enacted tax rates that will be in effect when these differences reverse. The effects of the enactment of the new tax law are accounted for under the existing authoritative guidance. |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements In December 2019, FASB released ASU 2019-12 - Income Taxes (Topic 740) , which simplifies the accounting for income taxes by removing multiple exceptions to the general principals in Topic 740. The standard was effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted this standard during the current year and it did not have a material impact on the Company’s Consolidated Financial Statements. |
Pending Accounting Pronouncements | Pending Accounting Pronouncements In March 2020, FASB released Accounting Standards Update (“ASU”) 2020-04 - Reference Rate Reform (Topic 848), which provides optional guidance to ease the accounting burden in accounting for, or recognizing the effects from, reference rate reform on financial reporting. The new standard is a result of LIBOR likely being discontinued as an available benchmark rate. The standard is elective and provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, or other transactions that reference LIBOR, or another reference rate expected to be discontinued. The amendments in the update are effective for all entities between March 12, 2020 and December 31, 2022, and can be adopted at any time during this period. The Company has not yet fully |
ACQUISITION OF REVERE BANK (Tab
ACQUISITION OF REVERE BANK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Fair values of acquired identifiable assets and liabilities assumed | The consideration paid for Revere’s common equity and outstanding stock options and the final fair values of acquired identifiable assets and assumed identifiable liabilities as of March 31, 2021 were as follows: (Dollars in thousands, except per share data) March 31, 2021 Purchase price: Fair value of common shares issued (12,768,949 shares) based on Sandy Spring's share price of $22.64 $ 289,089 Fair value of Revere stock options converted to Sandy Spring stock options 3,611 Cash paid for cashed-out Revere stock options 291 Cash for fractional shares 11 Total purchase price $ 293,002 Identifiable assets: Cash and cash equivalents $ 80,744 Investments available-for-sale 180,752 Loans 2,502,244 Premises and equipment 3,443 Accrued interest receivable 7,651 Core deposit intangible asset 18,360 Other assets 53,162 Total identifiable assets $ 2,846,356 Identifiable liabilities: Deposits $ 2,322,422 Borrowings 205,514 Other liabilities 25,933 Total identifiable liabilities $ 2,553,869 Fair value of net assets acquired including identifiable intangible assets 292,487 Goodwill $ 515 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Values of Investments Available-for-sale | The amortized cost and estimated fair values of investments available-for-sale at December 31 are presented in the following table: 2021 2020 (In thousands) Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair Amortized Cost Gross Unrealized Gross Unrealized Estimated Fair U.S. treasuries and government agencies $ 68,487 $ 202 $ (150) $ 68,539 $ 42,750 $ 549 $ (2) $ 43,297 State and municipal 323,286 6,561 (3,445) 326,402 377,108 13,470 (211) 390,367 Mortgage-backed and asset-backed 1,074,577 8,203 (11,825) 1,070,955 881,201 24,078 (847) 904,432 Corporate debt — — — — 9,100 825 — 9,925 Total investments available-for-sale $ 1,466,350 $ 14,966 $ (15,420) $ 1,465,896 $ 1,310,159 $ 38,922 $ (1,060) $ 1,348,021 |
Gross Unrealized Losses and Fair Value by Length of Time | Gross unrealized losses and fair values by length of time that individual available-for-sale securities have been in an unrealized loss position at December 31 are presented in the following tables: December 31, 2021 Number Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. treasuries and government agencies 5 $ 49,695 $ 150 $ — $ — $ 49,695 $ 150 State and municipal 32 63,206 2,288 21,740 1,157 84,946 3,445 Mortgage-backed and asset-backed 104 665,813 10,145 37,857 1,680 703,670 11,825 Total 141 $ 778,714 $ 12,583 $ 59,597 $ 2,837 $ 838,311 $ 15,420 December 31, 2020 Number Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. treasuries and government agencies 2 $ 25,369 $ 2 $ — $ — $ 25,369 $ 2 State and municipal 8 22,753 211 — — 22,753 211 Mortgage-backed and asset-backed 24 44,746 154 76,879 693 121,625 847 Total 34 $ 92,868 $ 367 $ 76,879 $ 693 $ 169,747 $ 1,060 |
Estimated Fair Values of Debt Securities Available-for-sale by Contractual Maturity | The estimated fair values and amortized costs of debt securities available-for-sale by contractual maturity at December 31 are provided in the following table: December 31, 2021 December 31, 2020 (In thousands) Fair Value Amortized Cost Fair Value Amortized Cost U.S. treasuries and government agencies: One year or less $ 12,029 $ 11,995 $ 33,963 $ 33,833 One to five years 56,510 56,492 9,334 8,917 Five to ten years — — — — After ten years — — — — State and municipal: One year or less 12,821 12,709 16,581 16,458 One to five years 27,408 26,637 44,910 43,857 Five to ten years 42,960 42,661 59,059 56,130 After ten years 243,213 241,279 269,817 260,663 Mortgage-backed and asset-backed: One year or less 9,272 9,239 1 1 One to five years 14,752 14,575 21,637 21,229 Five to ten years 388,918 390,569 74,142 72,481 After ten years 658,013 660,194 808,652 787,490 Corporate debt: One year or less — — — — One to five years — — 2,318 2,100 Five to ten years — — 7,607 7,000 After ten years — — — — Total available-for-sale debt securities $ 1,465,896 $ 1,466,350 $ 1,348,021 $ 1,310,159 |
Other Equity Securities | Other equity securities at the dates indicated are presented in the following table: (In thousands) 2021 2020 Federal Reserve Bank stock $ 34,097 $ 38,650 Federal Home Loan Bank of Atlanta stock 6,392 26,433 Other equity securities 677 677 Total equity securities $ 41,166 $ 65,760 |
Gross Realized Gains and Losses on All Investments | Gross realized gains and losses on all investments for the years ended December 31 are presented in the following table: (In thousands) 2021 2020 2019 Gross realized gains from sales of investments available-for-sale $ 3,588 $ 1,297 $ 14 Gross realized losses from sales of investments available-for-sale (3,478) (1,068) (2) Net gains from calls of investments available-for-sale 102 238 65 Net investment securities gains $ 212 $ 467 $ 77 |
LOANS (Tables)
LOANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loan Portfolio Segment Balances | The loan portfolio segment balances at December 31 are presented in the following table: (In thousands) 2021 2020 Commercial real estate: Commercial investor real estate $ 4,141,346 $ 3,634,720 Commercial owner-occupied real estate 1,690,881 1,642,216 Commercial AD&C 1,088,094 1,050,973 Commercial business 1,481,834 2,267,548 Total commercial loans 8,402,155 8,595,457 Residential real estate: Residential mortgage 937,570 1,105,179 Residential construction 197,652 182,619 Consumer 429,714 517,254 Total residential and consumer loans 1,564,936 1,805,052 Total loans $ 9,967,091 $ 10,400,509 |
Summary of Loans to Related Parties | Certain directors and executive officers have loan transactions with the Company. The following schedule summarizes changes in amounts of loans outstanding, both direct and indirect, to these persons during the periods indicated: (In thousands) 2021 2020 Balance at January 1 $ 96,005 $ 51,367 Additions 7,040 46,846 Repayments (24,818) (2,208) Balance at December 31 $ 78,227 $ 96,005 |
CREDIT QUALITY ASSESSMENT (Tabl
CREDIT QUALITY ASSESSMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Allowance For Credit Loss Activity | Summary information on the allowance for credit loss activity for the years ended December 31 is provided in the following table: (In thousands) 2021 2020 2019 Balance at beginning of year $ 165,367 $ 56,132 $ 53,486 Initial allowance on PCD loans at adoption of ASC 326 — 2,762 — Transition impact of adopting ASC 326 — 2,983 — Initial allowance on Revere PCD loans — 18,628 — Provision/ (credit) for credit losses (45,556) 85,669 4,684 Loan charge-offs (12,313) (1,819) (2,668) Loan recoveries 1,647 1,012 630 Net charge-offs (10,666) (807) (2,038) Balance at period end $ 109,145 $ 165,367 $ 56,132 |
Schedule of Collateral Dependent Loans Individually Evaluated for Credit Loss | The following table provides summary information regarding collateral dependent loans individually evaluated for credit loss at the dates indicated: (In thousands) 2021 2020 Collateral dependent loans individually evaluated for credit loss with an allowance $ 9,510 $ 20,717 Collateral dependent loans individually evaluated for credit loss without an allowance 24,024 77,001 Total individually evaluated collateral dependent loans $ 33,534 $ 97,718 Allowance for credit losses related to loans evaluated individually $ 6,593 $ 11,405 Allowance for credit losses related to loans evaluated collectively 102,552 153,962 Total allowance for credit losses $ 109,145 $ 165,367 |
Activity in Allowance for Credit Losses by Respective Loan Portfolio Segment | The following tables provide information on the activity in the allowance for credit losses by the respective loan portfolio segment for the years ended December 31: 2021 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Balance as of December 31, 2020 $ 57,404 $ 20,061 $ 22,157 $ 46,806 $ 11,295 $ 1,502 $ 6,142 $ 165,367 Provision/ (credit) (6,598) (8,238) 172 (20,132) (6,321) (459) (3,980) (45,556) Charge-offs (5,802) (136) (2,007) (4,069) — — (299) (12,313) Recoveries 285 — — 565 410 5 382 1,647 Net (charge-offs)/ recoveries (5,517) (136) (2,007) (3,504) 410 5 83 (10,666) Balance at end of period $ 45,289 $ 11,687 $ 20,322 $ 23,170 $ 5,384 $ 1,048 $ 2,245 $ 109,145 Total loans $ 4,141,346 $ 1,690,881 $ 1,088,094 $ 1,481,834 $ 937,570 $ 197,652 $ 429,714 $ 9,967,091 Allowance for credit losses to total loans ratio 1.09 % 0.69 % 1.87 % 1.56 % 0.57 % 0.53 % 0.52 % 1.10 % Average loans $ 3,689,769 $ 1,661,015 $ 1,110,420 $ 1,952,537 $ 979,754 $ 178,171 $ 463,200 $ 10,034,866 Net charge-offs/ (recoveries) to average loans 0.15 % 0.01 % 0.18 % 0.18 % (0.04) % — % (0.02) % 0.11 % Balance of loans individually evaluated for credit loss $ 12,489 $ 9,306 $ 650 $ 9,033 $ 1,704 $ — $ 352 $ 33,534 Allowance related to loans evaluated individually $ 213 $ 79 $ 504 $ 5,797 $ — $ — $ — $ 6,593 Individual allowance to loans evaluated individually ratio 1.71 % 0.85 % 77.54 % 64.18 % — % — % — % 19.66 % Balance of loans collectively evaluated for credit loss $ 4,128,857 $ 1,681,575 $ 1,087,444 $ 1,472,801 $ 935,866 $ 197,652 $ 429,362 $ 9,933,557 Allowance related to loans evaluated collectively $ 45,076 $ 11,608 $ 19,818 $ 17,373 $ 5,384 $ 1,048 $ 2,245 $ 102,552 Collective allowance to loans evaluated collectively ratio 1.09 % 0.69 % 1.82 % 1.18 % 0.58 % 0.53 % 0.52 % 1.03 % 2020 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Balance as of December 31, 2019 $ 18,407 $ 6,884 $ 7,590 $ 11,395 $ 8,803 $ 967 $ 2,086 $ 56,132 Initial allowance on PCD loans at adoption of ASC 326 1,114 — — 1,549 — — 99 2,762 Transition impact of adopting ASC 326 (3,125) 387 2,576 2,988 (388) (275) 820 2,983 Initial allowance on Revere PCD loans 7,973 2,782 1,248 6,289 243 6 87 18,628 Provision 33,431 10,008 10,743 24,374 3,016 798 3,299 85,669 Charge-offs (411) — — (491) (484) — (433) (1,819) Recoveries 15 — — 702 105 6 184 1,012 Net (charge-offs)/ recoveries (396) — — 211 (379) 6 (249) (807) Balance at end of period $ 57,404 $ 20,061 $ 22,157 $ 46,806 $ 11,295 $ 1,502 $ 6,142 $ 165,367 Total loans $ 3,634,720 $ 1,642,216 $ 1,050,973 $ 2,267,548 $ 1,105,179 $ 182,619 $ 517,254 $ 10,400,509 Allowance for credit losses to total loans ratio 1.58 % 1.22 % 2.11 % 2.06 % 1.02 % 0.82 % 1.19 % 1.59 % Average loans $ 3,210,527 $ 1,560,223 $ 906,414 $ 1,781,197 $ 1,168,668 $ 165,567 $ 524,897 $ 9,317,493 Net charge-offs/ (recoveries) to average loans 0.01 % — % — % (0.01) % 0.03 % — % 0.05 % 0.01 % Balance of loans individually evaluated for credit loss $ 45,227 $ 11,561 $ 15,044 $ 23,648 $ 1,874 $ — $ 364 $ 97,718 Allowance related to loans evaluated individually $ 1,273 $ — $ 603 $ 9,529 $ — $ — $ — $ 11,405 Individual allowance to loans evaluated individually ratio 2.81 % — % 4.01 % 40.30 % — % — % — % 11.67 % Balance of loans collectively evaluated for credit loss $ 3,589,493 $ 1,630,655 $ 1,035,929 $ 2,243,900 $ 1,103,305 $ 182,619 $ 516,890 $ 10,302,791 Allowance related to loans evaluated collectively $ 56,131 $ 20,061 $ 21,554 $ 37,277 $ 11,295 $ 1,502 $ 6,142 $ 153,962 Collective allowance to loans evaluated collectively ratio 1.56 % 1.23 % 2.08 % 1.66 % 1.02 % 0.82 % 1.19 % 1.49 % |
Schedule of Collateral Dependent Loans Individually Evaluated for Credit Loss with the Associated Allowances | The following table presents collateral dependent loans individually evaluated for credit losses with the associated allowances for credit losses by the applicable portfolio segment: 2021 Commercial Real Estate Residential Real Estate Total (In thousands) Commercial Commercial Commercial Commercial Residential Mortgage Residential Construction Consumer Loans individually evaluated for credit losses with an allowance: Non-accruing $ 808 $ 79 $ 650 $ 4,849 $ — $ — $ — $ 6,386 Restructured accruing — — — 613 — — — 613 Restructured non-accruing 336 — — 2,175 — — — 2,511 Balance $ 1,144 $ 79 $ 650 $ 7,637 $ — $ — $ — $ 9,510 Allowance $ 213 $ 79 $ 504 $ 5,797 $ — $ — $ — $ 6,593 Loans individually evaluated for credit losses without an allowance: Non-accruing $ 3,498 $ 4,775 $ — $ 434 $ — $ — $ — $ 8,707 Restructured accruing — — — — 1,554 — — 1,554 Restructured non-accruing 7,847 4,452 — 962 150 — 352 13,763 Balance $ 11,345 $ 9,227 $ — $ 1,396 $ 1,704 $ — $ 352 $ 24,024 Total individually evaluated loans: Non-accruing $ 4,306 $ 4,854 $ 650 $ 5,283 $ — $ — $ — $ 15,093 Restructured accruing — — — 613 1,554 — — 2,167 Restructured non-accruing 8,183 4,452 — 3,137 150 — 352 16,274 Balance $ 12,489 $ 9,306 $ 650 $ 9,033 $ 1,704 $ — $ 352 $ 33,534 Unpaid contractual principal balance $ 12,857 $ 11,132 $ 695 $ 10,573 $ 2,778 $ — $ 364 $ 38,399 2020 Commercial Real Estate Residential Real Estate Total (In thousands) Commercial Commercial Commercial Commercial Residential Mortgage Residential Construction Consumer Loans individually evaluated for credit losses with an allowance: Non-accruing $ 4,913 $ — $ 1,328 $ 11,178 $ — $ — $ — $ 17,419 Restructured accruing — — — 589 — — — 589 Restructured non-accruing 699 — — 2,010 — — — 2,709 Balance $ 5,612 $ — $ 1,328 $ 13,777 $ — $ — $ — $ 20,717 Allowance $ 1,273 $ — $ 603 $ 9,529 $ — $ — $ — $ 11,405 Loans individually evaluated for credit losses without an allowance: Non-accruing $ 39,615 $ 9,315 $ 13,716 $ 9,118 $ — $ — $ — $ 71,764 Restructured accruing — — — 126 1,602 — — 1,728 Restructured non-accruing — 2,246 — 627 272 — 364 3,509 Balance $ 39,615 $ 11,561 $ 13,716 $ 9,871 $ 1,874 $ — $ 364 $ 77,001 Total individually evaluated loans: Non-accruing $ 44,528 $ 9,315 $ 15,044 $ 20,296 $ — $ — $ — $ 89,183 Restructured accruing — — — 715 1,602 — — 2,317 Restructured non-accruing 699 2,246 — 2,637 272 — 364 6,218 Balance $ 45,227 $ 11,561 $ 15,044 $ 23,648 $ 1,874 $ — $ 364 $ 97,718 Unpaid contractual principal balance $ 49,920 $ 15,309 $ 16,040 $ 30,958 $ 3,225 $ — $ 364 $ 115,816 |
Schedule of Nonaccrual Related Information | The following table presents average principal balance of total non-accrual loans and contractual interest due on non-accrual loans for the periods indicated below: 2021 Commercial Real Estate Residential Real Estate Total (In thousands) Commercial Commercial Commercial Commercial Residential Mortgage Residential Construction Consumer Average non-accrual loans for the period $ 31,590 $ 9,444 $ 9,236 $ 12,678 $ 9,439 $ 36 $ 7,369 $ 79,792 Contractual interest income due on non-accrual loans during the period $ 2,169 $ 555 $ 597 $ 1,096 $ 271 $ 2 $ 402 $ 5,092 2020 Commercial Real Estate Residential Real Estate Total (In thousands) Commercial Commercial Commercial Commercial Residential Mortgage Residential Construction Consumer Average non-accrual loans for the period $ 26,849 $ 6,605 $ 4,267 $ 16,532 $ 11,634 $ — $ 6,675 $ 72,562 Contractual interest income due on non-accrual loans during the period $ 6,547 $ 2,741 $ 4,505 $ 2,858 $ 918 $ — $ 732 $ 18,301 |
Schedule of Information on the Credit Quality of Loan Portfolio | The following tables provide information on the credit quality of the loan portfolio by segment at December 31 for the years indicated: 2021 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Analysis of non-accrual loan activity: Balance at beginning of period $ 45,227 $ 11,561 $ 15,044 $ 22,933 $ 10,212 $ — $ 7,384 $ 112,361 Loans placed on non-accrual 699 3,676 49 1,339 695 62 1,626 8,146 Non-accrual balances transferred to OREO — (257) — — — — — (257) Non-accrual balances charged-off (5,803) (136) (2,007) (3,547) — — (100) (11,593) Net payments or draws (26,813) (5,538) (12,436) (12,305) (2,406) (7) (1,725) (61,230) Non-accrual loans brought current (821) — — — (60) — (460) (1,341) Balance at end of period $ 12,489 $ 9,306 $ 650 $ 8,420 $ 8,441 $ 55 $ 6,725 $ 46,086 2020 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Analysis of non-accrual loan activity: Balance at beginning of period $ 8,437 $ 4,148 $ 829 $ 8,450 $ 12,661 $ — $ 4,107 $ 38,632 PCD loans designated as non-accrual (1) 9,544 — — 2,539 8 — 993 13,084 Loans placed on non-accrual 37,882 8,572 15,844 17,442 1,485 — 4,061 85,286 Non-accrual balances transferred to OREO — — — — (70) — — (70) Non-accrual balances charged-off (411) — — (446) (416) — (121) (1,394) Net payments or draws (10,225) (1,059) (1,629) (4,169) (2,598) — (1,521) (21,201) Non-accrual loans brought current — (100) — (883) (858) — (135) (1,976) Balance at end of period $ 45,227 $ 11,561 $ 15,044 $ 22,933 $ 10,212 $ — $ 7,384 $ 112,361 (1) Upon the adoption of the 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 | 2021 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Performing loans: Current $ 4,127,009 $ 1,680,635 $ 1,085,642 $ 1,471,669 $ 919,199 $ 197,597 $ 419,558 $ 9,901,309 30-59 days 1,656 86 1,802 753 5,157 — 3,021 12,475 60-89 days 192 854 — 379 2,662 — 410 4,497 Total performing loans 4,128,857 1,681,575 1,087,444 1,472,801 927,018 197,597 422,989 9,918,281 Non-performing loans: Non-accrual loans 12,489 9,306 650 8,420 8,441 55 6,725 46,086 Loans greater than 90 days past due — — — — 557 — — 557 Restructured loans — — — 613 1,554 — — 2,167 Total non-performing loans 12,489 9,306 650 9,033 10,552 55 6,725 48,810 Total loans $ 4,141,346 $ 1,690,881 $ 1,088,094 $ 1,481,834 $ 937,570 $ 197,652 $ 429,714 $ 9,967,091 2020 Commercial Real Estate Residential Real Estate (In thousands) Commercial Commercial Commercial Commercial Residential Residential Consumer Total Performing loans: Current $ 3,571,184 $ 1,624,265 $ 1,033,057 $ 2,238,617 $ 1,073,963 $ 182,557 $ 502,548 $ 10,226,191 30-59 days 14,046 6,390 29 4,859 16,213 — 5,275 46,812 60-89 days 4,130 — 2,843 263 2,709 62 2,047 12,054 Total performing loans 3,589,360 1,630,655 1,035,929 2,243,739 1,092,885 182,619 509,870 10,285,057 Non-performing loans: Non-accrual loans 45,227 11,561 15,044 22,933 10,212 — 7,384 112,361 Loans greater than 90 days past due 133 — — 161 480 — — 774 Restructured loans — — — 715 1,602 — — 2,317 Total non-performing loans 45,360 11,561 15,044 23,809 12,294 — 7,384 115,452 Total loans $ 3,634,720 $ 1,642,216 $ 1,050,973 $ 2,267,548 $ 1,105,179 $ 182,619 $ 517,254 $ 10,400,509 |
Information about Credit Quality Indicators by the Year of Origination | The following tables provide information about credit quality indicators by the year of origination: 2021 Term Loans by Origination Year Revolving (In thousands) 2021 2020 2019 2018 2017 Prior Loans Total Commercial Investor R/E: Pass $ 1,391,969 $ 748,236 $ 616,761 $ 357,640 $ 328,327 $ 633,913 $ 19,239 $ 4,096,085 Special Mention 2,210 510 4,646 596 2,204 10,438 — 20,604 Substandard 807 336 4,308 8,568 10,064 574 — 24,657 Doubtful — — — — — — — — Total $ 1,394,986 $ 749,082 $ 625,715 $ 366,804 $ 340,595 $ 644,925 $ 19,239 $ 4,141,346 Current period gross charge-offs $ — $ — $ — $ 903 $ 3,975 $ 924 $ — $ 5,802 Commercial Owner-Occupied R/E: Pass $ 360,169 $ 254,350 $ 319,348 $ 178,416 $ 172,354 $ 363,685 $ 1,149 $ 1,649,471 Special Mention 156 1,476 4,388 9,035 4,456 9,106 — 28,617 Substandard 1,968 1,800 4,028 2,265 354 2,378 — 12,793 Doubtful — — — — — — — — Total $ 362,293 $ 257,626 $ 327,764 $ 189,716 $ 177,164 $ 375,169 $ 1,149 $ 1,690,881 Current period gross charge-offs $ — $ — $ — $ 136 $ — $ — $ — $ 136 Commercial AD&C: Pass $ 454,207 $ 226,332 $ 148,260 $ 87,934 $ 13,938 $ — $ 152,896 $ 1,083,567 Special Mention 2,888 — — — — — 989 3,877 Substandard 349 — 301 — — — — 650 Doubtful — — — — — — — — Total $ 457,444 $ 226,332 $ 148,561 $ 87,934 $ 13,938 $ — $ 153,885 $ 1,088,094 Current period gross charge-offs $ — $ — $ — $ — $ 2,007 $ — $ — $ 2,007 Commercial Business: Pass $ 403,871 $ 165,194 $ 137,069 $ 96,800 $ 55,100 $ 53,764 $ 533,893 $ 1,445,691 Special Mention 220 1,998 7,030 1,701 548 577 9,212 21,286 Substandard 3,777 3,262 2,609 797 811 2,065 1,536 14,857 Doubtful — — — — — — — — Total $ 407,868 $ 170,454 $ 146,708 $ 99,298 $ 56,459 $ 56,406 $ 544,641 $ 1,481,834 Current period gross charge-offs $ — $ — $ 88 $ 1,674 $ 46 $ 2,236 $ 25 $ 4,069 Residential Mortgage: Beacon score: 660-850 $ 246,612 $ 165,623 $ 46,925 $ 65,865 $ 102,628 $ 223,420 $ — $ 851,073 600-659 11,102 3,285 3,583 4,255 4,645 20,052 — 46,922 540-599 1,472 1,864 2,162 4,522 1,599 8,201 — 19,820 less than 540 452 4,293 1,575 1,829 2,079 9,527 — 19,755 Total $ 259,638 $ 175,065 $ 54,245 $ 76,471 $ 110,951 $ 261,200 $ — $ 937,570 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential Construction: Beacon score: 660-850 $ 134,335 $ 45,890 $ 8,063 $ 2,078 $ 1,347 $ 1,160 $ — $ 192,873 600-659 1,922 — 650 — — — — 2,572 540-599 — — — — — 462 — 462 less than 540 1,745 — — — — — — 1,745 Total $ 138,002 $ 45,890 $ 8,713 $ 2,078 $ 1,347 $ 1,622 $ — $ 197,652 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Beacon score: 660-850 $ 3,179 $ 1,393 $ 3,130 $ 3,060 $ 1,648 $ 26,156 $ 350,466 $ 389,032 600-659 352 123 324 716 430 4,906 14,119 20,970 540-599 58 8 311 160 89 2,809 4,926 8,361 less than 540 88 58 536 544 98 3,101 6,926 11,351 Total $ 3,677 $ 1,582 $ 4,301 $ 4,480 $ 2,265 $ 36,972 $ 376,437 $ 429,714 Current period gross charge-offs $ — $ — $ 7 $ 2 $ — $ 106 $ 184 $ 299 Total loans $ 3,023,908 $ 1,626,031 $ 1,316,007 $ 826,781 $ 702,719 $ 1,376,294 $ 1,095,351 $ 9,967,091 2020 Term Loans by Origination Year Revolving (In thousands) 2020 2019 2018 2017 2016 Prior Loans Total Commercial Investor R/E: Pass $ 910,426 $ 763,214 $ 448,406 $ 448,698 $ 469,077 $ 498,384 $ 33,531 $ 3,571,736 Special Mention 11,044 — 4,879 833 269 27 — $ 17,052 Substandard 589 4,245 13,649 20,619 673 6,157 — $ 45,932 Doubtful — — — — — — — $ — Total $ 922,059 $ 767,459 $ 466,934 $ 470,150 $ 470,019 $ 504,568 $ 33,531 $ 3,634,720 Current period gross charge-offs $ — $ 388 $ — $ — $ — $ 23 $ — $ 411 Commercial Owner-Occupied R/E: Pass $ 285,310 $ 385,058 $ 234,578 $ 192,634 $ 204,925 $ 306,840 $ 1,664 $ 1,611,009 Special Mention 2,290 — 3,027 4,742 134 4,079 — $ 14,272 Substandard 1,610 4,335 2,065 465 219 8,009 — $ 16,703 Doubtful — — — — — 232 — $ 232 Total $ 289,210 $ 389,393 $ 239,670 $ 197,841 $ 205,278 $ 319,160 $ 1,664 $ 1,642,216 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial AD&C: Pass $ 485,631 $ 261,537 $ 149,703 $ 50,192 $ 89 $ 2,357 $ 80,764 $ 1,030,273 Special Mention 1,711 — — — — — — $ 1,711 Substandard 1,439 891 — 13,816 2,843 — — $ 18,989 Doubtful — — — — — — — $ — Total $ 488,781 $ 262,428 $ 149,703 $ 64,008 $ 2,932 $ 2,357 $ 80,764 $ 1,050,973 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial Business: Pass $ 1,244,822 $ 208,682 $ 138,861 $ 86,830 $ 34,498 $ 81,760 $ 433,016 $ 2,228,469 Special Mention 1,929 1,382 1,119 708 309 621 4,319 $ 10,387 Substandard 2,914 4,564 3,519 1,631 2,745 3,456 1,829 $ 20,658 Doubtful 106 995 849 36 1,284 1,852 2,912 $ 8,034 Total $ 1,249,771 $ 215,623 $ 144,348 $ 89,205 $ 38,836 $ 87,689 $ 442,076 $ 2,267,548 Current period gross charge-offs $ — $ — $ 23 $ 160 $ 103 $ 205 $ — $ 491 Residential Mortgage: Beacon score: 660-850 $ 229,033 $ 74,054 $ 138,824 $ 172,493 $ 129,701 $ 251,065 $ — $ 995,170 600-659 4,824 7,706 10,763 11,719 8,173 21,424 — $ 64,609 540-599 350 1,238 5,219 2,608 4,791 10,167 — $ 24,373 less than 540 2,702 2,108 3,576 2,150 892 9,599 — $ 21,027 Total $ 236,909 $ 85,106 $ 158,382 $ 188,970 $ 143,557 $ 292,255 $ — $ 1,105,179 Current period gross charge-offs $ — $ — $ — $ — $ 11 $ 473 $ — $ 484 Residential Construction: Beacon score: 660-850 $ 112,604 $ 44,647 $ 14,543 $ 2,805 $ 1,693 $ — $ 172 $ 176,464 600-659 1,743 3,189 — — — — — $ 4,932 540-599 — — — — 369 — — $ 369 less than 540 854 — — — — — — $ 854 Total $ 115,201 $ 47,836 $ 14,543 $ 2,805 $ 2,062 $ — $ 172 $ 182,619 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Consumer: Beacon score: 660-850 $ 2,575 $ 4,609 $ 5,112 $ 2,110 $ 2,614 $ 24,444 $ 417,737 $ 459,201 600-659 374 445 334 428 467 5,401 21,052 $ 28,501 540-599 89 1,216 294 339 601 3,926 6,153 $ 12,618 less than 540 751 160 525 785 532 2,826 11,355 $ 16,934 Total $ 3,789 $ 6,430 $ 6,265 $ 3,662 $ 4,214 $ 36,597 $ 456,297 $ 517,254 Current period gross charge-offs $ — $ 13 $ 123 $ 8 $ 1 $ 140 $ 148 $ 433 Total loans $ 3,305,720 $ 1,774,275 $ 1,179,845 $ 1,016,641 $ 866,898 $ 1,242,626 $ 1,014,504 $ 10,400,509 |
Restructured Loans for Specific Segments of Loan Portfolio | The following table provides the amounts of the restructured loans at the date of restructuring for specific segments of the loan portfolio during the period indicated: For the Year Ended December 31, 2021 Commercial Real Estate (In thousands) Commercial Commercial Commercial Commercial All Other Total Troubled debt restructurings: Restructured accruing $ — $ — $ — $ — $ — $ — Restructured non-accruing 9,594 3,157 — 1,824 — 14,575 Balance $ 9,594 $ 3,157 $ — $ 1,824 $ — $ 14,575 Specific allowance $ — $ — $ — $ 461 $ — $ 461 Restructured and subsequently defaulted $ — $ — $ — $ — $ — $ — For the Year Ended December 31, 2020 Commercial Real Estate (In thousands) Commercial Commercial Commercial Commercial All Other Total Troubled debt restructurings: Restructured accruing $ — $ — $ — $ 380 $ 549 $ 929 Restructured non-accruing 723 930 — 1,951 — 3,604 Balance $ 723 $ 930 $ — $ 2,331 $ 549 $ 4,533 Specific allowance $ 65 $ — $ — $ 955 $ — $ 1,020 Restructured and subsequently defaulted $ — $ — $ — $ — $ — $ — |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Components of premises and equipment | Presented in the following table are the components of premises and equipment at December 31: (In thousands) 2021 2020 Land $ 21,164 $ 13,262 Buildings and leasehold improvements 70,193 70,776 Equipment 48,889 49,614 Total premises and equipment 140,246 133,652 Less: accumulated depreciation and amortization (80,561) (75,932) Net premises and equipment $ 59,685 $ 57,720 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost | The following table provides information regarding the Company's leases as of the dates indicated: Year Ended 2021 2020 Components of lease expense: Operating lease cost (resulting from lease payments) $ 12,304 $ 12,453 Supplemental cash flow information related to leases: Operating cash flows from operating leases $ 12,930 $ 13,571 ROU assets obtained in the exchange for lease liabilities due to: New leases $ 803 $ 871 Acquisitions $ — $ 7,720 As of December 31, 2021 December 31, 2020 Supplemental balance sheet information related to leases: Operating lease ROU assets $ 57,872 $ 65,215 Operating lease liabilities $ 67,138 $ 74,982 Other information related to leases: Weighted average remaining lease term of operating leases 9.0 years 9.5 years Weighted average discount rate of operating leases 2.92 % 3.04 % |
Schedule of Maturities of Operating Lease Liabilities | As of December 31, 2021, the maturities of the Company’s operating lease liabilities were as follows: (In thousands) Amount Maturity: One year $ 11,493 Two years 11,484 Three years 9,580 Four years 7,758 Five years 6,924 Thereafter 30,571 Total undiscounted lease payments 77,810 Less: Present value discount (10,672) Lease Liability $ 67,138 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Gross Carrying Amounts and Accumulated Amortization of Intangible Assets and Goodwill | The gross carrying amounts and accumulated amortization of intangible assets and goodwill are presented at December 31 in the following table: 2021 Weighted 2020 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 $ 29,038 $ (12,624) $ 16,414 7.4 years $ 29,038 $ (7,969) $ 21,069 8.4 years Other identifiable intangibles 13,906 (4,400) 9,506 9.7 years 13,906 (2,454) 11,452 10.7 years Total amortizing intangible assets $ 42,944 $ (17,024) $ 25,920 $ 42,944 $ (10,423) $ 32,521 Goodwill $ 370,223 $ 370,223 $ 370,223 $ 370,223 |
Net carrying amount of goodwill by segment | The following table presents the net carrying amount of goodwill by segment for the periods indicated: (In thousands) Community Insurance Investment Total Balance December 31, 2019 $ 331,173 $ 6,788 $ 9,188 $ 347,149 Acquisition of Rembert Pendleton Jackson — — 22,559 22,559 Acquisition of Revere Bank 515 — — 515 Balance December 31, 2020 331,688 6,788 31,747 370,223 No Activity — — — — Balance December 31, 2021 $ 331,688 $ 6,788 $ 31,747 $ 370,223 |
Estimated Future Amortization Expense for Amortizing Intangibles | The following table presents the estimated future amortization expense for amortizing intangible assets within the years ending December 31: (In thousands) Amount 2022 $ 5,844 2023 5,089 2024 4,333 2025 3,567 2026 2,732 Thereafter 4,355 Total amortizing intangible assets $ 25,920 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Composition of Deposits | The following table presents the composition of deposits at December 31 for the years indicated: (In thousands) 2021 2020 Noninterest-bearing deposits $ 3,779,630 $ 3,325,547 Interest-bearing deposits: Demand 1,604,714 1,292,164 Money market savings 3,415,663 3,339,645 Regular savings 533,862 418,051 Time deposits of less than $250,000 910,464 1,180,636 Time deposits of $250,000 or more 380,398 477,026 Total interest-bearing deposits 6,845,101 6,707,522 Total deposits $ 10,624,731 $ 10,033,069 |
Maturity Schedule for Time Deposits | The following table presents the maturity schedule for time deposits maturing within years ending December 31: (In thousands) Amount 2022 $ 1,002,132 2023 165,131 2024 89,074 2025 16,464 2026 17,881 Thereafter 180 Total time deposits $ 1,290,862 |
Months to Maturities of Time Deposits | The Company's time deposits of less than $250,000 represented 8.6% of total deposits and time deposits of $250,000 or more represented 3.6% of total deposits at December 31, 2021 and are presented by maturity in the following table: Months to Maturity (In thousands) 3 or Less Over 3 to 6 Over 6 to 12 Over 12 Total Time deposits - less than $250,000 $ 277,975 $ 226,476 $ 215,245 $ 190,768 $ 910,464 Time deposits - $250,000 or more $ 88,510 $ 93,719 $ 100,207 $ 97,962 $ 380,398 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Subordinated Borrowing | The following table provides information on subordinated debentures for the period indicated: (In thousands) 2021 2020 Fixed to floating rate sub debt, 4.25% $ 175,000 $ 175,000 WashingtonFirst sub debt — 25,000 Revere fixed to floating rate sub debt — 31,000 Total subordinated debt 175,000 231,000 Less: Subordinated debt held as investments by Sandy Spring — (3,000) Add: Purchase accounting premium — 1,669 Less: Debt issuance costs (2,288) (2,581) Net subordinated debt 172,712 227,088 Long-term borrowings $ 172,712 $ 227,088 |
Retail Repurchase Agreements and Federal Funds Purchased | Information relating to retail repurchase agreements and federal funds purchased is presented in the following table at and for the years ending December 31: 2021 2020 (Dollars in thousands) Amount Rate Amount Rate End of period: Retail repurchase agreements $ 141,086 0.12 % $ 153,157 0.11 % Federal funds purchased — — 390,000 0.10 Average for the year: Retail repurchase agreements $ 143,734 0.12 % $ 142,283 0.32 % Federal funds purchased 15,154 0.08 367,240 0.41 Maximum month-end balance: Retail repurchase agreements $ 154,413 $ 153,157 Federal funds purchased 60,000 921,289 |
Advances from the FHLB and the Respective Maturity Schedule | Advances from the FHLB and the respective maturity schedule at December 31 for the years indicated consisted of the following: 2021 2020 (Dollars in thousands) Amounts Weighted Average Amounts Weighted Average Maturity: One year $ — — % $ 230,243 2.39 % Two years — — 76,332 2.37 Three years — — 72,500 3.12 Four years — — — — Five years — — — — After five years — — — — Total advances from FHLB $ — — $ 379,075 2.52 |
SHARE BASED COMPENSATION (Table
SHARE BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share Option Activity | A summary of share option activity for the period indicated is reflected in the following table: Number Weighted Average Exercise Weighted Average Contractual Remaining Life (Years) Aggregate Intrinsic Balance at January 1, 2021 430,038 $ 14.97 $ 6,828 Granted — $ — Exercised (270,297) $ 13.67 $ 7,979 Forfeited — $ — Expired — $ — Balance at December 31, 2021 159,741 $ 17.18 2.4 years $ 5,264 Exercisable at December 31, 2021 159,741 $ 17.18 2.4 years $ 5,264 |
Summary of Activity for Company's Restricted Stock | A summary of the activity for the Company’s restricted stock for the period indicated is presented in the following table: (In dollars, except share data): Number Weighted Average Grant-Date Fair Value Restricted stock at January 1, 2021 391,683 $ 29.50 Granted 128,557 $ 41.05 Vested (119,228) $ 31.48 Forfeited/ cancelled (10,492) $ 31.93 Restricted stock at December 31, 2021 390,520 $ 32.67 |
PENSION, PROFIT SHARING, AND _2
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
The Plan's Funded Status | The Pension Plan’s funded status at December 31 is as follows: (In thousands) 2021 2020 Reconciliation of Projected Benefit Obligation: Projected obligation at January 1 $ 52,426 $ 45,497 Interest cost 1,269 1,437 Actuarial (gain)/ loss (22) 290 Benefit payments (1,115) (1,470) Increase/ (decrease) related to change in assumptions (2,040) 6,672 Settlement - lump sum payments (2,439) — Projected obligation at December 31 48,079 52,426 Reconciliation of Fair Value of Plan Assets: Fair value of plan assets at January 1 48,357 43,457 Actual return on plan assets (596) 6,370 Employer contributions 1,000 — Benefit payments (1,115) (1,470) Settlement - lump sum payments (2,439) — Fair value of plan assets at December 31 $ 45,207 $ 48,357 Funded status at December 31 $ (2,872) $ (4,069) Accumulated benefit obligation at December 31 $ 48,079 $ 52,426 Unrecognized net actuarial loss $ 11,030 $ 12,719 Net periodic pension cost not yet recognized $ 11,030 $ 12,719 |
Weighted-Average Assumptions Used To Determine Benefit Obligations | Weighted average assumptions used to determine benefit obligations at December 31 are presented in the following table: 2021 2020 2019 Discount rate 2.80% 2.50% 3.25% Rate of compensation increase N/A N/A N/A |
Net Periodic Benefit Cost | The components of net periodic benefit cost for the years ended December 31 are presented in the following table: (In thousands) 2021 2020 2019 Interest cost on projected benefit obligation $ 1,269 $ 1,437 $ 1,609 Expected return on plan assets (1,247) (1,821) (1,647) Recognized net actuarial loss 909 874 1,059 Settlement charge 560 — — Net periodic benefit cost $ 1,491 $ 490 $ 1,021 |
Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost | Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 are presented in the following table: 2021 2020 2019 Discount rate 2.50% 3.25% 4.15% Expected return on plan assets 3.25% 4.75% 5.00% Rate of compensation increase N/A N/A N/A |
Components Of Net Unrecognized Benefits Costs That Is Reflected In Accumulated Other Comprehensive Income (Loss) | Reclassifications represent the portion of the unrecognized benefits that are recognized each period as a component of the net periodic benefit cost. (In thousands) Unrecognized Net Included in accumulated other comprehensive loss at January 1, 2019 $ 12,352 Reductions during the year (5,176) Reclassifications due to recognition as net periodic pension cost (1,059) Increase related to change in assumptions 5,060 Included in accumulated other comprehensive loss as of December 31, 2019 11,177 Reductions during the year (4,256) Reclassifications due to recognition as net periodic pension cost (874) Increase related to change in assumptions 6,672 Included in accumulated other comprehensive loss as of December 31, 2020 12,719 Additions during the year 1,842 Reclassifications due to recognition as net periodic pension cost (909) Settlement charge (560) Decrease related to change in assumptions (2,062) Included in accumulated other comprehensive loss as of December 31, 2021 11,030 Applicable tax effect (2,827) Included in accumulated other comprehensive loss net of tax effect at December 31, 2021 $ 8,203 Amount expected to be recognized as part of net periodic pension cost in the next fiscal year $ 674 |
Component of Net Periodic Benefit | The following items have not yet been recognized as a component of net periodic benefit cost at December 31: (In thousands) 2021 2020 2019 Net actuarial loss $ 11,030 $ 12,719 $ 11,177 Net periodic benefit cost not yet recognized $ 11,030 $ 12,719 $ 11,177 |
Pension Plan Weighted Average Allocations | The Company’s Pension Plan weighted average allocations at December 31 are presented in the following table: 2021 2020 Asset Category: Equity Securities Mutual Funds 11.5 % 11.6 % Fixed Income Mutual Funds 88.5 % 88.4 % Total pension plan assets 100.0 % 100.0 % |
Fair Values Of Pension Plan Assets By Asset Category | The fair values of the Company’s Pension Plan assets by asset category at December 31 are presented in the following tables: 2021 (In thousands) Quoted Prices in Active Markets for Significant Other Significant Total Asset Category: Mutual funds: Large cap U.S. equity funds $ 2,231 $ 575 $ — $ 2,806 Small/Mid cap U.S. equity funds — 1,536 — 1,536 International equity funds 875 — — 875 Short-term fixed income funds 9,558 30,432 — 39,990 Total mutual funds 12,664 32,543 — 45,207 Total pension plan assets $ 12,664 $ 32,543 $ — $ 45,207 2020 (In thousands) Quoted Prices In Active Markets for Significant Other Significant Total Asset Category: Mutual funds: Large cap U.S. equity funds $ 2,779 $ 543 $ — $ 3,322 Small/Mid cap U.S. equity funds — 1,124 — 1,124 International equity funds 1,183 — — 1,183 Short-term fixed income funds — 4,299 — 4,299 Fixed income funds 10,724 27,705 — 38,429 Total mutual funds 14,686 33,671 — 48,357 Total pension plan assets $ 14,686 $ 33,671 $ — 48,357 |
Schedule of Benefit Payments | Benefit payments, which reflect expected future service, as appropriate, that are expected to be paid for the years ending December 31 are presented in the following table: (In thousands) Pension Benefits 2022 $ 3,210 2023 1,990 2024 3,240 2025 2,330 2026 3,160 Thereafter 14,540 |
OTHER NON-INTEREST INCOME AND_2
OTHER NON-INTEREST INCOME AND OTHER NON-INTEREST EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Selected Components of Other Non-Interest Income and Other Non-Interest Expense | Selected components of other non-interest income and other non-interest expense for the years ended December 31 are presented in the following table: (In thousands) 2021 2020 2019 Letter of credit fees $ 910 $ 710 $ 389 Extension fees 811 1,967 1,287 Swap fee income 511 1,607 1,932 Prepayment penalty fees 3,216 961 404 Other income 9,869 3,976 4,768 Total other non-interest income $ 15,317 $ 9,221 $ 8,780 (In thousands) 2021 2020 2019 Postage and delivery $ 1,906 $ 1,624 $ 1,502 Communications 2,508 2,729 2,414 Loss on FHLB redemption 9,117 5,928 — Mortgage processing expense, net 1,504 1,381 817 Online services 2,209 1,591 1,375 Provision for credit losses on unfunded loan commitments (1,236) 1,576 — Franchise taxes 1,644 1,574 1,307 Insurance 1,586 1,311 1,113 Card transaction expense 1,183 1,083 1,031 Office supplies 742 912 957 Other expenses 13,229 10,894 9,910 Total other non-interest expense $ 34,392 $ 30,603 $ 20,426 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | The following table provides the components of income tax expense for the years ended December 31: (In thousands) 2021 2020 2019 Current income taxes: Federal $ 48,445 $ 43,115 $ 28,404 State 15,850 13,785 6,598 Total current 64,295 56,900 35,002 Deferred income taxes: Federal 9,634 (22,793) 234 State 2,623 (6,636) 1,192 Total deferred 12,257 (29,429) 1,426 Total income tax expense $ 76,552 $ 27,471 $ 36,428 |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities, shown as the sum of the appropriate tax effect for each significant type of temporary difference, are presented in the following table at December 31 for the years indicated: (In thousands) 2021 2020 Deferred tax assets: Allowance for credit losses $ 27,980 $ 42,231 Lease liability 17,280 19,192 Employee benefits 7,740 6,108 Unrealized losses on pension plan 2,827 3,249 Deferred loan fees and costs 3,879 4,486 Equity based compensation 1,636 1,856 Unrealized losses on investments available-for-sale 121 — Losses on other real estate owned 21 203 Other than temporary impairment 76 75 Loan and deposit premium/discount 553 1,081 Reserve for recourse loans 223 546 Net operating loss carryforward 2,023 1,475 Other 207 181 Gross deferred tax assets 64,566 80,683 Valuation allowance (2,137) (1,479) Net deferred tax asset 62,429 79,204 Deferred tax liabilities: Right of use asset (14,888) (16,693) Unrealized gains on investments available-for-sale — (9,684) Pension plan costs (2,092) (2,211) Depreciation (2,552) (2,950) Intangible assets (5,653) (6,894) Bond accretion (78) (195) Section 481 adjustments — (669) Fair value acquisition adjustments (624) (555) Other (626) (567) Gross deferred tax liabilities (26,513) (40,418) Net deferred tax asset $ 35,916 $ 38,786 |
Reconcilements Between Statutory Federal Income Tax Rate and Effective Tax Rate | The reconcilements between the statutory federal income tax rate and the effective rate for the years ended December 31 are presented in the following table: (Dollars in thousands) 2021 2020 2019 Amount Percentage of Amount Percentage of Amount Percentage of Income tax expense at federal statutory rate $ 65,448 21.0 % $ 26,130 21.0 % $ 32,101 21.0 % Increase/ (decrease) resulting from: Tax exempt income, net (2,271) (0.7) (2,472) (2.0) (2,101) (1.4) Bank-owned life insurance (602) (0.2) (567) (0.5) (665) (0.4) State income taxes, net of federal income tax benefits 14,593 4.7 5,648 4.5 6,154 4.0 Federal tax law change — — (1,764) (1.4) — — Other, net (616) (0.2) 496 0.5 939 0.6 Total income tax expense and rate $ 76,552 24.6 % $ 27,471 22.1 % $ 36,428 23.8 % |
NET INCOME PER COMMON SHARE (Ta
NET INCOME PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Calculation of Net Income Per Common Share | The calculation of net income per common share for the years ended December 31 is presented in the following table: (Dollars and amounts in thousands, except per share data) 2021 2020 2019 Net income $ 235,107 $ 96,953 $ 116,433 Less: Distributed and undistributed earnings allocated to participating securities (1,508) (783) (762) Net income attributable to common shareholders $ 233,599 $ 96,170 $ 115,671 Total weighted average outstanding shares 46,995 44,312 35,797 Less: Weighted average participating securities (304) (365) (235) Basic weighted average common shares 46,691 43,947 35,562 Dilutive weighted average common stock equivalents 208 185 56 Diluted weighted average common shares 46,899 44,132 35,618 Basic net income per common share $ 5.00 $ 2.19 $ 3.25 Diluted net income per common share $ 4.98 $ 2.18 $ 3.25 Anti-dilutive shares — 17 9 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Net Accumulated Other Comprehensive Loss | The following table presents the activity in net accumulated other comprehensive income/ (loss) for the periods indicated: (In thousands) Unrealized Gains/ Defined Benefit Total Balance at January 1, 2019 $ (6,630) $ (9,124) $ (15,754) Period change, net of tax 10,630 792 11,422 Balance at December 31, 2019 4,000 (8,332) (4,332) Period change, net of tax 24,175 (1,138) 23,037 Balance at December 31, 2020 28,175 (9,470) 18,705 Period change, net of tax (28,511) 1,267 (27,244) Balance at December 31, 2021 $ (336) $ (8,203) $ (8,539) |
Reclassification Adjustments Out of Accumulated Other Comprehensive Income | The following table provides the information on the reclassification adjustments out of accumulated other comprehensive income/ (loss) for the periods indicated: Year Ended December 31, (In thousands) 2021 2020 2019 Unrealized gains/ (losses) on investments available-for-sale: Affected line item in the Consolidated Statements of Income: Investment securities gains $ 212 $ 467 $ 77 Income before taxes 212 467 77 Tax expense (54) (120) (20) Net income $ 158 $ 347 $ 57 Amortization of defined benefit pension plan items: Affected line item in the Consolidated Statements of Income: Recognized actuarial loss (1) $ (909) $ (874) $ (1,059) Settlement charge (1) (560) — — Income before taxes (1,469) (874) (1,059) Tax benefit 376 223 277 Net loss $ (1,093) $ (651) $ (782) (1) This amount is included in the computation of net periodic benefit cost, see Note 14. |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swaps | A summary of the Company’s interest rate swaps at December 31 for the years indicated is included in the following table: 2021 (Dollars in thousands) Notional Amount Estimated Fair Value Years to Maturity Receive Pay Interest rate swap agreements: Pay fixed/receive variable swaps $ 198,126 $ (5,880) 8.7 years 2.21 % 3.73 % Pay variable/receive fixed swaps 198,126 5,880 8.7 years 3.73 % 2.21 % Total swaps $ 396,252 $ — 8.7 years 2.97 % 2.97 % 2020 (Dollars in thousands) Notional Amount Estimated Fair Value Years to Maturity Receive Pay Interest rate swap agreements: Pay fixed/receive variable swaps $ 160,261 $ (9,183) 8.7 years 2.39 % 3.72 % Pay variable/receive fixed swaps 160,261 9,183 8.7 years 3.72 % 2.39 % Total swaps $ 320,522 $ — 8.7 years 3.06 % 3.06 % |
FINANCIAL INSTRUMENTS WITH OF_2
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Summary of Financial Instruments With Off-Balance Sheet Credit Risk | A summary of the financial instruments with off-balance sheet credit risk is as follows at December 31 for the years indicated: (In thousands) 2021 2020 Commercial real estate development and construction $ 621,725 $ 871,290 Residential real estate-development and construction 885,806 94,096 Real estate-residential mortgage 54,072 335,288 Lines of credit, principally home equity and business lines 2,096,874 1,947,706 Standby letters of credit 70,642 71,777 Total commitments to extend credit and available credit lines $ 3,729,119 $ 3,320,157 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Accounted for or Disclosed at Fair Value | The following tables set forth the Company’s financial assets and liabilities at the December 31 for the years 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: 2021 (In thousands) Quoted Prices in Significant Other Significant Total Assets Residential mortgage loans held for sale (1) $ — $ 39,409 $ — $ 39,409 Investments available-for-sale: U.S. government agencies — 68,539 — 68,539 State and municipal — 326,402 — 326,402 Mortgage-backed and asset-backed — 1,070,955 — 1,070,955 Corporate debt — — — — Total available-for-sale securities — 1,465,896 — 1,465,896 Interest rate swap agreements — 5,880 — 5,880 Total assets $ — $ 1,511,185 $ — $ 1,511,185 Liabilities Interest rate swap agreements $ — $ (5,880) $ — $ (5,880) Total liabilities $ — $ (5,880) $ — $ (5,880) (1) The outstanding principal balance for residential loans held for sale as of December 31, 2021 was $38.2 million. 2020 (In thousands) Quoted Prices in Significant Other Significant Total Assets Residential mortgage loans held for sale (1) $ — $ 78,294 $ — $ 78,294 Investments available-for-sale: U.S. government agencies — 43,297 — 43,297 State and municipal — 390,367 — 390,367 Mortgage-backed and asset-backed — 904,432 — 904,432 Corporate debt — — 9,925 9,925 Total available-for-sale securities — 1,338,096 9,925 1,348,021 Interest rate swap agreements — 9,183 — 9,183 Total assets $ — $ 1,425,573 $ 9,925 $ 1,435,498 Liabilities Interest rate swap agreements $ — $ (9,183) $ — $ (9,183) Total liabilities $ — $ (9,183) $ — $ (9,183) (1) The outstanding principal balance for residential loans held for sale as of December 31, 2020 was $75.5 million. |
Activity of Assets Reported as Level 3 | The following table provides activity of assets reported as Level 3 for the period indicated: Significant Unobservable Inputs (In thousands) (Level 3) Investments available-for-sale: Balance at January 1, 2021 $ 9,925 Transfer into Level 3 assets — Additions of Level 3 assets — Sales of Level 3 assets (9,925) Balance at December 31, 2021 $ — |
Assets Measured at Fair Value on Nonrecurring Basis | The following tables set forth the Company’s financial assets subject to fair value adjustments on a non-recurring basis at December 31 for the year 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: 2021 (In thousands) Quoted Prices in Significant Other Significant Total Total Losses Loans (1) $ — $ — $ 404 $ 404 $ (1,353) Other real estate owned — — 1,034 1,034 (81) Total $ — $ — $ 1,438 $ 1,438 $ (1,434) (1) Amounts represent the fair value of collateral for collateral dependent non-accrual loans allocated to the allowance for credit losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records, discounted as appropriate (Level 3). 2020 (In thousands) Quoted Prices in Significant Other Significant Total Total Losses Loans (1) $ — $ — $ 13,901 $ 13,901 $ (11,326) Other real estate owned — — 1,455 1,455 (286) Total $ — $ — $ 15,356 $ 15,356 $ (11,612) (1) Amounts represent the fair value of collateral for collateral dependent non-accrual loans allocated to the allowance for credit losses. Fair values are determined using actual market prices (Level 2), independent third party valuations and borrower records, discounted as appropriate (Level 3). |
Carrying Amounts And Fair Values of Company's Financial Instruments | The carrying amounts and fair values of the Company’s financial instruments at December 31 for the year indicated are presented in the following table: Fair Value Measurements 2021 Quoted Prices in Significant Other Significant (In thousands) Carrying Estimated Financial assets: Cash and cash equivalents $ 420,020 $ 420,020 $ 420,020 $ — $ — Residential mortgage loans held for sale 39,409 39,409 — 39,409 — Investments available-for-sale 1,465,896 1,465,896 — 1,465,896 — Equity securities 41,166 41,166 41,166 — — Loans, net of allowance 9,857,946 9,964,924 — — 9,964,924 Interest rate swap agreements 5,880 5,880 — 5,880 — Accrued interest receivable 34,349 34,349 34,349 — — Bank owned life insurance 147,528 147,528 — 147,528 — Financial liabilities: Time deposits $ 1,290,862 $ 1,292,598 $ — $ 1,292,598 $ — Other deposits 9,333,869 9,333,869 9,333,869 — — Securities sold under retail repurchase agreements and federal funds purchased 141,086 141,086 — 141,086 — Advances from FHLB — — — — — Subordinated debt 172,712 175,780 — — 175,780 Interest rate swap agreements 5,880 5,880 — 5,880 — Accrued interest payable 1,516 1,516 1,516 — — Fair Value Measurements 2020 Quoted Prices in Significant Other Significant (In thousands) Carrying Estimated Financial assets: Cash and cash equivalents $ 297,003 $ 297,003 $ 297,003 $ — $ — Residential mortgage loans held for sale 78,294 78,294 — 78,294 — Investments available-for-sale 1,348,021 1,348,021 — 1,338,096 9,925 Equity securities 65,760 65,760 65,760 — — Loans, net of allowance 10,235,142 10,336,355 — — 10,336,355 Interest rate swap agreements 9,183 9,183 — 9,183 — Accrued interest receivable 46,431 46,431 46,431 — — Bank owned life insurance 126,887 126,887 — 126,887 — Financial liabilities: Time deposits $ 1,657,662 $ 1,674,112 $ — $ 1,674,112 $ — Other deposits 8,375,407 8,375,407 8,375,407 — — Securities sold under retail repurchase agreements and federal funds purchased 543,157 543,157 — 543,157 — Advances from FHLB 379,075 390,593 — 390,593 — Subordinated debt 227,088 227,512 — — 227,512 Interest rate swap agreements 9,183 9,183 — 9,183 — Accrued interest payable 3,254 3,254 3,254 — — |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Statements of Condition | Financial statements for Sandy Spring Bancorp, Inc. (Parent Only) for the periods indicated are presented in the following tables: Statements of Condition December 31, (In thousands) 2021 2020 Assets: Cash and cash equivalents $ 69,038 $ 63,943 Investments available-for-sale (at fair value) — 9,925 Equity securities 568 568 Investment in subsidiary 1,620,432 1,589,483 Goodwill 1,292 1,292 Other assets 2,255 2,684 Total assets $ 1,693,585 $ 1,667,895 Liabilities: Subordinated debt $ 172,712 $ 196,454 Accrued expenses and other liabilities 1,194 1,486 Total liabilities 173,906 197,940 Stockholders’ Equity: Common stock 45,119 47,057 Additional paid in capital 751,072 846,922 Retained earnings 732,027 557,271 Accumulated other comprehensive income/ (loss) (8,539) 18,705 Total stockholders’ equity 1,519,679 1,469,955 Total liabilities and stockholders’ equity $ 1,693,585 $ 1,667,895 |
Statements of Income | Statements of Income Year Ended December 31, (In thousands) 2021 2020 2019 Income: Cash dividends from subsidiary $ 189,172 $ 74,410 $ 42,625 Other income 434 932 1,093 Total income 189,606 75,342 43,718 Expenses: Interest 6,765 9,028 3,141 Other expenses 1,592 1,505 1,507 Total expenses 8,357 10,533 4,648 Income before income taxes and equity in undistributed income of subsidiary 181,249 64,809 39,070 Income tax benefit (1,563) (1,988) (734) Income before equity in undistributed income of subsidiary 182,812 66,797 39,804 Equity in undistributed income of subsidiary 52,295 30,156 76,629 Net income $ 235,107 $ 96,953 $ 116,433 |
Statements of Cash Flows | Statements of Cash Flows Year Ended December 31, (In thousands) 2021 2020 2019 Cash Flows from Operating Activities: Net income $ 235,107 $ 96,953 $ 116,433 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed income-subsidiary (52,295) (30,156) (76,629) Share based compensation expense 5,299 3,850 3,042 Tax benefit from stock options exercised — 5 7 Other-net 4,133 (9,732) — Net cash provided by operating activities 192,244 60,920 42,853 Cash Flows from Investing Activities: Proceeds from sales of investment available-for-sale 9,099 310 — Investment in subsidiary — — (85,000) Net cash provided by/ (used in) investing activities 9,099 310 (85,000) Cash Flows from Financing Activities: Retirement of subordinated debt (32,810) (10,310) — Proceeds from issuance of subordinated debt — — 175,000 Proceeds from issuance of common stock 5,758 1,997 1,433 Stock tendered for payment of withholding taxes (1,577) (458) (703) Repurchase of common stock (107,268) (25,702) (24,284) Dividends paid (60,351) (53,175) (42,272) Net cash provided by/ (used in) financing activities (196,248) (87,648) 109,174 Net increase/ (decrease) in cash and cash equivalents 5,095 (26,418) 67,027 Cash and cash equivalents at beginning of year 63,943 90,361 23,334 Cash and cash equivalents at end of year $ 69,038 $ 63,943 $ 90,361 |
REGULATORY MATTERS (Tables)
REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Actual Capital Amounts and Ratios | The Company's and the Bank's actual capital amounts and ratios at December 31 for the years indicated are presented in the following table: Actual For Capital To be Well (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021 Tier 1 Leverage: Company $ 1,149,694 9.26 % $ 496,520 4.00 % N/A N/A Sandy Spring Bank $ 1,251,739 10.09 % $ 496,171 4.00 % $ 620,214 5.00 % Common Equity Tier 1 Capital to risk- weighted assets: Company $ 1,149,694 11.91 % $ 434,466 4.50 % N/A N/A Sandy Spring Bank $ 1,251,739 12.98 % $ 433,889 4.50 % $ 626,729 6.50 % Tier 1 Capital to risk-weighted assets: Company $ 1,149,694 11.91 % $ 579,288 6.00 % N/A N/A Sandy Spring Bank $ 1,251,739 12.98 % $ 578,519 6.00 % $ 771,358 8.00 % Total Capital to risk-weighted assets: Company $ 1,408,808 14.59 % $ 772,384 8.00 % N/A N/A Sandy Spring Bank $ 1,335,853 13.85 % $ 771,358 8.00 % $ 964,198 10.00 % As of December 31, 2020 Tier 1 Leverage: Company $ 1,078,213 8.92 % $ 483,619 4.00 % N/A N/A Sandy Spring Bank $ 1,199,570 9.93 % $ 483,175 4.00 % $ 603,969 5.00 % Common Equity Tier 1 Capital to risk- weighted assets: Company $ 1,078,213 10.58 % $ 458,612 4.50 % N/A N/A Sandy Spring Bank $ 1,199,570 11.79 % $ 457,920 4.50 % $ 661,441 6.50 % Tier 1 Capital to risk-weighted assets: Company $ 1,078,213 10.58 % $ 611,483 6.00 % N/A N/A Sandy Spring Bank $ 1,199,570 11.79 % $ 610,561 6.00 % $ 814,081 8.00 % Total Capital to risk-weighted assets: Company $ 1,419,973 13.93 % $ 815,311 8.00 % N/A N/A Sandy Spring Bank $ 1,347,102 13.24 % $ 814,081 8.00 % $ 1,017,601 10.00 % |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 consolidated financial statements for the years ended December 31 is presented in the following tables: 2021 (In thousands) Community Insurance Investment Inter-Segment Total Interest income $ 450,284 $ 2 $ 10 $ (12) $ 450,284 Interest expense 25,778 — — (12) 25,766 Provision for credit losses (45,556) — — — (45,556) Non-interest income 80,077 7,011 22,378 (7,411) 102,055 Non-interest expenses 240,996 5,869 14,473 (868) 260,470 Income before income taxes 309,143 1,144 7,915 (6,543) 311,659 Income tax expense 74,036 339 2,177 — 76,552 Net income $ 235,107 $ 805 $ 5,738 $ (6,543) $ 235,107 Assets $ 12,590,176 $ 9,110 $ 59,099 $ (67,659) $ 12,590,726 2020 (In thousands) Community Insurance Investment Inter-Segment Total Interest income $ 423,560 $ 6 $ 7 $ (13) $ 423,560 Interest expense 60,414 — — (13) 60,401 Provision for credit losses 85,669 — — — 85,669 Non-interest income 78,940 6,810 17,831 (865) 102,716 Non-interest expenses 237,910 5,686 13,051 (865) 255,782 Income before income taxes 118,507 1,130 4,787 — 124,424 Income tax expense 25,907 313 1,251 — 27,471 Net income $ 92,600 $ 817 $ 3,536 $ — $ 96,953 Assets $ 12,800,537 $ 11,335 $ 57,768 $ (71,211) $ 12,798,429 2019 (In thousands) Community Insurance Investment Inter-Segment Total Interest income $ 347,867 $ 26 $ 13 $ (37) $ 347,869 Interest expense 82,598 — — (37) 82,561 Provision for credit losses 4,684 — — — 4,684 Non-interest income 55,042 6,621 10,326 (667) 71,322 Non-interest expenses 166,802 5,731 7,219 (667) 179,085 Income before income taxes 148,825 916 3,120 — 152,861 Income tax expense 35,350 258 820 — 36,428 Net income $ 113,475 $ 658 $ 2,300 $ — $ 116,433 Assets $ 8,624,590 $ 10,340 $ 16,424 $ (22,352) $ 8,629,002 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Finite-lived intangible asset, useful life | 15 years |
Furniture and Fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture and Fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Computer Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computer Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Building and Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Building and Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
ACQUISITION OF REVERE BANK - Na
ACQUISITION OF REVERE BANK - Narrative (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2021USD ($)$ / shares | Mar. 31, 2020USD ($)bank | Dec. 31, 2020USD ($) | Apr. 01, 2020USD ($)$ / sharesshares |
Business Acquisition [Line Items] | ||||
Amount of goodwill recognized | $ 500 | $ 800 | ||
Sandy Spring Shareholders | ||||
Business Acquisition [Line Items] | ||||
Percentage of ownership in combined company | 74.00% | |||
Revere shareholders | ||||
Business Acquisition [Line Items] | ||||
Percentage of ownership in combined company | 26.00% | |||
Revere Bank | ||||
Business Acquisition [Line Items] | ||||
Business acquisition rate of share exchange (in shares) | shares | 1.05 | |||
Closing price (in dollars per share) | $ / shares | $ 22.64 | $ 22.64 | ||
Consideration transferred | $ 293,002 | $ 293,000 | ||
Assets acquired | 2,846,356 | |||
Number of banking offices | bank | 11 | |||
Amount of goodwill recognized | $ 515 |
ACQUISITION OF REVERE BANK - Fa
ACQUISITION OF REVERE BANK - Fair values of acquired identifiable assets and liabilities assumed (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Apr. 01, 2020 |
Purchase price: | ||||
Fair value of common shares issued (12,768,949 shares) based on Sandy Spring's share price of $22.64 | $ 289,089 | |||
Identifiable liabilities: | ||||
Goodwill | $ 500 | $ 800 | ||
Revere Bank acquisition (in shares) | 12,768,949 | 12,768,949 | ||
Revere Bank | ||||
Purchase price: | ||||
Fair value of common shares issued (12,768,949 shares) based on Sandy Spring's share price of $22.64 | $ 289,089 | |||
Fair value of Revere stock options converted to Sandy Spring stock options | 3,611 | |||
Cash paid for cashed-out Revere stock options | 291 | |||
Cash for fractional shares | 11 | |||
Total purchase price | 293,002 | $ 293,000 | ||
Identifiable assets: | ||||
Cash and cash equivalents | 80,744 | |||
Investments available-for-sale | 180,752 | |||
Loans | 2,502,244 | |||
Premises and equipment | 3,443 | |||
Accrued interest receivable | 7,651 | |||
Core deposit intangible asset | 18,360 | |||
Other assets | 53,162 | |||
Total identifiable assets | 2,846,356 | |||
Identifiable liabilities: | ||||
Deposits | 2,322,422 | |||
Borrowings | 205,514 | |||
Other liabilities | 25,933 | |||
Total identifiable liabilities | 2,553,869 | |||
Fair value of net assets acquired including identifiable intangible assets | 292,487 | |||
Goodwill | $ 515 | |||
Closing price (in dollars per share) | $ 22.64 | $ 22.64 |
CASH AND DUE FROM BANKS (Narrat
CASH AND DUE FROM BANKS (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents [Abstract] | ||
Compensating balance | $ 491.9 | $ 236.3 |
INVESTMENTS - Amortized Cost an
INVESTMENTS - Amortized Cost and Estimated Fair Values of Investments Available-for-sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale debt securities | $ 1,466,350 | $ 1,310,159 |
Investments available-for-sale: | 1,465,896 | 1,348,021 |
Available-for-Sale Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale debt securities | 1,466,350 | 1,310,159 |
Gross Unrealized Gains | 14,966 | 38,922 |
Gross Unrealized Losses | (15,420) | (1,060) |
Investments available-for-sale: | 1,465,896 | 1,348,021 |
Available-for-Sale Securities | U.S. treasuries and government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale debt securities | 68,487 | 42,750 |
Gross Unrealized Gains | 202 | 549 |
Gross Unrealized Losses | (150) | (2) |
Investments available-for-sale: | 68,539 | 43,297 |
Available-for-Sale Securities | State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale debt securities | 323,286 | 377,108 |
Gross Unrealized Gains | 6,561 | 13,470 |
Gross Unrealized Losses | (3,445) | (211) |
Investments available-for-sale: | 326,402 | 390,367 |
Available-for-Sale Securities | Mortgage-backed and asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale debt securities | 1,074,577 | 881,201 |
Gross Unrealized Gains | 8,203 | 24,078 |
Gross Unrealized Losses | (11,825) | (847) |
Investments available-for-sale: | 1,070,955 | 904,432 |
Available-for-Sale Securities | Corporate debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total available-for-sale debt securities | 0 | 9,100 |
Gross Unrealized Gains | 0 | 825 |
Gross Unrealized Losses | 0 | 0 |
Investments available-for-sale: | $ 0 | $ 9,925 |
INVESTMENTS - Narrative (Detail
INVESTMENTS - Narrative (Detail) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Line Items] | ||
Investments available-for-sale book value | $ 531.6 | $ 465.7 |
GNMA, FNMA, and FHLMC | Collateralized mortgage obligations | ||
Schedule of Investments [Line Items] | ||
Mortgage-backed securities | 364.4 | |
GNMA, FNMA, and FHLMC | Mortgage-backed securities | ||
Schedule of Investments [Line Items] | ||
Mortgage-backed securities | 652 | |
GNMA, FNMA, and FHLMC | SBA asset-backed securities | ||
Schedule of Investments [Line Items] | ||
Mortgage-backed securities | $ 54.6 |
INVESTMENTS - Gross Unrealized
INVESTMENTS - Gross Unrealized Losses and Fair Value by Length of Time of Available-For-Sale Securities (Detail) $ in Thousands | Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 141 | 34 |
Fair Value | ||
Less Than 12 Months | $ 778,714 | $ 92,868 |
12 Months or More | 59,597 | 76,879 |
Total | 838,311 | 169,747 |
Unrealized Losses | ||
Less Than 12 Months | 12,583 | 367 |
12 Months or More | 2,837 | 693 |
Total | $ 15,420 | $ 1,060 |
U.S. treasuries and government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 5 | 2 |
Fair Value | ||
Less Than 12 Months | $ 49,695 | $ 25,369 |
12 Months or More | 0 | 0 |
Total | 49,695 | 25,369 |
Unrealized Losses | ||
Less Than 12 Months | 150 | 2 |
12 Months or More | 0 | 0 |
Total | $ 150 | $ 2 |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 32 | 8 |
Fair Value | ||
Less Than 12 Months | $ 63,206 | $ 22,753 |
12 Months or More | 21,740 | 0 |
Total | 84,946 | 22,753 |
Unrealized Losses | ||
Less Than 12 Months | 2,288 | 211 |
12 Months or More | 1,157 | 0 |
Total | $ 3,445 | $ 211 |
Mortgage-backed and asset-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Number of Securities | security | 104 | 24 |
Fair Value | ||
Less Than 12 Months | $ 665,813 | $ 44,746 |
12 Months or More | 37,857 | 76,879 |
Total | 703,670 | 121,625 |
Unrealized Losses | ||
Less Than 12 Months | 10,145 | 154 |
12 Months or More | 1,680 | 693 |
Total | $ 11,825 | $ 847 |
INVESTMENTS - Estimated Fair Va
INVESTMENTS - Estimated Fair Values and Amortized Costs of Debt Securities Available-for-sale by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value | ||
Total available-for-sale debt securities | $ 1,465,896 | $ 1,348,021 |
Amortized Cost | ||
Total available-for-sale debt securities | 1,466,350 | 1,310,159 |
U.S. treasuries and government agencies | ||
Fair Value | ||
One year or less | 12,029 | 33,963 |
One to five years | 56,510 | 9,334 |
Five to ten years | 0 | 0 |
After ten years | 0 | 0 |
Amortized Cost | ||
One year or less | 11,995 | 33,833 |
One to five years | 56,492 | 8,917 |
Five to ten years | 0 | 0 |
After ten years | 0 | 0 |
State and municipal | ||
Fair Value | ||
One year or less | 12,821 | 16,581 |
One to five years | 27,408 | 44,910 |
Five to ten years | 42,960 | 59,059 |
After ten years | 243,213 | 269,817 |
Amortized Cost | ||
One year or less | 12,709 | 16,458 |
One to five years | 26,637 | 43,857 |
Five to ten years | 42,661 | 56,130 |
After ten years | 241,279 | 260,663 |
Mortgage-backed and asset-backed | ||
Fair Value | ||
One year or less | 9,272 | 1 |
One to five years | 14,752 | 21,637 |
Five to ten years | 388,918 | 74,142 |
After ten years | 658,013 | 808,652 |
Amortized Cost | ||
One year or less | 9,239 | 1 |
One to five years | 14,575 | 21,229 |
Five to ten years | 390,569 | 72,481 |
After ten years | 660,194 | 787,490 |
Corporate debt | ||
Fair Value | ||
One year or less | 0 | 0 |
One to five years | 0 | 2,318 |
Five to ten years | 0 | 7,607 |
After ten years | 0 | 0 |
Amortized Cost | ||
One year or less | 0 | 0 |
One to five years | 0 | 2,100 |
Five to ten years | 0 | 7,000 |
After ten years | $ 0 | $ 0 |
INVESTMENTS - Other Equity Secu
INVESTMENTS - Other Equity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank Stock and Federal Reserve Bank Stock [Abstract] | ||
Federal Reserve Bank stock | $ 34,097 | $ 38,650 |
Federal Home Loan Bank of Atlanta stock | 6,392 | 26,433 |
Other equity securities | 677 | 677 |
Total equity securities | $ 41,166 | $ 65,760 |
INVESTMENTS - Gross Realized Ga
INVESTMENTS - Gross Realized Gains and Losses on All Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains from sales of investments available-for-sale | $ 3,588 | $ 1,297 | $ 14 |
Gross realized losses from sales of investments available-for-sale | (3,478) | (1,068) | (2) |
Net gains from calls of investments available-for-sale | 102 | 238 | 65 |
Net investment securities gains | $ 212 | $ 467 | $ 77 |
LOANS - Narrative (Detail)
LOANS - Narrative (Detail) - USD ($) $ in Thousands | Apr. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Unearned income and deferred fees | $ 14,300 | $ 24,500 | ||
Loans receivable with a gross amortized cost basis | $ 2,500,000 | |||
PCD Loans acquired | 974,800 | |||
Initial allowance on Revere PCD loans | 18,600 | 0 | 18,628 | $ 0 |
Fair value premium | 4,500 | |||
Total fair value of PCD loans as of the acquisition date | 960,700 | |||
Non-PCD loans | 1,500,000 | |||
Net fair value premium | $ 2,100 | |||
Paycheck Protection Program | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Unearned income and deferred fees | $ 4,600 | $ 21,200 |
LOANS - Loan Portfolio Segment
LOANS - Loan Portfolio Segment Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 9,967,091 | $ 10,400,509 |
Commercial investor real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,141,346 | 3,634,720 |
Commercial owner-occupied real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,690,881 | 1,642,216 |
Commercial AD&C | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,088,094 | 1,050,973 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 937,570 | 1,105,179 |
Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 197,652 | 182,619 |
Commercial real estate: | Commercial investor real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,141,346 | 3,634,720 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,690,881 | 1,642,216 |
Commercial real estate: | Commercial AD&C | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,088,094 | 1,050,973 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,402,155 | 8,595,457 |
Commercial | Commercial business | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,481,834 | 2,267,548 |
Residential real estate: | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 937,570 | 1,105,179 |
Residential real estate: | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 197,652 | 182,619 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 429,714 | 517,254 |
Total residential and consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,564,936 | $ 1,805,052 |
LOANS - Summary of Loans to Rel
LOANS - Summary of Loans to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Balance at beginning of period | $ 96,005 | $ 51,367 |
Additions | 7,040 | 46,846 |
Repayments | (24,818) | (2,208) |
Balance at end of period | $ 78,227 | $ 96,005 |
CREDIT QUALITY ASSESSMENT - All
CREDIT QUALITY ASSESSMENT - Allowance for Credit Loss Activity (Detail) - USD ($) $ in Thousands | Apr. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 165,367 | $ 56,132 | $ 53,486 | |
Initial allowance on Revere PCD loans | $ 18,600 | 0 | 18,628 | 0 |
Provision/ (credit) for credit losses | (45,556) | 85,669 | 4,684 | |
Loan charge-offs | (12,313) | (1,819) | (2,668) | |
Loan recoveries | 1,647 | 1,012 | 630 | |
Net charge-offs | (10,666) | (807) | (2,038) | |
Balance at period end | 109,145 | 165,367 | 56,132 | |
Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | 0 | 2,762 | 0 | |
Balance at period end | 0 | 2,762 | ||
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 0 | 2,983 | 0 | |
Balance at period end | $ 0 | $ 2,983 |
CREDIT QUALITY ASSESSMENT - Col
CREDIT QUALITY ASSESSMENT - Collateral Dependent Loans Individually Evaluated for Credit Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Credit Loss [Abstract] | ||||
Collateral dependent loans individually evaluated for credit loss with an allowance | $ 9,510 | $ 20,717 | ||
Collateral dependent loans individually evaluated for credit loss without an allowance | 24,024 | 77,001 | ||
Total individually evaluated collateral dependent loans | 33,534 | 97,718 | ||
Allowance for credit losses related to loans evaluated individually | 6,593 | 11,405 | ||
Allowance for credit losses related to loans evaluated collectively | 102,552 | 153,962 | ||
Total allowance for credit losses | $ 109,145 | $ 165,367 | $ 56,132 | $ 53,486 |
CREDIT QUALITY ASSESSMENT - A_2
CREDIT QUALITY ASSESSMENT - Allowance for Credit Losses by Respective Loan Portfolio Segment (Detail) - USD ($) $ in Thousands | Apr. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 165,367 | $ 56,132 | $ 53,486 | |
Initial allowance on Revere PCD loans | $ 18,600 | 0 | 18,628 | 0 |
Provision/ (credit) | (45,556) | 85,669 | 4,684 | |
Charge-offs | (12,313) | (1,819) | (2,668) | |
Recoveries | 1,647 | 1,012 | 630 | |
Net (charge-offs)/ recoveries | (10,666) | (807) | ||
Balance at period end | 109,145 | 165,367 | 56,132 | |
Total loans | $ 9,967,091 | $ 10,400,509 | ||
Allowance for credit losses to total loans ratio | 1.10% | 1590.00% | ||
Average loans | $ 10,034,866 | $ 9,317,493 | ||
Net charge-offs/ (recoveries) to average loans | 0.11% | 0.01% | ||
Balance of loans individually evaluated for credit loss | $ 33,534 | $ 97,718 | ||
Allowance related to loans evaluated individually | $ 6,593 | $ 11,405 | ||
Individual allowance to loans evaluated individually ratio | 19.66% | 11670.00% | ||
Balance of loans collectively evaluated for credit loss | $ 9,933,557 | $ 10,302,791 | ||
Allowance related to loans evaluated collectively | $ 102,552 | $ 153,962 | ||
Collective allowance to loans evaluated collectively ratio | 1.03% | 1490.00% | ||
Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 0 | $ 2,762 | 0 | |
Balance at period end | 0 | 2,762 | ||
Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | 0 | 2,983 | 0 | |
Balance at period end | 0 | 2,983 | ||
Commercial investor real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Charge-offs | (5,802) | (411) | ||
Total loans | 4,141,346 | 3,634,720 | ||
Commercial owner-occupied real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Charge-offs | (136) | 0 | ||
Total loans | 1,690,881 | 1,642,216 | ||
Commercial AD&C | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Charge-offs | (2,007) | 0 | ||
Total loans | 1,088,094 | 1,050,973 | ||
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Charge-offs | 0 | (484) | ||
Total loans | 937,570 | 1,105,179 | ||
Residential construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Charge-offs | 0 | 0 | ||
Total loans | 197,652 | 182,619 | ||
Commercial real estate: | Commercial investor real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | 57,404 | 18,407 | ||
Initial allowance on Revere PCD loans | 7,973 | |||
Provision/ (credit) | (6,598) | 33,431 | ||
Charge-offs | (5,802) | (411) | ||
Recoveries | 285 | 15 | ||
Net (charge-offs)/ recoveries | (5,517) | (396) | ||
Balance at period end | 45,289 | 57,404 | 18,407 | |
Total loans | $ 4,141,346 | $ 3,634,720 | ||
Allowance for credit losses to total loans ratio | 1.09% | 1580.00% | ||
Average loans | $ 3,689,769 | $ 3,210,527 | ||
Net charge-offs/ (recoveries) to average loans | 0.15% | 0.01% | ||
Balance of loans individually evaluated for credit loss | $ 12,489 | $ 45,227 | ||
Allowance related to loans evaluated individually | $ 213 | $ 1,273 | ||
Individual allowance to loans evaluated individually ratio | 1.71% | 2810.00% | ||
Balance of loans collectively evaluated for credit loss | $ 4,128,857 | $ 3,589,493 | ||
Allowance related to loans evaluated collectively | $ 45,076 | $ 56,131 | ||
Collective allowance to loans evaluated collectively ratio | 1.09% | 1560.00% | ||
Commercial real estate: | Commercial investor real estate | Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 1,114 | |||
Balance at period end | 1,114 | |||
Commercial real estate: | Commercial investor real estate | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | (3,125) | |||
Balance at period end | (3,125) | |||
Commercial real estate: | Commercial owner-occupied real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 20,061 | 6,884 | ||
Initial allowance on Revere PCD loans | 2,782 | |||
Provision/ (credit) | (8,238) | 10,008 | ||
Charge-offs | (136) | 0 | ||
Recoveries | 0 | 0 | ||
Net (charge-offs)/ recoveries | (136) | 0 | ||
Balance at period end | 11,687 | 20,061 | 6,884 | |
Total loans | $ 1,690,881 | $ 1,642,216 | ||
Allowance for credit losses to total loans ratio | 0.69% | 1220.00% | ||
Average loans | $ 1,661,015 | $ 1,560,223 | ||
Net charge-offs/ (recoveries) to average loans | 0.01% | 0.00% | ||
Balance of loans individually evaluated for credit loss | $ 9,306 | $ 11,561 | ||
Allowance related to loans evaluated individually | $ 79 | $ 0 | ||
Individual allowance to loans evaluated individually ratio | 0.85% | 0.00% | ||
Balance of loans collectively evaluated for credit loss | $ 1,681,575 | $ 1,630,655 | ||
Allowance related to loans evaluated collectively | $ 11,608 | $ 20,061 | ||
Collective allowance to loans evaluated collectively ratio | 0.69% | 1230.00% | ||
Commercial real estate: | Commercial owner-occupied real estate | Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 0 | |||
Balance at period end | 0 | |||
Commercial real estate: | Commercial owner-occupied real estate | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | 387 | |||
Balance at period end | 387 | |||
Commercial real estate: | Commercial AD&C | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 22,157 | 7,590 | ||
Initial allowance on Revere PCD loans | 1,248 | |||
Provision/ (credit) | 172 | 10,743 | ||
Charge-offs | (2,007) | 0 | ||
Recoveries | 0 | 0 | ||
Net (charge-offs)/ recoveries | (2,007) | 0 | ||
Balance at period end | 20,322 | 22,157 | 7,590 | |
Total loans | $ 1,088,094 | $ 1,050,973 | ||
Allowance for credit losses to total loans ratio | 1.87% | 2110.00% | ||
Average loans | $ 1,110,420 | $ 906,414 | ||
Net charge-offs/ (recoveries) to average loans | 0.18% | 0.00% | ||
Balance of loans individually evaluated for credit loss | $ 650 | $ 15,044 | ||
Allowance related to loans evaluated individually | $ 504 | $ 603 | ||
Individual allowance to loans evaluated individually ratio | 77.54% | 4010.00% | ||
Balance of loans collectively evaluated for credit loss | $ 1,087,444 | $ 1,035,929 | ||
Allowance related to loans evaluated collectively | $ 19,818 | $ 21,554 | ||
Collective allowance to loans evaluated collectively ratio | 1.82% | 2080.00% | ||
Commercial real estate: | Commercial AD&C | Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 0 | |||
Balance at period end | 0 | |||
Commercial real estate: | Commercial AD&C | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | 2,576 | |||
Balance at period end | 2,576 | |||
Commercial Business | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Total loans | $ 8,402,155 | 8,595,457 | ||
Balance of loans individually evaluated for credit loss | 9,033 | 23,648 | ||
Allowance related to loans evaluated individually | 5,797 | 9,529 | ||
Commercial Business | Commercial business | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | 46,806 | 11,395 | ||
Initial allowance on Revere PCD loans | 6,289 | |||
Provision/ (credit) | (20,132) | 24,374 | ||
Charge-offs | (4,069) | (491) | ||
Recoveries | 565 | 702 | ||
Net (charge-offs)/ recoveries | (3,504) | 211 | ||
Balance at period end | 23,170 | 46,806 | 11,395 | |
Total loans | $ 1,481,834 | $ 2,267,548 | ||
Allowance for credit losses to total loans ratio | 1.56% | 2060.00% | ||
Average loans | $ 1,952,537 | $ 1,781,197 | ||
Net charge-offs/ (recoveries) to average loans | 0.18% | (0.01%) | ||
Balance of loans individually evaluated for credit loss | $ 9,033 | $ 23,648 | ||
Allowance related to loans evaluated individually | $ 5,797 | $ 9,529 | ||
Individual allowance to loans evaluated individually ratio | 64.18% | 40300.00% | ||
Balance of loans collectively evaluated for credit loss | $ 1,472,801 | $ 2,243,900 | ||
Allowance related to loans evaluated collectively | $ 17,373 | $ 37,277 | ||
Collective allowance to loans evaluated collectively ratio | 1.18% | 1660.00% | ||
Commercial Business | Commercial business | Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 1,549 | |||
Balance at period end | 1,549 | |||
Commercial Business | Commercial business | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | 2,988 | |||
Balance at period end | 2,988 | |||
Residential real estate: | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 11,295 | 8,803 | ||
Initial allowance on Revere PCD loans | 243 | |||
Provision/ (credit) | (6,321) | 3,016 | ||
Charge-offs | 0 | (484) | ||
Recoveries | 410 | 105 | ||
Net (charge-offs)/ recoveries | 410 | (379) | ||
Balance at period end | 5,384 | 11,295 | 8,803 | |
Total loans | $ 937,570 | $ 1,105,179 | ||
Allowance for credit losses to total loans ratio | 0.57% | 1020.00% | ||
Average loans | $ 979,754 | $ 1,168,668 | ||
Net charge-offs/ (recoveries) to average loans | (0.04%) | 0.03% | ||
Balance of loans individually evaluated for credit loss | $ 1,704 | $ 1,874 | ||
Allowance related to loans evaluated individually | $ 0 | $ 0 | ||
Individual allowance to loans evaluated individually ratio | 0.00% | 0.00% | ||
Balance of loans collectively evaluated for credit loss | $ 935,866 | $ 1,103,305 | ||
Allowance related to loans evaluated collectively | $ 5,384 | $ 11,295 | ||
Collective allowance to loans evaluated collectively ratio | 0.58% | 1020.00% | ||
Residential real estate: | Residential mortgage | Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 0 | |||
Balance at period end | 0 | |||
Residential real estate: | Residential mortgage | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | (388) | |||
Balance at period end | (388) | |||
Residential real estate: | Residential construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 1,502 | 967 | ||
Initial allowance on Revere PCD loans | 6 | |||
Provision/ (credit) | (459) | 798 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 5 | 6 | ||
Net (charge-offs)/ recoveries | 5 | 6 | ||
Balance at period end | 1,048 | 1,502 | 967 | |
Total loans | $ 197,652 | $ 182,619 | ||
Allowance for credit losses to total loans ratio | 0.53% | 820.00% | ||
Average loans | $ 178,171 | $ 165,567 | ||
Net charge-offs/ (recoveries) to average loans | 0.00% | 0.00% | ||
Balance of loans individually evaluated for credit loss | $ 0 | $ 0 | ||
Allowance related to loans evaluated individually | $ 0 | $ 0 | ||
Individual allowance to loans evaluated individually ratio | 0.00% | 0.00% | ||
Balance of loans collectively evaluated for credit loss | $ 197,652 | $ 182,619 | ||
Allowance related to loans evaluated collectively | $ 1,048 | $ 1,502 | ||
Collective allowance to loans evaluated collectively ratio | 0.53% | 820.00% | ||
Residential real estate: | Residential construction | Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 0 | |||
Balance at period end | 0 | |||
Residential real estate: | Residential construction | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | (275) | |||
Balance at period end | (275) | |||
Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 6,142 | 2,086 | ||
Initial allowance on Revere PCD loans | 87 | |||
Provision/ (credit) | (3,980) | 3,299 | ||
Charge-offs | (299) | (433) | ||
Recoveries | 382 | 184 | ||
Net (charge-offs)/ recoveries | 83 | (249) | ||
Balance at period end | 2,245 | 6,142 | 2,086 | |
Total loans | $ 429,714 | $ 517,254 | ||
Allowance for credit losses to total loans ratio | 0.52% | 1190.00% | ||
Average loans | $ 463,200 | $ 524,897 | ||
Net charge-offs/ (recoveries) to average loans | (0.02%) | 0.05% | ||
Balance of loans individually evaluated for credit loss | $ 352 | $ 364 | ||
Allowance related to loans evaluated individually | $ 0 | $ 0 | ||
Individual allowance to loans evaluated individually ratio | 0.00% | 0.00% | ||
Balance of loans collectively evaluated for credit loss | $ 429,362 | $ 516,890 | ||
Allowance related to loans evaluated collectively | $ 2,245 | $ 6,142 | ||
Collective allowance to loans evaluated collectively ratio | 0.52% | 1190.00% | ||
Consumer | Revision of Prior Period, Reclassification, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 99 | |||
Balance at period end | 99 | |||
Consumer | Revision of Prior Period, Accounting Standards Update, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of year | $ 820 | |||
Balance at period end | $ 820 |
CREDIT QUALITY ASSESSMENT - C_2
CREDIT QUALITY ASSESSMENT - Collateral Dependent Loans Individually Evaluated for Credit Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | $ 9,510 | $ 20,717 |
Allowance related to loans evaluated individually | 6,593 | 11,405 |
Loans individually evaluated for credit losses without an allowance: | 24,024 | 77,001 |
Total individually evaluated loans: | 33,534 | 97,718 |
Unpaid contractual principal balance | 38,399 | 115,816 |
Non-accruing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 6,386 | 17,419 |
Loans individually evaluated for credit losses without an allowance: | 8,707 | 71,764 |
Total individually evaluated loans: | 15,093 | 89,183 |
Non-accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 2,511 | 2,709 |
Loans individually evaluated for credit losses without an allowance: | 13,763 | 3,509 |
Total individually evaluated loans: | 16,274 | 6,218 |
Accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 613 | 589 |
Loans individually evaluated for credit losses without an allowance: | 1,554 | 1,728 |
Total individually evaluated loans: | 2,167 | 2,317 |
Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 1,144 | 5,612 |
Allowance related to loans evaluated individually | 213 | 1,273 |
Loans individually evaluated for credit losses without an allowance: | 11,345 | 39,615 |
Total individually evaluated loans: | 12,489 | 45,227 |
Unpaid contractual principal balance | 12,857 | 49,920 |
Commercial real estate: | Commercial investor real estate | Non-accruing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 808 | 4,913 |
Loans individually evaluated for credit losses without an allowance: | 3,498 | 39,615 |
Total individually evaluated loans: | 4,306 | 44,528 |
Commercial real estate: | Commercial investor real estate | Non-accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 336 | 699 |
Loans individually evaluated for credit losses without an allowance: | 7,847 | 0 |
Total individually evaluated loans: | 8,183 | 699 |
Commercial real estate: | Commercial investor real estate | Accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 79 | 0 |
Allowance related to loans evaluated individually | 79 | 0 |
Loans individually evaluated for credit losses without an allowance: | 9,227 | 11,561 |
Total individually evaluated loans: | 9,306 | 11,561 |
Unpaid contractual principal balance | 11,132 | 15,309 |
Commercial real estate: | Commercial owner-occupied real estate | Non-accruing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 79 | 0 |
Loans individually evaluated for credit losses without an allowance: | 4,775 | 9,315 |
Total individually evaluated loans: | 4,854 | 9,315 |
Commercial real estate: | Commercial owner-occupied real estate | Non-accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 4,452 | 2,246 |
Total individually evaluated loans: | 4,452 | 2,246 |
Commercial real estate: | Commercial owner-occupied real estate | Accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 650 | 1,328 |
Allowance related to loans evaluated individually | 504 | 603 |
Loans individually evaluated for credit losses without an allowance: | 0 | 13,716 |
Total individually evaluated loans: | 650 | 15,044 |
Unpaid contractual principal balance | 695 | 16,040 |
Commercial real estate: | Commercial AD&C | Non-accruing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 650 | 1,328 |
Loans individually evaluated for credit losses without an allowance: | 0 | 13,716 |
Total individually evaluated loans: | 650 | 15,044 |
Commercial real estate: | Commercial AD&C | Non-accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Commercial real estate: | Commercial AD&C | Accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Commercial Business | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 7,637 | 13,777 |
Allowance related to loans evaluated individually | 5,797 | 9,529 |
Loans individually evaluated for credit losses without an allowance: | 1,396 | 9,871 |
Total individually evaluated loans: | 9,033 | 23,648 |
Unpaid contractual principal balance | 10,573 | 30,958 |
Commercial Business | Non-accruing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 4,849 | 11,178 |
Loans individually evaluated for credit losses without an allowance: | 434 | 9,118 |
Total individually evaluated loans: | 5,283 | 20,296 |
Commercial Business | Non-accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 2,175 | 2,010 |
Loans individually evaluated for credit losses without an allowance: | 962 | 627 |
Total individually evaluated loans: | 3,137 | 2,637 |
Commercial Business | Accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 613 | 589 |
Loans individually evaluated for credit losses without an allowance: | 0 | 126 |
Total individually evaluated loans: | 613 | 715 |
Residential real estate: | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Allowance related to loans evaluated individually | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 1,704 | 1,874 |
Total individually evaluated loans: | 1,704 | 1,874 |
Unpaid contractual principal balance | 2,778 | 3,225 |
Residential real estate: | Residential mortgage | Non-accruing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Residential real estate: | Residential mortgage | Non-accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 150 | 272 |
Total individually evaluated loans: | 150 | 272 |
Residential real estate: | Residential mortgage | Accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 1,554 | 1,602 |
Total individually evaluated loans: | 1,554 | 1,602 |
Residential real estate: | Residential construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Allowance related to loans evaluated individually | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Unpaid contractual principal balance | 0 | 0 |
Residential real estate: | Residential construction | Non-accruing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Residential real estate: | Residential construction | Non-accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Residential real estate: | Residential construction | Accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Allowance related to loans evaluated individually | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 352 | 364 |
Total individually evaluated loans: | 352 | 364 |
Unpaid contractual principal balance | 364 | 364 |
Consumer | Non-accruing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | 0 | 0 |
Consumer | Non-accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 352 | 364 |
Total individually evaluated loans: | 352 | 364 |
Consumer | Accruing | Restructured | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans individually evaluated for credit losses with an allowance: | 0 | 0 |
Loans individually evaluated for credit losses without an allowance: | 0 | 0 |
Total individually evaluated loans: | $ 0 | $ 0 |
CREDIT QUALITY ASSESSMENT - Non
CREDIT QUALITY ASSESSMENT - Nonaccrual Related Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | $ 79,792 | $ 72,562 |
Contractual interest income due on non-accrual loans during the period | 5,092 | 18,301 |
Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 31,590 | 26,849 |
Contractual interest income due on non-accrual loans during the period | 2,169 | 6,547 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 9,444 | 6,605 |
Contractual interest income due on non-accrual loans during the period | 555 | 2,741 |
Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 9,236 | 4,267 |
Contractual interest income due on non-accrual loans during the period | 597 | 4,505 |
Commercial Business | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 12,678 | 16,532 |
Contractual interest income due on non-accrual loans during the period | 1,096 | 2,858 |
Residential real estate: | Residential mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 9,439 | 11,634 |
Contractual interest income due on non-accrual loans during the period | 271 | 918 |
Residential real estate: | Residential construction | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 36 | 0 |
Contractual interest income due on non-accrual loans during the period | 2 | 0 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Average non-accrual loans for the period | 7,369 | 6,675 |
Contractual interest income due on non-accrual loans during the period | $ 402 | $ 732 |
CREDIT QUALITY ASSESSMENT - Nar
CREDIT QUALITY ASSESSMENT - Narrative (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans placed on non-accrual | $ 8,100 | |
Reversal of uncollected accrued interest | 200 | |
Specific allowance | 461 | $ 1,020 |
Other real estate owned | $ 1,034 | 1,455 |
Number of consumer mortgage loans | loan | 1 | |
Consumer mortgage loan | $ 100 | |
Restructured Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Troubled debt restructurings, balance | 18,400 | 8,500 |
Troubled debt restructurings restructured, accruing | 2,200 | 2,300 |
Troubled debt restructurings restructured, non-accruing | 16,200 | 6,200 |
Loans restructured during the period | 14,600 | 4,500 |
Specific allowance | 500 | 1,000 |
Other real estate owned | $ 1,000 | $ 1,500 |
CREDIT QUALITY ASSESSMENT - Inf
CREDIT QUALITY ASSESSMENT - Information on the Credit Quality of Loan Portfolio (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Loans placed on non-accrual | $ 8,100 | |
Non-accrual status | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 112,361 | $ 38,632 |
PCD loans designated as non-accrual | 13,084 | |
Loans placed on non-accrual | 8,146 | 85,286 |
Non-accrual balances transferred to OREO | (257) | (70) |
Non-accrual balances charged-off | (11,593) | (1,394) |
Net payments or draws | (61,230) | (21,201) |
Non-accrual loans brought current | (1,341) | (1,976) |
Balance at end of period | 46,086 | 112,361 |
Non-accrual status | Commercial real estate: | Commercial investor real estate | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 45,227 | 8,437 |
PCD loans designated as non-accrual | 9,544 | |
Loans placed on non-accrual | 699 | 37,882 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | (5,803) | (411) |
Net payments or draws | (26,813) | (10,225) |
Non-accrual loans brought current | (821) | 0 |
Balance at end of period | 12,489 | 45,227 |
Non-accrual status | Commercial real estate: | Commercial owner-occupied real estate | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 11,561 | 4,148 |
PCD loans designated as non-accrual | 0 | |
Loans placed on non-accrual | 3,676 | 8,572 |
Non-accrual balances transferred to OREO | (257) | 0 |
Non-accrual balances charged-off | (136) | 0 |
Net payments or draws | (5,538) | (1,059) |
Non-accrual loans brought current | 0 | (100) |
Balance at end of period | 9,306 | 11,561 |
Non-accrual status | Commercial real estate: | Commercial AD&C | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 15,044 | 829 |
PCD loans designated as non-accrual | 0 | |
Loans placed on non-accrual | 49 | 15,844 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | (2,007) | 0 |
Net payments or draws | (12,436) | (1,629) |
Non-accrual loans brought current | 0 | 0 |
Balance at end of period | 650 | 15,044 |
Non-accrual status | Commercial Business | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 22,933 | 8,450 |
PCD loans designated as non-accrual | 2,539 | |
Loans placed on non-accrual | 1,339 | 17,442 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | (3,547) | (446) |
Net payments or draws | (12,305) | (4,169) |
Non-accrual loans brought current | 0 | (883) |
Balance at end of period | 8,420 | 22,933 |
Non-accrual status | Residential real estate: | Residential mortgage | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 10,212 | 12,661 |
PCD loans designated as non-accrual | 8 | |
Loans placed on non-accrual | 695 | 1,485 |
Non-accrual balances transferred to OREO | 0 | (70) |
Non-accrual balances charged-off | 0 | (416) |
Net payments or draws | (2,406) | (2,598) |
Non-accrual loans brought current | (60) | (858) |
Balance at end of period | 8,441 | 10,212 |
Non-accrual status | Residential real estate: | Residential construction | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
PCD loans designated as non-accrual | 0 | |
Loans placed on non-accrual | 62 | 0 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | 0 | 0 |
Net payments or draws | (7) | 0 |
Non-accrual loans brought current | 0 | 0 |
Balance at end of period | 55 | 0 |
Non-accrual status | Consumer | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 7,384 | 4,107 |
PCD loans designated as non-accrual | 993 | |
Loans placed on non-accrual | 1,626 | 4,061 |
Non-accrual balances transferred to OREO | 0 | 0 |
Non-accrual balances charged-off | (100) | (121) |
Net payments or draws | (1,725) | (1,521) |
Non-accrual loans brought current | (460) | (135) |
Balance at end of period | $ 6,725 | $ 7,384 |
CREDIT QUALITY ASSESSMENT - Cre
CREDIT QUALITY ASSESSMENT - Credit Quality of Loan Portfolio by Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 9,967,091 | $ 10,400,509 |
Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,918,281 | 10,285,057 |
Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 46,086 | 112,361 |
Loans greater than 90 days past due | 557 | 774 |
Restructured loans | 2,167 | 2,317 |
Total non-performing loans | 48,810 | 115,452 |
Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,901,309 | 10,226,191 |
30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,475 | 46,812 |
60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,497 | 12,054 |
Commercial investor real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,141,346 | 3,634,720 |
Commercial owner-occupied real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,690,881 | 1,642,216 |
Commercial AD&C | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,088,094 | 1,050,973 |
Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 937,570 | 1,105,179 |
Residential construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 197,652 | 182,619 |
Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,141,346 | 3,634,720 |
Commercial real estate: | Commercial investor real estate | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,128,857 | 3,589,360 |
Commercial real estate: | Commercial investor real estate | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 12,489 | 45,227 |
Loans greater than 90 days past due | 0 | 133 |
Restructured loans | 0 | 0 |
Total non-performing loans | 12,489 | 45,360 |
Commercial real estate: | Commercial investor real estate | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,127,009 | 3,571,184 |
Commercial real estate: | Commercial investor real estate | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,656 | 14,046 |
Commercial real estate: | Commercial investor real estate | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 192 | 4,130 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,690,881 | 1,642,216 |
Commercial real estate: | Commercial owner-occupied real estate | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,681,575 | 1,630,655 |
Commercial real estate: | Commercial owner-occupied real estate | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 9,306 | 11,561 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 9,306 | 11,561 |
Commercial real estate: | Commercial owner-occupied real estate | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,680,635 | 1,624,265 |
Commercial real estate: | Commercial owner-occupied real estate | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 86 | 6,390 |
Commercial real estate: | Commercial owner-occupied real estate | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 854 | 0 |
Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,088,094 | 1,050,973 |
Commercial real estate: | Commercial AD&C | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,087,444 | 1,035,929 |
Commercial real estate: | Commercial AD&C | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 650 | 15,044 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 650 | 15,044 |
Commercial real estate: | Commercial AD&C | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,085,642 | 1,033,057 |
Commercial real estate: | Commercial AD&C | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,802 | 29 |
Commercial real estate: | Commercial AD&C | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 2,843 |
Commercial Business | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8,402,155 | 8,595,457 |
Commercial Business | Commercial business | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,481,834 | 2,267,548 |
Commercial Business | Commercial business | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,472,801 | 2,243,739 |
Commercial Business | Commercial business | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 8,420 | 22,933 |
Loans greater than 90 days past due | 0 | 161 |
Restructured loans | 613 | 715 |
Total non-performing loans | 9,033 | 23,809 |
Commercial Business | Commercial business | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,471,669 | 2,238,617 |
Commercial Business | Commercial business | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 753 | 4,859 |
Commercial Business | Commercial business | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 379 | 263 |
Residential real estate: | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 937,570 | 1,105,179 |
Residential real estate: | Residential mortgage | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 927,018 | 1,092,885 |
Residential real estate: | Residential mortgage | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 8,441 | 10,212 |
Loans greater than 90 days past due | 557 | 480 |
Restructured loans | 1,554 | 1,602 |
Total non-performing loans | 10,552 | 12,294 |
Residential real estate: | Residential mortgage | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 919,199 | 1,073,963 |
Residential real estate: | Residential mortgage | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,157 | 16,213 |
Residential real estate: | Residential mortgage | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,662 | 2,709 |
Residential real estate: | Residential construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 197,652 | 182,619 |
Residential real estate: | Residential construction | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 197,597 | 182,619 |
Residential real estate: | Residential construction | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 55 | 0 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 55 | 0 |
Residential real estate: | Residential construction | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 197,597 | 182,557 |
Residential real estate: | Residential construction | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Residential real estate: | Residential construction | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 62 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 429,714 | 517,254 |
Consumer | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 422,989 | 509,870 |
Consumer | Non-performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual loans | 6,725 | 7,384 |
Loans greater than 90 days past due | 0 | 0 |
Restructured loans | 0 | 0 |
Total non-performing loans | 6,725 | 7,384 |
Consumer | Current | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 419,558 | 502,548 |
Consumer | 30-59 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,021 | 5,275 |
Consumer | 60-89 days | Performing loans: | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 410 | $ 2,047 |
CREDIT QUALITY ASSESSMENT - I_2
CREDIT QUALITY ASSESSMENT - Information about Credit Quality Indicator by Year of Origination (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | $ 3,023,908 | $ 3,305,720 | |
Year one | 1,626,031 | 1,774,275 | |
Year two | 1,316,007 | 1,179,845 | |
Year three | 826,781 | 1,016,641 | |
Year four | 702,719 | 866,898 | |
Prior | 1,376,294 | 1,242,626 | |
Revolving Loans | 1,095,351 | 1,014,504 | |
Total | 9,967,091 | 10,400,509 | |
Current period gross charge-offs, total | 12,313 | 1,819 | $ 2,668 |
Commercial investor real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,394,986 | 922,059 | |
Year one | 749,082 | 767,459 | |
Year two | 625,715 | 466,934 | |
Year three | 366,804 | 470,150 | |
Year four | 340,595 | 470,019 | |
Prior | 644,925 | 504,568 | |
Revolving Loans | 19,239 | 33,531 | |
Total | 4,141,346 | 3,634,720 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 388 | |
Current period gross charge-offs, year two | 0 | 0 | |
Current period gross charge-offs, year three | 903 | 0 | |
Current period gross charge-offs, year four | 3,975 | 0 | |
Current period gross charge-offs, prior | 924 | 23 | |
Current period gross charge-offs, revolving loans | 0 | 0 | |
Current period gross charge-offs, total | 5,802 | 411 | |
Commercial investor real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,391,969 | 910,426 | |
Year one | 748,236 | 763,214 | |
Year two | 616,761 | 448,406 | |
Year three | 357,640 | 448,698 | |
Year four | 328,327 | 469,077 | |
Prior | 633,913 | 498,384 | |
Revolving Loans | 19,239 | 33,531 | |
Total | 4,096,085 | 3,571,736 | |
Commercial investor real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,210 | 11,044 | |
Year one | 510 | 0 | |
Year two | 4,646 | 4,879 | |
Year three | 596 | 833 | |
Year four | 2,204 | 269 | |
Prior | 10,438 | 27 | |
Revolving Loans | 0 | 0 | |
Total | 20,604 | 17,052 | |
Commercial investor real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 807 | 589 | |
Year one | 336 | 4,245 | |
Year two | 4,308 | 13,649 | |
Year three | 8,568 | 20,619 | |
Year four | 10,064 | 673 | |
Prior | 574 | 6,157 | |
Revolving Loans | 0 | 0 | |
Total | 24,657 | 45,932 | |
Commercial investor real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Commercial owner-occupied real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 362,293 | 289,210 | |
Year one | 257,626 | 389,393 | |
Year two | 327,764 | 239,670 | |
Year three | 189,716 | 197,841 | |
Year four | 177,164 | 205,278 | |
Prior | 375,169 | 319,160 | |
Revolving Loans | 1,149 | 1,664 | |
Total | 1,690,881 | 1,642,216 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 0 | |
Current period gross charge-offs, year two | 0 | 0 | |
Current period gross charge-offs, year three | 136 | 0 | |
Current period gross charge-offs, year four | 0 | 0 | |
Current period gross charge-offs, prior | 0 | 0 | |
Current period gross charge-offs, revolving loans | 0 | 0 | |
Current period gross charge-offs, total | 136 | 0 | |
Commercial owner-occupied real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 360,169 | 285,310 | |
Year one | 254,350 | 385,058 | |
Year two | 319,348 | 234,578 | |
Year three | 178,416 | 192,634 | |
Year four | 172,354 | 204,925 | |
Prior | 363,685 | 306,840 | |
Revolving Loans | 1,149 | 1,664 | |
Total | 1,649,471 | 1,611,009 | |
Commercial owner-occupied real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 156 | 2,290 | |
Year one | 1,476 | 0 | |
Year two | 4,388 | 3,027 | |
Year three | 9,035 | 4,742 | |
Year four | 4,456 | 134 | |
Prior | 9,106 | 4,079 | |
Revolving Loans | 0 | 0 | |
Total | 28,617 | 14,272 | |
Commercial owner-occupied real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,968 | 1,610 | |
Year one | 1,800 | 4,335 | |
Year two | 4,028 | 2,065 | |
Year three | 2,265 | 465 | |
Year four | 354 | 219 | |
Prior | 2,378 | 8,009 | |
Revolving Loans | 0 | 0 | |
Total | 12,793 | 16,703 | |
Commercial owner-occupied real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Prior | 0 | 232 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 232 | |
Commercial AD&C | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 457,444 | 488,781 | |
Year one | 226,332 | 262,428 | |
Year two | 148,561 | 149,703 | |
Year three | 87,934 | 64,008 | |
Year four | 13,938 | 2,932 | |
Prior | 0 | 2,357 | |
Revolving Loans | 153,885 | 80,764 | |
Total | 1,088,094 | 1,050,973 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 0 | |
Current period gross charge-offs, year two | 0 | 0 | |
Current period gross charge-offs, year three | 0 | 0 | |
Current period gross charge-offs, year four | 2,007 | 0 | |
Current period gross charge-offs, prior | 0 | 0 | |
Current period gross charge-offs, revolving loans | 0 | 0 | |
Current period gross charge-offs, total | 2,007 | 0 | |
Commercial AD&C | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 454,207 | 485,631 | |
Year one | 226,332 | 261,537 | |
Year two | 148,260 | 149,703 | |
Year three | 87,934 | 50,192 | |
Year four | 13,938 | 89 | |
Prior | 0 | 2,357 | |
Revolving Loans | 152,896 | 80,764 | |
Total | 1,083,567 | 1,030,273 | |
Commercial AD&C | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,888 | 1,711 | |
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 989 | 0 | |
Total | 3,877 | 1,711 | |
Commercial AD&C | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 349 | 1,439 | |
Year one | 0 | 891 | |
Year two | 301 | 0 | |
Year three | 0 | 13,816 | |
Year four | 0 | 2,843 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 650 | 18,989 | |
Commercial AD&C | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 0 | 0 | |
Residential mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 259,638 | 236,909 | |
Year one | 175,065 | 85,106 | |
Year two | 54,245 | 158,382 | |
Year three | 76,471 | 188,970 | |
Year four | 110,951 | 143,557 | |
Prior | 261,200 | 292,255 | |
Revolving Loans | 0 | 0 | |
Total | 937,570 | 1,105,179 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 0 | |
Current period gross charge-offs, year two | 0 | 0 | |
Current period gross charge-offs, year three | 0 | 0 | |
Current period gross charge-offs, year four | 0 | 11 | |
Current period gross charge-offs, prior | 0 | 473 | |
Current period gross charge-offs, revolving loans | 0 | 0 | |
Current period gross charge-offs, total | 0 | 484 | |
Residential mortgage | 660-850 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 246,612 | 229,033 | |
Year one | 165,623 | 74,054 | |
Year two | 46,925 | 138,824 | |
Year three | 65,865 | 172,493 | |
Year four | 102,628 | 129,701 | |
Prior | 223,420 | 251,065 | |
Revolving Loans | 0 | 0 | |
Total | 851,073 | 995,170 | |
Residential mortgage | 600-659 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 11,102 | 4,824 | |
Year one | 3,285 | 7,706 | |
Year two | 3,583 | 10,763 | |
Year three | 4,255 | 11,719 | |
Year four | 4,645 | 8,173 | |
Prior | 20,052 | 21,424 | |
Revolving Loans | 0 | 0 | |
Total | 46,922 | 64,609 | |
Residential mortgage | 540-599 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,472 | 350 | |
Year one | 1,864 | 1,238 | |
Year two | 2,162 | 5,219 | |
Year three | 4,522 | 2,608 | |
Year four | 1,599 | 4,791 | |
Prior | 8,201 | 10,167 | |
Revolving Loans | 0 | 0 | |
Total | 19,820 | 24,373 | |
Residential mortgage | less than 540 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 452 | 2,702 | |
Year one | 4,293 | 2,108 | |
Year two | 1,575 | 3,576 | |
Year three | 1,829 | 2,150 | |
Year four | 2,079 | 892 | |
Prior | 9,527 | 9,599 | |
Revolving Loans | 0 | 0 | |
Total | 19,755 | 21,027 | |
Residential construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 138,002 | 115,201 | |
Year one | 45,890 | 47,836 | |
Year two | 8,713 | 14,543 | |
Year three | 2,078 | 2,805 | |
Year four | 1,347 | 2,062 | |
Prior | 1,622 | 0 | |
Revolving Loans | 0 | 172 | |
Total | 197,652 | 182,619 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 0 | |
Current period gross charge-offs, year two | 0 | 0 | |
Current period gross charge-offs, year three | 0 | 0 | |
Current period gross charge-offs, year four | 0 | 0 | |
Current period gross charge-offs, prior | 0 | 0 | |
Current period gross charge-offs, revolving loans | 0 | 0 | |
Current period gross charge-offs, total | 0 | 0 | |
Residential construction | 660-850 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 134,335 | 112,604 | |
Year one | 45,890 | 44,647 | |
Year two | 8,063 | 14,543 | |
Year three | 2,078 | 2,805 | |
Year four | 1,347 | 1,693 | |
Prior | 1,160 | 0 | |
Revolving Loans | 0 | 172 | |
Total | 192,873 | 176,464 | |
Residential construction | 600-659 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,922 | 1,743 | |
Year one | 0 | 3,189 | |
Year two | 650 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 2,572 | 4,932 | |
Residential construction | 540-599 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 369 | |
Prior | 462 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 462 | 369 | |
Residential construction | less than 540 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,745 | 854 | |
Year one | 0 | 0 | |
Year two | 0 | 0 | |
Year three | 0 | 0 | |
Year four | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 0 | 0 | |
Total | 1,745 | 854 | |
Commercial Business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total | 8,402,155 | 8,595,457 | |
Commercial Business | Commercial business | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 407,868 | 1,249,771 | |
Year one | 170,454 | 215,623 | |
Year two | 146,708 | 144,348 | |
Year three | 99,298 | 89,205 | |
Year four | 56,459 | 38,836 | |
Prior | 56,406 | 87,689 | |
Revolving Loans | 544,641 | 442,076 | |
Total | 1,481,834 | 2,267,548 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 0 | |
Current period gross charge-offs, year two | 88 | 23 | |
Current period gross charge-offs, year three | 1,674 | 160 | |
Current period gross charge-offs, year four | 46 | 103 | |
Current period gross charge-offs, prior | 2,236 | 205 | |
Current period gross charge-offs, revolving loans | 25 | 0 | |
Current period gross charge-offs, total | 4,069 | 491 | |
Commercial Business | Commercial business | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 403,871 | 1,244,822 | |
Year one | 165,194 | 208,682 | |
Year two | 137,069 | 138,861 | |
Year three | 96,800 | 86,830 | |
Year four | 55,100 | 34,498 | |
Prior | 53,764 | 81,760 | |
Revolving Loans | 533,893 | 433,016 | |
Total | 1,445,691 | 2,228,469 | |
Commercial Business | Commercial business | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 220 | 1,929 | |
Year one | 1,998 | 1,382 | |
Year two | 7,030 | 1,119 | |
Year three | 1,701 | 708 | |
Year four | 548 | 309 | |
Prior | 577 | 621 | |
Revolving Loans | 9,212 | 4,319 | |
Total | 21,286 | 10,387 | |
Commercial Business | Commercial business | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 3,777 | 2,914 | |
Year one | 3,262 | 4,564 | |
Year two | 2,609 | 3,519 | |
Year three | 797 | 1,631 | |
Year four | 811 | 2,745 | |
Prior | 2,065 | 3,456 | |
Revolving Loans | 1,536 | 1,829 | |
Total | 14,857 | 20,658 | |
Commercial Business | Commercial business | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 106 | |
Year one | 0 | 995 | |
Year two | 0 | 849 | |
Year three | 0 | 36 | |
Year four | 0 | 1,284 | |
Prior | 0 | 1,852 | |
Revolving Loans | 0 | 2,912 | |
Total | 0 | 8,034 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 3,677 | 3,789 | |
Year one | 1,582 | 6,430 | |
Year two | 4,301 | 6,265 | |
Year three | 4,480 | 3,662 | |
Year four | 2,265 | 4,214 | |
Prior | 36,972 | 36,597 | |
Revolving Loans | 376,437 | 456,297 | |
Total | 429,714 | 517,254 | |
Current period gross charge-offs, current year | 0 | 0 | |
Current period gross charge-offs, year one | 0 | 13 | |
Current period gross charge-offs, year two | 7 | 123 | |
Current period gross charge-offs, year three | 2 | 8 | |
Current period gross charge-offs, year four | 0 | 1 | |
Current period gross charge-offs, prior | 106 | 140 | |
Current period gross charge-offs, revolving loans | 184 | 148 | |
Current period gross charge-offs, total | 299 | 433 | |
Consumer | 660-850 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 3,179 | 2,575 | |
Year one | 1,393 | 4,609 | |
Year two | 3,130 | 5,112 | |
Year three | 3,060 | 2,110 | |
Year four | 1,648 | 2,614 | |
Prior | 26,156 | 24,444 | |
Revolving Loans | 350,466 | 417,737 | |
Total | 389,032 | 459,201 | |
Consumer | 600-659 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 352 | 374 | |
Year one | 123 | 445 | |
Year two | 324 | 334 | |
Year three | 716 | 428 | |
Year four | 430 | 467 | |
Prior | 4,906 | 5,401 | |
Revolving Loans | 14,119 | 21,052 | |
Total | 20,970 | 28,501 | |
Consumer | 540-599 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 58 | 89 | |
Year one | 8 | 1,216 | |
Year two | 311 | 294 | |
Year three | 160 | 339 | |
Year four | 89 | 601 | |
Prior | 2,809 | 3,926 | |
Revolving Loans | 4,926 | 6,153 | |
Total | 8,361 | 12,618 | |
Consumer | less than 540 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 88 | 751 | |
Year one | 58 | 160 | |
Year two | 536 | 525 | |
Year three | 544 | 785 | |
Year four | 98 | 532 | |
Prior | 3,101 | 2,826 | |
Revolving Loans | 6,926 | 11,355 | |
Total | $ 11,351 | $ 16,934 |
CREDIT QUALITY ASSESSMENT - Res
CREDIT QUALITY ASSESSMENT - Restructured Loans For Specific Segments of the Loan Portfolio (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Balance | $ 14,575 | $ 4,533 |
Specific allowance | 461 | 1,020 |
Restructured and subsequently defaulted | 0 | 0 |
All Other Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Balance | 0 | 549 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Troubled debt restructurings: | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured accruing | 0 | 929 |
Restructured non-accruing | 14,575 | 3,604 |
Troubled debt restructurings: | All Other Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured accruing | 0 | 549 |
Restructured non-accruing | 0 | 0 |
Commercial real estate: | Commercial investor real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Balance | 9,594 | 723 |
Specific allowance | 0 | 65 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial real estate: | Commercial owner-occupied real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Balance | 3,157 | 930 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial real estate: | Commercial AD&C | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Balance | 0 | 0 |
Specific allowance | 0 | 0 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial real estate: | Troubled debt restructurings: | Commercial investor real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 9,594 | 723 |
Commercial real estate: | Troubled debt restructurings: | Commercial owner-occupied real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 3,157 | 930 |
Commercial real estate: | Troubled debt restructurings: | Commercial AD&C | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured accruing | 0 | 0 |
Restructured non-accruing | 0 | 0 |
Commercial Business | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Balance | 1,824 | 2,331 |
Specific allowance | 461 | 955 |
Restructured and subsequently defaulted | 0 | 0 |
Commercial Business | Troubled debt restructurings: | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Restructured accruing | 0 | 380 |
Restructured non-accruing | $ 1,824 | $ 1,951 |
PREMISES AND EQUIPMENT - Compon
PREMISES AND EQUIPMENT - Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 21,164 | $ 13,262 |
Buildings and leasehold improvements | 70,193 | 70,776 |
Equipment | 48,889 | 49,614 |
Total premises and equipment | 140,246 | 133,652 |
Less: accumulated depreciation and amortization | (80,561) | (75,932) |
Net premises and equipment | $ 59,685 | $ 57,720 |
PREMISES AND EQUIPMENT - Narrat
PREMISES AND EQUIPMENT - Narrative (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization | $ 7.9 | $ 8.5 | $ 7.2 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Thousands | Apr. 01, 2020USD ($)locationoperating_lease | Jun. 30, 2020USD ($)operating_lease | Mar. 31, 2020USD ($)location | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |||||
Right-of-use asset obtained in exchange for operating lease liability | $ 803 | $ 871 | |||
Operating lease liabilities | 67,138 | 74,982 | |||
Number of operating leases acquired likely to be terminated | operating_lease | 7 | ||||
Operating lease ROU assets | $ 57,872 | $ 65,215 | |||
Branch Location | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of operating leases acquired likely to be terminated | operating_lease | 6 | ||||
Office Space | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of operating leases acquired likely to be terminated | operating_lease | 1 | ||||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Renewal term | 1 year | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Renewal term | 20 years | ||||
Rembert Pendleton Jackson acquisition | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of locations acquired | location | 2 | ||||
Right-of-use asset obtained in exchange for operating lease liability | $ 300 | ||||
Revere acquisition | |||||
Lessee, Lease, Description [Line Items] | |||||
Right-of-use asset obtained in exchange for operating lease liability | $ 7,400 | ||||
Number of operating leases | operating_lease | 15 | ||||
Number of locations | location | 12 | ||||
Operating lease liabilities | $ 8,700 | ||||
Liabilities arising from contingencies | 1,100 | ||||
Tenant improvements | $ 200 | ||||
Asset impairment charges | $ 2,300 | ||||
Lease Operations, Not Yet Commenced | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating lease liabilities | $ 900 | ||||
Tenant improvements | 100 | ||||
Operating lease ROU assets | $ 700 |
LEASES - Schedule of Lease Cost
LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Components of lease expense: | ||
Operating lease cost (resulting from lease payments) | $ 12,304 | $ 12,453 |
Supplemental cash flow information related to leases: | ||
Operating cash flows from operating leases | 12,930 | 13,571 |
ROU assets obtained in exchange for lease liabilities | 803 | 871 |
Supplemental balance sheet information related to leases: | ||
Operating lease ROU assets | 57,872 | 65,215 |
Operating lease liabilities | $ 67,138 | $ 74,982 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued interest payable and other liabilities | Accrued interest payable and other liabilities |
Weighted average remaining lease term of operating leases | 9 years | 9 years 6 months |
Weighted average discount rate of operating leases | 2.92% | 3.04% |
Revere Bank and RPJ | ||
Supplemental cash flow information related to leases: | ||
ROU assets obtained in exchange for lease liabilities | $ 0 | $ 7,720 |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Maturity: | ||
One year | $ 11,493 | |
Two years | 11,484 | |
Three years | 9,580 | |
Four years | 7,758 | |
Five years | 6,924 | |
Thereafter | 30,571 | |
Total undiscounted lease payments | 77,810 | |
Less: Present value discount | (10,672) | |
Lease Liability | $ 67,138 | $ 74,982 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Gross Carrying Amounts and Accumulated Amortization of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 42,944 | $ 42,944 | |
Accumulated Amortization | (17,024) | (10,423) | |
Net Carrying Amount | 25,920 | 32,521 | |
Goodwill, gross | 370,223 | 370,223 | |
Goodwill | 370,223 | 370,223 | $ 347,149 |
Core deposit intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 29,038 | 29,038 | |
Accumulated Amortization | (12,624) | (7,969) | |
Net Carrying Amount | $ 16,414 | $ 21,069 | |
Core deposit intangibles | Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 7 years 4 months 24 days | 8 years 4 months 24 days | |
Other identifiable intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 13,906 | $ 13,906 | |
Accumulated Amortization | (4,400) | (2,454) | |
Net Carrying Amount | $ 9,506 | $ 11,452 | |
Other identifiable intangibles | Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-lived intangible asset, useful life | 9 years 8 months 12 days | 10 years 8 months 12 days |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Net Carrying Amount of Goodwill By Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 370,223 | $ 347,149 |
Acquisitions | 0 | |
Ending balance | 370,223 | 370,223 |
Acquisition of Rembert Pendleton Jackson | ||
Goodwill [Roll Forward] | ||
Acquisitions | 22,559 | |
Acquisition of Revere Bank | ||
Goodwill [Roll Forward] | ||
Acquisitions | 515 | |
Community Banking | ||
Goodwill [Roll Forward] | ||
Beginning balance | 331,688 | 331,173 |
Acquisitions | 0 | |
Ending balance | 331,688 | 331,688 |
Community Banking | Acquisition of Rembert Pendleton Jackson | ||
Goodwill [Roll Forward] | ||
Acquisitions | 0 | |
Community Banking | Acquisition of Revere Bank | ||
Goodwill [Roll Forward] | ||
Acquisitions | 515 | |
Insurance | ||
Goodwill [Roll Forward] | ||
Beginning balance | 6,788 | 6,788 |
Acquisitions | 0 | |
Ending balance | 6,788 | 6,788 |
Insurance | Acquisition of Rembert Pendleton Jackson | ||
Goodwill [Roll Forward] | ||
Acquisitions | 0 | |
Insurance | Acquisition of Revere Bank | ||
Goodwill [Roll Forward] | ||
Acquisitions | 0 | |
Investment Management | ||
Goodwill [Roll Forward] | ||
Beginning balance | 31,747 | 9,188 |
Acquisitions | 0 | |
Ending balance | $ 31,747 | 31,747 |
Investment Management | Acquisition of Rembert Pendleton Jackson | ||
Goodwill [Roll Forward] | ||
Acquisitions | 22,559 | |
Investment Management | Acquisition of Revere Bank | ||
Goodwill [Roll Forward] | ||
Acquisitions | $ 0 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Future Amortization Expense for Amortizing Intangibles (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 5,844 |
2023 | 5,089 |
2024 | 4,333 |
2025 | 3,567 |
2026 | 2,732 |
Thereafter | 4,355 |
Total amortizing intangible assets | $ 25,920 |
DEPOSITS - Composition of Depos
DEPOSITS - Composition of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | $ 3,779,630 | $ 3,325,547 |
Interest-bearing deposits: | ||
Demand | 1,604,714 | 1,292,164 |
Money market savings | 3,415,663 | 3,339,645 |
Regular savings | 533,862 | 418,051 |
Time deposits of less than $250,000 | 910,464 | 1,180,636 |
Time deposits of $250,000 or more | 380,398 | 477,026 |
Total interest-bearing deposits | 6,845,101 | 6,707,522 |
Total deposits | $ 10,624,731 | $ 10,033,069 |
DEPOSITS - Narrative (Detail)
DEPOSITS - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Time Deposits [Line Items] | |||
Deposit liabilities reclassified as loans receivable | $ 1,800 | $ 13,100 | |
Percentage of time deposits, less than $250,000 of total deposits | 8.60% | ||
Percentage of time deposits of $250,000 or more of total deposits | 3.60% | ||
Interest expense, time deposits, less than $250,000 | $ 6,000 | 16,500 | $ 20,800 |
Interest expense, time deposits, $250,000 or more | 3,000 | 10,700 | $ 13,000 |
Total deposits | 10,624,731 | 10,033,069 | |
Director and Executive Officer | |||
Time Deposits [Line Items] | |||
Total deposits | $ 89,500 | $ 73,400 |
DEPOSITS - Maturity Schedule fo
DEPOSITS - Maturity Schedule for Time Deposits (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Deposits [Abstract] | |
2022 | $ 1,002,132 |
2023 | 165,131 |
2024 | 89,074 |
2025 | 16,464 |
2026 | 17,881 |
Thereafter | 180 |
Total time deposits | $ 1,290,862 |
DEPOSITS - Months to Maturities
DEPOSITS - Months to Maturities Of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time deposits - less than $250,000 | ||
3 or Less | $ 277,975 | |
Over 3 to 6 | 226,476 | |
Over 6 to 12 | 215,245 | |
Over 12 | 190,768 | |
Total | 910,464 | $ 1,180,636 |
Time deposits - $250,000 or more | ||
3 or Less | 88,510 | |
Over 3 to 6 | 93,719 | |
Over 6 to 12 | 100,207 | |
Over 12 | 97,962 | |
Time deposits of $250,000 or more | $ 380,398 | $ 477,026 |
BORROWINGS - Narrative (Detail)
BORROWINGS - Narrative (Detail) - USD ($) | Sep. 30, 2021 | Apr. 01, 2020 | Nov. 05, 2019 | Mar. 31, 2020 | Jul. 15, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 05, 2020 |
Subordinated debentures [Line Items]: | |||||||||
Subordinated debt | $ 172,712,000 | $ 227,088,000 | |||||||
Repayments of subordinated debt | $ 53,000,000 | 10,310,000 | $ 0 | ||||||
Percentage of principal and accrued interest of retail repurchase agreements collateralized | 102.50% | ||||||||
Federal Home Loan Bank Advances | $ 0 | 379,100,000 | |||||||
Federal Home Loan Bank Advances | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Line of credit amount available for borrowing | 3,900,000,000 | 3,000,000,000 | |||||||
Repayments of FHLB advances | 279,000,000 | ||||||||
Prepayment penalty | 9,100,000 | ||||||||
Federal Home Loan Bank Advances | Residential mortgage | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Loans pledged as collateral | 829,100,000 | ||||||||
Federal Home Loan Bank Advances | Commercial real estate loans | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Loans pledged as collateral | 3,100,000,000 | 2,800,000,000 | |||||||
Federal Home Loan Bank Advances | HELOC | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Loans pledged as collateral | 224,400,000 | 226,200,000 | |||||||
Federal Home Loan Bank Advances | Multifamily Loans | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Loans pledged as collateral | 333,400,000 | 237,600,000 | |||||||
Federal Reserve and Correspondent Banks | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Line of credit amount available for borrowing | 509,400,000 | 276,200,000 | |||||||
Long-term line of credit | 0 | 0 | |||||||
Unsecured lines of credit, correspondent banks | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Line of credit amount available for borrowing | 1,300,000,000 | 1,100,000,000 | |||||||
Long-term line of credit | 0 | 390,000,000 | |||||||
Subordinated Debt | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Subordinated debt | 172,712,000 | 227,088,000 | |||||||
Add: Purchase accounting premium | 0 | 1,669,000 | |||||||
Subordinated Debt | WashingtonFirst Bankshares Inc | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Subordinated debt | 25,000,000 | ||||||||
Interest rate | 6.00% | ||||||||
Basis spread on variable rate | 4.57% | ||||||||
Add: Purchase accounting premium | $ 2,200,000 | ||||||||
Debt instrument, term | 10 years | ||||||||
Subordinated Debt | Revere acquisition | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Subordinated debt | $ 31,000,000 | ||||||||
Interest rate | 5.625% | ||||||||
Basis spread on variable rate | 4.41% | ||||||||
Add: Purchase accounting premium | $ 200,000 | ||||||||
Debt instrument, term | 10 years | ||||||||
Subordinated Debt | Fixed Floating Rate Subordinated Notes | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Subordinated debt | $ 175,000,000 | ||||||||
Interest rate | 4.25% | ||||||||
Basis spread on variable rate | 2.62% | ||||||||
Unamortized discount (premium) and debt issuance costs, net | $ 2,900,000 | ||||||||
Junior Subordinated Debt | WashingtonFirst Bankshares Inc | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Subordinated debt | $ 10,300,000 | ||||||||
Add: Purchase accounting premium | 100,000 | ||||||||
Repayments of subordinated debt | $ 10,300,000 | ||||||||
Residential Portfolio Segment | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Pledged under blanket lien | $ 1,000,000,000 | ||||||||
Federal funds under the PPPLF program | |||||||||
Subordinated debentures [Line Items]: | |||||||||
Long-term line of credit | $ 0 |
BORROWINGS - Schedule of Subord
BORROWINGS - Schedule of Subordinated Borrowing (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 05, 2020 | Apr. 01, 2020 |
Subordinated Borrowing [Line Items] | ||||
Subordinated debt | $ 172,712 | $ 227,088 | ||
Subordinated Debt | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debt, gross | 175,000 | 231,000 | ||
Add: Purchase accounting premium | 0 | 1,669 | ||
Less: Debt issuance costs | (2,288) | (2,581) | ||
Subordinated debt | 172,712 | 227,088 | ||
Subordinated Debt | Fixed Floating | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debt, gross | $ 175,000 | 175,000 | ||
Interest rate | 4.25% | |||
Subordinated Debt | WashingtonFirst Bankshares Inc | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debt, gross | $ 0 | 25,000 | ||
Add: Purchase accounting premium | 2,200 | |||
Subordinated debt | 25,000 | |||
Interest rate | 6.00% | |||
Subordinated Debt | Revere acquisition | ||||
Subordinated Borrowing [Line Items] | ||||
Subordinated debt, gross | 0 | 31,000 | ||
Add: Purchase accounting premium | $ 200 | |||
Subordinated debt | $ 31,000 | |||
Interest rate | 5.625% | |||
Subordinated Debt | WashingtonFirst Bankshares Inc And Revere | ||||
Subordinated Borrowing [Line Items] | ||||
Less: Subordinated debt held as investments by Sandy Spring | $ 0 | $ (3,000) |
BORROWINGS - Retail Repurchase
BORROWINGS - Retail Repurchase Agreements and Federal Funds Purchased (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retail repurchase agreements | ||
Short-term Debt [Line Items] | ||
Other short-term borrowings | $ 141,086 | $ 153,157 |
Short-term debt, average outstanding amount | 143,734 | 142,283 |
Other short term borrowings, maximum month end balance | $ 154,413 | $ 153,157 |
Interest rate | 0.12% | 0.11% |
Weighted average interest rate, over time | 0.12% | 0.32% |
Federal funds purchased | ||
Short-term Debt [Line Items] | ||
Other short-term borrowings | $ 0 | $ 390,000 |
Short-term debt, average outstanding amount | 15,154 | 367,240 |
Other short term borrowings, maximum month end balance | $ 60,000 | $ 921,289 |
Interest rate | 0.00% | 0.10% |
Weighted average interest rate, over time | 0.08% | 0.41% |
BORROWINGS - Advances from FHLB
BORROWINGS - Advances from FHLB and Respective Maturity Schedule (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Maturity, Amounts | ||
One year | $ 0 | $ 230,243 |
Two years | 0 | 76,332 |
Three years | 0 | 72,500 |
Four years | 0 | 0 |
Five years | 0 | 0 |
After five years | 0 | 0 |
Total advances from FHLB | $ 0 | $ 379,075 |
Maturity, Weighted Average Rate | ||
One year | 0.00% | 2.39% |
Two years | 0.00% | 2.37% |
Three years | 0.00% | 3.12% |
Four years | 0.00% | 0.00% |
Five years | 0.00% | 0.00% |
After five years | 0.00% | 0.00% |
Total advances from FHLB | 0.00% | 2.52% |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Detail) - USD ($) | Jul. 01, 2011 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Nov. 18, 2020 | Dec. 31, 2018 |
Equity, Class of Treasury Stock [Line Items] | |||||||
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||||
Common stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | ||||
Stock repurchased and retired (in shares) | 2,350,000 | 820,328 | 668,191 | ||||
2020 Stock Repurchase Plan | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares authorized for repurchase (in shares) | 2,350,000 | 2,350,000 | |||||
Dividend Reinvestment Plan | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Additional dividends potential payment | $ 126,600,000 | ||||||
Due to related parties | $ 0 | $ 0 | $ 0 | ||||
Common Stock | Employee Stock Purchase Plan | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common stock, shares authorized (in shares) | 300,000 | ||||||
Maximum contribution amount | $ 25,000 | ||||||
Common Stock | Restated Employee Stock Purchase Plan | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common stock, shares authorized (in shares) | 700,000 | ||||||
Percentage of fair market value of share price | 85.00% | ||||||
Shares available for issuance (in shares) | 647,455 | ||||||
Common Stock | Restated Employee Stock Purchase Plan | Minimum | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Percentage of cash compensation paid through payroll deductions | 1.00% | ||||||
Common Stock | Restated Employee Stock Purchase Plan | Maximum | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Percentage of cash compensation paid through payroll deductions | 10.00% | ||||||
Common Stock | 2020 Stock Repurchase Plan | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchased during period (in shares) | 2,350,000 | ||||||
Average cost per share (in dollars per share) | $ 45.65 | ||||||
Stock repurchased during period | $ 107,300,000 | ||||||
Common Stock | 2018 Stock Repurchase Plan | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares available for issuance (in shares) | 1,800,000 | ||||||
Average cost per share (in dollars per share) | $ 33.58 | ||||||
Stock repurchased and retired (in shares) | 820,328 | 1,488,519 | |||||
Stock repurchased and retired | $ 25,700,000 | $ 50,000,000 |
SHARE BASED COMPENSATION - Narr
SHARE BASED COMPENSATION - Narrative (Detail) | 12 Months Ended | |||
Dec. 31, 2021USD ($)directorshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 06, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of directors | director | 3 | |||
Options exercised intrinsic value | $ | $ 7,979,000 | |||
2015 Omnibus Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | shares | 1,500,000 | |||
Shares available for issuance (in shares) | shares | 794,433 | |||
Expiration period | 10 years | |||
2015 Omnibus Incentive Plan | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Award vesting rights, percentage | 100.00% | |||
Exercise period | 7 years | |||
2015 Omnibus Incentive Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Exercise period | 10 years | |||
2015 Omnibus Incentive Plan | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | shares | 128,557 | |||
2015 Omnibus Incentive Plan | Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 0.00% | |||
2015 Omnibus Incentive Plan | Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 150.00% | |||
2015 Omnibus Incentive Plan | Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
2015 Omnibus Incentive Plan | Performance Shares | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 0.00% | |||
2015 Omnibus Incentive Plan | Performance Shares | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage | 150.00% | |||
2015 Omnibus Incentive Plan | Performance Shares | 3 Year Vesting Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued (in shares) | shares | 32,728 | |||
Performance period | 3 years | |||
2015 Omnibus Incentive Plan | Stock Options and Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized compensation expense | $ | $ 5,300,000 | $ 3,900,000 | $ 2,900,000 | |
2015 Omnibus Incentive Plan | Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercised intrinsic value | $ | 8,000,000 | $ 400,000 | $ 200,000 | |
Unrecognized compensation expense | $ | 0 | |||
2015 Omnibus Incentive Plan | Restricted shares,Restricted stock units and Performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ | $ 8,200,000 | |||
Expected cost recognition weighted average period | 2 years 1 month 6 days | |||
2015 Omnibus Incentive Plan | Time Based Shares | 5 Year Vesting Period | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued (in shares) | shares | 95,829 | |||
2015 Omnibus Incentive Plan | Time Based Shares | 5 Year Vesting Period | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years |
SHARE BASED COMPENSATION - Summ
SHARE BASED COMPENSATION - Summary of Share Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Common Shares | |||
Beginning balance (in shares) | 430,038 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | (270,297) | (26,063) | (15,080) |
Forfeited (in shares) | 0 | ||
Expired (in shares) | 0 | ||
Ending balance (in shares) | 159,741 | 430,038 | |
Exercisable at period end (in shares) | 159,741 | ||
Weighted Average Exercise Share Price | |||
Beginning balance (in dollars per share) | $ 14.97 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 13.67 | ||
Forfeited (in dollars per share) | 0 | ||
Expired (in dollars per share) | 0 | ||
Ending balance (in dollars per share) | 17.18 | $ 14.97 | |
Exercisable at period end (in dollars per share) | $ 17.18 | ||
Weighted Average Contractual Remaining Life (Years) | |||
Balance at end of period | 2 years 4 months 24 days | ||
Exercisable at end of period | 2 years 4 months 24 days | ||
Aggregate Intrinsic Value (in thousands) | |||
Beginning balance | $ 6,828 | ||
Exercised | 7,979 | ||
Ending balance | 5,264 | $ 6,828 | |
Exercisable at period end | $ 5,264 |
SHARE BASED COMPENSATION - Su_2
SHARE BASED COMPENSATION - Summary of Activity for Company's Restricted Stock (Detail) - Restricted Stock | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Common Shares | |
Restricted stock beginning balance (in shares) | shares | 391,683 |
Granted (in shares) | shares | 128,557 |
Vested (in shares) | shares | (119,228) |
Forfeited (in shares) | shares | (10,492) |
Restricted stock ending balance (in shares) | shares | 390,520 |
Weighted Average Grant-Date Fair Value | |
Restricted stock beginning balance (in dollars per share) | $ / shares | $ 29.50 |
Granted (in dollars per share) | $ / shares | 41.05 |
Vested (in dollars per share) | $ / shares | 31.48 |
Forfeited (in dollars per share) | $ / shares | 31.93 |
Restricted stock ending balance (in dollars per share) | $ / shares | $ 32.67 |
PENSION, PROFIT SHARING, AND _3
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Expected return on plan assets | 3.25% | 4.75% | 5.00% |
Maximum percentage of asset allocated to control market volatility | 70.00% | ||
Maximum percentage of market value for initial acquisition of equity portion | 5.00% | ||
Minimum percentage of value of equity portion for sale | 10.00% | ||
Maximum percentage of corporate debt issuable to single issuer | 10.00% | ||
Contribution by employer | $ 1,000 | $ 0 | |
Employer matching contribution | 100.00% | ||
Percent of employee deferrals | 4.00% | ||
Employer matching contribution, secondary | 50.00% | ||
Percent of employee deferrals, secondary | 2.00% | ||
Profit sharing and matching contribution | $ 6,000 | 5,300 | $ 4,100 |
Executive incentive retirement plan benefit cost | $ 700 | $ 600 | $ 500 |
PENSION, PROFIT SHARING, AND _4
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Plan's Funded Status (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Projected Benefit Obligation: | |||
Projected obligation at beginning of period | $ 52,426 | $ 45,497 | |
Interest cost | 1,269 | 1,437 | $ 1,609 |
Actuarial (gain)/ loss | (22) | 290 | |
Benefit payments | (1,115) | (1,470) | |
Increase/ (decrease) related to change in assumptions | (2,040) | 6,672 | |
Settlement - lump sum payments | (2,439) | 0 | |
Projected obligation at period end | 48,079 | 52,426 | 45,497 |
Reconciliation of Fair Value of Plan Assets: | |||
Fair value of plan assets at beginning period | 48,357 | 43,457 | |
Actual return on plan assets | (596) | 6,370 | |
Employer contributions | 1,000 | 0 | |
Benefit payments | (1,115) | (1,470) | |
Settlement - lump sum payments | (2,439) | 0 | |
Fair value of plan assets at end of period | 45,207 | 48,357 | 43,457 |
Funded status at period end | (2,872) | (4,069) | |
Accumulated benefit obligation at period end | 48,079 | 52,426 | |
Unrecognized net actuarial loss | 11,030 | 12,719 | 11,177 |
Net periodic pension cost not yet recognized | $ 11,030 | $ 12,719 | $ 11,177 |
PENSION, PROFIT SHARING, AND _5
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Retirement Benefits [Abstract] | |||
Discount rate | 2.80% | 2.50% | 3.25% |
PENSION, PROFIT SHARING, AND _6
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Interest cost on projected benefit obligation | $ 1,269 | $ 1,437 | $ 1,609 |
Expected return on plan assets | (1,247) | (1,821) | (1,647) |
Recognized net actuarial loss | 909 | 874 | 1,059 |
Settlement charge | 560 | 0 | 0 |
Net periodic benefit cost | $ 1,491 | $ 490 | $ 1,021 |
PENSION, PROFIT SHARING, AND _7
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Discount rate | 2.50% | 3.25% | 4.15% |
Expected return on plan assets | 3.25% | 4.75% | 5.00% |
PENSION, PROFIT SHARING, AND _8
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Components of Net Unrecognized Benefits Costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Included in accumulated other comprehensive income (loss), beginning balance | $ 12,719 | $ 11,177 | $ 12,352 |
Additions/(Reductions) during the year | 1,842 | (4,256) | (5,176) |
Reclassifications due to recognition as net periodic pension cost | (909) | (874) | (1,059) |
Settlement charge (1) | (560) | 0 | 0 |
Increase (decrease) related to change in discount rate assumption | (2,062) | 6,672 | 5,060 |
Included in accumulated other comprehensive income (loss), ending balance | 11,030 | $ 12,719 | $ 11,177 |
Applicable tax effect | (2,827) | ||
Included in accumulated other comprehensive income (loss), net of tax effect | 8,203 | ||
Amount expected to be recognized as part of net periodic pension cost in the next fiscal year | $ 674 |
PENSION, PROFIT SHARING, AND _9
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Component of Net Periodic Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Net actuarial loss | $ 11,030 | $ 12,719 | $ 11,177 |
Net periodic pension cost not yet recognized | $ 11,030 | $ 12,719 | $ 11,177 |
PENSION, PROFIT SHARING, AND_10
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Pension Plan Weighted Average Allocations (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 100.00% | 100.00% |
Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 11.50% | 11.60% |
Mutual Fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets | 88.50% | 88.40% |
PENSION, PROFIT SHARING, AND_11
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Fair Values of Pension Plan Assets by Asset Catetory (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | $ 45,207 | $ 48,357 | $ 43,457 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 12,664 | 14,686 | |
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 32,543 | 33,671 | |
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 0 | 0 | |
Mutual Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 45,207 | 48,357 | |
Mutual Fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 12,664 | 14,686 | |
Mutual Fund | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 32,543 | 33,671 | |
Mutual Fund | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 0 | 0 | |
Large cap U.S. equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 2,806 | 3,322 | |
Large cap U.S. equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 2,231 | 2,779 | |
Large cap U.S. equity funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 575 | 543 | |
Large cap U.S. equity funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 0 | 0 | |
Small/Mid cap U.S. equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 1,536 | 1,124 | |
Small/Mid cap U.S. equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 0 | 0 | |
Small/Mid cap U.S. equity funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 1,536 | 1,124 | |
Small/Mid cap U.S. equity funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 0 | 0 | |
International equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 875 | 1,183 | |
International equity funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 875 | 1,183 | |
International equity funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 0 | 0 | |
International equity funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 0 | 0 | |
Short-term fixed income funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 39,990 | 4,299 | |
Short-term fixed income funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 9,558 | 0 | |
Short-term fixed income funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 30,432 | 4,299 | |
Short-term fixed income funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | $ 0 | 0 | |
Fixed income funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 38,429 | ||
Fixed income funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 10,724 | ||
Fixed income funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | 27,705 | ||
Fixed income funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets, asset category | $ 0 |
PENSION, PROFIT SHARING, AND_12
PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS - Benefit Payments (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Retirement Benefits [Abstract] | |
2022 | $ 3,210 |
2023 | 1,990 |
2024 | 3,240 |
2025 | 2,330 |
2026 | 3,160 |
Thereafter | $ 14,540 |
OTHER NON-INTEREST INCOME AND_3
OTHER NON-INTEREST INCOME AND OTHER NON-INTEREST EXPENSE - Selected Components of Other Non-Interest Income And Other Non-Interest Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |||
Letter of credit fees | $ 910 | $ 710 | $ 389 |
Extension fees | 811 | 1,967 | 1,287 |
Swap fee income | 511 | 1,607 | 1,932 |
Prepayment penalty fees | 3,216 | 961 | 404 |
Other income | 9,869 | 3,976 | 4,768 |
Other income | 15,317 | 9,221 | 8,780 |
Postage and delivery | 1,906 | 1,624 | 1,502 |
Communications | 2,508 | 2,729 | 2,414 |
Loss on FHLB redemption | 9,117 | 5,928 | 0 |
Mortgage processing expense, net | 1,504 | 1,381 | 817 |
Online services | 2,209 | 1,591 | 1,375 |
Provision for credit losses on unfunded loan commitments | (1,236) | 1,576 | 0 |
Franchise taxes | 1,644 | 1,574 | 1,307 |
Insurance | 1,586 | 1,311 | 1,113 |
Card transaction expense | 1,183 | 1,083 | 1,031 |
Office supplies | 742 | 912 | 957 |
Other expenses | 13,229 | 10,894 | 9,910 |
Other expenses | $ 34,392 | $ 30,603 | $ 20,426 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income taxes: | |||
Federal | $ 48,445 | $ 43,115 | $ 28,404 |
State | 15,850 | 13,785 | 6,598 |
Total current | 64,295 | 56,900 | 35,002 |
Deferred income taxes: | |||
Federal | 9,634 | (22,793) | 234 |
State | 2,623 | (6,636) | 1,192 |
Total deferred | 12,257 | (29,429) | 1,426 |
Total income tax expense | $ 76,552 | $ 27,471 | $ 36,428 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for credit losses | $ 27,980 | $ 42,231 |
Lease liability | 17,280 | 19,192 |
Employee benefits | 7,740 | 6,108 |
Unrealized losses on pension plan | 2,827 | 3,249 |
Deferred loan fees and costs | 3,879 | 4,486 |
Equity based compensation | 1,636 | 1,856 |
Unrealized losses on investments available-for-sale | 121 | 0 |
Losses on other real estate owned | 21 | 203 |
Other than temporary impairment | 76 | 75 |
Loan and deposit premium/discount | 553 | 1,081 |
Reserve for recourse loans | 223 | 546 |
Net operating loss carryforward | 2,023 | 1,475 |
Other | 207 | 181 |
Gross deferred tax assets | 64,566 | 80,683 |
Valuation allowance | (2,137) | (1,479) |
Net deferred tax asset | 62,429 | 79,204 |
Deferred tax liabilities: | ||
Right of use asset | (14,888) | (16,693) |
Unrealized gains on investments available-for-sale | 0 | (9,684) |
Pension plan costs | (2,092) | (2,211) |
Depreciation | (2,552) | (2,950) |
Intangible assets | (5,653) | (6,894) |
Bond accretion | (78) | (195) |
Section 481 adjustments | 0 | (669) |
Fair value acquisition adjustments | (624) | (555) |
Other | (626) | (567) |
Gross deferred tax liabilities | (26,513) | (40,418) |
Net deferred tax asset | $ 35,916 | $ 38,786 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 2,023 | $ 1,475 | |
Income tax benefit | (76,552) | (27,471) | $ (36,428) |
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 29,900 | ||
WashingtonFirst Bankshares Inc | CARES Act | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax benefit | $ 1,800 |
INCOME TAXES - Reconcilements B
INCOME TAXES - Reconcilements Between Statutory Federal Income Tax Rate And Effective Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense at federal statutory rate | $ 65,448 | $ 26,130 | $ 32,101 |
Income tax expense at federal statutory rate | 21.00% | 21.00% | 21.00% |
Increase/ (decrease) resulting from: | |||
Tax exempt income, net | $ (2,271) | $ (2,472) | $ (2,101) |
Bank-owned life insurance | (602) | (567) | (665) |
State income taxes, net of federal income tax benefits | 14,593 | 5,648 | 6,154 |
Federal tax law change | 0 | (1,764) | 0 |
Other, net | (616) | 496 | 939 |
Total income tax expense | $ 76,552 | $ 27,471 | $ 36,428 |
Increase/ (decrease) resulting from: | |||
Tax exempt income, net | (0.70%) | (2.00%) | (1.40%) |
Bank-owned life insurance | (0.20%) | (0.50%) | (0.40%) |
State income taxes, net of federal income tax benefits | 4.70% | 4.50% | 4.00% |
Federal tax law change | 0.00% | (1.40%) | 0.00% |
Other, net | (0.20%) | 0.50% | 0.60% |
Total income tax expense and rate | 24.60% | 22.10% | 23.80% |
NET INCOME PER COMMON SHARE - C
NET INCOME PER COMMON SHARE - Calculation of Net Income per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income | $ 235,107 | $ 96,953 | $ 116,433 |
Less: Distributed and undistributed earnings allocated to participating securities | (1,508) | (783) | (762) |
Net income attributable to common shareholders | $ 233,599 | $ 96,170 | $ 115,671 |
Total weighted average outstanding shares (in shares) | 46,995 | 44,312 | 35,797 |
Less: weighted average participating securities (in shares) | (304) | (365) | (235) |
Basic weighted average common shares (in shares) | 46,691 | 43,947 | 35,562 |
Dilutive weighted average common stock equivalents (in shares) | 208 | 185 | 56 |
Diluted weighted average common shares (in shares) | 46,899 | 44,132 | 35,618 |
Basic net income per common share (in dollars per share) | $ 5 | $ 2.19 | $ 3.25 |
Diluted net income per common share (in dollars per share) | $ 4.98 | $ 2.18 | $ 3.25 |
Anti-dilutive shares (in shares) | 0 | 17 | 9 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) - Net Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | $ 18,705 | ||
Period change, net of tax | (27,244) | $ 23,037 | $ 11,422 |
Ending Balance | (8,539) | 18,705 | |
Unrealized Gains/ (Losses) on Investments Available-for-Sale | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 28,175 | 4,000 | (6,630) |
Period change, net of tax | (28,511) | 24,175 | 10,630 |
Ending Balance | (336) | 28,175 | 4,000 |
Defined Benefit Pension Plan | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (9,470) | (8,332) | (9,124) |
Period change, net of tax | 1,267 | (1,138) | 792 |
Ending Balance | (8,203) | (9,470) | (8,332) |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 18,705 | (4,332) | (15,754) |
Period change, net of tax | (27,244) | 23,037 | 11,422 |
Ending Balance | $ (8,539) | $ 18,705 | $ (4,332) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME/ (LOSS) - Reclassification Adjustments Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unrealized gains/(losses) on investments available-for-sale: Affected line item in the Statements of Income: | |||
Investment securities gains | $ 212 | $ 467 | $ 77 |
Income before taxes | 212 | 467 | 77 |
Tax expense | (54) | (120) | (20) |
Net income | 158 | 347 | 57 |
Amortization of defined benefit pension plan items: Affected line item in the Statements of Income: | |||
Recognized actuarial loss | (909) | (874) | (1,059) |
Settlement charge (1) | (560) | 0 | 0 |
Income before taxes | (1,469) | (874) | (1,059) |
Tax benefit | 376 | 223 | 277 |
Net loss | $ (1,093) | $ (651) | $ (782) |
DERIVATIVES - Interest Rate Swa
DERIVATIVES - Interest Rate Swaps (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Pay fixed/receive variable swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 198,126 | $ 160,261 |
Estimated Fair Value | $ (5,880) | $ (9,183) |
Years to Maturity | 8 years 8 months 12 days | 8 years 8 months 12 days |
Receive Rate | 2.21% | 2.39% |
Pay Rate | 3.73% | 3.72% |
Pay variable/receive fixed swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 198,126 | $ 160,261 |
Estimated Fair Value | $ 5,880 | $ 9,183 |
Years to Maturity | 8 years 8 months 12 days | 8 years 8 months 12 days |
Receive Rate | 3.73% | 3.72% |
Pay Rate | 2.21% | 2.39% |
Total swaps | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 396,252 | $ 320,522 |
Estimated Fair Value | $ 0 | $ 0 |
Years to Maturity | 8 years 8 months 12 days | 8 years 8 months 12 days |
Receive Rate | 2.97% | 3.06% |
Pay Rate | 2.97% | 3.06% |
FINANCIAL INSTRUMENTS WITH OF_3
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK - Summary Of Financial Instruments With Off-Balance Sheet Credit Risk (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total commitments to extend credit and available credit lines | $ 3,729,119 | $ 3,320,157 |
Commercial real estate development and construction | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total commitments to extend credit and available credit lines | 621,725 | 871,290 |
Residential real estate-development and construction | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total commitments to extend credit and available credit lines | 885,806 | 94,096 |
Real estate-residential mortgage | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total commitments to extend credit and available credit lines | 54,072 | 335,288 |
Lines of credit, principally home equity and business lines | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total commitments to extend credit and available credit lines | 2,096,874 | 1,947,706 |
Standby letters of credit | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Total commitments to extend credit and available credit lines | $ 70,642 | $ 71,777 |
FINANCIAL INSTRUMENTS WITH OF_4
FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Information Disclosure [Abstract] | ||
Total reserve for unfunded commitments | $ 0.3 | $ 1.6 |
FAIR VALUE - Financial Assets a
FAIR VALUE - Financial Assets and Liabilities Accounted for or Disclosed at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Residential mortgage loans held for sale (at fair value) | $ 39,409 | $ 78,294 |
Investments available-for-sale: | 1,465,896 | 1,348,021 |
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) | 38,200 | 75,500 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale: | 1,465,896 | 1,348,021 |
Total assets | 1,511,185 | 1,435,498 |
Total liabilities | (5,880) | (9,183) |
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) | 39,409 | 78,294 |
Fair Value, Measurements, Recurring | U.S. treasuries and government agencies | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale: | 68,539 | 43,297 |
Fair Value, Measurements, Recurring | State and municipal | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale: | 326,402 | 390,367 |
Fair Value, Measurements, Recurring | Mortgage-backed and asset-backed | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale: | 1,070,955 | 904,432 |
Fair Value, Measurements, Recurring | Corporate debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale: | 0 | 9,925 |
Fair Value, Measurements, Recurring | Total swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 5,880 | 9,183 |
Interest rate swap agreements | (5,880) | (9,183) |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale: | 0 | 0 |
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
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: | 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: | 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: | 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: | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Total swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 0 | 0 |
Interest rate swap agreements | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale: | 1,465,896 | 1,338,096 |
Total assets | 1,511,185 | 1,425,573 |
Total liabilities | (5,880) | (9,183) |
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) | 39,409 | 78,294 |
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: | 68,539 | 43,297 |
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: | 326,402 | 390,367 |
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: | 1,070,955 | 904,432 |
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: | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Total swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 5,880 | 9,183 |
Interest rate swap agreements | (5,880) | (9,183) |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments available-for-sale: | 0 | 9,925 |
Total assets | 0 | 9,925 |
Total liabilities | 0 | 0 |
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: | 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: | 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: | 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: | 0 | 9,925 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Total swaps | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate swap agreements | 0 | 0 |
Interest rate swap agreements | $ 0 | $ 0 |
FAIR VALUE - Activity of Assets
FAIR VALUE - Activity of Assets Reported as Level 3 (Detail) - Fair Value, Inputs, Level 3 - Available-for-Sale Securities $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 9,925 |
Transfer into Level 3 assets | 0 |
Additions of Level 3 assets | 0 |
Sales of Level 3 assets | (9,925) |
Ending balance | $ 0 |
FAIR VALUE - Assets Measured at
FAIR VALUE - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - Fair Value, Nonrecurring - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | $ 1,438 | $ 15,356 |
Fair value measured on nonrecurring basis, losses | (1,434) | (11,612) |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 404 | 13,901 |
Fair value measured on nonrecurring basis, losses | (1,353) | (11,326) |
Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, nonrecurring | 1,034 | 1,455 |
Fair value measured on nonrecurring basis, losses | (81) | (286) |
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 | 1,438 | 15,356 |
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 | 404 | 13,901 |
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 | $ 1,034 | $ 1,455 |
FAIR VALUE - Narrative (Detail)
FAIR VALUE - Narrative (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosures [Abstract] | ||
Balance of loans individually evaluated for credit loss | $ 33,534 | $ 97,718 |
Fair value disclosure | 26,900 | 86,300 |
Allowance related to loans evaluated individually | $ 6,593 | 11,405 |
Impaired loans | $ 97,700 |
FAIR VALUE - Carrying Amounts a
FAIR VALUE - Carrying Amounts and Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Residential mortgage loans held for sale | $ 39,409 | $ 78,294 |
Investments available-for-sale: | 1,465,896 | 1,348,021 |
Loans, net of allowance | 9,857,946 | 10,235,142 |
Accrued interest receivable | 34,349 | 46,431 |
Financial liabilities: | ||
Time deposits | 1,290,862 | |
Other deposits | 10,624,731 | 10,033,069 |
Securities sold under retail repurchase agreements and federal funds purchased | 141,086 | 543,157 |
Advances from FHLB | 0 | 379,075 |
Subordinated debt | 172,712 | 227,088 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 420,020 | 297,003 |
Residential mortgage loans held for sale | 39,409 | 78,294 |
Investments available-for-sale: | 1,465,896 | 1,348,021 |
Equity securities | 41,166 | 65,760 |
Loans, net of allowance | 9,857,946 | 10,235,142 |
Interest rate swap agreements | 5,880 | 9,183 |
Accrued interest receivable | 34,349 | 46,431 |
Bank owned life insurance | 147,528 | 126,887 |
Financial liabilities: | ||
Time deposits | 1,290,862 | 1,657,662 |
Other deposits | 9,333,869 | 8,375,407 |
Securities sold under retail repurchase agreements and federal funds purchased | 141,086 | 543,157 |
Advances from FHLB | 0 | 379,075 |
Subordinated debt | 172,712 | 227,088 |
Interest rate swap agreements | 5,880 | 9,183 |
Accrued interest payable | 1,516 | 3,254 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 420,020 | 297,003 |
Residential mortgage loans held for sale | 39,409 | 78,294 |
Investments available-for-sale: | 1,465,896 | 1,348,021 |
Equity securities | 41,166 | 65,760 |
Loans, net of allowance | 9,964,924 | 10,336,355 |
Interest rate swap agreements | 5,880 | 9,183 |
Accrued interest receivable | 34,349 | 46,431 |
Bank owned life insurance | 147,528 | 126,887 |
Financial liabilities: | ||
Time deposits | 1,292,598 | 1,674,112 |
Other deposits | 9,333,869 | 8,375,407 |
Securities sold under retail repurchase agreements and federal funds purchased | 141,086 | 543,157 |
Advances from FHLB | 0 | 390,593 |
Subordinated debt | 175,780 | 227,512 |
Interest rate swap agreements | 5,880 | 9,183 |
Accrued interest payable | 1,516 | 3,254 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 420,020 | 297,003 |
Residential mortgage loans held for sale | 0 | 0 |
Investments available-for-sale: | 0 | 0 |
Equity securities | 41,166 | 65,760 |
Loans, net of allowance | 0 | 0 |
Interest rate swap agreements | 0 | 0 |
Accrued interest receivable | 34,349 | 46,431 |
Bank owned life insurance | 0 | 0 |
Financial liabilities: | ||
Time deposits | 0 | 0 |
Other deposits | 9,333,869 | 8,375,407 |
Securities sold under retail repurchase agreements and federal funds purchased | 0 | 0 |
Advances from FHLB | 0 | 0 |
Subordinated debt | 0 | 0 |
Interest rate swap agreements | 0 | 0 |
Accrued interest payable | 1,516 | 3,254 |
Significant Other Observable Inputs (Level 2) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Residential mortgage loans held for sale | 39,409 | 78,294 |
Investments available-for-sale: | 1,465,896 | 1,338,096 |
Equity securities | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Interest rate swap agreements | 5,880 | 9,183 |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 147,528 | 126,887 |
Financial liabilities: | ||
Time deposits | 1,292,598 | 1,674,112 |
Other deposits | 0 | 0 |
Securities sold under retail repurchase agreements and federal funds purchased | 141,086 | 543,157 |
Advances from FHLB | 0 | 390,593 |
Subordinated debt | 0 | 0 |
Interest rate swap agreements | 5,880 | 9,183 |
Accrued interest payable | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Residential mortgage loans held for sale | 0 | 0 |
Investments available-for-sale: | 0 | 9,925 |
Equity securities | 0 | 0 |
Loans, net of allowance | 9,964,924 | 10,336,355 |
Interest rate swap agreements | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Financial liabilities: | ||
Time deposits | 0 | 0 |
Other deposits | 0 | 0 |
Securities sold under retail repurchase agreements and federal funds purchased | 0 | 0 |
Advances from FHLB | 0 | 0 |
Subordinated debt | 175,780 | 227,512 |
Interest rate swap agreements | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
PARENT COMPANY FINANCIAL INFO_3
PARENT COMPANY FINANCIAL INFORMATION - Statements of Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and cash equivalents | $ 420,020 | $ 297,003 | ||
Investments available-for-sale (at fair value) | 1,465,896 | 1,348,021 | ||
Equity securities | 41,166 | 65,760 | ||
Goodwill | 370,223 | 370,223 | $ 347,149 | |
Other assets | 275,078 | 265,859 | ||
Total assets | 12,590,726 | 12,798,429 | 8,629,002 | |
Liabilities | ||||
Subordinated debt | 172,712 | 227,088 | ||
Accrued expenses and other liabilities | 132,518 | 146,085 | ||
Total liabilities | 11,071,047 | 11,328,474 | ||
Stockholders’ Equity: | ||||
Common stock | 45,119 | 47,057 | ||
Additional paid-in capital | 751,072 | 846,922 | ||
Retained earnings | 732,027 | 557,271 | ||
Accumulated other comprehensive income/ (loss) | (8,539) | 18,705 | ||
Total stockholders' equity | 1,519,679 | 1,469,955 | $ 1,132,974 | $ 1,067,903 |
Total liabilities and stockholders' equity | 12,590,726 | 12,798,429 | ||
Parent Company | ||||
Assets | ||||
Cash and cash equivalents | 69,038 | 63,943 | ||
Investments available-for-sale (at fair value) | 0 | 9,925 | ||
Equity securities | 568 | 568 | ||
Investment in subsidiary | 1,620,432 | 1,589,483 | ||
Goodwill | 1,292 | 1,292 | ||
Other assets | 2,255 | 2,684 | ||
Total assets | 1,693,585 | 1,667,895 | ||
Liabilities | ||||
Subordinated debt | 172,712 | 196,454 | ||
Accrued expenses and other liabilities | 1,194 | 1,486 | ||
Total liabilities | 173,906 | 197,940 | ||
Stockholders’ Equity: | ||||
Common stock | 45,119 | 47,057 | ||
Additional paid-in capital | 751,072 | 846,922 | ||
Retained earnings | 732,027 | 557,271 | ||
Accumulated other comprehensive income/ (loss) | (8,539) | 18,705 | ||
Total stockholders' equity | 1,519,679 | 1,469,955 | ||
Total liabilities and stockholders' equity | $ 1,693,585 | $ 1,667,895 |
PARENT COMPANY FINANCIAL INFO_4
PARENT COMPANY FINANCIAL INFORMATION - Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income: | |||
Other income | $ 9,869 | $ 3,976 | $ 4,768 |
Expenses: | |||
Total interest expense | 25,766 | 60,401 | 82,561 |
Income tax expense (benefit) | 76,552 | 27,471 | 36,428 |
Net income | 235,107 | 96,953 | 116,433 |
Parent Company | |||
Income: | |||
Cash dividends from subsidiary | 189,172 | 74,410 | 42,625 |
Other income | 434 | 932 | 1,093 |
Total income | 189,606 | 75,342 | 43,718 |
Expenses: | |||
Interest | 6,765 | 9,028 | 3,141 |
Other expenses | 1,592 | 1,505 | 1,507 |
Total interest expense | 8,357 | 10,533 | 4,648 |
Income before income tax expense | 181,249 | 64,809 | 39,070 |
Income tax expense (benefit) | (1,563) | (1,988) | (734) |
Income before equity in undistributed income of subsidiary | 182,812 | 66,797 | 39,804 |
Equity in undistributed income of subsidiary | 52,295 | 30,156 | 76,629 |
Net income | $ 235,107 | $ 96,953 | $ 116,433 |
PARENT COMPANY FINANCIAL INFO_5
PARENT COMPANY FINANCIAL INFORMATION - Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities: | |||
Net income | $ 235,107 | $ 96,953 | $ 116,433 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share based compensation expense | 5,299 | 3,850 | 3,042 |
Tax (benefit)/ expense associated with share based compensation | (1,850) | (133) | 92 |
Other-net | 1,894 | 2,660 | (721) |
Net cash provided by operating activities | 216,398 | 141,981 | 99,943 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of investment available-for-sale | 400,567 | 121,357 | 2,926 |
Net cash provided by/ (used in) investing activities | 308,261 | (1,200,196) | (241,276) |
Cash Flows from Financing Activities: | |||
Retirement of subordinated debt | (53,000) | (10,310) | 0 |
Proceeds from issuance of common stock | 5,758 | 1,997 | 1,433 |
Stock tendered for payment of withholding taxes | (1,577) | (458) | (703) |
Repurchase of Common Stock | (107,268) | (25,702) | (24,284) |
Dividends paid | (60,351) | (53,175) | (42,272) |
Net cash provided by/ (used in) financing activities | (401,642) | 1,209,115 | 185,955 |
Net increase in cash and cash equivalents | 123,017 | 150,900 | 44,622 |
Cash and cash equivalents at beginning of year | 297,003 | 146,103 | 101,481 |
Cash and cash equivalents at end of year | 420,020 | 297,003 | 146,103 |
Parent Company | |||
Cash Flows from Operating Activities: | |||
Net income | 235,107 | 96,953 | 116,433 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed income-subsidiary | (52,295) | (30,156) | (76,629) |
Share based compensation expense | 5,299 | 3,850 | 3,042 |
Tax (benefit)/ expense associated with share based compensation | 0 | 5 | 7 |
Other-net | 4,133 | (9,732) | 0 |
Net cash provided by operating activities | 192,244 | 60,920 | 42,853 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of investment available-for-sale | 9,099 | 310 | 0 |
Investment in subsidiary | 0 | 0 | (85,000) |
Net cash provided by/ (used in) investing activities | 9,099 | 310 | (85,000) |
Cash Flows from Financing Activities: | |||
Retirement of subordinated debt | (32,810) | (10,310) | 0 |
Proceeds from issuance of subordinated debt | 0 | 0 | 175,000 |
Proceeds from issuance of common stock | 5,758 | 1,997 | 1,433 |
Stock tendered for payment of withholding taxes | (1,577) | (458) | (703) |
Repurchase of Common Stock | (107,268) | (25,702) | (24,284) |
Dividends paid | (60,351) | (53,175) | (42,272) |
Net cash provided by/ (used in) financing activities | (196,248) | (87,648) | 109,174 |
Net increase in cash and cash equivalents | 5,095 | (26,418) | 67,027 |
Cash and cash equivalents at beginning of year | 63,943 | 90,361 | 23,334 |
Cash and cash equivalents at end of year | $ 69,038 | $ 63,943 | $ 90,361 |
REGULATORY MATTERS - Schedule o
REGULATORY MATTERS - Schedule of Actual Capital Amounts and Ratios (Detail) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Company | ||
Tier 1 Leverage: | ||
Actual Amount, Tier One Leverage Capital | $ 1,149,694 | $ 1,078,213 |
Actual Ratio, Tier One Leverage Capital | 0.0926 | 0.0892 |
For Capital Adequacy Purposes Amount, Tier One Leverage Capital | $ 496,520 | $ 483,619 |
For Capital Adequacy Purposes Ratio, Tier One Leverage Capital | 0.0400 | 0.0400 |
Common Equity Tier 1 Capital to risk-weighted assets: | ||
Actual Amount, Common Equity Tier 1 Capital | $ 1,149,694 | $ 1,078,213 |
Actual Ratio, Common Equity Tier 1 Capital | 0.1191 | 0.1058 |
For Capital Adequacy Purposes Amount, Common Equity Tier 1 Capital | $ 434,466 | $ 458,612 |
For Capital Adequacy Purposes Ratio, Common Equity Tier 1 Capital | 0.0450 | 0.0450 |
Tier 1 Capital to risk-weighted assets: | ||
Actual Amount, Tier One Risk Based Capital | $ 1,149,694 | $ 1,078,213 |
Actual Ratio, Tier One Risk Based Capital | 0.1191 | 0.1058 |
For Capital Adequacy Purposes Amount, Tier One Risk Based Capital | $ 579,288 | $ 611,483 |
For Capital Adequacy Purposes Ratio, Tier One Risk Based Capital | 0.0600 | 0.0600 |
Total Capital to risk-weighted assets: | ||
Actual Amount, Capital | $ 1,408,808 | $ 1,419,973 |
Actual Ratio, Capital | 0.1459 | 0.1393 |
For Capital Adequacy Purposes Amount, Capital | $ 772,384 | $ 815,311 |
For Capital Adequacy Purposes Ratio, Capital | 0.0800 | 0.0800 |
Sandy Spring Bank | ||
Tier 1 Leverage: | ||
Actual Amount, Tier One Leverage Capital | $ 1,251,739 | $ 1,199,570 |
Actual Ratio, Tier One Leverage Capital | 0.1009 | 0.0993 |
For Capital Adequacy Purposes Amount, Tier One Leverage Capital | $ 496,171 | $ 483,175 |
For Capital Adequacy Purposes Ratio, Tier One Leverage Capital | 0.0400 | 0.0400 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier One Leverage Capital | $ 620,214 | $ 603,969 |
To Be Well Capitalized Under Prompt Action Provisions Ratio, Tier One Leverage Capital | 0.0500 | 0.0500 |
Common Equity Tier 1 Capital to risk-weighted assets: | ||
Actual Amount, Common Equity Tier 1 Capital | $ 1,251,739 | $ 1,199,570 |
Actual Ratio, Common Equity Tier 1 Capital | 0.1298 | 0.1179 |
For Capital Adequacy Purposes Amount, Common Equity Tier 1 Capital | $ 433,889 | $ 457,920 |
For Capital Adequacy Purposes Ratio, Common Equity Tier 1 Capital | 0.0450 | 0.0450 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Common Equity Tier 1 Capital | $ 626,729 | $ 661,441 |
To Be Well Capitalized Under Prompt Action Provisions Ratio, Common Equity Tier 1 Capital | 6.50% | 6.50% |
Tier 1 Capital to risk-weighted assets: | ||
Actual Amount, Tier One Risk Based Capital | $ 1,251,739 | $ 1,199,570 |
Actual Ratio, Tier One Risk Based Capital | 0.1298 | 0.1179 |
For Capital Adequacy Purposes Amount, Tier One Risk Based Capital | $ 578,519 | $ 610,561 |
For Capital Adequacy Purposes Ratio, Tier One Risk Based Capital | 0.0600 | 0.0600 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Tier One Risk Based Capital | $ 771,358 | $ 814,081 |
To Be Well Capitalized Under Prompt Action Provisions Ratio, Tier One Risk Based Capital | 0.0800 | 0.0800 |
Total Capital to risk-weighted assets: | ||
Actual Amount, Capital | $ 1,335,853 | $ 1,347,102 |
Actual Ratio, Capital | 0.1385 | 0.1324 |
For Capital Adequacy Purposes Amount, Capital | $ 771,358 | $ 814,081 |
For Capital Adequacy Purposes Ratio, Capital | 0.0800 | 0.0800 |
To Be Well Capitalized Under Prompt Corrective Action Provisions Amount, Capital | $ 964,198 | $ 1,017,601 |
To Be Well Capitalized Under Prompt Action Provisions Ratio, Capital | 0.1000 | 0.1000 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 3 | ||
Amortization of intangible assets | $ 6,600 | $ 6,221 | $ 1,946 |
Community Banking | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangible assets | 4,700 | 4,300 | 1,700 |
Investment Management | |||
Segment Reporting Information [Line Items] | |||
Amortization of intangible assets | 1,900 | $ 1,900 | $ 100 |
Assets under management | $ 4,100,000 |
SEGMENT REPORTING - Operating S
SEGMENT REPORTING - Operating Segments and Reconciliation of Information to Condensed Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Interest income | $ 450,284 | $ 423,560 | $ 347,869 |
Interest expense | 25,766 | 60,401 | 82,561 |
Provision/ (credit) for credit losses | (45,556) | 85,669 | 4,684 |
Non-interest income | 102,055 | 102,716 | 71,322 |
Non-interest expenses | 260,470 | 255,782 | 179,085 |
Income before income tax expense | 311,659 | 124,424 | 152,861 |
Income tax expense | 76,552 | 27,471 | 36,428 |
Net income | 235,107 | 96,953 | 116,433 |
Assets | 12,590,726 | 12,798,429 | 8,629,002 |
Inter-Segment Elimination | |||
Segment Reporting Information [Line Items] | |||
Interest income | (12) | (13) | (37) |
Interest expense | (12) | (13) | (37) |
Provision/ (credit) for credit losses | 0 | 0 | 0 |
Non-interest income | (7,411) | (865) | (667) |
Non-interest expenses | (868) | (865) | (667) |
Income before income tax expense | (6,543) | 0 | 0 |
Income tax expense | 0 | 0 | 0 |
Net income | (6,543) | 0 | 0 |
Assets | (67,659) | (71,211) | (22,352) |
Community Banking | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Interest income | 450,284 | 423,560 | 347,867 |
Interest expense | 25,778 | 60,414 | 82,598 |
Provision/ (credit) for credit losses | (45,556) | 85,669 | 4,684 |
Non-interest income | 80,077 | 78,940 | 55,042 |
Non-interest expenses | 240,996 | 237,910 | 166,802 |
Income before income tax expense | 309,143 | 118,507 | 148,825 |
Income tax expense | 74,036 | 25,907 | 35,350 |
Net income | 235,107 | 92,600 | 113,475 |
Assets | 12,590,176 | 12,800,537 | 8,624,590 |
Insurance | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Interest income | 2 | 6 | 26 |
Interest expense | 0 | 0 | 0 |
Provision/ (credit) for credit losses | 0 | 0 | 0 |
Non-interest income | 7,011 | 6,810 | 6,621 |
Non-interest expenses | 5,869 | 5,686 | 5,731 |
Income before income tax expense | 1,144 | 1,130 | 916 |
Income tax expense | 339 | 313 | 258 |
Net income | 805 | 817 | 658 |
Assets | 9,110 | 11,335 | 10,340 |
Investment Management | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Interest income | 10 | 7 | 13 |
Interest expense | 0 | 0 | 0 |
Provision/ (credit) for credit losses | 0 | 0 | 0 |
Non-interest income | 22,378 | 17,831 | 10,326 |
Non-interest expenses | 14,473 | 13,051 | 7,219 |
Income before income tax expense | 7,915 | 4,787 | 3,120 |
Income tax expense | 2,177 | 1,251 | 820 |
Net income | 5,738 | 3,536 | 2,300 |
Assets | $ 59,099 | $ 57,768 | $ 16,424 |